Filing Flows › Moody's (MCO) › Q3 2026 › vs Q2 2026
Moody's (MCO) Q3 2026 vs Q2 2026 (quarter over quarter)
Moody's's revenue fell $162M (-7%) from $2.2B in Q2 2026 to $2.0B in Q3 2026. The biggest changes: Transaction Revenue −$179M (-20%); Recurring Revenue +$17.0M (+1%). Operating margin 44.8% against 47.9% (-3.1 pts).
Moody's, Q3 2026: revenue $2.0B (+0.8% year over year), operating margin 44.8%, net earnings $736M, operating cash flow $753M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 44.8% | 47.9% | -3.1 pts |
| Net margin | 36.4% | 40.2% | -3.8 pts |
| Free cash flow margin | 33.0% | 31.5% | +1.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Recurring Revenue | $1.3B | $1.3B | $17.0M | +1% |
| Transaction Revenue | $722M | $901M | −$179M | -20% |
| Revenue | $2.0B | $2.2B | −$162M | -7% |
| Other income, net | $62.0M | $125M | −$63.0M | -50% |
| Operating profit | $906M | $1.0B | −$140M | -13% |
| Costs & expenses | $1.1B | $1.1B | −$22.0M | -2% |
| Pre-tax earnings | $968M | $1.2B | −$203M | -17% |
| Cost of revenue | $524M | $518M | $6.0M | +1% |
| SG&A | $442M | $463M | −$21.0M | -5% |
| Other operating costs | $151M | $158M | −$7.0M | -4% |
| Net earnings | $736M | $879M | −$143M | -16% |
| Income tax | $232M | $292M | −$60.0M | -21% |
| Depreciation & amortization | $124M | $126M | −$2.0M | -2% |
| Share-based compensation | $58.0M | $59.0M | −$1.0M | -2% |
| Working capital & other | $165M | $285M | −$120M | -42% |
| Operating cash flow | $753M | $779M | −$26.0M | -3% |
| Free cash flow (OCF − capex) | $668M | $688M | −$20.0M | -3% |
| Capital expenditures | $85.0M | $91.0M | −$6.0M | -7% |
Questions
How much did Moody's's revenue grow quarter over quarter in Q3 2026?
Moody's's revenue fell $162M (-7%) from $2.2B in Q2 2026 to $2.0B in Q3 2026.
What drove Moody's's revenue change in Q3 2026?
Transaction Revenue −$179M (-20%); Recurring Revenue +$17.0M (+1%).