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Moody's MCO MIS — Adjusted Operating Income

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Other financials

Income statement

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Revenue$2.2B+15.1%
Gross profit$1.7B+18.3%
Operating income$1.0B+27.9%
Net income$878.0M+51.9%
EPS (diluted)$5.03+56.7%

Balance sheet

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Cash & equivalents$1.5B-32.5%
Total debt$7.5B+3.3%
Total equity$3.0B-23.4%
Total assets$14.7B-5.2%

Cash flow

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Operating cash flow$779.0M+43.5%
CapEx$91.0M+21.3%
Free cash flow$688.0M+47.0%

Valuation

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Market cap$83.82B-9.7%
Enterprise value$89.87B-8.2%
P/E30×-13.5×
P/S10.3×-2.4×

Profitability

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Gross margin75%+2.2pp
Operating margin44.8%+4.2pp
Net margin34.3%+5.1pp
FCF margin36.4%+3.9pp

Returns & leverage

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Return on equity80.2%+25.0pp
Debt / equity2.5×+0.6×
Current ratio1.2×-0.6×

Where this comes from

Reported directly by Moody's in its filing.

Tagged under the XBRL concept mco:AdjustedOperatingIncome.

The source filing: Moody's’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:19 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-049398
Line itemThree Months Ended June 30, 2026 / MAThree Months Ended June 30, 2026 / MISThree Months Ended June 30, 2025 / EliminationsThree Months Ended June 30, 2025 / ConsolidatedThree Months Ended June 30, 2025 / MAMISEliminationsConsolidated
Non-compensation expense20710731420097297
Intersegment expense523(55)503(53)
Total616416(55)977605380(53)932
Adjusted Operating Income$312$896$1,208$286$680$966
Less:
Depreciation andamortization102241269723120
Restructuring2753218927
Reserve for international non-income tax obligation22

Item 1. Financial Statements

FAQ

What is Moody's's MIS — adjusted operating income?
Moody's (MCO) reported MIS — adjusted operating income of $896M in Q2 2026.
How has Moody's's MIS — adjusted operating income changed year-over-year?
Moody's's MIS — adjusted operating income increased by 31.8% year-over-year, from $680M to $896M.
What is the long-term trend for Moody's's MIS — adjusted operating income?
Over 4 years (2021 to 2025), Moody's's MIS — adjusted operating income has grown at a 2.6% compound annual growth rate (CAGR), from $2.47B to $2.75B.
What does MIS — adjusted operating income mean?
Measures the profitability of the credit ratings segment after adjusting for non-recurring or non-cash items such as restructuring charges or amortization of acquired intangibles. This provides a normalized view of the segment's core operating performance. It is the primary metric used by management and investors to assess the underlying health of the ratings business.

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