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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are generally allocated to each segment based on historical/budgeted revenue amounts.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended June 30,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$888 $1,010 $— $1,898 $802 $1,015 $— $1,817 
Intersegment revenue3 50 (53)— 4 49 (53)— 
Revenue891 1,060 (53)1,898 806 1,064 (53)1,817 
Compensation expense
355 280 — 635 336 277 — 613 
Non-compensation expense
200 97 — 297 191 111 — 302 
Intersegment expense
50 3 (53)— 49 4 (53)— 
Operating, SG&A605 380 (53)932 576 392 (53)915 
Adjusted Operating Income$286 $680 $— $966 $230 $672 $— $902 
Less:

Depreciation and
amortization		97 23 — 120 90 20 — 110 
Restructuring18 9 — 27 1 1 — 2 
Charges related to asset abandonment1 — — 1 15 — — 15 
Operating Income$818 $775 
Non-operating (expense) income, net
$(46)$(56)
Income before provision for income taxes
$772 $719 
Six Months Ended June 30,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,747 $2,075 $— $3,822 $1,601 $2,002 $— $3,603 
Intersegment revenue6 99 (105)— 7 96 (103)— 
Revenue1,753 2,174 (105)3,822 1,608 2,098 (103)3,603 
Compensation expense
717 560 — 1,277 673 549 — 1,222 
Non-compensation expense
392 193 — 585 371 202 — 573 
Intersegment expense
99 6 (105)— 96 7 (103)— 
Operating, SG&A1,208 759 (105)1,862 1,140 758 (103)1,795 
Adjusted Operating Income$545 $1,415 $— $1,960 $468 $1,340 $— $1,808 
Less:

Depreciation and
amortization		191 42 — 233 172 38 — 210 
Restructuring44 16 — 60 3 4 — 7 
Charges related to asset abandonment3 — — 3 15 — — 15 
Operating Income$1,664 $1,576 
Non-operating (expense) income, net
$(88)$(105)
Income before provision for income taxes
$1,576 $1,471 

The table below shows cumulative restructuring expense incurred through June 30, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$78 $27 $105 
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $125 million to $155 million for the MA segment and $75 million to $95 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 10.
Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
United States$992 $974 $2,057 $1,943 
Non-U.S.:
EMEA613 566 1,182 1,108 
Asia-Pacific174 164 341 319 
Americas119 113 242 233 
Total Non-U.S.906 843 1,765 1,660 
Total$1,898 $1,817 $3,822 $3,603