Filing Flows › Moody's (MCO) › Guidance history
Moody's (MCO) guidance history: what it guided and what it reported
Moody's gave guidance in 12 earnings releases on file since Feb 13, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Tax rate: 2 of 2, on average -1.0 pts against the guided midpoint. Its releases raised guidance 8 times and lowered it 5 times.
Adjusted operating margin
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | 52.0%–53.0% (Feb 18, 2026) → reaffirmed 52.0%–53.0% (Apr 22, 2026) → reaffirmed 52.0%–53.0% (Jul 22, 2026) → reaffirmed 52.0%–53.0% (Oct 21, 2026) | — | to be reported | — |
| FY2025 | 50.0% (Feb 13, 2025) → lowered 49.0%–50.0% (Apr 22, 2025) → reaffirmed 49.0%–50.0% (Jul 23, 2025) → raised 51.0% (Oct 22, 2025) | — | — | — |
| FY2024 | 44.0%–46.0% (Feb 13, 2024) → reaffirmed 44.0%–46.0% (May 2, 2024) → raised 46.0%–47.0% (Jul 23, 2024) → raised 47.0%–48.0% (Oct 22, 2024) | — | — | — |
Operating expenses
This line is not in the statements Filing Flows reads, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $200M–$250M (Feb 13, 2025) | — | to be reported | — |
| FY2025 | $80.0M–$100M (Feb 13, 2025) | — | — | — |
Tax rate
Met or beat 2 of 2 periods (0 above, 1 within, 1 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | 23.0%–25.0% (Feb 18, 2026) → reaffirmed 23.0%–25.0% (Apr 22, 2026) → reaffirmed 23.0%–25.0% (Jul 22, 2026) → reaffirmed 23.0%–25.0% (Oct 21, 2026) | — | to be reported | — |
| FY2025 | 23.0%–25.0% (Feb 13, 2025) → reaffirmed 23.0%–25.0% (Apr 22, 2025) → reaffirmed 23.0%–25.0% (Jul 23, 2025) → reaffirmed 23.0%–25.0% (Oct 22, 2025) | 21.3% | below the range | -2.7 pts |
| FY2024 | 22.0%–24.0% (Feb 13, 2024) → reaffirmed 22.0%–24.0% (May 2, 2024) → reaffirmed 22.0%–24.0% (Jul 23, 2024) → reaffirmed 22.0%–24.0% (Oct 22, 2024) | 23.7% | within the range | +0.7 pts |
Interest expense
This line is not in the statements Filing Flows reads, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $210M–$230M (Feb 18, 2026) → reaffirmed $210M–$230M (Apr 22, 2026) → raised $220M–$240M (Jul 22, 2026) → reaffirmed $220M–$240M (Oct 21, 2026) | — | to be reported | — |
| FY2025 | $220M–$240M (Feb 13, 2025) → reaffirmed $220M–$240M (Apr 22, 2025) → reaffirmed $220M–$240M (Jul 23, 2025) → reaffirmed $220M–$240M (Oct 22, 2025) | — | — | — |
| FY2024 | $240M–$260M (Feb 13, 2024) → reaffirmed $240M–$260M (May 2, 2024) → reaffirmed $240M–$260M (Jul 23, 2024) → reaffirmed $240M–$260M (Oct 22, 2024) | — | — | — |
Operating cash flow
The GAAP figure from the filings is shown for each period reported; it is not judged against the guide, which may leave items out (one-off payments, acquisitions).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $3.2B–$3.5B (Feb 18, 2026) → reaffirmed $3.2B–$3.5B (Apr 22, 2026) → reaffirmed $3.2B–$3.5B (Jul 22, 2026) → lowered $3.1B–$3.4B (Oct 21, 2026) | — | to be reported | — |
| FY2025 | $2.8B–$3.0B (Feb 13, 2025) → reaffirmed $2.8B–$3.0B (Apr 22, 2025) → lowered $2.6B–$2.9B (Jul 23, 2025) → reaffirmed $2.6B–$2.9B (Oct 22, 2025) | $2.9B (GAAP) | not judged | — |
| FY2024 | $2.3B–$2.5B (Feb 13, 2024) → reaffirmed $2.3B–$2.5B (May 2, 2024) → lowered $1.3B (Jul 23, 2024) → raised $2.4B–$2.6B (Oct 22, 2024) | $2.8B (GAAP) | not judged | — |
Free cash flow
The GAAP figure from the filings is shown for each period reported; it is not judged against the guide, which may leave items out (one-off payments, acquisitions).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $2.8B–$3.0B (Feb 18, 2026) → reaffirmed $2.8B–$3.0B (Apr 22, 2026) → lowered $2.7B–$2.9B (Jul 22, 2026) → reaffirmed $2.7B–$2.9B (Oct 21, 2026) | — | to be reported | — |
| FY2025 | $2.4B–$2.6B (Feb 13, 2025) → lowered $2.3B–$2.5B (Apr 22, 2025) → reaffirmed $2.3B–$2.5B (Jul 23, 2025) → raised $2.5B (Oct 22, 2025) | $2.6B (GAAP) | not judged | — |
| FY2024 | $1.9B–$2.1B (Feb 13, 2024) → reaffirmed $1.9B–$2.1B (May 2, 2024) → raised $2.0B–$2.2B (Jul 23, 2024) → raised $2.3B (Oct 22, 2024) | $2.5B (GAAP) | not judged | — |
The latest quarter
Moody's, Q3 2026: revenue $2.0B (+0.8% year over year), operating margin 44.8%, net earnings $736M, operating cash flow $753M. The chart follows the revenue to costs, profit and cash.
Questions
Does Moody's beat its guidance?
Moody's gave guidance in 12 earnings releases on file since Feb 13, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Tax rate: 2 of 2, on average -1.0 pts against the guided midpoint.
How often does Moody's raise guidance?
Its earnings releases raised guidance 8 times and lowered it 5 times since Feb 13, 2024.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.