Filing Flows › Moody's (MCO) › Q3 2026 › vs Q3 2025
Moody's (MCO) Q3 2026 vs Q3 2025 (year over year)
Moody's's revenue rose $16.0M (+0.8%) from $2.0B in Q3 2025 to $2.0B in Q3 2026. The biggest changes: Recurring Revenue +$81.0M (+7%); Transaction Revenue −$65.0M (-8%). Operating margin 44.8% against 45.7% (-0.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 44.8% | 45.7% | -0.9 pts |
| Net margin | 36.4% | 32.2% | +4.1 pts |
| Free cash flow margin | 33.0% | 32.8% | +0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Recurring Revenue | $1.3B | $1.2B | $81.0M | +7% |
| Transaction Revenue | $722M | $787M | −$65.0M | -8% |
| Revenue | $2.0B | $2.0B | $16.0M | +0.8% |
| Other income, net | $62.0M | −$50.0M | $112M | — |
| Operating profit | $906M | $917M | −$11.0M | -1% |
| Costs & expenses | $1.1B | $1.1B | $27.0M | +2% |
| Pre-tax earnings | $968M | $867M | $101M | +12% |
| Cost of revenue | $524M | $492M | $32.0M | +7% |
| SG&A | $442M | $453M | −$11.0M | -2% |
| Other operating costs | $151M | $145M | $6.0M | +4% |
| Net earnings | $736M | $647M | $89.0M | +14% |
| Income tax | $232M | $220M | $12.0M | +5% |
| Depreciation & amortization | $124M | $123M | $1.0M | +0.8% |
| Share-based compensation | $58.0M | $57.0M | $1.0M | +2% |
| Working capital & other | $165M | $84.0M | $81.0M | +96% |
| Operating cash flow | $753M | $743M | $10.0M | +1% |
| Free cash flow (OCF − capex) | $668M | $658M | $10.0M | +2% |
| Capital expenditures | $85.0M | $85.0M | $0 | 0% |
Questions
How much did Moody's's revenue grow year over year in Q3 2026?
Moody's's revenue rose $16.0M (+0.8%) from $2.0B in Q3 2025 to $2.0B in Q3 2026.
What drove Moody's's revenue change in Q3 2026?
Recurring Revenue +$81.0M (+7%); Transaction Revenue −$65.0M (-8%).