SPGI
NYSE · Financial Services · Financial - Data & Stock Exchanges · US
Research · Sep 3, 2026
[SPGI] S&P Global Thesis 2026: Mobility Spinoff Simplifies Focus, Capital Returns
S&P Global FY25 (Dec 31, 2025) at $15.34B revenue. Five segments: Market Intelligence $4.90B (20% OpMargin), Ratings $4.55B (66%), Energy/Platts $2.30B (41%), Indices $1.84B (69%), Mobility $1.75B (22% — being spun out). Net income $4.47B. OCF $5.65B; capex $195M (asset-light); FCF $5.14B. Capital return $6.17B = 120% of FCF (buyback $5.0B +50% YoY, div $1.17B). Mobility spinoff announced Apr 29 2025; expected mid-2026 tax-free distribution. OSTTRA divested 2025; EDM+ThinkFolio closed 2026. 12 analyst actions Feb-Apr 2026, all maintains. Wells Fargo PT $675→$530 (-$145) and Goldman $638→$498 (-$140) the largest cuts post Feb 11 earnings.
Research · Aug 27, 2026
AI Data Licensing Splits Into Recurring and Archive-Based Models
Similarweb reports recurring AI data contracts, while CuriosityStream, Zhihu and Nine show how archives and grounding content can produce different revenue patterns.