Key Highlights

  • Organic constant currency Revenue growth stepped up to 7.6% in the quarter.
  • Adjusted EBITDA Margin was 41%, including standalone public company costs.
  • Operating cash flow was USD 205 million and free cash flow was USD 186 million.
  • Full-year 2026 revenue guidance is USD 1.87 billion to USD 1.885 billion.

Mobility Global (NYSE:MBGL) reported third-quarter 2026 revenue of USD 478 million, against an estimate of USD 475.09 million. Earnings Per Share were USD 0.40, against an estimate of USD 0.38. It was the company's first quarter as a standalone public company after its separation from S&P Global.

Organic constant currency revenue growth was 7.6%, compared with 6.4% in the second quarter and approximately 6.9% for the first half. By segment, CARFAX grew 7.9% and the B2B segment grew 6.5% on that basis. The adjusted EBITDA margin was 41%, inclusive of the first quarter of standalone public company costs.

Cash Flow, Costs and Interest

Operating cash flow was USD 205 million in the quarter and free cash flow was USD 186 million, a figure that includes one-time payments linked to the separation. GAAP Net Income included USD 16 million of one-time separation and stand-up costs, compared with USD 3 million in the prior-year quarter. Interest expense on the company's bonds was USD 26 million.

The quarterly filing shows that selling and general expenses, including corporate unallocated expense, increased USD 68 million in the three months ended September 30, 2026 compared with the same period a year earlier. For the nine months, the increase was USD 138 million. Interest expense and other, net, rose USD 22 million in the quarter and USD 25 million for the nine months, mainly from interest on the Senior Notes issued on May 29, 2026.

The effective income tax rate was 36.4% for the quarter, against 29.0% a year earlier. Adjusted EBITDA decreased USD 7 million in the three months ended September 30, 2026 compared with the prior-year quarter, and increased USD 2 million over the nine months. Management said the wind down of transition services with S&P Global is continuing, and it estimated that standalone costs reduce adjusted EBITDA margin by 150 basis points in 2027 relative to the 2025 Carve-Out baseline.

Debt, Capital Return and Guidance

As of September 30, 2026, the carrying value of outstanding Debt totaled USD 2.0 billion. It consists of 5.050% Senior Notes due 2029, 5.450% Senior Notes due 2031 and 6.050% Senior Notes due 2036. Gross Leverage was 2.7x and net leverage was 2.2x, and cash was USD 351 million at quarter end.

Cash used for financing activities was USD 46 million for the nine months ended September 30, 2026, compared with USD 348 million a year earlier. The filing records dividends paid of USD 18 million, equal to USD 0.06 per share. Management described the first Dividend as the start of capital returns and said the company has not yet begun repurchasing shares. The board has authorized a buyback of about USD 800 million, with a target of USD 350 million to USD 450 million by the end of 2027.

For full-year 2026, the company guides to revenue of USD 1.87 billion to USD 1.885 billion and adjusted EBITDA of USD 750 million to USD 760 million.

Products, AI Channels and Reported Reference Points

On the call, management said organic traffic to CARFAX from large language models remains small but grew by double digits from the second quarter to the third. It said CARFAX has been opened to reputable agents and assistants as consumers begin to use that channel. It also said CARFAX Listings is the only marketplace that provides a CARFAX report with every vehicle.

Management framed the quarter around three strategic priorities set out at its Investor Day and outlined where it is focused heading into 2027. The reported items for the quarter are revenue of USD 478 million, organic constant currency growth of 7.6%, an adjusted EBITDA margin of 41%, free cash flow of USD 186 million and the first dividend.