Moody’s Corporation provides credit ratings through Moody’s Investors Service and research, data and risk-management software through Moody’s Analytics. Its economics combine issuance-sensitive ratings fees with subscriptions, maintenance and monitoring revenue.
Loading the company summary…
A snapshot of what MOODYS CORP /DE/ owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001059556-24-000017 | Feb 14, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001059556-25-000025 | Feb 14, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-009136 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Moody’s entered 2026 after three years of improving annual revenue and operating profitability, supported by recurring analytics demand and a recovery in debt issuance. The latest quarter is more mixed: third-quarter revenue increased just 1%, operating income declined, and EPS growth benefited materially from disposal gains and share repurchases. Analytics’ continuing businesses grew faster than reported revenue because divestitures reduced the reported business perimeter, while weaker leveraged-finance activity offset investment-grade and infrastructure demand in ratings. Nine-month operating cash flow improved, but repurchases and dividends exceeded free cash flow and reduced cash balances. Regulatory Solutions has been sold, although $154 million of consideration remained receivable. Management maintained its October full-year outlook; those forecasts, restructuring savings and collection of outstanding disposal consideration remain distinct from achieved results.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-21
Moody’s Analytics sells credit research, company data and banking, insurance and know-your-customer workflow tools. Moody’s Investors Service principally charges debt issuers for assigning and monitoring ratings. In fiscal 2025, Analytics generated $3.599 billion of external revenue, 96% recurring; Investors Service generated $4.119 billion, 67% transactional. Subscriptions and monitoring fees provide continuity, but they do not insulate consolidated results from financing cycles. Issuance volume, issuer and product mix, pricing and refinancing activity all influence ratings revenue.
Sources: 10-K · 2025-12-31
Fiscal 2025 revenue increased 9% to $7.718 billion, compared with 7% organic constant-currency growth. GAAP operating income reached $3.351 billion and operating margin expanded to 43.4%, as revenue grew faster than operating and administrative expenses. Parent net income was $2.459 billion; diluted EPS rose 21% to $13.67, partly supported by fewer shares. Insurance growth included acquisitions, while KYC demand was strong but its contract-base growth was tempered by isolated customer attrition. A lower tax rate was not an independent earnings windfall: a $79 million indemnification-asset release offset acquired-tax-reserve and interest benefits.
Sources: 10-K · 2025-12-31
The September 30, 2026 quarter, reported October 21, produced $2.023 billion of revenue, up 1%, but GAAP operating income fell to $906 million from $917 million. Diluted EPS nevertheless rose 18% to $4.24, helped by an $81 million after-tax disposal gain and a smaller share denominator. Adjusted net income was $717 million versus $704 million; adjusted EPS increased 6%. Analytics grew 3% reported and 8% organically at constant currency. Ratings revenue declined 1% as weaker leveraged finance outweighed investment-grade strength. Nine-month operating income still increased 11% to $2.874 billion, illustrating the difference between cumulative progress and the latest quarter.
Sources: 10-Q · 2026-09-30
Operating cash flow was $2.901 billion in 2025, only $63 million higher despite substantially stronger earnings; additional cash taxes and payments for prior-year incentive compensation absorbed much of the improvement. For the first nine months of 2026, operating cash flow reached $2.471 billion and non-GAAP free cash flow was $2.200 billion after capital additions. Treasury-share purchases of $2.553 billion and dividends of $543 million exceeded that free cash flow. Cash consequently fell to $1.513 billion from $2.384 billion at year-end. Disposal proceeds are investing cash, not operating profit or additional operating cash flow.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
September debt carrying value was $6.911 billion, while contractual principal was $7.120 billion; no note repayments were reported during the nine months. Moody’s reported covenant compliance at September 30, but did not disclose numerical headroom. Its $1 billion commercial-paper capacity is backed by the $1.25 billion facility, so these are not independent cash resources to add together. Regulatory Solutions closed in the second quarter. Further consideration became recognizable after post-closing conditions were satisfied in the third quarter, but $154 million remained receivable. Recognition therefore does not establish collection, payment timing or the absence of remaining contractual exposure.
Sources: 10-Q · 2026-09-30 · 10-K · 2025-12-31
On October 21, management retained high-single-digit 2026 revenue growth, GAAP EPS of $16.00–$16.50, adjusted EPS of $16.50–$17.00 and free cash flow of $2.7–$2.9 billion. These are conditional forecasts. Financing-market volatility, alternative unrated borrowing, ratings credibility, regulatory obligations and litigation remain material dependencies. Analytics faces pricing pressure, AI-enabled substitutes, customer attrition and cloud/vendor concentration. The expanded restructuring program now targets completion by end-2027 and $300–$350 million of annualized savings, partly for reinvestment—not assured incremental profit. Cybersecurity controls and reported financial-control effectiveness reduce neither operational risk nor estimation uncertainty to zero.
Sources: EX-99.1 · 2026-10-21 · 10-Q · 2026-09-30 · 10-K · 2025-12-31
USD 7.718 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 7.718 bn | 8.9% |
| 2024 | USD 7.088 bn | 19.8% |
| 2023 | USD 5.916 bn | — |
Consolidated external revenue after intersegment eliminations.
Sources: 10-K · 2025-12-31
USD 2.459 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.459 bn | 19.5% |
| 2024 | USD 2.058 bn | 28.1% |
| 2023 | USD 1.607 bn | — |
Net income attributable to the parent, excluding noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 2.901 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.901 bn | 2.2% |
| 2024 | USD 2.838 bn | 31.9% |
| 2023 | USD 2.151 bn | — |
Net cash provided by operating activities.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
