Moody's MCO Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue recognized by Business | ||||||
| MA | $929M+7.8% | $946M+9.2% | $912M+9.4% | $891M+10.5% | $862M+7.5% | |
| MIS | $1.2B+8.1% | $995M+16.0% | $1.15B+11.5% | $1.06B-0.4% | $1.11B+7.7% | |
| Percentage of revenues by Business | ||||||
| MA | 100%0.0pp | —— | 100%0.0pp | 100%0.0pp | 100%0.0pp | |
| MIS | 100%0.0pp | —— | 100%0.0pp | 100%0.0pp | 100%0.0pp | |
| Operating and Selling, General and Administrative Expense by Business | ||||||
| MA | $627M+4.0% | $608M+6.1% | $599M+3.1% | $605M+5.0% | $603M+6.9% | |
| MIS | $401M+5.8% | $413M-1.2% | $399M-4.1% | $380M-3.1% | $379M+3.6% | |
| Revenue, remaining performance obligation, amount by Business | ||||||
| MA | $4.9B+14.0% | $4.8B+9.1% | $4.1B+17.1% | $4.1B+13.9% | $4.3B+10.3% | |
| MIS | $83M-13.5% | $85M-16.7% | $87M-10.3% | $93M+2.2% | $96M+5.5% | |
| Adjusted Operating Income by Business | ||||||
| MA | $302M+16.6% | $338M+15.4% | $313M+23.7% | $286M+24.3% | $259M+8.8% | |
| MIS | $803M+9.3% | $582M+32.3% | $749M+22.0% | $680M+1.2% | $735M+10.0% | |
| Revenue, remaining performance obligation, percentage by Business | ||||||
| MA | 55%0.0pp | 55%0.0pp | 55%-5.0pp | 55%-5.0pp | 55%-5.0pp | |
| MIS | 55%+5.0pp | 50%0.0pp | 50%0.0pp | 50%0.0pp | 50%0.0pp | |
| Intersegment Expense by Business | ||||||
| MA | $51M+4.1% | $49M0.0% | $50M+4.2% | $50M+2.0% | $49M+4.3% | |
| MIS | $3M0.0% | $3M0.0% | $3M0.0% | $3M-25.0% | $3M0.0% | |
| Unbilled Receivables by Business | ||||||
| MA | $99M-1.0% | $106M-13.1% | $114M-4.2% | $107M-23.0% | $100M-24.8% | |
| MIS | $564M+14.4% | $500M+17.4% | $530M+12.8% | $516M+10.7% | $493M+6.9% | |
| Non-Compensation Expense by Business | ||||||
| MA | $202M+5.2% | $190M+7.3% | $197M+7.7% | $200M+4.7% | $192M+6.7% | |
| MIS | $91M-5.2% | $117M+3.5% | $113M+18.9% | $97M-12.6% | $96M+5.5% | |
| Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale by Business | ||||||
| MA | $9M— | $13M— | $23M— | $0— | $0— | |
| MIS | $0— | $0— | $0— | $0— | $0— | |
| Contract with Customer, Liability, Revenue Recognized by Business | ||||||
| MA | $555M+12.8% | $78M-17.0% | $612M+11.1% | $562M+6.2% | $492M+12.6% | |
| MIS | $95M-4.0% | $15M+25.0% | $123M+2.5% | $123M+5.1% | $99M+5.3% | |
| Goodwill, Gross by Business | ||||||
| MA | $5.94B+1.2% | $6B+6.6% | $6.09B+5.5% | $6.11B+8.8% | $5.87B+4.2% | |
| MIS | $404M+7.2% | $383M+0.8% | $388M+0.5% | $382M+33.1% | $377M+30.9% | |
| Restructuring Charges by Business | ||||||
| MA | $20M-23.1% | $18M-48.6% | $15M+275% | $18M+1,700% | $26M+1,200% | |
| MIS | $7M0.0% | $9M-18.2% | $6M+200% | $9M+800% | $7M+133% | |
| Labor and Related Expense by Business | ||||||
| MA | $374M+3.3% | $369M+6.3% | $352M+0.6% | $355M+5.7% | $362M+7.4% | |
| MIS | $307M+9.6% | $293M-3.0% | $283M-11.0% | $280M+1.1% | $280M+2.9% | |
| Reserve for indirect tax obligations by Business | ||||||
| MA | $34M— | —— | —— | —— | $0— | |
| MIS | $0— | —— | —— | —— | $0— | |
| Contract with Customer, Liability by Business | ||||||
| MA | $1.51B+3.0% | $1.37B+10.1% | $1.11B+6.4% | $1.29B+12.1% | $1.46B+11.4% | |
| MIS | $368M+2.2% | $270M+0.7% | $313M+0.3% | $350M+4.2% | $360M-0.3% | |
| Restructuring and related cost, expected cost by Business | ||||||
| MA | $175M+12.9% | $165M+6.5% | $155M— | $155M— | $155M— | |
| MIS | $75M-21.1% | $85M-10.5% | $95M— | $95M— | $95M— | |
| Goodwill by Business | ||||||
| MA | $5.93B+1.2% | $5.99B+6.6% | $6.08B+5.5% | $6.1B+8.8% | $5.86B+4.3% | |
| MIS | $404M+7.2% | $383M+0.8% | $388M+0.5% | $382M+33.1% | $377M+30.9% | |
| Charges related to asset abandonment by Business | ||||||
| MA | $0-100% | —— | $1M-93.3% | $1M-93.3% | $2M— | |
| 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+6.4% | $101M+8.6% | $101M+14.8% | $97M+7.8% | $94M+14.6% | |
| MIS | $22M+15.8% | $23M+15.0% | $22M+10.0% | $23M+15.0% | $19M+5.6% | |
| Goodwill, Other Increase (Decrease) by Business | ||||||
| MA | -$6M— | $80M— | —— | —— | —— | |
| MIS | $0— | $0— | —— | —— | —— | |
| Additions/ adjustments by Business | ||||||
| MA | $0-100% | —— | $1M-97.4% | —— | $135M+938% | |
| MIS | $26M— | $0— | $8M-91.8% | $0-100% | $0-100% | |
| Cost incurred to date by Business | ||||||
| MA | $131M+118% | $116M0.0% | $93M-19.1% | $78M-29.7% | $60M-45.5% | |
| MIS | $49M+172% | $98M0.0% | $33M-66.3% | $27M-71.9% | $18M-81.1% | |
| Effect of exchange rate changes by Business | ||||||
| MA | -$22M-173% | —— | -$27M-173% | $39M+2,050% | $30M+314% | |
| MIS | -$2M-167% | $0+100% | -$1M-125% | $8M+900% | $3M+250% | |
| Foreign currency translation adjustments by Business | ||||||
| MA | -$60M-154% | —— | —— | $239M+403% | $111M+282% | |
| MIS | -$5M-66.7% | -$5M-150% | -$2M-300% | $5M+350% | -$3M-200% | |
| Percentage of revenues by Product | ||||||
| Recurring Revenue | 61%+1.0pp | 2%0.0pp | 61%0.0pp | 63%+3.0pp | 60%+1.0pp | |
| Transaction Revenue | 39%-1.0pp | —— | 39%0.0pp | 37%-3.0pp | 40%-1.0pp | |
| Revenue recognized by Product | ||||||
| Asset-backed securities | $38M+8.6% | $37M+27.6% | $35M+2.9% | $35M+2.9% | $35M+6.1% | |
| Bank loans | $139M-13.1% | $90M-14.3% | $155M+29.2% | $98M-33.3% | $160M+3.2% | |
| Banking | $134M+3.1% | $683M+4.0% | $136M+25.9% | $120M+4.3% | $130M+7.4% | |
| CMBS | $22M-21.4% | $21M-25.0% | $25M-7.4% | $25M+13.6% | $28M+64.7% | |
| DS Banking Product and Service | $133M-5.7% | —— | $140M0.0% | $138M+5.3% | $141M+5.2% | |
| High-yield | $88M+31.3% | $58M+9.4% | $114M+42.5% | $85M0.0% | $67M0.0% | |
| Insurance | $219M+5.3% | $218M+5.3% | $223M+14.9% | $222M+6.7% | $208M+2.5% | |
| Investment-grade | $220M+33.3% | $142M+97.2% | $124M-16.8% | $142M+18.3% | $165M+12.2% | |
| KYC | $118M+16.8% | $117M+20.6% | $113M+18.9% | $107M+21.6% | $101M+16.1% | |
| Managed investments | $18M+38.5% | $16M+77.8% | $17M+30.8% | $13M-13.3% | $13M+8.3% | |
| Other accounts | $186M+8.1% | $190M+25.8% | $183M+10.2% | $187M+8.1% | $172M+7.5% | |
| Project and infrastructure | $102M+12.1% | $89M+43.5% | $93M0.0% | $87M0.0% | $91M+11.0% | |
| Public finance / sovereign | $74M+2.8% | $60M+13.2% | $68M+11.5% | $75M+11.9% | $72M+22.0% | |
| RMBS | $32M+23.1% | $27M+8.0% | $29M+20.8% | $29M+16.0% | $26M+8.3% | |
| Structured credit | $44M-8.3% | $53M-3.6% | $55M+12.2% | $46M-8.0% | $48M+23.1% | |
| Revenue recognized by Geography | ||||||
| Americas | $107M-13.0% | $115M+9.5% | $115M+3.6% | $119M+5.3% | $123M+2.5% | |
| Asia-Pacific | $177M+6.0% | $178M+16.3% | $180M+14.6% | $174M+6.1% | $167M+7.7% | |
| EMEA | $615M+8.1% | $600M+15.4% | $594M+8.8% | $613M+8.3% | $569M+5.0% |
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.
