Mobility Global (NYSE: MBGL) grows sales but net income falls 41% in first standalone quarter

What happened

Mobility Global Inc. (NYSE: MBGL) reported third-quarter revenue of $478 million, up 7.4% from a year earlier. Net income fell to $42 million.

That compares with $71 million a year earlier. Diluted earnings per share dropped to $0.14 from $0.24, and operating profit fell 12% to $92 million. It was the company's first full quarter as a standalone public company after its separation from S&P Global.

Both segments grew. CARFAX revenue rose 8% to $313 million and B2B revenue rose 6% to $164 million. Adjusted EBITDA, a non-GAAP measure, rose 2% to $195 million, a 41% margin. It includes standalone public company costs for the first time.

Key numbers

Metric	Latest	Change	Source
Total revenue, Q3 2026	$478 million	from $445 million, +7.4%	SEC 8-K Item 2.02, Exhibit 99.1
Net income, Q3 2026	$42 million	from $71 million, -41%	SEC 8-K Item 2.02, Exhibit 99.1
Diluted EPS, Q3 2026	$0.14	from $0.24, -41.7%	SEC 8-K Item 2.02, Exhibit 99.1
Adjusted EBITDA (non-GAAP), Q3 2026	$195 million	from $191 million, +2%	SEC 8-K Item 2.02, Exhibit 99.1
Free cash flow (non-GAAP), Q3 2026	$186 million	from $136 million, +37%	SEC 8-K Item 2.02, Exhibit 99.1
Net income margin, Q3 2026	8.8%	from 16.0%, -7.2 percentage points	Calculated from SEC 8-K

Read more: Mobility Global (MBGL) company research

Why it matters

Revenue grew while profit shrank. OptimistFi's calculation puts net margin at 8.8%, down from 16.0% a year earlier. Selling and general expenses rose 50% to $203 million. Interest expense and other, net reached $26 million from $4 million. Separation transaction costs were $16 million, up from $3 million.

OptimistFi has argued that MBGL's value depends on turning the former S&P Global Mobility assets into recurring, cash-generative demand. Subscription revenue rose 7% to $389 million. Free cash flow rose to $186 million from $136 million. That supports the view, but the earnings decline leaves the picture mixed.

The cash figure has a caveat. Net changes in other operating assets and liabilities added $98 million to operating cash flow, against $11 million a year earlier.

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What's next

Management hosts a call at 8 a.m. EST on Nov. 12 to discuss the results. The board declared a $0.06 dividend payable Dec. 14 to holders of record on Nov. 30.

The company expects to begin repurchases before the end of 2026. It targets $350 million to $450 million by the end of 2027, depending on market conditions. The program is authorized up to $800 million.

Full-year 2026 adjusted EBITDA guidance is now $750 million to $760 million, up from $745 million to $760 million. Repurchases that start on schedule would strengthen the case. Another quarter of falling diluted earnings per share would weaken it.

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