S&P Global (SPGI) Q2 2026: Ratings Profit Up 28% in Final Pre-Spin Quarter
S&P Global's last quarter as a five-division company was a strong one on the reported numbers: revenue rose 10.4% to $4.15 billion and operating profit 16.8% to $1.81 billion. Yet the shares fell about 5% the day it was reported — a gap between the filing and the market's reaction that section 2 takes up. The more consequential number is what walked out the door on July 1. Mobility supplied 11.1% of second-quarter divisional revenue and only 5.4% of divisional operating profit, so removing it lifts the divisional margin from 45.6% to 48.5%. What remains is a company that draws 71.0% of divisional operating profit from Ratings and Indices — 67.1% on the reported basis that still includes Mobility — two franchises that rise and fall with debt issuance and equity market levels.
Reading note. Mobility Global Inc. (NYSE: MBGL) separated on July 1, 2026, with S&P Global shareholders receiving one MBGL share per SPGI share held at the June 15 record date. From the third quarter, Mobility's historical results will be restated as discontinued operations for all periods. The figures in this 10-Q are the last presented on the old basis, so they will not match future comparatives. Where guidance figures appear below, they come from the July 28, 2026 earnings release and call — a 10-Q contains no forward guidance — and are labelled as such.
1. Consolidated Balance Sheet
1-1. Major asset items
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change |
|---|---|---|---|
| Cash and cash equivalents | 1,745 | 4,134 | +136.9% |
| Accounts receivable, net | 3,441 | 3,438 | -0.1% |
| Property and equipment, net | 278 | 254 | -8.6% |
| Right of use assets | 413 | 392 | -5.1% |
| Goodwill | 36,475 | 36,348 | -0.3% |
| Other intangible assets, net | 16,271 | 15,695 | -3.5% |
| Assets held for sale | 196 | 120 | -38.8% |
| Total assets | 61,200 | 62,906 | +2.8% |
There is no inventory line. This is a service business, and the balance sheet shows it: goodwill and intangibles together are $52,043 million, or 82.7% of total assets. That balance fell $703 million in six months, driven almost entirely by $551 million of amortization plus a $69 million goodwill reclassification into held-for-sale assets for Energy's geoscience and petroleum engineering software portfolio.
