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S&P Global vs Moody's: SPGI and MCO compared
S&P Global is the larger company: $3.7B of revenue in its latest quarter (Q3 2026) against $2.0B for Moody's (Q3 2026). S&P Global is growing faster (+7% against +0.8% a year earlier). S&P Global is more profitable, with an operating margin of 53.2% against 44.8%.
Where the money goes: SPGI and MCO
S&P Global (SPGI) · Q3 2026
S&P Global, Q3 2026: revenue $3.7B (+7% year over year), operating margin 53.2%, net earnings $1.2B. The chart follows the revenue to costs, profit and cash.
Moody's (MCO) · Q3 2026
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.
| S&P Global (SPGI) | Moody's (MCO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.7B | $2.0B |
| Revenue growth, Y/Y | +7% | +0.8% |
| Operating margin | 53.2% | 44.8% |
| Net earnings | $1.2B | $736M |
| Net margin | 33.7% | 36.4% |
| Operating cash flow | — | $753M |
| Free cash flow | — | $668M |
| Market value | $137.8B | $87.6B |
| P/E | 28.1× | 30.8× |
| Analysts’ mean target | $525.15 | $552.48 |
Where the revenue comes from
S&P Global
- Subscription: $1.7B (47%)
- Non-subscription / Transaction: $746M (20%)
- Non-transaction: $539M (15%)
- Asset-linked fees: $375M (10%)
Moody's
- Recurring Revenue: $1.3B (64%)
- Transaction Revenue: $722M (36%)
Questions
Which is bigger, S&P Global or Moody's?
S&P Global is the larger company: $3.7B of revenue in its latest quarter (Q3 2026) against $2.0B for Moody's (Q3 2026).
Is S&P Global or Moody's growing faster?
S&P Global is growing faster (+7% against +0.8% a year earlier).
Which is more profitable, S&P Global or Moody's?
S&P Global is more profitable, with an operating margin of 53.2% against 44.8%.
More: S&P Global earnings · how S&P Global makes money · Moody's earnings · how Moody's makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 21, 2026). Fiscal quarters can end on different dates. Not investment advice.