Filing Flows › Moody's (MCO) › Q1 2026
Moody's (MCO) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Moody's (MCO) reported revenue of $2.1B for the first quarter 2026 (Q1 2026), +8% from a year earlier and +10% from the quarter before. Operating margin was 44.3%, net earnings $661M (31.8% of revenue).
Moody's, Q1 2026: revenue $2.1B (+8% year over year), operating margin 44.3%, net earnings $661M, operating cash flow $939M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +10% | +8% |
| Operating profit | $922M | +20% | +9% |
| Net earnings | $661M | +8% | +6% |
| Operating cash flow | $939M | +9% | +24% |
| Free cash flow | $844M | — | +26% |
What changed
Revenue was $2.1B in Q1 2026, up 8% year over year and up 10% from the previous quarter. Recurring Revenue was the largest line at 61% of revenue. Recurring Revenue added $0.12B year over year (up 10%), 75% of the total change.
Operating profit was $0.92B, a 44.3% margin (up 0.4 points year over year). Of the extra revenue versus Q1 2025, 49% reached operating profit, above the 44% margin then. Total costs grew 7% against revenue growth of 8%. Net earnings were $0.66B, up 6% year over year. The effective tax rate was 24.0%.
Operating cash flow was $0.94B (up 24% year over year), 142% 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 added $0.10B. After capital additions ($0.10B), free cash flow as the company reports it was $0.84B.
Questions
What was Moody's revenue in the first quarter 2026?
Moody's (MCO) reported revenue of $2.1B for the first quarter 2026 (Q1 2026), +8% from a year earlier and +10% from the quarter before.
Was Moody's profitable in the first quarter 2026?
Operating profit was $922M (44.3% of revenue) and net earnings $661M.
Source: Moody's 10-Q on SEC EDGAR.