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+9.2% | $3.61B+9.2% | $3.53B+8.9% | $3.45B+8.4% | $3.37B+7.6% | |
| MIS | $4.41B+8.4% | $4.32B+8.3% | $4.18B+8.3% | $4.06B+13.7% | $4.07B+23.1% | |
| Operating and Selling, General and Administrative Expense by Business | ||||||
| MA | $2.44B+4.5% | $2.42B+5.3% | $2.38B+4.9% | $2.36B+7.1% | $2.33B+7.5% | |
| MIS | $1.59B-0.7% | $1.57B-1.3% | $1.58B+3.3% | $1.59B+9.3% | $1.61B+13.3% | |
| Revenue, remaining performance obligation, amount by Business | ||||||
| MA | $17.9B+13.3% | $17.3B+12.3% | $16.9B+15.8% | $16.3B+14.8% | $15.8B+14.5% | |
| MIS | $348M-9.8% | $361M-5.2% | $378M+2.2% | $388M+6.6% | $386M+4.6% | |
| Adjusted Operating Income by Business | ||||||
| MA | $1.24B+19.7% | $1.2B+17.9% | $1.15B+18.4% | $1.09B+11.2% | $1.04B+7.7% | |
| MIS | $2.81B+14.3% | $2.75B+14.7% | $2.6B+11.6% | $2.47B+16.7% | $2.46B+30.5% | |
| Revenue, remaining performance obligation, percentage by Business | ||||||
| MA | 220%-10.0pp | 220%-15.0pp | 220%-20.0pp | 225%-20.0pp | 230%-20.0pp | |
| MIS | 205%+5.0pp | 200%0.0pp | 200%0.0pp | 200%0.0pp | 200%0.0pp | |
| Intersegment Expense by Business | ||||||
| MA | $200M+2.6% | $198M+2.6% | $198M+3.9% | $196M+3.7% | $195M+4.6% | |
| MIS | $12M-7.7% | $12M-7.7% | $12M-9.4% | $12M-11.1% | $13M+2.0% | |
| Unbilled Receivables by Business | ||||||
| MA | $426M-11.3% | $427M-16.8% | $443M-13.1% | $448M-12.2% | $480M-2.0% | |
| MIS | $2.11B+13.7% | $2.04B+11.8% | $1.97B+8.4% | $1.91B+7.6% | $1.86B+7.0% | |
| Non-Compensation Expense by Business | ||||||
| MA | $789M+6.2% | $779M+6.6% | $766M+4.8% | $752M+3.7% | $743M+4.5% | |
| MIS | $418M+0.7% | $423M+3.2% | $419M+7.6% | $401M+3.6% | $415M+12.6% | |
| Contract with Customer, Liability, Amount Included In Liabilities Reclassified As Held For Sale by Business | ||||||
| MA | $45M— | $36M— | —— | —— | —— | |
| MIS | $0— | $0— | —— | —— | —— | |
| Contract with Customer, Liability, Revenue Recognized by Business | ||||||
| MA | $1.81B+8.5% | $1.74B+8.3% | $1.76B+15.2% | $1.7B+14.0% | $1.67B+7.3% | |
| MIS | $356M+2.3% | $360M+5.0% | $357M+2.0% | $354M+3.2% | $348M+1.8% | |
| Goodwill, Gross by Business | ||||||
| MA | $24.14B+5.5% | $24.07B+6.3% | $23.7B+4.4% | $23.38B+4.0% | $22.89B+1.6% | |
| MIS | $1.56B+8.9% | $1.53B+14.1% | $1.53B+22.4% | $1.53B+32.6% | $1.43B+24.1% | |
| Restructuring Charges by Business | ||||||
| MA | $71M+7.6% | $77M+83.3% | $94M+236% | $83M+80.4% | $66M+24.5% | |
| MIS | $31M+47.6% | $31M+82.4% | $33M+57.1% | $29M+20.8% | $21M-16.0% | |
| Labor and Related Expense by Business | ||||||
| MA | $1.45B+3.9% | $1.44B+5.0% | $1.42B+6.3% | $1.41B+9.4% | $1.4B+10.2% | |
| MIS | $1.16B-1.2% | $1.14B-2.8% | $1.15B+2.4% | $1.18B+12.3% | $1.18B+14.9% | |
| Contract with Customer, Liability by Business | ||||||
| MA | $5.27B+7.7% | $5.23B+10.1% | $5.1B+10.6% | $5.04B+10.5% | $4.9B+8.2% | |
| MIS | $1.3B+2.0% | $1.29B+1.3% | $1.29B+0.9% | $1.29B+1.6% | $1.28B+0.5% | |
| Restructuring and related cost, expected cost by Business | ||||||
| MA | $650M— | $630M— | $620M— | —— | —— | |
| MIS | $350M— | $370M— | $380M— | —— | —— | |
| Goodwill by Business | ||||||
| MA | $24.09B+5.5% | $24.02B+6.3% | $23.65B+4.4% | $23.34B+4.0% | $22.84B+1.6% | |
| MIS | $1.56B+8.9% | $1.53B+14.1% | $1.53B+22.4% | $1.53B+32.6% | $1.43B+24.1% | |
| 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+9.3% | $393M+11.3% | $385M+13.9% | $372M+14.1% | $365M+17.7% | |
| MIS | $90M+13.9% | $87M+11.5% | $84M+9.1% | $82M+7.9% | $79M+5.3% | |
| Additions/ adjustments by Business | ||||||
| MIS | $34M-66.0% | $8M-92.2% | $8M— | $98M— | $100M— | |
| Cost incurred to date by Business | ||||||
| MA | $418M+4.0% | $347M-23.2% | $347M-21.8% | $369M-11.3% | $402M+8.6% | |
| MIS | $207M-33.2% | $176M-54.5% | $176M-53.8% | $241M-33.1% | $310M-7.7% | |
| Effect of exchange rate changes by Business | ||||||
| MIS | $5M+400% | $10M+350% | $5M0.0% | $10M+1,100% | $1M0.0% | |
| Foreign currency translation adjustments by Business | ||||||
| MIS | -$7M-16.7% | -$5M-25.0% | -$2M+33.3% | $1M+120% | -$6M— | |
| Percentage of revenues by Product | ||||||
| Recurring Revenue | 187%+4.0pp | 186%+4.0pp | 186%+5.0pp | 186%-4.0pp | 183%-14.0pp | |
| Revenue recognized by Product | ||||||
| Asset-backed securities | $145M+9.8% | $142M+9.2% | $134M+0.8% | $133M+3.1% | $132M+3.9% | |
| Bank loans | $482M-9.4% | $503M-4.6% | $518M+2.6% | $483M+3.4% | $532M+37.1% | |
| Banking | $1.07B+6.2% | $1.07B+6.8% | $1.04B+9.3% | $1.02B+8.2% | $1.01B+9.8% | |
| CMBS | $93M-11.4% | $99M+5.3% | $106M+30.9% | $108M+52.1% | $105M+66.7% | |
| High-yield | $345M+21.1% | $324M+13.7% | $319M+19.9% | $285M+27.2% | $285M+54.1% | |
| Insurance | $882M+8.0% | $871M+7.3% | $860M+10.0% | $831M+10.8% | $817M+15.1% | |
| Investment-grade | $628M+24.1% | $573M+17.4% | $503M+5.0% | $528M+34.4% | $506M+37.9% | |
| KYC | $455M+19.4% | $438M+19.3% | $418M+18.1% | $400M+18.0% | $381M+15.8% | |
| Managed investments | $64M+28.0% | $59M+20.4% | $52M+6.1% | $48M+11.6% | $50M+31.6% | |
| Other accounts | $746M+12.7% | $732M+12.6% | $693M+5.6% | $676M+3.5% | $662M+3.9% | |
| Project and infrastructure | $371M+11.4% | $360M+11.1% | $333M+5.0% | $333M+14.8% | $333M+20.7% | |
| Public finance / sovereign | $277M+9.5% | $275M+14.6% | $268M+13.1% | $261M+16.0% | $253M+19.3% | |
| RMBS | $117M+17.0% | $111M+13.3% | $109M+17.2% | $104M+14.3% | $100M+9.9% | |
| Structured credit | $198M-2.0% | $202M+4.7% | $204M+18.6% | $198M+27.7% | $202M+48.5% | |
| Revenue recognized by Geography | ||||||
| Americas | $456M+0.9% | $472M+5.1% | $462M+5.5% | $458M+6.8% | $452M+10.0% | |
| Asia-Pacific | $709M+10.6% | $699M+11.1% | $674M+10.7% | $651M+9.4% | $641M+11.3% | |
| EMEA | $2.42B+10.0% | $2.38B+9.3% | $2.3B+7.5% | $2.25B+9.4% | $2.2B+11.8% |
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.
