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Company file · MCO

Moody's

Moody's' revenue rose 8.9% in FY2025, to $7.7B, and net income rose 19.5% to $2.5B

Revenue rose 8.9% to $7.7B in FY2025, from $7.1B in FY2024. Net income rose 19.5% to $2.5B. Moodys Investors Service was the largest segment, at 53% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 18, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 29, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Moody's (NYSE: MCO) took in $7.7B of revenue (up 8.9% on fiscal 2024); net income was $2.5B (up 19.5%). The most recent quarter, ended Sep 30, 2026, brought revenue of $2.0B, up 0.8% year over year, with net income of $734M. Moodys Investors Service was the biggest single line by segment: 53% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$7.7BFY2025 · +8.9% vs FY2024
Net income$2.5BFY2025 · +19.5% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $5.9B5.9Net income FY2023: $1.6B1.6FY2023Revenue FY2024: $7.1B7.1Net income FY2024: $2.1B2.1FY2024Revenue FY2025: $7.7B7.7Net income FY2025: $2.5B2.5FY2025

Source: 10-K FY2025, filed Feb 18, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $1.9B1.9FY2026 Q1: $2.1B2.1Q1FY2025 Q2: $1.9B1.9FY2026 Q2: $2.2B2.2Q2FY2025 Q3: $2.0B2.0FY2026 Q3: $2.0B2.0Q3

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 21, 2026

How it makes money

FY2025 total by categoryMoodys Investors Service: $4.1B (53%)Moodys Analytics: $3.6B (47%)$7.7BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Moodys Investors Service$4.1B53%+8.6%
  • Moodys Analytics$3.6B47%+9.2%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Moodys Investors Service (53%) and Moodys Analytics (47%), as shares of total revenue. Total revenue was $7.7B.

By segment: three-year mixShare of the total each fiscal year
Moodys Investors ServiceMoodys Analytics

Source: 10-K FY2025

By product or service, FY2025

Recurring Revenue$4.8B63%+10.0%
Transaction Revenue$2.9B37%+7.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$2.0B Q3 2026
$2.0B Q3 2025
0.8% increase
Net income
$734M Q3 2026
$646M Q3 2025
13.6% increase

Source: Moody's 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

By segment

Moodys Investors Service
$1.1B Q3 2026
$1.1B Q3 2025
1.0% decrease
Moodys Analytics
$936M Q3 2026
$909M Q3 2025
3.0% increase

Source: Moody's 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

The bull case and the bear case

The bull case

  • Revenue rose 8.9% in FY2025 to $7.7B, from $7.1B a year earlier. 10-K, FY2025
  • Net income rose 19.5% in FY2025 to $2.5B, from $2.1B. 10-K, FY2025
  • Diluted shares fell 1.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
  • Revenue in the quarter ended Sep 30, 2026 was $2.0B, up 0.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Moody's is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Services-Consumer Credit Reporting, Collection Agencies.

Moody's reports 2 segments: Moodys Investors Service and Moodys Analytics.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the financial exchanges & data industry. They are not a summary of Moody's’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
  2. Credit and claimsLosses on loans, claims or investments can reduce earnings.
  3. RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
  4. CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
  5. Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$5.9B$7.1B$7.7B
Net income$1.6B$2.1B$2.5B
Diluted shares184M183M180M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • Moody's' revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.

What we left out

  • Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.

Recent filings

FormFiledPeriod
10-QOct 21, 2026Sep 30, 2026
10-QJul 23, 2026Jun 30, 2026
10-QApr 23, 2026Mar 31, 2026
DEF 14AMar 4, 2026Dec 31, 2025
10-KFeb 18, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Moody's

How does Moody's make money?

In fiscal 2025, revenue totaled $7.7B. By segment in FY2025: Moodys Investors Service (53%) and Moodys Analytics (47%), as shares of total revenue. Total revenue was $7.7B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What was Moody's's revenue in fiscal 2025?

Revenue came to $7.7B in the year ended Dec 31, 2025. Going back two years, it was $5.9B in fiscal 2023 and $7.1B in fiscal 2024, so the latest year was up 8.9%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

Is Moody's profitable?

Yes, by US accounting rules (GAAP): net income was $2.5B in fiscal 2025, up 19.5% from $2.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $734M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What did Moody's report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $2.0B, against $2.0B in the same quarter a year before (up 0.8%), and net income of $734M, against $646M (up 13.6%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

What are the main risks Moody's faces?

Moody's's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.

Where do these Moody's numbers come from?

Two filings Moody's made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MCO
The editor holds no position in Moody's (MCO). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell MCO from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MCO, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Moody'sMCOFY2025$7.7B+8.9%$2.5B
CME GroupCMEFY2025$6.5B+6.4%$4.1B
Intercontinental ExchangeICEFY2025$12.6B+7.5%$3.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.