Filing Flows › Moody's (MCO) › Q2 2025
Moody's (MCO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Moody's (MCO) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), +4% from a year earlier and -1% from the quarter before. Operating margin was 43.1%, net earnings $579M (30.5% of revenue).
Moody's, Q2 2025: revenue $1.9B (+4% year over year), operating margin 43.1%, net earnings $579M, operating cash flow $543M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -1% | +4% |
| Operating profit | $818M | -3% | +6% |
| Net earnings | $579M | -7% | +5% |
| Operating cash flow | $543M | -28% | -21% |
| Free cash flow | $468M | -30% | -21% |
What changed
Revenue was $1.9B in Q2 2025, up 4% year over year and down 1% from the previous quarter. Recurring Revenue was the largest line at 63% of revenue. Recurring Revenue added $0.11B year over year (up 10%), 138% of the total change. Transaction Revenue declined 4%.
Operating profit was $0.82B, a 43.1% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 53% reached operating profit, above the 43% margin then. Total costs grew 4% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $0.58B, up 5% year over year. The effective tax rate was 25.0%.
Operating cash flow was $0.54B (down 21% year over year), 94% 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 $0.22B. Capital expenditures of $0.07B left free cash flow of $0.47B.
Questions
What was Moody's revenue in the second quarter 2025?
Moody's (MCO) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), +4% from a year earlier and -1% from the quarter before.
Was Moody's profitable in the second quarter 2025?
Operating profit was $818M (43.1% of revenue) and net earnings $579M.
Source: Moody's 10-Q on SEC EDGAR.