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REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20252024
MA:
Decision Solutions (DS)
Banking$141 $134 
Insurance163 144 
KYC101 87 
Total DS405 365 
Research and Insights (R&I)236 222 
Data and Information (D&I)218 212 
Total external revenue859 799 
Intersegment revenue3 3 
Total MA862 802 
MIS:
Corporate Finance (CFG)
Investment-grade165 147 
High-yield67 67 
Bank loans160 155 
Other accounts (1)
172 160 
Total CFG564 529 
Structured Finance (SFG)
Asset-backed securities35 33 
RMBS26 24 
CMBS28 17 
Structured credit48 39 
Other accounts1 1 
Total SFG138 114 
Financial Institutions (FIG)
Banking130 121 
Insurance45 59 
Managed investments13 12 
Other accounts3 3 
Total FIG191 195 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign72 59 
Project and infrastructure91 82 
Total PPIF163 141 
Total ratings revenue1,056 979 
MIS Other9 8 
Total external revenue1,065 987 
Intersegment revenue49 47 
Total MIS1,114 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, 2025Three Months Ended March 31, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $238 $405 $138 $227 $365 
Research and Insights128 108 236 122 100 222 
Data and Information80 138 218 77 135 212 
Total MA375 484 859 337 462 799 
MIS:
Corporate Finance391 173 564 372 157 529 
Structured Finance100 38 138 76 38 114 
Financial Institutions95 96 191 98 97 195 
Public, Project and Infrastructure Finance104 59 163 86 55 141 
Total ratings revenue690 366 1,056 632 347 979 
MIS Other— 9 9 — 8 8 
Total MIS690 375 1,065 632 355 987 
Total MCO$1,065 $859 $1,924 $969 $817 $1,786 

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20252024
MA:
U.S.$375 $337 
Non-U.S.:
EMEA331 316 
Asia-Pacific88 85 
Americas65 61 
Total Non-U.S.484 462 
Total MA859 799 
MIS:
U.S.690 632 
Non-U.S.:
EMEA238 226 
Asia-Pacific79 70 
Americas58 59 
Total Non-U.S.375 355 
Total MIS1,065 987 
Total MCO$1,924 $1,786 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20252024
TransactionRecurringTotalTransactionRecurringTotal
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
MAMISTotalMAMISTotal
Revenue recognized at a point in time$25 $732 $757 $21 $677 $698 
Revenue recognized over time834 333 1,167 778 310 1,088 
Total$859 $1,065 $1,924 $799 $987 $1,786 
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 March 31, 2025 and December 31, 2024:
As of March 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$100 $493 $122 $426 
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 three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
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 period666 188 854 652 187 839 
Increases due to acquisitions during the period15 — 15 — — 
Effect of exchange rate changes30 3 33 (14)(2)(16)
Total changes in deferred revenue219 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 
The increase in deferred revenue during both the three months ended March 31, 2025 and 2024 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2025 as well as amounts not yet invoiced to customers as of March 31, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.3 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 March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $96 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.