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Moody's
MCO
#298
Rank
$82.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$478.38
Share price
-0.80%
Change (1 day)
-7.81%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Moody's
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Moody's - 10-Q quarterly report FY2026 Q2


Text size:
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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 June 30, 2026
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 June 30, 2026
173.2 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3
PART I. FINANCIAL INFORMATION
6
7
8
9
10
14
42
42
42
43
75
77
84
84
84
86
86
PART II. OTHER INFORMATION

87
87
87
87
88
89

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
AUD
Australian dollar
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
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 is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment
3
TERM
DEFINITION
Decision Solutions (DS)
LOB within MA; a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows
Duplicate Rent
Duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters
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
Fintellix
A company specializing in data-driven risk and analytics for banks and financial institutions; acquired by ICRA in October 2025
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
GDPGross domestic product
HKD
Hong Kong Dollars
ICRA
ICRA Limited; a provider of credit ratings and research in India
ICR ChileA domestic credit rating agency with operations in Chile; the Company acquired ICR Chile in Q3 2025
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
MERIS
Middle East Rating & Investors Service is an Egypt-based domestic credit rating agency acquired by Moody's in Q1 2026
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
4
TERM
DEFINITION
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
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
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
PPIF
Public, project and infrastructure finance; an LOB of MIS
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.
Research and Insights (R&I)
LOB within MA that provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions
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
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, and expanded in July 2026, 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, incremental amortization of certain software, and the exit of certain businesses and product offerings
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.
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

5
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
June 30,
Six Months Ended
June 30,
2026202520262025
Revenue$2,185 $1,898 $4,264 $3,822 
Expenses
Operating518 489 1,049 980 
Selling, general and administrative
463 443 940 882 
Depreciation and amortization126 120 248 233 
Restructuring32 27 59 60 
Charges related to asset abandonment
— 1 — 3 
Total expenses1,139 1,080 2,296 2,158 
Operating income1,046 818 1,968 1,664 
Non-operating income (expense), net
Interest expense, net(58)(61)(124)(122)
Other non-operating income, net2 15 16 34 
Gain on business divestitures181 — 181 — 
Total non-operating income (expense), net125 (46)73 (88)
Income before provision for income taxes1,171 772 2,041 1,576 
Provision for income taxes292 193 501 372 
Net income879 579 1,540 1,204 
Less: Net income attributable to noncontrolling interests
1 1 1 1 
Net income attributable to Moody's$878 $578 $1,539 $1,203 
Earnings per share attributable to Moody's common shareholders
Basic$5.04 $3.22 $8.77 $6.69 
Diluted$5.03 $3.21 $8.75 $6.66 
Weighted average number of shares outstanding
Basic174.1 179.7 

175.5 179.9 
Diluted174.5 180.2 

175.9 180.5 
The accompanying notes are an integral part of the consolidated financial statements.
6
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$879 $579 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(45)$— (45)$424 $— 424 
Net gains (losses) on net investment hedges
2 (3)(1)(486)122 (364)
Cash Flow Hedges:
Reclassification of losses included in net income
— — — 1 — 1 
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income
(2)1 (1)(1)— (1)
Net actuarial gains (losses)6 (2)4 (1)— (1)
Total other comprehensive (loss) income
$(39)$(4)$(43)$(63)$122 $59 
Comprehensive income836 638 
Less: comprehensive loss attributable to noncontrolling interests
(7)— 
Comprehensive Income Attributable to Moody's$843 $638 
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$1,540 $1,204 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(163)$1 (162)$612 $(1)611 
Net gains (losses) on net investment hedges129 (35)94 (660)166 (494)
Cash Flow Hedges:
Reclassification of losses included in net income
1 — 1 1 — 1 
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income
(2)1 (1)(1)— (1)
Net actuarial gains (losses)7 (2)5 (1)— (1)
Total other comprehensive (loss) income
$(28)$(35)$(63)$(49)$165 $116 
Comprehensive income1,477 1,320 
Less: comprehensive loss attributable to noncontrolling interests(8)(3)
Comprehensive Income Attributable to Moody's$1,485 $1,323 
The accompanying notes are an integral part of the consolidated financial statements.

7
MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except share and per share data)
June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$1,467 $2,384 
Short-term investments29 64 
Accounts receivable, net of allowance for credit losses of $29 in 2026 and $29 in 2025
1,919 2,024 
Other current assets567 714 
Total current assets3,982 5,186 
Property and equipment, net of accumulated depreciation of $1,579 in 2026 and $1,572 in 2025
754 722 
Operating lease right-of-use assets504 282 
Goodwill6,318 6,368 
Intangible assets, net1,749 1,866 
Deferred tax assets, net277 305 
Other assets1,091 1,101 
Total assets$14,675 $15,830 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,086 $1,304 
Current portion of operating lease liabilities93 95 
Current portion of long-term debt571 — 
Deferred revenue1,595 1,582 
Total current liabilities$3,345 $2,981 
Non-current portion of deferred revenue53 56 
Long-term debt6,375 6,994 
Deferred tax liabilities, net292 315 
Uncertain tax positions170 158 
Operating lease liabilities483 262 
Other liabilities791 859 
Total liabilities11,509 11,625 
Contingencies (Note 15)
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 June 30, 2026 and December 31, 2025, respectively
3 3 
Capital surplus1,753 1,676 
Retained earnings19,027 17,853 
Treasury stock, at cost; 169,721,288 and 165,359,285 shares of common stock at June 30, 2026 and December 31, 2025, respectively
(17,204)(14,978)
Accumulated other comprehensive loss(554)(500)
Total Moody's shareholders' equity3,025 4,054 
Noncontrolling interests141 151 
Total shareholders' equity3,166 4,205 
Total liabilities, noncontrolling interests and shareholders' equity
$14,675 $15,830 
The accompanying notes are an integral part of the consolidated financial statements.
8
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Six Months Ended June 30,
20262025
Cash flows from operating activities
Net income$1,540 $1,204 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization248 233 
Stock-based compensation117 117 
Deferred income taxes(28)17 
Non-cash restructuring and abandonment-related charges
2 7 
Provision for credit losses on accounts receivable7 6 
Gain on business divestitures(181)— 
Changes in assets and liabilities:
Accounts receivable80 94 
Other current assets87 (25)
Other assets5 (24)
Lease obligations (3)(19)
Accounts payable and accrued liabilities(193)(341)
Deferred revenue20 26 
Uncertain tax positions and other non-current tax liabilities
13 10 
Other liabilities4 (5)
Net cash provided by operating activities1,718 1,300 
Cash flows from investing activities
Capital additions(186)(160)
Purchases of investments(74)(118)
Sales and maturities of investments106 579 
Purchases of investments in non-consolidated affiliates(2)(12)
Receipts from settlements of net investment hedges— 32 
Cash paid for acquisitions, net of cash acquired(23)(223)
Cash received upon business divestitures, net of cash transferred to purchaser200 — 
Net cash provided by investing activities21 98 
Cash flows from financing activities
Repayment of notes— (700)
Proceeds from stock-based compensation plans24 32 
Repurchase of shares related to stock-based compensation and excise tax payments on share repurchases(120)(88)
Treasury shares(2,165)(657)
Dividends(365)(366)
Dividends to noncontrolling interests
(3)(1)
Net cash used in financing activities(2,629)(1,780)
Effect of exchange rate changes on cash and cash equivalents(27)148 
Decrease in cash and cash equivalents(917)(234)
Cash and cash equivalents, beginning of period2,384 2,408 
Cash and cash equivalents, end of period$1,467 $2,174 
The accompanying notes are an integral part of the consolidated financial statements.
9
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 March 31, 2025
342.9 $3 $1,483 $16,526 (163.0)$(13,734)$(578)$3,700 $158 $3,858 
Net income578 578 1 579 
Dividends ($0.94 per share)
(171)(171)— (171)
Stock-based compensation63 63 63 
Shares issued for stock-based compensation plans at average cost, net6 0.1 2 8 8 
Treasury shares repurchased, inclusive of excise tax of $3 million
— (0.6)(288)(288)(288)
Currency translation adjustment, net of net investment hedge activity (net of tax of $122 million)
60 60 60 
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 June 30, 2025
342.9 $3 $1,552 $16,933 (163.5)$(14,020)$(519)$3,949 $159 $4,108 
    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
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2024
342.9 $3 $1,451 $16,071 (162.6)$(13,322)$(638)$3,565 $162 $3,727 
Net income1,203 1,203 1 1,204 
Dividends ($1.88 per share)
(341)(341)(1)(342)
Stock-based compensation121 121 121 
Shares issued for stock-based compensation plans at average cost, net(20)0.5 (36)(56)(56)
Treasury shares repurchased, inclusive of excise tax of $5 million
— (1.4)(662)(662)(662)
Currency translation adjustment, net of net investment hedge activity (net of tax of $165 million)
120 120 (3)117 
Net actuarial losses(1)(1)(1)
Amortization of actuarial gains and prior service credits(1)(1)(1)
Amortization of losses on cash flow hedges1 1 1 
Balance at June 30, 2025342.9 $3 $1,552 $16,933 (163.5)$(14,020)$(519)$3,949 $159 $4,108 
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 Stock Capital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		 Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at March 31, 2026
342.9 $3 $1,686 $18,331 (168.2)$(16,507)$(519)$2,994 $149 $3,143 
Net income878 878 1 879 
Dividends ($1.03 per share)
(182)(182)(7)(189)
Stock-based compensation62 62 62 
Shares issued for stock-based compensation plans at average cost, net5 — 4 9 9 
Noncontrolling interest resulting from majority acquisition— 6 6 
Treasury shares repurchased, inclusive of excise tax of $7 million
(1.5)(701)(701)(701)
Currency translation adjustment, net of net investment hedge activity (net of tax of $3 million)
(38)(38)(8)(46)
Net actuarial gains (net of tax of $2 million)
4 4 4 
Amortization of actuarial gains and prior service credits
(1)(1)(1)
Balance at June 30, 2026
342.9 $3 $1,753 $19,027 (169.7)$(17,204)$(554)$3,025 $141 $3,166 
    
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 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, 2025342.9 $3 $1,676 $17,853 (165.4)$(14,978)$(500)$4,054 $151 $4,205 
Net income1,539 1,539 1 1,540 
Dividends ($2.06 per share)
(365)(365)(8)(373)
Stock-based compensation120 120 120 
Shares issued for stock-based compensation plans at average cost, net(43)0.4 (42)(85)(85)
Noncontrolling interest resulting from majority acquisition— 6 6 
Treasury shares repurchased, inclusive of excise tax of $19 million
— (4.7)(2,184)(2,184)(2,184)
Currency translation adjustment, net of net investment hedge activity (net of tax of $34 million)
(59)(59)(9)(68)
Net actuarial gains (net of tax of $2 million)
5 5 5 
Amortization of actuarial gains and prior service credits
(1)(1)(1)
Amortization of losses on cash flow hedges
1 1 1 
Balance at June 30, 2026342.9 $3 $1,753 $19,027 (169.7)$(17,204)$(554)$3,025 $141 $3,166 
The accompanying notes are an integral part of the consolidated financial statements.
13
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 comprises three interconnected businesses: i) Research & Insights, which provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions; ii) Data & Information, which is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment; and iii) Decision Solutions, a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows. Together, these businesses benefit from deep customer integration, long-term subscription structures, and data assets that are proprietary in sourcing, breadth, and historical depth.
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 2025 annual report on Form 10-K filed with the SEC on February 18, 2026. 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 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 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.

14
NOTE 2. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
MA:
Decision Solutions (DS)
Banking$119 $138 $252 $279 
Insurance183 168 364 331 
KYC121 107 239 208 
Total DS423 413 855 818 
Research and Insights (R&I)256 249 511 485 
Data and Information (D&I)246 226 485 444 
Total external revenue925 888 1,851 1,747 
Intersegment revenue3 3 6 6 
Total MA928 891 1,857 1,753 
MIS:
Corporate Finance (CFG)
Investment-grade186 142 406 307 
High-yield113 85 201 152 
Bank loans147 98 286 258 
Other accounts (1)
205 187 391 359 
Total CFG651 512 1,284 1,076 
Structured Finance (SFG)
Asset-backed securities45 35 83 70 
RMBS35 29 67 55 
CMBS25 25 47 53 
Structured credit45 46 89 94 
Other accounts1 — 2 1 
Total SFG151 135 288 273 
Financial Institutions (FIG)
Banking148 120 282 250 
Insurance47 54 85 99 
Managed investments23 13 41 26 
Other accounts4 4 8 7 
Total FIG222 191 416 382 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign82 75 156 147 
Project and infrastructure142 87 244 178 
Total PPIF224 162 400 325 
Total ratings revenue1,248 1,000 2,388 2,056 
MIS Other12 10 25 19 
Total external revenue1,260 1,010 2,413 2,075 
Intersegment revenue52 50 103 99 
Total MIS1,312 1,060 2,516 2,174 
Eliminations(55)(53)(109)(105)
Total MCO$2,185 $1,898 $4,264 $3,822 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
15
The following tables present the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
U.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$178 $245 $423 $162 $251 $413 
Research and Insights141 115 256 139 110 249 
Data and Information90 156 246 80 146 226 
Total MA409 516 925 381 507 888 
MIS:
Corporate Finance433 218 651 314 198 512 
Structured Finance104 47 151 91 44 135 
Financial Institutions119 103 222 99 92 191 
Public, Project and Infrastructure Finance152 72 224 107 55 162 
Total ratings revenue808 440 1,248 611 389 1,000 
MIS Other1 11 12 — 10 10 
Total MIS809 451 1,260 611 399 1,010 
Total MCO$1,218 $967 $2,185 $992 $906 $1,898 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
U.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$353 $502 $855 $329 $489 $818 
Research and Insights279 232 511 267 218 485 
Data and Information176 309 485 160 284 444 
Total MA808 1,043 1,851 756 991 1,747 
MIS:
Corporate Finance905 379 1,284 705 371 1,076 
Structured Finance198 90 288 191 82 273 
Financial Institutions221 195 416 194 188 382 
Public, Project and Infrastructure Finance264 136 400 211 114 325 
Total ratings revenue1,588 800 2,388 1,301 755 2,056 
MIS Other2 23 25 — 19 19 
Total MIS1,590 823 2,413 1,301 774 2,075 
Total MCO$2,398 $1,866 $4,264 $2,057 $1,765 $3,822 
16

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
MA:
U.S.$409 $381 $808 $756 
Non-U.S.:
EMEA361 347 735 678 
Asia-Pacific89 92 181 180 
Americas66 68 127 133 
Total Non-U.S.516 507 1,043 991 
Total MA925 888 1,851 1,747 
MIS:
U.S.809 611 1,590 1,301 
Non-U.S.:
EMEA289 266 530 504 
Asia-Pacific107 82 192 161 
Americas55 51 101 109 
Total Non-U.S.451 399 823 774 
Total MIS1,260 1,010 2,413 2,075 
Total MCO$2,185 $1,898 $4,264 $3,822 
    
17
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
Three Months Ended June 30,
20262025
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$3 $116 $119 $25 $113 $138 
3 %97 %100 %18 %82 %100 %
Insurance
$3 $180 $183 $6 $162 $168 
2 %98 %100 %4 %96 %100 %
KYC
$1 $120 $121 $— $107 $107 
1 %99 %100 %— %100 %100 %
 Total Decision Solutions
$7 $416 $423 $31 $382 $413 
2 %98 %100 %8 %92 %100 %
Research and Insights$2 $254 $256 $3 $246 $249 
1 %99 %100 %1 %99 %100 %
Data and Information$1 $245 $246 $2 $224 $226 
— %100 %100 %1 %99 %100 %
Total MA (1)
$10 $915 $925 $36 $852 $888 
1 %99 %100 %4 %96 %100 %
Corporate Finance$494 $157 $651 $365 $147 $512 
76 %24 %100 %71 %29 %100 %
Structured Finance$88 $63 $151 $74 $61 $135 
58 %42 %100 %55 %45 %100 %
Financial Institutions$135 $87 $222 $108 $83 $191 
61 %39 %100 %57 %43 %100 %
Public, Project and Infrastructure Finance$172 $52 $224 $113 $49 $162 
77 %23 %100 %70 %30 %100 %
MIS Other$2 $10 $12 $3 $7 $10 
17 %83 %100 %30 %70 %100 %
Total MIS$891 $369 $1,260 $663 $347 $1,010 
71 %29 %100 %66 %34 %100 %
Total Moody's Corporation$901 $1,284 $2,185 $699 $1,199 $1,898 
41 %59 %100 %37 %63 %100 %
18
Six Months Ended June 30,
20262025
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$9 $243 $252 $51 $228 $279 
4 %96 %100 %18 %82 %100 %
Insurance
$7 $357 $364 $12 $319 $331 
2 %98 %100 %4 %96 %100 %
KYC
$1 $238 $239 $— $208 $208 
— %100 %100 %— 100 %100 %
 Total Decision Solutions
$17 $838 $855 $63 $755 $818 
2 %98 %100 %8 %92 %100 %
Research and Insights$5 $506 $511 $6 $479 $485 
1 %99 %100 %1 %99 %100 %
Data and Information$5 $480 $485 $4 $440 $444 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$27 $1,824 $1,851 $73 $1,674 $1,747 
1 %99 %100 %4 %96 %100 %
Corporate Finance$978 $306 $1,284 $792 $284 $1,076 
76 %24 %100 %74 %26 %100 %
Structured Finance$162 $126 $288 $152 $121 $273 
56 %44 %100 %56 %44 %100 %
Financial Institutions$240 $176 $416 $217 $165 $382 
58 %42 %100 %57 %43 %100 %
Public, Project and Infrastructure Finance$296 $104 $400 $229 $96 $325 
74 %26 %100 %70 %30 %100 %
MIS Other$5 $20 $25 $5 $14 $19 
20 %80 %100 %26 %74 %100 %
Total MIS$1,681 $732 $2,413 $1,395 $680 $2,075 
70 %30 %100 %67 %33 %100 %
Total Moody's Corporation$1,708 $2,556 $4,264 $1,468 $2,354 $3,822 
40 %60 %100 %38 %62 %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.

19
The following tables present the timing of revenue recognition:
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
MAMISTotalMAMISTotal
Revenue recognized at a point in time$15 $891 $906 $41 $1,681 $1,722 
Revenue recognized over time910 369 1,279 1,810 732 2,542 
Total$925 $1,260 $2,185 $1,851 $2,413 $4,264 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
MAMISTotalMAMISTotal
Revenue recognized at a point in time$19 $663 $682 $44 $1,395 $1,439 
Revenue recognized over time869 347 1,216 1,703 680 2,383 
Total$888 $1,010 $1,898 $1,747 $2,075 $3,822 
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 June 30, 2026 and December 31, 2025:
As of June 30, 2026
As of December 31, 2025
MAMISMAMIS
Unbilled Receivables$86 $577 $106 $500 
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 six months ended June 30, 2026 and 2025 are as follows:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
MAMISTotalMAMISTotal
Balance at March 31,
$1,506 $368 $1,874 $1,462 $360 $1,822 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(665)(126)(791)(562)(123)(685)
Increases due to amounts billable excluding amounts recognized as revenue during the period453 106 559 346 105 451 
Adjustment related to divestiture of business(1)
5 — 5 — — — 
Effect of exchange rate changes2 (1)1 39 8 47 
Total changes in deferred revenue(205)(21)(226)(177)(10)(187)
Balance at June 30,
$1,301 $347 $1,648 $1,285 $350 $1,635 
20
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
MAMISTotalMAMISTotal
Balance at December 31,$1,368 $270 $1,638 $1,243 $268 $1,511 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(967)(161)(1,128)(846)(169)(1,015)
Increases due to amounts billable excluding amounts recognized as revenue during the period924 240 1,164 804 240 1,044 
Increases due to acquisitions during the period— — — 15 — 15 
Adjustment related to divestiture of business (1)
(4)— (4)— — — 
Effect of exchange rate changes(20)(2)(22)69 11 80 
Total changes in deferred revenue(67)77 10 42 82 124 
Balance at June 30,
$1,301 $347 $1,648 $1,285 $350 $1,635 
Deferred revenue - current$1,300 $295 $1,595 $1,284 $294 $1,578 
Deferred revenue - non-current$1 $52 $53 $1 $56 $57 
(1) Reflects adjustments to the deferred revenue balance that was disposed of pursuant to the divestiture of the MA Regulatory Solutions business, which was divested in the second quarter of 2026, as more fully discussed in Note 11.
For the MA segment, the decrease in deferred revenue for the three months ended June 30, 2026 and 2025 was primarily due to the recognition of annual subscription billings, which occur in December and January. For the six months ended June 30, 2026, the decrease in deferred revenue was primarily due to the recognition of annual subscriptions billed in the fourth quarter of 2025 and unfavorable effect of exchange rate changes. For the six months ended June 30, 2025, the increase in deferred revenue was primarily attributable to the favorable effect of exchange rate changes, partially offset by the recognition of annual subscriptions billed in the fourth quarter of 2024.
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 June 30, 2026 as well as amounts not yet invoiced to customers as of June 30, 2026, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.6 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 June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $90 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 55% 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.

21
NOTE 3. 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 June 30,
Six Months Ended June 30,
2026202520262025
Stock-based compensation cost$60 $61 $117 $118 
Tax benefit$13 $13 $26 $25 
During the first half of 2026, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $133.17 per share. The Company also granted 0.5 million shares of restricted stock in the first half of 2026, which had a weighted average grant date fair value of $443.74 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 $431.10 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 2026:
Expected dividend yield0.93 %
Expected stock volatility27 %
Risk-free interest rate3.74 %
Expected holding period5.7 years
Unrecognized stock-based compensation expense at June 30, 2026 was $13 million and $354 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.9 years and 2.6 years, respectively. Additionally, there was $61 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.0 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Six months ended June 30,
2026
2025
Exercise of stock options:
Proceeds from stock option exercises$12 $20 
Aggregate intrinsic value$16 $31 
Tax benefit realized upon exercise$4 $7 
Number of shares exercised
0.1 0.1 
Vesting of restricted stock:
Fair value of shares vested$203 $236 
Tax benefit realized upon vesting$49 $58 
Number of shares vested0.4 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$72 $8 
Tax benefit realized upon vesting$12 $1 
Number of shares vested (1)
0.2 — 
(1) The number of shares vested in 2025 was approximately 15 thousand.

NOTE 4. INCOME TAXES
Moody’s ETR was 24.9% and 25.0% for the three months ended June 30, 2026 and 2025, respectively, and was 24.5%
and 23.6% for the six months ended June 30, 2026 and 2025, respectively. The increase in the ETR for the six months ended June 30, 2026 compared to the same period in the prior year of 0.9% primarily reflects lower Excess Tax Benefits from stock-based compensation in the current year. The Company’s year-to-date provision for income taxes is computed by applying its estimated annual ETR to the pre-tax earnings, including the impact of the Excess Tax Benefits on stock-based compensation of $19 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 a net increase in its UTP reserves of
22
$6 million ($5 million, net of federal tax) during the second quarter of 2026 and an increase of $12 million ($10 million, net of federal tax) during the first six months of 2026.
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 2022 through 2024 remain open to examination. Currently, the Company's New York State tax returns for 2022 through 2024 are under examination. Additionally, New York City tax returns for the years 2018 through 2022 are also under examination, while returns for 2023 and 2024 are open for examination. Furthermore, the Company's U.K. corporate income tax returns are under audit for the years 2017 through 2023, with the 2024 return still open for examination.

The following table shows the amount the Company paid for income taxes:
Six Months Ended June 30,
20262025
Income taxes paid $428 $474 

NOTE 5. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Basic174.1 179.7 175.5 179.9 
Dilutive effect of shares issuable under stock-based compensation plans0.4 0.5 0.4 0.6 
Diluted174.5 180.2 175.9 180.5 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.5 0.6 0.5 0.5 
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 June 30, 2026 and 2025.

23
NOTE 6. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of June 30, 2026
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$817 $— $817 $768 $29 $20 
Mutual funds$74 $9 $83 $— $— $83 
As of December 31, 2025
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)
$1,459 $— $1,459 $1,393 $64 $2 
Mutual funds$95 $13 $108 $— $— $108 
(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 June 30, 2026 and December 31, 2025. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 21 months at June 30, 2026 and 13 months to 22 months at December 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of both June 30, 2026 and December 31, 2025, the contract value of the COLI was $50 million.

NOTE 7. 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
June 30, 2026
As of December 31, 2025
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed— 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$1,750 $2,250 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
24
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Interest expense, net$(58)$(61)$(124)$(122)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(8)$(15)$(16)$(33)
Fair value changes on interest rate swapsInterest expense, net$(7)$25 $(13)$62 
Fair value changes on hedged debtInterest expense, net$7 $(25)$13 $(62)
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:
As of June 30, 2026
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€2,197 2.63%$2,353 4.11%
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%

As of December 31, 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
25

As of June 30, 2026 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 — — — — 
2036200 239 — — — — 
Total€3,885 $4,103 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
June 30,
Three Months Ended
June 30,
Three Months Ended
June 30,
202620252026202520262025
Cross currency swaps$(9)$(277)$— $— $14 $15 
Long-term debt8 (87)— — — — 
Total net investment hedges$(1)$(364)$— $— $14 $15 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts$— $— $— $(1)$— $— 
Total cash flow hedges$— $— $— $(1)$— $— 
Total$(1)$(364)$— $(1)$14 $15 
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)
Six Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
202620252026202520262025
Cross currency swaps$65 $(365)$— $— $28 $29 
Long-term debt29 (129)— — — — 
Total net investment hedges$94 $(494)$— $— $28 $29 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $— $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$94 $(494)$(1)$(1)$28 $29 
26
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
June 30, 2026December 31, 2025
Net investment hedges
Cross currency swaps$(96)$(161)
FX forwards29 29 
Long-term debt(33)(62)
Total net investment hedges$(100)$(194)
Cash flow hedges
Interest rate contracts$(41)$(42)
Cross currency swaps1 1 
Total cash flow hedges(40)(41)
Total net gain in AOCL$(140)$(235)
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 2026.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
June 30, 2026December 31, 2025
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$1,042 £779 $693 £522 
Contracts to sell USD for JPY
$22 ¥3,500 $17 ¥2,700 
Contracts to sell USD for CAD
$52 C$73 $39 C$53 
Contracts to sell USD for SGD
$60 S$76 $39 S$50 
Contracts to sell USD for EUR
$466 €400 $107 €91 
Contracts to sell USD for INR
$26 ₹2,481 $26 ₹2,400 
Contracts to sell EUR for USD
€24 $28 €21 $25 
Contracts to sell AUD for USDA$4 $3 A$— 
$
— 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee, A$ = Australian dollar
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 June 30, 2026 and related gains in the three and six months ended June 30, 2026 were not material. The notional amount of the total return swaps as of June 30, 2026 and December 31, 2025 was $74 million and $72 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
FX forwardsOther non-operating income, net$(2)$48 $(31)$66 
Total return swapsOperating expense$6 $5 $4 $3 
Total return swapsSG&A expense$2 $2 $1 $1 
27
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 LocationJune 30, 2026December 31, 2025
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$5 $— 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets1 9 
Total assets$6 $9 
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther liabilities$371 $456 
Interest rate swaps designated as fair value hedgesOther liabilities98 84 
Total derivatives designated as accounting hedges469 540 
Non-derivatives designated as accounting hedges:
Debt designated as net investment hedge
Current portion of long-term debt
571 — 
Debt designated as net investment hedge
Long-term debt857 1,468 
Total non-derivatives designated as accounting hedges
1,428 1,468 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities18 — 
Total liabilities$1,915 $2,008 

28
NOTE 8. GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Six Months Ended June 30, 2026
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
Additions/
adjustments (1)
— — — 32 — 32 32 — 32 
Foreign currency translation adjustments(75)— (75)(14)— (14)(89)— (89)
Adjustment related to divestiture of business (2)
7 — 7 — — — 7 — 7 
Ending balance$5,929 $(12)$5,917 $401 $— $401 $6,330 $(12)$6,318 
Year Ended December 31, 2025
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		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (3)
135 — 135 8 — 8 143 — 143 
Foreign currency translation adjustments334 — 334 (5)— (5)329 — 329 
Reclassification to assets held-for-sale (2)
(89)— (89)— — — (89)— (89)
Divestiture of business (4)
(9)— (9)— — — (9)— (9)
Ending balance$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
(1) The 2026 additions relate to the acquisitions of Fintellix and MERIS in 2026.
(2) The 2025 reclassification to assets held for sale for the MA segment relates to the divestiture of the MA Regulatory Solutions business. The 2026 change reflects adjustment to the goodwill allocated to the MA Regulatory Solutions business, which was divested in the second quarter of 2026, as more fully discussed in Note 11.
(3) The 2025 additions/adjustments primarily relate to the acquisition of CAPE Analytics and ICR Chile in 2025.
(4) The 2025 divestiture of business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business.

29
Acquired intangible assets and related amortization consisted of:
June 30,
2026		December 31,
2025
Customer relationships$2,137 $2,165 
Accumulated amortization(757)(724)
Net customer relationships1,380 1,441 
Software/product technology745 774 
Accumulated amortization(534)(526)
Net software/product technology211 248 
Database164 164 
Accumulated amortization(110)(103)
Net database54 61 
Trade names195 201 
Accumulated amortization(98)(96)
Net trade names97 105 
Other (1)
63 64 
Accumulated amortization(56)(53)
Net other7 11 
Total acquired intangible assets, net
$1,749 $1,866 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Amortization expense
$53 $55 $106 $108 
30
NOTE 9. RESTRUCTURING
On December 19, 2024, the CEO of Moody’s approved the Strategic and Operational Efficiency Restructuring Program, the scope of which was expanded in July 2026. The Company currently estimates that upon completion, the program will result in annualized savings of $300 million to $350 million. This program relates to the Company's strategy to realign its operations toward high priority growth areas and to foster operating efficiency/leverage via simplification of organizational structures and technology enablement. This program will primarily include a reduction in staff, the rationalization and exit of certain leased office spaces, the retirement of certain legacy software applications, and the exit of certain businesses and product offerings, including the divestiture of the MA Regulatory Solutions business. The program includes $285 million to $330 million of expected pre-tax personnel and related restructuring charges, an amount that includes severance and other costs primarily determined under the Company's existing severance plans, expense related to the modification of equity awards, and additional costs to support the execution of the restructuring program. In addition, the program is expected to result in $5 million of non-cash charges from the exit from certain leased office spaces and $10 million to $15 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 2027. Cash outlays associated with this program are expected to be $285 million to $330 million, which are expected to be paid through 2028.
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended June 30,Six months ended June 30,Cumulative expense incurred
2026202520262025
Strategic and Operational Efficiency Restructuring Program
Personnel and related costs (1)
$32 $23 $57 $54 $203 
Real estate-related costs (2)
— 2 1 4 5 
Internally developed software-related charges (3)
— 2 1 2 4 
Total Restructuring$32 $27 $59 $60 $212 
(1) Primarily includes severance costs, expense related to the modification of equity awards, professional service fees for assistance with the reorganization of the Company's workforce and operating model and costs associated with the divestiture of the MA Regulatory Solutions business.
(2) Includes the incremental amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(3) Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2025
$41 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments57 
Cash payments
(55)
Balance as of June 30, 2026 (1)
$43 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of June 30, 2026, substantially all of the remaining $43 million restructuring liability is expected to be paid out in the next twelve months.

31
NOTE 10. FAIR VALUE    
The tables below present information about items that are carried at fair value at June 30, 2026 and December 31, 2025:
Fair Value Measurement as of June 30, 2026
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$6 $— $6 
Money market funds/mutual funds
251 251 — 
Total$257 $251 $6 
Liabilities:
Derivatives (1)
$487 $— $487 
Total$487 $— $487 
Fair Value Measurement as of December 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$9 $— $9 
Money market funds/mutual funds
113 113 — 
Total$122 $113 $9 
Liabilities:
Derivatives (1)
$540 $— $540 
Total$540 $— $540 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 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.

32
NOTE 11. OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
June 30, 2026December 31, 2025
Other current assets:
Prepaid taxes$69 $139 
Prepaid expenses172 184 
Capitalized costs to obtain and fulfill sales contracts146 143 
Foreign exchange forwards on certain assets and liabilities1 9 
Interest receivable on interest rate and cross currency swaps75 95 
Assets held-for-sale
— 98 
Contingent consideration receivable(1)
40 — 
Other64 46 
Total other current assets$567 $714 
Other assets:
Investments in non-consolidated affiliates$483 $489 
Deposits for real-estate leases15 16 
Indemnification assets related to acquisitions36 35 
Mutual funds, certificates of deposit and money market deposit accounts/funds
103 110 
Company owned life insurance (at contract value)50 50 
Capitalized costs to obtain sales contracts
257 253 
Derivative instruments designated as accounting hedges5 — 
Pension and other retirement employee benefits81 74 
Other61 74 
Total other assets$1,091 $1,101 
Accounts payable and accrued liabilities:
Salaries and benefits$152 $126 
Incentive compensation214 390 
Customer credits, advanced payments and advanced billings140 163 
Dividends11 8 
Professional service fees43 49 
Interest accrued on debt
77 86 
Accounts payable48 62 
Income taxes160 146 
Reserve for international non-income tax obligation
16 — 
Pension and other retirement employee benefits9 9 
Accrued royalties15 20 
Foreign exchange forwards on certain assets and liabilities18 — 
Restructuring liability43 41 
Interest payable on interest rate and cross currency swaps49 66 
Liabilities held-for-sale
— 36 
Other91 102 
Total accounts payable and accrued liabilities$1,086 $1,304 
(1) Represents the portion of contingent consideration related to the sale of the MA Regulatory Solutions business that became realizable in the second quarter of 2026, as discussed further in the "Gain on business divestitures" section below.
33
June 30, 2026December 31, 2025
Other liabilities:
Pension and other retirement employee benefits$212 $216 
Interest accrued on UTPs50 43 
MAKS indemnification provisions19 19 
Derivative instruments designated as accounting hedges469 540 
Other41 41 
Total other liabilities$791 $859 
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:
June 30, 2026December 31, 2025
Equity method investments (1)
$112 $121 
Investments measured using the measurement alternative (2)
350 350 
Other21 18 
Total investments in non-consolidated affiliates$483 $489 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three months ended June 30,Six Months Ended June 30,
2026202520262025
FX (losses) gains$(9)$2 $(15)$(3)
Net periodic pension income - non-service and non-interest cost components
10 9 19 18 
Income from investments in non-consolidated affiliates— 3 14 14 
Gain on investments
4 2 7 5 
Other
(3)(1)(9)— 
Total$2 $15 $16 $34 
Gain on business divestitures:
MA Regulatory Solutions business
The Company recorded a pre-tax gain of $179 million in connection with the sale of the MA Regulatory Solutions business, which was completed in the second quarter of 2026. As of June 30, 2026, the transaction agreement provides for up to $119 million of remaining contingent consideration, payable upon the achievement of certain post-closing conditions in the second half of 2026. The Company's accounting policy is to recognize contingent consideration related to the sale of a business as a gain contingency in accordance with ASC 450, Contingencies. Under this policy, contingent consideration is excluded from the initial measurement of gain or loss upon the divestiture of a business and is recognized in earnings when the contingency is resolved and the consideration becomes realizable.
MA Learning Solutions business
The Company recorded an incremental $2 million pre-tax gain resulting from customary post-close purchase price adjustments related to the MA Learning Solutions business, which was divested in the fourth quarter of 2025. As a result, the total pre-tax gain on the divestiture of the MA Learning Solutions business was $25 million.
34
NOTE 12. 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 June 30,
20262025
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 March 31,
$(33)$(40)$(347)$(99)$(519)$(39)$(42)$(642)$145 $(578)
Other comprehensive income (loss) before reclassifications
4 — (37)(1)(34)(1)— 424 (364)59 
Amounts reclassified from AOCL(1)— — — (1)(1)1 — — — 
Other comprehensive income (loss)3 — (37)(1)(35)(2)1 424 (364)59 
Balance at June 30,
$(30)$(40)$(384)$(100)$(554)$(41)$(41)$(218)$(219)$(519)

Six Months Ended June 30,
20262025
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,
$(34)$(41)$(231)$(194)$(500)$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
5 — (153)94 (54)(1)— 614 (494)119 
Amounts reclassified from AOCL(1)1 — — — (1)1 — — — 
Other comprehensive income (loss)
4 1 (153)94 (54)(2)1 614 (494)119 
Balance at June 30,
$(30)$(40)$(384)$(100)$(554)$(41)$(41)$(218)$(219)$(519)

35
NOTE 13. 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:
June 30, 2026
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 $(19)$3 $(4)$580 
1.75% 2015 Senior Notes, due 2027
571 — — — 571 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (22)(1)(1)376 
4.875% 2018 Senior Notes, due 2048
400 (22)(6)(3)369 
0.950% 2019 Senior Notes, due 2030
857 — (1)(2)854 
3.25% 2020 Senior Notes, due 2050
300 — (4)(2)294 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (4)(3)593 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (6)(5)489 
3.75% 2022 Senior Notes, due 2052
500 (31)(8)(4)457 
4.25% 2022 Senior Notes, due 2032
500 (4)(1)(2)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,128 $(98)$(46)$(38)$6,946 
Current portion(571)
Total long-term debt$6,375 

December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(18)$3 $(4)$581 
1.75% 2015 Senior Notes, due 2027
587 — — — 587 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (19)(1)(1)379 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
881 — (2)(3)876 
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 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (23)(8)(4)465 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,168 $(84)$(49)$(41)$6,994 
(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.
36
Notes Payable
At June 30, 2026, 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 June 30, 2026, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2026 (After June 30,)
$— 
2027571 
2028500 
2029400 
2030857 
Thereafter4,800 
Total$7,128 
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 June 30,Six Months Ended June 30,
2026202520262025
Income$9 $13 $21 $37 
Expense on borrowings(1)
(55)(62)(110)(134)
Expense on UTPs and other tax related liabilities(2)
(5)(5)(21)(11)
Net periodic pension costs - interest component(7)(7)(14)(14)
Interest expense, net$(58)$(61)$(124)$(122)
Interest paid(3)
$29 $45 $107 $136 
(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 7.
(2) Interest expense on UTPs and other tax related liabilities in 2026 includes interest accrued relating to a reserve pursuant to an international non-income tax obligation.
(3) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 7.

The fair value and carrying value of the Company’s debt as of June 30, 2026 and December 31, 2025 are as follows:
June 30, 2026December 31, 2025
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,946 $6,127 $6,994 $6,245 
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.

37
NOTE 14. 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.
The following table presents the components of the Company’s lease cost:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Operating lease cost$24 $22 $47 $44 
Sublease income(1)(2)(3)(4)
Variable lease cost5 6 11 10 
Total lease cost$28 $26 $55 $50 

The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$25 $31 $51 $61 
Right-of-use assets obtained in exchange for new operating lease liabilities
$249 $26 $268 $47 
June 30, 2026June 30, 2025
Weighted-average remaining lease term
11.7 Years4.0 Years
Weighted-average discount rate applied to operating leases
5.2 %3.5 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2026:
Year Ending December 31,Operating Leases
2026 (After June 30,)
$51 
202725 
202866 
202970 
203065 
After 2030561 
Total lease payments (undiscounted) (1)
838 
Less: Interest262 
Present value of lease liabilities:$576 
Lease liabilities - current$93 
Lease liabilities - noncurrent$483 
(1) Future minimum lease payments are presented net of tenant improvement allowance the Company expects to receive.
In the fourth quarter of 2025, the Company entered into an operating lease for a new headquarters in New York City. During the second quarter of 2026, the Company was granted access to approximately 80% of the leased floors, resulting in lease commencement for those floors. Accordingly, the related ROU assets and operating lease liabilities were recognized and are reflected in the consolidated balance sheet as of June 30, 2026.
The Company has not yet been granted access to the remaining leased floors. Accordingly, the ROU assets and operating lease liabilities at June 30, 2026 do not yet reflect the amounts for those floors. The future minimum lease payments for those floors are approximately $100 million.
38
NOTE 15. 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 4 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.
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 16. 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.
39
Three Months Ended June 30,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$925 $1,260 $— $2,185 $888 $1,010 $— $1,898 
Intersegment revenue3 52 (55)— 3 50 (53)— 
Revenue928 1,312 (55)2,185 891 1,060 (53)1,898 
Compensation expense
357 306 — 663 355 280 — 635 
Non-compensation expense
207 107 — 314 200 97 — 297 
Intersegment expense
52 3 (55)— 50 3 (53)— 
Total616 416 (55)977 605 380 (53)932 
Adjusted Operating Income$312 $896 $— $1,208 $286 $680 $— $966 
Less:

Depreciation and
amortization		102 24 — 126 97 23 — 120 
Restructuring27 5 — 32 18 9 — 27 
Reserve for international non-income tax obligation
2 — — 2 — — — — 
Duplicate Rent1 1 — 2 — — — — 
Charges related to asset abandonment— — — — 1 — — 1 
Operating Income$1,046 $818 
Non-operating income (expense), net$125 $(46)
Income before provision for income taxes
$1,171 $772 
Six Months Ended June 30,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,851 $2,413 $— $4,264 $1,747 $2,075 $— $3,822 
Intersegment revenue6 103 (109)— 6 99 (105)— 
Revenue1,857 2,516 (109)4,264 1,753 2,174 (105)3,822 
Compensation expense
731 613 — 1,344 717 560 — 1,277 
Non-compensation expense
409 198 — 607 392 193 — 585 
Intersegment expense
103 6 (109)— 99 6 (105)— 
Total
1,243 817 (109)1,951 1,208 759 (105)1,862 
Adjusted Operating Income$614 $1,699 $— $2,313 $545 $1,415 $— $1,960 
Less:

Depreciation and
amortization		202 46 — 248 191 42 — 233 
Restructuring47 12 — 59 44 16 — 60 
Reserve for international non-income tax obligation
36 — — 36 — — — — 
Duplicate Rent1 1 — 2 — — — — 
Charges related to asset abandonment— — — — 3 — — 3 
Operating Income$1,968 $1,664 
Non-operating income (expense), net$73 $(88)
Income before provision for income taxes
$2,041 $1,576 

40

The table below shows cumulative restructuring expense incurred through June 30, 2026 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$158 $54 $212 
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $215 million to $240 million for the MA segment and $85 million to $110 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 9.

Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
United States$1,218 $992 $2,398 $2,057 
Non-U.S.:
EMEA650 613 1,265 1,182 
Asia-Pacific196 174 373 341 
Americas121 119 228 242 
Total Non-U.S.967 906 1,866 1,765 
Total$2,185 $1,898 $4,264 $3,822 

41
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 84 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. Moody’s offerings are distinguished by our vast proprietary and curated data and validated analytical models, which provide the trusted foundation that enables our customers to navigate an increasingly complex risk landscape. Moody’s solutions enable the transformation of information into decision-grade intelligence, which is deeply interconnected across risk domains. Moody's also offers valuable insights into financial stability and creditworthiness for organizations, debt instruments, and securities, serving a key role in bringing transparency to the global debt markets. 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 in a dynamic global environment. Moody’s has two reportable segments: MA and MIS.
Moody's Analytics
Moody's Investors Service
MA provides curated 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 comprises three interconnected businesses: i) Research & Insights, which provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions; ii) Data & Information, which is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment; and iii) Decision Solutions, a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows. Together, these businesses benefit from deep customer integration, long-term subscription structures, and data assets that are proprietary in sourcing, breadth, and historical depth.
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 goodwill and other acquired intangible assets, impairment of long-lived assets, pension and other retirement benefits, investments in non-consolidated affiliates, income taxes, and contingencies. 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, 2025, 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.
Reportable Segments
The Company is organized into two reportable segments as of June 30, 2026: MA and MIS, which are more fully described in the section entitled “The Company” above and in Note 16 to the consolidated financial statements.

42
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 June 30, 2026 compared with three months ended June 30, 2025
Executive Summary
The following table provides an executive summary of key operating results for the quarter ended June 30, 2026. 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.
43
Three Months Ended
June 30,
Financial measure:20262025% Change Favorable
(Unfavorable)
Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$2,185 $1,898 15 %
— reflects revenue growth in both segments
MA external revenue$925 $888 4 %
— sustained demand for insurance offerings and cloud-based KYC and banking solutions within Decision Solutions; partially offset by
     — the impacts of the MA Learning
         Solutions and MA Regulatory Solutions divestitures
— continued demand for ratings data feeds, company data applications and credit research product offerings
— Organic constant currency recurring revenue(1) and ARR(2) both increased 9%
MIS external revenue$1,260 $1,010 25 %
— strong CFG issuance activity, driven by:
      — higher leveraged finance issuance, primarily in the U.S., supported by strong investor demand and tight credit spreads;
      — investment-grade issuance related to continued AI-related financing by hyperscalers; and
— strong Project and Infrastructure Finance issuance activity related to data centers and broader build-out of technology infrastructure
Total operating and SG&A expenses$981 $932 (5 %)— higher incentive compensation which aligns with operational performance relative to targets; and
— increases in costs to support operating growth, including technology infrastructure costs
Depreciation and amortization$126 $120 (5 %)
— higher amortization of internally developed software, primarily related to the development of MA cloud-based solutions
Restructuring$32 $27 (19 %)
— relates to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements
Total non-operating income (expense), net$125 $(46)372 %
— a gain on the divestiture of the MA Regulatory Solutions business as more fully discussed in Note 11 to the consolidated financial statements
Operating margin47.9 %43.1 %480 BPS
— Operating margin and Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management
Adjusted Operating Margin(1)
55.3 %50.9 %440 BPS
ETR24.9 %25.0 %(10BPS)
— in line with the prior year
Diluted EPS$5.03 $3.21 57 %
— increase in Diluted EPS reflects growth in operating income coupled with the gain on the divestiture of the MA Regulatory Solutions business
Adjusted Diluted EPS(1)
$4.68 $3.56 31 %
— increase in Adjusted Diluted EPS(1) reflects growth in Adjusted Operating Income(1)
44
Moody's Corporation
Three Months Ended June 30,
% Change Favorable
(Unfavorable)
20262025
Revenue:
United States$1,218 $992 23%
Non-U.S.:
EMEA650 613 6%
Asia-Pacific196 174 13%
Americas121 119 2%
Total Non-U.S.967 906 7%
Total2,185 1,898 15%
Expenses:
Operating518 489 (6%)
SG&A463 443 (5%)
Depreciation and amortization126 120 (5%)
Restructuring32 27 (19%)
Charges related to asset abandonment
— 1 100%
Total1,139 1,080 (5%)
Operating income$1,046 $818 28%
Adjusted Operating Income(1)
$1,208 $966 25%
Interest expense, net$(58)$(61)5%
Other non-operating income, net2 15 (87%)
Gain on business divestitures181 — NM
Non-operating income (expense), net$125 $(46)372%
Net income attributable to Moody's$878 $578 52%
Diluted weighted average shares outstanding174.5 180.2 3%
Diluted EPS attributable to Moody's common shareholders$5.03 $3.21 57%
Adjusted Diluted EPS(1)
$4.68 $3.56 31%
Operating margin47.9 %43.1 %
Adjusted Operating Margin(1)
55.3 %50.9 %
ETR
24.9 %25.0 %
45
The table below shows Moody’s global staffing by geographic area:
June 30,Change
20262025%
MAU.S.2,706 2,934 (8 %)
Non-U.S.4,573 5,045 (9 %)
Total(3)
7,279 7,979 (9 %)
MISU.S. 1,559 1,560 — %
Non-U.S. 4,693 4,274 10 %
Total(4)
6,252 5,834 7 %
MSSU.S.654 694 (6 %)
Non-U.S.1,442 1,406 3 %
Total2,096 2,100 — %
Total MCOU.S.4,919 5,188 (5 %)
Non-U.S.10,708 10,725 — %
Total15,627 15,913 (2 %)
(3) Headcount decrease year over year is primarily due to business divestitures.
(4) Headcount increase year over year is primarily due to business acquisitions.

GLOBAL REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
1119 1124 1133 1138
Global revenue ⇑ $287 million
U.S. Revenue ⇑ $226 million
Non-U.S. Revenue ⇑ $61 million
The 15% increase in global revenue reflects growth of 25% in MIS and 4% in MA. On an organic constant currency basis, revenue(1) grew 16%. Refer to the section entitled “Segment Results” of this MD&A for a more comprehensive discussion of the Company’s segment revenue.
46
Second Quarter Operating Expense ⇑ $29 million
1410
Compensation expenses of $374 million increased $12 million, reflecting:
Non-compensation expenses of $144 million increased $17 million, reflecting:
— an increase in incentive compensation aligned with operational performance relative to targets— increases in costs to support operating growth, including technology infrastructure costs
Second Quarter SG&A Expense ⇑ $20 million
1415
Compensation expenses of $289 million increased $17 million, primarily reflecting:
Non-compensation expenses of $174 million increased $3 million, primarily reflecting:
— an increase in incentive compensation aligned with operational performance relative to targets; and— non-compensation expenses were generally in line compared to the prior year
— growth in salaries and benefits primarily reflecting annual salary increases
Depreciation and amortization
The increase is primarily driven by amortization of internally developed software, which relates to the development of MA cloud-based solutions.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.
47
Operating margin 47.9%, ⇑ 480 BPS
Adjusted Operating Margin(1) 55.3%, ⇑ 440 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects the 15% increase in revenue, partially offset by growth of 5% in operating and SG&A expenses.
Interest Expense, net ⇓ $3 million
Other non-operating income ⇓ $13 million
Interest expense decrease is primarily due to:Decrease in income is primarily due to:
— lower interest expense on borrowings of $7 million, reflecting favorable impacts from fixed-to-floating interest rate swaps due to a lower interest rate environment compared with the prior year, as well as the maturity of certain swaps in prior periods; partially offset by
— an increase in FX losses of $11 million
— a decrease in interest income of $4 million reflecting lower cash balances and lower interest rates
Gain on business divestitures ⇑ $181 million
Primarily reflects the gain on divestiture of the MA Regulatory Solutions business.
ETR ⇓ 10 BPS
The ETR was in line with the prior year.
Diluted EPS ⇑ $1.82
Adjusted Diluted EPS(1) ⇑ $1.12
The increase in Diluted EPS reflects growth in operating income coupled with the gain on the divestiture of the MA Regulatory Solutions business.
The increase in Adjusted Diluted EPS(1) reflects growth in Adjusted Operating Income(1).
48
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 June 30,
% Change Favorable
(Unfavorable)
20262025
Revenue:
Decision Solutions (DS)$423 $413 2%
Research and Insights (R&I)256 249 3%
Data and Information (D&I)246 226 9%
Total external revenue925 888 4%
Intersegment revenue3 3 —%
Total MA revenue928 891 4%
Expenses:
Compensation expense
357 355 (1%)
Non-compensation expense
207 200 (4%)
Total compensation and non-compensation expense564 555 (2%)
Intersegment expense52 50 (4%)
Total 616 605 (2%)
Adjusted Operating Income
$312 $286 9%
Adjusted Operating Margin
33.6 %32.1 %
Depreciation and amortization102 97 (5%)
Restructuring27 18 (50%)
Charges related to asset abandonment
— 1 100%
Reserve for international non-income tax obligation
2 — NM
Duplicate Rent1 — NM

49
MOODY'S ANALYTICS REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
358 360 369 371
MA: Global revenue ⇑ $37 million
U.S. Revenue ⇑ $28 million
Non-U.S. Revenue ⇑ $9 million
The 4% increase in global MA revenue reflects growth both in the U.S. (7%) and internationally (2%).
–Organic constant currency revenue(1) growth was 8%.
–Recurring revenue growth and organic constant currency recurring revenue(1) growth was 7% and 9%, respectively.
–ARR(2) increased 9%.
The increases are reflective of growth across all LOBs, as discussed in further detail below.

DECISION SOLUTIONS REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
973     977978 980
50
 DS: Global revenue ⇑ $10 million
U.S. Revenue ⇑ $16 million
Non-U.S. Revenue ⇓ $6 million
Global DS revenue for the three months ended June 30, 2026 and 2025 was comprised as follows:
1065
Global DS revenue increased 2% compared to the second quarter of 2025 and reflects increases in the U.S. (10%), partially offset by a decline internationally (2%). DS recurring revenue grew 9%. Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 12% and 14%, respectively, and ARR grew 10%.
The most notable drivers of the growth are as follows:
–Insurance revenue grew 9%
–recurring revenue growth of 11% was primarily attributable to continued demand for subscription-based revenue for catastrophe modeling tools
–ARR(2) grew 9% reflecting the continued demand for subscription-based catastrophe models
–KYC revenue grew 13%
–recurring revenue growth of 12% reflects continued demand and strong customer retention for KYC solutions, including expanded compliance data use cases, coupled with a favorable impact from foreign currency translation
–Constant currency revenue(1) growth and constant currency recurring revenue(1) growth in KYC were 11% and 10%, respectively
–ARR(2) grew 13%, reflecting the aforementioned strong demand for KYC solutions
–Banking revenue declined 14%, primarily reflecting the impact of both the MA Learning Solutions divestiture in the fourth quarter of 2025 and the divestiture of MA Regulatory Solutions in the second quarter of 2026. Organic constant currency revenue(1) growth for Banking was 17%
–recurring revenue growth was 3% within Banking, which was suppressed by the divestiture of the MA Regulatory Solutions business.
–Organic constant currency recurring revenue(1) grew 22%, reflecting:
–the expansion of existing customer relationships to cloud-based subscription banking offerings that enable customers' lending, risk management and finance workflows; and
–an increase resulting from the timing of revenue recognition for installed software subscriptions.
–Transaction revenue declined 88% reflecting the impact of the divestiture of the MA Learning Solutions business and MA's continued strategic shift to cloud-based subscription-based solutions.
–ARR(2) grew 10% reflecting the aforementioned expansion of existing customer relationships to cloud-based subscription banking offerings. The lower rate of ARR growth relative to organic constant currency recurring revenue growth primarily reflects higher revenues resulting from the timing of revenue recognition for installed software subscriptions.

51
RESEARCH AND INSIGHTS REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
___________________________________________________ ________________________________________________
339533963397 3399
R&I: Global revenue ⇑ $7 million
U.S. Revenue ⇑ $2 million
Non-U.S. Revenue ⇑ $5 million
Global R&I revenue increased 3% compared to the second quarter of 2025 and reflects growth in both the U.S. (1%) and internationally (5%). Constant currency revenue(1) growth for R&I was 2%. Recurring revenue increased 3%.

The revenue increase was attributable to continued demand for credit research product offerings.

ARR(2) increased 6%.

DATA AND INFORMATION REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
________________________________________________________________________________________________________
391739183919 3921
D&I: Global revenue ⇑ $20 million
U.S. Revenue ⇑ $10 million
Non-U.S. Revenue ⇑ $10 million
Global D&I revenue increased 9% compared to the second quarter of 2025 and reflects growth in both the U.S. (13%) and internationally (7%). Constant currency revenue(1) growth for D&I was 8%.
This growth was primarily driven by continued strong demand for ratings data feeds and company data applications, which also contributed to an 8% increase in ARR(2).

52
MA: Second Quarter Compensation and Non-Compensation Expense ⇑ $9 million
4407
Compensation expenses of $357 million increased $2 million primarily reflecting:
Non-compensation expenses of $207 million increased $7 million reflecting:
— an increase in incentive compensation aligned with operational performance relative to targets; mostly offset by
— increases in costs to support operating growth, including technology infrastructure costs
— a decrease in salaries and benefits primarily attributable to the divestitures of MA Learning Solutions and MA Regulatory Solutions businesses, while the underlying expense was generally in line with the prior year
MA: Adjusted Operating Margin 33.6% ⇑ 150 BPS
Adjusted Operating Margin expansion primarily reflects the aforementioned 4% increase in global MA revenue, supported by operational efficiency/disciplined cost management.
Depreciation and amortization
The increase in depreciation and amortization expense reflects higher amortization of internally developed software relating to the development of cloud-based solutions.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.
53
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended
June 30,
% Change Favorable
(Unfavorable)
20262025
Revenue:
Corporate finance (CFG)$651 $512 27%
Structured finance (SFG)151 135 12%
Financial institutions (FIG)222 191 16%
Public, project and infrastructure finance (PPIF)224 162 38%
Total ratings revenue1,248 1,000 25%
MIS Other12 10 20%
Total external revenue1,260 1,010 25%
Intersegment revenue52 50 4%
Total MIS revenue1,312 1,060 24%
Expenses:
Compensation expense
306 280 (9%)
Non-compensation expense
107 97 (10%)
Total compensation and non-compensation expense413 377 (10%)
Intersegment expense3 3 —%
Total416 380 (9%)
Adjusted Operating Income
$896 $680 32%
Adjusted Operating Margin
68.3 %64.2 %
Depreciation and amortization24 23 (4%)
Restructuring5 9 44%
Duplicate Rent1 — NM
The following chart presents changes in rated issuance volumes compared to the second quarter of 2025. 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

54
MOODY'S INVESTORS SERVICE REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
620 622 630 632
MIS: Global revenue ⇑ $250 million
U.S. Revenue ⇑ $198 million
Non-U.S. Revenue ⇑ $52 million
The 25% increase in global MIS revenue reflects growth in the U.S. (32%) and internationally (13%).
–Organic constant currency revenue(1) growth was 24%.
The increase is reflective of growth across all ratings LOBs, as discussed in further detail below.

CFG REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
1128 1130 1138 1140
55
CFG: Global revenue ⇑ $139 million
U.S. Revenue ⇑ $119 million
Non-U.S. Revenue ⇑ $20 million
Global CFG revenue for the three months ended June 30, 2026 and 2025 was comprised as follows:
1226
* 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 27% reflects growth in the U.S. (38%) and internationally (10%).
–Organic constant currency revenue(1) growth for CFG was 26%.
Transaction revenue increased $129 million compared to the same period in the prior year, which primarily reflected:
–an increase in leveraged finance issuance activity, primarily in the U.S., reflecting strong investor demand and tight credit spreads throughout most of the quarter coupled with loan activity to finance M&A; and
–higher investment-grade revenue reflecting strong issuance supported by AI‑related financing from hyperscalers in the technology sector, and continued strong investor demand.

SFG REVENUE
Three months ended June 30,
2026---------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
2528 2533 2542 2547
56
SFG: Global revenue ⇑ $16 million
U.S. Revenue ⇑ $13 million
Non-U.S. Revenue ⇑ $3 million
Global SFG revenue for the three months ended June 30, 2026 and 2025 was comprised as follows:
2634
The increase in SFG revenue of 12% reflects growth in the U.S. (14%) and internationally (7%).
–Organic constant currency revenue(1) growth for SFG was 10%.
Transaction revenue increased $14 million compared to the second quarter of 2025, mainly attributable to higher asset-backed securities and RMBS activity, supported by strong investor demand and favorable spread conditions.

FIG REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
3281 3286 3295 3300
57
FIG: Global revenue ⇑ $31 million
U.S. Revenue ⇑ $20 million
Non-U.S. Revenue ⇑ $11 million
Global FIG revenue for the three months ended June 30, 2026 and 2025 was comprised as follows:
3386
The increase in FIG revenue of 16% reflects growth in the U.S. (20%) and internationally (12%).
Transaction revenue increased $27 million compared to the second quarter of 2025, primarily reflecting increased volumes from issuers in the banking sector supported by favorable spreads and strong investor demand.

PPIF REVENUE
Three months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
4070 4075 4083 4088
58
PPIF: Global revenue ⇑ $62 million
U.S. Revenue ⇑ $45 million
Non-U.S. Revenue ⇑ $17 million
Global PPIF revenue for the three months ended June 30, 2026 and 2025 was comprised as follows:
4175

The increase in PPIF revenue of 38% reflects growth in the U.S. (42%) and internationally (31%).
–Constant currency revenue(1) increase for PPIF was 37%.
Transaction revenue increased $59 million compared to the second quarter of 2025, reflecting strong issuance in U.S. project and infrastructure finance related to data centers and broader build-out of technology infrastructure.
MIS: Second Quarter Compensation and Non-Compensation Expenses ⇑ $36 million
4642
Compensation expenses of $306 million increased $26 million reflecting:
Non-compensation expenses of $107 million increased $10 million:
— an increase in incentive compensation aligned with operational performance relative to targets; and— an increase in costs to support operating growth
— growth in salaries and benefits primarily reflecting annual salary increases
MIS: Adjusted Operating Margin 68.3% ⇑ 410 BPS
MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 25% increase in revenue and operating leverage in the business.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.
59
Six months ended June 30, 2026 compared with six months ended June 30, 2025
Executive Summary
The following table provides an executive summary of key operating results for the six months ended June 30, 2026. 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.
Six Months Ended June 30,
Financial measure:20262025% Change Favorable (Unfavorable)Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$4,264 $3,822 12%
— reflects revenue growth in both segments
MA external revenue$1,851 $1,747 6%
— sustained demand for insurance offerings and cloud-based KYC and banking solutions within Decision Solutions; partially offset by
     — the impacts of the MA Learning Solutions and MA
          Regulatory Solutions divestitures
— continued demand for ratings data feeds, credit research product offerings and company data applications
— Organic constant currency revenue(1) growth was 7%, and ARR(2) grew 9%
MIS external revenue$2,413 $2,075 16%
— strong CFG issuance activity, driven by:
      — investment-grade issuance related to continued AI-related financing by hyperscalers; and
      — higher leveraged finance issuance, primarily in the U.S., supported by strong investor demand and tight credit spreads; and
— strong Project and Infrastructure Finance issuance activity related to data centers and broader build-out of technology infrastructure
Total operating and SG&A expenses$1,989 $1,862 (7%)— a reserve recorded for an international non-income tax obligation;
— higher incentive compensation which aligns with operational performance relative to targets;
— an increase in costs to support operating growth; and
— unfavorable foreign exchange impacts
Depreciation and amortization$248 $233 (6%)
— higher amortization of internally developed software, primarily related to the development of MA cloud-based solutions
Restructuring$59 $60 2%
— relates to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 9 to the consolidated financial statements
Total non-operating income (expense), net$73 $(88)183%
— a gain on the divestiture of the MA Regulatory Solutions business as more fully discussed in Note 11 to the consolidated financial statements
Operating margin46.2 %43.5 %270 BPS
— Operating margin and Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management
Adjusted Operating Margin(1)
54.2 %51.3 %290 BPS
ETR24.5 %23.6 %(90 BPS)
— primarily reflects a decrease in Excess Tax Benefits related to stock-based compensation
Diluted EPS$8.75 $6.66 31%
— increase in Diluted EPS reflects growth in operating income coupled with the gain on the divestiture of the MA Regulatory Solutions business
Adjusted Diluted EPS(1)
$9.00 $7.38 22%
— increase in Adjusted Diluted EPS(1) reflects growth in Adjusted Operating Income(1).
60
Moody’s Corporation
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20262025
Revenue:
United States$2,398 $2,057 17%
Non-U.S.:
EMEA1,265 1,182 7%
Asia-Pacific373 341 9%
Americas228 242 (6%)
Total Non-U.S.1,866 1,765 6%
Total4,264 3,822 12%
Expenses:
Operating1,049 980 (7%)
SG&A940 882 (7%)
Depreciation and amortization248 233 (6%)
Restructuring59 60 2%
Charges related to asset abandonment
— 3 100%
Total2,296 2,158 (6%)
Operating income$1,968 1,664 18%
Adjusted Operating Income (1)
$2,313 1,960 18%
Interest expense, net$(124)(122)(2%)
Other non-operating income, net16 34 (53%)
Gain on business divestitures$181 — NM
Non-operating income (expense), net$73 (88)183%
Net income attributable to Moody’s$1,539 $1,203 28%
Diluted weighted average shares outstanding175.9 180.5 3%
Diluted EPS attributable to Moody’s common shareholders$8.75 $6.66 31%
Adjusted Diluted EPS (1)
$9.00 $7.38 22%
Operating margin46.2 %43.5 %
Adjusted Operating Margin (1)
54.2 %51.3 %
Effective tax rate24.5 %23.6 %
GLOBAL REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
563 568 577 579
61
Global revenue ⇑ $442 million
U.S. Revenue ⇑ $341 million
Non-U.S. Revenue ⇑ $101 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 ⇑ $69 million
819
Compensation expenses of $767 million increased $37 million, reflecting:
Non-compensation expenses of $282 million increased $32 million, reflecting:
— growth in salaries and benefits primarily reflecting:— increases in costs to support operating growth, including technology infrastructure costs
— annual salary increases;
— unfavorable foreign exchange impacts; and
— an increase in incentive compensation aligned with operational performance relative to targets
YTD SG&A Expense ⇑ $58 million
825
Compensation expenses of $578 million increased $31 million, reflecting:
Non-compensation expenses of $362 million increased $27 million, reflecting:
— growth in salaries and benefits primarily reflecting:— a reserve recorded in the first quarter of 2026 for an international non-income tax obligation
— annual salary increases; and
— unfavorable foreign exchange impacts
62
Depreciation and amortization
The increase is primarily driven by amortization of internally developed software, which relates to the development of MA cloud-based solutions.
Restructuring
The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.
Operating margin 46.2%, ⇑ 270 BPS
Adjusted Operating Margin(1) 54.2%, ⇑ 290 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects the 12% increase in revenue, partially offset by growth of 7% in operating and SG&A expenses.
Interest Expense, net ⇑ $2 million
Other non-operating income ⇓ $18 million
The increase in interest expense, net is primarily due to:Decrease in income is primarily due to:
— lower interest income of $16 million reflecting lower cash balances resulting from higher share repurchase activity coupled with lower interest rates;
— an increase in FX losses of $12 million
— interest related to a reserve for an international non-income tax obligation of $14 million; partially offset by
— lower interest expense on borrowings of $24 million reflecting favorable impacts from fixed-to-floating interest rate swaps due to a lower interest rate environment compared with the prior year, coupled with the maturity of both debt and interest rate swaps
Gain on business divestitures ⇑ $181 million
Primarily reflects the gain on divestiture of the MA Regulatory Solutions business.
ETR ⇑ 90 BPS
The increase primarily reflects lower Excess Tax Benefits related to stock-based compensation.
Diluted EPS ⇑ $2.09
Adjusted Diluted EPS(1) ⇑ $1.62
The increase in Diluted EPS reflects growth in operating income coupled with the gain on the divestiture of the MA Regulatory Solutions business.
The increase in Adjusted Diluted EPS(1) reflects growth in Adjusted Operating Income(1).

63
Segment Results
Moody’s Analytics
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20262025
Revenue:
Decision Solutions (DS)$855 $818 5%
Research and Insights (R&I)511 485 5%
Data and Information (D&I)485 444 9%
Total external revenue1,851 1,747 6%
Intersegment revenue6 6 —%
Total MA Revenue1,857 1,753 6%
Expenses:
Compensation expense
731 717 (2%)
Non-compensation expense
409 392 (4%)
Total compensation and non-compensation expense1,140 1,109 (3%)
Intersegment expense103 99 (4%)
Total1,243 1,208 (3%)
Adjusted Operating Income
$614 $545 13%
Adjusted Operating Margin
33.1 %31.1 %
Depreciation and amortization202 191 (6%)
Restructuring47 44 (7%)
Charges related to asset abandonment
— 3 100%
Reserve for international non-income tax obligation36 — NM
Duplicate Rent1 — NM
64
MOODY'S ANALYTICS REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
357 359 368 370
MA: Global revenue ⇑ $104 million
U.S. Revenue ⇑ $52 million
Non-U.S. Revenue ⇑ $52 million
The 6% increase in global MA revenue reflects growth both in the U.S. (7%) and internationally (5%).
–Organic constant currency revenue(1) growth was 7%.
–Recurring revenue growth and organic constant currency recurring revenue(1) growth was 9% and 8%, respectively.
–ARR(2) increased 9%.
These increases are reflective of growth across all LOBs, as discussed in further detail below.
DECISION SOLUTIONS REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
982     986987 989
65
DS: Global revenue ⇑ $37 million
U.S. Revenue ⇑ $24 million
Non-U.S. Revenue ⇑ $13 million
Global DS revenue for the six months ended June 30, 2026 and 2025 was comprised as follows:
1058
Global DS revenue grew 5% compared to the first half of 2025 and reflects increases in both the U.S. (7%) and internationally (3%). Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 10% and 12%, respectively. ARR(2) growth was 10%.
The most notable drivers of the growth are as follows:
–Insurance revenue grew 10%
–recurring revenue growth of 12% in Insurance was attributable to continued demand resulting in new sales for subscription-based revenue for catastrophe modeling tools
–Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for Insurance was 9% and 11%, respectively
–ARR(2) grew 9%, reflecting the aforementioned continued demand for subscription-based catastrophe modeling tools
–KYC revenue grew 15%
–recurring revenue growth of 14% in KYC reflects strong demand and customer retention for KYC and compliance solutions reflecting increased customer and supplier risk data usage
–Both organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for KYC was 11%
–ARR(2) grew 13%, reflecting the aforementioned strong demand for KYC solutions
–Banking revenue declined 10%, primarily reflecting the impact of both the MA Learning Solutions divestiture in the fourth quarter of 2025 and the divestiture of MA Regulatory Solutions in the second quarter of 2026. Organic constant currency revenue(1) growth for Banking was 9%.
–recurring revenue growth of 7% within Banking reflected:
–expansion of existing customer relationships to cloud-based subscription banking offerings that enable customers' lending, risk management and finance workflows; and
–an increase resulting from the timing of revenue recognition for installed software subscriptions;
partially offset by:
– the divestiture of the MA Regulatory Solutions business.
–Organic constant currency recurring revenue(1) growth for Banking was 15%
–Transaction revenue declined by 82%, reflecting the impact of the divestiture of the MA Learning Solutions business and MA's continued strategic shift to cloud-based subscription offerings
–ARR(2) grew 10%

66
RESEARCH AND INSIGHTS REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
338533863387 3389
R&I: Global revenue ⇑ $26 million
U.S. Revenue ⇑ $12 million
Non-U.S. Revenue ⇑ $14 million
Global R&I revenue increased 5% compared to the first half of 2025 and reflects growth in both the U.S. (4%) and internationally (6%). Constant currency revenue(1) growth for R&I was 4%.
Recurring revenue growth and constant currency recurring revenue(1) growth were 6% and 5%, respectively.
The revenue increase was attributable to continued strong retention and demand for credit research product offerings, which contributed to ARR(2) growth of 6%.
DATA AND INFORMATION REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
387638773878 3880
D&I: Global revenue ⇑ $41 million
U.S. Revenue ⇑ $16 million
Non-U.S. Revenue ⇑ $25 million
Global D&I revenue increased 9% compared to the first half of 2025 and reflects growth in both the U.S. (10%) and internationally (9%).
This growth was mainly driven by continued strong demand for ratings data feeds and company data applications, coupled with a favorable impact from foreign currency translation.
Organic constant currency revenue(1) growth for D&I was 6%.
ARR(2) grew 8% for D&I.
67
MA: YTD Compensation and Non-Compensation Expense ⇑ $31 million
4226
Compensation expenses of $731 million increased $14 million reflecting:
Non-compensation expenses of $409 million increased $17 million reflecting:
— growth in salaries and benefits, largely driven by unfavorable changes in foreign exchange rates, partially offset by divestitures
— increases in costs to support operating growth, including technology infrastructure costs
MA: Adjusted Operating Margin 33.1% ⇑ 200 BPS
Adjusted Operating Margin expansion primarily reflects the aforementioned 6% increase in global MA revenue, supported by operational efficiency/disciplined cost management.
Depreciation and amortization
The increase in depreciation and amortization expense primarily reflects higher amortization of internally developed software relating to the development of cloud-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 program, more fully discussed in Note 9 to the consolidated financial statements.

68
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20262025
Revenue:
Corporate finance (CFG)$1,284 $1,076 19%
Structured finance (SFG)288 273 5%
Financial institutions (FIG)416 382 9%
Public, project and infrastructure finance (PPIF)400 325 23%
Total ratings revenue2,388 2,056 16%
MIS Other25 19 32%
Total external revenue2,413 2,075 16%
Intersegment royalty103 99 4%
Total2,516 2,174 16%
Expenses:
Compensation expense
613 560 (9%)
Non-compensation expense
198 193 (3%)
Total compensation and non-compensation expense811 753 (8%)
Intersegment expense6 6 —%
Total817 759 (8%)
Adjusted Operating Income
$1,699 $1,415 20%
Adjusted Operating Margin
67.5 %65.1 %
Depreciation and amortization46 42 (10%)
Restructuring12 16 25%
Duplicate Rent1 — NM
The following chart presents changes in rated issuance volumes compared to the first half of 2025. 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
69
MOODY'S INVESTORS SERVICE REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
619 621 629 631
MIS: Global revenue ⇑ $338 million
U.S. Revenue ⇑ $289 million
Non-U.S. Revenue ⇑ $49 million
The 16% increase in global MIS revenue reflects growth in the U.S. (22%) and internationally (6%).
–Organic constant currency revenue(1) growth was 15%.
The increase is reflective of growth across all ratings LOBs, as discussed in further detail below.

CFG REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
917 919 927 929
70
CFG: Global revenue ⇑ $208 million
U.S. Revenue ⇑ $200 million
Non-U.S. Revenue ⇑ $8 million
Global CFG revenue for the six months ended June 30, 2026 and 2025 was comprised as follows:
996
* 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 19% reflects growth in both the U.S. (28%) and internationally (2%).
–Organic constant currency revenue(1) growth for CFG was 18%.
Transaction revenue increased $186 million compared to the prior year, which primarily reflected:
–strong investment-grade issuance activity supported by AI‑related financing from hyperscalers in the technology sector, and continued strong investor demand; and
–an increase in leveraged finance issuance activity, primarily in the U.S., reflecting strong investor demand and tight credit spreads throughout most of the period coupled with loan activity to finance M&A.

71
SFG REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
2084 2086 20952096
SFG: Global revenue ⇑ $15 million
U.S. Revenue ⇑ $7 million
Non-U.S. Revenue ⇑ $8 million
Global SFG revenue for the six months ended June 30, 2026 and 2025 was comprised as follows:
2163
The increase in SFG revenue of 5% reflects growth in both the U.S. (4%) and internationally (10%).
–Organic constant currency revenue(1) growth for SFG was 4%.
The increase primarily reflects higher asset-backed securities and RMBS activity, supported by strong investor demand and tight spreads.
FIG REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
_______________________________________________________________________________________________________
2583 2585 2594 2596
72
FIG: Global revenue ⇑ $34 million
U.S. Revenue ⇑ $27 million
Non-U.S. Revenue ⇑ $7 million
Global FIG revenue for the six months ended June 30, 2026 and 2025 was comprised as follows:
2663
The increase in FIG revenue of 9% reflects growth both in the U.S. (14%) and internationally (4%).
–Organic constant currency revenue(1) growth for FIG was 7%.
Transaction revenue increased $23 million compared to the same period in the prior year, primarily due to higher banking activity in the U.S., supported by favorable spreads and strong investor demand.
Recurring revenue increased $11 million, primarily reflecting the impact of annual price increases and higher monitored credits.
PPIF REVENUE
Six months ended June 30,
2026-----------------------------------------------------------------------------------2025
______________________________________________________________________________________________________
3278 3280 3289 3291
73

PPIF: Global revenue ⇑ $75 million
U.S. Revenue ⇑ $53 million
Non-U.S. Revenue ⇑ $22 million
Global PPIF revenue for the six months ended June 30, 2026 and 2025 was comprised as follows:
3361

The 23% increase in PPIF revenue reflects growth in both the U.S. (25%) and internationally (19%).
–Constant currency revenue(1) growth for PPIF was 22%.
Transaction revenue increased $67 million compared to the same period in the prior year, reflecting strong issuance in U.S. project and infrastructure finance related to data centers and broader build-out of technology infrastructure.

MIS: YTD Compensation and Non-Compensation Expense ⇑ $58 million
3632
Compensation expenses of $613 million increased $53 million, reflecting:
Non-compensation expenses of $198 million increased $5 million, reflecting:
— growth in salaries and benefits due to:
— an increase in costs to support operating growth
— annual salary increases; and
— unfavorable foreign exchange impacts; coupled with
— an increase in incentive compensation aligned with operational performance relative to targets
Adjusted Operating Margin of 67.5% ⇑ 240 BPS
MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 16% increase in revenue and operating leverage in the business.
Restructuring Charges
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 9 to the consolidated financial statements.
74
LIQUIDITY AND CAPITAL RESOURCES
Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.
Cash Flow
The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:
Six Months Ended June 30,$ Change
Favorable (Unfavorable)
20262025
Net cash provided by operating activities$1,718 $1,300 $418 
Net cash provided by investing activities$21 $98 $(77)
Net cash used in financing activities$(2,629)$(1,780)$(849)
Free Cash Flow (1)
$1,532 $1,140 $392 
(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.
Net cash provided by operating activities
Net cash flows from operating activities for the six months ended June 30, 2026 increased by $418 million compared to the same period in 2025, with the most notable drivers reflecting:
–growth in operating income of $304 million coupled with various changes in working capital; and
–approximately $70 million in lower incentive compensation payments in 2026 (based on full-year 2025 financial and operating results) compared to payments made in the prior year (based on full-year 2024 financial and operating results).
Net cash provided by investing activities
The $77 million decrease in cash provided by investing activities in the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
–a $473 million decrease in sales and maturities of investments primarily due to the maturity of certificates of deposit in the first quarter of 2025, of which the proceeds were used to repay notes payable in the prior year;
partially offset by:
–cash received from the divestiture of businesses (net of cash transferred to the purchaser) of $200 million, primarily relating to the sale of the MA Regulatory Solutions business in the second quarter of 2026; and
–lower cash paid for acquisitions (net of cash acquired) of $200 million, primarily due to amounts paid for the acquisition of CAPE Analytics in the first quarter of 2025.
Net cash used in financing activities
The $849 million increase in cash used in financing activities in the six months ended June 30, 2026 compared to the same period in the prior year was primarily attributed to:
–higher cash paid for treasury share repurchases in 2026 of $1.5 billion compared to the same period in the prior year;
partially offset by:
–a $700 million repayment of notes payable 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 $1.5 billion at June 30, 2026 included approximately $1.1 billion located outside of the U.S. Approximately 21% of the Company’s aggregate cash and cash equivalents and short-term investments is denominated in euro 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.
The Company regularly evaluates which entities 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.
75
Material Cash Requirements
The Company's material cash requirements consist of the following contractual and other obligations:
Financing Arrangements
Indebtedness
At June 30, 2026, Moody’s had $7.1 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 June 30, 2026 is as follows:

434 
For additional information on the Company's outstanding debt, refer to Note 13 to the consolidated financial statements.
Future interest payments and fees associated with the Company's debt and credit facility are expected to be $3.4 billion, of which approximately $200 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 June 30, 2026, these purchase obligations totaled approximately $1.3 billion, of which approximately 35% is expected to be paid in the next twelve months and another approximate 45% is 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 $1.0 billion at June 30, 2026, primarily related to real estate leases, of which $100 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 14 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 June 30, 2026, 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 July 21, 2026, the Board approved the declaration of a quarterly dividend of $1.03 per share for Moody’s common stock, payable September 4, 2026 to shareholders of record at the close of business on August 14, 2026. The continued payment of dividends at this rate, or at all, is subject to the discretion of the Board.
On October 21, 2025, the Board approved $4.0 billion in share repurchase authority. At June 30, 2026, the Company had approximately $1.8 billion of remaining authority under this authorization.
76
Restructuring
As more fully discussed in Note 9 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 $130 million to $175 million, which are expected to be paid out through 2028.
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; iii) a reserve for an international non-income tax obligation; iv) Duplicate Rent expense incurred during the build-out and transition to the Company's new New York City headquarters; and v) 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. The reserve for an international non-income tax obligation is excluded because the Company believes it is not indicative of its ongoing operating cost structure. Duplicate Rent expense incurred during the build-out and transition to the Company's new New York City headquarters is excluded because it relates to an infrequent corporate headquarters relocation and is not indicative of the Company's ongoing operating cost structure.
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 June 30,
Six Months Ended June 30,
2026202520262025
Operating income$1,046 $818 $1,968 $1,664 
Adjustments:
Depreciation and amortization126 120 248 233 
Restructuring32 27 59 60 
Reserve for international non-income tax obligation
2 — 36 — 
Duplicate Rent2 — 2 — 
Charges related to asset abandonment— 1 — 3 
Adjusted Operating Income$1,208 $966 $2,313 $1,960 
Operating margin47.9 %43.1 %46.2 %43.5 %
Adjusted Operating Margin55.3 %50.9 %54.2 %51.3 %
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) a reserve for an international non-income tax obligation and related interest and penalties; iv) charges related to asset abandonment; v) Duplicate Rent expense incurred during the build-out and transition to the Company's new New York City headquarters; and vi) gain on business divestitures.
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 reserve for an international non-income tax obligation and related interest and penalties are excluded because the Company believes they are not indicative of its ongoing operating cost structure. Duplicate Rent expense incurred during the build-out and transition to the Company's new New York City headquarters is excluded because it relates to an infrequent corporate headquarters relocation and is not indicative of the Company's ongoing operating cost structure. Gain on business divestitures are excluded due to their infrequent nature and because they do not reflect the Company's ongoing operations.
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 June 30,
Six Months Ended June 30,
Amounts in millions
2026202520262025
Net Income attributable to Moody's common shareholders
$878 $578 $1,539 $1,203 
Pre-tax acquisition-related intangible amortization
$53 $55 $106 $108 
Tax on acquisition-related intangible amortization
(13)(13)(26)(26)
Net acquisition-related intangible amortization

40 

42 

80 

82 
Pre-tax restructuring
$32 $27 $59 $60 
Tax on restructuring
(9)(7)(15)(15)
Net restructuring23 20 44 45 
Pre-tax reserve for international non-income tax obligation and related interest and penalties
$(1)$— $52 $— 
Tax on reserve for international non-income tax obligation and related interest and penalties
— — (8)— 
Net reserve for international non-income tax obligation and related interest and penalties
(1)— 44 — 
Pre-tax charges related to asset abandonment
$— $1 $— $3 
Tax on charges related to asset abandonment
— (1)— (1)
Net charges related to asset abandonment
— — — 2 
Pre-tax Duplicate Rent
$2 $— $2 $— 
Tax on Duplicate Rent
— — — — 
Net charges related to Duplicate Rent
2 — 2 — 
Pre-tax gain on divestiture of MA Regulatory Solutions$(179)$— $(179)$— 
Pre-tax gain on divestiture of MA Learning Solutions
$(2)$— $(2)$— 
Tax on gain on business divestitures55 — 55 — 
Net gain on business divestitures(126)— (126)— 
Adjusted Net Income

$816 

$640 

$1,583 

$1,332 

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Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Diluted earnings per share attributable to Moody's common shareholders$5.03 $3.21 $8.75 $6.66 
Pre-tax acquisition-related intangible amortization
$0.30 $0.31 $0.60 $0.60 
Tax on acquisition-related intangible amortization
(0.06)(0.07)(0.14)(0.14)
Net acquisition-related intangible amortization
0.24 0.24 0.46 0.46 
Pre-tax restructuring
$0.18 $0.15 $0.34 $0.33 
Tax on restructuring
(0.05)(0.04)(0.09)(0.08)
Net restructuring
0.13 0.11 0.25 0.25 
Pre-tax reserve for international non-income tax obligation and related interest and penalties
$(0.01)$— $0.30 $— 
Tax on reserve for international non-income tax obligation and related interest and penalties
— — (0.05)— 
Net reserve for international non-income tax obligation and related interest and penalties
(0.01)— 0.25 — 
Pre-tax charges related to asset abandonment
$— $0.01 $— $0.02 
Tax on charges related to asset abandonment
— (0.01)— (0.01)
Net charges related to asset abandonment
— — — 0.01 
Pre-tax Duplicate Rent
$0.01 $— $0.01 $— 
Tax on Duplicate Rent
— — — — 
Net charges related to Duplicate Rent
0.01 — 0.01 — 
Pre-tax gain on divestiture of MA Regulatory Solutions$(1.03)$— $(1.03)$— 
Pre-tax gain on divestiture of MA Learning Solutions
(0.01)— (0.01)— 
Tax on gain on business divestitures0.32 — 0.32 — 
Net gain on business divestitures(0.72)— (0.72)— 
Adjusted Diluted EPS$4.68 $3.56 $9.00 $7.38 
    
Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.
Free Cash Flow:
The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow:
Six Months Ended June 30,
20262025
Net cash provided by operating activities$1,718 $1,300 
Capital additions(186)(160)
Free Cash Flow$1,532 $1,140 
Net cash provided by investing activities$21 $98 
Net cash used in financing activities$(2,629)$(1,780)

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Organic Constant Currency Revenue Growth (Decline):
The Company presents organic constant currency revenue growth as its non-GAAP measure of revenue growth. Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth excluding both the inorganic revenue impacts from certain acquisition and divestiture activity completed within the last 12 months 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 June 30,
Six Months Ended June 30,
Amounts in millions20262025ChangeGrowth20262025ChangeGrowth
MCO revenue$2,185 $1,898 $287 15%$4,264 $3,822 $442 12%
FX impact(10)— (10)(56)— (56)
Inorganic revenue from acquisitions(6)— (6)(11)— (11)
Divestitures
— (36)36 — (50)50 
Organic constant currency MCO revenue
$2,169 $1,862 $307 16%$4,197 $3,772 $425 11%
MA revenue$925 $888 $37 4%$1,851 $1,747 $104 6%
FX impact(5)— (5)(30)— (30)
Inorganic revenue from acquisitions— — — (2)— (2)
Divestitures— (36)36 — (50)50 
Organic constant currency MA revenue
$920 $852 $68 8%$1,819 $1,697 $122 7%
Decision Solutions revenue$423 $413 $10 2%$855 $818 $37 5%
FX impact(2)— (2)(12)— (12)
Inorganic revenue from acquisitions— — — (2)— (2)
Divestitures— (36)36 — (50)50 
Organic constant currency Decision Solutions revenue
$421 $377 $44 12%$841 $768 $73 10%
Banking revenue
$119 $138 $(19)(14)%$252 $279 $(27)(10)%
FX impact— — — (2)— (2)
Divestitures— (36)36 — (50)50 
Organic constant currency Banking revenue
$119 $102 $17 17%$250 $229 $21 9%
Insurance revenue
$183 $168 $15 9%$364 $331 $33 10%
FX impact— — — (2)— (2)
Inorganic revenue from acquisitions— — — (2)— (2)
Organic constant currency Insurance revenue
$183 $168 $15 9%$360 $331 $29 9%
KYC revenue
$121 $107 $14 13%$239 $208 $31 15%
FX impact(2)— (2)(8)— (8)
Constant currency KYC revenue
$119 $107 $12 11%$231 $208 $23 11%
Research and Insights revenue$256 $249 $7 3%$511 $485 $26 5%
FX impact(1)— (1)(5)— (5)
Constant currency Research and Insights revenue$255 $249 $6 2%$506 $485 $21 4%
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Three Months Ended June 30,
Six Months Ended June 30,
Amounts in millions20262025ChangeGrowth20262025ChangeGrowth
Data and Information revenue$246 $226 $20 9%$485 $444 $41 9%
FX impact(2)— (2)(13)— (13)
Constant currency Data and Information revenue$244 $226 $18 8%$472 $444 $28 6%
MA recurring revenue$915 $852 $63 7%$1,824 $1,674 $150 9%
FX impact(5)— (5)(30)— (30)
Inorganic recurring revenue from acquisitions— — — (2)— (2)
Divestitures— (18)18 — (18)18 
Organic constant currency MA recurring revenue
$910 $834 $76 9%$1,792 $1,656 $136 8%
Decision Solutions recurring revenue
$416 $382 $34 9%$838 $755 $83 11%
FX impact(2)— (2)(12)— (12)
Inorganic recurring revenue from acquisitions— — — (2)— (2)
Divestitures— (18)18 — (18)18 
Organic constant currency Decision Solutions recurring revenue
$414 $364 $50 14%$824 $737 $87 12%
Banking recurring revenue
$116 $113 $3 3%$243 $228 $15 7%
FX impact— — — (2)— (2)
Divestitures— (18)18 — (18)18 
Organic constant currency Banking recurring revenue
$116 $95 $21 22%$241 $210 $31 15%
Insurance recurring revenue
$180 $162 $18 11%$357 $319 $38 12%
FX impact— — — (2)— (2)
Inorganic recurring revenue from acquisitions— — — (2)— (2)
Organic constant currency Insurance recurring revenue
$180 $162 $18 11%$353 $319 $34 11%
KYC recurring revenue
$120 $107 $13 12%$238 $208 $30 14%
FX impact(2)— (2)(8)— (8)
Constant currency KYC recurring revenue
$118 $107 $11 10%$230 $208 $22 11%
Research and Insights recurring revenue
$254 $246 $8 3%$506 $479 $27 6%
FX impact(1)— (1)(5)$— $(5)
Constant currency Research and Insights recurring revenue$253 $246 $7 3%$501 $479 $22 5%
Data and Information recurring revenue
$245 $224 $21 9%$480 $440 $40 9%
FX impact(2)— (2)(13)$— $(13)
Constant currency Data and Information recurring revenue$243 $224 $19 8%$467 $440 $27 6%
MIS revenue
$1,260 $1,010 $250 25%$2,413 $2,075 $338 16%
FX impact(5)— (5)(26)— (26)
Inorganic revenue from acquisitions(6)— (6)(9)— (9)
Organic constant currency MIS revenue
$1,249 $1,010 $239 24%$2,378 $2,075 $303 15%
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Three Months Ended June 30,
Six Months Ended June 30,
Amounts in millions20262025ChangeGrowth20262025ChangeGrowth
Corporate Finance revenue
$651 $512 $139 27%$1,284 $1,076 $208 19%
FX impact(3)— (3)(13)— (13)
Inorganic revenue from acquisitions(1)— (1)(1)— (1)
Organic constant currency Corporate Finance revenue
$647 $512 $135 26%$1,270 $1,076 $194 18%
Structured Finance revenue
$151 135 16 12%$288 273 15 5%
FX impact(1)— (1)(4)— (4)
Inorganic revenue from acquisitions(1)— (1)(1)— (1)
Organic constant currency Structured Finance revenue
$149 $135 $14 10%$283 $273 $10 4%
Financial Institutions revenue
$222 $191 $31 16%$416 $382 $34 9%
FX impact— — — (5)— (5)
Inorganic revenue from acquisitions(1)— (1)(1)— (1)
Organic constant currency Financial Institutions revenue
$221 $191 $30 16%$410 $382 $28 7%
PPIF revenue
$224 162 62 38%$400 325 75 23%
FX impact(2)— (2)(5)— (5)
Constant currency PPIF revenue$222 $162 $60 37%$395 $325 $70 22%
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, to provide better perspective in assessing growth, the Company excludes from ARR contracts associated with acquisitions and divestitures completed within the last 12 months.
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 millionsJune 30, 2026June 30, 2025ChangeGrowth
MA ARR
Decision Solutions
Banking$420 $383 $37 10%
Insurance723 666 57 9%
KYC478 422 56 13%
Total Decision Solutions
$1,621 $1,471 $150 10%
Research and Insights1,037 975 62 6%
Data and Information1,003 926 77 8%
Total MA ARR$3,661 $3,372 $289 9%

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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 15 "Contingencies” in this Form 10-Q.
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 42 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;
84
–exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time;
–provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to CRAs in a manner adverse to CRAs;
–provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes;
–uncertainty regarding the future relationship between the U.S. and China;
–the possible loss of key employees and the impact of the global labor environment;
–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, 2025, 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.
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Item 3.         Quantitative and Qualitative Disclosures About Market Risk
In the six months ended June 30, 2026, the Company entered into new cross-currency swap hedging transactions designated as net investment hedges, which are disclosed in Note 7 to the consolidated financial statements. The related sensitivity analysis disclosed in our Form 10-K for the year ended December 31, 2025 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 June 30, 2026. There have been no material changes to the Company's market risk other than the aforementioned cross-currency swaps during the six months ended June 30, 2026. 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, 2025.
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 June 30, 2026, 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 7 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 $450 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 $30 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.
Euro-denominated debt
As of June 30, 2026 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 $140 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 June 30, 2026.
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.
86
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 15 “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, 2025, 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, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
MOODY'S PURCHASES OF EQUITY SECURITIES
For the three months ended June 30, 2026
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)
April 1- 3080,910 $461.67 77,960 $2,453  million
May 1- 31786,430 $446.36 785,454 $2,103  million
June 1- 30682,610 $450.64 682,235 $1,795  million
Total1,549,950 $449.02 1,545,649 
(1) Includes surrender to the Company of 2,950; 976; and 375 shares of common stock in April, May, and June, 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 21, 2025, the Board authorized $4 billion in share repurchase authority. At June 30, 2026 there was approximately $1.8 billion of share repurchase authority remaining under this authorization. There is no established expiration date for the remaining authorization.
During the second quarter of 2026, Moody’s issued a net 50 thousand shares under employee stock-based compensation plans.

Item 5. Other Information
Not applicable.
87
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 3.2 to the Report on Form 10-K of the Registrant, file number 1-14037, filed February 18, 2026)
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
88
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: July 23, 2026
89

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