Moody's MCO Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue recognized by Business | ||||||
| MA | $929M-1.8% | $946M+3.7% | $912M+2.4% | $891M+3.4% | $862M-0.5% | |
| MIS | $1.2B+21.0% | $995M-13.3% | $1.15B+8.3% | $1.06B-4.8% | $1.11B+29.8% | |
| Percentage of revenues by Business | ||||||
| MA | 100%— | —— | 100%0.0pp | 100%0.0pp | 100%— | |
| MIS | 100%— | —— | 100%0.0pp | 100%0.0pp | 100%— | |
| Operating and Selling, General and Administrative Expense by Business | ||||||
| MA | $627M+3.1% | $608M+1.5% | $599M-1.0% | $605M+0.3% | $603M+5.2% | |
| MIS | $401M-2.9% | $413M+3.5% | $399M+5.0% | $380M+0.3% | $379M-9.3% | |
| Revenue, remaining performance obligation, amount by Business | ||||||
| MA | $4.9B+2.1% | $4.8B+17.1% | $4.1B0.0% | $4.1B-4.7% | $4.3B-2.3% | |
| MIS | $83M-2.4% | $85M-2.3% | $87M-6.5% | $93M-3.1% | $96M-5.9% | |
| Adjusted Operating Income by Business | ||||||
| MA | $302M-10.7% | $338M+8.0% | $313M+9.4% | $286M+10.4% | $259M-11.6% | |
| MIS | $803M+38.0% | $582M-22.3% | $749M+10.1% | $680M-7.5% | $735M+67.0% | |
| Revenue, remaining performance obligation, percentage by Business | ||||||
| MA | 55%0.0pp | 55%0.0pp | 55%0.0pp | 55%0.0pp | 55%0.0pp | |
| MIS | 55%+5.0pp | 50%0.0pp | 50%0.0pp | 50%0.0pp | 50%0.0pp | |
| Intersegment Expense by Business | ||||||
| MA | $51M+4.1% | $49M-2.0% | $50M0.0% | $50M+2.0% | $49M0.0% | |
| MIS | $3M0.0% | $3M0.0% | $3M0.0% | $3M0.0% | $3M0.0% | |
| Unbilled Receivables by Business | ||||||
| MA | $99M-6.6% | $106M-7.0% | $114M+6.5% | $107M+7.0% | $100M-18.0% | |
| MIS | $564M+12.8% | $500M-5.7% | $530M+2.7% | $516M+4.7% | $493M+15.7% | |
| Non-Compensation Expense by Business | ||||||
| MA | $202M+6.3% | $190M-3.6% | $197M-1.5% | $200M+4.2% | $192M+8.5% | |
| MIS | $91M-22.2% | $117M+3.5% | $113M+16.5% | $97M+1.0% | $96M-15.0% | |
| Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale by Business | ||||||
| MA | $9M-30.8% | $13M-43.5% | $23M— | $0— | $0— | |
| MIS | $0— | $0— | $0— | $0— | $0— | |
| Contract with Customer, Liability, Revenue Recognized by Business | ||||||
| MA | $555M+612% | $78M-87.3% | $612M+8.9% | $562M+14.2% | $492M+423% | |
| MIS | $95M+533% | $15M-87.8% | $123M0.0% | $123M+24.2% | $99M+725% | |
| Goodwill, Gross by Business | ||||||
| MA | $5.94B-0.9% | $6B-1.5% | $6.09B-0.4% | $6.11B+4.1% | $5.87B+4.4% | |
| MIS | $404M+5.5% | $383M-1.3% | $388M+1.6% | $382M+1.3% | $377M-0.8% | |
| Restructuring Charges by Business | ||||||
| MA | $20M+11.1% | $18M+20.0% | $15M-16.7% | $18M-30.8% | $26M-25.7% | |
| MIS | $7M-22.2% | $9M+50.0% | $6M-33.3% | $9M+28.6% | $7M-36.4% | |
| Labor and Related Expense by Business | ||||||
| MA | $374M+1.4% | $369M+4.8% | $352M-0.8% | $355M-1.9% | $362M+4.3% | |
| MIS | $307M+4.8% | $293M+3.5% | $283M+1.1% | $280M0.0% | $280M-7.3% | |
| Reserve for indirect tax obligations by Business | ||||||
| MA | $34M— | —— | —— | —— | $0— | |
| MIS | $0— | —— | —— | —— | $0— | |
| Contract with Customer, Liability by Business | ||||||
| MA | $1.51B+10.1% | $1.37B+22.8% | $1.11B-13.3% | $1.29B-12.1% | $1.46B+17.6% | |
| MIS | $368M+36.3% | $270M-13.7% | $313M-10.6% | $350M-2.8% | $360M+34.3% | |
| Restructuring and related cost, expected cost by Business | ||||||
| MA | $175M+6.1% | $165M+6.5% | $155M0.0% | $155M0.0% | $155M0.0% | |
| MIS | $75M-11.8% | $85M-10.5% | $95M0.0% | $95M0.0% | $95M0.0% | |
| Goodwill by Business | ||||||
| MA | $5.93B-0.9% | $5.99B-1.5% | $6.08B-0.4% | $6.1B+4.1% | $5.86B+4.4% | |
| MIS | $404M+5.5% | $383M-1.3% | $388M+1.6% | $382M+1.3% | $377M-0.8% | |
| Charges related to asset abandonment by Business | ||||||
| MA | $0— | —— | $1M0.0% | $1M-50.0% | $2M-84.6% | |
| MIS | $0— | $0— | $0— | $0— | $0— | |
| Goodwill, Impaired, Accumulated Impairment Loss by Business | ||||||
| MA | $12M0.0% | $12M0.0% | $12M0.0% | $12M0.0% | $12M0.0% | |
| MIS | $0— | $0— | $0— | $0— | $0— | |
| D&A by Business | ||||||
| MA | $100M-1.0% | $101M0.0% | $101M+4.1% | $97M+3.2% | $94M+1.1% | |
| MIS | $22M-4.3% | $23M+4.5% | $22M-4.3% | $23M+21.1% | $19M-5.0% | |
| Goodwill, Other Increase (Decrease) by Business | ||||||
| MA | -$6M-108% | $80M— | —— | —— | —— | |
| MIS | $0— | $0— | —— | —— | —— | |
| Additions/ adjustments by Business | ||||||
| MA | $0— | —— | $1M— | —— | $135M+193% | |
| MIS | $26M— | $0-100% | $8M— | $0— | $0— | |
| Cost incurred to date by Business | ||||||
| MA | $131M+12.9% | $116M+24.7% | $93M+19.2% | $78M+30.0% | $60M-48.3% | |
| MIS | $49M-50.0% | $98M+197% | $33M+22.2% | $27M+50.0% | $18M-81.6% | |
| Effect of exchange rate changes by Business | ||||||
| MA | -$22M— | —— | -$27M-169% | $39M+30.0% | $30M+156% | |
| MIS | -$2M— | $0+100% | -$1M-113% | $8M+167% | $3M+160% | |
| Foreign currency translation adjustments by Business | ||||||
| MA | -$60M— | —— | —— | $239M+115% | $111M+237% | |
| MIS | -$5M0.0% | -$5M-150% | -$2M-140% | $5M+267% | -$3M-50.0% | |
| Percentage of revenues by Product | ||||||
| Recurring Revenue | 61%+59.0pp | 2%-59.0pp | 61%-2.0pp | 63%+3.0pp | 60%+58.0pp | |
| Transaction Revenue | 39%— | —— | 39%+2.0pp | 37%-3.0pp | 40%— | |
| Revenue recognized by Product | ||||||
| Asset-backed securities | $38M+2.7% | $37M+5.7% | $35M0.0% | $35M0.0% | $35M+20.7% | |
| Bank loans | $139M+54.4% | $90M-41.9% | $155M+58.2% | $98M-38.8% | $160M+52.4% | |
| Banking | $134M-80.4% | $683M+402% | $136M+13.3% | $120M-7.7% | $130M-80.2% | |
| CMBS | $22M+4.8% | $21M-16.0% | $25M0.0% | $25M-10.7% | $28M0.0% | |
| DS Banking Product and Service | $133M— | —— | $140M+1.4% | $138M-2.1% | $141M— | |
| High-yield | $88M+51.7% | $58M-49.1% | $114M+34.1% | $85M+26.9% | $67M+26.4% | |
| Insurance | $219M+0.5% | $218M-2.2% | $223M+0.5% | $222M+6.7% | $208M+0.5% | |
| Investment-grade | $220M+54.9% | $142M+14.5% | $124M-12.7% | $142M-13.9% | $165M+129% | |
| KYC | $118M+0.9% | $117M+3.5% | $113M+5.6% | $107M+5.9% | $101M+4.1% | |
| Managed investments | $18M+12.5% | $16M-5.9% | $17M+30.8% | $13M0.0% | $13M+44.4% | |
| Other accounts | $186M-2.1% | $190M+3.8% | $183M-2.1% | $187M+8.7% | $172M+13.9% | |
| Project and infrastructure | $102M+14.6% | $89M-4.3% | $93M+6.9% | $87M-4.4% | $91M+46.8% | |
| Public finance / sovereign | $74M+23.3% | $60M-11.8% | $68M-9.3% | $75M+4.2% | $72M+35.8% | |
| RMBS | $32M+18.5% | $27M-6.9% | $29M0.0% | $29M+11.5% | $26M+4.0% | |
| Structured credit | $44M-17.0% | $53M-3.6% | $55M+19.6% | $46M-4.2% | $48M-12.7% | |
| Revenue recognized by Geography | ||||||
| Americas | $107M-7.0% | $115M0.0% | $115M-3.4% | $119M-3.3% | $123M+17.1% | |
| Asia-Pacific | $177M-0.6% | $178M-1.1% | $180M+3.4% | $174M+4.2% | $167M+9.2% | |
| EMEA | $615M+2.5% | $600M+1.0% | $594M-3.1% | $613M+7.7% | $569M+9.4% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Moody's break its business down?
- Moody's (MCO) reports revenue recognized by business across 2 parts — MA and MIS. Each is extracted from the segment footnotes and tracked over time.
- Where does Moody's's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Moody's's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
