Moody's MCO Business Segments
| FY'25 | FY'24 | FY'23 | FY'22 | ||
|---|---|---|---|---|---|
| Revenue recognized by Business | |||||
| MA | $3.61B+9.2% | $3.31B+7.8% | $3.07B+10.5% | $2.78B+15.1% | |
| MIS | $4.32B+8.3% | $3.99B+30.9% | $3.05B+6.0% | $2.87B-27.8% | |
| Operating and Selling, General and Administrative Expense by Business | |||||
| MA | $2.42B+5.3% | $2.29B+7.6% | $2.13B+10.1% | $1.94B+8.5% | |
| MIS | $1.57B-1.3% | $1.59B+14.9% | $1.39B+0.1% | $1.39B-7.9% | |
| Revenue, remaining performance obligation, amount by Business | |||||
| MA | $17.3B+12.3% | $15.4B+16.7% | $13.2B+3.9% | $12.7B+24.5% | |
| MIS | $361M-5.2% | $381M+1.3% | $376M-9.8% | $417M-11.3% | |
| Adjusted Operating Income by Business | |||||
| MA | $1.2B+17.9% | $1.01B+8.2% | $937M+11.5% | $840M+34.0% | |
| MIS | $2.75B+14.7% | $2.39B+44.2% | $1.66B+11.6% | $1.49B-39.9% | |
| Revenue, remaining performance obligation, percentage by Business | |||||
| MA | 220%-15.0pp | 235%-20.0pp | 255%+15.0pp | 240%-20.0pp | |
| MIS | 200%0.0pp | 200%0.0pp | 200%0.0pp | 200%0.0pp | |
| Intersegment Expense by Business | |||||
| MA | $198M+2.6% | $193M+3.8% | $186M+6.9% | $174M— | |
| MIS | $12M-7.7% | $13M0.0% | $13M+62.5% | $8M— | |
| Unbilled Receivables by Business | |||||
| MA | $427M-16.8% | $513M+8.9% | $471M-31.2% | $685M+47.9% | |
| MIS | $2.04B+11.8% | $1.82B+6.5% | $1.71B+8.4% | $1.58B-6.7% | |
| Non-Compensation Expense by Business | |||||
| MA | $779M+6.6% | $731M+3.2% | $708M+9.4% | $647M— | |
| MIS | $423M+3.2% | $410M+10.8% | $370M-15.3% | $437M— | |
| Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale by Business | |||||
| MA | $36M— | —— | —— | —— | |
| MIS | $0— | —— | —— | —— | |
| Contract with Customer, Liability, Revenue Recognized by Business | |||||
| MA | $1.74B+8.3% | $1.61B+1.5% | $1.59B+12.2% | $1.42B— | |
| MIS | $360M+5.0% | $343M-0.9% | $346M0.0% | $346M-2.0% | |
| Goodwill, Gross by Business | |||||
| MA | $24.07B+6.3% | $22.65B+0.6% | $22.51B+3.0% | $21.84B+11.0% | |
| MIS | $1.53B+14.1% | $1.34B+16.8% | $1.15B-25.5% | $1.54B+8.8% | |
| Restructuring Charges by Business | |||||
| MA | $77M+83.3% | $42M-28.8% | $59M+20.4% | $49M— | |
| MIS | $31M+82.4% | $17M-39.3% | $28M-56.9% | $65M+6,600% | |
| Labor and Related Expense by Business | |||||
| MA | $1.44B+5.0% | $1.37B+10.7% | $1.24B+10.9% | $1.12B— | |
| MIS | $1.14B-2.8% | $1.17B+16.6% | $1B+6.7% | $940M— | |
| Contract with Customer, Liability by Business | |||||
| MA | $5.23B+10.1% | $4.75B+5.4% | $4.5B+6.5% | $4.23B+14.3% | |
| MIS | $1.29B+1.3% | $1.28B+0.6% | $1.27B-3.6% | $1.32B-5.0% | |
| Restructuring and related cost, expected cost by Business | |||||
| MA | $630M— | —— | —— | —— | |
| MIS | $370M— | —— | —— | —— | |
| Goodwill by Business | |||||
| MA | $24.02B+6.3% | $22.6B+0.6% | $22.46B+3.0% | $21.8B+41.5% | |
| MIS | $1.53B+14.1% | $1.34B+16.8% | $1.15B-25.5% | $1.54B+38.7% | |
| Charges related to asset abandonment by Business | |||||
| MIS | $0— | $0— | $0— | —— | |
| Goodwill, Impaired, Accumulated Impairment Loss by Business | |||||
| MA | $48M0.0% | $48M0.0% | $48M0.0% | $48M0.0% | |
| MIS | $0— | $0— | $0— | $0— | |
| D&A by Business | |||||
| MA | $393M+11.3% | $353M+18.5% | $298M+19.2% | $250M+35.1% | |
| MIS | $87M+11.5% | $78M+4.0% | $75M-7.4% | $81M+12.5% | |
| Additions/ adjustments by Business | |||||
| MIS | $8M-92.2% | $102M— | —— | $4M— | |
| Cost incurred to date by Business | |||||
| MA | $347M-23.2% | $452M+42.6% | $317M— | —— | |
| MIS | $176M-54.5% | $387M+24.4% | $311M— | —— | |
| Effect of exchange rate changes by Business | |||||
| MIS | $10M+350% | -$4M-200% | $4M— | —— | |
| Foreign currency translation adjustments by Business | |||||
| MIS | -$5M-25.0% | -$4M— | —— | -$23M— | |
| Percentage of revenues by Product | |||||
| Recurring Revenue | 186%+4.0pp | 182%-24.0pp | 206%+1.0pp | 205%+43.0pp | |
| Revenue recognized by Product | |||||
| Asset-backed securities | $142M+9.2% | $130M+7.4% | $121M+4.3% | $116M-1.7% | |
| Bank loans | $503M-4.6% | $527M+80.5% | $292M+6.2% | $275M-54.6% | |
| Banking | $1.07B+6.8% | $1B+11.3% | $899M+9.9% | $818M+99.0% | |
| CMBS | $99M+5.3% | $94M+56.7% | $60M-38.8% | $98M-3.9% | |
| High-yield | $324M+13.7% | $285M+90.0% | $150M+38.9% | $108M-73.7% | |
| Insurance | $871M+7.3% | $812M+20.7% | $673M+36.0% | $495M+26.9% | |
| Investment-grade | $573M+17.4% | $488M+45.7% | $335M+13.9% | $294M-33.0% | |
| KYC | $438M+19.3% | $367M+17.6% | $312M+20.0% | $260M+19.8% | |
| Managed investments | $59M+20.4% | $49M+53.1% | $32M+14.3% | $28M-22.2% | |
| Other accounts | $732M+12.6% | $650M+3.7% | $627M+5.9% | $592M-6.2% | |
| Project and infrastructure | $360M+11.1% | $324M+19.6% | $271M+15.8% | $234M-15.5% | |
| Public finance / sovereign | $275M+14.6% | $240M+17.1% | $205M+4.1% | $197M-19.3% | |
| RMBS | $111M+13.3% | $98M+6.5% | $92M-13.2% | $106M-13.8% | |
| Structured credit | $202M+4.7% | $193M+49.6% | $129M-7.9% | $140M-34.9% | |
| Revenue recognized by Geography | |||||
| Americas | $472M+5.1% | $449M+15.4% | $389M+9.3% | $356M+2.6% | |
| Asia-Pacific | $699M+11.1% | $629M+10.4% | $570M+5.9% | $538M-10.8% | |
| EMEA | $2.38B+9.3% | $2.17B+15.3% | $1.89B+10.4% | $1.71B-9.3% |
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.
