Moody's MCO Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue recognized by Business | ||||||
| MA | $3.68B+1.9% | $3.61B+2.3% | $3.53B+2.3% | $3.45B+2.5% | $3.37B+1.8% | |
| MIS | $4.41B+2.1% | $4.32B+3.3% | $4.18B+2.9% | $4.06B-0.1% | $4.07B+2.0% | |
| Operating and Selling, General and Administrative Expense by Business | ||||||
| MA | $2.44B+1.0% | $2.42B+1.5% | $2.38B+0.8% | $2.36B+1.2% | $2.33B+1.7% | |
| MIS | $1.59B+1.4% | $1.57B-0.3% | $1.58B-1.1% | $1.59B-0.7% | $1.61B+0.8% | |
| Revenue, remaining performance obligation, amount by Business | ||||||
| MA | $17.9B+3.5% | $17.3B+2.4% | $16.9B+3.7% | $16.3B+3.2% | $15.8B+2.6% | |
| MIS | $348M-3.6% | $361M-4.5% | $378M-2.6% | $388M+0.5% | $386M+1.3% | |
| Adjusted Operating Income by Business | ||||||
| MA | $1.24B+3.6% | $1.2B+3.9% | $1.15B+5.5% | $1.09B+5.4% | $1.04B+2.1% | |
| MIS | $2.81B+2.5% | $2.75B+5.5% | $2.6B+5.5% | $2.47B+0.3% | $2.46B+2.8% | |
| Revenue, remaining performance obligation, percentage by Business | ||||||
| MA | 220%0.0pp | 220%0.0pp | 220%-5.0pp | 225%-5.0pp | 230%-5.0pp | |
| MIS | 205%+5.0pp | 200%0.0pp | 200%0.0pp | 200%0.0pp | 200%0.0pp | |
| Intersegment Expense by Business | ||||||
| MA | $200M+1.0% | $198M0.0% | $198M+1.0% | $196M+0.5% | $195M+1.0% | |
| MIS | $12M0.0% | $12M0.0% | $12M0.0% | $12M-7.7% | $13M0.0% | |
| Unbilled Receivables by Business | ||||||
| MA | $426M-0.2% | $427M-3.6% | $443M-1.1% | $448M-6.7% | $480M-6.4% | |
| MIS | $2.11B+3.5% | $2.04B+3.8% | $1.97B+3.1% | $1.91B+2.7% | $1.86B+1.8% | |
| Non-Compensation Expense by Business | ||||||
| MA | $789M+1.3% | $779M+1.7% | $766M+1.9% | $752M+1.2% | $743M+1.6% | |
| MIS | $418M-1.2% | $423M+1.0% | $419M+4.5% | $401M-3.4% | $415M+1.2% | |
| Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale by Business | ||||||
| MA | $45M+25.0% | $36M— | —— | —— | —— | |
| MIS | $0— | $0— | —— | —— | —— | |
| Contract with Customer, Liability, Revenue Recognized by Business | ||||||
| MA | $1.81B+3.6% | $1.74B-0.9% | $1.76B+3.6% | $1.7B+2.0% | $1.67B+3.4% | |
| MIS | $356M-1.1% | $360M+0.8% | $357M+0.8% | $354M+1.7% | $348M+1.5% | |
| Goodwill, Gross by Business | ||||||
| MA | $24.14B+0.3% | $24.07B+1.6% | $23.7B+1.3% | $23.38B+2.2% | $22.89B+1.1% | |
| MIS | $1.56B+1.8% | $1.53B+0.2% | $1.53B+0.1% | $1.53B+6.6% | $1.43B+6.6% | |
| Restructuring Charges by Business | ||||||
| MA | $71M-7.8% | $77M-18.1% | $94M+13.3% | $83M+25.8% | $66M+57.1% | |
| MIS | $31M0.0% | $31M-6.1% | $33M+13.8% | $29M+38.1% | $21M+23.5% | |
| Labor and Related Expense by Business | ||||||
| MA | $1.45B+0.8% | $1.44B+1.6% | $1.42B+0.1% | $1.41B+1.4% | $1.4B+1.8% | |
| MIS | $1.16B+2.4% | $1.14B-0.8% | $1.15B-3.0% | $1.18B+0.3% | $1.18B+0.7% | |
| Contract with Customer, Liability by Business | ||||||
| MA | $5.27B+0.8% | $5.23B+2.4% | $5.1B+1.3% | $5.04B+2.8% | $4.9B+3.2% | |
| MIS | $1.3B+0.6% | $1.29B+0.2% | $1.29B+0.1% | $1.29B+1.1% | $1.28B-0.1% | |
| Restructuring and related cost, expected cost by Business | ||||||
| MA | $650M+3.2% | $630M+1.6% | $620M— | —— | —— | |
| MIS | $350M-5.4% | $370M-2.6% | $380M— | —— | —— | |
| Goodwill by Business | ||||||
| MA | $24.09B+0.3% | $24.02B+1.6% | $23.65B+1.3% | $23.34B+2.2% | $22.84B+1.1% | |
| MIS | $1.56B+1.8% | $1.53B+0.2% | $1.53B+0.1% | $1.53B+6.6% | $1.43B+6.6% | |
| Charges related to asset abandonment by Business | ||||||
| MIS | $0— | $0— | $0— | $0— | $0— | |
| Goodwill, Impaired, Accumulated Impairment Loss by Business | ||||||
| MA | $48M0.0% | $48M0.0% | $48M0.0% | $48M0.0% | $48M0.0% | |
| MIS | $0— | $0— | $0— | $0— | $0— | |
| D&A by Business | ||||||
| MA | $399M+1.5% | $393M+2.1% | $385M+3.5% | $372M+1.9% | $365M+3.4% | |
| MIS | $90M+3.4% | $87M+3.6% | $84M+2.4% | $82M+3.8% | $79M+1.3% | |
| Additions/ adjustments by Business | ||||||
| MIS | $34M+325% | $8M0.0% | $8M-91.8% | $98M-2.0% | $100M-2.0% | |
| Cost incurred to date by Business | ||||||
| MA | $418M+20.5% | $347M0.0% | $347M-6.0% | $369M-8.2% | $402M-11.1% | |
| MIS | $207M+17.6% | $176M0.0% | $176M-27.0% | $241M-22.3% | $310M-19.9% | |
| Effect of exchange rate changes by Business | ||||||
| MIS | $5M-50.0% | $10M+100% | $5M-50.0% | $10M+900% | $1M+125% | |
| Foreign currency translation adjustments by Business | ||||||
| MIS | -$7M-40.0% | -$5M-150% | -$2M-300% | $1M+117% | -$6M-50.0% | |
| Percentage of revenues by Product | ||||||
| Recurring Revenue | 187%+1.0pp | 186%0.0pp | 186%0.0pp | 186%+3.0pp | 183%+1.0pp | |
| Revenue recognized by Product | ||||||
| Asset-backed securities | $145M+2.1% | $142M+6.0% | $134M+0.8% | $133M+0.8% | $132M+1.5% | |
| Bank loans | $482M-4.2% | $503M-2.9% | $518M+7.2% | $483M-9.2% | $532M+0.9% | |
| Banking | $1.07B+0.4% | $1.07B+2.5% | $1.04B+2.8% | $1.02B+0.5% | $1.01B+0.9% | |
| CMBS | $93M-6.1% | $99M-6.6% | $106M-1.9% | $108M+2.9% | $105M+11.7% | |
| High-yield | $345M+6.5% | $324M+1.6% | $319M+11.9% | $285M0.0% | $285M0.0% | |
| Insurance | $882M+1.3% | $871M+1.3% | $860M+3.5% | $831M+1.7% | $817M+0.6% | |
| Investment-grade | $628M+9.6% | $573M+13.9% | $503M-4.7% | $528M+4.3% | $506M+3.7% | |
| KYC | $455M+3.9% | $438M+4.8% | $418M+4.5% | $400M+5.0% | $381M+3.8% | |
| Managed investments | $64M+8.5% | $59M+13.5% | $52M+8.3% | $48M-4.0% | $50M+2.0% | |
| Other accounts | $746M+1.9% | $732M+5.6% | $693M+2.5% | $676M+2.1% | $662M+1.8% | |
| Project and infrastructure | $371M+3.1% | $360M+8.1% | $333M0.0% | $333M0.0% | $333M+2.8% | |
| Public finance / sovereign | $277M+0.7% | $275M+2.6% | $268M+2.7% | $261M+3.2% | $253M+5.4% | |
| RMBS | $117M+5.4% | $111M+1.8% | $109M+4.8% | $104M+4.0% | $100M+2.0% | |
| Structured credit | $198M-2.0% | $202M-1.0% | $204M+3.0% | $198M-2.0% | $202M+4.7% | |
| Revenue recognized by Geography | ||||||
| Americas | $456M-3.4% | $472M+2.2% | $462M+0.9% | $458M+1.3% | $452M+0.7% | |
| Asia-Pacific | $709M+1.4% | $699M+3.7% | $674M+3.5% | $651M+1.6% | $641M+1.9% | |
| EMEA | $2.42B+1.9% | $2.38B+3.5% | $2.3B+2.1% | $2.25B+2.1% | $2.2B+1.2% |
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.
