Form 8-K/A

8-K/A — S&P Global Inc.

Accession: 0001104659-26-080571

Filed: 2026-07-06

Period: 2026-07-01

CIK: 0000064040

SIC: 7320 (SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K/A — tm2619099d2_8ka.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2619099d2_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2619099d2_ex99-2.htm)

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8-K/A — FORM 8-K/A

8-K/A (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

July 1, 2026

S&P Global

Inc.

(Exact Name of Registrant as specified in its charter)

New York

1-1023

13-1026995

(State or other jurisdiction

of incorporation or organization)

(Commission

File No.)

(IRS Employer

Identification No.)

55 Water Street, New York, New

York 10041

(Address of Principal Executive Offices) (Zip Code)

(212) 438-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of Exchange on which registered

Common stock (par value $1.00 per share)

SPGI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging

growth company ¨

If an emerging

growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Introductory Note

On July 1, 2026 (the “Distribution Date”),

at 12:01 a.m. New York City time, the previously-announced separation (the “Separation”) of Mobility Global Inc. (“Mobility

Global”) from S&P Global Inc. (“S&P Global”) became effective. The separation of Mobility Global, which comprises

the business of S&P Global and its subsidiaries with respect to providing analytics, marketing, planning solutions, reports, forecasts

and vehicle history data for the automotive sector, which operated under the S&P Global Mobility division, was achieved through S&P

Global’s distribution (the “Distribution”) of 100% of the shares of Mobility Global common stock to holders of S&P

Global common stock as of the close of business on June 15, 2026 (the “Record Date”) after certain restructuring transactions

were completed. S&P Global stockholders of record received one share of Mobility Global common stock for every share of S&P Global

common stock held as of the Record Date. Following the Distribution, Mobility Global became an independent, public company with its common

stock listed under the symbol “MBGL” on the New York Stock Exchange.

In this amendment (the “Amendment No. 1”),

S&P Global amends its Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2026 (the “Original

Form 8-K”) that reported the completion of the Separation. The Original Form 8-K did not include the unaudited pro forma financial

information of S&P Global reflecting the performance of S&P Global’s business after giving effect to the Separation. This

Amendment No. 1 is being filed to include such pro forma financial information attached as Exhibit 99.2 under Item 9.01(b) of this Amendment

No. 1.

Unaudited pro forma financial information included

in this Amendment No. 1 has been presented to illustrate the estimated effects of the Separation and is not necessarily indicative of

the results of operations that S&P Global would have achieved had the Separation been completed as of the dates indicated or of the

results that may be obtained in the future.

Item 7.01 Regulation FD Disclosure

On July 6, 2026, S&P Global issued a press

release, furnished as Exhibit 99.1 and incorporated herein by reference, providing financial information for full year 2025, the four

quarters of 2025 and the first quarter of 2026, reflecting the completion of the spin-off of Mobility Global and segment recast updates.

The information contained in this Item 7.01, including

Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act

of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall

not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of

1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(b) The unaudited pro forma condensed consolidated statements of income

of S&P Global for the three months ended March 31, 2026 and for the years ended December 31, 2025, 2024 and 2023 and the unaudited

pro forma condensed consolidated balance sheet of S&P Global as of March 31, 2026 are included as Exhibit 99.2 to this Amendment

No. 1, which is incorporated by reference in this Item 9.01.

(d) Exhibits.

Exhibit No.

Description

99.1

Press release issued by S&P Global Inc. dated July 6, 2026 with financial information for full year 2025, the four quarters of 2025 and the first quarter of 2026, reflecting the completion of the spin-off of Mobility Global and segment recast updates.

99.2

Unaudited pro forma condensed consolidated statements of income of S&P Global for the three months ended March 31, 2026 and for the years ended 2025, 2024 and 2023 and the unaudited pro forma condensed consolidated balance sheet of S&P Global as of March 31, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.

Dated: July 6, 2026

S&P Global Inc.

By:

/s/ Judah Bareli

Judah Bareli

Vice President, Associate General Counsel & Corporate Secretary

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2619099d2_ex99-1.htm · Sequence: 2

Exhibit 99.1

55 Water Street

New York, NY 10041

www.spglobal.com

Press Release

S&P Global Provides Pro Forma and Recast

Financial Results and Updated Segment Information

New reported business lines for Energy and Market

Intelligence

Updated allocated expenses and margins for the

enterprise and all four divisions

2026 guidance reflecting the spin-off of Mobility

to be provided with 2Q 2026 Earnings on July 28

New York, NY, July 6, 2026 – S&P Global

(NYSE: SPGI) is providing recast financial results, excluding the contribution from the Mobility division (“Mobility”). In

a previous release dated July 1, 2026, the Company announced the successful completion of the spin of Mobility into an independent, public

company – Mobility Global (NYSE: MBGL).

The Company expects to report 2Q 2026 results

on July 28, 2026, at which time the Company will report GAAP financial results that will include Mobility for the full second

quarter. Beginning with the third quarter of 2026, the Company’s financial results will not include financial results from Mobility

on either a GAAP or adjusted basis. The Company expects to introduce 2026 GAAP guidance and update 2026 adjusted guidance reflecting the

exclusion of Mobility in conjunction with the release of 2Q 2026 results. Details on how to access earnings materials are provided near

the end of this release.

Pro Forma and Recast Financial Results

The Company is providing pro forma quarterly segment

financial information for the full year 2025, the four quarters of 2025, and the first quarter of 2026, to reflect the Mobility spin-off.

Financials provided below also reflect a company recast including inter-segment adjustments and changes to expense allocation methodologies

as outlined below. The financial information by division is provided below and is accessible on the Company’s Investor Relations

website under the section titled “SEC Filings & Reports” as well as the section titled “Quarterly Earnings &

Monthly Metrics”.

S&P Global Updated Division Structure

With the completion of the Mobility spin, S&P

Global now operates with four reportable segments. Metrics below represent full-year 2025 recast segment revenue as a percentage of S&P

Global pro forma revenue (excluding inter-segment elimination), and full-year 2025 pro forma non-GAAP adjusted segment operating profit

and margin metrics, as reconciled in the tables at the end of this release. Note: percentages presented below may not sum to 100% due to

rounding.

· S&P Global Ratings

– 34% of revenue

– 43% of adjusted operating profit (65% margin)

· S&P Dow Jones Indices

– 13% of revenue

– 18% of adjusted operating profit (70% margin)

· S&P Global Energy

– 18% of revenue

– 16% of adjusted operating profit (46% margin)

· S&P Global Market Intelligence

– 34% of revenue

– 22% of adjusted operating profit (33% margin)

Impacts to S&P Global Ratings

There are no changes to the revenue disclosures

for S&P Global Ratings. The S&P Global Ratings division will continue to be presented with five externally reported business lines

– Corporates (53% of 2025 division revenue), Financials (16%), Structured Finance (13%), Governments (7%), and Crisil/Other (12%).

Revenue will continue to be reported under transaction revenue and non-transaction revenue.

Impacts to S&P Dow Jones Indices

There are no changes to the revenue disclosures

for the S&P Dow Jones Indices division. The division will continue to be presented with three externally reported business lines –

Asset-Linked Fees (65% of 2025 division revenue), Exchange-Traded Derivatives (18%), and Data & Custom Subscriptions (17%).

Impacts to S&P Global Energy

The Energy division will be presented with two externally reported

business lines – Platts (49% of 2025 recast division revenue), and CERA (51%).

Platts: This business line includes the

benchmark products sold through the Energy division, including Platts benchmark prices, Forward Curves, Global Trading Services, and related

news and reports.

The business objective of Platts is continued

growth and margin expansion by extending global leadership in commodity benchmark prices and associated products.

CERA: This business line includes the proprietary

data, research, and content previously reported under Energy & Resources Data & Insights, Upstream Data & Insights,

as well as global marquee conferences such as CERAWeek. The CERA business line also includes 451 Research and Maritime & Trade

products that were previously included in Market Intelligence.

The business objective of CERA is to improve revenue

growth and margin expansion through the generation and distribution of differentiated, proprietary data and content related to the commodities

markets and global supply chain. This includes content informed in part by Platts benchmark prices and processes, as well as the new,

AI-native upstream data solution, CERA Titan.

The table below illustrates recast Energy

revenue by business line and by type.

By Business Line:

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

Platts

$ 298

$ 310

$ 313

$ 319

$ 323

CERA

382

297

296

310

401

Total

$ 680

$ 607

$ 609

$ 629

$ 724

By Revenue Type:

Subscription

$ 533

$ 548

$ 556

$ 572

$ 556

Non-Subscription/Transaction

118

131

Sales Usage-Based Royalties

Total

$ 680

$ 607

$ 609

$ 629

$ 724

Impacts to S&P Global Market Intelligence

The Market Intelligence (MI) division will be

presented with two externally reported business lines – Kensho Data & Platforms (60% of 2025 recast division revenue), and Enterprise

Solutions (40%).

Kensho Data & Platforms: This

business line will include products previously reported under Data, Analytics, & Insights with the following exceptions: 451

Research and Maritime & Trade (both moving to S&P Global Energy), and pricing and reference data (now in MI: Enterprise Solutions).

This business line will also include products previously reported under Credit & Risk Solutions, other than Financial Risk Analytics

(now in MI: Enterprise Solutions).

Key product groups reported in this business

line will include (not exhaustive):

· Kensho Data: Market Intelligence data products, including Compustat, Financials & Estimates,

Kensho LLM-Ready APIs, RatingsXpress, and SNL

· Platforms: Capital IQ, Consulting, Issuer Solutions, RatingsDirect, Visible Alpha, and With Intelligence

The business objective for Kensho Data is to accelerate

data revenue growth and improve profitability, serving as the data and AI-delivery layer for Market Intelligence, expanding distribution

channels, and extending the client base. The business objective of Platforms is to improve revenue growth and profitability through the

consolidation of existing client interfaces and enabling new user interfaces like MCP-connected solutions.

Enterprise Solutions: This business line

will include all products previously reported under Enterprise Solutions, as well as Financial Risk Analytics (previously reported in

Credit & Risk Solutions), pricing and reference data, and Valuation Services (previously in Data, Analytics & Insights).

Key product groups reported in this business

line will include (not exhaustive):

· Lending Solutions: ClearPar, Debtdomain, pricing and reference data, Notice Manager, and Wall Street Office

(WSO)

· Market Solutions: iLEVEL, Primary Markets Group (Equity & Debt Bookbuilding), and Valuation Services

· Software and Regulatory Solutions: Cappitech, Corporate Actions, Counterparty Manager, Financial Risk

Analytics, and Tax Solutions

The business objective of Enterprise Solutions

is to drive revenue growth and margin expansion by delivering highly differentiated solutions that power critical infrastructure, networks,

and workflows tied to financial markets, with a focus on the most differentiated software assets. Pricing and reference data is leveraged

by, and generates meaningful customer value throughout, the Enterprise Solutions business line.

The table below illustrates recast Market

Intelligence revenue by business line and by type.

By Business Line:

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

Kensho Data & Platforms

$ 684

$ 697

$ 712

$ 737

$ 755

Enterprise Solutions

447

468

471

474

469

Total

$ 1,131

$ 1,165

$ 1,183

$ 1,211

$ 1,224

By Revenue Type:

Subscription

$ 945

$ 969

$ 986

$ 1,013

$ 1,001

Non-Subscription/Transaction

Recurring Variable

150

158

157

169

Total

$ 1,131

$ 1,165

$ 1,183

$ 1,211

$ 1,224

Impacts to Expenses and Division Operating Profit Margins

Expenses and Division operating profit margins

will be impacted by the following three factors:

· Product transfers: The transfer of products between the Market Intelligence and Energy divisions

will include the transfer of both revenue and expenses. Additionally, a small portion of expenses associated with Credit Analytics products

will be transferred from Market Intelligence to Ratings. As a result, expenses, operating profit, and operating margin of these three

divisions will be impacted.

· Improved allocation methodology for shared enterprise expenses: Allocations in recast financials,

as well as future reporting periods, reflect enhancements made to the allocation methodology of enterprise expenses. These changes are

being made to ensure that expenses associated with certain corporate functions and shared services, including technology, are allocated

based on consumption. Prior methodology allocated expenses based on broader methodologies such as percent of revenue or percent of employee

headcount.

· Stranded Mobility costs: While the net impact of stranded costs to enterprise margins is largely

immaterial, there are offsets through the Transition Services Agreement (TSA) with Mobility Global that will be recognized at the corporate

level. Stranded costs will be allocated at the division level, with the offsetting income from the TSA recognized as a contra-expense

that is expected to lower corporate unallocated expenses.

2Q 2026 Earnings Announcement and

Conference Call Scheduled for Tuesday, July 28, 2026: S&P Global’s second quarter 2026 results will be issued on

Tuesday, July 28, 2026 via news release at approximately 7:15 a.m. Eastern Daylight Time. The news release will be

available at www.spglobal.com.

Martina Cheung, President and CEO; Eric Aboaf,

Chief Financial Officer; and Mark Grant, Senior Vice President, Investor Relations and Treasurer, will host a conference call and

webcast at 8:30 a.m. Eastern Daylight Time on July 28, 2026 to discuss the Company’s second quarter 2026 financial results.

The presentation is open to all interested parties

and may include forward-looking information. The presenters’ slides, supplemental deck, and any additional information provided

during the presentation will be made available at http://investor.spglobal.com/Quarterly-Earnings.

Webcast Instructions: Live and Replay

The webcast (audio and slides) will

be available live and as an archived replay through the Company’s Investor Relations website at http://investor.spglobal.com/Quarterly-Earnings.

The archived replay will be available beginning two hours after the conclusion of the live call and will remain available for one year.

Telephone Access: Live and Replay

The call begins at 8:30 a.m. Eastern Time. Please

dial in by 8:20 a.m.

- For callers in the U.S.: (888) 603-9623

- For callers outside the U.S.: +1 (630) 395-0220 (long-distance

charges will apply)

- Conference passcode: S&P Global

The recorded telephone replay will

be available beginning two hours after the conclusion of the call and will remain available until August 28, 2026.

- For callers in the U.S.: (866) 360-7720

- For callers outside the U.S.: +1 (203) 369-0172 (long-distance

charges will apply)

Comparison of Adjusted Information to U.S.

GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United

States ("GAAP"). Company financial results are also presented on an as-reported basis, and on a pro forma basis as if the Mobility

spin-off had closed on January 1, 2023, for periods including fiscal years 2023, 2024 and 2025, and the three months ended March 31,

2026; the pro forma basis agrees to the Company’s unaudited pro forma combined consolidated financial information presented in accordance

with Article 11 of Regulation S-X. The Company also refers to and presents certain additional non-GAAP financial measures, within

the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: pro forma non-GAAP adjusted net income from

continuing operations; pro forma non-GAAP adjusted diluted earnings per share from continuing operations; adjusted operating profit and

margin; pro forma non-GAAP adjusted operating profit and margin; pro forma non-GAAP adjusted segment operating profit and margin; adjusted

expenses; adjusted corporate unallocated expense; and adjusted equity in income on unconsolidated subsidiaries.

The Company has included reconciliations of these

non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the tables below.

The Company's non-GAAP measures include adjustments

that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information

that enables investors to better compare the Company's performance across periods, and management also uses these measures internally

to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate

resources. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial

information that the Company reports.

Forward-Looking Statements: This press

release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements,

which express management’s current views concerning future events, trends, contingencies or results, appear at various places in

this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,”

“expect,” “forecast,” “future,” “intend,” “plan,” “potential,”

“predict,” “project,” “strategy,” “target” and similar terms, and future or conditional

tense verbs like “could,” “may,” “might,” “should,” “will” and “would.”

For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions

by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of

the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates;

and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent

risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking

statements include, among other things:

· worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession,

restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and

volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest,

public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from

the U.S. administration;

· the volatility and health of debt, equity, commodities and energy markets, including credit quality and

spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active

to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments

and trading volumes of certain exchange traded derivatives;

· the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

· the Company’s ability to maintain adequate physical, technical and administrative safeguards to

protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory

penalties and remedial costs or improper disclosure of confidential information or data;

· the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

· concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions

of the integrity or utility of independent credit ratings, benchmarks, indices and other services;

· the level of merger and acquisition activity in the United States and abroad;

· the level of the Company’s future cash flows and capital investments;

· the effect of competitive products (including those incorporating artificial intelligence (“AI”))

and pricing, including the level of success of new product developments and global expansion;

· the impact of customer cost-cutting pressures;

· a decline in the demand for our products and services by our customers and other market participants;

· our ability to develop new products or technologies, to integrate our products with new technologies (e.g.,

AI), or to compete with new products or technologies offered by new or existing competitors;

· the introduction of competing products (including those developed by AI) or technologies by other companies;

· our ability to protect our intellectual property from unauthorized use and infringement, including by

others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through

our own use of AI in our products and services;

· our ability to attract, incentivize and retain key employees, especially in a competitive business environment;

· our ability to successfully navigate key organizational changes;

· the continuously evolving regulatory environment in Europe, the United States and elsewhere around the

globe affecting each of our businesses and the products they offer, and our compliance therewith;

· the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with

foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating

to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery

Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

· the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses

we acquire;

· consolidation of the Company’s customers, suppliers or competitors;

· the ability of the Company, and its third-party service providers, to maintain adequate physical and technological

infrastructure;

· the Company’s ability to successfully recover from a disaster or other business continuity problem,

such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious

diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;

· the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange

rates;

· the impact of changes in applicable tax or accounting requirements on the Company;

· the ability of the separation of Mobility Global (as defined below) to qualify for tax-free treatment

for U.S. federal income tax purposes;

· any disruption to the Company’s business in connection with the separation of Mobility Global;

· any loss of synergies from separating the businesses of Mobility Global and the Company that adversely

impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all

of the expected benefits of the separation; and

· following the separation of Mobility Global, the combined value of the common stock of the two publicly-traded

companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred.

The factors noted above are not exhaustive. The

Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company

cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made.

The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after

the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including

information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s

filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

About S&P Global

S&P Global (NYSE: SPGI) enables businesses,

governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential

Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and

thrive in a rapidly changing global landscape.

From helping our customers assess new investments

across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution

of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow

– today. Learn more at www.spglobal.com.

Investor Relations: http://investor.spglobal.com

Contact:

Investor Relations:

Mark

Grant

Senior

Vice President, Investor Relations and Treasurer

Tel:

+1 (347) 640-1521

mark.grant@spglobal.com

Media:

Christina

Twomey

Chief

Communications Officer

Tel:

+1 (646) 407-3001

christina.twomey@spglobal.com

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Three months ended March 31, 2026

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 1,302

$ —

$ 1,302

Indices

519

—

519

Energy

652

—

724

Market Intelligence

1,296

(72 )

—

1,224

Intersegment Elimination

(52 )

—

(52 )

Expenses/adjusted expenses:

Ratings

$ 421

$ 1

$ 3

$ —

$ (1 )

$ 424

Indices

147

—

(1 )

(10 )

140

Energy

365

(3 )

(32 )

376

Market Intelligence

856

(33 )

(6 )

160

(156 )

822

Corporate Unallocated expense

—

(28 )

(2 )

(1 )

Intersegment Elimination

(52 )

—

(52 )

Operating profit/adjusted operating profit:

Ratings

$ 881

$ (1 )

$ (3 )

$ —

$ 1

$ 878

Indices

372

—

(5 )

379

Energy

287

(14 )

348

Market Intelligence

440

(39 )

(160 )

156

402

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Three months ended December

31, 2025

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 1,187

$ —

$ 1,187

Indices

498

—

498

Energy

576

—

629

Market Intelligence

1,264

(53 )

—

1,211

Intersegment Elimination

(53 )

—

(53 )

Expenses/adjusted expenses:

Ratings

$ 464

$ 1

$ (2 )

$ (10 )

$ (1 )

$ 452

Indices

168

—

(3 )

(10 )

158

Energy

356

(10 )

(32 )

357

Market Intelligence

1,029

(27 )

(145 )

834

Corporate Unallocated expense

(96 )

—

(50 )

194

(2 )

Equity in Income on Unconsolidated Subsidiaries

—

(1 )

—

Intersegment Elimination

(53 )

—

(53 )

Operating profit/adjusted operating profit:

Ratings

$ 723

$ (1 )

$ 2

$ 10

$ 1

$ 735

Indices

330

—

(3 )

340

Energy

220

(17 )

272

Market Intelligence

235

(26 )

(5 )

145

377

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Three months ended September 30, 2025

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 1,240

$ —

$ 1,240

Indices

462

—

462

Energy

556

—

609

Market Intelligence

1,236

(53 )

—

1,183

Intersegment Elimination

(51 )

—

(51 )

Expenses/adjusted expenses:

Ratings

$ 421

$ 1

$ —

$ (12 )

$ (1 )

$ 409

Indices

145

—

(2 )

(9 )

137

Energy

321

—

(32 )

328

Market Intelligence

959

(27 )

(2 )

(17 )

(146 )

767

Corporate Unallocated expense

—

(13 )

(29 )

(1 )

Equity in Income on Unconsolidated Subsidiaries

(7 )

—

(14 )

(21 )

Intersegment Elimination

(51 )

—

(51 )

Operating profit/adjusted operating profit:

Ratings

$ 819

$ (1 )

$ —

$ 12

$ 1

$ 831

Indices

317

—

(3 )

325

Energy

235

(13 )

—

281

Market Intelligence

277

(26 )

146

416

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Three months ended June 30, 2025

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 1,148

$ —

$ 1,148

Indices

446

—

446

Energy

555

—

607

Market Intelligence

1,217

(52 )

—

1,165

Intersegment Elimination

(49 )

—

(49 )

Expenses/adjusted expenses:

Ratings

$ 433

$ 1

$ (35 )

$ (2 )

$ 398

Indices

137

—

(9 )

131

Energy

322

(4 )

(33 )

323

Market Intelligence

958

(26 )

(1 )

(21 )

(150 )

760

Corporate Unallocated expense

—

(10 )

(25 )

(1 )

Equity in Income on Unconsolidated Subsidiaries

(11 )

—

(13 )

(23 )

Intersegment Elimination

(49 )

—

(49 )

Operating profit/adjusted operating profit:

Ratings

$ 715

$ (1 )

$ 35

$ 2

$ 750

Indices

309

—

(3 )

—

315

Energy

233

(13 )

284

Market Intelligence

259

(26 )

150

405

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Three months ended March

31, 2025

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 1,149

$ —

$ 1,149

Indices

445

—

445

Energy

612

—

680

Market Intelligence

1,199

(68 )

—

1,131

Intersegment Elimination

(48 )

—

(48 )

Expenses/adjusted expenses:

Ratings

$ 392

$ 1

$ —

$ (2 )

$ 390

Indices

130

—

(9 )

124

Energy

357

(6 )

(33 )

358

Market Intelligence

979

(29 )

(26 )

(148 )

779

Corporate Unallocated expense

—

(5 )

(26 )

—

Equity in Income on Unconsolidated Subsidiaries

(11 )

—

(13 )

(24 )

Intersegment Elimination

(48 )

—

(48 )

Operating profit/adjusted operating profit:

Ratings

$ 757

$ (1 )

$ —

$ 2

$ 759

Indices

315

—

(3 )

—

321

Energy

255

(12 )

322

Market Intelligence

220

(39 )

(3 )

148

352

S&P Global Inc.

Recast Selected Segment Financial Information

(dollars in millions)

Twelve months ended December 31, 2025

(unaudited)

Previously

Reported

Transfers

(a)

Allocation

Changes

(b)

Non-GAAP

Adjustments

(c)

Deal-

Amortization

Adjusted

(as recast)

Revenue:

Ratings

$ 4,724

$ —

$ 4,724

Indices

1,850

—

1,850

Energy

2,299

226

—

2,525

Market Intelligence

4,916

(226 )

—

4,690

Intersegment Elimination

(200 )

—

(200 )

Expenses/adjusted expenses:

Ratings

$ 1,711

$ 4

$ (1 )

$ (60 )

$ (6 )

$ 1,648

Indices

579

—

(5 )

(37 )

549

Energy

1,356

106

(21 )

(130 )

1,366

Market Intelligence

3,925

(110 )

(91 )

(588 )

3,141

Corporate Unallocated expense

146

—

(77 )

114

(4 )

179

Equity in Income on Unconsolidated Subsidiaries

(28 )

—

(41 )

(69 )

Intersegment Elimination

(200 )

—

(200 )

Operating profit/adjusted operating profit:

Ratings

$ 3,013

$ (4 )

$ 1

$ 60

$ 6

$ 3,076

Indices

1,271

—

(12 )

1,301

Energy

943

120

(55 )

130

1,159

Market Intelligence

991

(116 )

(6 )

588

1,549

Note - Operating profit margin for Ratings, Indices,

Energy and Market Intelligence (as recast) was 64%, 68%, 40% and 19% for the twelve months ended December 31, 2025. Adjusted operating

profit margin (as recast) for Ratings, Indices, Energy and Market Intelligence was 65%, 70%, 46% and 33% for the twelve months ended

December 31, 2025. Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue.

S&P Global Inc.

Unaudited Pro Forma Condensed Consolidated Statements

of Income

(in millions, except per share amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Full-Year 2025

Revenue

$ 3,717

$ 3,472

$ 3,443

$ 3,317

$ 3,357

$ 13,589

Expenses:

Operating-related expenses

1,099

1,053

986

905

1,106

4,050

Selling and general expenses

639

832

684

760

563

2,838

Depreciation

Amortization of intangibles

200

190

194

192

766

Total expenses

1,965

2,103

1,885

1,881

1,882

7,750

Gain on dispositions

(175 )

(270 )

—

(3 )

—

(273 )

Equity in income on unconsolidated subsidiaries

—

(7 )

(11 )

(28 )

Operating profit

1,927

1,638

1,565

1,450

1,486

6,140

Other (income) expense, net

(2 )

(11 )

(2 )

(28 )

(36 )

Interest expense, net

288

Income from continuing operations before taxes on income

1,833

1,594

1,488

1,401

1,404

5,888

Provision for taxes on income

390

392

315

325

315

1,347

Net income from continuing operations

1,443

1,202

1,173

1,076

1,089

4,541

Less: net income attributable to noncontrolling interests

(109 )

(90 )

(89 )

(88 )

(81 )

(349 )

Net income from continuing operations attributable to S&P Global Inc.

$ 1,334

$ 1,112

$ 1,084

$ 988

$ 1,008

$ 4,192

Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:

Net income:

Basic

$ 4.49

$ 3.68

$ 3.56

$ 3.23

$ 3.28

$ 13.75

Diluted

$ 4.48

$ 3.68

$ 3.56

$ 3.23

$ 3.28

$ 13.74

Weighted-average number of common shares outstanding:

Basic

297.3

301.8

304.3

305.9

307.3

304.8

Diluted

297.6

302.1

304.5

306.1

307.7

305.1

Note - Quarterly information for the quarters

within fiscal 2025 reflect the quarterization of S&P Global’s July 6, 2026 Article 11 Pro Forma Condensed Consolidated

Statement of Income for the year ended December 31, 2025.

(in millions, except per share amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Full-Year 2025

Details of Non-GAAP Adjustments

Non-GAAP adjustments for items included in pro forma operating profit (c)(d)

$ (160 )

$ (153 )

$ 51

$ 76

$ 51

$ 28

Deal-related amortization included in pro forma operating profit

200

191

203

208

205

$ 806

Premium amortization benefit

(6 )

(26 )

Tax effect of non-GAAP adjustments for items included in pro forma net income from continuing operations

(45 )

(54 )

(65 )

(60 )

(168 )

Non-GAAP adjustments for items included in pro forma net income from continuing operations attributable to S&P Global Inc.

$ (11 )

$ 44

$ 194

$ 213

$ 190

$ 640

Reconciliation of Pro Forma Operating Profit to Pro Forma Non-GAAP Adjusted Operating Profit

Pro forma operating profit

$ 1,927

$ 1,638

$ 1,565

$ 1,450

$ 1,486

$ 6,140

Non-GAAP adjustments

254

284

256

834

Pro forma non-GAAP adjusted operating profit

$ 1,967

$ 1,676

$ 1,819

$ 1,734

$ 1,742

$ 6,974

Reconciliation of Pro Forma Income from Continuing Operations before taxes on income to Pro Forma Non-GAAP Adjusted Segment Operating Profit

Pro forma income from continuing operations before taxes on income

$ 1,833

1,594

1,488

1,401

1,404

5,888

Interest expense, net

288

Other (income) expense, net

(2 )

(11 )

(2 )

(28 )

(36 )

Corporate unallocated expense

(145 )

Equity in income on unconsolidated subsidiaries

—

(7 )

(11 )

(28 )

Pro forma segment operating profit

1,970

1,494

1,641

1,509

1,537

6,181

Non-GAAP adjustments (excluding Corporate unallocated non-GAAP adjustments)

229

212

245

217

904

Pro forma non-GAAP adjusted segment operating profit

$ 2,007

$ 1,723

$ 1,853

$ 1,754

$ 7,085

Reconciliation of Pro Forma Net Income from Continuing Operations attributable to S&P Global Inc. to Pro Forma Non-GAAP Adjusted Net Income from Continuing Operations attributable to S&P Global Inc.

Pro forma net income from continuing operations attributable to S&P Global Inc.

$ 1,334

$ 1,112

$ 1,084

$ 988

$ 1,008

$ 4,192

Non-GAAP adjustments

(11 )

194

213

190

640

Pro forma non-GAAP adjusted net income from continuing operations attributable to S&P Global Inc.

$ 1,323

$ 1,156

$ 1,278

$ 1,201

$ 1,198

$ 4,832

Reconciliation

of Pro Forma Diluted Earnings per Share from Continuing Operations attributable to S&P

Global Inc. Common Shareholders to Pro forma non-GAAP Adjusted Diluted Earnings per Share

from Continuing Operations attributable to S&P Global Inc. Common Shareholders

Pro forma diluted earnings per share from continuing operations attributable

to S&P Global Inc. common shareholders

$ 4.48

$ 3.68

$ 3.56

$ 3.23

$ 3.28

$ 13.74

Non-GAAP adjustments

(0.04 )

0.14

0.64

0.69

0.62

2.11

Pro forma non-GAAP adjusted diluted earnings per share from continuing

operations attributable to S&P Global Inc. common shareholders

$ 4.44

$ 3.82

$ 4.20

$ 3.92

$ 3.90

$ 15.85

Note - Totals presented may not sum due to rounding.

Note - All presentations of revenue above refer

to reported or reported (as recast) revenue.

(a) Reflects the product transfers of 451

Research and Maritime & Trade from Market Intelligence to Energy which include the transfer of both revenue and expenses and

a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence to Ratings.

(b) Reflects the reallocation of costs historically

allocated to Mobility that do not meet the requirements to be presented in discontinued operations and enhancements made to the allocation

methodology of enterprise expenses.

reported amounts and excluded from the adjusted amounts in the tables above:

Q1 2026

– Indices - Employee-related costs of $1 million ($1 million after-tax) and acquisition-related costs of

$1 million ($1 million after-tax)

– Energy - Disposition-related costs of $1 million ($1 million after-tax) and acquisition-related costs

of $1 million ($1 million after-tax)

– Market Intelligence - Gain on disposition of $172 million ($168 million after-tax), acquisition-related

costs of $9 million ($9 million after-tax) and disposition-related costs of $3 million ($2 million after-tax)

– Corporate Unallocated expense - Lease impairments of $5 million ($3 million after-tax) and gain on dispositions

of $3 million ($3 million after-tax)

Q4 2025

– Ratings - Employee severance charges of $6 million ($5 million after-tax) and legal costs of $3 million

($2 million after-tax)

– Indices - Employee severance charges of $3 million ($2 million after-tax)

– Energy - Employee severance charges of $9 million ($6 million after-tax) and a statutorily required labor

law accrual adjustment of $1 million ($1 million after-tax)

– Market Intelligence - Employee severance charges of $12 million ($8 million after-tax), acquisition-related

costs of $8 million ($8 million after-tax), disposition-related costs of $4 million ($3 million after-tax) and a statutorily required

labor law accrual adjustment of $3 million ($2 million after-tax)

– Corporate Unallocated expense - Gain on disposition of $270 million ($187 million after-tax), disposition-related

costs of $4 million ($1 million after-tax), acquisition-related costs of $20 million ($20 million after-tax), employee severance charges

of $19 million ($14 million after-tax), Executive Leadership Team transition costs of $18 million ($14 million after-tax), lease impairments

of $7 million ($5 million after-tax), a statutorily required labor law accrual adjustment of $5 million ($3 million after-tax) and legal

costs of $3 million ($2 million after-tax)

Q3 2025

– Ratings - Legal costs of $12 million ($9 million after-tax)

– Indices - Employee severance charges of $1 million ($1 million after-tax) and acquisition-related costs

of $1 million ($1 million after-tax)

– Market Intelligence - Employee severance charges of $11 million ($8 million after-tax), acquisition-related

costs of $2 million ($1 million after-tax), disposition-related costs of $4 million ($3 million after-tax) and Executive Leadership Team

transition costs of $1 million ($1 million after-tax)

– Corporate Unallocated expense - Executive Leadership Team transition costs of $9 million ($7 million after-tax),

lease impairments of $6 million ($5 million after-tax), employee severance charges of $5 million ($4 million after-tax), disposition-related

costs of $4 million ($6 million after-tax), acquisition-related costs of $4 million ($4 million after-tax) and legal costs of $1 million

($1 million after-tax)

Q2 2025

– Ratings - Employee severance charges of $8 million ($6 million after-tax) and legal costs of $27 million

($21 million after-tax)

– Energy - Employee severance charges of $4 million ($3 million after-tax)

– Market Intelligence - Employee severance charges of $19 million ($14 million after-tax), acquisition-related

costs of $4 million ($3 million after-tax), a gain on disposition of $3 million ($2 million after-tax) and disposition-related costs of

$2 million ($1 million after-tax)

– Corporate Unallocated expense - Employee severance charges of $12 million ($9 million after-tax), Executive

Leadership Team transition costs of $5 million ($4 million after-tax), disposition-related costs of $2 million ($4 million after-tax),

lease impairment of $2 million ($1 million after-tax), acquisition-related costs of $1 million ($1 million after-tax), legal costs of

$2 million ($2 million after-tax) and an asset write-off of $1 million ($1 million after-tax)

Q1 2025

– Ratings - Employee severance charges of $2 million ($1 million after-tax)

– Energy - Employee severance charges of $6 million ($5 million after-tax)

– Market Intelligence - Employee severance charges of $14 million ($11 million after-tax), acquisition-related

costs of $7 million ($5 million after-tax), Executive Leadership Team transition costs of $4 million ($3 million after-tax) and disposition-related

costs of $1 million ($1 million after-tax)

– Corporate Unallocated expense - Employee severance charges of $10 million ($8 million after-tax), Executive

Leadership Team transition costs of $8 million ($6 million after-tax), a lease impairment of $6 million ($4 million after-tax) and acquisition-related

costs of $2 million ($2 million after-tax)

(d) Reflects the impact of a Transition Services

Agreement whereby S&P Global will provide certain post separation services to Mobility Global on a transitional basis. A pro forma

adjustment reducing selling and general expenses by $6 million for the three months ended March 31, 2026 and $9 million for each

of the three months ended March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025 is reflected for

this contractual arrangement. For the year ended December 31, 2025, a pro forma adjustment reducing selling and general expenses

by $35 million is reflected for this contractual arrangement.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2619099d2_ex99-2.htm · Sequence: 3

Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

On July 1, 2026 (the “Separation Date”),

S&P Global Inc. (the “Registrant”, the “Company” or “S&P Global”) completed the previously

announced separation of its S&P Global Mobility segment (“Mobility”), into a separate, independent public company, Mobility

Global Inc. (“Mobility Global”). The separation was structured as a spin-off (the “Spin-off”), which occurred

by way of a pro rata distribution of 100% of the outstanding shares of Mobility Global common stock to the holders of S&P Global common

stock. S&P Global shareholders received one share of Mobility Global stock for every one share of S&P Global stock held of record

as of the close of business on June 15, 2026 (the “Record Date”). Mobility Global is now an independent public company

under the symbol “MBGL“ on the New York Stock Exchange. After the distribution, S&P Global will no longer consolidate

Mobility Global into its financial results (the entire transaction is being referred to as the “Separation”).

The unaudited pro forma condensed consolidated

financial statements have been derived from the Company’s historical consolidated financial statements and give effect to the Separation.

The following unaudited pro forma condensed consolidated statements of income for the three months ended March 31, 2026 and each

of the years ended December 31, 2025, 2024 and 2023 reflect the Company’s results as if the Separation had occurred as of January 1,

2023 in that they reflect the reclassification of Mobility as discontinued operations for all periods presented. The adjustments in the

“Transaction Accounting Adjustments” column in the unaudited pro forma condensed consolidated statements of income for the

three months ended March 31, 2026 and the year ended December 31, 2025 give effect to the Separation and related transactions

as if they had occurred as of January 1, 2025. The following unaudited pro forma condensed consolidated balance sheet as of March 31,

2026 reflects the Company’s financial position as if the Separation had occurred on March 31, 2026. After the date of the Separation,

the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as

discontinued operations in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)

for all periods.

The unaudited pro forma condensed consolidated

financial statements have been prepared based on the best available information and management estimates and are subject to the assumptions

and adjustments described below and in the accompanying notes to those financial statements. They are not intended to be a complete presentation

of the Company’s financial position or results of operations had the Separation occurred as of and for the periods indicated. In

addition, the unaudited pro forma condensed consolidated financial statements are provided for illustrative and information purposes only

and are not necessarily indicative of the Company’s future results of operations or financial condition had the Separation and related

transactions been completed on the dates assumed. The actual financial position and results of operations may differ significantly from

the pro forma amounts reflected herein due to a variety of factors. Management believes these assumptions and adjustments are reasonable,

given the information available at the filing date. The unaudited pro forma condensed consolidated financial statements should be read

in conjunction with the Company’s historical consolidated financial statements and accompanying notes.

The unaudited pro forma condensed consolidated

financial statements have been prepared to include Transaction Accounting Adjustments to reflect the financial condition and results of

operations as if the Separation occurred on January 1, 2025.

The pro forma adjustments are based on currently

available information and assumptions management believes are, under the circumstances and given the information available at this time,

reasonable, and best reflect the Separation on S&P Global’s financial condition and results of operations. The adjustments included

within the “Mobility Discontinued Operations” column of the unaudited pro forma condensed consolidated financial statements

are consistent with the guidance for discontinued operations under U.S. GAAP. The Company's current estimates on a discontinued operations

basis are preliminary and could change as the Company finalizes discontinued operations accounting to be reported in the Company's 10-Q

for the quarter ended September 30, 2026 and its Annual Report on Form 10-K.

The unaudited pro forma condensed consolidated

financial statements have been prepared in accordance with Regulation S-X Article 11.

Unaudited Pro Forma Condensed Consolidated

Statement of Income

For the Three Months Ended March 31, 2026

(in millions, except per share amounts)

Historical

Mobility

Discontinued

Operations

(Note a)

S&P Global

Continuing

Operations

(Subtotal)

Transaction

Accounting

Adjustments

Pro Forma

Revenue

$ 4,171

$ 454

$ 3,717

Expenses:

Operating-related expenses

1,235

136

1,099

Selling and general expenses

802

157

645

(6 )

(f)

639

Depreciation

Amortization of intangibles

276

200

Total expenses

2,344

373

1,971

(6 )

1,965

Gain on dispositions

(175 )

—

(175 )

Operating profit

2,002

1,921

1,927

Other income, net

(2 )

—

(2 )

Interest expense, net

—

Income from continuing operations before taxes on income

1,908

1,827

1,833

Provision for taxes on income

404

389

(g)

390

Net income from continuing operations

1,504

1,438

1,443

Less: net income attributable to noncontrolling interests

(109 )

—

(109 )

Net income from continuing operations attributable to S&P Global Inc.

$ 1,395

$ 66

$ 1,329

$ 5

$ 1,334

Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:

Net income:

Basic

$ 4.69

$ 4.49

Diluted

$ 4.69

$ 4.48

Weighted-average number of common shares outstanding:

Basic

297.3

Diluted

297.6

See accompanying notes to the unaudited pro forma

condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated

Statement of Income

For the Year Ended December 31, 2025

(in millions, except per share amounts)

Historical

Mobility

Discontinued

Operations

(Note a)

S&P Global

Continuing

Operations

(Subtotal)

Transaction

Accounting

Adjustments

Pro Forma

Revenue

$ 15,336

$ 1,747

$ 13,589

Expenses:

Operating-related expenses

4,563

513

4,050

Selling and general expenses

3,417

544

2,873

(35 )

((f)

2,838

Depreciation

110

Amortization of intangibles

1,069

303

766

Total expenses

9,159

1,374

7,785

(35 )

7,750

Gain on dispositions

(273 )

—

(273 )

Equity in income on unconsolidated subsidiaries

(28 )

—

(28 )

Operating profit

6,478

373

6,105

6,140

Other income, net

(36 )

—

(36 )

Interest expense, net

287

(1 )

288

Income from continuing operations before taxes on income

6,227

374

5,853

5,888

Provision for taxes on income

1,407

1,338

(g)

1,347

Net income from continuing operations

4,820

305

4,515

4,541

Less: net income attributable to noncontrolling interests

(349 )

—

(349 )

Net income from continuing operations attributable to S&P Global Inc.

$ 4,471

$ 305

$ 4,166

$ 26

$ 4,192

Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:

Net income:

Basic

$ 14.67

$ 13.75

Diluted

$ 14.66

$ 13.74

Weighted-average number of common shares outstanding:

Basic

304.8

Diluted

305.1

See accompanying notes to the unaudited pro forma

condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated

Statement of Income

For the Year Ended December 31, 2024

(in millions, except per share amounts)

Historical

Mobility

Discontinued

Operations

(Note a)

Pro Forma

Revenue

$ 14,208

$ 1,609

$ 12,599

Expenses:

Operating-related expenses

4,361

487

3,874

Selling and general expenses

3,196

433

2,763

Depreciation

Amortization of intangibles

1,077

302

775

Total expenses

8,730

1,235

7,495

Gain on dispositions

(59 )

—

(59 )

Equity in income on unconsolidated subsidiaries

(43 )

—

(43 )

Operating profit

5,580

374

5,206

Other income, net

(25 )

—

(25 )

Interest expense, net

297

(1 )

298

Income from continuing operations before taxes on income

5,308

375

4,933

Provision for taxes on income

1,141

1,049

Net income from continuing operations

4,167

283

3,884

Less: net income attributable to noncontrolling interests

(315 )

—

(315 )

Net income from continuing operations attributable to S&P Global Inc.

$ 3,852

$ 283

$ 3,569

Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:

Net income:

Basic

$ 12.36

$ 11.46

Diluted

$ 12.35

$ 11.44

Weighted-average number of common shares outstanding:

Basic

311.6

Diluted

311.9

See accompanying notes to the unaudited pro forma

condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated

Statement of Income

For the Year Ended December 31, 2023

(in millions, except per share amounts)

Historical

Mobility

Discontinued

Operations

(Note a)

Pro Forma

Revenue

$ 12,497

$ 1,484

$ 11,013

Expenses:

Operating-related expenses

4,141

408

3,733

Selling and general expenses

3,159

448

2,711

Depreciation

101

Amortization of intangibles

1,042

302

740

Total expenses

8,443

1,167

7,276

Loss on dispositions

—

Equity in income on unconsolidated subsidiaries

(36 )

—

(36 )

Operating profit

4,020

317

3,703

Other expense, net

—

Interest expense, net

334

(1 )

335

Income from continuing operations before taxes on income

3,671

318

3,353

Provision for taxes on income

778

715

Net income from continuing operations

2,893

255

2,638

Less: net income attributable to noncontrolling interests

(267 )

—

(267 )

Net income from continuing operations attributable to S&P Global Inc.

$ 2,626

$ 255

$ 2,371

Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:

Net income:

Basic

$ 8.25

$ 7.45

Diluted

$ 8.23

$ 7.43

Weighted-average number of common shares outstanding:

Basic

318.4

Diluted

318.9

See accompanying notes to the unaudited pro forma

condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated Balance

Sheet at March 31, 2026

(in millions)

Historical

Mobility

Discontinued

Operations

(Note a)

S&P Global

Continuing

Operations

(Subtotal)

Transaction

Accounting

Adjustments

Pro Forma

ASSETS

Current assets:

Cash and cash equivalents

$ 1,810

$ 121

$ 1,689

$ 1,974

(b)

$ 3,663

Restricted cash

—

Accounts receivable, net

3,493

217

3,276

Prepaid and other current assets

889

854

Assets held for sale

128

—

128

Total current assets

6,320

373

5,947

1,974

7,921

Property and equipment, net

261

242

Right of use assets

388

365

Goodwill

36,357

8,858

27,499

Other intangible assets, net

15,977

3,674

12,303

Equity investments in unconsolidated subsidiaries

605

—

605

Other non-current assets

884

836

Total assets

$ 60,792

$ 12,995

$ 47,797

$ 1,974

$ 49,771

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$ 510

$ 47

$ 463

Accrued compensation and contributions to retirement plans

439

415

Short-term debt

2,697

—

2,697

Income taxes currently payable

482

478

(c)

528

Unearned revenue

3,980

3,886

Other current liabilities

1,200

1,173

106

(d)

1,279

Liabilities held for sale

—

Total current liabilities

9,335

196

9,139

156

9,295

Long-term debt

10,621

—

10,621

Lease liabilities — non-current

458

440

Pension and other postretirement benefits

176

175

Deferred tax liability — non-current

3,226

962

2,264

Other non-current liabilities

771

770

Total liabilities

24,587

1,178

23,409

156

23,565

Equity:

Redeemable noncontrolling interests

4,917

—

4,917

Commitments and contingencies

Common stock

415

—

415

Additional paid-in capital

44,507

—

44,507

Retained income

24,804

11,793

13,011

1,818

(e)

14,829

Accumulated other comprehensive loss

(736 )

(760 )

Less: common stock in treasury

(37,817 )

—

(37,817 )

Total equity — controlling interests

31,173

11,817

19,356

1,818

21,174

Total equity — noncontrolling interests

115

—

115

Total equity

31,288

11,817

19,471

1,818

21,289

Total liabilities and equity

$ 60,792

$ 12,995

$ 47,797

$ 1,974

$ 49,771

See accompanying notes to the unaudited pro forma

condensed consolidated financial statements.

Notes to Unaudited Pro Forma Condensed Consolidated

Financial Statements

Mobility Discontinued Operations

(a) Reflects the operations of Mobility that will qualify as discontinued

operations in accordance with the guidance set forth in ASC 205, Presentation of Financial Statements. This includes the assets,

liabilities, equity and results of operations and the non-recurring costs, primarily consisting of professional fees, that are directly

related to the Separation. Certain liabilities and general corporate overhead expenses that were not specifically related to Mobility

were excluded, as they did not meet the discontinued operations criteria including:

i. General corporate overhead costs which were historically allocated to Mobility that included labor and

non-labor expenses related to the Company’s corporate support functions (e.g. finance, accounting, treasury, information technology,

legal, among others) that historically provided support to Mobility.

ii. The impact of intercompany purchases and sales between the Company and Mobility that were eliminated in

consolidation.

Transaction Accounting Adjustments

(b) Reflects the net cash distribution to the Company received from

Mobility Global of $1.974 billion in connection with the Separation.

by S&P Global as a result of the Separation.

(d) Reflects $106 million of additional non-recurring costs to complete

the Separation. These costs primarily relate to investment banker fees, legal fees, third-party consulting fees and other costs directly

related to the Separation. There is no pro forma adjustment to reflect these expenses in the pro forma condensed consolidated statements

of income because they will be classified within discontinued operations.

(e) Reflects the impact to the Company’s equity from the pro

forma adjustments described in notes (b) - (d).

(f) Reflects the impact of a Transition Services Agreement whereby

S&P Global will provide certain post separation services to Mobility Global on a transitional basis. A pro forma adjustment reducing

selling and general expenses by $6 million and $35 million for the three months ended March 31, 2026 and the year ended December 31,

2025, respectively, is reflected for this contractual arrangement.

(g) Represents $1 million and $9 million for the three months ended

March 31, 2026 and for the year ended December 31, 2025, respectively, of the income tax pro forma adjustments. This adjustment

was determined by applying the relevant statutory tax rates to the jurisdictional mix of income including the pre-tax pro forma adjustment

described in note (f) above.

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