Income StatementBalance SheetCash FlowSegments
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Moody's Business Segments

Business, geographic, and product segment breakdowns

Moody's generates $7.9B in annual revenue across 2 key segments: MA ($1.8B), and MIS ($356.0M). The company-wide operating margin is 43.53%. Based on the Q1 2026 filing.

MA (TTM)$1.8BMIS (TTM)$356.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$78.5B
P/E Ratio31.44
ROE74.54%

Products & Services

Revenue recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment-grade$72.0M$165.0M$142.0M$124.0M$142.0M$220.0M
Insurance$207.0M$208.0M$222.0M$223.0M$218.0M$219.0M
Other accounts$151.0M$172.0M$187.0M$183.0M$190.0M$186.0M
Bank loans$105.0M$160.0M$98.0M$155.0M$90.0M$139.0M
Banking$657.0M$130.0M$120.0M$136.0M$683.0M$134.0M
DS Banking Product and Service—$141.0M$138.0M$140.0M—$133.0M
KYC$97.0M$101.0M$107.0M$113.0M$117.0M$118.0M
Project and infrastructure$62.0M$91.0M$87.0M$93.0M$89.0M$102.0M
High-yield$53.0M$67.0M$85.0M$114.0M$58.0M$88.0M
Public finance / sovereign$53.0M$72.0M$75.0M$68.0M$60.0M$74.0M
Structured credit$55.0M$48.0M$46.0M$55.0M$53.0M$44.0M
Asset-backed securities$29.0M$35.0M$35.0M$35.0M$37.0M$38.0M
RMBS$25.0M$26.0M$29.0M$29.0M$27.0M$32.0M
CMBS$28.0M$28.0M$25.0M$25.0M$21.0M$22.0M
Managed investments$9.0M$13.0M$13.0M$17.0M$16.0M$18.0M

Percentage of revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Recurring Revenue2.0%60.0%63.0%61.0%2.0%61.0%
Transaction Revenue—40.0%37.0%39.0%—39.0%

General customer contract payment condition (days)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Subscription and Maintenance Contracts$0.0$0.0$0.0$0.0$0.0—

Revenue, contractual coverage period (years)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Subscription and Maintenance Contracts$0.0$0.0$0.0$0.0$0.0—

Geographic

Revenue recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
EMEA$520.0M$569.0M$613.0M$594.0M$600.0M$615.0M
Asia-Pacific$153.0M$167.0M$174.0M$180.0M$178.0M$177.0M
Americas$105.0M$123.0M$119.0M$115.0M$115.0M$107.0M

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$4.4B———$4.7B—

Non-Current Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
U.S.$4.4B———$4.5B—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$894.0M$1.1B$992.0M$1.1B$996.0M$1.2B

Business Segments

Additions/ adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$0.0$0.0$0.0$8.0M$0.0$26.0M
MA$46.0M$135.0M—$1.0M—$0.0

Adjusted Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$440.0M$735.0M$680.0M$749.0M$582.0M$803.0M
MA$293.0M$259.0M$286.0M$313.0M$338.0M$302.0M

Charges related to asset abandonment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$13.0M$2.0M$1.0M$1.0M—$0.0
MIS$0.0$0.0$0.0$0.0$0.0$0.0

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$1.2B$1.5B$1.3B$1.1B$1.4B$1.5B
MIS$268.0M$360.0M$350.0M$313.0M$270.0M$368.0M

Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA—$0.0$0.0$23.0M$13.0M$9.0M
MIS—$0.0$0.0$0.0$0.0$0.0

Contract with Customer, Liability, Revenue Recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$94.0M$492.0M$562.0M$612.0M$78.0M$555.0M
MIS$12.0M$99.0M$123.0M$123.0M$15.0M$95.0M

Cost incurred to date

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$116.0M$60.0M$78.0M$93.0M$116.0M$131.0M
MIS$98.0M$18.0M$27.0M$33.0M$98.0M$49.0M

Decreases due to divestiture during the period (2)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA—-$6.5M-$6.5M-$6.5M-$6.5M—
MIS—$0.0$0.0$0.0$0.0—

Deferred cost balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$294.0M———$337.0M—
MIS$12.0M———$15.0M—

Deferred Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$1.2B$1.5B$1.3B$1.1B$1.4B$1.5B
MIS$211.0M$304.0M$294.0M$256.0M$216.0M$316.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$93.0M$94.0M$97.0M$101.0M$101.0M$100.0M
MIS$20.0M$19.0M$23.0M$22.0M$23.0M$22.0M

Effect of exchange rate changes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA-$54.0M$30.0M$39.0M-$27.0M—-$22.0M
MIS-$5.0M$3.0M$8.0M-$1.0M$0.0-$2.0M

Foreign currency translation adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA-$81.0M$111.0M$239.0M——-$60.0M
MIS-$2.0M-$3.0M$5.0M-$2.0M-$5.0M-$5.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$5.6B$5.9B$6.1B$6.1B$6.0B$5.9B
MIS$380.0M$377.0M$382.0M$388.0M$383.0M$404.0M

Goodwill, Gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$5.6B$5.9B$6.1B$6.1B$6.0B$5.9B
MIS$380.0M$377.0M$382.0M$388.0M$383.0M$404.0M

Goodwill, Impaired, Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$12.0M$12.0M$12.0M$12.0M$12.0M$12.0M
MIS$0.0$0.0$0.0$0.0$0.0$0.0

Goodwill, Other Increase (Decrease)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA————$80.0M-$6.0M
MIS————$0.0$0.0

Increases due to acquisitions during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$0.0$0.0$0.0$0.0—$1.0M
MA$4.0M$15.0M—$0.0—$0.0

Increases due to amounts billable excluding amounts recognized as revenue during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$340.0M$666.0M$346.0M$491.0M$380.0M$724.0M
MIS—$188.0M$105.0M$87.0M—$194.0M

Intersegment Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$49.0M$49.0M$50.0M$50.0M$49.0M$51.0M
MIS$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M

Labor and Related Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$347.0M$362.0M$355.0M$352.0M$369.0M$374.0M
MIS$302.0M$280.0M$280.0M$283.0M$293.0M$307.0M

Non-Compensation Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$177.0M$192.0M$200.0M$197.0M$190.0M$202.0M
MIS$113.0M$96.0M$97.0M$113.0M$117.0M$91.0M

Non-current portion of deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$57.0M$56.0M$56.0M$57.0M$54.0M$52.0M
MA$0.0$1.0M$1.0M$1.0M$2.0M$2.0M

Operating and Selling, General and Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$573.0M$603.0M$605.0M$599.0M$608.0M$627.0M
MIS$418.0M$379.0M$380.0M$399.0M$413.0M$401.0M

Percentage of revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA—100.0%100.0%100.0%—100.0%
MIS—100.0%100.0%100.0%—100.0%

Reserve for indirect tax obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA—$0.0———$34.0M
MIS—$0.0———$0.0

Restructuring and related cost, expected cost

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$155.0M$155.0M$155.0M$155.0M$165.0M$175.0M
MIS$95.0M$95.0M$95.0M$95.0M$85.0M$75.0M

Restructuring Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$35.0M$26.0M$18.0M$15.0M$18.0M$20.0M
MIS$11.0M$7.0M$9.0M$6.0M$9.0M$7.0M

Revenue recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$858.0M$1.1B$1.1B$1.1B$995.0M$1.2B
MA$866.0M$862.0M$891.0M$912.0M$946.0M$929.0M

Revenue, remaining performance obligation, amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$4.4B$4.3B$4.1B$4.1B$4.8B$4.9B
MIS$102.0M$96.0M$93.0M$87.0M$85.0M$83.0M

Revenue, remaining performance obligation, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA55.0%55.0%55.0%55.0%55.0%55.0%
MIS50.0%50.0%50.0%50.0%50.0%55.0%

Total changes in deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MA$196.0M$219.0M-$177.0M-$171.0M$254.0M$138.0M
MIS-$44.0M$92.0M-$10.0M-$37.0M—$98.0M

Unbilled Receivables

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS$426.0M$493.0M$516.0M$530.0M$500.0M$564.0M
MA$122.0M$100.0M$107.0M$114.0M$106.0M$99.0M

Number of reporting units

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MIS50.0%50.0%50.0%50.0%50.0%—