Moody's Corporation (MCO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$4.25	$4.68	+10.1%	—	$2.2B	—
Q1 26	$4.22	$4.33	+2.6%	—	$2.1B	—
Q4 25	$3.44	$3.64	+5.8%	—	$1.9B	—
Q3 25	$3.68	$3.92	+6.5%	—	$2B	—
Q2 25	$3.39	$3.56	+5.0%	—	$1.9B	—
Q1 25	$3.54	$3.83	+8.2%	—	$1.9B	—
Q4 24	$2.58	$2.62	+1.6%	—	$1.7B	—
Q3 24	$2.87	$3.21	+11.8%	—	$1.8B	—
Q2 24	$3.02	$3.28	+8.6%	—	$1.8B	—
Q1 24	$3.01	$3.37	+12.0%	—	$1.8B	—
Q4 23	$2.32	$2.19	-5.6%	—	—	—
Q3 23	$2.3	$2.43	+5.7%	—	$1.5B	—
Q2 23	$2.21	$2.3	+4.1%	—	$1.5B	—
Q1 23	$2.2	$2.99	+35.9%	—	$1.5B	—
Q4 22	$1.47	$1.6	+8.8%	—	$1.3B	—
Q3 22	$2.03	$1.85	-8.9%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.7	—	—	$7.7B	—
FY24	—	$11.3	—	—	$7.1B	—
FY23	—	$8.77	—	—	—	—
FY22	—	$7.47	—	—	$5.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.6B	$4.2B	$4.4B	$4.8B	$5.4B	$6.2B	$5.5B	—	$7.1B	$7.7B
YoY change	+3.44%	+16.6%	+5.69%	+8.69%	+11.2%	+15.8%	-12.1%	—	—	+8.89%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.6B	4.2B	4.4B	4.8B	5.4B	6.2B	5.5B	—	7.1B	7.7B
Cost of revenue	1B	1.2B	1.2B	1.4B	1.5B	1.6B	1.6B	—	1.9B	2B
Gross profit	2.6B	3B	3.2B	3.4B	3.9B	4.6B	3.9B	—	5.1B	5.7B
Gross margin	71.7%	71.1%	72%	71.3%	72.5%	73.7%	70.5%	—	72.6%	74.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	931.2M	986M	1.1B	1.2B	1.2B	1.5B	1.5B	1.6B	1.7B	1.8B
Operating expenses	2B	2.2B	2.3B	1.2B	1.2B	1.5B	1.5B	1.6B	1.7B	1.8B
Operating income	1.5B	1.8B	1.9B	2.1B	2.4B	2.8B	2B	2.2B	3B	3.5B
Operating margin	42.4%	43.9%	43.3%	43%	45.6%	45.7%	36.5%	—	42%	44.9%
Non-operating income, net	-813M	152M	-38M	-57M	-13M	82M	-6M	-38M	-41M	-119M
Pretax income	558M	1.8B	1.7B	1.8B	2.2B	2.8B	1.8B	—	2.7B	3.1B
Income tax	282.2M	779M	352M	381M	452M	541M	386M	—	640M	668M
Net income	275.8M	1B	1.3B	1.4B	1.8B	2.2B	1.4B	—	2.1B	2.5B
Net margin	7.65%	24%	29.7%	29.6%	33.1%	35.6%	25.1%	—	29%	31.9%
EBITDA	1.7B	2B	2.2B	2.3B	2.7B	3.2B	2.4B	—	3.6B	4.1B
EPS	1.38	5.24	6.84	7.51	9.48	11.9	7.47	8.77	11.3	13.7
Diluted EPS	1.36	5.15	6.74	7.42	9.39	11.8	7.44	8.73	11.3	13.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	—	1.8B	1.8B	1.8B	1.7B	1.9B	1.9B	2B	1.9B	2.1B	2.2B
Cost of revenue	—	—	467M	469M	512M	497M	491M	489M	492M	501M	531M	518M
Gross profit	—	—	1.3B	1.3B	1.3B	1.2B	1.4B	1.4B	1.5B	1.4B	1.5B	1.7B
Gross margin	—	—	73.9%	74.2%	71.8%	70.3%	74.5%	74.2%	75.5%	73.5%	74.5%	76.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	403M	428M	413M	446M	434M	442M	439M	443M	453M	468M	477M	463M
Operating expenses	815M	428M	880M	915M	946M	442M	930M	443M	453M	468M	477M	463M
Operating income	562M	534M	806M	792M	759M	620M	881M	846M	939M	796M	949M	1.1B
Operating margin	38.2%	—	45.1%	43.6%	41.9%	37.1%	45.8%	44.6%	46.8%	42.1%	45.6%	49.3%
Non-operating income, net	-9M	-18M	8M	-10M	4M	-43M	-16M	-13M	-14M	-76M	-13M	151M
Pretax income	487M	—	752M	719M	703M	525M	804M	772M	867M	687M	870M	1.2B
Income tax	97M	—	175M	166M	169M	130M	179M	193M	220M	76M	209M	292M
Net income	390M	—	577M	553M	534M	395M	625M	579M	647M	611M	661M	879M
Net margin	26.5%	—	32.3%	30.4%	29.5%	23.6%	32.5%	30.5%	32.2%	32.3%	31.8%	40.2%
EBITDA	692M	—	941M	931M	916M	770M	1B	990M	1.1B	939M	1.1B	1.2B
EPS	2.12	1.86	3.16	3.03	2.94	2.18	3.47	3.22	3.61	3.43	3.74	5.04
Diluted EPS	2.11	1.85	3.15	3.02	2.93	2.17	3.46	3.21	3.6	3.41	3.73	5.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	18.2B	28.2B	26.8B	44.9B	54.4B	72.8B	51.2B	71.6B	86.1B	91.5B	79.7B
Enterprise value	19.3B	32.6B	30.7B	49.2B	58.7B	78.9B	57.2B	71.6B	90.8B	96.4B	85.9B
Shares outstanding	192.7M	191.1M	191.6M	189.3M	187.6M	186.4M	183.9M	183.2M	181.8M	179.1M	179.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	65.9	28	20.3	31.4	30.6	32.9	37.3	—	41.8	37.2	29.6
P/S	5.04	6.71	6.04	9.31	10.1	11.7	9.37	—	12.1	11.9	9.76
P/B	-17.7	-245.5	40.9	53.7	30.9	25	19.1	—	23.1	21.8	26.3
EV/EBITDA	11.5	16	14.2	21.1	21.6	24.5	23.8	—	25.5	23.8	21.2
EV/Sales	5.36	7.75	6.91	10.2	10.9	12.7	10.5	—	12.8	12.5	10.5
Earnings yield	1.52%	3.57%	4.92%	3.18%	3.26%	3.04%	2.68%	—	2.39%	2.69%	3.38%
FCF yield	6.3%	2.35%	5.11%	3.57%	3.75%	2.56%	2.32%	—	2.93%	2.81%	3.24%
PEG	—	—	—	—	—	—	—	—	—	—	0.52

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	71.7%	71.1%	72%	71.3%	72.5%	73.7%	70.5%	—	72.6%	74.4%	76.3%
Operating margin	42.4%	43.9%	43.3%	43%	45.6%	45.7%	36.5%	—	42%	44.9%	49.5%
Net margin	7.65%	24%	29.7%	29.6%	33.1%	35.6%	25.1%	—	29%	31.9%	34.3%
ROE	-26.8%	-877.3%	201.2%	170.7%	100.8%	75.9%	51.1%	—	55.2%	58.5%	76.9%
ROA	5.18%	11.7%	13.9%	13.9%	14.3%	15.1%	9.58%	—	13.3%	15.6%	15.6%
ROIC	681.8%	24.5%	33.7%	32.4%	32.5%	25.4%	17.9%	—	26.7%	29.9%	31.9%
Return on tangible assets	10.3%	-46.3%	-113%	-816.6%	-506.3%	-98.3%	-78.6%	—	-782.9%	200.5%	-191.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.34	1.25	1.61	1.92	2.03	1.61	1.72	—	1.47	1.74	1.19
Quick ratio	1.34	1.25	1.61	1.92	2.03	1.61	1.72	—	1.47	1.74	1.19
Debt / equity	-3.27	-48.2	8.65	7.35	3.94	2.73	2.92	—	2.08	1.75	2.41
Debt / assets	0.63	0.64	0.6	0.6	0.56	0.54	0.55	—	0.5	0.46	0.51
Net debt / EBITDA	0.68	2.14	1.78	1.81	1.57	1.89	2.5	—	1.34	1.21	1.39
Interest coverage	4.32	8.94	8.27	9.04	11.9	17.1	8.15	—	8.96	12.1	14.5
Effective tax rate	50.6%	43.6%	21.1%	21%	20.3%	19.6%	21.9%	—	23.7%	21.3%	22.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.7	22	23.2	25.5	28.6	33.4	29.7	—	39	43.1	46.1
EPS (basic)	1.38	5.24	6.84	7.51	9.48	11.9	7.47	8.77	11.3	13.7	13.7
EPS (diluted)	1.36	5.15	6.74	7.42	9.39	11.8	7.44	8.73	11.3	13.7	15.6
Book value per share	-5.33	-0.6	3.42	4.42	9.4	15.6	14.6	—	20.5	23.5	17.5
FCF per share	5.94	3.47	7.15	8.48	10.9	10	6.48	—	13.9	14.4	17
Cash per share	11.5	6.19	9.49	10.2	14.4	10.2	10.1	—	16.4	13.7	8.64
Capex per share	—	—	—	—	—	—	—	—	—	1.82	2.02

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.22%	4.31%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	11.2%	10.6%
Payout ratio	103.4%	28.8%	25.5%	26.5%	23.6%	20.9%	37.5%	—	30.1%	28.5%	25%
Dividend yield	1.57%	1.03%	1.26%	0.84%	0.77%	0.64%	1.01%	—	0.72%	0.77%	0.9%

Yield

0.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.03

ex-dividend Aug 14, 2026

Payout ratio

25%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$1.03
May 15, 2026	$1.03
Mar 2, 2026	$1.03

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	—	$1.8B	$1.8B	$1.8B	$1.7B	$1.9B	$1.9B	$2B	$1.9B	$2.1B	$2.2B
YoY change	+15.5%	—	+21.5%	+21.6%	+23.2%	—	+7.73%	+4.46%	+10.7%	+13%	+8.06%	+15.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.2B	1.2B	1.8B	1.9B	2.7B	1.9B	1.9B	—	3B	2.4B
Receivables	887.4M	1.1B	1.3B	1.4B	1.4B	1.7B	1.7B	—	1.8B	2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	3.3B	2.6B	3.4B	3.7B	4.5B	4B	4.1B	—	5.3B	5.2B
Property, plant & equipment	325.9M	325.1M	320M	748M	671M	785M	848M	—	872M	1B
Goodwill & intangibles	2.6B	10.8B	10.7B	10.4B	12.8B	16.9B	16.1B	—	15.8B	14.6B
Total assets	5.3B	8.6B	9.5B	10.3B	12.4B	14.7B	14.3B	—	15.5B	15.8B
Accounts payable	28.4M	21.8M	30M	38M	39M	47M	52M	—	53M	62M
Short-term debt	300M	429.4M	450M	89M	94M	105M	106M	—	799M	95M
Total current liabilities	2.4B	2.1B	2.1B	1.9B	2.2B	2.5B	2.4B	—	3.6B	3B
Long-term debt	3.1B	5.1B	5.2B	6.1B	6.8B	7.9B	7.8B	—	6.9B	7.3B
Total liabilities	6.4B	8.7B	8.9B	9.4B	10.6B	11.8B	11.7B	—	11.8B	11.6B
Shareholders' equity	-1B	-114.9M	656M	837M	1.8B	2.9B	2.7B	—	3.7B	4.2B
Total debt	3.4B	5.5B	5.7B	6.2B	6.9B	8B	7.9B	—	7.7B	7.4B
Net debt	1.3B	4.5B	4B	4.3B	4.3B	6.2B	6.1B	—	5.3B	5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.1B	—	2.5B	2.7B	3.2B	3B	2.2B	2.3B	2.3B	2.4B	1.5B	1.5B
Receivables	1.5B	—	1.8B	1.7B	1.7B	1.8B	1.9B	1.8B	1.8B	2B	2B	1.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4B	—	4.8B	4.9B	5.4B	5.3B	4.6B	4.6B	4.6B	5.2B	4.2B	4B
Property, plant & equipment	573M	—	873M	894M	904M	872M	888M	915M	1B	1B	1B	1.3B
Goodwill & intangibles	15.8B	—	15.8B	15.6B	16.2B	15.8B	16.4B	16.9B	16.8B	16.5B	16.3B	16.1B
Total assets	14.2B	—	15B	15B	15.8B	15.5B	15.1B	15.5B	15.4B	15.8B	14.7B	14.7B
Accounts payable	41M	—	88M	57M	50M	53M	98M	53M	54M	62M	97M	48M
Short-term debt	105M	—	794M	796M	802M	799M	103M	101M	98M	95M	670M	664M
Total current liabilities	2.3B	—	3.4B	3.2B	3.2B	3.6B	2.9B	2.6B	2.5B	3B	3.6B	3.3B
Long-term debt	7.2B	—	6.5B	6.5B	7.1B	6.9B	7B	7.2B	7.3B	7.3B	6.6B	6.9B
Total liabilities	10.8B	—	11.3B	11.1B	11.7B	11.8B	11.2B	11.4B	11.3B	11.6B	11.6B	11.5B
Shareholders' equity	3.4B	—	3.7B	3.9B	4.1B	3.7B	3.9B	4.1B	4.1B	4.2B	3.1B	3.2B
Total debt	7.3B	—	7.3B	7.3B	7.9B	7.7B	7.1B	7.3B	7.4B	7.4B	7.3B	7.5B
Net debt	5.3B	—	4.9B	4.7B	5.3B	5.3B	5B	5.1B	5.2B	5B	5.8B	6.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	275.8M	1B	1.3B	1.4B	1.8B	2.2B	1.4B	—	2.1B	2.5B
Depreciation & amortization	126.7M	158M	192M	200M	220M	257M	331M	—	431M	480M
Stock-based compensation	98.1M	123M	130M	136M	154M	175M	169M	—	220M	232M
Change in working capital	47.5M	187M	17M	-181M	-209M	-493M	-291M	—	-75M	-199M
Operating cash flow	393.4M	1.6B	1.6B	1.5B	1.8B	1.9B	1.6B	-4M	2.6B	2.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-326M
Investing cash flow	217.2M	-3.3B	-315M	105M	-974M	-2.5B	21M	—	-739M	2M
Dividends paid	-285.1M	-290M	-337M	-378M	-420M	-463M	-515M	—	-620M	-701M
Share repurchases	-738.8M	-200M	-203M	-991M	-503M	-750M	-983M	-490M	-1.4B	-1.7B
Financing cash flow	-1.1B	-114M	-1.5B	-2.9B	-1.1B	-77M	-1.1B	-490M	-1.5B	-3.1B
Net change in cash	-465.7M	-1.9B	-272M	-1.2B	-234M	-658M	505M	-494M	347M	-209M
Free cash flow	1.1B	664M	1.4B	1.6B	2B	1.9B	1.2B	—	2.5B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	390M	—	577M	553M	534M	395M	625M	579M	647M	611M	661M	879M
Depreciation & amortization	95M	—	100M	110M	108M	113M	113M	120M	123M	124M	122M	126M
Stock-based compensation	46M	—	53M	56M	57M	54M	56M	61M	57M	58M	58M	59M
Change in working capital	-81M	—	126M	-67M	-119M	-15M	229M	-172M	-137M	-119M	245M	-39M
Operating cash flow	419M	—	881M	652M	564M	476M	1B	591M	743M	858M	939M	779M
Capital expenditure	—	—	—	—	—	—	—	—	-85M	-81M	-95M	-91M
Investing cash flow	-19M	—	-18M	-2M	-612M	-107M	309M	-51M	-54M	-42M	-91M	112M
Dividends paid	-141M	—	-155M	-154M	-156M	-155M	-195M	-171M	-168M	-167M	-185M	-180M
Share repurchases	-237M	-145M	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-678M	-145M	-155M	-154M	-161M	-161M	-895M	-171M	-169M	-170M	-185M	-180M
Net change in cash	-278M	-145M	708M	496M	-209M	208M	458M	369M	520M	646M	663M	711M
Free cash flow	391M	—	697M	593M	631M	600M	672M	468M	658M	777M	844M	688M

Moody's Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history