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REVENUES (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by LOB:

			Three Months Ended March 31,
			2025						2024
MA:
Decision Solutions (DS)
Banking			$	141					$	134
Insurance			163						144
KYC			101						87
Total DS			405						365
Research and Insights (R&I)			236						222
Data and Information (D&I)			218						212
Total external revenue			859						799
Intersegment revenue			3						3
Total MA			862						802
MIS:
Corporate Finance (CFG)
Investment-grade			165						147
High-yield			67						67
Bank loans			160						155
Other accounts (1)			172						160
Total CFG			564						529
Structured Finance (SFG)
Asset-backed securities			35						33
RMBS			26						24
CMBS			28						17
Structured credit			48						39
Other accounts			1						1
Total SFG			138						114
Financial Institutions (FIG)
Banking			130						121
Insurance			45						59
Managed investments			13						12
Other accounts			3						3
Total FIG			191						195
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign			72						59
Project and infrastructure			91						82
Total PPIF			163						141
Total ratings revenue			1,056						979
MIS Other			9						8
Total external revenue			1,065						987
Intersegment revenue			49						47
Total MIS			1,114						1,034
Eliminations			(52)						(50)
Total MCO			$	1,924					$	1,786

(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:

			Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
			U.S.						Non-U.S						Total						U.S.						Non-U.S						Total
MA:
Decision Solutions			$	167					$	238					$	405					$	138					$	227					$	365
Research and Insights			128						108						236						122						100						222
Data and Information			80						138						218						77						135						212
Total MA			375						484						859						337						462						799
MIS:
Corporate Finance			391						173						564						372						157						529
Structured Finance			100						38						138						76						38						114
Financial Institutions			95						96						191						98						97						195
Public, Project and Infrastructure Finance			104						59						163						86						55						141
Total ratings revenue			690						366						1,056						632						347						979
MIS Other			—						9						9						—						8						8
Total MIS			690						375						1,065						632						355						987
Total MCO			$	1,065					$	859					$	1,924					$	969					$	817					$	1,786

The following table summarizes the split between Transaction Revenue and Recurring Revenue:

			Three Months Ended March 31,
			2025																		2024
			Transaction						Recurring						Total						Transaction						Recurring						Total
Decision Solutions
Banking			$	26					$	115					$	141					$	29					$	105					$	134
			18		%				82		%				100		%				22		%				78		%				100		%
Insurance			$	6					$	157					$	163					$	10					$	134					$	144
			4		%				96		%				100		%				7		%				93		%				100		%
KYC			$	—					$	101					$	101					$	2					$	85					$	87
			—		%				100		%				100		%				2		%				98		%				100		%
Total Decision Solutions			$	32					$	373					$	405					$	41					$	324					$	365
			8		%				92		%				100		%				11		%				89		%				100		%
Research and Insights			$	3					$	233					$	236					$	3					$	219					$	222
			1		%				99		%				100		%				1		%				99		%				100		%
Data and Information			$	2					$	216					$	218					$	3					$	209					$	212
			1		%				99		%				100		%				1		%				99		%				100		%
Total MA (1)			$	37					$	822					$	859					$	47					$	752					$	799
			4		%				96		%				100		%				6		%				94		%				100		%
Corporate Finance			$	427					$	137					$	564					$	399					$	130					$	529
			76		%				24		%				100		%				75		%				25		%				100		%
Structured Finance			$	78					$	60					$	138					$	59					$	55					$	114
			57		%				43		%				100		%				52		%				48		%				100		%
Financial Institutions			$	109					$	82					$	191					$	122					$	73					$	195
			57		%				43		%				100		%				63		%				37		%				100		%
Public, Project and Infrastructure Finance			$	116					$	47					$	163					$	96					$	45					$	141
			71		%				29		%				100		%				68		%				32		%				100		%
MIS Other			$	2					$	7					$	9					$	1					$	7					$	8
			22		%				78		%				100		%				12		%				88		%				100		%
Total MIS			$	732					$	333					$	1,065					$	677					$	310					$	987
			69		%				31		%				100		%				69		%				31		%				100		%
Total Moody's Corporation			$	769					$	1,155					$	1,924					$	724					$	1,062					$	1,786
			40		%				60		%				100		%				41		%				59		%				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:

			Three Months Ended March 31, 2025																								Three Months Ended March 31, 2024
			MA						MIS						Total																								MA						MIS						Total
Revenue recognized at a point in time			$	25					$	732					$	757																							$	21					$	677					$	698
Revenue recognized over time			834						333						1,167																								778						310						1,088
Total			$	859					$	1,065					$	1,924																							$	799					$	987					$	1,786

Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:

			Three Months Ended March 31,
			2025						2024
MA:
U.S.			$	375					$	337
Non-U.S.:
EMEA			331						316
Asia-Pacific			88						85
Americas			65						61
Total Non-U.S.			484						462
Total MA			859						799
MIS:
U.S.			690						632
Non-U.S.:
EMEA			238						226
Asia-Pacific			79						70
Americas			58						59
Total Non-U.S.			375						355
Total MIS			1,065						987
Total MCO			$	1,924					$	1,786

    

			Three Months Ended March 31,
			2025						2024
United States			$	1,065					$	969
Non-U.S.:
EMEA			569						542
Asia-Pacific			167						155
Americas			123						120
Total Non-U.S.			859						817
Total			$	1,924					$	1,786

Schedule of Unbilled Receivables

The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2025 and December 31, 2024:

			As of March 31, 2025												As of December 31, 2024
			MA						MIS						MA						MIS
Unbilled Receivables			$	100					$	493					$	122					$	426

Schedule of Changes in the Deferred Revenue Balances

Significant changes in the deferred revenue balances during the three months ended March 31, 2025 and 2024 are as follows:

			Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
			MA						MIS						Total						MA						MIS						Total
Balance at December 31,			$	1,243					$	268					$	1,511					$	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			(492)						(99)						(591)						(437)						(94)						(531)
Increases due to amounts billable excluding amounts recognized as revenue during the period			666						188						854						652						187						839
Increases due to acquisitions during the period			15						—						15						—												—
Effect of exchange rate changes			30						3						33						(14)						(2)						(16)
Total changes in deferred revenue			219						92						311						201						91						292
Balance at March 31,			$	1,462					$	360					$	1,822					$	1,312					$	361					$	1,673
Deferred revenue - current			$	1,461					$	304					$	1,765					$	1,310					$	302					$	1,612
Deferred revenue - non-current			$	1					$	56					$	57					$	2					$	59					$	61

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Topic 606
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