Moody's Corporation (MCO) financials
NYSE · Financial Services · Financial - Data & Stock Exchanges · 15,636 employees · CEO Robert Scott Fauber
- Price
- $493.97 +1.05%
- Market cap
- $85.2B
- Enterprise value
- $91.2B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-02-17 EPS est. $3.62
Revenue (TTM)$8.18B+9.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)44.9%+1.4 pp vs a year agoOperating income $3.67B
Net income (TTM)$2.88B+28.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.16B+19.7% vs a year agoCapex $166M
Diluted EPS (TTM)$16.40+31.9% vs a year agoSum of the last 4 quarters
Net cash-$5.87B-9.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $85.2B EV $91.2B
- Revenue
- $8.18B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 35.3% Net income / revenue, TTM
- P/E
- 30.0× Forward 29.5× (FY2026)
- P/S
- 10.4× Price / sales, TTM
- EV / EBITDA
- 23.7× TTM
- Free cash flow
- $3.16B Trailing 12 months
- Net income
- $2.88B Trailing 12 months
- Revenue estimate
- $8.22B FY2026 consensus
- Earnings
- 2027-02-17 Revenue est. $1.93B
- Dividend
- $4.03 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue missed by 2.6%, EPS missed by 2.6%Revenue $2.02B vs $2.08B expected (-2.6%); EPS $4.14 vs $4.25 (-2.6%).
- Revenue growth slowing: 0.8% year on yearQ3 '26 revenue $2.02B, against an average of 11.7% over the four quarters before.
- Operating margin 44.9% (TTM), +1.4 pp on a year agoOperating income grew 12.4% while revenue grew 9.0%.
- Capex 2.0% of revenue (a year ago 1.0%)$166M invested in the last 4 quarters (+124.3% on a year earlier). Free cash flow $3.16B = 109.7% of net income.
- Returned $1.36B to shareholders = 43.1% of free cash flowBuybacks $832M (a year earlier $486M), dividends $530M, stock-based pay $175M (TTM).
- Diluted share count down 3.8% in a year173M diluted shares in Q3 '26, 180M a year earlier.
- Net debt $5.87BCash + short-term investments $1.62B, debt incl. leases $7.49B; a year ago net debt $5.39B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.02B | $2.01B | +0.8% |
| Gross margin | 74.1% | 69.4% | +4.7 pp |
| Operating income | $906M | $917M | -1.2% |
| Operating margin | 44.8% | 45.7% | -0.9 pp |
| Net income | $734M | $646M | +13.6% |
| Diluted EPS | $4.24 | $3.60 | +17.8% |
| Operating cash flow | $753M | $743M | +1.3% |
| Capex | $85M | -$160M | +153.1% |
| Free cash flow | $668M | $903M | -26.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $58M | $174M | -66.7% |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.02B | $2.08B | -2.6% |
| EPS (as estimated) | $4.14 | $4.25 | -2.6% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Moodys Analytics | $1.3B | +6.6% | 64.3% | $5.12B | +2.7% | |
| Moodys Investors Service | $722M | -8.3% | 35.7% | $3.05B | +21.4% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| International Regions | $889M | 0.0% | 50.0% | $3.44B | -5.4% | |
| EMEA | $596M | +0.3% | 33.5% | $2.46B | +7.2% | |
| Asia Pacific | $178M | -1.1% | 10.0% | $729M | +8.2% | |
| U S | $115M | 0.0% | 6.5% | $458M | -0.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.33B
- Capex
- -$166M
- Buybacks
- -$832M
- Dividends
- -$530M
- Acquisitions
- $17M
- Net debt issued
- $0
- Stock-based compensation
- $175M
- Free cash flow
- $3.16B
- Returned to shareholders / FCF
- 43.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 30.0× | 38.7× | 32.9× – 44.5× |
| EV / EBITDA | 23.7× | 26.3× | 24.3× – 30.6× |
| EV / Sales | 11.1× | 12.3× | 10.5× – 13.0× |
| Price / FCF | 26.9× | 38.0× | 34.1× – 43.0× |
| Price / Book | 26.1× | 23.1× | 20.3× – 26.7× |
| FCF yield | 3.7% | 2.7% | 2.3% – 2.9% |
| Return on invested capital | 23.5% | 17.1% | 12.9% – 21.0% |
| Return on equity | 86.4% | 60.5% | 48.4% – 81.2% |
Analysts
Consensus target $536.44 (+8.6%)
range $480.00 – $595.00 · rating Buy
Strong buy0
Buy18
Hold13
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $8.22B | +6.5% | $16.77 | +22.7% | 29.5× | 16 |
| FY2027 | $8.78B | +6.8% | $18.65 | +11.2% | 26.5× | 16 |
| FY2028 | $9.42B | +7.3% | $20.72 | +11.1% | 23.8× | 10 |
| FY2029 | $9.97B | +5.9% | $23.63 | +14.0% | 20.9× | 4 |
| FY2030 | $10.5B | +5.4% | $26.97 | +14.2% | 18.3× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 319 figures Moody's Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $3M | $4M | -25.0% | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $1.22B | $1.03B | +18.1% | $1.3B | $1.34B | -3.0% |
| Accounts Payable, Current | $62M | $54M | +14.8% | $62M | $53M | +17.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.83B | $1.77B | +3.2% | $2.02B | $1.8B | +12.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $29M | $33M | -12.1% | $29M | $32M | -9.4% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $15M | $18M | -16.7% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $2M | $5M | -60.0% | $12M | $15M | -20.0% |
| Accrued Bonuses, Current | $298M | $263M | +13.3% | $390M | $452M | -13.7% |
| Accrued Income Taxes, Current | $160M | $89M | +79.8% | $146M | $144M | +1.4% |
| Accrued Professional Fees, Current | $39M | $40M | -2.5% | $49M | $38M | +28.9% |
| Accrued Royalties, Current | $14M | $19M | -26.3% | $20M | $25M | -20.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.65B | $1.51B | +9.6% | $1.57B | $1.45B | +8.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$541M | -$538M | -0.6% | -$500M | -$638M | +21.6% |
| Additional Paid in Capital, Common Stock | $1.82B | $1.62B | +12.4% | $1.68B | $1.45B | +15.5% |
| Amortization of Intangible Assets | $51M | $55M | -7.3% | $215M | $198M | +8.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300K | 200K | +50.0% | 200K | 400K | -50.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $59M | $59M | 0.0% | $239M | $225M | +6.2% |
| Assets | $14.8B | $15.4B | -3.8% | $15.8B | $15.5B | +2.1% |
| Assets for Plan Benefits, Defined Benefit Plan | $82M | $62M | +32.3% | $74M | $60M | +23.3% |
| Assets, Current | $4.22B | $4.6B | -8.2% | $5.19B | $5.29B | -2.0% |
| Assets, Fair Value Disclosure | $352M | $117M | +200.9% | $122M | $166M | -26.5% |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $02025-12-31 | $0 | – | $0 | $7M | -100.0% |
| Capital Units, Authorized | 1.02B2025-12-31 | 1.02B | 0.0% | 1.02B | 1.02B | 0.0% |
| Capitalized Contract Cost, Net, Current | $149M | $131M | +13.7% | $143M | $131M | +9.2% |
| Capitalized Contract Cost, Net, Noncurrent | $261M | $226M | +15.5% | $253M | $214M | +18.2% |
| Cash and Cash Equivalents, at Carrying Value | $1.51B | $2.18B | -30.6% | $2.38B | $2.41B | -1.0% |
| Cash Surrender Value of Life Insurance | $48M | $50M | -4.0% | $50M | $48M | +4.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.51B | $2.18B | -30.6% | $2.38B | $2.41B | -1.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $46M | $7M | +557.1% | -$24M | $278M | -108.6% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.942025-12-31 | $0.85 | +10.6% | $3.76 | $3.40 | +10.6% |
| Common Stock, Dividends, Per Share, Declared | $1.03 | $0.94 | +9.6% | $3.76 | $3.40 | +10.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $3M | -$1M | +400.0% | -$9M | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $747M | $628M | +18.9% | $2.6B | $1.99B | +30.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $750M | $627M | +19.6% | $2.59B | $1.99B | +30.3% |
| Contract with Customer, Liability | $1.46B | $1.43B | +2.0% | $1.64B | $1.51B | +8.4% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | $574M | $578M | -0.7% | $1.5B | $1.41B | +6.4% |
| Contract with Customer, Liability, Current | $1.4B | $1.37B | +2.4% | $1.58B | $1.45B | +8.8% |
| Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $0 | $0 | – | $15M | $9M | +66.7% |
| Contract with Customer, Liability, Noncurrent | $53M | $58M | -8.6% | $56M | $57M | -1.8% |
| Contract with Customer, Liability, Revenue Recognized | $769M | $735M | +4.6% | $1.37B | $1.25B | +9.5% |
| Cost of Revenue | $524M | $492M | +6.5% | $1.97B | $1.95B | +1.4% |
| Costs and Expenses | $1.12B | $1.09B | +2.5% | $4.37B | $4.21B | +3.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $231M | $280M | -17.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $355M | $316M | +12.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $685M | $702M | -2.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $99M | $106M | -6.6% |
| Debt Instrument, Face Amount | $7.12B | $7.17B | -0.7% | $7.17B | $7.69B | -6.8% |
| Debt Instrument, Unamortized Discount (Premium), Net | $45M | $49M | -8.2% | $49M | $52M | -5.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $35M | -$21M | +266.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$60M | -$35M | -71.4% |
| Deferred Income Tax Assets, Net | $236M | $288M | -18.1% | $305M | $293M | +4.1% |
| Deferred Income Tax Expense (Benefit) | $78M | $23M | +239.1% | -$17M | -$62M | +72.6% |
| Deferred Income Tax Liabilities, Net | $340M | $348M | -2.3% | $315M | $449M | -29.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $8M | -$6M | +233.3% |
| Deferred Tax Asset, Interest Carryforward | $25M2025-12-31 | $20M | +25.0% | $25M | $20M | +25.0% |
| Deferred Tax Assets, Deferred Income | $217M2025-12-31 | $211M | +2.8% | $217M | $211M | +2.8% |
| Deferred Tax Assets, Derivative Instruments | $83M2025-12-31 | $0 | – | $83M | $0 | – |
| Deferred Tax Assets, Gross | $705M2025-12-31 | $580M | +21.6% | $705M | $580M | +21.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $64M2025-12-31 | $58M | +10.3% | $64M | $58M | +10.3% |
| Deferred Tax Assets, Other | $25M2025-12-31 | $30M | -16.7% | $25M | $30M | -16.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01