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Moody's
MCO
#289
Rank
$81.15 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$452.49
Share price
-1.14%
Change (1 day)
-9.51%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Moody's
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Moody's - 10-Q quarterly report FY2025 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q
(Mark one)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-14037
____________________
Moody’s Corporation
(Exact name of registrant as specified in its charter)
Delaware
13-3998945
(State of Incorporation)(I.R.S. Employer Identification No.)
7 World Trade Center at 250 Greenwich Street, New York, New York 10007
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:
(212) 553-0300
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMCONew York Stock Exchange
1.75% Senior Notes Due 2027MCO 27New York Stock Exchange
0.950% Senior Notes Due 2030MCO 30New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer☑
Accelerated filer
☐
Non-accelerated filer☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Shares Outstanding at March 31, 2025
179.9 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3
PART I. FINANCIAL INFORMATION
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PART II. OTHER INFORMATION

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2
GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
Acquisition-Related Intangible Amortization Expense
Amortization expense relating to definite-lived intangible assets acquired by the Company from all business combination transactions
Adjusted Diluted EPS
Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income
Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income
Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin
Adjusted Operating Income divided by revenue
Americas
Represents countries within North and South America, excluding the U.S.
AOCI(L)
Accumulated other comprehensive income/loss; a separate component of shareholders’ equity
ARR
Annualized Recurring Revenue; a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time, excluding the impact of FX and contracts related to acquisitions
ASC
The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific
Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Republic of South Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASU
The FASB Accounting Standards Update to the ASC. Provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
BitSight
A provider that helps global market participants understand cyber risk through ratings, analytics, and performance management tools; the Company acquired a minority investment in BitSight in 2021
Board
The board of directors of the Company
BPS
Basis points
CAD
Canadian dollar
CAPE Analytics
A provider of AI-powered property risk intelligence; the Company acquired CAPE Analytics in January 2025
CCXI
China Cheng Xin International Credit Rating Co. Ltd.; the first and largest domestic credit rating agency approved by the People’s Bank of China; the Company acquired a 49% interest in 2006 and currently owns 30% of CCXI
CEO
Chief Executive Officer
CFG
Corporate finance group; an LOB of MIS
CLO
Collateralized loan obligation
CMBS
Commercial mortgage-backed securities; an asset class within SFG
CODM
Chief Operating Decision Maker; identified as the Company's CEO
COLICorporate-Owned Life Insurance
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
Compensation expense
Compensation expenses include salaries, benefits, incentive and stock-based compensation and other related expenses for employees. These expenses are charged to income as incurred
COVID-19An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
CP
Commercial Paper
CP Program
A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue, and which is backstopped by the 2024 Facility
CRAs
Credit rating agencies
3
TERM
DEFINITION
Data and Information (D&I)
LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products
Decision Solutions (DS)
LOB within MA that provides subscription-based solutions supporting banking, insurance, and KYC workflows. This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide risk assessment solutions
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ESTREuro Short-Term Rate
ETR
Effective tax rate
EU
European Union
EUR
Euros
Excess Tax Benefits
The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act
The Securities Exchange Act of 1934, as amended
External Revenue
Revenue excluding any intersegment amounts
FASB
Financial Accounting Standards Board
FIG
Financial institutions group; an LOB of MIS
Free Cash Flow
Net cash provided by operating activities less cash paid for capital additions
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
GCR (Global Credit Rating Company Limited and subsidiaries)
A domestic credit rating agency with operations spanning Africa; the Company acquired a controlling financial interest in GCR in July 2024; the Company previously accounted for GCR as an equity method investment
GDPGross domestic product
GLoBE
Global Anti-Base Erosion, also known as "Pillar II;" tax model issued by the OECD in 2023
HKD
Hong Kong Dollars
ICRA
ICRA Limited; a provider of credit ratings and research in India
INRIndian rupee
JPY
Japanese yen
KYCKnow-your-customer
LOB
Line of business
MA
Moody’s Analytics - a reportable segment of MCO; consists of three LOBs - Decision Solutions; Research and Insights; and Data and Information
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly a reporting unit within the MA reportable segment
MCO
Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
M&A
Mergers and acquisitions
MIS
Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - CFG; SFG; FIG; PPIF; and MIS Other
MIS Other
Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
MSSMoody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MA and MIS
Net Income
Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
4
TERM
DEFINITION
NM
Percentage change is not meaningful
Non-compensation expense
Non-compensation expenses include costs incurred that are not related to employee compensation. This includes, but is not limited to, consulting and professional service fees, hosting expenses, rent, and marketing expenses. These expenses are charged to income as incurred
Non-GAAP
A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making
NRSRO
Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC
Numerated
A provider of commercial lending platforms; the Company acquired Numerated in November 2024
OCI(L)
Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments
OECD
Organization for Economic Co-operation and Development
Operating segment
Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s CODM; and iii) discrete financial information about the component is available
Pillar II
Tax model issued by the OECD in 2023; also referred to as the "Global Anti-Base Erosion" or "GLoBE" rules
PPIF
Public, project and infrastructure finance; an LOB of MIS
Praedicat
A provider of casualty insurance analytics; the Company acquired a controlling financial interest in Praedicat in September 2024; the Company previously accounted for Praedicat as an equity method investment
Recurring Revenue
For MA, represents subscription-based revenue and software maintenance revenue. For MIS, represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. For MIS Other, represents financial instrument pricing services.
Reporting unit
The level at which Moody’s evaluates its goodwill for impairment under GAAP; defined as an operating segment or one level below an operating segment
Research and Insights (R&I)
LOB within MA that provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; economics data and models; and structured finance solutions
RMBS
Residential mortgage-backed securities; an asset class within SFG
ROU Asset
Assets which represent the Company’s right to use an underlying asset for the term of a lease
SaaS
Software-as-a-Service
SEC
U.S. Securities and Exchange Commission
SFG
Structured finance group; an LOB of MIS
SG&A
Selling, general and administrative expenses
SGD
Singapore dollar
SOFRSecured Overnight Financing Rate
Strategic and Operational Efficiency Restructuring Program
Multi-year restructuring program approved by the CEO of Moody’s on December 19, 2024 relating to the Company's strategy to realign the business toward high priority growth areas and to consolidate certain functions to simplify the organizational structure to enable efficiency and improved operating leverage; includes a reduction in staff, the rationalization and exit of certain real estate leases and incremental amortization of certain software
Tax Act
The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.
5
TERM
DEFINITION
Transaction Revenue
For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, and training and certification services. For MIS (excluding MIS Other), represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services.
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions

6
PART I. FINANCIAL INFORMATION
Item 1.         Financial Statements
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share data)

Three Months Ended
March 31,
20252024
Revenue$1,924 $1,786 
Expenses
Operating491 467 
Selling, general and administrative
439 413 
Depreciation and amortization113 100 
Restructuring33 5 
Charges related to asset abandonment
2 — 
Total expenses1,078 985 
Operating income846 801 
Non-operating (expense) income, net
Interest expense, net(61)(62)
Other non-operating income, net19 13 
Total non-operating (expense) income, net(42)(49)
Income before provision for income taxes804 752 
Provision for income taxes179 175 
Net income attributable to Moody's$625 $577 
Earnings per share attributable to Moody's common shareholders
Basic$3.47 $3.16 
Diluted$3.46 $3.15 
Weighted average number of shares outstanding
Basic180.0 182.6 
Diluted180.7 183.4 
The accompanying notes are an integral part of the consolidated financial statements.
7
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$625 $577 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$188 $(1)187 $(115)$— (115)
Net (losses) gains on net investment hedges
(174)44 (130)101 (27)74 
Cash Flow Hedges:
Reclassification of losses included in net income— — — 1 — 1 
Pension and Other Retirement Benefits:
Net actuarial losses
— — — (1)— (1)
Total other comprehensive income (loss)
$14 $43 $57 $(14)$(27)$(41)
Comprehensive income682 536 
Less: comprehensive loss attributable to noncontrolling interests(3)— 
Comprehensive Income Attributable to Moody's$685 $536 
The accompanying notes are an integral part of the consolidated financial statements.

8
MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except share and per share data)
March 31, 2025December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$2,139 $2,408 
Short-term investments62 566 
Accounts receivable, net of allowance for credit losses of $34 in 2025 and $32 in 2024
1,850 1,801 
Other current assets514 515 
Total current assets4,565 5,290 
Property and equipment, net of accumulated depreciation of $1,511 in 2025 and $1,453 in 2024
671 656 
Operating lease right-of-use assets217 216 
Goodwill6,237 5,994 
Intangible assets, net1,978 1,890 
Deferred tax assets, net292 293 
Other assets1,136 1,166 
Total assets$15,096 $15,505 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,049 $1,344 
Current portion of operating lease liabilities103 102 
Current portion of long-term debt— 697 
Deferred revenue1,765 1,454 
Total current liabilities2,917 3,597 
Non-current portion of deferred revenue57 57 
Long-term debt6,823 6,731 
Deferred tax liabilities, net439 449 
Uncertain tax positions218 211 
Operating lease liabilities210 216 
Other liabilities574 517 
Total liabilities11,238 11,778 
Contingencies (Note 16)
Shareholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
— — 
Series common stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
— — 
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at March 31, 2025 and December 31, 2024, respectively
3 3 
Capital surplus1,483 1,451 
Retained earnings16,526 16,071 
Treasury stock, at cost; 162,964,467 and 162,593,213 shares of common stock at March 31, 2025 and December 31, 2024, respectively
(13,734)(13,322)
Accumulated other comprehensive loss(578)(638)
Total Moody's shareholders' equity3,700 3,565 
Noncontrolling interests158 162 
Total shareholders' equity3,858 3,727 
Total liabilities, noncontrolling interests and shareholders' equity
$15,096 $15,505 
The accompanying notes are an integral part of the consolidated financial statements.
9
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Three Months Ended March 31,
20252024
Cash flows from operating activities
Net income$625 $577 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization113 100 
Stock-based compensation56 53 
Deferred income taxes18 25 
Non-cash restructuring charges3 — 
Provision for credit losses on accounts receivable5 4 
Changes in assets and liabilities:
Accounts receivable(16)(197)
Other current assets12 49 
Other assets(19)(19)
Lease obligations (8)(7)
Accounts payable and accrued liabilities(292)(110)
Deferred revenue261 308 
Uncertain tax positions and other non-current tax liabilities
6 6 
Other liabilities(7)(14)
Net cash provided by operating activities757 775 
Cash flows from investing activities
Capital additions(85)(78)
Purchases of investments(41)(50)
Sales and maturities of investments551 46 
Purchases of investments in non-consolidated affiliates(10)(2)
Receipts from settlements of net investment hedges32 — 
Cash paid for acquisitions, net of cash acquired(223)(12)
Net cash provided by (used in) investing activities224 (96)
Cash flows from financing activities
Repayment of notes(700)— 
Proceeds from stock-based compensation plans23 20 
Repurchase of shares related to stock-based compensation(53)(53)
Treasury shares(373)(120)
Dividends(195)(155)
Net cash used in financing activities(1,298)(308)
Effect of exchange rate changes on cash and cash equivalents48 (25)
(Decrease) increase in cash and cash equivalents(269)346 
Cash and cash equivalents, beginning of period2,408 2,130 
Cash and cash equivalents, end of period$2,139 $2,476 
The accompanying notes are an integral part of the consolidated financial statements.
10
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital SurplusRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2023
342.9 $3 $1,228 $14,659 (160.4)$(12,005)$(567)$3,318 $158 $3,476 
Net income577 577 — 577 
Dividends ($0.85 per share)
(155)(155)— (155)
Stock-based compensation54 54 54 
Shares issued for stock-based compensation plans at average cost, net(30)0.4 (29)(59)(59)
Noncontrolling interest resulting from majority acquisition
— 2 2 
Treasury shares repurchased, inclusive of excise tax
— (0.3)(119)(119)(119)
Currency translation adjustment, net of net investment hedge activity (net of tax of $27 million)
(41)(41)— (41)
Net actuarial losses
(1)(1)(1)
Amortization of losses on cash flow hedges
1 1 1 
Balance at March 31, 2024
342.9 $3 $1,252 $15,081 (160.3)$(12,153)$(608)$3,575 $160 $3,735 
    The accompanying notes are an integral part of the consolidated financial statements.
11
MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2024342.9 $3 $1,451 $16,071 (162.6)$(13,322)$(638)$3,565 $162 $3,727 
Net income625 625 — 625 
Dividends ($0.94 per share)
(170)(170)(1)(171)
Stock-based compensation58 58 58 
Shares issued for stock-based compensation plans at average cost, net(26)0.4 (38)(64)(64)
Treasury shares repurchased, inclusive of excise tax
— (0.8)(374)(374)(374)
Currency translation adjustment, net of net investment hedge activity (net of tax of $43 million)
60 60 (3)57 
Balance at March 31, 2025342.9 $3 $1,483 $16,526 (163.0)$(13,734)$(578)$3,700 $158 $3,858 
The accompanying notes are an integral part of the consolidated financial statements.
12
MOODY’S CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(tabular dollar and share amounts in millions, except per share data)
NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global provider of integrated perspectives on risk that empowers organizations and investors to make better decisions. Moody’s reports in two reportable segments: MA and MIS.
MA is a global provider of: i) decision solutions; ii) research and insights; and iii) data and information, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2024 annual report on Form 10-K filed with the SEC on February 14, 2025. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU No. 2024-03"). The amendments in this ASU require more detailed disclosures about specific expense categories in the notes to financial statements (including employee compensation, depreciation and intangible asset amortization) and apply to both interim and annual reporting periods. ASU No. 2024-03 also requires disclosure of total selling expenses for both interim and annual reporting periods, with an additional requirement to provide an entity’s definition of selling expenses in annual reporting. This ASU is effective in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively for annual and interim reporting periods beginning after the aforementioned effective dates or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Transaction and Recurring Revenue
In the first quarter of 2025, the Company reclassified certain prior-year transaction and recurring revenue amounts to align with a refined classification methodology. The impact of the reclassifications were not material, and the reclassified amounts for 2024 are reflected in Note 3.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This update should be read in conjunction with the summary of significant accounting policies disclosures made in the Company's Form 10-K for the year ended December 31, 2024. All significant accounting policies described in the Form 10-K for the year ended December 31, 2024 remain unchanged with the exception of the following update:
Goodwill
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment). Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
13
Subsequent to the aforementioned reorganization of the MA reporting unit structure, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.
14
NOTE 3. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20252024
MA:
Decision Solutions (DS)
Banking$141 $134 
Insurance163 144 
KYC101 87 
Total DS405 365 
Research and Insights (R&I)236 222 
Data and Information (D&I)218 212 
Total external revenue859 799 
Intersegment revenue3 3 
Total MA862 802 
MIS:
Corporate Finance (CFG)
Investment-grade165 147 
High-yield67 67 
Bank loans160 155 
Other accounts (1)
172 160 
Total CFG564 529 
Structured Finance (SFG)
Asset-backed securities35 33 
RMBS26 24 
CMBS28 17 
Structured credit48 39 
Other accounts1 1 
Total SFG138 114 
Financial Institutions (FIG)
Banking130 121 
Insurance45 59 
Managed investments13 12 
Other accounts3 3 
Total FIG191 195 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign72 59 
Project and infrastructure91 82 
Total PPIF163 141 
Total ratings revenue1,056 979 
MIS Other9 8 
Total external revenue1,065 987 
Intersegment revenue49 47 
Total MIS1,114 1,034 
Eliminations(52)(50)
Total MCO$1,924 $1,786 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
15
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $238 $405 $138 $227 $365 
Research and Insights128 108 236 122 100 222 
Data and Information80 138 218 77 135 212 
Total MA375 484 859 337 462 799 
MIS:
Corporate Finance391 173 564 372 157 529 
Structured Finance100 38 138 76 38 114 
Financial Institutions95 96 191 98 97 195 
Public, Project and Infrastructure Finance104 59 163 86 55 141 
Total ratings revenue690 366 1,056 632 347 979 
MIS Other— 9 9 — 8 8 
Total MIS690 375 1,065 632 355 987 
Total MCO$1,065 $859 $1,924 $969 $817 $1,786 

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20252024
MA:
U.S.$375 $337 
Non-U.S.:
EMEA331 316 
Asia-Pacific88 85 
Americas65 61 
Total Non-U.S.484 462 
Total MA859 799 
MIS:
U.S.690 632 
Non-U.S.:
EMEA238 226 
Asia-Pacific79 70 
Americas58 59 
Total Non-U.S.375 355 
Total MIS1,065 987 
Total MCO$1,924 $1,786 
    






16
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$26 $115 $141 $29 $105 $134 
18 %82 %100 %22 %78 %100 %
Insurance
$6 $157 $163 $10 $134 $144 
4 %96 %100 %7 %93 %100 %
KYC
$— $101 $101 $2 $85 $87 
— %100 %100 %2 %98 %100 %
 Total Decision Solutions
$32 $373 $405 $41 $324 $365 
8 %92 %100 %11 %89 %100 %
Research and Insights$3 $233 $236 $3 $219 $222 
1 %99 %100 %1 %99 %100 %
Data and Information$2 $216 $218 $3 $209 $212 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$37 $822 $859 $47 $752 $799 
4 %96 %100 %6 %94 %100 %
Corporate Finance$427 $137 $564 $399 $130 $529 
76 %24 %100 %75 %25 %100 %
Structured Finance$78 $60 $138 $59 $55 $114 
57 %43 %100 %52 %48 %100 %
Financial Institutions$109 $82 $191 $122 $73 $195 
57 %43 %100 %63 %37 %100 %
Public, Project and Infrastructure Finance$116 $47 $163 $96 $45 $141 
71 %29 %100 %68 %32 %100 %
MIS Other$2 $7 $9 $1 $7 $8 
22 %78 %100 %12 %88 %100 %
Total MIS$732 $333 $1,065 $677 $310 $987 
69 %31 %100 %69 %31 %100 %
Total Moody's Corporation$769 $1,155 $1,924 $724 $1,062 $1,786 
40 %60 %100 %41 %59 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$25 $732 $757 $21 $677 $698 
Revenue recognized over time834 333 1,167 778 310 1,088 
Total$859 $1,065 $1,924 $799 $987 $1,786 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
17
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2025 and December 31, 2024:
As of March 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$100 $493 $122 $426 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Balance at December 31,$1,243 $268 $1,511 $1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(492)(99)(591)(437)(94)(531)
Increases due to amounts billable excluding amounts recognized as revenue during the period666 188 854 652 187 839 
Increases due to acquisitions during the period15 — 15 — — 
Effect of exchange rate changes30 3 33 (14)(2)(16)
Total changes in deferred revenue219 92 311 201 91 292 
Balance at March 31,
$1,462 $360 $1,822 $1,312 $361 $1,673 
Deferred revenue - current$1,461 $304 $1,765 $1,310 $302 $1,612 
Deferred revenue - non-current$1 $56 $57 $2 $59 $61 
The increase in deferred revenue during both the three months ended March 31, 2025 and 2024 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2025 as well as amounts not yet invoiced to customers as of March 31, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.3 billion. The Company expects to recognize into revenue approximately 55% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $96 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.

18
NOTE 4. STOCK-BASED COMPENSATION
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended March 31,
20252024
Stock-based compensation cost$57 $53 
Tax benefit$12 $12 
During the first quarter of 2025, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $163.59 per share. The Company also granted 0.4 million shares of restricted stock in the first quarter of 2025, which had a weighted average grant date fair value of $513.12 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based performance metrics of the Company over three years. The weighted average grant date fair value of these awards was $501.88 per share.
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2025:
Expected dividend yield0.73 %
Expected stock volatility27 %
Risk-free interest rate4.51 %
Expected holding period5.6 years
Unrecognized stock-based compensation expense at March 31, 2025 was $18 million and $390 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.0 years and 2.8 years, respectively. Additionally, there was $77 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.2 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2025
2024
Exercise of stock options:
Proceeds from stock option exercises$18 $16 
Aggregate intrinsic value$28 $21 
Tax benefit realized upon exercise$6 $3 
Number of shares exercised
0.1 0.1 
Vesting of restricted stock:
Fair value of shares vested$229 $169 
Tax benefit realized upon vesting$56 $41 
Number of shares vested0.5 0.4 
Vesting of performance-based restricted stock:
Fair value of shares vested$8 $40 
Tax benefit realized upon vesting$1 $9 
Number of shares vested (1)
— 0.1 
(1) The number of shares vested in 2025 was approximately 15 thousand.
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NOTE 5. INCOME TAXES
Moody’s ETR was 22.3% and 23.3% for the three months ended March 31, 2025 and 2024, respectively. The decrease in the ETR for the three months ended March 31, 2025 as compared to the same period in the prior year is primarily due to an increase in excess tax benefits from stock-based compensation. The Company’s provision for income taxes differs from the tax computed by applying its estimated annual ETR to the pre-tax earnings due to the excess tax benefits of $26 million recognized in the first quarter.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income, net. The Company had a net increase in its UTP reserves of $7 million ($6 million, net of federal tax) during the first quarter of 2025.
Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company's U.S. federal income tax returns for 2021 through 2023 remain open to examination. The Company’s New York City tax returns for 2018 through 2022 are currently under examination, and 2023 is open to examination. The Company’s U.K. tax returns for 2017 through 2023 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of such audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues will be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is unable to estimate the amount of future changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years, by tax jurisdiction, in accordance with the applicable provisions of ASC Topic 740 regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20252024
Income taxes paid $115 $87 
Effective in 2024, multiple foreign jurisdictions in which the Company operates enacted legislation to adopt a minimum tax rate described in the Global Anti-Base Erosion tax model rules (referred to as GloBE or Pillar II) issued by the OECD. A minimum ETR of 15% applies to multinational companies with consolidated revenue above €750 million. Under the GloBE rules, a company is required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional effective tax rate is less than 15%, an additional tax generally will be due to bring the jurisdictional ETR up to 15%. We have evaluated the impact of the Pillar II global minimum tax rules on our consolidated financial statements and related disclosures. As of March 31, 2025, the Pillar II minimum tax requirement is not expected to have a material impact on our full-year results of operations or financial position.

NOTE 6. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20252024
Basic180.0 182.6 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.8 
Diluted180.7 183.4 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.4 
The calculation of basic shares outstanding is based on the weighted average number of shares of common stock outstanding during the reporting period. The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2025 and 2024.

20
NOTE 7. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2025
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,123 $— $1,123 $1,054 $62 $7 
Mutual funds$87 $11 $98 $— $— $98 
As of December 31, 2024
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,911 $— $1,911 $1,345 $566 $— 
Mutual funds$88 $10 $98 $— $— $98 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 14 months at March 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of March 31, 2025 and December 31, 2024, the contract value of the COLI was $49 million and $48 million, respectively.

NOTE 8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2025
As of December 31, 2024
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed— 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,250 $2,550 
Refer to Note 14 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
21
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20252024
Interest expense, net$(61)$(62)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(18)$(25)
Fair value changes on interest rate swapsInterest expense, net$37 $(29)
Fair value changes on hedged debtInterest expense, net$(37)$29 
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s net investment in certain foreign subsidiaries against changes in EUR/USD and HKD/USD exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,817 2.35%$1,914 3.88%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$1,949 —%$250 0.51%
(1) € = euro, HK$ = Hong Kong dollar
December 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating€2,138 Based on ESTR$2,250 Based on SOFR
22
As of March 31, 2025 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
EUR/USD
HKD/USD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
2027€531 $550 HK$— $— 
2028588 600 — — 
2029573 614 — — 
2030481 500 — — 
2031481 500 — — 
2032481 500 1,949 250 
2033370 400 — — 
Total€3,505 $3,664 HK$1,949 $250 
(1) € = euro, HK$ = Hong Kong dollar
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202520242025202420252024
Cross currency swaps$(88)$51 $— $— $14 $11 
Long-term debt(42)23 — — — — 
Total net investment hedges$(130)$74 $— $— $14 $11 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts— — — (1)— — 
Total$(130)$74 $— $(1)$14 $11 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$90 $178 
FX forwards29 29 
Long-term debt26 68 
Total net investment hedges$145 $275 
Cash flow hedges
Interest rate contracts$(43)$(43)
Cross currency swaps1 1 
Total cash flow hedges(42)(42)
Total net gain in AOCL$103 $233 
23
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net, in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through August 2025.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2025December 31, 2024
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$659 £511 $604 £470 
Contracts to sell USD for JPY
$23 ¥3,500 $29 ¥4,000 
Contracts to sell USD for CAD
$56 C$80 $35 C$50 
Contracts to sell USD for SGD
$23 S$30 $45 S$59 
Contracts to sell USD for EUR
$83 €76 $— €— 
Contracts to sell USD for INR
$22 ₹1,900 $23 ₹1,900 
Contracts to sell GBP for USD£56 $73 £— $— 
Contracts to sell EUR for USD
€— $— €12 $12 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee
Total Return Swaps
The Company has entered into total return swaps to mitigate market-driven changes in the value of certain liabilities associated with the Company's deferred compensation plans. The fair value of these swaps at March 31, 2025 and related gains in the three months ended March 31, 2025 were not material. The notional amount of the total return swaps as of March 31, 2025 and December 31, 2024 was $64 million and $66 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20252024
FX forwardsOther non-operating income, net$18 $(13)
Total return swaps
Operating expense
$(2)$3 
Total return swaps
SG&A expense
$(1)$1 
24
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$3 $58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets8 — 
Total assets$11 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$10 $3 
Cross-currency swaps designated as net investment hedgesOther liabilities122 26 
Interest rate swaps designated as fair value hedgesOther liabilities122 166 
Total derivatives designated as accounting hedges254 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,350 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities8 21 
Total liabilities$1,612 $1,510 

25
NOTE 9. GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2025
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (1)
135 — 135 — — — 135 — 135 
Foreign currency translation adjustments111 — 111 (3)— (3)108 — 108 
Ending balance$5,872 $(12)$5,860 $377 $— $377 $6,249 $(12)$6,237 
Year Ended December 31, 2024
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (2)
112 — 112 97 — 97 209 — 209 
Foreign currency translation
adjustments		(167)— (167)(4)— (4)(171)— (171)
Ending balance$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
(1) The 2025 additions relate to the acquisition of CAPE Analytics in 2025.
(2) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
26
Acquired intangible assets and related amortization consisted of:
March 31,
2025		December 31,
2024
Customer relationships$2,143 $2,035 
Accumulated amortization(668)(631)
Net customer relationships1,475 1,404 
Software/product technology747 695 
Accumulated amortization(447)(419)
Net software/product technology300 276 
Database166 166 
Accumulated amortization(93)(89)
Net database73 77 
Trade names202 199 
Accumulated amortization(88)(83)
Net trade names114 116 
Other (1)
67 67 
Accumulated amortization(51)(50)
Net other16 17 
Total acquired intangible assets, net$1,978 $1,890 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20252024
Amortization expense
$53 $49 

NOTE 10. RESTRUCTURING
On December 19, 2024, the CEO of Moody’s approved the Strategic and Operational Efficiency Restructuring Program. The Company estimates that upon completion, the program will result in annualized savings of $250 million to $300 million. This program relates to the Company's strategy to realign its operations toward high priority growth areas and to consolidate certain functions to simplify the organization to enable improved operating efficiency and leverage. This program will primarily include a reduction in staff, the rationalization and exit of certain leased office spaces and the retirement of certain legacy software applications. The program includes $170 million to $200 million of expected pre-tax personnel-related restructuring charges, an amount that includes severance costs, expense related to the modification of equity awards and other related costs primarily determined under the Company’s existing severance plans. In addition, the program is expected to result in $10 million to $20 million of non-cash charges from the exit from certain leased office spaces and $20 million to $30 million of non-cash charges related to incremental amortization of internally developed software due to a reduction in the useful life of the software assets. The savings generated from the Strategic and Operational Efficiency Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments. The Strategic and Operational Efficiency Restructuring Program is expected to be substantially complete by the end of 2026. Cash outlays associated with this program are expected to be $170 million to $200 million, which are expected to be paid through 2027.
27
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20252024
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$31 $— $76 
Real estate related costs (2)
2 — 2 
Total Restructuring$33 $— $78 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2024
$39 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments30 
Cash payments
(22)
Balance as of March 31, 2025 (1)
$47 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of March 31, 2025, substantially all of the remaining $47 million restructuring liability is expected to be paid out in the next twelve months.

NOTE 11. FAIR VALUE    
The tables below present information about items that are carried at fair value at March 31, 2025 and December 31, 2024:
Fair Value Measurement as of March 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$11 $— $11 
Money market funds/mutual funds
108 108 — 
Total$119 $108 $11 
Liabilities:
Derivatives (1)
$262 $— $262 
Total$262 $— $262 
Fair Value Measurement as of December 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$58 $— $58 
Money market funds/mutual funds
108 108 — 
Total$166 $108 $58 
Liabilities:
Derivatives (1)
$216 $— $216 
Total$216 $— $216 
(1) Represents fair value of certain derivative contracts as more fully described in Note 8 to the consolidated financial statements.
28
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, money market mutual funds and mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Money market funds and mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.

29
NOTE 12. OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
March 31, 2025December 31, 2024
Other current assets:
Prepaid taxes$100 $81 
Prepaid expenses184 179 
Capitalized costs to obtain and fulfill sales contracts139 131 
Foreign exchange forwards on certain assets and liabilities8 — 
Interest receivable on interest rate and cross currency swaps42 77 
Other41 47 
Total other current assets$514 $515 
Other assets:
Investments in non-consolidated affiliates$489 $465 
Deposits for real-estate leases16 15 
Indemnification assets related to acquisitions111 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
105 98 
Company owned life insurance (at contract value)49 48 
Capitalized costs to obtain sales contracts
224 214 
Derivative instruments designated as accounting hedges3 58 
Pension and other retirement employee benefits61 60 
Other78 99 
Total other assets$1,136 $1,166 
Accounts payable and accrued liabilities:
Salaries and benefits$163 $133 
Incentive compensation105 452 
Customer credits, advanced payments and advanced billings155 142 
Dividends7 32 
Professional service fees38 38 
Interest accrued on debt
42 92 
Accounts payable98 53 
Income taxes205 144 
Pension and other retirement employee benefits11 11 
Accrued royalties27 25 
Foreign exchange forwards on certain assets and liabilities8 21 
Restructuring liability51 46 
Derivative instruments designated as accounting hedges10 3 
Interest payable on interest rate and cross currency swaps39 60 
Other90 92 
Total accounts payable and accrued liabilities$1,049 $1,344 
30
March 31, 2025December 31, 2024
Other liabilities:
Pension and other retirement employee benefits$196 $195 
Interest accrued on UTPs52 47 
MAKS indemnification provisions18 19 
Income tax liability - non-current portion12 12 
Derivative instruments designated as accounting hedges244 192 
Other52 52 
Total other liabilities$574 $517 
Investments in non-consolidated affiliates:
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
March 31, 2025December 31, 2024
Equity method investments (1)
$139 $127 
Investments measured using the measurement alternative (2)
338 328 
Other12 10 
Total investments in non-consolidated affiliates$489 $465 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three Months Ended March 31,
20252024
FX loss
$(5)$(3)
Net periodic pension income - non-service and non-interest cost components
9 8 
Income from investments in non-consolidated affiliates11 — 
Gain on investments
3 3 
Other
1 5 
Total$19 $13 
Charges related to asset abandonment:
During the three months ended March 31, 2025, the Company recorded charges related to asset abandonment of $2 million. These charges were related to severance incurred pursuant to a reduction in staff due to the Company's decision in 2024 to outsource the production of certain sustainability content utilized in our product offerings. Cumulative charges relating to this action as of March 31, 2025 were $45 million, which include both severance and incremental amortization expense related to the change in estimated useful lives of certain internally developed software and amortizable intangible assets that are associated with the sustainability content offerings for which production is being outsourced.
31
NOTE 13. COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The amounts reclassified out of AOCL, as shown in the consolidated statements of comprehensive income, were not material for all periods presented.
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20252024
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(39)$(42)$(832)$275 $(638)$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
— — 190 (130)60 (1)— (115)74 (42)
Amounts reclassified from AOCL— — — — — — 1 — — 1 
Other comprehensive income (loss)
— — 190 (130)60 (1)1 (115)74 (41)
Balance at March 31,
$(39)$(42)$(642)$145 $(578)$(57)$(43)$(635)$127 $(608)

32
NOTE 14. INDEBTEDNESS
The Company’s debt is recorded at its carrying value, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying value adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(27)$3 $(4)$572 
1.75% 2015 Senior Notes, due 2027
540 — — (1)539 
3.25% 2017 Senior Notes, due 2028
500 (10)(2)(1)487 
4.25% 2018 Senior Notes, due 2029
400 (28)(1)(1)370 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
810 — (1)(3)806 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (32)(8)(5)455 
4.25% 2022 Senior Notes, due 2032
500 (6)(2)(3)489 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,050 $(132)$(51)$(44)$6,823 
December 31, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes, due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
33

Notes Payable
During the first quarter of 2025, the Company fully repaid the $700 million of 3.75% 2020 Senior Notes which had reached maturity.
At March 31, 2025, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2025, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2025 (After March 31,)
$— 
2026— 
2027540 
2028500 
2029400 
Thereafter5,610 
Total$7,050 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
March 31,
20252024
Income$24 $22 
Expense on borrowings(1)
(72)(74)
Expense on UTPs and other tax related liabilities
(6)(4)
Net periodic pension costs - interest component(7)(6)
Interest expense, net$(61)$(62)
Interest paid(2)
$91 $100 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 8.
(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 8.

The fair value and carrying value of the Company’s debt as of March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025December 31, 2024
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,823 $6,026 $7,428 $6,601 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.

NOTE 15. LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
34
The following table presents the components of the Company’s lease cost:
Three Months Ended March 31,
20252024
Operating lease cost$22 $22 
Sublease income(2)(2)
Variable lease cost4 5 
Total lease cost$24 $25 
The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of operating lease liabilities$30 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$21 $4 
March 31, 2025March 31, 2024
Weighted-average remaining lease term
3.7 years4.2 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2025:
Year Ending December 31,Operating Leases
2025 (After March 31,)
$87 
202697 
202780 
202825 
202920 
After 202923 
Total lease payments (undiscounted)332 
Less: Interest19 
Present value of lease liabilities:$313 
Lease liabilities - current$103 
Lease liabilities - noncurrent$210 
As of March 31, 2025, the Company has entered into additional operating leases that have not yet commenced, with lease obligations of approximately $155 million related to the lease of office space. Accordingly, the ROU Assets and operating lease liabilities at March 31, 2025 do not reflect the amounts for these leases. The operating leases will commence in 2025 and have lease terms between 11 and 15 years.

NOTE 16. CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. Moody’s also is subject to ongoing tax audits as addressed in Note 5 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible
35
but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.

NOTE 17. SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are generally allocated to each segment based on historical/budgeted revenue amounts.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
36
Three Months Ended March 31,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$859 $1,065 $— $1,924 $799 $987 $— $1,786 
Intersegment revenue3 49 (52)— 3 47 (50)— 
Revenue862 1,114 (52)1,924 802 1,034 (50)1,786 
Compensation expense
362 280 — 642 337 272 — 609 
Non-compensation expense
192 96 — 288 180 91 — 271 
Intersegment expense
49 3 (52)— 47 3 (50)— 
Operating, SG&A603 379 (52)930 564 366 (50)880 
Adjusted Operating Income$259 $735 $— $994 $238 $668 $— $906 
Add:

Depreciation and
amortization		94 19 — 113 82 18 — 100 
Restructuring26 7 — 33 2 3 — 5 
Charges related to asset abandonment2 — — 2 — — — — 
Operating Income$846 $801 
Non-operating (expense) income, net
$(42)$(49)
Income before provision for income taxes
$804 $752 
The table below shows cumulative restructuring expense incurred through March 31, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$60 $18 $78 
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $125 million to $155 million for the MA segment and $75 million to $95 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 10.
Consolidated Revenue Information by Geographic Area
Three Months Ended March 31,
20252024
United States$1,065 $969 
Non-U.S.:
EMEA569 542 
Asia-Pacific167 155 
Americas123 120 
Total Non-U.S.859 817 
Total$1,924 $1,786 

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
This discussion and analysis of financial condition and results of operations should be read in conjunction with the Moody’s Corporation consolidated financial statements and notes thereto included elsewhere in this quarterly report on Form 10–Q.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains Forward-Looking Statements. See “Forward-Looking Statements” commencing on page 59 for a discussion of uncertainties, risks and other factors associated with these statements.
THE COMPANY
In a world shaped by increasingly interconnected risks, Moody's data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody's gives customers the comprehensive perspective needed to act with confidence and thrive. Moody’s has two reportable segments: MA and MIS.
Moody's Analytics
Moody's Investors Service
MA provides data, intelligence and analytical tools to help business and financial leaders make confident decisions.
For more than 115 years, MIS has been a leading provider of credit ratings, research, and risk analysis helping businesses, governments, and other entities around the globe.
MA is comprised of: i) a premier fixed income and economic research business (Research & Insights); ii) a data business powered by the world’s largest database on companies and credit (Data & Information); and iii) three cloud-based subscription businesses serving banking, insurance and KYC workflows (Decision Solutions).
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.

Critical Accounting Estimates
Moody’s discussion and analysis of its financial condition and results of operations are based on the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires Moody’s to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the reporting periods. These estimates are based on historical experience and on other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, Moody’s evaluates its estimates, including those related to revenue recognition, contingencies, goodwill and acquired intangible assets, pension and other retirement benefits, investments in non-consolidated affiliates, and income taxes. Actual results may differ from these estimates under different assumptions or conditions. Item 7, MD&A, in the Company’s annual report on Form 10-K for the year ended December 31, 2024, includes descriptions of some of the judgments that Moody’s makes in applying its accounting estimates in these areas. Since the date of the annual report on Form 10-K, there have been no material changes to the Company’s critical accounting estimates disclosures other than the update below relating to the Company's annual assessment of goodwill for impairment.
Goodwill
This update should be read in conjunction with the critical accounting estimate disclosures made in the Company's Form 10-K for the year ended December 31, 2024.
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment). Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
38
Subsequent to the aforementioned reorganization of the MA reporting unit structure, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.

Reportable Segments
The Company is organized into two reportable segments as of March 31, 2025: MA and MIS, which are more fully described in the section entitled “The Company” above and in Note 17 to the consolidated financial statements.

RESULTS OF OPERATIONS
The following footnotes are applicable throughout the discussion of the Company's results of operations:
(1) Refer to the section entitled "Non-GAAP Financial Measures" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.
(2) Refer to the section entitled "Key Performance Metrics" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.
Three months ended March 31, 2025 compared with three months ended March 31, 2024
Executive Summary
The following table provides an executive summary of key operating results for the quarter ended March 31, 2025. Following this executive summary is a more detailed discussion of the Company’s operating results as well as a discussion of the operating results of the Company’s reportable segments.
39
Three Months Ended
March 31,
Financial measure:20252024% Change Favorable
(Unfavorable)
Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$1,924 $1,786 8 %
— reflects revenue growth in both segments
MA external revenue$859 $799 8 %
— sustained demand for KYC and insurance offerings and SaaS-based banking solutions;
— continued demand for credit research product offerings; and
— ongoing strong demand for ratings data feeds and company data applications
MIS external revenue$1,065 $987 8 %
reflects growth across most LOBs resulting from:
— increased U.S. investment-grade issuance activity, which included a favorable issuance mix from infrequent issuer activity;
— increased issuance volumes in structured finance driven by refinancing activity for CLOs and CMBS, supported by continued tight spreads; and
— increase in activity in the U.S. market for public and project finance
Total operating and SG&A expenses$930 $880 (6 %)
— higher salaries and benefits reflecting an increase in headcount and annual salary increases in both segments
Depreciation and amortization$113 $100 (13 %)— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions
Restructuring$33 $5 NM
— relates to the Company's restructuring programs, more fully discussed in Note 10 to the consolidated financial statements
Charges related to asset abandonment
$2 $— NM
— costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, more fully discussed in Note 12 to the consolidated financial statements
Total non-operating (expense) income, net$(42)$(49)14 %
— primarily due to an increase in equity income recorded for the Company's investments in non-consolidated affiliates
Operating margin44.0 %44.8 %(80 BPS)
— operating margin contraction is attributable to higher restructuring costs
— Adjusted Operating Margin(1) expansion reflects revenue growth outpacing an increase in operating and SG&A expenses
Adjusted Operating Margin(1)
51.7 %50.7 %100 BPS
ETR22.3 %23.3 %(100 BPS)
— primarily due to an increase in Excess Tax Benefits on stock-based compensation compared to the prior year
Diluted EPS$3.46 $3.15 10 %
— increase reflects growth in operating income and Adjusted Operating Income(1)
Adjusted Diluted EPS(1)
$3.83 $3.37 14 %
40
Moody's Corporation
Three Months Ended March 31,
% Change Favorable
(Unfavorable)
20252024
Revenue:
United States$1,065 $969 10 %
Non-U.S.:
EMEA569 542 5 %
Asia-Pacific167 155 8 %
Americas123 120 3 %
Total Non-U.S.859 817 5 %
Total1,924 1,786 8 %
Expenses:
Operating491 467 (5 %)
SG&A439 413 (6 %)
Depreciation and amortization113 100 (13 %)
Restructuring33 5 NM
Charges related to asset abandonment
2 — NM
Total1,078 985 (9 %)
Operating income$846 $801 6 %
Adjusted Operating Income(1)
$994 $906 10 %
Interest expense, net$(61)$(62)2 %
Other non-operating income, net19 13 46 %
Non-operating (expense) income, net$(42)$(49)14 %
Net income attributable to Moody's$625 $577 8 %
Diluted weighted average shares outstanding180.7 183.4 1 %
Diluted EPS attributable to Moody's common shareholders$3.46 $3.15 10 %
Adjusted Diluted EPS(1)
$3.83 $3.37 14 %
Operating margin44.0 %44.8 %
Adjusted Operating Margin(1)
51.7 %50.7 %
ETR
22.3 %23.3 %
The table below shows Moody’s global staffing by geographic area:
March 31,Change
20252024%
MAU.S.2,921 2,983 (2 %)
Non-U.S.5,093 4,922 3 %
Total8,014 7,905 1 %
MISU.S. 1,572 1,512 4 %
Non-U.S. 4,196 4,083 3 %
Total 5,768 5,595 3 %
MSSU.S.711 725 (2 %)
Non-U.S.1,302 1,214 7 %
Total2,013 1,939 4 %
Total MCOU.S.5,204 5,220 — %
Non-U.S.10,591 10,219 4 %
Total15,795 15,439 2 %

41
GLOBAL REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
1265 1270 1279 1284
Global revenue ⇑ $138 million
U.S. Revenue ⇑ $96 million
Non-U.S. Revenue ⇑ $42 million
The increase in global revenue reflects growth in both segments, both in the U.S. and internationally. Refer to the section entitled “Segment Results” of this MD&A for a more comprehensive discussion of the Company’s segment revenue.
First Quarter Operating Expense ⇑ $24 million
1524
Compensation expenses of $367 million increased $21 million, with the most notable driver reflecting:
Non-compensation expenses of $124 million increased $3 million:
— higher salaries and benefits that reflects hiring and salary increases to support continued growth in the business
— non-compensation expenses were generally in line compared to the prior year

42
First Quarter SG&A Expense ⇑ $26 million
1529
Compensation expenses of $275 million increased $13 million, with the most notable driver reflecting:
Non-compensation expenses of $164 million increased $13 million, with the most notable driver reflecting:
— higher salaries and benefits and incentive and stock-based compensation, both reflecting growth in headcount and annual salary increases
 — costs to support operating growth, including investments to support technology and innovation
Depreciation and amortization
The increase is primarily driven by amortization of internally developed software, which relates to the development of MA SaaS solutions.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs as more fully discussed in Note 10 to the consolidated financial statements.
Operating margin 44.0%, ⇓ 80 BPS
Adjusted Operating Margin(1) 51.7%, ⇑ 100 BPS
Operating margin contraction is attributable to the increase in restructuring costs compared to the prior year.
Adjusted Operating Margin(1) expansion reflects revenue growth outpacing an increase in operating and SG&A expenses.
Interest Expense, net ⇓ $1 million
Other non-operating income ⇑ $6 million
Interest expense was generally in line compared to the prior year
Increase in income is primarily due to:
— an increase in equity income related to the Company's investments in non-consolidated affiliates of $11 million; partially offset by

— an increase in FX losses of $2 million
ETR ⇓ 100 BPS
The ETR was lower than the prior year reflecting higher Excess Tax Benefits on stock-based compensation compared to the same period in 2024.
Diluted EPS ⇑ $0.31
Adjusted Diluted EPS(1) ⇑ $0.46
Both diluted EPS and Adjusted Diluted EPS(1) growth is mostly attributable to higher operating income and Adjusted Operating Income(1), the components of which are more fully described above.
43
Segment Results
Moody’s Analytics
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended March 31,
% Change Favorable
(Unfavorable)
20252024
Revenue:
Decision Solutions (DS)$405 $365 11 %
Research and Insights (R&I)236 222 6 %
Data and Information (D&I)218 212 3 %
Total external revenue859 799 8 %
Intersegment revenue3 3 — %
Total MA revenue862 802 7 %
Expenses:
Operating and SG&A (external)554 517 (7 %)
Operating and SG&A (intersegment)49 47 (4 %)
Total operating and SG&A603 564 (7 %)
Adjusted Operating Income
$259 $238 9 %
Adjusted Operating Margin
30.0 %29.7 %
Depreciation and amortization94 82 (15 %)
Restructuring26 2 NM
Charges related to asset abandonment
2 — NM

MOODY'S ANALYTICS REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
358 360 369 371
MA: Global revenue ⇑ $60 million
U.S. Revenue ⇑ $38 million
Non-U.S. Revenue ⇑ $22 million
The 8% increase in global MA revenue reflects growth both in the U.S. (11%) and internationally (5%).
–ARR(2) increased 9% reflecting growth across all LOBs.
44
DECISION SOLUTIONS REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
748     752753 755
 DS: Global revenue ⇑ $40 million
U.S. Revenue ⇑ $29 million
Non-U.S. Revenue ⇑ $11 million
Global DS revenue for the three months ended March 31, 2025 and 2024 was comprised as follows:
840
Global DS revenue grew 11% compared to the first quarter of 2024 and reflects increases in the U.S. (21%) and internationally (5%).
The most notable drivers of the growth are as follows:
–strong demand for MA's suite of KYC solutions, reflecting increased customer and supplier risk data usage, coupled with sales growth from new customers, which drove revenue and ARR(2) growth of 16% and 17%, respectively;
–Insurance revenue and ARR(2) grew 13% and 11%, respectively
–recurring revenue growth of 17% in Insurance was attributable to strong demand resulting in new sales for subscription-based catastrophe and actuarial models, as well as the revenue impact from CAPE Analytics, which the Company acquired in the first quarter of 2025;
–Banking revenue and ARR(2) grew 5% and 8%, respectively
–recurring revenue growth of 10% within banking was supported by expansion of existing customer relationships to subscription-based banking offerings, which enable customers' lending, risk management and finance workflows, and also includes revenue from Numerated, which the Company acquired in the fourth quarter of 2024;
–the aforementioned recurring revenue growth for Insurance and Banking was partially offset by a decline in transaction revenue of 40% and 10%, respectively, reflecting MA's continued strategic shift to subscription-based solutions.
The aforementioned factors contributed to overall ARR(2) growth for DS of 12%.
Organic constant currency revenue(1) growth for DS was 9%.
45
RESEARCH AND INSIGHTS REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
___________________________________________________ ________________________________________________
226922702271 2273
R&I: Global revenue ⇑ $14 million
U.S. Revenue ⇑ $6 million
Non-U.S. Revenue ⇑ $8 million
Global R&I revenue increased 6% compared to the first quarter of 2024 and reflects growth in both the U.S. (5%) and internationally (8%). This increase was mainly driven by sales growth from the credit research product offering, which contributed to R&I ARR(2) growth of 7%.

DATA AND INFORMATION REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
________________________________________________________________________________________________________
276727682769 2771
D&I: Global revenue ⇑ $6 million
U.S. Revenue ⇑ $3 million
Non-U.S. Revenue ⇑ $3 million
Global D&I revenue increased 3% compared to the first quarter of 2024 and reflects growth in both the U.S. (4%) and internationally (2%), mainly driven by continued demand for ratings data feeds and company data applications, which contributed to ARR(2) growth of 6%.
Organic constant currency revenue(1) growth for D&I was 5%.
46
MA: First Quarter Operating and SG&A Expense ⇑ $37 million
3039
Compensation expenses of $362 million increased $25 million, with the most notable drivers reflecting:
Non-compensation expenses of $192 million increased $12 million, with the most notable driver reflecting:
— growth in salaries and benefits and incentive compensation both reflecting higher headcount and annual salary increases
— an increase in costs to support operating growth, including investments to support technology and innovation
MA: Adjusted Operating Margin 30.0% ⇑ 30 BPS
Adjusted Operating Margin expansion primarily reflects the aforementioned 8% increase in global MA revenue, partially offset by growth of 7% in operating and SG&A expenses.
Depreciation and amortization
The increase in depreciation and amortization expense primarily reflects higher amortization of internally developed software relating to the development of SaaS-based solutions.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs as more fully discussed in Note 10 to the consolidated financial statements.
47
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended
March 31,
% Change Favorable
(Unfavorable)
20252024
Revenue:
Corporate finance (CFG)$564 $529 7 %
Structured finance (SFG)138 114 21 %
Financial institutions (FIG)191 195 (2 %)
Public, project and infrastructure finance (PPIF)163 141 16 %
Total ratings revenue1,056 979 8 %
MIS Other9 8 13 %
Total external revenue1,065 987 8 %
Intersegment revenue49 47 4 %
Total MIS revenue1,114 1,034 8 %
Expenses:
Operating and SG&A (external)376 363 (4 %)
Operating and SG&A (intersegment)3 3 — %
Total operating and SG&A379 366 (4 %)
Adjusted Operating Income
$735 $668 10 %
Adjusted Operating Margin
66.0 %64.6 %
Depreciation and amortization19 18 (6 %)
Restructuring7 3 (133 %)
The following chart presents changes in rated issuance volumes compared to the first quarter of 2024. To the extent that changes in rated issuance volumes had a material impact to MIS's revenue compared to the prior year, those impacts are discussed below.
388

48
MOODY'S INVESTORS SERVICE REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
620 622 630 632
MIS: Global revenue ⇑ $78 million
U.S. Revenue ⇑ $58 million
Non-U.S. Revenue ⇑ $20 million
The increase in global MIS revenue reflects growth across all ratings LOBs, excluding FIG.

CFG REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
927 929 937 939
CFG: Global revenue ⇑ $35 million
U.S. Revenue ⇑ $19 million
Non-U.S. Revenue ⇑ $16 million
49
Global CFG revenue for the three months ended March 31, 2025 and 2024 was comprised as follows:
1025
* Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The increase in CFG revenue of 7% reflects growth in both the U.S. (5%) and internationally (10%).
Transaction revenue increased $28 million compared to the same period in the prior year, primarily driven by higher U.S. issuance activity within investment grade, which reflected:
–a favorable issuance mix from infrequent issuer activity;
–issuance to fund certain large M&A deals during the quarter; and
–strong investor demand as yields remained high in the first quarter of 2025.

SFG REVENUE
Three months ended March 31,
2025---------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
2025 2030 2039 2044
SFG: Global revenue ⇑ $24 million
U.S. Revenue ⇑ $24 million
Non-U.S. Revenue was in line with prior year

50
Global SFG revenue for the three months ended March 31, 2025 and 2024 was comprised as follows:
2131
The increase in SFG revenue of 21% reflects growth in the U.S.
Transaction revenue increased $19 million compared to the first quarter of 2024, mainly attributable to continued momentum in U.S. CLO refinancing activity and increased issuance activity in CMBS, supported by tight spreads for the majority of the first quarter of 2025 and strong investor demand.

FIG REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
2583 2588 2597 2602
FIG: Global revenue ⇓ $4 million
U.S. Revenue ⇓ $3 million
Non-U.S. Revenue ⇓ $1 million
Global FIG revenue for the three months ended March 31, 2025 and 2024 was comprised as follows:
2688
51
The decrease in FIG revenue of 2% reflects declines in both the U.S. (3%) and internationally (1%).
Transaction revenue decreased $13 million compared to the first quarter of 2024, primarily due to:
–lower volumes from infrequent issuers in the insurance sector, compared to strong activity in the prior year;
partially offset by
–growth in Banking, where infrequent issuer activity remained strong.

PPIF REVENUE
Three months ended March 31,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
3253 3258 3266 3271
PPIF: Global revenue ⇑ $22 million
U.S. Revenue ⇑ $18 million
Non-U.S. Revenue ⇑ 4 million
Global PPIF revenue for the three months ended March 31, 2025 and 2024 was comprised as follows:
3358

The increase in PPIF revenue of 16% reflects growth in both the U.S. (21%) and internationally (7%).
Transaction revenue increased $20 million compared to the first quarter of 2024, primarily due to:
–higher issuance in U.S. Public Finance, primarily reflecting increased activity in the state and local government and higher education sectors; and
–higher U.S. Project Finance activity supported by ongoing funding requirements for large-scale infrastructure projects.
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MIS: First Quarter Operating and SG&A Expense ⇑ $13 million
3742
Compensation expenses of $280 million increased $8 million, with the most notable drivers of the growth reflecting:
Non-compensation expenses of $96 million increased $5 million:
— growth in salaries and benefits and stock-based compensation both reflecting higher headcount and annual salary increases
— non-compensation expenses were generally in line compared to the prior year
MIS: Adjusted Operating Margin 66.0% ⇑ 140 BPS
The MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 8% increase in revenue, partially offset by growth of 4% in operating and SG&A expenses.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs as more fully discussed in Note 10 to the consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.
Cash Flow
The Company is currently financing its operations, capital expenditures and share repurchases from operating and financing cash flows.
The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:
Three Months Ended March 31,$ Change
Favorable (Unfavorable)
20252024
Net cash provided by operating activities$757 $775 $(18)
Net cash provided by (used in) investing activities$224 $(96)$320 
Net cash used in financing activities$(1,298)$(308)$(990)
Free Cash Flow (1)
$672 $697 $(25)
(1) Free Cash Flow is a non-GAAP measure and is defined by the Company as net cash provided by operating activities minus cash paid for capital expenditures. Refer to “Non-GAAP Financial Measures” of this MD&A for further information on this financial measure.
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Net cash provided by operating activities
Net cash flows from operating activities for the three months ended March 31, 2025 decreased by $18 million compared to the same period in 2024. This decrease primarily resulted from various changes in working capital, driven most notably by higher incentive compensation and income tax payments in the first quarter of 2025 compared to the same period in 2024.
Net cash provided by (used in) investing activities
The $320 million increase in cash provided by investing activities in the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to:
–a $514 million increase in net sales and maturities of investments, primarily due to the maturity of certificates of deposit in the first quarter of 2025;
partially offset by:
–higher cash paid for acquisitions, net of cash acquired, of $211 million due to the acquisition of CAPE Analytics in the first quarter of 2025.
Net cash used in financing activities
The $990 million increase in cash used in financing activities in the three months ended March 31, 2025 compared to the same period in the prior year was primarily attributed to:
–a $700 million repayment of notes payable in 2025; and
– higher cash paid for treasury share repurchases in 2025 of $253 million compared to the same period in the prior year.
Cash and cash equivalents and short-term investments
The Company’s aggregate cash and cash equivalents and short-term investments of $2.2 billion at March 31, 2025 included approximately $1.8 billion located outside of the U.S. Approximately 45% of the Company’s aggregate cash and cash equivalents and short-term investments is denominated in euros and GBP. The Company manages both its U.S. and non-U.S. cash flow to maintain sufficient liquidity in all regions to effectively meet its operating needs.
As a result of the Tax Act, all previously net undistributed foreign earnings have now been subject to U.S. tax. The Company continues to evaluate which entities it will indefinitely reinvest earnings outside the U.S. The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested. Accordingly, the Company continues to repatriate a portion of its non-U.S. cash in these subsidiaries and will continue to repatriate certain of its offshore cash in a manner that addresses compliance with local statutory requirements, sufficient offshore working capital and any other factors that may be relevant in certain jurisdictions. Notwithstanding the Tax Act, which generally eliminated federal income tax on future cash repatriation to the U.S., cash repatriation may be subject to state and local taxes or withholding or similar taxes.
Material Cash Requirements
The Company's material cash requirements consist of the following contractual and other obligations:
Financing Arrangements
Indebtedness
At March 31, 2025, Moody’s had $7.1 billion of outstanding principal on debt and approximately $1 billion of additional capacity available under the Company’s CP Program, which is backstopped by the $1.25 billion 2024 Facility.
The repayment schedule for the Company’s borrowings outstanding at March 31, 2025 is as follows:
435 
For additional information on the Company's outstanding debt, refer to Note 14 to the consolidated financial statements.
Future interest payments and fees associated with the Company's debt and credit facility are expected to be $4.5 billion, of which approximately $300 million is expected to be paid in each of the next five years, and the remaining amount expected to be paid thereafter.
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Management may consider pursuing additional long-term financing when it is appropriate in light of cash requirements for operations, share repurchases and other strategic opportunities, which could result in higher financing costs.
Purchase Obligations
Purchase obligations generally include multi-year agreements with vendors to purchase goods or services and mainly include data center/cloud hosting fees and fees for information technology licensing and maintenance. As of March 31, 2025, these purchase obligations totaled approximately $800 million, of which approximately 50% is expected to be paid in the next twelve months and another approximate 45% expected to be paid over the next two subsequent years, with the remainder to be paid thereafter.
Leases
The Company has remaining payments relating to its operating leases of $487 million at March 31, 2025, primarily related to real estate leases, of which $112 million in payments are expected over the next twelve months. For more information on the expected cash flows relating to the Company's operating leases, refer to Note 15 to the consolidated financial statements.
Pension and Other Retirement Plan Obligations
The Company does not anticipate making significant contributions to its funded pension plan in the next twelve months. This plan is overfunded at March 31, 2025, and accordingly holds sufficient investments to fund future benefit obligations. Payments for the Company's unfunded plans are not expected to be material in either the short or long-term.
Dividends and share repurchases
On April 21, 2025, the Board approved the declaration of a quarterly dividend of $0.94 per share for Moody’s common stock, payable June 6, 2025 to shareholders of record at the close of business on May 16, 2025. The continued payment of dividends at this rate, or at all, is subject to the discretion of the Board.
On October 15, 2024, the Board approved $1.5 billion in share repurchase authority. At March 31, 2025, the Company had approximately $1.2 billion of remaining authority under this authorization. There is no established expiration date for the remaining authorization.
Restructuring
As more fully discussed in Note 10 to the consolidated financial statements, the Company is currently in the process of executing the Strategic and Operational Efficiency Restructuring Program. Future cash outlays associated with this program are expected to be approximately $145 million to $175 million, which are expected to be paid out through 2027.
Sources of Funding to Satisfy Material Cash Requirements
The Company believes that it has the financial resources needed to meet its cash requirements and expects to have positive operating cash flow over the next twelve months. Cash requirements for periods beyond the next twelve months will depend, among other things, on the Company’s profitability and its ability to manage working capital requirements. The Company may also borrow from various sources as described above.
NON-GAAP FINANCIAL MEASURES
In addition to its reported results, Moody’s has included in this MD&A certain adjusted results that the SEC defines as “Non-GAAP financial measures.” Management believes that such adjusted financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and can provide greater transparency to investors of supplemental information used by management in its financial and operational decision-making. These adjusted measures, as defined by the Company, are not necessarily comparable to similarly defined measures of other companies. Furthermore, these adjusted measures should not be viewed in isolation or used as a substitute for other GAAP measures in assessing the operating performance or cash flows of the Company. Below are brief descriptions of the Company’s adjusted financial measures accompanied by a reconciliation of the adjusted measure to its most directly comparable GAAP measure:
Adjusted Operating Income and Adjusted Operating Margin:
The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring charges/adjustments, and iii) charges related to asset abandonment. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. Refer to Notes 10 and 12 to the consolidated financial statements for further information regarding the nature of the Company’s restructuring programs and asset abandonment, respectively.
Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue.
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Three Months Ended March 31,
20252024
Operating income$846 $801 
Adjustments:
Depreciation and amortization113 100 
Restructuring33 5 
Charges related to asset abandonment2 — 
Adjusted Operating Income$994 $906 
Operating margin44.0 %44.8 %
Adjusted Operating Margin51.7 %50.7 %
Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders:
The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment.
The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies.
The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods.
Three Months Ended March 31,
Amounts in millions
20252024
Net Income attributable to Moody's common shareholders
$625 $577 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$53 $49 
Tax on Acquisition-Related Intangible Amortization Expenses(13)(12)
Net Acquisition-Related Intangible Amortization Expenses

40 

37 
Pre-tax restructuring
$33 $5 
Tax on restructuring
(8)(1)
Net restructuring
25 4 
Pre-tax charges related to asset abandonment
$2 $— 
Tax on charges related to asset abandonment
— — 
Net charges related to asset abandonment
2 — 
Adjusted Net Income

$692 

$618 
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Three Months Ended March 31,
20252024
Diluted earnings per share attributable to Moody's common shareholders$3.46 $3.15 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$0.29 $0.27 
Tax on Acquisition-Related Intangible Amortization Expenses(0.07)(0.07)
Net Acquisition-Related Intangible Amortization Expenses0.22 0.20 
Pre-tax restructuring
$0.18 $0.03 
Tax on restructuring
(0.04)(0.01)
Net restructuring
0.14 0.02 
Pre-tax charges related to asset abandonment
$0.01 $— 
Tax on charges related to asset abandonment
— — 
Net charges related to asset abandonment
0.01 — 
Adjusted Diluted EPS$3.83 $3.37 
    
Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.
Free Cash Flow:
The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow:
Three Months Ended March 31,
20252024
Net cash provided by operating activities$757 $775 
Capital additions(85)(78)
Free Cash Flow$672 $697 
Net cash provided by (used in) investing activities
$224 $(96)
Net cash used in financing activities$(1,298)$(308)

Organic Constant Currency Revenue Growth (Decline):
The Company presents organic constant currency revenue growth (decline) as its non-GAAP measure of revenue growth (decline). Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth (decline) excluding both the inorganic revenue impacts from certain acquisition activity and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results.
Below is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures:
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Three Months Ended March 31,
Amounts in millions20252024ChangeGrowth
Decision Solutions revenue$405 $365 $40 11%
FX impact3 — 3 
Inorganic revenue from acquisitions(11)— (11)
Organic constant currency Decision Solutions revenue
$397 $365 $32 9%
Data and Information revenue$218 $212 $6 3%
FX impact4 — 4 
Constant currency Data and Information revenue$222 $212 $10 5%

Key Performance Metrics:
The Company presents ARR on an organic constant currency basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base.
The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including one-time training, services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity.
The Company’s definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with GAAP.
Amounts in millionsMarch 31, 2025March 31, 2024ChangeGrowth
MA ARR
Decision Solutions
Banking$453 $421 $32 8%
Insurance609 548 61 11%
KYC393 335 58 17%
Total Decision Solutions
$1,455 $1,304 $151 12%
Research and Insights945 884 61 7%
Data and Information866 818 48 6%
Total MA ARR$3,266 $3,006 $260 9%

RECENTLY ISSUED ACCOUNTING STANDARDS
Refer to Note 1 to the consolidated financial statements located in Part I of this Form 10-Q for a discussion on the impact to the Company relating to recently issued accounting pronouncements.
CONTINGENCIES
Legal proceedings in which the Company is involved also may impact Moody’s liquidity or operating results. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Item 1 - "Financial Statements," Note 16 "Contingencies” in this Form 10-Q.
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements and are based on future expectations, plans and prospects for the Company's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Those statements appear at various places throughout this quarterly report on Form 10-Q, including in the sections entitled “Contingencies” under Item 2, “MD&A,” commencing on page 38 of this quarterly report on Form 10-Q, under “Legal Proceedings” in Part II, Item 1, of this Form 10-Q, and elsewhere in the context of statements containing the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “predict,” “potential,” “continue,” “strategy,” “aspire,” “target,” “forecast,” “project,” “estimate,” “should,” “could,” “may,” and similar expressions or words and variations thereof relating to the Company’s views on future events, trends and contingencies or otherwise convey the prospective nature of events or outcomes generally indicative of forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date of this quarterly report on Form 10-Q, and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements.
Those factors, risks and uncertainties include, but are not limited to:
•the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes in volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers, and customer retention, and demand for our products and services;
•the impact of general economic conditions (including significant government debt and deficit levels and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets;
•the uncertain effect of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets;
•the impacts of geopolitical events and actions, such as the Russia-Ukraine military conflict and military conflict in the Middle East, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on the Company's own operations and personnel;
•other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties;
•the level of merger and acquisition activity in the U.S. and abroad;
•the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions;
•concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings;
•the introduction or development of competing and/or emerging technologies and products;
•pricing pressure from competitors and/or customers;
•the level of success of new product development and global expansion;
•the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations;
•the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU;
•exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time;
•provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to CRAs in a manner adverse to CRAs;
•provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes;
•uncertainty regarding the future relationship between the U.S. and China;
•the possible loss of key employees and the impact of the global labor environment;
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•failures or malfunctions of our operations and infrastructure;
•any vulnerabilities to cyber threats or other cybersecurity concerns;
•the timing and effectiveness of our restructuring programs;
•currency and foreign exchange volatility;
•the outcome of any review by tax authorities of Moody’s global tax planning initiatives;
•exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials;
•the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses;
•the level of future cash flows;
•the levels of capital investments; and
•a decline in the demand for credit risk management tools by financial institutions, corporate or government entities.
These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2024, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Item 3.         Quantitative and Qualitative Disclosures About Market Risk
There have been no significant changes to the Company's market risk during the three months ended March 31, 2025. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of our Form 10-K for the year ended December 31, 2024.
Item 4.         Controls and Procedures
Evaluation of Disclosure Controls and Procedures: The Company carried out an evaluation, as required by Rule 13a-15(b) under the Exchange Act, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report (the “Evaluation Date”). Based on such evaluation, such officers have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the communication to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
The Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, has determined that there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, these internal controls over financial reporting during the three-month period ended March 31, 2025.
The Company's disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives as specified above. The Company's management does not expect, however, that our disclosure controls and procedures will prevent or detect all instances of error and fraud. Any control system, regardless of how well designed and operated, is based upon certain assumptions, and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
For information regarding legal proceedings, see Item 1 – “Financial Statements – Notes to Consolidated Financial Statements (Unaudited),” Note 16 “Contingencies” in this Form 10-Q.
Item 1A. Risk Factors
There have been no material changes from the significant risk factors and uncertainties previously disclosed under the heading "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2024, that if they were to occur, could materially adversely affect the Company’s business, financial condition, operating results and/or cash flow. For a discussion of the Company’s risk factors, refer to Item 1A. “Risk Factors” contained in the Company’s annual report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
MOODY'S PURCHASES OF EQUITY SECURITIES
For the three months ended March 31, 2025
Period
Total Number of Shares Purchased (1)

Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program
Approximate Dollar Value of Shares That May Yet be Purchased Under the Program(2)
January 1- 31317,244 $476.99 316,861 $1,416  million
February 1- 28230,826 $506.30 230,132 $1,300  million
March 1- 31398,552 $463.57 226,849 $1,195  million
Total946,622 $481.77 773,842 
(1) Includes surrender to the Company of 383; 694; and 171,703 shares of common stock in January, February, and March, respectively, to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees.
(2) As of the last day of each of the months. On February 5, 2024, the Board of Directors authorized $1 billion in share repurchase authority. On October 15, 2024, the Board authorized an additional $1.5 billion in share repurchase authority. At March 31, 2025 there was approximately $1.2 billion of share repurchase authority remaining. There is no established expiration date for the remaining authorization.
During the first quarter of 2025, Moody’s issued a net 400,000 shares under employee stock-based compensation plans.

Item 5. Other Information
Not applicable.
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Table of Contents
Item 6.    Exhibits
Exhibit No
Description
3
Articles of Incorporation and By-laws
.1
Restated Certificate of Incorporation of the Registrant, effective April 17, 2024 (incorporated by reference to Exhibit 3.3 to the Report on Form 8-K of the Registrant, file number 1-14037, filed April 19, 2024)
.2
Amended and Restated By-laws of Moody’s Corporation, effective April 17, 2024 (incorporated by reference to Exhibit 3.2 to the Report on Form 8-K of the Registrant, file number 1-14037, filed April 19, 2024)
10
Material Contracts
.1†
.2†*
.3†*
.4†*
31
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
.1*
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
.2*
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
.1*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934
.2*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934
101.INS*Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Definitions Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
* Filed herewith
† Management contract of compensatory plan or arrangement
62
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MOODY’S CORPORATION
By:/ S / NOÉMIE HEULAND
Noémie Heuland
Senior Vice President and Chief Financial Officer
(principal financial officer)
By:
/ S / JASON PHILLIPS
Jason Phillips
Chief Accounting Officer and Corporate Controller
(principal accounting officer)
Date: April 23, 2025
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In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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