Filing Flows › Moody's (MCO) › Q3 2025
Moody's (MCO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Moody's (MCO) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before. Operating margin was 45.7%, net earnings $647M (32.2% of revenue).
Moody's, Q3 2025: revenue $2.0B (+11% year over year), operating margin 45.7%, net earnings $647M, operating cash flow $743M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +6% | +11% |
| Operating profit | $917M | +12% | +24% |
| Net earnings | $647M | +12% | +21% |
| Operating cash flow | $743M | +37% | +6% |
| Free cash flow | $658M | +41% | +4% |
What changed
Revenue was $2.0B in Q3 2025, up 11% year over year and up 6% from the previous quarter. Recurring Revenue was the largest line at 61% of revenue. Recurring Revenue added $0.11B year over year (up 10%), 58% of the total change.
Operating profit was $0.92B, a 45.7% margin (up 5.0 points year over year). Of the extra revenue versus a year earlier, 92% reached operating profit, above the 41% margin then. Total costs grew 1% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.65B, up 21% year over year. The effective tax rate was 25.4%.
Operating cash flow was $0.74B (up 6% year over year), 115% 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 $0.08B. Capital expenditures of $0.09B left free cash flow of $0.66B.
Questions
What was Moody's revenue in the third quarter 2025?
Moody's (MCO) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before.
Was Moody's profitable in the third quarter 2025?
Operating profit was $917M (45.7% of revenue) and net earnings $647M.
Source: Moody's 10-Q on SEC EDGAR.