S&P Global (SPGI) after the Mobility spin-off: a $5.7 billion TCI stake, Ackman’s new position, and $7 billion of buybacks
By Gabriel Zacarkim · Published Oct 11, 2026 · Data as of Oct 9, 2026 close (13F positions as of June 30, 2026)
S&P Global, whose businesses include Ratings, Indices, Market Intelligence and Energy, closed at $407.82 on October 9, 2026, worth $120 billion. On July 1 it completed the spin-off of its Mobility division as a separate listed company, Mobility Global (MBGL): shareholders of record on June 15 received one MBGL share for each S&P Global share.
Because of the spin-off, price histories are adjusted: they lower every price before July 1 so that the drop in S&P Global’s price on that day, when the Mobility value left it, does not look like a loss. In those adjusted terms the stock is down 11.6% over twelve months and 17.5% in 2026, and up 5.8% since June 30. The 13F filings, however, value positions at the real June 30 price, $407.26.
Results without Mobility
Second-quarter 2026 revenue was $4.15 billion, up 10%, and net income $1.22 billion, up 14%. Excluding Mobility, on a pro forma basis, revenue was $3.68 billion (+11%) and diluted earnings per share $4.08 (+26%); the company reported record results in its Ratings and Indices businesses. For 2026 it guides to revenue growth of 5.9% to 7.9% excluding Mobility, and says it now expects to repurchase more than $7 billion of shares this year, after $1.5 billion in the first half. Mobility’s results will be shown as discontinued operations for all of 2026.
| Year | Revenue | Net income | Net margin |
|---|---|---|---|
| 2021 | $8.30B | $3.02B | 36.4% |
| 2022 | $11.18B | $3.25B | 29.0% |
| 2023 | $12.50B | $2.63B | 21.0% |
| 2024 | $14.21B | $3.85B | 27.1% |
| 2025 | $15.34B | $4.47B | 29.2% |
Two senior executives are leaving: Saugata Saha, president of Market Intelligence, left on July 30, 2026, and chief legal officer Steven Kemps will retire at the end of 2026.
Who held it at the end of June
| Manager | Shares, Jun 30 | Value, Jun 30 | Change in shares vs. Mar 31 |
|---|---|---|---|
| Chris Hohn (TCI) | 14,081,957 | $5,735.0M | +0.3% |
| Bill Ackman (Pershing Square) | 2,593,155 | $1,056.1M | new |
| Cliff Asness (AQR) | 1,395,878 | $568.5M | +11.9% |
| Ken Griffin (Citadel) | 1,116,010 | $454.5M | +201.5% |
| Israel Englander (Millennium) | 702,590 | $286.1M | −28.6% |
| Two Sigma | 488,468 | $198.9M | +275.6% |
| John Armitage (Egerton) | 351,920 | $143.3M | new (held until 2020) |
| Renaissance Technologies | 215,462 | $87.7M | new (held in 2025) |
| Tom Gayner (Markel) | 117,690 | $47.9M | unchanged |
| George Soros (Soros) | 100,834 | $41.1M | +509.9% |
| Ray Dalio (Bridgewater) | 95,012 | $38.7M | +190.6% |
| Steve Cohen (Point72) | 43,508 | $17.7M | new (held in 2025) |
| Baillie Gifford | 21,395 | $8.7M | −46.3% |
| Li Lu (Himalaya) | 0 | — | sold out (121,463 shares) |
Thirteen of the 38 managers held S&P Global at the end of June, up from ten, with 21.3 million shares against 17.1 million. Chris Hohn’s TCI dominates, with 14.1 million shares worth $5.7 billion. Bill Ackman’s Pershing Square opened a $1.06 billion position, its first in this site’s records — covered in our article on Pershing Square’s second quarter, which also explains how the MBGL shares from the spin-off affect the value of that stake. Li Lu’s Himalaya sold its 121,463 shares. A 13F does not say on which day of the quarter shares were bought.
No S&P Global insider bought or sold shares on the open market from August to early October, according to the Form 4s in this site’s database. Daily data is on the S&P Global page. Not investment advice.
Sources
- 8-K: completion of the Mobility Global separation (Jul 2, 2026)
- Q2 2026 results (Jul 28, 2026)
- S&P Global 10-Q, Q2 2026
- 8-K: Market Intelligence president departs (May 26, 2026)
- 8-K: chief legal officer to retire (Jul 6, 2026)
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.