S&P Global reported its first quarter without Mobility, and told shareholders the buyback will now run past $7bn this year
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Buried inside a set of results with six versions of the same profit is one number about the future.
S&P Global told shareholders on Tuesday morning that it now expects to repurchase more than $7bn of its own shares in 2026. It has bought $1.5bn so far this year, $500m of that in the second quarter, which leaves the bulk of the programme still to run.
The quarter it reported was the first since the company handed its Mobility division to shareholders as a separate listed business. That spin-off completed on July 1 and the new company, Mobility Global, trades in New York under the ticker MBGL. Because the split landed a day after the quarter ended, the release carries both a GAAP account that still includes Mobility and a pro forma account that strips it out, and the two tell slightly different stories about the same three months.
On the GAAP figures, revenue was $4.146bn, up 10 percent on the second quarter of 2025. Operating profit rose 17 percent to $1.812bn, net income rose 14 percent to $1.217bn, and diluted earnings per share rose 18 percent to $4.12. Excluding Mobility, revenue rose 11 percent to $3.678bn and diluted earnings per share rose 26 percent to $4.08, against $3.23 a year earlier. Adjusted diluted earnings per share were $4.83 against $3.92, a rise of 23 percent.
Margins moved more than revenue did. Reported operating margin rose 410 basis points to 47.8 percent and the adjusted measure rose 200 basis points to 54.3 percent, which the company attributes to growth and margin expansion in Ratings, Indices and Market Intelligence. Currency added $0.03 to earnings per share on both bases.
Martina Cheung, the president and chief executive, said the company delivered record results in two of its benchmark businesses, Ratings and Indices, and that it has seen continued rapid adoption and expansion of its artificial intelligence products.
The full-year outlook calls for revenue growth of 5.9 to 7.9 percent and organic constant currency growth of 6.0 to 8.0 percent, both excluding Mobility. GAAP diluted earnings per share are guided to $16.35 to $16.60 and the adjusted measure to $17.50 to $17.75, on a tax rate of 22 to 23 percent and deal-related amortisation of about $785m. The board has authorised a quarterly dividend of $0.97.
Management held its call at 8:30 a.m. eastern time.
