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Moody's
MCO
#274
Rank
$84.48 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$471.05
Share price
-8.90%
Change (1 day)
-4.59%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Moody's
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Moody's - 10-Q quarterly report FY2025 Q3


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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 September 30, 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 September 30, 2025
178.4 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3
PART I. FINANCIAL INFORMATION
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15
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76
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PART II. OTHER INFORMATION

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89
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91

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
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
Data and Information (D&I)
LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products
3
TERM
DEFINITION
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
NM
Percentage change is not meaningful
4
TERM
DEFINITION
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
OBBBA
The “One Big Beautiful Bill Act” enacted into U.S. law on July 4, 2025
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 revenue from one-time sales, including those from perpetual software license fees, 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
September 30,
Nine Months Ended
September 30,
2025202420252024
Revenue$2,007 $1,813 $5,829 $5,416 
Expenses
Operating492 512 1,472 1,448 
Selling, general and administrative
453 434 1,335 1,293 
Depreciation and amortization123 108 356 318 
Restructuring21 6 81 13 
Charges related to asset abandonment
1 15 4 30 
Total expenses1,090 1,075 3,248 3,102 
Operating income917 738 2,581 2,314 
Non-operating (expense) income, net
Interest expense, net(58)(60)(180)(185)
Other non-operating income, net8 25 42 45 
Total non-operating (expense) income, net(50)(35)(138)(140)
Income before provision for income taxes867 703 2,443 2,174 
Provision for income taxes220 169 592 510 
Net income647 534 1,851 1,664 
Less: Net income attributable to noncontrolling interests
1 — 2 1 
Net income attributable to Moody's$646 $534 $1,849 $1,663 
Earnings per share attributable to Moody's common shareholders
Basic$3.61 $2.94 $10.30 $9.13 
Diluted$3.60 $2.93 $10.26 $9.09 
Weighted average number of shares outstanding
Basic178.9 181.7 

179.5 182.2 
Diluted179.6 182.5 

180.2 183.0 
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
September 30, 2025
Three Months Ended
September 30, 2024
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$647 $534 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(26)$1 (25)$252 $(3)249 
Net gains (losses) on net investment hedges
8 (3)5 (184)48 (136)
Cash Flow Hedges:
Reclassification of losses included in net income
— — — 1 — 1 
Total other comprehensive (loss) income
$(18)$(2)$(20)$69 $45 $114 
Comprehensive income627 648 
Less: comprehensive loss attributable to noncontrolling interests
(1)— 
Comprehensive Income Attributable to Moody's$628 $648 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$1,851 $1,664 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$586 $— 586 $98 $(3)95 
Net losses on net investment hedges
(652)163 (489)(40)10 (30)
Cash Flow Hedges:
Reclassification of losses included in net income
1 — 1 2 — 2 
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income
(1)— (1)(1)— (1)
Net actuarial losses
(1)— (1)(3)1 (2)
Total other comprehensive (loss) income
$(67)$163 $96 $56 $8 $64 
Comprehensive income1,947 1,728 
Less: comprehensive loss attributable to noncontrolling interests(4)— 
Comprehensive Income Attributable to Moody's$1,951 $1,728 
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)
September 30, 2025December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$2,181 $2,408 
Short-term investments78 566 
Accounts receivable, net of allowance for credit losses of $33 in 2025 and $32 in 2024
1,774 1,801 
Other current assets566 515 
Total current assets4,599 5,290 
Property and equipment, net of accumulated depreciation of $1,506 in 2025 and $1,453 in 2024
712 656 
Operating lease right-of-use assets300 216 
Goodwill6,465 5,994 
Intangible assets, net1,916 1,890 
Deferred tax assets, net288 293 
Other assets1,135 1,166 
Total assets$15,415 $15,505 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,032 $1,344 
Current portion of operating lease liabilities98 102 
Current portion of long-term debt— 697 
Deferred revenue1,369 1,454 
Total current liabilities2,499 3,597 
Non-current portion of deferred revenue58 57 
Long-term debt6,983 6,731 
Deferred tax liabilities, net348 449 
Uncertain tax positions232 211 
Operating lease liabilities282 216 
Other liabilities901 517 
Total liabilities11,303 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 September 30, 2025 and December 31, 2024, respectively
3 3 
Capital surplus1,617 1,451 
Retained earnings17,410 16,071 
Treasury stock, at cost; 164,507,047 and 162,593,213 shares of common stock at September 30, 2025 and December 31, 2024, respectively
(14,535)(13,322)
Accumulated other comprehensive loss(538)(638)
Total Moody's shareholders' equity3,957 3,565 
Noncontrolling interests155 162 
Total shareholders' equity4,112 3,727 
Total liabilities, noncontrolling interests and shareholders' equity
$15,415 $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)
Nine Months Ended September 30,
20252024
Cash flows from operating activities
Net income$1,851 $1,664 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization356 318 
Stock-based compensation174 166 
Deferred income taxes40 9 
Non-cash restructuring and abandonment-related charges
8 15 
Provision for credit losses on accounts receivable11 14 
Gain on previously held/sold investments in non-consolidated affiliates— (7)
Changes in assets and liabilities:
Accounts receivable63 (43)
Other current assets13 25 
Other assets(16)(1)
Lease obligations (28)(24)
Accounts payable and accrued liabilities(317)45 
Deferred revenue(130)(51)
Uncertain tax positions and other non-current tax liabilities
17 12 
Other liabilities1 22 
Net cash provided by operating activities2,043 2,164 
Cash flows from investing activities
Capital additions(245)(243)
Purchases of investments(158)(623)
Sales and maturities of investments656 105 
Purchases of investments in non-consolidated affiliates(14)(4)
Receipts from settlements of net investment hedges32 — 
Cash paid for acquisitions, net of cash acquired(227)(110)
Net cash provided by (used in) investing activities44 (875)
Cash flows from financing activities
Issuance of notes— 496 
Repayment of notes(700)— 
Proceeds from stock-based compensation plans44 60 
Repurchase of shares related to stock-based compensation(92)(85)
Treasury shares(1,170)(812)
Dividends(534)(465)
Dividends to noncontrolling interests
(2)(1)
Debt issuance costs, extinguishment costs and related fees— (5)
Net cash used in financing activities(2,454)(812)
Effect of exchange rate changes on cash and cash equivalents140 35 
(Decrease) increase in cash and cash equivalents(227)512 
Cash and cash equivalents, beginning of period2,408 2,130 
Cash and cash equivalents, end of period$2,181 $2,642 
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 June 30, 2024
342.9 $3 $1,324 $15,478 (160.8)$(12,410)$(617)$3,778 $160 $3,938 
Net income534 534 — 534 
Dividends ($0.85 per share)
(157)(157)(5)(162)
Stock-based compensation58 58 58 
Shares issued for stock-based compensation plans at average cost, net8 — 4 12 12 
Noncontrolling interest resulting from majority acquisition
— 8 8 
Treasury shares repurchased, inclusive of excise tax
— (0.9)(434)(434)(434)
Currency translation adjustment, net of net investment hedge activity (net of tax of $45 million)
113 113 — 113 
Amortization of losses on cash flow hedges
1 1 1 
Balance at September 30, 2024
342.9 $3 $1,390 $15,855 (161.7)$(12,840)$(503)$3,905 $163 $4,068 
    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, 2023
342.9 $3 $1,228 $14,659 (160.4)$(12,005)$(567)$3,318 $158 $3,476 
Net income1,663 1,663 1 1,664 
Dividends ($2.55 per share)
(467)(467)(6)(473)
Stock-based compensation169 169 169 
Shares issued for stock-based compensation plans at average cost, net(7)0.6 (18)(25)(25)
Noncontrolling interest resulting from majority acquisition— 10 10 
Treasury shares repurchased, inclusive of excise tax— (1.9)(817)(817)(817)
Currency translation adjustment, net of net investment hedge activity (net of tax of $7 million)
65 65 — 65 
Net actuarial losses (net of tax of $1 million)
(2)(2)(2)
Amortization of actuarial gains and prior service credits(1)(1)(1)
Amortization of losses on cash flow hedges2 2 2 
Balance at September 30, 2024342.9 $3 $1,390 $15,855 (161.7)$(12,840)$(503)$3,905 $163 $4,068 
The accompanying notes are an integral part of the consolidated financial statements.
12
MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common Stock Capital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		 Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at June 30, 2025
342.9 $3 $1,552 $16,933 (163.5)$(14,020)$(519)$3,949 $159 $4,108 
Net income646 646 1 647 
Dividends ($0.94 per share)
(169)(169)(4)(173)
Stock-based compensation59 59 59 
Shares issued for stock-based compensation plans at average cost, net6 — 2 8 8 
Treasury shares repurchased, inclusive of excise tax
(1.0)(517)(517)(517)
Currency translation adjustment, net of net investment hedge activity (net of tax of $2 million)
(19)(19)(1)(20)
Balance at September 30, 2025
342.9 $3 $1,617 $17,410 (164.5)$(14,535)$(538)$3,957 $155 $4,112 
    
The accompanying notes are an integral part of the consolidated financial statements.

13
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 income1,849 1,849 2 1,851 
Dividends ($2.82 per share)
(510)(510)(5)(515)
Stock-based compensation180 180 180 
Shares issued for stock-based compensation plans at average cost, net(14)0.5 (34)(48)(48)
Treasury shares repurchased, inclusive of excise tax
— (2.4)(1,179)(1,179)(1,179)
Currency translation adjustment, net of net investment hedge activity (net of tax of $163 million)
101 101 (4)97 
Net actuarial losses
(1)(1)(1)
Amortization of actuarial gains and prior service credits
(1)(1)(1)
Amortization of losses on cash flow hedges
1 1 1 
Balance at September 30, 2025342.9 $3 $1,617 $17,410 (164.5)$(14,535)$(538)$3,957 $155 $4,112 
The accompanying notes are an integral part of the consolidated financial statements.
14
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 prepared to adopt and comply with the disclosure requirements set forth in this ASU upon its effective date.
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.
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which amends Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses on accounts receivable, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Company does not expect the adoption of this ASU to have a material impact on its financial statements.
In September 2025, the FASB issued ASU 2025-06 "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU No. 2025-06"). This ASU eliminates prescriptive software development stages and requires capitalization of software costs when (1) management commits to funding the project, and (2) completion and intended use are probable, with consideration to when significant uncertainty associated with the development activities of the software no longer exists. This ASU also clarifies the disclosure requirements for internal-use software costs and supersedes prior guidance on website development costs. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may transition using prospective, modified prospective, or retrospective approaches. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.



15
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 was 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.
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.
16
NOTE 3. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
MA:
Decision Solutions (DS)
Banking$140 $140 $419 $405 
Insurance171 148 502 439 
KYC113 95 321 270 
Total DS424 383 1,242 1,114 
Research and Insights (R&I)252 235 737 683 
Data and Information (D&I)233 213 677 635 
Total external revenue909 831 2,656 2,432 
Intersegment revenue3 3 9 10 
Total MA912 834 2,665 2,442 
MIS:
Corporate Finance (CFG)
Investment-grade124 149 431 416 
High-yield114 80 266 232 
Bank loans155 120 413 422 
Other accounts (1)
183 166 542 499 
Total CFG576 515 1,652 1,569 
Structured Finance (SFG)
Asset-backed securities35 34 105 101 
RMBS29 24 84 73 
CMBS25 27 78 66 
Structured credit55 49 149 138 
Other accounts2 1 3 2 
Total SFG146 135 419 380 
Financial Institutions (FIG)
Banking136 108 386 344 
Insurance52 46 151 166 
Managed investments17 13 43 40 
Other accounts3 3 10 10 
Total FIG208 170 590 560 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign68 61 215 187 
Project and infrastructure93 93 271 262 
Total PPIF161 154 486 449 
Total ratings revenue1,091 974 3,147 2,958 
MIS Other7 8 26 26 
Total external revenue1,098 982 3,173 2,984 
Intersegment revenue50 48 149 144 
Total MIS1,148 1,030 3,322 3,128 
Eliminations(53)(51)(158)(154)
Total MCO$2,007 $1,813 $5,829 $5,416 
(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.
17
The following tables present the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $257 $424 $144 $239 $383 
Research and Insights137 115 252 128 107 235 
Data and Information82 151 233 74 139 213 
Total MA386 523 909 346 485 831 
MIS:
Corporate Finance405 171 576 364 151 515 
Structured Finance108 38 146 98 37 135 
Financial Institutions111 97 208 90 80 170 
Public, Project and Infrastructure Finance108 53 161 100 54 154 
Total ratings revenue732 359 1,091 652 322 974 
MIS Other— 7 7 1 7 8 
Total MIS732 366 1,098 653 329 982 
Total MCO$1,118 $889 $2,007 $999 $814 $1,813 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$496 $746 $1,242 $420 $694 $1,114 
Research and Insights404 333 737 374 309 683 
Data and Information242 435 677 227 408 635 
Total MA1,142 1,514 2,656 1,021 1,411 2,432 
MIS:
Corporate Finance1,110 542 1,652 1,078 491 1,569 
Structured Finance299 120 419 266 114 380 
Financial Institutions305 285 590 292 268 560 
Public, Project and Infrastructure Finance319 167 486 284 165 449 
Total ratings revenue2,033 1,114 3,147 1,920 1,038 2,958 
MIS Other— 26 26 1 25 26 
Total MIS2,033 1,140 3,173 1,921 1,063 2,984 
Total MCO$3,175 $2,654 $5,829 $2,942 $2,474 $5,416 











18
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
MA:
U.S.$386 $346 $1,142 $1,021 
Non-U.S.:
EMEA358 334 1,036 969 
Asia-Pacific96 84 276 251 
Americas69 67 202 191 
Total Non-U.S.523 485 1,514 1,411 
Total MA909 831 2,656 2,432 
MIS:
U.S.732 653 2,033 1,921 
Non-U.S.:
EMEA236 212 740 685 
Asia-Pacific84 73 245 225 
Americas46 44 155 153 
Total Non-U.S.366 329 1,140 1,063 
Total MIS1,098 982 3,173 2,984 
Total MCO$2,007 $1,813 $5,829 $5,416 
    
























19
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
Three Months Ended September 30,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$25 $115 $140 $28 $112 $140 
18 %82 %100 %20 %80 %100 %
Insurance
$3 $168 $171 $6 $142 $148 
2 %98 %100 %4 %96 %100 %
KYC
$1 $112 $113 $3 $92 $95 
1 %99 %100 %3 %97 %100 %
 Total Decision Solutions
$29 $395 $424 $37 $346 $383 
7 %93 %100 %10 %90 %100 %
Research and Insights$3 $249 $252 $3 $232 $235 
1 %99 %100 %1 %99 %100 %
Data and Information$2 $231 $233 $2 $211 $213 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$34 $875 $909 $42 $789 $831 
4 %96 %100 %5 %95 %100 %
Corporate Finance$433 $143 $576 $382 $133 $515 
75 %25 %100 %74 %26 %100 %
Structured Finance$86 $60 $146 $78 $57 $135 
59 %41 %100 %58 %42 %100 %
Financial Institutions$123 $85 $208 $92 $78 $170 
59 %41 %100 %54 %46 %100 %
Public, Project and Infrastructure Finance$111 $50 $161 $109 $45 $154 
69 %31 %100 %71 %29 %100 %
MIS Other$— $7 $7 $2 $6 $8 
— %100 %100 %25 %75 %100 %
Total MIS$753 $345 $1,098 $663 $319 $982 
69 %31 %100 %68 %32 %100 %
Total Moody's Corporation$787 $1,220 $2,007 $705 $1,108 $1,813 
39 %61 %100 %39 %61 %100 %
20
Nine Months Ended September 30,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$76 $343 $419 $85 $320 $405 
18 %82 %100 %21 %79 %100 %
Insurance
$15 $487 $502 $20 $419 $439 
3 %97 %100 %5 %95 %100 %
KYC
$1 $320 $321 $6 $264 $270 
— %100 %100 %2 %98 %100 %
 Total Decision Solutions
$92 $1,150 $1,242 $111 $1,003 $1,114 
7 %93 %100 %10 %90 %100 %
Research and Insights$9 $728 $737 $9 $674 $683 
1 %99 %100 %1 %99 %100 %
Data and Information$6 $671 $677 $7 $628 $635 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$107 $2,549 $2,656 $127 $2,305 $2,432 
4 %96 %100 %5 %95 %100 %
Corporate Finance$1,225 $427 $1,652 $1,169 $400 $1,569 
74 %26 %100 %75 %25 %100 %
Structured Finance$238 $181 $419 $213 $167 $380 
57 %43 %100 %56 %44 %100 %
Financial Institutions$340 $250 $590 $329 $231 $560 
58 %42 %100 %59 %41 %100 %
Public, Project and Infrastructure Finance$340 $146 $486 $315 $134 $449 
70 %30 %100 %70 %30 %100 %
MIS Other$5 $21 $26 $6 $20 $26 
19 %81 %100 %23 %77 %100 %
Total MIS$2,148 $1025 $3,173 $2,032 $952 $2,984 
68 %32 %100 %68 %32 %100 %
Total Moody's Corporation$2,255 $3,574 $5,829 $2,159 $3,257 $5,416 
39 %61 %100 %40 %60 %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 tables present the timing of revenue recognition:
Three Months Ended September 30, 2025
Nine Months Ended September 30, 2025
MAMISTotalMAMISTotal
Revenue recognized at a point in time$21 $753 $774 $65 $2,148 $2,213 
Revenue recognized over time888 345 1,233 2,591 1,025 3,616 
Total$909 $1,098 $2,007 $2,656 $3,173 $5,829 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $663 $689 $65 $2,032 $2,097 
Revenue recognized over time805 319 1,124 2,367 952 3,319 
Total$831 $982 $1,813 $2,432 $2,984 $5,416 
21
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.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at September 30, 2025 and December 31, 2024:
As of September 30, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$114 $530 $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 and nine months ended September 30, 2025 and 2024 are as follows:
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
MAMISTotalMAMISTotal
Balance at June 30,
$1,285 $350 $1,635 $1,146 $336 $1,482 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(612)(123)(735)(551)(120)(671)
Increases due to amounts billable excluding amounts recognized as revenue during the period491 87 578 410 92 502 
Reclassification to liabilities held-for-sale (1)
$(23)— (23)— — — 
Increases due to acquisitions during the period— — — 5 5 
Effect of exchange rate changes(27)(1)(28)37 4 41 
Total changes in deferred revenue(171)(37)(208)(99)(24)(123)
Balance at September 30,
$1,114 $313 $1,427 $1,047 $312 $1,359 
(1) The 2025 reclassification to liabilities held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12.
22
Nine Months Ended September 30, 2025Nine Months Ended September 30, 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(1,074)(205)(1,279)(950)(197)(1,147)
Increases due to amounts billable excluding amounts recognized as revenue during the period910 239 1,149 860 238 1,098 
Reclassification to liabilities held-for-sale (1)
$(23)— (23)— — — 
Increases due to acquisitions during the period15 15 5 — 5 
Effect of exchange rate changes43 11 54 21 1 22 
Total changes in deferred revenue(129)45 (84)(64)42 (22)
Balance at September 30,
$1,114 $313 $1,427 $1,047 $312 $1,359 
Deferred revenue - current$1,113 $256 $1,369 $1,047 $253 $1,300 
Deferred revenue - non-current$1 $57 $58 $— $59 $59 
(1) The 2025 reclassification to liabilities held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12
For the MA segment, the decrease in deferred revenue for the three months ended September 30, 2025 and 2024 was primarily due to the recognition of annual subscription and maintenance revenue for the period, for which billing occurs in December and January. For the nine months ended September 30, 2025 and 2024, the decrease in the deferred revenue balance is attributable to recognition of revenues related to the aforementioned December billings being mostly offset by the impact of the high concentration of billings in the first quarter..
For the MIS segment, the change in the deferred revenue balance for all periods presented was primarily related to the significant portion of contract renewals that occur during the first quarter and are generally recognized over a one year period.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of September 30, 2025 as well as amounts not yet invoiced to customers as of September 30, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.1 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 September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $87 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.

23
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 September 30,
Nine Months Ended September 30,
2025202420252024
Stock-based compensation cost$58 $57 $176 $166 
Tax benefit$13 $12 $38 $36 
During the first nine months 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 nine months of 2025, which had a weighted average grant date fair value of $512.07 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 is 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 September 30, 2025 was $11 million and $287 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 2.5 years, respectively. Additionally, there was $59 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 1.8 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Nine Months Ended
September 30,
2025
2024
Exercise of stock options:
Proceeds from stock option exercises$26 $44 
Aggregate intrinsic value$42 $60 
Tax benefit realized upon exercise$9 $10 
Number of shares exercised
0.1 0.3 
Vesting of restricted stock:
Fair value of shares vested$245 $183 
Tax benefit realized upon vesting$60 $45 
Number of shares vested0.5 0.5 
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.

24
NOTE 5. INCOME TAXES
Moody’s ETR was 25.4% and 24.0% for the three months ended September 30, 2025 and 2024, respectively. The increase of 1.4% primarily reflects tax benefits recognized in the third quarter of 2024, which resulted from the resolutions of uncertain tax positions, coupled with an increase in current year state income taxes.
Moody’s ETR was 24.2% and 23.5% for the nine months ended September 30, 2025 and 2024, respectively. The year-to-date ETR as of September 30, 2025 was generally in line with the same period in the prior year. The Company’s provision for income taxes for the nine months ended September 30, 2025 differs from the tax computed by applying its estimated annual ETR to the pre-tax earnings primarily due to the excess tax benefits from stock-based compensation of $30 million.
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 an increase in its UTP reserves of $5 million, during the third quarter of 2025 (both on a gross basis and net of federal tax benefits) and an increase of $21 million ($19 million, net of federal tax benefits) during the first nine months 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 2024 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. corporate income tax returns are currently under audit for years 2017 through 2021, while years 2022 through 2023 remain open to examination.
In the fourth quarter of 2025, pursuant to a lapse of a statute of limitations, the Company expects to reverse $64 million in reserves (and $15 million in related interest) for uncertain tax positions that it had assumed as part of a prior year M&A transaction, for which the sellers had indemnified Moody's. This tax benefit and related reduction to Interest expense, net will be offset by the release of the related indemnification asset within Other non-operating income, net, with no impact to net income. 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:
Nine Months Ended September 30,
20252024
Income taxes paid $644 $391 
On July 4, 2025, the One Big Beautiful Bill Act was enacted in the U.S. Key provisions of the OBBBA include making permanent certain aspects of the Tax Act, modifying certain international tax rules, and restoring provisions that accelerate deductions for certain business investments and expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in subsequent years. The OBBBA did not have material impact on the Company’s consolidated financial statements for the period ended September 30, 2025, and the Company does not expect the changes to have a material impact on the provision for income taxes or net income in future periods.
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 September 30, 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.

25
NOTE 6. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Basic178.9 181.7 179.5 182.2 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.8 0.7 0.8 
Diluted179.6 182.5 180.2 183.0 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.2 0.3 0.2 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 September 30, 2025 and 2024.

NOTE 7. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of September 30, 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)
$1,228 $— $1,228 $1,149 $78 $1 
Mutual funds$91 $14 $105 $— $— $105 
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 September 30, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposits classified in other assets are 16 months to 23 months at September 30, 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 September 30, 2025 and December 31, 2024, the contract value of the COLI was $50 million and $48 million, respectively.

26
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
September 30, 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 $2,550 
Refer to Note 14 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Interest expense, net$(58)$(60)$(180)$(185)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(15)$(25)$(48)$(74)
Fair value changes on interest rate swapsInterest expense, net$13 $79 $75 $57 
Fair value changes on hedged debtInterest expense, net$(13)$(79)$(75)$(57)
27
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 exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,997 2.48%$2,114 3.98%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$3,907 —%$500 0.64%
Pay Fixed/Receive FixedS$389 —%HK$2,350 0.62%
(1) € = euro, HK$ = Hong Kong dollar, S$ = Singapore 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
28
As of September 30, 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
SGD/HKD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive) (1)
2027€530 $550 HK$— $— S$— HK$— 
2028588 600 — — — — 
2029573 614 — — — — 
2030662 700 — — — — 
2031481 500 — — — — 
2032481 500 3,907 500 389 2,350 
2033370 400 — — — — 
Total€3,685 $3,864 HK$3,907 $500 S$389 HK$2,350 
(1) € = euro, HK$ = Hong Kong dollar, S$ = Singapore 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
September 30,
Three Months Ended
September 30,
Three Months Ended
September 30,
202520242025202420252024
Cross currency swaps$6 $(95)$— $— $17 $12 
Long-term debt(1)(41)— — — — 
Total net investment hedges$5 $(136)$— $— $17 $12 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $1 $— $— $— 
Interest rate contracts$— $— $(1)$(1)$— $— 
Total cash flow hedges$— $— $— $(1)$— $— 
Total$5 $(136)$— $(1)$17 $12 
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
202520242025202420252024
Cross currency swaps$(359)$(20)$— $— $46 $34 
Long-term debt(130)(10)— — — — 
Total net investment hedges$(489)$(30)$— $— $46 $34 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $1 $— $— $— 
Interest rate contracts— — (2)(2)— — 
Total cash flow hedges$— $— $(1)$(2)$— $— 
Total$(489)$(30)$(1)$(2)$46 $34 
29
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
September 30, 2025December 31, 2024
Net investment hedges
Cross currency swaps$(181)$178 
FX forwards29 29 
Long-term debt(62)68 
Total net investment hedges$(214)$275 
Cash flow hedges
Interest rate contracts$(41)$(43)
Cross currency swaps— 1 
Total cash flow hedges(41)(42)
Total net gain in AOCL$(255)$233 
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 December 2025.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2025December 31, 2024
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$597 £442 $604 £470 
Contracts to sell USD for JPY
$24 ¥3,500 $29 ¥4,000 
Contracts to sell USD for CAD
$38 C$53 $35 C$50 
Contracts to sell USD for SGD
$74 S$95 $45 S$59 
Contracts to sell USD for EUR
$105 €89 $— €— 
Contracts to sell USD for INR
$20 ₹1,729 $23 ₹1,900 
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 September 30, 2025 and related gains in the three and nine months ended September 30, 2025 were not material. The notional amount of the total return swaps as of September 30, 2025 and December 31, 2024 was $72 million and $66 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
FX forwardsOther non-operating income, net$(17)$39 $49 $21 
Total return swaps
Operating expense
$2 $1 $5 $5 
Total return swaps
SG&A expense
$— $1 $1 $2 
30
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationSeptember 30, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$— $58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets2 — 
Total assets$2 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$4 $3 
Cross-currency swaps designated as net investment hedgesOther liabilities480 26 
Interest rate swaps designated as fair value hedgesOther liabilities90 166 
Total derivatives designated as accounting hedges574 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,468 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities4 21 
Total liabilities$2,046 $1,510 

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NOTE 9. GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Nine Months Ended September 30, 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)
136 — 136 8 — 8 144 — 144 
Foreign currency translation adjustments336 — 336 — — — 336 — 336 
Reclassification to assets held-for-sale (2)
(9)— (9)— — — (9)— (9)
Ending balance$6,089 $(12)$6,077 $388 $— $388 $6,477 $(12)$6,465 
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 (3)
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 and ICR Chile in 2025.
(2) The 2025 reclassification to assets held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12.
(3) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
32
Acquired intangible assets and related amortization consisted of:
September 30,
2025		December 31,
2024
Customer relationships$2,149 $2,035 
Accumulated amortization(686)(631)
Net customer relationships1,463 1,404 
Software/product technology774 695 
Accumulated amortization(507)(419)
Net software/product technology267 276 
Database163 166 
Accumulated amortization(99)(89)
Net database64 77 
Trade names200 199 
Accumulated amortization(91)(83)
Net trade names109 116 
Other (1)
63 67 
Accumulated amortization(50)(50)
Net other13 17 
Total acquired intangible assets, net (2)
$1,916 $1,890 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
(2) Excludes approximately $15M of net acquired intangible assets, which were reclassified to assets held-for-sale related to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Amortization expense
$55 $51 $163 $148 

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.
33
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended September 30,Nine months ended September 30,Cumulative expense incurred
2025202420252024
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$21 $— $75 $— $120 
Real estate related costs (2)
— — 4 — 4 
Internally developed software-related charges (3)
— — 2 — 2 
Total Restructuring$21 $— $81 $— $126 
(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.
(3) Includes the non-cash acceleration of amortization of internally developed software that has been abandoned.
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 adjustments72 
Cash payments
(79)
Balance as of September 30, 2025 (1)
$32 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of September 30, 2025, substantially all of the remaining $32 million restructuring liability is expected to be paid out in the next twelve months.

34
NOTE 11. FAIR VALUE    
The tables below present information about items that are carried at fair value at September 30, 2025 and December 31, 2024:
Fair Value Measurement as of September 30, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$2 $— $2 
Money market funds/mutual funds
115 115 — 
Total$117 $115 $2 
Liabilities:
Derivatives (1)
$578 $— $578 
Total$578 $— $578 
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.
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.

35
NOTE 12. OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
September 30, 2025December 31, 2024
Other current assets:
Prepaid taxes$112 $81 
Prepaid expenses188 179 
Capitalized costs to obtain and fulfill sales contracts131 131 
Foreign exchange forwards on certain assets and liabilities2 — 
Interest receivable on interest rate and cross currency swaps59 77 
Assets held-for-sale
32 — 
Other42 47 
Total other current assets$566 $515 
Other assets:
Investments in non-consolidated affiliates$483 $465 
Deposits for real-estate leases17 15 
Indemnification assets related to acquisitions116 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
106 98 
Company owned life insurance (at contract value)50 48 
Capitalized costs to obtain sales contracts
226 214 
Derivative instruments designated as accounting hedges— 58 
Pension and other retirement employee benefits62 60 
Other75 99 
Total other assets$1,135 $1,166 
Accounts payable and accrued liabilities:
Salaries and benefits$135 $133 
Incentive compensation263 452 
Customer credits, advanced payments and advanced billings129 142 
Dividends14 32 
Professional service fees40 38 
Interest accrued on debt
51 92 
Accounts payable54 53 
Income taxes89 144 
Pension and other retirement employee benefits11 11 
Accrued royalties19 25 
Foreign exchange forwards on certain assets and liabilities4 21 
Restructuring liability36 46 
Derivative instruments designated as accounting hedges4 3 
Interest payable on interest rate and cross currency swaps53 60 
Liabilities held-for-sale
32 — 
Other98 92 
Total accounts payable and accrued liabilities$1,032 $1,344 
36
September 30, 2025December 31, 2024
Other liabilities:
Pension and other retirement employee benefits$208 $195 
Interest accrued on UTPs63 47 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion— 12 
Derivative instruments designated as accounting hedges570 192 
Other41 52 
Total other liabilities$901 $517 
Assets and Liabilities Held-for-Sale
In August 2025, the Company entered into a definitive agreement to sell the MA Learning Solutions business. As of September 30, 2025, the assets and liabilities related to this business, which are not material, are classified as held-for-sale. The Company expects the transaction to close during the fourth quarter of 2025.
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:
September 30, 2025December 31, 2024
Equity method investments (1)
$119 $127 
Investments measured using the measurement alternative (2)
350 328 
Other14 10 
Total investments in non-consolidated affiliates$483 $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 September 30,Nine Months Ended September 30,
2025202420252024
FX gains (losses)
$(7)$— $(10)$(7)
Net periodic pension income - non-service and non-interest cost components
9 9 27 25 
Income from investments in non-consolidated affiliates4 8 18 10 
Gain on previously held equity method investments (1)
— 7 — 7 
Gain on investments
3 4 8 12 
Other
(1)(3)(1)(2)
Total$8 $25 $42 $45 
(1) The amounts for the three and nine months ended September 30, 2024 reflect non-cash gains relating to the step-acquisitions of Praedicat and GCR.
Charges related to asset abandonment:
During the three and nine months ended September 30, 2025, the Company recorded severance charges 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. During the three and nine months ended September 30, 2024, the Company incurred severance charges and
37
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. Cumulative charges relating to this action as of September 30, 2025 were $47 million.

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 September 30,
20252024
Gains/(Losses)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 June 30,
$(41)$(41)$(218)$(219)$(519)$(59)$(43)$(674)$159 $(617)
Other comprehensive income (loss) before reclassifications
— — (24)5 (19)— — 249 (136)113 
Amounts reclassified from AOCL— — — — — — 1 — — 1 
Other comprehensive income (loss)
— — (24)5 (19)— 1 249 (136)114 
Balance at September 30,
$(41)$(41)$(242)$(214)$(538)$(59)$(42)$(425)$23 $(503)

Nine Months Ended September 30,
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
(1)— 590 (489)100 (2)— 95 (30)63 
Amounts reclassified from AOCL(1)1 — — — (1)2 — — 1 
Other comprehensive income (loss)
(2)1 590 (489)100 (3)2 95 (30)64 
Balance at September 30,
$(41)$(41)$(242)$(214)$(538)$(59)$(42)$(425)$23 $(503)

38
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:
September 30, 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 $(20)$3 $(4)$579 
1.75% 2015 Senior Notes, due 2027
587 — — (1)586 
3.25% 2017 Senior Notes, due 2028
500 (4)(1)(1)494 
4.25% 2018 Senior Notes, due 2029
400 (21)(1)(1)377 
4.875% 2018 Senior Notes, due 2048
400 (23)(6)(3)368 
0.950% 2019 Senior Notes, due 2030
881 — (1)(3)877 
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)(4)584 
3.10% 2021 Senior Notes, due 2061
500 — (6)(5)489 
3.75% 2022 Senior Notes, due 2052
500 (23)(8)(4)465 
4.25% 2022 Senior Notes, due 2032
500 (3)(2)(3)492 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,168 $(94)$(49)$(42)$6,983 
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.
39

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 September 30, 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 September 30, 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 September 30,)
$— 
2026— 
2027587 
2028500 
2029400 
Thereafter5,681 
Total$7,168 
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 September 30,Nine Months Ended September 30,
2025202420252024
Income$14 $28 $51 $73 
Expense on borrowings(1)
(59)(79)(193)(227)
Expense on UTPs and other tax related liabilities
(6)(3)(17)(12)
Net periodic pension costs - interest component(7)(6)(21)(19)
Interest expense, net$(58)$(60)$(180)$(185)
Interest paid(2)
$56 $83 $192 $234 
(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 September 30, 2025 and December 31, 2024 are as follows:
September 30, 2025December 31, 2024
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,983 $6,283 $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.
40
The following table presents the components of the Company’s lease cost:
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Operating lease cost$22 $23 $66 $66 
Sublease income(2)(1)(6)(5)
Variable lease cost5 5 15 16 
Total lease cost$25 $27 $75 $77 
The following tables present other information related to the Company’s operating leases:
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Cash paid for amounts included in the measurement of operating lease liabilities$30 $31 $91 $90 
Right-of-use assets obtained in exchange for new operating lease liabilities
$95 $15 $142 $20 
September 30, 2025September 30, 2024
Weighted-average remaining lease term
6.5 years4.0 years
Weighted-average discount rate applied to operating leases
4.6 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at September 30, 2025:
Year Ending December 31,Operating Leases
2025 (After September 30,)
$28 
2026100 
202786 
202831 
202935 
After 2029177 
Total lease payments (undiscounted)457 
Less: Interest77 
Present value of lease liabilities:$380 
Lease liabilities - current$98 
Lease liabilities - noncurrent$282 

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 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.
41
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.
42
Three Months Ended September 30,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$909 $1,098 $— $2,007 $831 $982 $— $1,813 
Intersegment revenue3 50 (53)— 3 48 (51)— 
Revenue912 1,148 (53)2,007 834 1,030 (51)1,813 
Compensation expense
352 283 — 635 350 318 — 668 
Non-compensation expense
197 113 — 310 183 95 — 278 
Intersegment expense
50 3 (53)— 48 3 (51)— 
Operating, SG&A599 399 (53)945 581 416 (51)946 
Adjusted Operating Income$313 $749 $— $1,062 $253 $614 $— $867 
Less:

Depreciation and
amortization		101 22 — 123 88 20 — 108 
Restructuring15 6 — 21 4 2 — 6 
Charges related to asset abandonment1 — — 1 15 — — 15 
Operating Income$917 $738 
Non-operating (expense) income, net
$(50)$(35)
Income before provision for income taxes
$867 $703 
Nine Months Ended September 30,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$2,656 $3,173 $— $5,829 $2,432 $2,984 $— $5,416 
Intersegment revenue9 149 (158)— 10 144 (154)— 
Revenue2,665 3,322 (158)5,829 2,442 3,128 (154)5,416 
Compensation expense
1,069 843 — 1,912 1,023 867 — 1,890 
Non-compensation expense
589 306 — 895 554 297 — 851 
Intersegment expense
149 9 (158)— 144 10 (154)— 
Operating, SG&A1,807 1,158 (158)2,807 1,721 1,174 (154)2,741 
Adjusted Operating Income$858 $2,164 $— $3,022 $721 $1,954 $— $2,675 
Less:

Depreciation and
amortization		292 64 — 356 260 58 — 318 
Restructuring59 22 — 81 7 6 — 13 
Charges related to asset abandonment4 — — 4 30 — — 30 
Operating Income$2,581 $2,314 
Non-operating (expense) income, net
$(138)$(140)
Income before provision for income taxes
$2,443 $2,174 

The table below shows cumulative restructuring expense incurred through September 30, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$93 $33 $126 
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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 September 30,
Nine Months Ended September 30,
2025202420252024
United States$1,118 $999 $3,175 $2,942 
Non-U.S.:
EMEA594 546 1,776 1,654 
Asia-Pacific180 157 521 476 
Americas115 111 357 344 
Total Non-U.S.889 814 2,654 2,474 
Total$2,007 $1,813 $5,829 $5,416 

44
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 86 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 assessment of goodwill for impairment.
Goodwill
At July 31st of each year, 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.
45
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.
At July 31, 2025, the Company performed qualitative assessments for each of the three reporting units. These qualitative assessments resulted in the Company determining that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
Reportable Segments
The Company is organized into two reportable segments as of September 30, 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 September 30, 2025 compared with three months ended September 30, 2024
Executive Summary
The following table provides an executive summary of key operating results for the quarter ended September 30, 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.
46
Three Months Ended
September 30,
Financial measure:20252024% Change Favorable
(Unfavorable)
Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$2,007 $1,813 11 %
— reflects revenue growth in both segments
MA external revenue$909 $831 9 %
— sustained demand for insurance and KYC offerings;
— ongoing strong demand for ratings data feeds and company data applications; and
— continued demand for credit research product offerings
— Organic constant currency revenue(1) growth was 6% and ARR(2) increased 8%
MIS external revenue$1,098 $982 12 %
— strong investor demand and tight credit spreads supported revenue growth in all ratings LOBs, led by:
— an increase in leveraged finance issuance (which includes bank loans and speculative-grade bonds); and
— strong issuance activity from infrequent issuers in the FIG banking sector
Total operating and SG&A expenses$945 $946 — %
— a decrease in incentive compensation, which aligns with actual/projected financial and operational performance; offset by
— higher salaries reflecting an increase in headcount as well as annual salary increases in both segments;
— costs to support operating growth; and
— an increase in charitable contributions
Depreciation and amortization$123 $108 (14 %)
— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions; and
— amortization of recently acquired intangible assets
Restructuring$21 $6 (250 %)
— relates to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements
Charges related to asset abandonment
$1 $15 93 %
— costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, more fully discussed in Note 12 to the consolidated financial statements
Total non-operating (expense) income, net$(50)$(35)(43 %)
— an increase in FX losses; and
— gains recorded on previously held equity investments in the prior year, more fully discussed in Note 12 to the consolidated financial statements
Operating margin45.7 %40.7 %500 BPS
— Operating margin and Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management
Adjusted Operating Margin(1)
52.9 %47.8 %510 BPS
ETR25.4 %24.0 %140BPS
— reflects tax benefits recognized in the third quarter of 2024, which resulted from the resolutions of uncertain tax positions, coupled with an increase in current year state income taxes
Diluted EPS$3.60 $2.93 23 %
— increase reflects the aforementioned revenue growth and margin expansion
Adjusted Diluted EPS(1)
$3.92 $3.21 22 %
47
Moody's Corporation
Three Months Ended September 30,
% Change Favorable
(Unfavorable)
20252024
Revenue:
United States$1,118 $999 12%
Non-U.S.:
EMEA594 546 9%
Asia-Pacific180 157 15%
Americas115 111 4%
Total Non-U.S.889 814 9%
Total2,007 1,813 11%
Expenses:
Operating492 512 4%
SG&A453 434 (4%)
Depreciation and amortization123 108 (14%)
Restructuring21 6 (250%)
Charges related to asset abandonment
1 15 93%
Total1,090 1,075 (1%)
Operating income$917 $738 24%
Adjusted Operating Income(1)
$1,062 $867 22%
Interest expense, net$(58)$(60)3%
Other non-operating income, net8 25 (68%)
Non-operating (expense) income, net$(50)$(35)(43%)
Net income attributable to Moody's$646 $534 21%
Diluted weighted average shares outstanding179.6 182.5 2%
Diluted EPS attributable to Moody's common shareholders$3.60 $2.93 23%
Adjusted Diluted EPS(1)
$3.92 $3.21 22%
Operating margin45.7 %40.7 %
Adjusted Operating Margin(1)
52.9 %47.8 %
ETR
25.4 %24.0 %
The table below shows Moody’s global staffing by geographic area:
September 30,Change
20252024%
MAU.S.2,853 2,971 (4 %)
Non-U.S.5,106 5,182 (1 %)
Total7,959 8,153 (2 %)
MISU.S. 1,572 1,559 1 %
Non-U.S. 4,257 4,136 3 %
Total 5,829 5,695 2 %
MSSU.S.680 689 (1 %)
Non-U.S.1,484 1,239 20 %
Total2,164 1,928 12 %
Total MCOU.S.5,105 5,219 (2 %)
Non-U.S.10,847 10,557 3 %
Total15,952 15,776 1 %

48
GLOBAL REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
1119 1124 1133 1138
Global revenue ⇑ $194 million
U.S. Revenue ⇑ $119 million
Non-U.S. Revenue ⇑ $75 million
The 11% increase in global revenue reflects growth in MA of 9% and MIS of 12%. On an organic constant currency basis, revenue(1) grew 9%. Refer to the section entitled “Segment Results” of this MD&A for a more comprehensive discussion of the Company’s segment revenue.
Third Quarter Operating Expense ⇓ $20 million
1447
Compensation expenses of $364 million decreased $30 million, reflecting:
Non-compensation expenses of $128 million increased $10 million, reflecting:
— a decrease in incentive compensation, which aligns with actual/projected financial and operational performance; partially offset by
— increase in costs to support operating growth, including investments to support technology and innovation
— growth in salaries and benefits attributable to recent acquisitions as well as hiring and salary increases
49
Third Quarter SG&A Expense ⇑ $19 million
1452
Compensation expenses of $271 million decreased $3 million, reflecting:
Non-compensation expenses of $182 million increased $22 million, reflecting:
— a decrease in incentive compensation, which aligns with actual/projected financial and operational performance; partially offset by
— an increase in charitable contributions; and
— an increase in costs to support operating growth, including investments to support technology and innovation
— growth in salaries and benefits attributable to hiring and salary increases as well as recent acquisitions
Depreciation and amortization
The increase is primarily driven by amortization of internally developed software, which relates to the development of MA SaaS solutions, as well as amortization of recently acquired intangible assets.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
Operating margin 45.7%, ⇑ 500 BPS
Adjusted Operating Margin(1) 52.9%, ⇑ 510 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management.
Interest Expense, net ⇓ $2 million
Other non-operating income ⇓ $17 million
Interest expense was generally in line with prior year with the following offsetting factors:
Decrease in income is primarily due to:
— lower interest expense on borrowings of $20 million attributable to favorable impacts from fixed-to-floating interest rate swaps reflecting a lower interest rate environment compared to the prior year, coupled with a decrease in debt outstanding; partially offset by
— an increase in FX losses of $7 million; and
— gains of $7 million recorded on previously held equity investments in the prior year, more fully discussed in Note 12 to the consolidated financial statements
— a decrease in interest income of $14 million reflecting lower cash and short-term investment balances coupled with lower interest rates
ETR ⇑ 140 BPS
The ETR was higher than the prior year reflecting tax benefits recognized in the third quarter of 2024, which resulted from the resolutions of uncertain tax positions, coupled with an increase in current year state income taxes.


50
Diluted EPS ⇑ $0.67
Adjusted Diluted EPS(1) ⇑ $0.71
Both diluted EPS and Adjusted Diluted EPS(1) growth is mostly attributable to the aforementioned revenue growth and margin expansion.
51
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 September 30,
% Change Favorable
(Unfavorable)
20252024
Revenue:
Decision Solutions (DS)$424 $383 11%
Research and Insights (R&I)252 235 7%
Data and Information (D&I)233 213 9%
Total external revenue909 831 9%
Intersegment revenue3 3 —%
Total MA revenue912 834 9%
Expenses:
Operating and SG&A (external)549 533 (3%)
Operating and SG&A (intersegment)50 48 (4%)
Total operating and SG&A599 581 (3%)
Adjusted Operating Income
$313 $253 24%
Adjusted Operating Margin
34.3 %30.3 %
Depreciation and amortization101 88 (15%)
Restructuring15 4 (275%)
Charges related to asset abandonment
1 15 93%

MOODY'S ANALYTICS REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
358 360 369 371
MA: Global revenue ⇑ $78 million
U.S. Revenue ⇑ $40 million
Non-U.S. Revenue ⇑ $38 million
The 9% increase in global MA revenue reflects growth both in the U.S. (12%) and internationally (8%).
–Organic constant currency revenue(1) growth was 6%.
–Recurring revenue growth and organic constant currency recurring revenue(1) growth was 11% and 8%, respectively.
–ARR(2) increased 8%.
The increases are reflective of growth across all LOBs, as discussed in further detail below.
52
DECISION SOLUTIONS REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
973     977978 980
 DS: Global revenue ⇑ $41 million
U.S. Revenue ⇑ $23 million
Non-U.S. Revenue ⇑ $18 million
Global DS revenue for the three months ended September 30, 2025 and 2024 was comprised as follows:
1065
Global DS revenue grew 11% compared to the third quarter of 2024 and reflects increases in the U.S. (16%) and internationally (8%). Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 6% and 9%, respectively.
The most notable drivers of the growth are as follows:
–Insurance revenue grew 16%
–recurring revenue growth of 18% in Insurance was attributable to:
–continued demand for subscription-based catastrophe models; and
–revenue from Praedicat and CAPE Analytics, which the Company acquired in the third quarter of 2024 and first quarter of 2025, respectively
–Organic constant currency revenue(1) growth and organic constant currency recurring revenue(1) growth for Insurance was 8% and 11%, respectively
–ARR(2) grew 8% reflecting the continued demand for subscription-based catastrophe and actuarial models
–KYC revenue grew 19%
–recurring revenue growth of 22% reflects strong demand and customer retention for the suite of KYC solutions
–Organic constant currency revenue(1) growth and organic constant currency recurring revenue(1) growth in KYC was 16% and 18%, respectively
–ARR(2) grew 16%, reflecting the aforementioned strong demand for KYC solutions



53
–Banking revenue was in line with the prior year
–recurring revenue growth of 3% within Banking reflected:
–expansion of existing customer relationships to cloud hosted subscription-based banking offerings, which enable customers' lending, risk management and finance workflows; and
–revenue from Numerated, which the Company acquired in the fourth quarter of 2024;
partially offset by:
–a decline in revenue from installed software subscriptions
–Transaction revenue declined 11%
–The aforementioned declines in installed software subscriptions and transaction revenue reflect MA's continued strategic shift to cloud hosted subscription-based solutions
–Organic constant currency revenue(1) declined by 3% and organic constant currency recurring revenue(1) was in line with the prior year
–ARR(2) grew 7% reflecting the aforementioned expansion of existing customer relationships to subscription-based banking offerings
The aforementioned factors contributed to overall ARR(2) growth for DS of 10%.

RESEARCH AND INSIGHTS REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
___________________________________________________ ________________________________________________
360136023603 3605
R&I: Global revenue ⇑ $17 million
U.S. Revenue ⇑ $9 million
Non-U.S. Revenue ⇑ $8 million
Global R&I revenue increased 7% compared to the third quarter of 2024 and reflects growth in both the U.S. (7%) and internationally (7%).

The revenue increase was mainly driven by sales growth and improved retention rates from the credit research product offering, which contributed to R&I ARR(2) growth of 8%.
54

DATA AND INFORMATION REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
________________________________________________________________________________________________________
419341944195 4197
D&I: Global revenue ⇑ $20 million
U.S. Revenue ⇑ $8 million
Non-U.S. Revenue ⇑ $12 million
Global D&I revenue increased 9% compared to the third quarter of 2024 and reflects growth in both the U.S. (11%) and internationally (9%). Organic constant currency revenue(1) growth for D&I was 7%.
The revenue increase was mainly driven by continued demand for ratings data feeds and company data applications which contributed to ARR(2) growth of 7%.

MA: Third Quarter Operating and SG&A Expense ⇑ $16 million
4593
Compensation expenses of $352 million were in line with the prior year reflecting:
Non-compensation expenses of $197 million increased $14 million:
— growth in salaries and benefits driven largely by recent acquisitions; offset by
— the increase is mainly attributable to costs to support operating growth, including investments to support technology and innovation
— benefits from operational efficiency and cost savings from the Strategic and Operational Efficiency Restructuring Program
MA: Adjusted Operating Margin 34.3% ⇑ 400 BPS
Adjusted Operating Margin expansion primarily reflects the aforementioned 9% increase in global MA revenue, partially offset by modest growth of 3% in operating and SG&A expenses, supported by operational efficiency and cost savings from the Strategic and Operational Efficiency Restructuring Program and ongoing disciplined cost management.
55
Depreciation and amortization
The increase in depreciation and amortization expense reflects higher amortization of internally developed software relating to the development of SaaS-based solutions as well as the amortization of recently acquired intangible assets.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended
September 30,
% Change Favorable
(Unfavorable)
20252024
Revenue:
Corporate finance (CFG)$576 $515 12%
Structured finance (SFG)146 135 8%
Financial institutions (FIG)208 170 22%
Public, project and infrastructure finance (PPIF)161 154 5%
Total ratings revenue1,091 974 12%
MIS Other7 8 (13%)
Total external revenue1,098 982 12%
Intersegment revenue50 48 4%
Total MIS revenue1,148 1,030 11%
Expenses:
Operating and SG&A (external)396 413 4%
Operating and SG&A (intersegment)3 3 —%
Total operating and SG&A399 416 4%
Adjusted Operating Income
$749 $614 22%
Adjusted Operating Margin
65.2 %59.6 %
Depreciation and amortization22 20 (10%)
Restructuring6 2 (200%)
The following chart presents changes in rated issuance volumes compared to the third 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

56
MOODY'S INVESTORS SERVICE REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
620 622 630 632
MIS: Global revenue ⇑ $116 million
U.S. Revenue ⇑ $79 million
Non-U.S. Revenue ⇑ $37 million
The increase in global MIS revenue reflects growth across all ratings LOBs.


CFG REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
1028 1030 1038 1040
CFG: Global revenue ⇑ $61 million
U.S. Revenue ⇑ $41 million
Non-U.S. Revenue ⇑ $20 million
57
Global CFG revenue for the three months ended September 30, 2025 and 2024 was comprised as follows:
1126
* 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 12% reflects growth in the U.S. (11%) and internationally (13%).
Transaction revenue increased $51 million compared to the same period in the prior year, which primarily reflected:
–higher leveraged finance (which includes bank loans and speculative-grade bonds) issuance activity reflecting:
–strong investor demand as yields remained high;
–continued tight credit spreads; and
–speculative-grade issuers opportunistically refinancing upcoming debt maturities in response to favorable market conditions
partially offset by:
–lower investment grade revenue compared to a strong prior year comparative.
Recurring revenue increased $10 million, primarily reflecting the impact of annual price increases and higher monitored credits.

SFG REVENUE
Three months ended September 30,
2025---------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
2219 2224 2233 2238
SFG: Global revenue ⇑ $11 million
U.S. Revenue ⇑ $10 million
Non-U.S. Revenue ⇑ $1 million

58
Global SFG revenue for the three months ended September 30, 2025 and 2024 was comprised as follows:
2325
The increase in SFG revenue of 8% reflects growth in the U.S. (10%) and internationally (3%).
Transaction revenue increased $8 million compared to the third quarter of 2024, mainly attributable to tight spreads and strong investor demand, which supported:
–strong CLO deal formation supported by higher bank loan issuance; and
–higher issuance activity in U.S. RMBS.

FIG REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
2615 2620 2629 2634
FIG: Global revenue ⇑ $38 million
U.S. Revenue ⇑ $21 million
Non-U.S. Revenue ⇑ $17 million
Global FIG revenue for the three months ended September 30, 2025 and 2024 was comprised as follows:
2720
59
The increase in FIG revenue of 22% reflects growth in the U.S. (23%) and internationally (21%).
Transaction revenue increased $31 million compared to the third quarter of 2024, mainly due to growth in the banking sector, which was attributable to a favorable issuance mix from infrequent issuer activity.

PPIF REVENUE
Three months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
3376 3381 3389 3394
PPIF: Global revenue ⇑ $7 million
U.S. Revenue ⇑ $8 million
Non-U.S. Revenue ⇓ 1 million
Global PPIF revenue for the three months ended September 30, 2025 and 2024 was comprised as follows:
3481

The increase in PPIF revenue of 5% reflects growth in the U.S. (8%), partially offset by declines internationally (2%).
Transaction revenue increased $2 million compared to the third quarter of 2024, driven by a favorable issuance mix in U.S. Public Finance, particularly in the regional and municipal sectors.
Recurring revenue increased $5 million, driven by the impact of annual price increases and higher monitored credits.

60
MIS: Third Quarter Operating and SG&A Expense ⇓ $17 million
3813
Compensation expenses of $283 million decreased $35 million reflecting:
Non-compensation expenses of $113 million increased $18 million reflecting:
— a decrease in incentive compensation aligned with actual/projected financial and operating performance; partially offset by:
— an increase in charitable contributions; and
— an increase in costs to support operating growth
— growth in salaries and benefits reflecting higher headcount and annual salary increases.
MIS: Adjusted Operating Margin 65.2% ⇑ 560 BPS
MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 12% 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. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
61
Nine months ended September 30, 2025 compared with nine months ended September 30, 2024
Executive Summary
The following table provides an executive summary of key operating results for the nine months ended September 30, 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.
Nine Months Ended September 30,
Financial measure:20252024% Change Favorable (Unfavorable)Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$5,829 $5,416 8%
— reflects revenue growth in both segments
MA external revenue$2,656 $2,432 9%
— sustained demand for insurance and KYC offerings;
— continued demand for credit research product offerings; and
— ongoing demand for ratings data feeds
— Organic constant currency revenue(1) growth was 7%, and ARR(2) grew 8%
MIS external revenue$3,173 $2,984 6%
— strong investor demand and tight credit spreads supported revenue growth in all ratings LOBs
Total operating and SG&A expenses$2,807 $2,741 (2%)
— higher salaries and benefits reflecting an increase in headcount and annual salary increases; partially offset by
— a decrease in incentive compensation which aligns with actual/projected financial and operational performance
Depreciation and amortization$356 $318 (12%)
— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions; and
— amortization of recently acquired intangible assets
Restructuring$81 $13 NM
— relates to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements
Charges related to asset abandonment
$4 $30 87%
— costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 12 to the consolidated financial statements
Total non-operating (expense) income, net$(138)$(140)1%
— in line with prior year
Operating margin44.3 %42.7 %160 BPS
— Operating margin and Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management
Adjusted Operating Margin(1)
51.8 %49.4 %240 BPS
ETR24.2 %23.5 %(70 BPS)
— generally in line with the prior year
Diluted EPS$10.26 $9.09 13%
— increase reflects the aforementioned revenue growth and margin expansion
Adjusted Diluted EPS(1)
$11.30 $9.85 15%
62
Moody’s Corporation
Nine Months Ended September 30,% Change Favorable
(Unfavorable)
20252024
Revenue:
United States$3,175 $2,942 8%
Non-U.S.:
EMEA1,776 1,654 7%
Asia-Pacific521 476 9%
Americas357 344 4%
Total Non-U.S.2,654 2,474 7%
Total5,829 5,416 8%
Expenses:
Operating1,472 1,448 (2%)
SG&A1,335 1,293 (3%)
Depreciation and amortization356 318 (12%)
Restructuring81 13 NM
Charges related to asset abandonment
4 30 87%
Total3,248 3,102 (5%)
Operating income$2,581 2,314 12%
Adjusted Operating Income (1)
$3,022 2,675 13%
Interest expense, net$(180)(185)3%
Other non-operating income, net42 45 (7%)
Non-operating (expense) income, net$(138)(140)1%
Net income attributable to Moody’s$1,849 $1,663 11%
Diluted weighted average shares outstanding180.2 183.0 2%
Diluted EPS attributable to Moody’s common shareholders$10.26 $9.09 13%
Adjusted Diluted EPS (1)
$11.30 $9.85 15%
Operating margin44.3 %42.7 %
Adjusted Operating Margin (1)
51.8 %49.4 %
Effective tax rate24.2 %23.5 %
GLOBAL REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
563 568 577 579
63
Global revenue ⇑ $413 million
U.S. Revenue ⇑ $233 million
Non-U.S. Revenue ⇑ $180 million
Growth in global revenue reflected increases in both MA and MIS, 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.
YTD Operating Expense ⇑ $24 million
819
Compensation expenses of $1,094 million increased $8 million, reflecting:
Non-compensation expenses of $378 million increased $16 million, reflecting:
— growth in salaries and benefits attributable to hiring and salary increases to support continued growth in the business as well as recent acquisitions; partially offset by
— costs associated with recent acquisitions; and
— increase in costs to support operating growth, including investments to support technology and innovation
— a decrease in incentive compensation, which aligns with actual/projected financial and operational performance
YTD SG&A Expense ⇑ $42 million
825
Compensation expenses of $818 million increased $14 million, reflecting:
Non-compensation expenses of $517 million increased $28 million, reflecting:
— growth in salaries and benefits attributable to recent acquisitions as well as hiring and annual salary increases; partially offset by
— costs associated with recent acquisitions; and
— an increase in charitable contributions
— a decrease in incentive compensation, which aligns with actual/projected financial and operational performance
64
Depreciation and amortization
The increase in depreciation and amortization expense is driven by the amortization of internally developed software, which is primarily related to the development of MA SaaS solutions as well as the amortization of recently acquired intangible assets.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 12 to the consolidated financial statements.
Operating margin 44.3%, ⇑ 160 BPS
Adjusted Operating Margin(1) 51.8%, ⇑ 240 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects the 8% increase in revenue, partially offset by growth of 5% in operating and SG&A expenses.
Interest Expense, net ⇓ $5 million
Other non-operating income ⇓ $3 million
The decrease in interest expense is primarily due to:
Other non-operating income was generally in line compared to the prior year
— lower interest expense on borrowings of $34 million is attributable to favorable impacts from fixed-to-floating interest rate swaps reflecting a lower interest rate environment compared to the prior year, coupled with a decrease in debt outstanding; partially offset by
— lower interest income of $22 million reflecting lower cash and short-term investment balances and lower interest rates
ETR ⇑ 70 BPS
The ETR was generally in line with the prior year.
Diluted EPS ⇑ $1.17
Adjusted Diluted EPS(1) ⇑ $1.45
Both diluted EPS and Adjusted Diluted EPS(1) growth is mostly attributable to the aforementioned growth in revenue and operating income/adjusted operating income(2).

65
Segment Results
Moody’s Analytics
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Nine Months Ended September 30,% Change Favorable
(Unfavorable)
20252024
Revenue:
Decision Solutions (DS)$1,242 $1,114 11%
Research and Insights (R&I)737 683 8%
Data and Information (D&I)677 635 7%
Total external revenue2,656 2,432 9%
Intersegment revenue9 10 (10%)
Total MA Revenue2,665 2,442 9%
Expenses:
Operating and SG&A (external)1,658 1,577 (5%)
Operating and SG&A (intersegment)149 144 (3%)
Total operating and SG&A expense1,807 1,721 (5%)
Adjusted Operating Income
$858 $721 19%
Adjusted Operating Margin
32.2 %29.5 %
Depreciation and amortization292 260 (12%)
Restructuring59 7 NM
Charges related to asset abandonment
4 30 87%
MOODY'S ANALYTICS REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
357 359 368 370
MA: Global revenue ⇑ $224 million
U.S. Revenue ⇑ $121 million
Non-U.S. Revenue ⇑ $103 million
The 9% increase in global MA revenue reflects growth both in the U.S. (12%) and internationally (7%).
–Organic constant currency revenue(1) growth was 7%.
–Recurring revenue growth and organic constant currency recurring revenue(1) growth was 11% and 8%, respectively.
–ARR(2) increased 8%.
These increases are reflective of growth across all LOBs, as discussed in further detail below.
.
66
DECISION SOLUTIONS REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
982     986987 989
DS: Global revenue ⇑ $128 million
U.S. Revenue ⇑ $76 million
Non-U.S. Revenue ⇑ $52 million
Global DS revenue for the nine months ended September 30, 2025 and 2024 was comprised as follows:
1058
Global DS revenue grew 11% compared to the first nine months of 2024 and reflects increases in both the U.S. (18%) and internationally (7%). Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 7% and 10%, respectively. ARR(2) growth was 10%.
The most notable drivers of the growth are as follows:
–Insurance revenue grew 14%
–recurring revenue growth of 16% in Insurance was attributable to:
–continued demand resulting in new sales for subscription-based revenue for catastrophe modeling tools; and
–revenue from Praedicat and CAPE Analytics, which the Company acquired in the third quarter of 2024 and first quarter of 2025, respectively
–Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for Insurance was 7% and 9%, respectively
–ARR(2) grew 8%, reflecting the aforementioned continued demand for subscription-based catastrophe modeling tools
–KYC revenue grew 19%
–recurring revenue growth of 21% in KYC reflects strong demand and customer retention for KYC and compliance solutions reflecting increased customer and supplier risk data usage
–Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for KYC was 17% and 19%, respectively
–ARR(2) grew 16%, reflecting the aforementioned strong demand for KYC solutions, however trailed organic constant currency recurring revenue(1) growth mainly due to certain isolated customer attrition events in 2025
67
–Banking revenue grew 3%
–recurring revenue growth of 7% within Banking reflected:
–expansion of existing customer relationships to cloud hosted subscription-based banking offerings, which enable customers' lending, risk management and finance workflows; and
–revenue from Numerated, which the Company acquired in the fourth quarter of 2024;
partially offset by:
–a decline in transaction revenue of 11%, reflecting MA's continued strategic shift to cloud hosted subscription-based solutions
–Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for Banking was 1% and 5%, respectively
–ARR(2) grew 7%

RESEARCH AND INSIGHTS REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
340334043405 3407
R&I: Global revenue ⇑ $54 million
U.S. Revenue ⇑ $30 million
Non-U.S. Revenue ⇑ $24 million
Global R&I revenue increased 8% compared to the first nine months of 2024 and reflects growth in both the U.S. (8%) and internationally (8%).
The revenue increase was attributable to sales growth for credit research product offerings, which contributed to ARR(2) growth of 8%.
68
DATA AND INFORMATION REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
389438953896 3898
D&I: Global revenue ⇑ $42 million
U.S. Revenue ⇑ $15 million
Non-U.S. Revenue ⇑ $27 million
Global D&I revenue increased 7% compared to the first nine months of 2024 and reflects growth in both the U.S. (7%) and internationally (7%). Organic constant currency revenue(1) growth for D&I was 5%.
This growth was mainly driven by continued strong demand for ratings data feeds and company data applications, which contributed to ARR(2) growth of 7% for D&I.
MA: YTD Operating and SG&A Expense ⇑ $81 million
4184
Compensation expenses of $1,069 million increased $46 million reflecting:
Non-compensation expenses of $589 million increased $35 million reflecting:
— growth in salaries and benefits driven largely by recent acquisitions
— costs associated with recent acquisitions; and
— an increase in costs to support operating growth, including investments to support technology and innovation
69
MA: Adjusted Operating Margin 32.2% ⇑ 270 BPS
Adjusted Operating Margin expansion primarily reflects the aforementioned 9% increase in global MA revenue, partially offset by growth of 5% in operating and SG&A expenses, supported by operational efficiency/disciplined cost management and cost savings from the Strategic and Operational Efficiency Restructuring Program.
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 as well as the amortization of recently acquired intangible assets.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 12 to the consolidated financial statements.
70
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Nine Months Ended September 30,% Change Favorable
(Unfavorable)
20252024
Revenue:
Corporate finance (CFG)$1,652 $1,569 5%
Structured finance (SFG)419 380 10%
Financial institutions (FIG)590 560 5%
Public, project and infrastructure finance (PPIF)486 449 8%
Total ratings revenue3,147 2,958 6%
MIS Other26 26 —%
Total external revenue3,173 2,984 6%
Intersegment royalty149 144 3%
Total3,322 3,128 6%
Expenses:
Operating and SG&A (external)1,149 1,164 1%
Operating and SG&A (intersegment)9 10 10%
Total operating and SG&A expense1,158 1,174 1%
Adjusted Operating Income
$2,164 $1,954 11%
Adjusted Operating Margin
65.1 %62.5 %
Depreciation and amortization64 58 (10%)
Restructuring22 6 (267%)
The following chart presents changes in rated issuance volumes compared to the first nine months of 2024. To the extent that changes in rated issuance volumes had a material impact on MIS's revenue compared to the prior year, those impacts are discussed below.
388
71
MOODY'S INVESTORS SERVICE REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
619 621 629 631
MIS: Global revenue ⇑ $189 million
U.S. Revenue ⇑ $112 million
Non-U.S. Revenue ⇑ $77 million
The increase in global MIS revenue reflects growth across all ratings LOBs.
CFG REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
932 934 942 944
CFG: Global revenue ⇑ $83 million
U.S. Revenue ⇑ 32 million
Non-U.S. Revenue ⇑ $51 million
Global CFG revenue for the nine months ended September 30, 2025 and 2024 was comprised as follows:
1011
* 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.
72
The increase in CFG revenue of 5% reflects growth in both the U.S. (3%) and internationally (10%).
Transaction revenue increased $56 million compared to the prior year, which primarily reflected:
–higher issuance activity for speculative-grade bonds driven by elevated third-quarter activity as issuers took advantage of favorable conditions, including tight spreads and lower interest rates, to refinance debt; and
–higher issuance activity for investment-grade bonds, which reflected continued tight credit spreads and investor demand for higher quality credits.
Recurring revenue increased $27 million, primarily reflecting the impact of annual price increases and higher monitored credits.

SFG REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
1894 1896 19051906
SFG: Global revenue ⇑ $39 million
U.S. Revenue ⇑ $33 million
Non-U.S. Revenue ⇑ $6 million
Global SFG revenue for the nine months ended September 30, 2025 and 2024 was comprised as follows:
1974
The increase in SFG revenue of 10% reflects growth in both the U.S. (12%) and internationally (5%).
The increase reflected growth across all asset classes, supported by tight credit spreads and strong investor demand.

73
FIG REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
_______________________________________________________________________________________________________
2442 2444 2453 2455
FIG: Global revenue ⇑ $30 million
U.S. Revenue ⇑ $13 million
Non-U.S. Revenue ⇑ $17 million
Global FIG revenue for the nine months ended September 30, 2025 and 2024 was comprised as follows:
2522


The increase in FIG revenue of 5% reflects growth in both in the U.S. (4%) and internationally (6%).
Revenue increased $30 million compared to the same period in the prior year, primarily due to:
–strong issuance volumes from infrequent issuers in the U.S. banking sector;
partially offset by:
–lower volumes from infrequent issuers in the insurance sector, compared to strong activity in the prior year.

74
PPIF REVENUE
Nine months ended September 30,
2025-----------------------------------------------------------------------------------2024
______________________________________________________________________________________________________
3097 3099 3108 3110

PPIF: Global revenue ⇑ $37 million
U.S. Revenue ⇑ $35 million
Non-U.S. Revenue ⇑ $2 million
Global PPIF revenue for the nine months ended September 30, 2025 and 2024 was comprised as follows:

3180
The 8% increase in PPIF revenue reflects increases in both the U.S. (12%) and internationally (1%), with the most notable driver of the growth reflecting higher issuance in U.S. Public Finance, particularly within the regional, municipal and higher education sectors.
75
MIS: YTD Operating and SG&A Expense ⇓ $15 million
3606
Compensation expenses of $843 million decreased $24 million, reflecting:
Non-compensation expenses of $306 million increased $9 million, reflecting:
— a decrease in incentive compensation aligned with actual/projected financial and operating performance; partially offset by:
— an increase in charitable contributions; partially offset by
— a regulatory settlement in the prior year relating to MIS' failure to comply with record preservation requirements
— growth in salaries and benefits reflecting higher headcount and annual salary increases
Adjusted Operating Margin of 65.1% ⇑ 260 BPS
MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 6% increase in revenue.
Restructuring Charges
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.
Cash Flow
The Company is currently financing its operations, capital expenditures and share repurchases from operating and financing cash flows.
The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:
Nine Months Ended September 30,$ Change
Favorable (Unfavorable)
20252024
Net cash provided by operating activities$2,043 $2,164 $(121)
Net cash provided by (used in) investing activities$44 $(875)$919 
Net cash used in financing activities$(2,454)$(812)$(1,642)
Free Cash Flow (1)
$1,798 $1,921 $(123)
(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.
76
Net cash provided by operating activities
Net cash flows from operating activities for the nine months ended September 30, 2025 decreased by $121 million compared to the same period in 2024, with the most notable drivers reflecting:
–$253 million in higher income tax payments in the current year;
–approximately $100 million in higher incentive compensation payments in 2025 (based on full-year 2024 financial and operating results) compared to payments made in the prior year (based on full-year 2023 financial and operating results);
partially offset by:
–growth in operating income of $267 million coupled with various changes in working capital.
Net cash provided by (used in) investing activities
The $919 million increase in cash provided by investing activities in the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to:
–a $465 million decrease in purchases of investments, primarily due to the purchase of certificates of deposit in the prior year; and
–a $551 million increase in 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 $117 million reflecting the acquisitions of CAPE Analytics and ICR Chile in 2025, compared to the acquisitions of GCR and Praedicat in 2024.
Net cash used in financing activities
The $1,642 million increase in cash used in financing activities in the nine months ended September 30, 2025 compared to the same period in the prior year was primarily attributed to:
–a $700 million repayment of notes payable in 2025;
–a $496 million issuance of notes in the third quarter of 2024; and
– higher cash paid for treasury share repurchases in 2025 of $358 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 $2.3 billion at September 30, 2025 included approximately $1.7 billion located outside of the U.S. Approximately 38% 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.
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Material Cash Requirements
The Company's material cash requirements consist of the following contractual and other obligations:
Financing Arrangements
Indebtedness
At September 30, 2025, Moody’s had $7.2 billion of outstanding principal on debt and $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 September 30, 2025 is as follows:
448 
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 $4.2 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.
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 September 30, 2025, these purchase obligations totaled approximately $700 million, of which approximately 55% 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 $457 million at September 30, 2025, primarily related to real estate leases, of which $103 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 September 30, 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 October 21, 2025, the Board approved the declaration of a quarterly dividend of $0.94 per share for Moody’s common stock, payable December 12, 2025 to shareholders of record at the close of business on November 21, 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 September 30, 2025, the Company had approximately $0.4 billion of remaining authority under this authorization. On October 21, 2025, the Board authorized an additional $4 billion in share repurchase authority. There is no established expiration date for the remaining authorization.
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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 $85 million to $115 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:
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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.
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Operating income$917 $738 $2,581 $2,314 
Adjustments:
Depreciation and amortization123 108 356 318 
Restructuring21 6 81 13 
Charges related to asset abandonment1 15 4 30 
Adjusted Operating Income$1,062 $867 $3,022 $2,675 
Operating margin45.7 %40.7 %44.3 %42.7 %
Adjusted Operating Margin52.9 %47.8 %51.8 %49.4 %
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; iii) charges related to asset abandonment; and iv) gains on previously held equity method investments.
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.
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Three Months Ended September 30,
Nine Months Ended September 30,
Amounts in millions
2025202420252024
Net Income attributable to Moody's common shareholders
$646 $534 $1,849 $1,663 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$55 $51 $163 $148 
Tax on Acquisition-Related Intangible Amortization Expenses(14)(12)(40)(36)
Net Acquisition-Related Intangible Amortization Expenses

41 

39 

123 

112 
Pre-tax restructuring
$21 $6 $81 $13 
Tax on restructuring
(5)(1)(20)(3)
Net restructuring
16 5 61 10 
Pre-tax charges related to asset abandonment
$1 $15 $4 $30 
Tax on charges related to asset abandonment
— (3)(1)(7)
Net charges related to asset abandonment
1 12 3 23 
Pre-tax gain on previously held equity method investments
$— $(7)$— $(7)
Tax on gain on previously held equity method investments
— 2 — 2 
Net gain on previously held equity method investments
— (5)— (5)
Adjusted Net Income

$704 

$585 

$2,036 

$1,803 
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Diluted earnings per share attributable to Moody's common shareholders$3.60 $2.93 $10.26 $9.09 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$0.31 $0.28 $0.90 $0.81 
Tax on Acquisition-Related Intangible Amortization Expenses(0.09)(0.07)(0.22)(0.20)
Net Acquisition-Related Intangible Amortization Expenses0.22 0.21 0.68 0.61 
Pre-tax restructuring
$0.12 $0.03 $0.45 $0.07 
Tax on restructuring
(0.03)— (0.11)(0.02)
Net restructuring
0.09 0.03 0.34 0.05 
Pre-tax charges related to asset abandonment
$0.01 $0.08 $0.02 $0.16 
Tax on charges related to asset abandonment
— (0.01)— (0.03)
Net charges related to asset abandonment
0.01 0.07 0.02 0.13 
Pre-tax gain on previously held equity method investments
$— $(0.04)$— $(0.04)
Tax on gain on previously held equity method investments
— 0.01 — 0.01 
Net gain on previously held equity method investments
— (0.03)— (0.03)
Adjusted Diluted EPS$3.92 $3.21 $11.30 $9.85 
    
Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.
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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:
Nine Months Ended September 30,
20252024
Net cash provided by operating activities$2,043 $2,164 
Capital additions(245)(243)
Free Cash Flow$1,798 $1,921 
Net cash provided by (used in) investing activities
$44 $(875)
Net cash used in financing activities$(2,454)$(812)

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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:
Three Months Ended September 30,
Nine Months Ended September 30,
Amounts in millions20252024ChangeGrowth20252024ChangeGrowth
MCO revenue$2,007 $1,813 $194 11%$5,829 $5,416 $413 8%
FX impact(24)— (24)(37)— (37)
Inorganic revenue from acquisitions(13)— (13)(45)— (45)
Organic constant currency MCO revenue
$1,970 $1,813 $157 9%$5,747 $5,416 $331 6%
MA revenue$909 $831 $78 9%$2,656 $2,432 $224 9%
FX impact(14)— (14)(21)— (21)
Inorganic revenue from acquisitions(13)— (13)(38)— (38)
Organic constant currency MA revenue
$882 $831 $51 6%$2,597 $2,432 $165 7%
Decision Solutions revenue$424 $383 $41 11%$1,242 $1,114 $128 11%
FX impact(5)— (5)(7)— (7)
Inorganic revenue from acquisitions(13)— (13)(38)— (38)
Organic constant currency Decision Solutions revenue
$406 $383 $23 6%$1,197 $1,114 $83 7%
Banking revenue
$140 $140 $— —%$419 $405 $14 3%
FX impact(1)— (1)(1)— (1)
Inorganic revenue from acquisitions(3)— (3)(8)— (8)
Organic constant currency Banking revenue
$136 $140 $(4)(3)%$410 $405 $5 1%
Insurance revenue
$171 $148 $23 16%$502 $439 $63 14%
FX impact(1)— (1)(1)— (1)
Inorganic revenue from acquisitions(10)— (10)(30)— (30)
Organic constant currency Insurance revenue
$160 $148 $12 8%$471 $439 $32 7%
KYC revenue
$113 $95 $18 19%$321 $270 $51 19%
FX impact(3)— (3)(5)— (5)
Constant currency KYC revenue
$110 $95 $15 16%$316 $270 $46 17%
Data and Information revenue$233 $213 $20 9%$677 $635 $42 7%
FX impact(6)— (6)(8)— (8)
Constant currency Data and Information revenue$227 $213 $14 7%$669 $635 $34 5%
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Three Months Ended September 30,
Nine Months Ended September 30,
Amounts in millions20252024ChangeGrowth20252024ChangeGrowth
MA recurring revenue$875 $789 $86 11%$2,549 $2,305 $244 11%
FX impact(14)— (14)(22)— (22)
Inorganic recurring revenue from acquisitions(12)— (12)(36)— (36)
Organic constant currency MA recurring revenue
$849 $789 $60 8%$2,491 $2,305 $186 8%
Decision Solutions recurring revenue
$395 $346 $49 14%$1,150 $1,003 $147 15%
FX impact(5)— (5)(7)— (7)
Inorganic recurring revenue from acquisitions(12)— (12)(36)— (36)
Organic constant currency Decision Solutions recurring revenue
$378 $346 $32 9%$1,107 $1,003 $104 10%
Banking recurring revenue
$115 $112 $3 3%$343 $320 $23 7%
FX impact(1)— (1)(1)— (1)
Inorganic recurring revenue from acquisitions(2)— (2)(7)— (7)
Organic constant currency Banking recurring revenue
$112 $112 $— —%$335 $320 $15 5%
Insurance recurring revenue
$168 $142 $26 18%$487 $419 $68 16%
FX impact(1)— (1)(1)— (1)
Inorganic recurring revenue from acquisitions(10)— (10)(29)— (29)
Organic constant currency Insurance recurring revenue
$157 $142 $15 11%$457 $419 $38 9%
KYC recurring revenue
$112 $92 $20 22%$320 $264 $56 21%
FX impact(3)— (3)(5)— (5)
Constant currency KYC recurring revenue
$109 $92 $17 18%$315 $264 $51 19%
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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 millionsSeptember 30, 2025September 30, 2024ChangeGrowth
MA ARR
Decision Solutions
Banking$466 $436 $30 7%
Insurance628 583 45 8%
KYC407 351 56 16%
Total Decision Solutions
$1,501 $1,370 $131 10%
Research and Insights970 899 71 8%
Data and Information890 832 58 7%
Total MA ARR$3,361 $3,101 $260 8%

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 45 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 and 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 effects 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, military conflicts in the Middle East, and tensions between India and Pakistan, 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;
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•the possible loss of key employees and the impact of the global labor environment;
•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
In the nine months ended September 30, 2025, the Company entered into new cross-currency swap hedging transactions designated as net investment hedges, which are disclosed in Note 8 to the consolidated financial statements. The related sensitivity analysis disclosed in our Form 10-K for the year ended December 31, 2024 for our derivatives and non-derivatives designated as net investment hedges has been updated below to reflect the Company's exposure to market risk as of September 30, 2025. There have been no material changes to the Company's market risk other than the aforementioned cross-currency swaps during the nine months ended September 30, 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.
Derivatives and non-derivatives designated as net investment hedges:
The Company designates derivative instruments and foreign currency-denominated debt as hedges of foreign currency risk of net investments in certain foreign subsidiaries (net investment hedges) under ASC Topic 815, Derivatives and Hedging.
Cross-currency swaps
As of September 30, 2025, the Company had cross-currency swaps designated as net investment hedges to mitigate FX exposure related to a portion of the Company’s net investment in certain foreign subsidiaries against changes in exchange rates. The notional values and corresponding interest rates are disclosed in Note 8 to the consolidated financial statements located in Item 1 of this Form 10-Q.
•If the euro were to strengthen 10% relative to the U.S. dollar, there would be an approximate $433 million unfavorable impact to the fair value of the cross-currency swaps recognized in OCI.
•If the Hong Kong dollar were to strengthen 10% relative to the U.S. dollar, there would be an approximate $50 million unfavorable impact to the fair value of the cross-currency swaps recognized in OCI.
•If the Singapore dollar were to strengthen 10% relative to the Hong Kong dollar, there would be an approximate $31 million unfavorable impact to the fair value of the cross-currency swaps recognized in OCI.
The aforementioned unfavorable impacts recognized within OCI would be offset by favorable currency translation gains on the Company’s hedged net investments in those foreign subsidiaries.
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Euro-denominated debt
As of September 30, 2025 the Company has designated €500 million of the 2015 Senior Notes and €750 million of the 2019 Senior Notes as a net investment hedge to mitigate FX exposure relating to euro denominated net investments in subsidiaries. If the euro were to strengthen 10% relative to the U.S. dollar, there would be an approximate $147 million unfavorable adjustment to OCI related to these net investment hedges. This adjustment would be offset by favorable translation adjustments on the Company’s euro net investment in subsidiaries.

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 September 30, 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 September 30, 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)
July 1- 31311,587 $503.31 305,949 $756  million
August 1- 31326,809 $514.10 326,561 $588  million
September 1- 30384,824 $495.05 383,936 $398  million
Total1,023,220 $503.66 1,016,446 
(1) Includes surrender to the Company of 5,638; 248; and 888 shares of common stock in July, August, and September, 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 October 15, 2024, the Board authorized $1.5 billion in share repurchase authority. At September 30, 2025 there was approximately $0.4 billion of share repurchase authority remaining under this authorization. On October 21, 2025, the Board authorized an additional $4 billion in share repurchase authority. There is no established expiration date for the remaining authorization.
During the third quarter of 2025, Moody’s issued a net 53 thousand shares under employee stock-based compensation plans.

Item 5. Other Information
Rule 10b5-1 Plans
On July 30, 2025, Robert Fauber, the Company's Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c). The plan relates to the sale of up to 43,204 shares of Moody’s Corporation common stock between October 28, 2025, and October 30, 2026. The shares include: i) shares which will be acquired upon the exercise of employee stock options; ii) vested restricted stock units; and iii) vested performance share units.

On July 29, 2025, Richard Steele, the Company's General Counsel, adopted a trading plan intended to satisfy Rule 10b5-1(c). The plan relates to the sale of up to 1,399 shares of Moody’s Corporation common stock between October 28, 2025 and July 31, 2026. The shares include: i) vested restricted stock units; and ii) vested performance share units.
89
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 October 14, 2025 (incorporated by reference to Exhibit 3.1 to the Report on Form 8-K of the Registrant, file number 1-14037, filed October 17, 2025)
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
90
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: October 23, 2025
91

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