Filing Flows › Moody's (MCO) › Q2 2026 › vs Q2 2025
Moody's (MCO) Q2 2026 vs Q2 2025 (year over year)
Moody's's revenue rose $287M (+15%) from $1.9B in Q2 2025 to $2.2B in Q2 2026. The biggest changes: Transaction Revenue +$202M (+29%); Recurring Revenue +$85.0M (+7%). Operating margin 47.9% against 43.1% (+4.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 47.9% | 43.1% | +4.8 pts |
| Net margin | 40.2% | 30.5% | +9.7 pts |
| Free cash flow margin | 31.5% | 24.7% | +6.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Recurring Revenue | $1.3B | $1.2B | $85.0M | +7% |
| Transaction Revenue | $901M | $699M | $202M | +29% |
| Revenue | $2.2B | $1.9B | $287M | +15% |
| Other income, net | $125M | −$46.0M | $171M | — |
| Operating profit | $1.0B | $818M | $228M | +28% |
| Costs & expenses | $1.1B | $1.1B | $59.0M | +5% |
| Pre-tax earnings | $1.2B | $772M | $399M | +52% |
| Cost of revenue | $518M | $489M | $29.0M | +6% |
| SG&A | $463M | $443M | $20.0M | +5% |
| Other operating costs | $158M | $148M | $10.0M | +7% |
| Net earnings | $879M | $579M | $300M | +52% |
| Income tax | $292M | $193M | $99.0M | +51% |
| Depreciation & amortization | $126M | $120M | $6.0M | +5% |
| Share-based compensation | $59.0M | $61.0M | −$2.0M | -3% |
| Working capital & other | $285M | $217M | $68.0M | +31% |
| Operating cash flow | $779M | $543M | $236M | +43% |
| Free cash flow (OCF − capex) | $688M | $468M | $220M | +47% |
| Capital expenditures | $91.0M | $75.0M | $16.0M | +21% |
Questions
How much did Moody's's revenue grow year over year in Q2 2026?
Moody's's revenue rose $287M (+15%) from $1.9B in Q2 2025 to $2.2B in Q2 2026.
What drove Moody's's revenue change in Q2 2026?
Transaction Revenue +$202M (+29%); Recurring Revenue +$85.0M (+7%).