Filing Flows › Moody's (MCO) › Q2 2026
Moody's (MCO) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Moody's (MCO) reported revenue of $2.2B for the second quarter 2026 (Q2 2026), +15% from a year earlier and +5% from the quarter before. Operating margin was 47.9%, net earnings $879M (40.2% of revenue).
Moody's, Q2 2026: revenue $2.2B (+15% year over year), operating margin 47.9%, net earnings $879M, operating cash flow $779M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | +5% | +15% |
| Operating profit | $1.0B | +13% | +28% |
| Net earnings | $879M | +33% | +52% |
| Operating cash flow | $779M | -17% | +43% |
| Free cash flow | $688M | -18% | +47% |
What changed
Revenue was $2.2B in Q2 2026, up 15% year over year and up 5% from the previous quarter. Recurring Revenue was the largest line at 59% of revenue. Transaction Revenue added $0.20B year over year (up 29%), 70% of the total change.
Operating profit was $1.0B, a 47.9% margin (up 4.8 points year over year). Of the extra revenue versus Q2 2025, 79% reached operating profit, above the 43% margin then. Total costs grew 5% against revenue growth of 15%. Net earnings were $0.88B, up 52% year over year. The effective tax rate was 24.9%.
Operating cash flow was $0.78B (up 43% year over year), 89% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.28B. Capital expenditures of $0.09B left free cash flow of $0.69B.
Questions
What was Moody's revenue in the second quarter 2026?
Moody's (MCO) reported revenue of $2.2B for the second quarter 2026 (Q2 2026), +15% from a year earlier and +5% from the quarter before.
Was Moody's profitable in the second quarter 2026?
Operating profit was $1.0B (47.9% of revenue) and net earnings $879M.
Source: Moody's 10-Q on SEC EDGAR.