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Moody's (MCO) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · Moody's (MCO) Q3 2026 earnings results →

Q3 2026 Revenue up 1% year over year to $2.0B · 36¢ of every $1 of revenue kept as net profit · operating margin 44.8%

Moody's made $2.0B in Q3 2026 (+0.8% Y/Y): Recurring Revenue $1.3B, Transaction Revenue $722M. Operating margin 44.8%, net earnings $736M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$2.0B
Year over year+0.8%
Operating margin44.8%
Net earnings$736M
Operating cash flow$753M

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Moody's Q3 2026 revenue breakdown: Sankey diagram of revenue (Recurring Revenue, Transaction Revenue), costs, profit and cash flow
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What changed this quarter

Revenue was $2.0B in Q3 2026, up 1% year over year and down 7% from the previous quarter. Recurring Revenue was the largest line at 64% of revenue. Recurring Revenue added $0.08B year over year (up 7%), 506% of the total change. Transaction Revenue declined 8%.

Operating profit was $0.91B, a 44.8% margin (down 0.9 points year over year). Operating profit fell $0.01B even though revenue rose $0.02B versus Q3 2025, so costs grew faster than sales. Total costs grew 2% against revenue growth of 1%. Net earnings were $0.73B, up 14% year over year. The effective tax rate was 24.0%.

Operating cash flow was $0.75B (up 1% year over year), 102% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $0.09B left free cash flow of $0.67B.

Quarterly history

Moody's revenue by quarterMoody's revenue by quarter$1.9BQ1 2025$1.9BQ2 2025$2.0BQ3 2025$1.9BQ4 2025$2.1BQ1 2026$2.2BQ2 2026$2.0BQ3 2026
Moody's net earnings by quarterMoody's net earnings by quarter$625MQ1 2025$579MQ2 2025$647MQ3 2025$611MQ4 2025$661MQ1 2026$879MQ2 2026$736MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 21, 2026$2.0B+0.8%44.8%$736M$753M
Q2 202610-QJul 23, 2026$2.2B+15%47.9%$879M$779M
Q1 202610-QApr 23, 2026$2.1B+8%44.3%$661M$939M
Q4 202510-KFeb 18, 2026$1.9B+13%40.8%$611M$858M
Q3 202510-QOct 23, 2025$2.0B+11%45.7%$647M$743M
Q2 202510-QJul 24, 2025$1.9B+4%43.1%$579M$543M
Q1 202510-QApr 23, 2025$1.9B+8%44.0%$625M$757M

Charts

Moody's: revenue growth, year over year and quarter over quarterMoody's: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q1 2025+4%-1%Q2 2025+11%+6%Q3 2025+13%-6%Q4 2025+8%+10%Q1 2026+15%+5%Q2 2026+1%-7%Q3 2026
Latest (Q3 2026): Y/Y +1%, Q/Q -7%.
Moody's: where the cash came from (+) and went (−), TTM to Q3 2026Moody's: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.3BBuybacks−$3.0BDividends−$710MCash drawn (+) / kept (−)$668MCapital spending−$352MOther investing$203MOther financing−$114MExchange rates−$26.0MAcquisitions−$23.0MShares issued$21.0MPartners−$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Moody's: profit against cash, quarter by quarterMoody's: profit against cash, quarter by quarterNet incomeOperating cash flow$395M$674MQ4 2024$625M$757MQ1 2025$579M$543MQ2 2025$647M$743MQ3 2025$611M$858MQ4 2025$661M$939MQ1 2026$879M$779MQ2 2026$736M$753MQ3 2026
Latest (Q3 2026): Net income $736M, Operating cash flow $753M.
Moody's: diluted shares by fiscal yearMoody's: diluted shares by fiscal year189MFY2020188MFY2021185MFY2022184MFY2023183MFY2024180MFY2025
-5.0% since FY2020: buybacks shrank the count.
Moody's: long-term debt falling due (FY2025)Moody's: long-term debt falling due (FY2025)$587M2027$500M2028$400M2029$881M2030$4.8BLater
Cash $2.4B, short-term investments $64.0M, long-term debt $7.0B at 2025-12-31.
Moody's in its industry: growth against margin (5 companies, SIC 7320)Moody's in its industry: growth against margin (5 companies, SIC 7320)revenue growth, year over year →↑ operating marginmedian +7%median 21%SPGIEFXTRUCRMZMCO (+1%, 45%)
Services-Consumer Credit Reporting, Collection Agencies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Moody's

As used in this report, except where the context indicates otherwise, the terms “Moody’s” or the “Company” refer to Moody’s Corporation, a Delaware corporation, and its subsidiaries. The Company’s executive offices are located at 7 World Trade Center at 250 Greenwich Street, New York, NY 10007 and its telephone number is (212) 553-0300. 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 enable 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.

In its own words, from its 10-K, filed Feb 18, 2026.

Moody's against its Services-Consumer Credit Reporting, Collection Agencies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.8% against the peers' median +7%. Operating margin: 44.8% against the peers' median 21.0%.

CompanyQuarterRevenueY/YOp. margin
MCO Moody'sQ3 2026$2.0B+0.8%44.8%
SPGI S&P GlobalQ3 2026$3.7B+7%53.2%
EFX EquifaxQ3 2026$1.7B+10%21.0%
TRU TransUnionQ3 2026$1.3B+12%20.4%
CRMZ CreditriskmonitorQ2 2026$5.2M+2%-12.9%

Source: Moody's 10-Q on SEC EDGAR · CIK 1059556 · Services-Consumer Credit Reporting, Collection Agencies

13F: who owns MCO and who is buying

Largest holders of MCO (13F)Largest holders of MCO (13F)Berkshire Hathaway$11.2BVanguard Group$7.8BTCI Fund Management$6.5BBlackRock$5.6BVanguard Capital Management LLC$4.4BState Street$3.2BFMR LLC$2.3BGeode Capital Management, LLC$1.8BVanguard Portfolio Management LLC$1.7BMorgan Stanley$1.1B
Funds' net buying of MCO by quarter (13F)Funds' net buying of MCO by quarter (13F)−$2.9B2024-09−$1.1B2024-12$693M2025-03−$195M2025-06−$621M2025-09−$467M2025-12−$105M2026-03−$2.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MCO

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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