Filing Flows › Moody's (MCO) › Q2 2026 › vs Q1 2026
Moody's (MCO) Q2 2026 vs Q1 2026 (quarter over quarter)
Moody's's revenue rose $106M (+5%) from $2.1B in Q1 2026 to $2.2B in Q2 2026. The biggest changes: Transaction Revenue +$94.0M (+12%); Recurring Revenue +$12.0M (+0.9%). Operating margin 47.9% against 44.3% (+3.5 pts).
Moody's, Q2 2026: revenue $2.2B (+15% year over year), operating margin 47.9%, net earnings $879M, operating cash flow $779M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 47.9% | 44.3% | +3.5 pts |
| Net margin | 40.2% | 31.8% | +8.4 pts |
| Free cash flow margin | 31.5% | 40.6% | -9.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Recurring Revenue | $1.3B | $1.3B | $12.0M | +0.9% |
| Transaction Revenue | $901M | $807M | $94.0M | +12% |
| Revenue | $2.2B | $2.1B | $106M | +5% |
| Other income, net | $125M | −$52.0M | $177M | — |
| Operating profit | $1.0B | $922M | $124M | +13% |
| Costs & expenses | $1.1B | $1.2B | −$18.0M | -2% |
| Pre-tax earnings | $1.2B | $870M | $301M | +35% |
| Cost of revenue | $518M | $531M | −$13.0M | -2% |
| SG&A | $463M | $477M | −$14.0M | -3% |
| Other operating costs | $158M | $149M | $9.0M | +6% |
| Net earnings | $879M | $661M | $218M | +33% |
| Income tax | $292M | $209M | $83.0M | +40% |
| Depreciation & amortization | $126M | $122M | $4.0M | +3% |
| Share-based compensation | $59.0M | $58.0M | $1.0M | +2% |
| Working capital & other | $285M | −$98.0M | $383M | — |
| Operating cash flow | $779M | $939M | −$160M | -17% |
| Free cash flow (OCF − capex) | $688M | $844M | −$156M | -18% |
| Capital expenditures | $91.0M | $95.0M | −$4.0M | -4% |
Questions
How much did Moody's's revenue grow quarter over quarter in Q2 2026?
Moody's's revenue rose $106M (+5%) from $2.1B in Q1 2026 to $2.2B in Q2 2026.
What drove Moody's's revenue change in Q2 2026?
Transaction Revenue +$94.0M (+12%); Recurring Revenue +$12.0M (+0.9%).