S&P Global closed the Mobility chapter on the first of July and immediately asked the market to re-underwrite a leaner company built around four remaining divisions. The second-quarter print is the last consolidated look that still includes the automotive data business, and the first real test of whether Ratings and Indices can carry the equity once Mobility Global trades on its own. Management framed the quarter as a record for those two benchmark franchises and raised the full-year repurchase target to more than seven billion. The investment debate is not whether the franchise is high quality. It is whether an issuance-and-asset boom is being capitalized as if it were the new run rate after the spin.
Pro forma revenue excluding Mobility rose eleven percent, and adjusted earnings per share rose twenty-three percent, because transaction ratings and asset-linked index fees outran the subscription base. Ratings revenue of $1.34 billion climbed seventeen percent as global rated issuance jumped in the United States, Europe, and Asia. Indices posted a thirteenth straight record quarter. Energy, by contrast, grew only three percent as geopolitical volatility and tariff noise slowed commodity-data renewals. That mix is the entire story. The highest-margin engines did the work, and the subscription businesses did not keep pace.
Guidance now points to organic constant-currency growth in a mid-single-digit band and adjusted diluted earnings of $17.50 to $17.75, both on a Mobility-free base. The share, last at $405.32 on the eighteenth of September, sits well below the fifty-two-week high after the one-for-one Mobility distribution. The question the next two quarters resolve is whether Ratings issuance and Indices inflows stay strong enough to hold earnings above that guided band, or whether Energy softness and a cooler issuance calendar pull the company back toward ordinary mid-single-digit compounding.