Filing Flows › Moody's (MCO) › Q3 2026
Moody's (MCO) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 21, 2026
Moody's (MCO) reported revenue of $2.0B for the third quarter 2026 (Q3 2026), +0.8% from a year earlier and -7% from the quarter before. Operating margin was 44.8%, net earnings $736M (36.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | -7% | +0.8% |
| Operating profit | $906M | -13% | -1% |
| Net earnings | $736M | -16% | +14% |
| Operating cash flow | $753M | -3% | +1% |
| Free cash flow | $668M | -3% | +2% |
What changed
Revenue was $2.0B in Q3 2026, up 1% year over year and down 7% from the previous quarter. Recurring Revenue was the largest line at 64% of revenue. Recurring Revenue added $0.08B year over year (up 7%), 506% of the total change. Transaction Revenue declined 8%.
Operating profit was $0.91B, a 44.8% margin (down 0.9 points year over year). Operating profit fell $0.01B even though revenue rose $0.02B versus Q3 2025, so costs grew faster than sales. Total costs grew 2% against revenue growth of 1%. Net earnings were $0.73B, up 14% year over year. The effective tax rate was 24.0%.
Operating cash flow was $0.75B (up 1% year over year), 102% 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 $0.17B. Capital expenditures of $0.09B left free cash flow of $0.67B.
Questions
What was Moody's revenue in the third quarter 2026?
Moody's (MCO) reported revenue of $2.0B for the third quarter 2026 (Q3 2026), +0.8% from a year earlier and -7% from the quarter before.
Was Moody's profitable in the third quarter 2026?
Operating profit was $906M (44.8% of revenue) and net earnings $736M.
Source: Moody's 10-Q on SEC EDGAR.