FirmAtlas
Company handbook · MCO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MCO · CIK 1059556 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
MOODY’S CORPORATION
$485.15
+1.46 (+0.30%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $402–547
Moody's rates the credit of bonds, loans and other debt (Moody's Ratings), and sells data, analytics and software for credit, risk and compliance decisions (Moody's Analytics).
- SegmentsMoody's Investors Service 54% · Moody's Analytics 46% (FY25)
- ProductsRelationship Revenue 63% · Transaction Revenue 37% (FY25)
- RegionsUS 54% · EMEA 31% · Asia-Pacific 9% · Other Americas 6% (FY25)
- CustomersCompanies, governments and banks that issue debt pay for ratings; banks, insurers, investors and companies subscribe to Analytics; sold by its own sales force
- ChangeMoody's Analytics 46% of revenue in FY25, up from 33% in FY15
- Cash useFY16–FY25: buybacks $7.8B · acquisitions $7.7B · dividends $4.6B · capex $1.8B
Reinvested 51% of operating cash flow · returned 73% of free cash flow
Last fiscal year
MOODY’S CORPORATION reported revenue of $7.7B for the year ended Dec 31, 2025 (FY25), up 8.9% from FY24. Net income was $2.5B, operating cash flow $2.9B and free cash flow $2.6B. Source: 10-K filed Feb 18, 2026.
No material changes in the latest filings.
10-Q Jun '26
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$87.3B
P/E
31.2
EV/EBITDA
24.0x
P/B
28.9
Div yield
0.83%
ROIC
30.4%
Revenue 10Y
8.3%/yr
EPS 10Y
11.4%/yr
Shares 10Y
−12%
Share count down 12% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORob Fauber
HQNew York, NY
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Moody's Investors Service54%
Moody's Analytics46%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
8.3%
7.5%
12.2%
11.7%
Net income
10.1%
6.7%
21.4%
31.1%
EPS
11.4%
7.8%
22.5%
33.9%
Share price
16.3%
5.5%
14.7%
3.5%
Avg ROIC
34.5%
26.1%
26.1%
30.4%
Dividend / share
11.3%
11.9%
11.8%
—
The windows end at FY25, the highest net income in the record.
Dividend per share raised every year for 10 years.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$21.8B deployed
Capex
$1.8B
8.3%
Acquisitions
$7.7B
35.2%
Dividends
$4.6B
21.0%
Buybacks
$7.8B
35.6%
Operating cash flow over the period: $18.7B. Total debt changed by +$3.6B. R&D of $133M is already inside operating costs.
Paid out more than free cash flow in FY22.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Total growth
+21.5%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+7.5%
ROIIC 200.3% × reinvestment 3.7%
+
Engine 2 · existing capital
+14.0%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $1.2B ÷ Δ capital $582M
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+6.7%
After-tax operating profit, CAGR A to B
FCF per share growth
+5.8%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Total growth
+10.0%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+9.2%
ROIIC 101.5% × reinvestment 9.1%
+
Engine 2 · existing capital
+0.8%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $1.6B ÷ Δ capital $1.6B
Financials
10-year record · USD millions · each year opens its 10-K · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,604+3.4%
4,204+16.6%
4,443+5.7%
4,829+8.7%
5,371+11.2%
6,218+15.8%
5,468−12.1%
5,916+8.2%
7,088+19.8%
7,718+8.9%
8,160
YoY
+3.4%
+16.6%
+5.7%
+8.7%
+11.2%
+15.8%
−12.1%
+8.2%
+19.8%
+8.9%
Gross profit
—
2,988
3,197+7.0%
3,442+7.7%
3,896+13.2%
4,581+17.6%
3,855−15.8%
4,229+9.7%
5,143+21.6%
5,745+11.7%
6,118
Gross margin
—
71.1%
72.0%+0.9 pp
71.3%−0.7 pp
72.5%+1.3 pp
73.7%+1.1 pp
70.5%−3.2 pp
71.5%+1.0 pp
72.6%+1.1 pp
74.4%+1.9 pp
—
Operating income
651−55.8%
1,821+179.8%
1,868+2.6%
1,998+7.0%
2,388+19.5%
2,844+19.1%
1,883−33.8%
2,137+13.5%
2,875+34.5%
3,351+16.6%
3,655
Operating margin
18.1%−24.2 pp
43.3%+25.3 pp
42.0%−1.3 pp
41.4%−0.7 pp
44.5%+3.1 pp
45.7%+1.3 pp
34.4%−11.3 pp
36.1%+1.7 pp
40.6%+4.4 pp
43.4%+2.9 pp
—
EBITDA
778−51.0%
1,979+154.5%
2,060+4.1%
2,198+6.7%
2,608+18.7%
3,101+18.9%
2,214−28.6%
2,510+13.4%
3,306+31.7%
3,831+15.9%
—
EBITDA margin
21.6%−24.0 pp
47.1%+25.5 pp
46.4%−0.7 pp
45.5%−0.8 pp
48.6%+3.0 pp
49.9%+1.3 pp
40.5%−9.4 pp
42.4%+1.9 pp
46.6%+4.2 pp
49.6%+3.0 pp
—
Interest expense
—
—
—
—
132
162+22.7%
198+22.2%
281+41.9%
280−0.4%
235−16.1%
—
Interest coverage
—
—
—
—
19.76x
19.14x−0.62x
11.18x−7.96x
8.93x−2.25x
11.81x+2.87x
16.30x+4.49x
—
Net income
267−71.7%
1,001+275.5%
1,310+30.9%
1,422+8.5%
1,778+25.0%
2,214+24.5%
1,374−37.9%
1,607+17.0%
2,058+28.1%
2,459+19.5%
2,795
YoY
−71.7%
+275.5%
+30.9%
+8.5%
+25.0%
+24.5%
−37.9%
+17.0%
+28.1%
+19.5%
Net margin
7.4%−19.6 pp
23.8%+16.4 pp
29.5%+5.7 pp
29.4%−0.0 pp
33.1%+3.7 pp
35.6%+2.5 pp
25.1%−10.5 pp
27.2%+2.0 pp
29.0%+1.9 pp
31.9%+2.8 pp
—
EPS (diluted, $)
1.36−70.6%
5.15+278.7%
6.74+30.9%
7.42+10.1%
9.39+26.5%
11.78+25.5%
7.44−36.8%
8.73+17.3%
11.26+29.0%
13.67+21.4%
15.75
YoY
−70.6%
+278.7%
+30.9%
+10.1%
+26.5%
+25.5%
−36.8%
+17.3%
+29.0%
+21.4%
Balance sheet
Total assets
5,327+4.4%
8,594+61.3%
9,526+10.8%
10,265+7.8%
12,409+20.9%
14,680+18.3%
14,349−2.3%
14,622+1.9%
15,505+6.0%
15,830+2.1%
14,675
Cash & short-term investments
2,225−0.3%
1,184−46.8%
1,818+53.6%
1,930+6.2%
2,696+39.7%
1,902−29.5%
1,859−2.3%
2,193+18.0%
2,974+35.6%
2,448−17.7%
—
Accounts receivable
887+10.6%
1,147+29.3%
1,287+12.2%
1,419+10.3%
1,430+0.8%
1,720+20.3%
1,652−4.0%
1,659+0.4%
1,801+8.6%
2,024+12.4%
—
Net PP&E
326+6.4%
325−0.2%
320−1.6%
292−8.8%
278−4.8%
347+24.8%
502+44.7%
603+20.1%
656+8.8%
722+10.1%
—
Other assets
1,889+7.2%
5,938+214.4%
6,101+2.7%
6,624+8.6%
8,005+20.8%
10,711+33.8%
10,336−3.5%
10,167−1.6%
10,074−0.9%
10,636+5.6%
—
Total liabilities
6,552+15.6%
8,922+36.2%
9,067+1.6%
9,653+6.5%
10,840+12.3%
11,953+10.3%
11,830−1.0%
11,304−4.4%
11,940+5.6%
11,776−1.4%
11,650
Accounts payable
28+27.9%
22−23.2%
30+37.6%
38+26.7%
39+2.6%
47+20.5%
52+10.6%
23−55.8%
53+130.4%
62+17.0%
—
Total debt
3,929+16.2%
5,540+41.0%
6,126+10.6%
5,581−8.9%
6,422+15.1%
7,413+15.4%
7,389−0.3%
7,001−5.3%
8,125+16.1%
6,994−13.9%
7,517
Other liabilities
2,595+14.6%
3,360+29.5%
2,911−13.4%
4,034+38.6%
4,379+8.6%
4,493+2.6%
4,389−2.3%
4,280−2.5%
3,762−12.1%
4,720+25.5%
—
Shareholders’ equity
(1,225)n/m
(328)n/m
459n/m
612+33.3%
1,569+156.4%
2,727+73.8%
2,519−7.6%
3,318+31.7%
3,565+7.4%
4,054+13.7%
3,025
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,259+5.1%
755−40.0%
1,461+93.5%
1,675+14.6%
2,146+28.1%
2,005−6.6%
1,474−26.5%
2,151+45.9%
2,838+31.9%
2,901+2.2%
3,319
Net income
276−71.0%
1,008+265.5%
1,320+31.0%
1,429+8.3%
1,777+24.4%
2,214+24.6%
1,374−37.9%
1,608+17.0%
2,059+28.0%
2,462+19.6%
—
Depreciation & amortization
127+11.6%
158+24.7%
192+21.5%
200+4.2%
220+10.0%
257+16.8%
331+28.8%
373+12.7%
431+15.5%
480+11.4%
—
Stock-based compensation
98+12.5%
123+25.4%
130+5.7%
136+4.6%
154+13.2%
175+13.6%
169−3.4%
193+14.2%
220+14.0%
232+5.5%
—
Working capital & other
759+1487.0%
(534)−170.4%
(181)n/m
(90)n/m
(5)n/m
(641)n/m
(400)n/m
(23)n/m
128n/m
(273)−313.3%
—
Cash from investing
102n/m
(3,420)−3452.9%
(406)n/m
36n/m
(1,077)−3091.7%
(2,619)n/m
(262)n/m
(247)n/m
(1,056)n/m
2n/m
—
Capex
(115)n/m
(91)n/m
(91)n/m
(69)n/m
(103)n/m
(139)n/m
(283)n/m
(271)n/m
(317)n/m
(326)n/m
—
Acquisitions
(81)n/m
(3,511)n/m
(289)n/m
(162)n/m
(897)n/m
(2,179)n/m
(97)n/m
(3)n/m
(221)n/m
(227)n/m
—
Investments bought
(380)n/m
(170)n/m
(193)n/m
(138)n/m
(181)n/m
(171)n/m
(246)n/m
(143)n/m
(651)n/m
(188)n/m
—
Other investing
678−2.2%
352−48.1%
167−52.6%
405+142.5%
104−74.3%
(130)−225.0%
364n/m
170−53.3%
133−21.8%
743+458.6%
—
Cash from financing
(1,043)n/m
1,600n/m
(412)−125.8%
(1,563)n/m
(351)n/m
(122)n/m
(1,208)n/m
(1,584)n/m
(1,446)n/m
(3,063)n/m
—
Dividends
(285)n/m
(290)n/m
(337)n/m
(378)n/m
(420)n/m
(463)n/m
(515)n/m
(564)n/m
(620)n/m
(701)n/m
—
Buybacks
(739)n/m
(200)n/m
(203)n/m
(991)n/m
(503)n/m
(750)n/m
(983)n/m
(490)n/m
(1,292)n/m
(1,607)n/m
—
Shares issued
72−14.4%
49−31.8%
38−22.4%
36−5.3%
39+8.3%
24−38.5%
8−66.7%
32+300.0%
53+65.6%
28−47.2%
—
Other financing
(91)−111.6%
2,041n/m
90−95.6%
(230)−355.6%
533n/m
1,067+100.2%
282−73.6%
(562)−299.3%
413n/m
(783)−289.6%
—
Net change in cash
294−45.3%
(980)−433.2%
613n/m
147−76.0%
765+420.4%
(786)−202.7%
(42)n/m
361n/m
278−23.0%
(24)−108.6%
—
Free cash flow (OCF − capex)
1,144+3.1%
664−42.0%
1,370+106.3%
1,606+17.2%
2,043+27.2%
1,866−8.7%
1,191−36.2%
1,880+57.9%
2,521+34.1%
2,575+2.1%
2,967
Where the cash went
Operating cash flow
1,259+5.1%
755−40.0%
1,461+93.5%
1,675+14.6%
2,146+28.1%
2,005−6.6%
1,474−26.5%
2,151+45.9%
2,838+31.9%
2,901+2.2%
3,319
Reinvested in the business
196+102.9%
3,602+1737.8%
380−89.5%
231−39.2%
1,000+332.9%
2,318+131.8%
380−83.6%
274−27.9%
538+96.4%
553+2.8%
—
% of operating cash flow
15.6%
477.1%
26.0%
13.8%
46.6%
115.6%
25.8%
12.7%
19.0%
19.1%
Capex
115+29.4%
91−21.0%
91+0.0%
69−24.2%
103+49.3%
139+35.0%
283+103.6%
271−4.2%
317+17.0%
326+2.8%
352
Acquisitions
81+963.2%
3,511+4245.3%
289−91.8%
162−43.9%
897+453.7%
2,179+142.9%
97−95.5%
3−96.9%
221+7266.7%
227+2.7%
—
R&D (memo, already in costs)
40+37.8%
42+4.7%
51+21.7%
—
—
—
—
—
—
—
—
Free cash flow
1,144+3.1%
664−42.0%
1,370+106.3%
1,606+17.2%
2,043+27.2%
1,866−8.7%
1,191−36.2%
1,880+57.9%
2,521+34.1%
2,575+2.1%
2,967
YoY
+3.1%
−42.0%
+106.3%
+17.2%
+27.2%
−8.7%
−36.2%
+57.9%
+34.1%
+2.1%
Returned to shareholders
1,024−25.3%
490−52.1%
540+10.2%
1,369+153.5%
923−32.6%
1,213+31.4%
1,498+23.5%
1,054−29.6%
1,912+81.4%
2,308+20.7%
—
% of free cash flow
89.5%
73.8%
39.4%
85.2%
45.2%
65.0%
125.8%
56.1%
75.8%
89.6%
Dividends
285+4.8%
290+1.7%
337+16.2%
378+12.2%
420+11.1%
463+10.2%
515+11.2%
564+9.5%
620+9.9%
701+13.1%
—
Buybacks
739−32.7%
200−72.9%
203+1.5%
991+388.2%
503−49.2%
750+49.1%
983+31.1%
490−50.2%
1,292+163.7%
1,607+24.4%
—
Change in total debt
548
1,612+193.9%
586−63.7%
(545)−193.1%
841n/m
991+17.8%
(24)−102.4%
(388)n/m
1,124n/m
(1,131)−200.6%
—
Cash left over
588
(1,726)−393.6%
1,126n/m
(470)−141.7%
1,064n/m
(535)−150.3%
(428)n/m
435n/m
1,512+247.6%
(1,091)−172.2%
—
FCF conversion (FCF ÷ net income)
429.1%+311.3 pp
66.3%−362.8 pp
104.6%+38.2 pp
112.9%+8.4 pp
114.9%+2.0 pp
84.3%−30.6 pp
86.7%+2.4 pp
117.0%+30.3 pp
122.5%+5.5 pp
104.7%−17.8 pp
—
Owner earnings
199
802+303.0%
1,279+59.6%
1,429+11.7%
1,885+31.9%
2,050+8.8%
1,495−27.1%
1,673+11.9%
2,060+23.1%
2,399+16.5%
—
Owner earnings margin
5.5%
19.1%+13.5 pp
28.8%+9.7 pp
29.6%+0.8 pp
35.1%+5.5 pp
33.0%−2.1 pp
27.3%−5.6 pp
28.3%+0.9 pp
29.1%+0.8 pp
31.1%+2.0 pp
—
Buyback yield
4.0%−1.4 pp
0.7%−3.3 pp
0.7%+0.0 pp
2.2%+1.4 pp
0.9%−1.3 pp
1.0%+0.1 pp
1.9%+0.9 pp
0.7%−1.2 pp
1.5%+0.8 pp
1.7%+0.3 pp
—
Returns & ratios
ROIC (all capital)
60.6%−113.2 pp
45.6%−15.0 pp
33.5%−12.0 pp
34.9%+1.4 pp
39.8%+4.9 pp
33.8%−6.1 pp
18.1%−15.7 pp
22.0%+3.9 pp
26.0%+4.1 pp
30.4%+4.4 pp
—
ROIC (operating)
28.3%−65.0 pp
78.0%+49.6 pp
97.4%+19.5 pp
97.1%−0.4 pp
113.9%+16.9 pp
123.9%+10.0 pp
71.3%−52.6 pp
81.8%+10.5 pp
94.5%+12.7 pp
103.6%+9.1 pp
—
Net debt / EBITDA
2.19x+1.47x
2.20x+0.01x
2.09x−0.11x
1.66x−0.43x
1.43x−0.23x
1.78x+0.35x
2.50x+0.72x
1.92x−0.58x
1.56x−0.36x
1.19x−0.37x
—
Debt / equity
n/m
n/m
13.35x
9.12x−4.23x
4.09x−5.03x
2.72x−1.37x
2.93x+0.21x
2.11x−0.82x
2.28x+0.17x
1.73x−0.55x
—
ROE
−21.8%+144.8 pp
−305.5%−283.7 pp
285.4%+590.9 pp
232.4%−53.1 pp
113.3%−119.0 pp
81.2%−32.1 pp
54.5%−26.6 pp
48.4%−6.1 pp
57.7%+9.3 pp
60.7%+2.9 pp
—
ROA
5.0%−13.4 pp
11.6%+6.6 pp
13.8%+2.1 pp
13.9%+0.1 pp
14.3%+0.5 pp
15.1%+0.8 pp
9.6%−5.5 pp
11.0%+1.4 pp
13.3%+2.3 pp
15.5%+2.3 pp
—
ROCE
22.5%−15.5 pp
27.9%+5.4 pp
25.2%−2.7 pp
23.9%−1.2 pp
23.4%−0.5 pp
23.3%−0.1 pp
15.7%−7.6 pp
17.6%+1.9 pp
24.1%+6.5 pp
26.1%+1.9 pp
—
NOPAT
322−68.3%
1,027+219.3%
1,475+43.6%
1,577+7.0%
1,904+20.7%
2,286+20.1%
1,470−35.7%
1,776+20.8%
2,193+23.5%
2,636+20.2%
—
Invested capital (operating)
1,185+9.1%
1,450+22.4%
1,577+8.7%
1,673+6.1%
1,669−0.2%
2,020+21.0%
2,102+4.1%
2,239+6.5%
2,404+7.4%
2,684+11.6%
—
Invested capital (all)
479−18.0%
4,029+741.8%
4,767+18.3%
4,263−10.6%
5,295+24.2%
8,238+55.6%
8,049−2.3%
8,126+1.0%
8,716+7.3%
8,600−1.3%
—
Reinvestment rate
30.7%
25.9%−4.8 pp
8.6%−17.3 pp
6.1%−2.5 pp
−0.2%−6.3 pp
15.4%+15.6 pp
5.6%−9.8 pp
7.7%+2.1 pp
7.5%−0.2 pp
10.6%+3.1 pp
—
Income
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,813
1,672
1,924
1,898
2,007+10.7%
1,889+13.0%
2,079+8.1%
2,185+15.1%
vs year-ago quarter
+10.7%
+13.0%
+8.1%
+15.1%
Gross profit
1,301
1,175
1,433
1,409
1,515+16.4%
1,388+18.1%
1,548+8.0%
1,667+18.3%
Gross margin
71.8%
70.3%
74.5%
74.2%
75.5%+3.7 pp
73.5%+3.2 pp
74.5%−0.0 pp
76.3%+2.1 pp
Operating income
738
561
846
818
917+24.3%
770+37.3%
922+9.0%
1,046+27.9%
Net income
534
395
625
578
646+21.0%
610+54.4%
661+5.8%
878+51.9%
vs year-ago quarter
+21.0%
+54.4%
+5.8%
+51.9%
Net margin
29.5%
23.6%
32.5%
30.5%
32.2%+2.7 pp
32.3%+8.7 pp
31.8%−0.7 pp
40.2%+9.7 pp
EPS (diluted, $)
2.93
2.16
3.46
3.21
3.60+22.9%
3.39+56.8%
3.73+7.8%
5.03+56.7%
vs year-ago quarter
+22.9%
+56.8%
+7.8%
+56.7%
Balance sheet
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
15,769
15,505
15,096
15,487
15,415−2.2%
15,830+2.1%
14,732−2.4%
14,675−5.2%
Cash & equivalents
2,642
2,974
2,139
2,174
2,181−17.4%
2,448−17.7%
1,469−31.3%
1,467−32.5%
Total debt
8,262
8,125
6,823
6,967
6,983−15.5%
6,994−13.9%
7,539+10.5%
7,517+7.9%
Shareholders’ equity
3,905
3,565
3,700
3,949
3,957+1.3%
4,054+13.7%
2,994−19.1%
3,025−23.4%
Cash flow
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
703
674
757
543
743+5.7%
858+27.3%
939+24.0%
779+43.5%
Capex
72
74
85
75
85+18.1%
81+9.5%
95+11.8%
91+21.3%
Free cash flow
631
600
672
468
658+4.3%
777+29.5%
844+25.6%
688+47.0%
vs year-ago quarter
+4.3%
+29.5%
+25.6%
+47.0%