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REVENUES (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
MA:
Decision Solutions (DS)
Banking			$	138					$	131					$	279					$	265
Insurance			168						147						331						291
KYC			107						88						208						175
Total DS			413						366						818						731
Research and Insights (R&I)			249						226						485						448
Data and Information (D&I)			226						210						444						422
Total external revenue			888						802						1,747						1,601
Intersegment revenue			3						4						6						7
Total MA			891						806						1,753						1,608
MIS:
Corporate Finance (CFG)
Investment-grade			142						120						307						267
High-yield			85						85						152						152
Bank loans			98						147						258						302
Other accounts (1)			187						173						359						333
Total CFG			512						525						1,076						1,054
Structured Finance (SFG)
Asset-backed securities			35						34						70						67
RMBS			29						25						55						49
CMBS			25						22						53						39
Structured credit			46						50						94						89
Other accounts			—						—						1						1
Total SFG			135						131						273						245
Financial Institutions (FIG)
Banking			120						115						250						236
Insurance			54						61						99						120
Managed investments			13						15						26						27
Other accounts			4						4						7						7
Total FIG			191						195						382						390
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign			75						67						147						126
Project and infrastructure			87						87						178						169
Total PPIF			162						154						325						295
Total ratings revenue			1,000						1,005						2,056						1,984
MIS Other			10						10						19						18
Total external revenue			1,010						1,015						2,075						2,002
Intersegment revenue			50						49						99						96
Total MIS			1,060						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, 2025																		Three Months Ended June 30, 2024
			U.S.						Non-U.S						Total						U.S.						Non-U.S						Total
MA:
Decision Solutions			$	162					$	251					$	413					$	138					$	228					$	366
Research and Insights			139						110						249						124						102						226
Data and Information			80						146						226						76						134						210
Total MA			381						507						888						338						464						802
MIS:
Corporate Finance			314						198						512						342						183						525
Structured Finance			91						44						135						92						39						131
Financial Institutions			99						92						191						104						91						195
Public, Project and Infrastructure Finance			107						55						162						98						56						154
Total ratings revenue			611						389						1,000						636						369						1,005
MIS Other			—						10						10						—						10						10
Total MIS			611						399						1,010						636						379						1,015
Total MCO			$	992					$	906					$	1,898					$	974					$	843					$	1,817
			Six Months Ended June 30, 2025																		Six Months Ended June 30, 2024
			U.S.						Non-U.S						Total						U.S.						Non-U.S						Total
MA:
Decision Solutions			$	329					$	489					$	818					$	276					$	455					$	731
Research and Insights			267						218						485						246						202						448
Data and Information			160						284						444						153						269						422
Total MA			756						991						1,747						675						926						1,601
MIS:
Corporate Finance			705						371						1,076						714						340						1,054
Structured Finance			191						82						273						168						77						245
Financial Institutions			194						188						382						202						188						390
Public, Project and Infrastructure Finance			211						114						325						184						111						295
Total ratings revenue			1,301						755						2,056						1,268						716						1,984
MIS Other			—						19						19						—						18						18
Total MIS			1,301						774						2,075						1,268						734						2,002
Total MCO			$	2,057					$	1,765					$	3,822					$	1,943					$	1,660					$	3,603

The following tables summarize the split between Transaction Revenue and Recurring Revenue:

			Three Months Ended June 30,
			2025																		2024
			Transaction						Recurring						Total						Transaction						Recurring						Total
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,
			2025																		2024
			Transaction						Recurring						Total						Transaction						Recurring						Total
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
			MA						MIS						Total						MA						MIS						Total
Revenue recognized at a point in time			$	19					$	663					$	682					$	44					$	1,395					$	1,439
Revenue recognized over time			869						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, 2024																		Six Months Ended June 30, 2024
			MA						MIS						Total						MA						MIS						Total
Revenue recognized at a point in time			$	18					$	692					$	710					$	39					$	1,369					$	1,408
Revenue recognized over time			784						323						1,107						1,562						633						2,195
Total			$	802					$	1,015					$	1,817					$	1,601					$	2,002					$	3,603

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 June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
MA:
U.S.			$	381					$	338					$	756					$	675
Non-U.S.:
EMEA			347						319						678						635
Asia-Pacific			92						82						180						167
Americas			68						63						133						124
Total Non-U.S.			507						464						991						926
Total MA			888						802						1,747						1,601
MIS:
U.S.			611						636						1,301						1,268
Non-U.S.:
EMEA			266						247						504						473
Asia-Pacific			82						82						161						152
Americas			51						50						109						109
Total Non-U.S.			399						379						774						734
Total MIS			1,010						1,015						2,075						2,002
Total MCO			$	1,898					$	1,817					$	3,822					$	3,603

    

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
United States			$	992					$	974					$	2,057					$	1,943
Non-U.S.:
EMEA			613						566						1,182						1,108
Asia-Pacific			174						164						341						319
Americas			119						113						242						233
Total Non-U.S.			906						843						1,765						1,660
Total			$	1,898					$	1,817					$	3,822					$	3,603

Schedule of Unbilled Receivables

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
			MA						MIS						MA						MIS
Unbilled Receivables			$	107					$	516					$	122					$	426

Schedule of Changes in the Deferred Revenue Balances

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
			MA						MIS						Total						MA						MIS						Total
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 period			346						105						451						365						93						458
Effect of exchange rate changes			39						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, 2025																		Six Months Ended June 30, 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			(846)						(169)						(1,015)						(752)						(155)						(907)
Increases due to amounts billable excluding amounts recognized as revenue during the period			804						240						1,044						803						224						1,027
Increases due to acquisitions during the period			15						—						15						—												—
Effect of exchange rate changes			69						11						80						(16)						(3)						(19)
Total changes in deferred revenue			42						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

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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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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