Filing Flows › Moody's (MCO) › Q4 2025
Moody's (MCO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Moody's (MCO) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -6% from the quarter before. Operating margin was 40.8%, net earnings $611M (32.3% of revenue).
Moody's, Q4 2025: revenue $1.9B (+13% year over year), operating margin 40.8%, net earnings $611M, operating cash flow $858M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -6% | +13% |
| Operating profit | $770M | -16% | +37% |
| Net earnings | $611M | -6% | +55% |
| Operating cash flow | $858M | +15% | +27% |
| Free cash flow | $777M | +18% | +29% |
What changed
Revenue was $1.9B in Q4 2025, up 13% year over year and down 6% from the previous quarter. Relationship Revenue was the largest line at 67% of revenue.
Operating profit was $0.77B, a 40.8% margin (up 7.2 points year over year). Of the extra revenue versus a year earlier, 96% reached operating profit, above the 34% margin then. Total costs grew 1% against revenue growth of 13%. Net earnings were $0.61B, up 54% year over year. The effective tax rate was 11.1%.
Operating cash flow was $0.86B (up 27% year over year), 140% 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 added $0.07B. Capital expenditures of $0.08B left free cash flow of $0.78B.
Questions
What was Moody's revenue in the fourth quarter 2025?
Moody's (MCO) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -6% from the quarter before.
Was Moody's profitable in the fourth quarter 2025?
Operating profit was $770M (40.8% of revenue) and net earnings $611M.
Source: Moody's 10-K on SEC EDGAR.