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REVENUES
 6 Months Ended
Jun. 30, 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
June 30,
Six Months Ended
June 30,
2025202420252024
MA:
Decision Solutions (DS)
Banking$138 $131 $279 $265 
Insurance168 147 331 291 
KYC107 88 208 175 
Total DS413 366 818 731 
Research and Insights (R&I)249 226 485 448 
Data and Information (D&I)226 210 444 422 
Total external revenue888 802 1,747 1,601 
Intersegment revenue3 4 6 7 
Total MA891 806 1,753 1,608 
MIS:
Corporate Finance (CFG)
Investment-grade142 120 307 267 
High-yield85 85 152 152 
Bank loans98 147 258 302 
Other accounts (1)
187 173 359 333 
Total CFG512 525 1,076 1,054 
Structured Finance (SFG)
Asset-backed securities35 34 70 67 
RMBS29 25 55 49 
CMBS25 22 53 39 
Structured credit46 50 94 89 
Other accounts— — 1 1 
Total SFG135 131 273 245 
Financial Institutions (FIG)
Banking120 115 250 236 
Insurance54 61 99 120 
Managed investments13 15 26 27 
Other accounts4 4 7 7 
Total FIG191 195 382 390 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign75 67 147 126 
Project and infrastructure87 87 178 169 
Total PPIF162 154 325 295 
Total ratings revenue1,000 1,005 2,056 1,984 
MIS Other10 10 19 18 
Total external revenue1,010 1,015 2,075 2,002 
Intersegment revenue50 49 99 96 
Total MIS1,060 1,064 2,174 2,098 
Eliminations(53)(53)(105)(103)
Total MCO$1,898 $1,817 $3,822 $3,603 
(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 tables present the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$162 $251 $413 $138 $228 $366 
Research and Insights139 110 249 124 102 226 
Data and Information80 146 226 76 134 210 
Total MA381 507 888 338 464 802 
MIS:
Corporate Finance314 198 512 342 183 525 
Structured Finance91 44 135 92 39 131 
Financial Institutions99 92 191 104 91 195 
Public, Project and Infrastructure Finance107 55 162 98 56 154 
Total ratings revenue611 389 1,000 636 369 1,005 
MIS Other— 10 10 — 10 10 
Total MIS611 399 1,010 636 379 1,015 
Total MCO$992 $906 $1,898 $974 $843 $1,817 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$329 $489 $818 $276 $455 $731 
Research and Insights267 218 485 246 202 448 
Data and Information160 284 444 153 269 422 
Total MA756 991 1,747 675 926 1,601 
MIS:
Corporate Finance705 371 1,076 714 340 1,054 
Structured Finance191 82 273 168 77 245 
Financial Institutions194 188 382 202 188 390 
Public, Project and Infrastructure Finance211 114 325 184 111 295 
Total ratings revenue1,301 755 2,056 1,268 716 1,984 
MIS Other— 19 19 — 18 18 
Total MIS1,301 774 2,075 1,268 734 2,002 
Total MCO$2,057 $1,765 $3,822 $1,943 $1,660 $3,603 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
MA:
U.S.$381 $338 $756 $675 
Non-U.S.:
EMEA347 319 678 635 
Asia-Pacific92 82 180 167 
Americas68 63 133 124 
Total Non-U.S.507 464 991 926 
Total MA888 802 1,747 1,601 
MIS:
U.S.611 636 1,301 1,268 
Non-U.S.:
EMEA266 247 504 473 
Asia-Pacific82 82 161 152 
Americas51 50 109 109 
Total Non-U.S.399 379 774 734 
Total MIS1,010 1,015 2,075 2,002 
Total MCO$1,898 $1,817 $3,822 $3,603 
    
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
Three Months Ended June 30,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$25 $113 $138 $28 $103 $131 
18 %82 %100 %21 %79 %100 %
Insurance
$6 $162 $168 $4 $143 $147 
4 %96 %100 %3 %97 %100 %
KYC
$— $107 $107 $1 $87 $88 
— %100 %100 %1 %99 %100 %
 Total Decision Solutions
$31 $382 $413 $33 $333 $366 
8 %92 %100 %9 %91 %100 %
Research and Insights$3 $246 $249 $3 $223 $226 
1 %99 %100 %1 %99 %100 %
Data and Information$2 $224 $226 $2 $208 $210 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$36 $852 $888 $38 $764 $802 
4 %96 %100 %5 %95 %100 %
Corporate Finance$365 $147 $512 $388 $137 $525 
71 %29 %100 %74 %26 %100 %
Structured Finance$74 $61 $135 $76 $55 $131 
55 %45 %100 %58 %42 %100 %
Financial Institutions$108 $83 $191 $115 $80 $195 
57 %43 %100 %59 %41 %100 %
Public, Project and Infrastructure Finance$113 $49 $162 $110 $44 $154 
70 %30 %100 %71 %29 %100 %
MIS Other$3 $7 $10 $3 $7 $10 
30 %70 %100 %30 %70 %100 %
Total MIS$663 $347 $1,010 $692 $323 $1,015 
66 %34 %100 %68 %32 %100 %
Total Moody's Corporation$699 $1,199 $1,898 $730 $1,087 $1,817 
37 %63 %100 %40 %60 %100 %
Six Months Ended June 30,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$51 $228 $279 $57 $208 $265 
18 %82 %100 %22 %78 %100 %
Insurance
$12 $319 $331 $14 $277 $291 
4 %96 %100 %5 %95 %100 %
KYC
$— $208 $208 $3 $172 $175 
— %100 %100 %2 %98 %100 %
 Total Decision Solutions
$63 $755 $818 $74 $657 $731 
8 %92 %100 %10 %90 %100 %
Research and Insights$6 $479 $485 $6 $442 $448 
1 %99 %100 %1 %99 %100 %
Data and Information$4 $440 $444 $5 $417 $422 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$73 $1,674 $1,747 $85 $1,516 $1,601 
4 %96 %100 %5 %95 %100 %
Corporate Finance$792 $284 $1,076 $787 $267 $1,054 
74 %26 %100 %75 %25 %100 %
Structured Finance$152 $121 $273 $135 $110 $245 
56 %44 %100 %55 %45 %100 %
Financial Institutions$217 $165 $382 $237 $153 $390 
57 %43 %100 %61 %39 %100 %
Public, Project and Infrastructure Finance$229 $96 $325 $206 $89 $295 
70 %30 %100 %70 %30 %100 %
MIS Other$5 $14 $19 $4 $14 $18 
26 %74 %100 %22 %78 %100 %
Total MIS$1,395 $680 $2,075 $1,369 $633 $2,002 
67 %33 %100 %68 %32 %100 %
Total Moody's Corporation$1,468 $2,354 $3,822 $1,454 $2,149 $3,603 
38 %62 %100 %40 %60 %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 tables present the timing of revenue recognition:
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
MAMISTotalMAMISTotal
Revenue recognized at a point in time$19 $663 $682 $44 $1,395 $1,439 
Revenue recognized over time869 347 1,216 1,703 680 2,383 
Total$888 $1,010 $1,898 $1,747 $2,075 $3,822 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$18 $692 $710 $39 $1,369 $1,408 
Revenue recognized over time784 323 1,107 1,562 633 2,195 
Total$802 $1,015 $1,817 $1,601 $2,002 $3,603 
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 June 30, 2025 and December 31, 2024:
As of June 30, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$107 $516 $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 and six months ended June 30, 2025 and 2024 are as follows:
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
MAMISTotalMAMISTotal
Balance at March 31,
$1,462 $360 $1,822 $1,312 $361 $1,673 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(562)(123)(685)(529)(117)(646)
Increases due to amounts billable excluding amounts recognized as revenue during the period346 105 451 365 93 458 
Effect of exchange rate changes39 8 47 (2)(1)(3)
Total changes in deferred revenue(177)(10)(187)(166)(25)(191)
Balance at June 30,
$1,285 $350 $1,635 $1,146 $336 $1,482 
Six Months Ended June 30, 2025Six Months Ended June 30, 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(846)(169)(1,015)(752)(155)(907)
Increases due to amounts billable excluding amounts recognized as revenue during the period804 240 1,044 803 224 1,027 
Increases due to acquisitions during the period15 — 15 — — 
Effect of exchange rate changes69 11 80 (16)(3)(19)
Total changes in deferred revenue42 82 124 35 66 101 
Balance at June 30,
$1,285 $350 $1,635 $1,146 $336 $1,482 
Deferred revenue - current$1,284 $294 $1,578 $1,145 $278 $1,423 
Deferred revenue - non-current$1 $56 $57 $1 $58 $59 
For the MA segment, the decrease in deferred revenue for the three months ended June 30, 2025 and 2024 was primarily due to the recognition of annual subscription and maintenance revenue for the period, for which billing occurs in December and January. For the six months ended June 30, 2025 and 2024, the increase in deferred revenue was primarily attributable to the high concentration of billings in the first quarter.
For the MIS segment, the change in the deferred revenue balance for all periods presented was primarily related to the significant portion of contract renewals that occur during the first quarter and are generally recognized over a one year period.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of June 30, 2025 as well as amounts not yet invoiced to customers as of June 30, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.1 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 June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $93 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.