Moody's Corporation (MCO)

Business

Source: Form 10-K for the fiscal year ended December 31, 2025 (accession 0001628280-26-009136), Item 1 and Item 7.

Moody's sells credit ratings, plus data, research and software for assessing risk. Its customers are debt issuers, investors, banks, insurers, corporations and governments. Revenue comes from two reportable segments of roughly equal size. In 2025, Moody's Investors Service (MIS) earned $4,119 million of external revenue, mostly from rating fees paid by issuers. Moody's Analytics (MA) earned $3,599 million, much of it from subscriptions. Total revenue was $7,718 million. The company has about 16,000 employees in more than 40 countries, and about 39% of 2025 revenue was in currencies other than the US dollar, mainly sterling and the euro.

• Moody's Investors Service (MIS) rates and assesses debt obligations, programs and facilities worldwide, and the entities that issue them: corporate, financial institution, governmental and structured finance securities. Its revenue is reported in four ratings lines: Corporate Finance (CFG), Structured Finance (SFG), Financial Institutions (FIG), and Public, Project and Infrastructure Finance (PPIF). A small "MIS Other" line covers non-ratings work such as Asia-Pacific pricing services, Second Party Opinions and Net Zero Assessments. Most MIS revenue depends on how many debt securities are issued and their dollar volume. Annual fees from frequent issuers, monitoring fees, commercial paper and medium-term note programs, and bank deposit and insurer strength ratings partly offset that dependence. MIS also owns ICRA, a publicly listed Indian rating agency, and runs domestic rating businesses under the Moody's Local name. In 2025 these expanded into Latin America with the acquisition of ICR Chile. Moody's also holds a 30% stake in CCXI, a licensed domestic rating agency in China.
• Moody's Analytics (MA) has three lines of business:
  • Research & Insights: fixed-income and economic research.
  • Data & Information: a data business that Moody's calls the world's largest database on companies and credit.
  • Decision Solutions: cloud-based subscription software for banking, insurance (including catastrophe modeling) and KYC (know-your-customer) workflows.

The two segments trade with each other. MA charges MIS for products used in the rating process, and MIS charges MA for the right to distribute ratings content and data.

Strategy and growth drivers. The 10-K describes Moody's as an "integrated risk assessment firm". Its pitch is that curated proprietary data and validated models matter more as customers adopt generative and agentic AI. In MA, management expects growth from winning new customers, cross-selling, upselling and pricing, a larger data estate, new products and distribution channels, and partnerships. In MIS, the long-term growth formula is economic expansion plus the value of the rating plus developing capital markets. Specific drivers are refinancing needs, limited bank-system capacity, deeper participation in emerging markets, and new areas including private credit, cybersecurity and sustainable/transition finance. Issuance in any one year still depends on interest rates, credit spreads, M&A activity, business investment and securitization.

Competition and regulation. MIS competes with other credit rating agencies, with investment banks and brokers that offer credit opinions, and with investors' in-house research. MA competes with software, analytics, economic-research and commercial-data providers. MIS is registered with the SEC as an NRSRO (a nationally recognized statistical rating organization). It is also supervised by ESMA in the EU and the FCA in the UK, and by regulators in Australia, Singapore, Japan and Hong Kong. Its EU rating agencies are subject to DORA, the EU's digital operational resilience law. The EU Regulation on ESG Rating Activities, applicable from July 2026, may bring some MIS products under ESMA supervision. The UK has passed legislation allowing the FCA to regulate ESG ratings.

Risk factors

Source: Form 10-K for fiscal 2025 (accession 0001628280-26-009136), Item 1A. The Form 10-Q for the quarter ended September 30, 2026 (accession 0001628280-26-066731) reports no material changes to these risk factors.

Moody's lists a long set of risks. The ones that bear most on the business are:

• Dependence on debt issuance. Most of the credit-rating revenue comes from individual transactions, so it falls when issuers cannot or will not borrow. Causes include volatile interest rates, wider spreads, weak growth, inflation-driven monetary policy, tax-law changes and defaults by large issuers. Issuers are also increasingly borrowing without a rating, using non-traditional evaluators, or turning to non-bank lenders, including private credit. Cost cuts may not keep pace with a downturn because much of the cost base is fixed, including the cost of monitoring outstanding ratings.
• Regulation of the ratings industry and of MA's customers. US law (the Credit Rating Agency Reform Act and Dodd-Frank) encourages competition among rating agencies, restricts how information is used, and gives the SEC inspection authority. In the EU and UK, rules cover sovereign ratings, mandatory analyst rotation, cost-based fees and ownership limits. Breaking these rules can lead to fines or loss of the right to rate in a jurisdiction. MA's bank and insurer customers face third-party-risk rules (US banking agency guidance, DORA), which can delay sales or shift more risk onto MA. New AI, data-privacy and ESG-rating laws, including the EU AI Act, add cost and penalty risk.
• Litigation and investigations. When rated instruments lose value or default, claims and investigations against MIS rise, as they did after the 2007-2008 financial crisis. The 10-K adds possible inquiries into ratings of private-credit instruments. Generative AI products bring new liability and regulatory risks. Rules that lower liability standards or relax pleading requirements make lawsuits against MIS more likely to succeed, and insurance or reserves may not cover the losses.
• Competition, pricing pressure and AI disruption. Competitors, including faster and AI-native entrants, and customers' own in-house systems could replace Moody's methods. Free or cheap information, now easier to get through generative AI, can reduce demand. The 10-K says competitive pricing pressure has intensified, and that new NRSROs or government-backed local rating agencies could add to it.
• Reputation and credibility. The business depends on trust in its ratings. That trust can be damaged by perceived conflicts of interest, poor rating performance, methodology changes, compliance failures, errors in data or AI outputs, and criticism of how climate and ESG factors are used in ratings. The 10-K also cites the rise of "anti-ESG" sentiment in the US.
• Cybersecurity and technology dependence. Moody's holds material non-public information on the issuers it rates and is a prominent target, including for state-sponsored attackers. It and its vendors regularly experience cyber-attacks and breaches of varying degrees, and the 10-K says generative AI is making threats more sophisticated. Moody's also relies on a concentrated group of third-party cloud, data and software vendors, some of which are competitors.
• International operations. About 52% of assets were outside the US at the end of 2025, according to Item 7. Risks include sanctions and blocking-statute conflicts involving China and Russia, tariffs and trade barriers, data-localization rules, limits on converting and repatriating currency, tensions between the US and China and between India and Pakistan, and large staff concentrations in India and New York City.
• Acquisitions and impairment. At December 31, 2025, goodwill was $6,368 million and acquired intangibles were $1,866 million. About 94% of the combined total sat in the single MA reporting unit, so a shortfall against MA's plans could trigger a large non-cash write-down.
• Talent, tax and intellectual property. Moody's depends on skilled analysts, data scientists and engineers, and on CEO Robert Fauber. It is exposed to Pillar Two global minimum tax rules, changes from the 2025 US tax law (OBBBA), and tax audits. Its intellectual property is weakly protected in some jurisdictions, including against unauthorized use by AI.

Management's discussion: fiscal 2025

Source: Form 10-K for fiscal 2025 (accession 0001628280-26-009136), Item 7.

2025 was a strong year for both segments. Revenue rose 9% to $7,718 million, while operating and SG&A expenses grew only 3%. Operating margin therefore widened 280 basis points to 43.4%, and Adjusted Operating Margin widened 300 basis points to 51.1%. Operating income rose 17% to $3,351 million. Net income attributable to Moody's rose 19% to $2,459 million. Diluted EPS was $13.67 (up 21%) and Adjusted Diluted EPS was $14.94 (up 20%).

• MIS grew external revenue 9% to $4,119 million, with every ratings line up, helped by tight credit spreads and strong investor demand. Its Adjusted Operating Margin widened 350 basis points to 63.6%.
  • CFG rose 9% to $2,132 million. Investment-grade issuance increased, including several very large technology-sector deals, and high-yield issuers refinanced.
  • SFG rose 8% to $558 million, with growth across all asset classes.
  • FIG rose 4% to $759 million on bank issuance, partly offset by lower insurance-sector volumes.
  • PPIF rose 13% to $635 million, driven by US public finance and investment-grade utility issuance.
• MA grew external revenue 9% to $3,599 million, or 7% on an organic constant-currency basis. ARR rose 8%. Its Adjusted Operating Margin widened 240 basis points to 33.1%, which the company attributes partly to savings from its restructuring program.
  • Decision Solutions rose 12% to $1,692 million. Insurance grew 15%, helped by demand for catastrophe models and the acquired Praedicat and CAPE Analytics businesses. KYC grew 19%. Banking grew 3% as customers moved to cloud subscriptions and transaction revenue fell 18%.
  • Research & Insights rose 7% to $995 million.
  • Data & Information rose 7% to $912 million.

Below operating income, two related items offset each other. A $79 million indemnification asset was released, with lower tax-related interest, when the statute of limitations lapsed on tax exposures inherited in an earlier acquisition. These amounts were offset by a matching tax benefit, so they had no net effect on EPS but lowered the effective tax rate to 21.3%. Moody's also booked a $23 million gain on selling the MA Learning Solutions business in the fourth quarter.

Cash flow and capital. Operating cash flow was $2,901 million and Free Cash Flow was $2,575 million. Moody's spent $1,607 million on buybacks and paid $701 million in dividends. It also repaid $700 million of notes. At year-end it had $7.2 billion of debt, $2.4 billion of cash and short-term investments (about $1.8 billion of it outside the US), and $1 billion of undrawn capacity under its commercial paper program. The commercial paper program is backed by a $1.25 billion credit facility. In October 2025 the Board authorized a new $4.0 billion of share repurchases. The 2025 10-K expected the Strategic and Operational Efficiency Restructuring Program, approved in December 2024, to deliver $250 million to $300 million of annualized savings.

Current quarter: third quarter of 2026

Sources: Form 10-Q for the quarter ended September 30, 2026 (accession 0001628280-26-066731), Item 2 and Notes 8, 9, 11, 13 and 14. Third-quarter 2026 earnings release furnished on Form 8-K (accession 0001628280-26-066594), Exhibit 99.1.

Results were flat at the top line but higher at the bottom line. Third-quarter revenue rose 1% to $2,023 million, or 3% on an organic constant-currency basis. MA grew 3%, while MIS fell 1% against what management called a record prior-year quarter. Operating margin narrowed 90 basis points to 44.8% and Adjusted Operating Margin narrowed 30 basis points to 52.6%, as operating expenses grew faster than revenue. The faster expense growth came from technology infrastructure, AI usage costs and higher incentive pay. Net income nevertheless rose 14% to $734 million and diluted EPS rose 18% to $4.24. Two things drove this: a $115 million gain on business divestitures, and about 4% fewer diluted shares after buybacks (173.3 million, against 179.6 million a year earlier). Adjusted Diluted EPS, which excludes the gain, rose 6% to $4.14.

MIS: a shift in issuance mix. Corporate Finance revenue fell 8% to $530 million. High-yield transaction revenue fell 40% and leveraged-loan transaction revenue fell 27%, on market volatility and fewer refinancings than in the strong prior year. Investment-grade revenue rose 18%, supported by AI-related financing, including by hyperscalers. Other ratings lines grew:

• PPIF rose 11% to $179 million, driven by US public finance, sovereign issuance and data-center project finance.
• SFG rose 5% to $153 million, on asset-backed securities, RMBS and covered bonds.
• FIG rose 2% to $213 million.

MIS transaction revenue fell 5% to $714 million, while recurring revenue rose 8% to $373 million. MIS Adjusted Operating Margin was 64.4%, down 80 basis points.

MA: underlying growth faster than reported. MA revenue rose 3% to $936 million, but 8% on an organic constant-currency basis, because two divested businesses dropped out of the reported figure. ARR rose 8% to $3,688 million, and recurring revenue was 99% of MA revenue.

• Decision Solutions was flat as reported at $426 million but grew 12% organically. ARR in the line rose 10%.
  • Insurance grew 9% to $186 million.
  • KYC grew 8% to $122 million.
  • Banking fell 16% to $118 million because of the divestitures, but grew 19% organically.
• Research & Insights grew 3% to $260 million.
• Data & Information grew 7% to $250 million, on demand for ratings data feeds and company data.

MA Adjusted Operating Margin widened 100 basis points to 35.3%.

Nine months. For the nine months to September 30, 2026:

• Revenue rose 8% to $6,287 million. MIS grew 10% to $3,500 million and MA grew 5% to $2,787 million.
• Operating margin widened 140 basis points to 45.7%, and Adjusted Operating Margin widened 190 basis points to 53.7%.
• Diluted EPS rose 27% to $12.98, and Adjusted Diluted EPS rose 16% to $13.14.
• Operating cash flow rose $428 million. The main reasons were $293 million of growth in operating income, together with working-capital changes, and about $70 million less in incentive compensation payments than a year earlier.
• Cash used in financing activities rose $736 million, mainly because buybacks were $1.4 billion higher than a year earlier. About $1.4 billion of the October 2025 repurchase authorization remained at September 30.

Portfolio reshaping.

• MA Regulatory Solutions sale. Moody's agreed in December 2025 to sell this business, which it had classified as held for sale at year-end 2025. The sale closed in the second quarter of 2026. The contingent part of the price is recognized only when it becomes realizable. At September 30, $154 million of consideration was receivable after post-closing conditions were met. The filings do not name the buyer or state a headline price. The 10-Q describes the sale as part of the expanded restructuring program below.
• Acquisitions. On the acquisition side, MIS added $32 million of goodwill in 2026 from two businesses. Fintellix is a data-driven risk and analytics provider for banks, acquired through ICRA. MERIS (Middle East Rating & Investors Service) is an Egypt-based domestic rating agency, acquired in the first quarter of 2026. Cash paid for acquisitions in the nine months was $23 million, and no separate price is given for either deal.

Restructuring expanded. In July 2026 Moody's widened its Strategic and Operational Efficiency Restructuring Program to include exiting certain businesses and products, among them the Regulatory Solutions sale. Expected annualized savings are now $300 million to $350 million, up from $250 million to $300 million in the 2025 10-K. Expected pre-tax personnel and related charges are now $285 million to $330 million, up from $210 million to $230 million. The program is now expected to be substantially complete by the end of 2027, with cash paid through 2028. Charges were $86 million in the nine months and $239 million cumulatively.

Other items affecting the year. Two items are excluded from Adjusted results:

• A $36 million reserve recorded in the first quarter of 2026 for an international non-income tax obligation.
• Duplicate rent while Moody's moves into a new New York City headquarters. It signed this lease in the fourth quarter of 2025 and had taken possession of about 90% of the floors by September 30, 2026.

Balance sheet. At September 30, 2026 Moody's had $7,120 million of debt principal, with nothing due before 2027, when $568 million of 1.75% euro notes mature. It held $1.6 billion of cash and short-term investments, about $1.3 billion of it outside the US. Purchase obligations had risen to about $1.2 billion, mainly for data-center and cloud hosting and IT licenses.

Guidance. On October 21, 2026 Moody's left every line of its full-year 2026 guidance unchanged. The EPS, free-cash-flow and buyback ranges appear with the third-quarter results in this period's events. The remaining lines are:

• Revenue growth in the high single digits.
• Operating margin of 44% to 45%, and Adjusted Operating Margin of 52% to 53%.
• Operating cash flow of $3.15 to $3.35 billion.
• MA revenue growth in the mid single digits, or high single digits organically, with MA Adjusted Operating Margin of 34% to 35%.
• MIS revenue growth in the high single digits, with MIS Adjusted Operating Margin of about 65%.

Management assumes rated issuance worldwide grows in the mid single digits. Three macro assumptions changed: the US Federal Reserve and the ECB are each now expected to raise rates once more by the end of 2026, US high-yield spreads are expected to widen to about 300 basis points in the coming quarter, and the global speculative-grade default rate is now expected to finish the year at about 3.8%, up from about 3%.

Subsequent events

Sources: Form 10-Q for the quarter ended September 30, 2026 (accession 0001628280-26-066731), Liquidity and Capital Resources and Part II. Form 8-K/A filed October 15, 2026 (accession 0001059556-26-000041). Earnings release furnished on Form 8-K (accession 0001628280-26-066594).

The 10-Q has no separate subsequent-events note. It discloses no acquisition, divestiture or new borrowing after September 30, 2026. Post-quarter items disclosed in the filings are:

• October 7, 2026: change of bond trustee. A Nineteenth Supplemental Indenture appointed U.S. Bank Trust Company, N.A. as successor trustee, replacing Computershare Trust Company, N.A. (successor to Wells Fargo Bank). It is filed as Exhibit 4.1 to the 10-Q, and the exhibit as described covers only the change of trustee.
• October 2026: other events. These were the October 12 retirement of director Jorge Bermudez, the October 20 declaration of the $1.03 quarterly dividend, and the October 21 reaffirmation of 2026 guidance. They are recorded in this period's events, from the Form 8-K/A of October 15, 2026 and the third-quarter earnings release.

Filings that contain financial statements

Moody's earnings press releases (Exhibit 99.1 to Form 8-K) carry condensed unaudited statements of operations, balance sheet data, cash flows and segment tables:

• Form 8-K dated October 21, 2026, accession 0001628280-26-066594: third quarter 2026 (three and nine months ended September 30, 2026). Statements of operations, balance sheet at September 30, 2026, nine-month cash flows, non-operating items and segment results.
• Form 8-K dated July 22, 2026, accession 0001628280-26-049104: second quarter 2026 (three and six months ended June 30, 2026), with the same set of statements.
• Form 8-K dated April 22, 2026, accession 0001628280-26-026383: first quarter 2026 (three months ended March 31, 2026), with the same set of statements.
• Form 8-K dated February 18, 2026, accession 0001628280-26-008788: fourth quarter and full year 2025 (year ended December 31, 2025), with the same set of statements.
• Form 8-K dated October 22, 2025, accession 0001628280-25-045770: third quarter 2025; Form 8-K dated July 23, 2025, accession 0001059556-25-000165: second quarter 2025 (prior-year comparatives).

The full third quarter 10-Q (accession 0001628280-26-066731, filed October 21, 2026) carries the complete statements and notes.

Third quarter 2026 results and guidance (October 21, 2026; accession 0001628280-26-066594)

• Revenue was $2,023 million, up 1% (3% on an organic constant-currency basis). Moody's Analytics (MA) revenue was $936 million, up 3% (8% organic constant currency), with annualized recurring revenue of $3,688 million, up 8%. Moody's Investors Service (MIS) revenue was $1,087 million, down 1% against a record prior-year quarter, with lower leveraged finance issuance (high-yield transaction revenue down 40%, leveraged-loan transaction revenue down 27%) partly offset by investment grade revenue up 18%.
• Operating margin was 44.8% (45.7% a year earlier); adjusted operating margin was 52.6% (52.9%). Diluted EPS was $4.24, up 18%, helped by a $115 million pre-tax gain on business divestitures; adjusted diluted EPS was $4.14, up 6%.
• Nine months: operating cash flow of $2,471 million (up 21%) and free cash flow of $2,200 million (up 22%). About $3.1 billion was returned to shareholders year to date, including about $2.6 billion of share repurchases and $543 million of dividends.
• Full-year 2026 guidance was reaffirmed with no changes: diluted EPS of $16.00 to $16.50, adjusted diluted EPS of $16.50 to $17.00, free cash flow of $2.7 to $2.9 billion, and share repurchases of up to $3.0 billion. The macro assumption for the global speculative-grade default rate was moved to about 3.8% by year-end (previously about 3%).
• The Board declared a regular quarterly dividend of $1.03 per share on October 20, 2026, payable December 11, 2026 to holders of record on November 20, 2026.

Guidance changes earlier in 2026

• February 18, 2026 (accession 0001628280-26-008788), fourth quarter and full year 2025: 2025 revenue of $7.7 billion, up 9%; diluted EPS $13.67 and adjusted diluted EPS $14.94. Initial 2026 outlook: diluted EPS of $15.00 to $15.60 and adjusted diluted EPS of $16.40 to $17.00. A quarterly dividend of $1.03 per share was declared February 10, 2026.
• April 22, 2026 (accession 0001628280-26-026383), first quarter: revenue of $2.1 billion, up 8%; diluted EPS up 8% and adjusted diluted EPS up 13%. Guidance was updated: diluted EPS raised to $16.00 to $16.60 (from $15.00 to $15.60; current guidance includes the expected gain on the then-pending MA Regulatory Solutions divestiture), operating margin lowered to approximately 45% (from 45% to 46%), and share repurchases raised to approximately $2.5 billion (from approximately $2.0 billion). Revenue growth guidance (high-single-digit percent), adjusted diluted EPS guidance ($16.40 to $17.00), operating cash flow and free cash flow were unchanged.
• July 22, 2026 (accession 0001628280-26-049104), second quarter: revenue of $2.2 billion, up 15%; adjusted operating margin 55.3%; diluted EPS up 57% and adjusted diluted EPS up 31%. Guidance was updated: diluted EPS to $16.00 to $16.50 (from $16.00 to $16.60), adjusted diluted EPS narrowed to $16.50 to $17.00 (from $16.40 to $17.00), operating margin to 44% to 45% (from about 45%), operating cash flow to $3.15 to $3.35 billion (from $3.25 to $3.45 billion), free cash flow to $2.7 to $2.9 billion (from $2.8 to $3.0 billion), and share repurchases raised to up to $3.0 billion (from about $2.5 billion).

Divestitures and acquisitions (closed)

• MA Regulatory Solutions: the April 22, 2026 release described the sale as pending and expected to close in the second quarter. The July 22, 2026 release recorded a $179 million pre-tax gain. The third quarter 10-Q (accession 0001628280-26-066731) states the Company "completed the sale" in the second quarter of 2026 and recognized a further $115 million pre-tax gain in the third quarter as additional consideration became realizable after post-closing conditions were met, for a cumulative pre-tax gain of $294 million. Cash received on business divestitures was $200 million in the nine months.
• MA Learning Solutions: divested in the fourth quarter of 2025; a $2 million incremental gain in 2026 from purchase price adjustments brought the total pre-tax gain to $25 million (10-Q, accession 0001628280-26-066731). The two divestitures reduce MA transactional revenue and are the main reason for the 2026 inorganic revenue adjustment of about 4% in MA guidance.
• Acquisitions: the third quarter 10-Q (accession 0001628280-26-066731, Note 8 footnote 1) says the $32 million of 2026 MIS goodwill additions relate to the acquisitions of Fintellix and MERIS in 2026. Both are completed. MERIS (Middle East Rating & Investors Service) is an Egypt-based domestic credit rating agency acquired by Moody's in the first quarter of 2026. Fintellix is a data-driven risk and analytics provider for banks, acquired by ICRA; the 10-Q glossary dates that deal October 2025, which conflicts with the Note 8 reference to 2026, so no date is given here. No price is disclosed for either deal. Cash paid for acquisitions, net, was $23 million in the nine months of 2026.

Restructuring

The Strategic and Operational Efficiency Restructuring Program (approved December 19, 2024) had its scope expanded in July 2026. Moody's now estimates annualized savings of $300 million to $350 million, with $285 million to $330 million of expected pre-tax personnel and related charges (10-Q, accession 0001628280-26-066731). Restructuring expense was $27 million in the third quarter and $86 million in the nine months of 2026 (accession 0001628280-26-066594).

Management and board

• April 15, 2026 (accession 0001059556-26-000028): Christina Kosmowski named Chief Executive Officer of Moody's Analytics, starting in June 2026.
• January 12, 2026 (accession 0001059556-26-000004): Lisa P. Sawicki, formerly of PwC, elected to the Board effective March 16, 2026, serving on the Audit and Governance & Nominating Committees; the Board then consisted of ten directors.
• August 12, 2026 (accession 0001059556-26-000038): Keith Demmings, President and CEO of Assurant, elected to the Board effective November 1, 2026.
• October 15, 2026 (Form 8-K/A, accession 0001059556-26-000041): director Jorge Bermudez retired from the Board effective October 12, 2026, with no disagreement. The Board size stays at ten, Ms. Sawicki became Audit Committee chair, and Mr. Demmings was appointed to the Audit and Governance & Nominating Committees.
• April 14, 2026 annual meeting (accession 0001059556-26-000031): all ten directors elected, KPMG LLP ratified as auditor for 2026, and the advisory vote on executive compensation approved (144.9 million for, 5.1 million against).

Other

• December 19, 2025 (accession 0001059556-25-000197): the Board approved an amended and restated 2001 Key Employees' Stock Incentive Plan, tightening retirement-treatment conditions and adding flexibility in restricted stock unit vesting schedules.
• October 17, 2025 (accession 0001059556-25-000193): by-laws amended to update advance-notice requirements for stockholder nominations and proposals.

Debt, dividend rate and other items

No debt was issued or redeemed in 2026 through September 30. The quarterly dividend was raised to $1.03 per share on February 10, 2026 (Q4 2025 release, accession 0001628280-26-008788), from $0.94 per share in each quarter of 2025 (2025 10-K, accession 0001628280-26-009136, quarterly dividend table; Q3 2025 release, accession 0001628280-25-045770). The $1.03 rate was declared again on October 20, 2026. The September 30, 2026 balance sheet showed $568 million of current portion of long-term debt (none at year-end 2025) and $6,343 million of long-term debt.

About this file

MCO annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

MCO quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

MCO year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

MCO trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K) plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025 (both from the Q3 2026 10-Q)

Adjustments

Notes

• Annual figures for FY2025, FY2024 and FY2023 are taken from the consolidated statements of operations and cash flows in Moody's FY2025 Form 10-K (accession 0001628280-26-009136). The 10-K's balance sheet presents only December 31, 2025 and December 31, 2024, so FY2023 carries no balance sheet.
• Quarterly figures for the three months ended September 30, 2026 and September 30, 2025, and the nine-month figures in the year-to-date block, are taken from the Q3 2026 Form 10-Q (accession 0001628280-26-066731). The September 30, 2026 balance sheet sits with the Q3 FY2026 quarter; the 10-Q's December 31, 2025 balance sheet column matches the FY2025 10-K figures exactly and is not repeated.
• Moody's does not report a cost of revenue or gross profit. Its expenses are presented as Operating; Selling, general and administrative; Depreciation and amortization; Restructuring; and Charges related to asset abandonment, so no gross margin is shown.
• net_income is consolidated net income including noncontrolling interests; net_income_attributable_to_moodys is the figure earnings per share is based on. Share counts are weighted-average shares, which the statements print in millions.
• The 10-K labels the non-operating gain 'Gain on divestiture of business' (the sale of the MA Learning Solutions business, completed in the fourth quarter of 2025) and the 10-Q labels it 'Gain on business divestitures'; both appear as gain_on_divestiture_of_business. The nine months ended September 30, 2026 include $296 million of gains on business divestitures, mainly from the sale of the MA Regulatory Solutions business (completed in the second quarter of 2026); $115 million of them fell in the third quarter, all from that sale. These gains lift pre-tax and net income relative to operating income.
• Likewise, the 10-K's 'Other non-operating (expense) income, net' and the 10-Q's 'Other non-operating income, net' appear as other_non_operating_income_expense_net, and the non-operating subtotal appears as total_non_operating_income_expense_net (negative is a net expense).
• capital_expenditures is the cash flow statement line 'Capital additions'. Cash outflows are shown as negative numbers, as the statements print them.
• free_cash_flow is net cash provided by operating activities less capital additions, which is how Moody's defines Free Cash Flow (a non-GAAP measure) in its Q3 2026 earnings release (accession 0001628280-26-066594). The release's figures of $2,200 million for the nine months ended September 30, 2026 and $1,798 million for the same period of 2025 match this calculation. The annual and trailing-twelve-month free cash flow figures are calculated the same way.
• total_debt is the current portion of long-term debt plus long-term debt as shown on the balance sheet. It excludes operating lease liabilities.
• share_repurchases is the cash flow statement line 'Treasury shares'. dividends_paid is cash dividends paid to Moody's shareholders and excludes dividends to noncontrolling interests. dividends_declared_per_share comes from the statements of shareholders' equity and, for full years, from the 10-K's dividends table (declared column).
• Segment figures are from the segment note (Note 20 of the 10-K; Note 16 of the 10-Q). external_revenue sums to consolidated revenue. revenue_including_intersegment adds fees charged between the two segments, which are eliminated on consolidation. Adjusted Operating Income is the profit measure Moody's chief operating decision maker uses. It excludes depreciation and amortization, restructuring and certain other charges, so it does not equal GAAP operating income.
• The trailing-twelve-month block (October 1, 2025 to September 30, 2026) is calculated as FY2025 from the 10-K, plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both from the 10-Q. No per-share figure is given for it because earnings per share cannot be added across periods with different share counts.
• No stock split occurred in the periods covered, Moody's common stock is not an ADR, and all figures are reported in US dollars, so no split, ADR or currency adjustment was applied.

Uncertainties

• Quarterly cash flow figures are not shown. The Q3 2026 10-Q's cash flow statement covers only the nine-month periods, and the Q3 2026 earnings release also reports cash flow only on a nine-month basis, so no three-month operating cash flow, capital expenditures or free cash flow is printed for either third quarter. Cash flow figures appear in the year-to-date block instead.
• No balance sheet is shown for the Q3 FY2025 quarter because the Q3 2026 10-Q does not present a September 30, 2025 balance sheet.

Company details

Fiscal period

Source filings