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REVENUES
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202420232022
MA:
Decision Solutions (DS)
Banking$551 $521 $481 
Insurance598 550 504 
KYC367 312 260 
Total DS1,516 1,383 1,245 
Research and Insights (R&I)926 884 812 
Data and Information (D&I)853 789 712 
Total external revenue3,295 3,056 2,769 
Intersegment revenue13 13 8 
Total MA3,308 3,069 2,777 
MIS:
Corporate finance (CFG)
Investment-grade488 335 294 
High-yield285 150 108 
Bank loans527 292 275 
Other accounts (1)
650 627 592 
Total CFG1,950 1,404 1,269 
Structured finance (SFG)
Asset-backed securities130 121 116 
RMBS98 92 106 
CMBS94 60 98 
Structured credit193 129 140 
Other accounts (SFG)3 3 2 
Total SFG518 405 462 
Financial institutions (FIG)
Banking450 378 337 
Insurance214 123 113 
Managed investments49 32 28 
Other accounts (FIG)14 12 13 
Total FIG727 545 491 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign240 205 197 
Project and infrastructure324 271 234 
Total PPIF564 476 431 
Total ratings revenue3,759 2,830 2,653 
MIS Other34 30 46 
Total external revenue3,793 2,860 2,699 
Intersegment royalty193 186 174 
Total MIS3,986 3,046 2,873 
Eliminations(206)(199)(182)
Total MCO$7,088 $5,916 $5,468 
(1)Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$570 $946 $1,516 $550 $833 $1,383 $511 $734 $1,245 
Research and Insights514 412 926 490 394 884 470 342 812 
Data and Information306 547 853 281 508 789 250 462 712 
Total MA1,390 1,905 3,295 1,321 1,735 3,056 1,231 1,538 2,769 
MIS:
Corporate finance1,333 617 1,950 952 452 1,404 832 437 1,269 
Structured finance368 150 518 252 153 405 308 154 462 
Financial institutions386 341 727 253 292 545 223 268 491 
Public, project and infrastructure finance359 205 564 292 184 476 266 165 431 
Total ratings revenue2,446 1,313 3,759 1,749 1,081 2,830 1,629 1,024 2,653 
MIS Other— 34 34 1 29 30 5 41 46 
Total MIS2,446 1,347 3,793 1,750 1,110 2,860 1,634 1,065 2,699 
Total MCO$3,836 $3,252 $7,088 $3,071 $2,845 $5,916 $2,865 $2,603 $5,468 

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2024
2023
2022
MA:
  U.S.$1,390 $1,321 $1,231 
  Non-U.S.:
   EMEA1,306 1,207 1,060 
   Asia-Pacific345 299 268 
   Americas254 229 210 
   Total Non-U.S.1,905 1,735 1,538 
  Total MA3,295 3,056 2,769 
MIS:
  U.S.2,446 1,750 1,634 
  Non-U.S.:
   EMEA868 679 648 
   Asia-Pacific284 271 271 
   Americas195 160 146 
   Total Non-U.S.1,347 1,110 1,065 
  Total MIS3,793 2,860 2,699 
Total MCO$7,088 $5,916 $5,468 
The following table summarizes the split between transaction and recurring revenue:
Year Ended December 31,
20242023
2022
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$117 $434 $551 $130 $391 $521 $124 $357 $481 
21 %79 %100 %25 %75 %100 %26 %74 %100 %
Insurance
$23 $575 $598 $38 $512 $550 $28 $476 $504 
4 %96 %100 %7 %93 %100 %6 %94 %100 %
KYC
$2 $365 $367 $1 $311 $312 $1 $259 $260 
1 %99 %100 %— %100 %100 %— %100 %100 %
Total Decision Solutions
$142 $1,374 $1,516 $169 $1,214 $1,383 $153 $1,092 $1,245 
9 %91 %100 %12 %88 %100 %12 %88 %100 %
Research and Insights$15 $911 $926 $16 $868 $884 $17 $795 $812 
2 %98 %100 %2 %98 %100 %2 %98 %100 %
Data and Information$4 $849 $853 $3 $786 $789 $— $712 $712 
— %100 %100 %— %100 %100 %— %100 %100 %
Total MA (1)
$161 

$3,134 $3,295 $188 $2,868 $3,056 $170 $2,599 $2,769 
5 %95 %100 %6 %94 %100 %6 %94 %100 %
Corporate Finance$1,415 $535 $1,950 $887 $517 $1,404 $772 $497 $1,269 
73 %27 %100 %63 %37 %100 %61 %39 %100 %
Structured Finance$292 $226 $518 $190 $215 $405 $262 $200 $462 
56 %44 %100 %47 %53 %100 %57 %43 %100 %
Financial Institutions$418 $309 $727 $254 $291 $545 $211 $280 $491 
57 %43 %100 %47 %53 %100 %43 %57 %100 %
Public, Project and Infrastructure Finance$384 $180 $564 $301 $175 $476 $263 $168 $431 
68 %32 %100 %63 %37 %100 %61 %39 %100 %
MIS Other$8 $26 $34 $6 $24 $30 $4 $42 $46 
24 %76 %100 %20 %80 %100 %9 %91 %100 %
Total MIS$2,517 $1,276 $3,793 $1,638 $1,222 $2,860 $1,512 $1,187 $2,699 
66 %34 %100 %57 %43 %100 %56 %44 %100 %
Total Moody’s Corporation$2,678 $4,410 $7,088 $1,826 $4,090 $5,916 $1,682 $3,786 $5,468 
38 %62 %100 %31 %69 %100 %31 %69 %100 %
(1)    Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.
The following table presents the timing of revenue recognition:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
MAMISTotalMAMISTotalMAMISTotal
Revenue recognized at a point in time$101 $2,517 $2,618 $102 $1,638 $1,740 $97 $1,512 $1,609 
Revenue recognized over time3,194 1,276 4,470 2,954 1,222 4,176 2,672 1,187 3,859 
Total$3,295 $3,793 $7,088 $3,056 $2,860 $5,916 $2,769 $2,699 $5,468 

Unbilled Receivables, Deferred Revenue and Remaining Performance Obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at December 31, 2024 and December 31, 2023:
As of December 31, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$122 $426 $119 $415 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the year ended December 31, 2024 are as follows:
Year Ended December 31, 2024
MAMISTotal
Balance at December 31, 2023
$1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,044)(209)(1,253)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,200 211 1,411 
Increases due to acquisitions during the period9 — 9 
Effect of exchange rate changes(33)(4)(37)
Total changes in deferred revenue132 (2)130 
Balance at December 31, 2024
$1,243 $268 $1,511 
Deferred revenue - current$1,243 $211 $1,454 
Deferred revenue - non-current$— $57 $57 
Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:
Year Ended December 31, 2023
MAMISTotal
Balance at December 31, 2022
$1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(980)(211)(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,015 200 1,215 
Effect of exchange rate changes21 3 24 
Total changes in deferred revenue56 (8)48 
Balance at December 31, 2023
$1,111 $270 $1,381 
Deferred revenue - current
$1,109 $207 $1,316 
Deferred revenue - non-current
$2 $63 $65 
Significant changes in the deferred revenue balances during the year ended December 31, 2022 are as follows:
Year Ended December 31, 2022
MAMISTotal
Balance at December 31, 2021
$1,039 $296 $1,335 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(996)(210)(1,206)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,018 202 1,220 
Increases due to acquisitions during the period1 — 1 
Effect of exchange rate changes(7)(10)(17)
Total changes in deferred revenue16 (18)(2)
Balance at December 31, 2022
$1,055 $278 $1,333 
Deferred revenue—current$1,053 $205 $1,258 
Deferred revenue—non-current
$2 $73 $75 
For the MA segment, for the year ended December 31, 2024, the increase in deferred revenue was primarily due to organic growth. The change in deferred revenue for both segments was not significant for the years ended December 31, 2023 and 2022.
Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the consolidated balance sheet as of December 31, 2024 as well as amounts not yet invoiced to customers as of December 31, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.4 billion. The Company expects to recognize into revenue approximately 55% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $102 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
Costs to Obtain or Fulfill a Contract with a Customer
MA Costs to Obtain a Contract with a Customer
As of December 31,
2024
2023
Capitalized costs to obtain sales contracts$294 $268 
Year ended December 31,
202420232022
Amortization of capitalized costs to obtain sales contracts$110 $102 $80 
Amortization of costs incurred to obtain customer contracts is included within SG&A expenses in the consolidated statements of operations. Costs incurred to obtain customer contracts are only in the MA segment.
MA and MIS Costs to Fulfill a Contract with a Customer
As of December 31, 2024
As of December 31, 2023
MAMISTotalMAMISTotal
Capitalized costs to fulfill sales contracts$39 $12 $51 $35 $9 $44 

Year Ended
December 31, 2024		Year Ended
December 31, 2023		Year Ended
December 31, 2022
MAMISTotalMAMISTotalMAMISTotal
Amortization of capitalized costs to fulfill sales contracts$77 $43 $120 $70 $44 $114 $69 $54 $123 
Amortization of costs to fulfill customer contracts is included within operating expenses in the consolidated statements of operations.