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REVENUES | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
MA: |  |  |  |  |  |  |
Decision Solutions (DS) |  |  |  |  |  |  |
Banking | $ | 140 |  |  | $ | 140 |  |  | $ | 419 |  |  | $ | 405 |
Insurance | 171 |  |  | 148 |  |  | 502 |  |  | 439 |
KYC | 113 |  |  | 95 |  |  | 321 |  |  | 270 |
Total DS | 424 |  |  | 383 |  |  | 1,242 |  |  | 1,114 |
Research and Insights (R&I) | 252 |  |  | 235 |  |  | 737 |  |  | 683 |
Data and Information (D&I) | 233 |  |  | 213 |  |  | 677 |  |  | 635 |
Total external revenue | 909 |  |  | 831 |  |  | 2,656 |  |  | 2,432 |
Intersegment revenue | 3 |  |  | 3 |  |  | 9 |  |  | 10 |
Total MA | 912 |  |  | 834 |  |  | 2,665 |  |  | 2,442 |
MIS: |  |  |  |  |  |  |
Corporate Finance (CFG) |  |  |  |  |  |  |
Investment-grade | 124 |  |  | 149 |  |  | 431 |  |  | 416 |
High-yield | 114 |  |  | 80 |  |  | 266 |  |  | 232 |
Bank loans | 155 |  |  | 120 |  |  | 413 |  |  | 422 |
Other accounts (1) | 183 |  |  | 166 |  |  | 542 |  |  | 499 |
Total CFG | 576 |  |  | 515 |  |  | 1,652 |  |  | 1,569 |
Structured Finance (SFG) |  |  |  |  |  |  |
Asset-backed securities | 35 |  |  | 34 |  |  | 105 |  |  | 101 |
RMBS | 29 |  |  | 24 |  |  | 84 |  |  | 73 |
CMBS | 25 |  |  | 27 |  |  | 78 |  |  | 66 |
Structured credit | 55 |  |  | 49 |  |  | 149 |  |  | 138 |
Other accounts | 2 |  |  | 1 |  |  | 3 |  |  | 2 |
Total SFG | 146 |  |  | 135 |  |  | 419 |  |  | 380 |
Financial Institutions (FIG) |  |  |  |  |  |  |
Banking | 136 |  |  | 108 |  |  | 386 |  |  | 344 |
Insurance | 52 |  |  | 46 |  |  | 151 |  |  | 166 |
Managed investments | 17 |  |  | 13 |  |  | 43 |  |  | 40 |
Other accounts | 3 |  |  | 3 |  |  | 10 |  |  | 10 |
Total FIG | 208 |  |  | 170 |  |  | 590 |  |  | 560 |
Public, Project and Infrastructure Finance (PPIF) |  |  |  |  |  |  |
Public finance / sovereign | 68 |  |  | 61 |  |  | 215 |  |  | 187 |
Project and infrastructure | 93 |  |  | 93 |  |  | 271 |  |  | 262 |
Total PPIF | 161 |  |  | 154 |  |  | 486 |  |  | 449 |
Total ratings revenue | 1,091 |  |  | 974 |  |  | 3,147 |  |  | 2,958 |
MIS Other | 7 |  |  | 8 |  |  | 26 |  |  | 26 |
Total external revenue | 1,098 |  |  | 982 |  |  | 3,173 |  |  | 2,984 |
Intersegment revenue | 50 |  |  | 48 |  |  | 149 |  |  | 144 |
Total MIS | 1,148 |  |  | 1,030 |  |  | 3,322 |  |  | 3,128 |
Eliminations | (53) |  |  | (51) |  |  | (158) |  |  | (154) |
Total MCO | $ | 2,007 |  |  | $ | 1,813 |  |  | $ | 5,829 |  |  | $ | 5,416 |
(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 September 30, 2025 |  | Three Months Ended September 30, 2024
| U.S. |  | Non-U.S |  | Total |  | U.S. |  | Non-U.S |  | Total
MA:
Decision Solutions | $ | 167 |  |  | $ | 257 |  |  | $ | 424 |  |  | $ | 144 |  |  | $ | 239 |  |  | $ | 383 |
Research and Insights | 137 |  |  | 115 |  |  | 252 |  |  | 128 |  |  | 107 |  |  | 235 |
Data and Information | 82 |  |  | 151 |  |  | 233 |  |  | 74 |  |  | 139 |  |  | 213 |
Total MA | 386 |  |  | 523 |  |  | 909 |  |  | 346 |  |  | 485 |  |  | 831 |
MIS:
Corporate Finance | 405 |  |  | 171 |  |  | 576 |  |  | 364 |  |  | 151 |  |  | 515 |
Structured Finance | 108 |  |  | 38 |  |  | 146 |  |  | 98 |  |  | 37 |  |  | 135 |
Financial Institutions | 111 |  |  | 97 |  |  | 208 |  |  | 90 |  |  | 80 |  |  | 170 |
Public, Project and Infrastructure Finance | 108 |  |  | 53 |  |  | 161 |  |  | 100 |  |  | 54 |  |  | 154 |
Total ratings revenue | 732 |  |  | 359 |  |  | 1,091 |  |  | 652 |  |  | 322 |  |  | 974 |
MIS Other | — |  |  | 7 |  |  | 7 |  |  | 1 |  |  | 7 |  |  | 8 |
Total MIS | 732 |  |  | 366 |  |  | 1,098 |  |  | 653 |  |  | 329 |  |  | 982 |
Total MCO | $ | 1,118 |  |  | $ | 889 |  |  | $ | 2,007 |  |  | $ | 999 |  |  | $ | 814 |  |  | $ | 1,813 |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| U.S. |  | Non-U.S |  | Total |  | U.S. |  | Non-U.S |  | Total
MA:
Decision Solutions | $ | 496 |  |  | $ | 746 |  |  | $ | 1,242 |  |  | $ | 420 |  |  | $ | 694 |  |  | $ | 1,114 |
Research and Insights | 404 |  |  | 333 |  |  | 737 |  |  | 374 |  |  | 309 |  |  | 683 |
Data and Information | 242 |  |  | 435 |  |  | 677 |  |  | 227 |  |  | 408 |  |  | 635 |
Total MA | 1,142 |  |  | 1,514 |  |  | 2,656 |  |  | 1,021 |  |  | 1,411 |  |  | 2,432 |
MIS:
Corporate Finance | 1,110 |  |  | 542 |  |  | 1,652 |  |  | 1,078 |  |  | 491 |  |  | 1,569 |
Structured Finance | 299 |  |  | 120 |  |  | 419 |  |  | 266 |  |  | 114 |  |  | 380 |
Financial Institutions | 305 |  |  | 285 |  |  | 590 |  |  | 292 |  |  | 268 |  |  | 560 |
Public, Project and Infrastructure Finance | 319 |  |  | 167 |  |  | 486 |  |  | 284 |  |  | 165 |  |  | 449 |
Total ratings revenue | 2,033 |  |  | 1,114 |  |  | 3,147 |  |  | 1,920 |  |  | 1,038 |  |  | 2,958 |
MIS Other | — |  |  | 26 |  |  | 26 |  |  | 1 |  |  | 25 |  |  | 26 |
Total MIS | 2,033 |  |  | 1,140 |  |  | 3,173 |  |  | 1,921 |  |  | 1,063 |  |  | 2,984 |
Total MCO | $ | 3,175 |  |  | $ | 2,654 |  |  | $ | 5,829 |  |  | $ | 2,942 |  |  | $ | 2,474 |  |  | $ | 5,416 |
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
MA: |  |  |  |  |  |  |
U.S. | $ | 386 |  |  | $ | 346 |  |  | $ | 1,142 |  |  | $ | 1,021 |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 358 |  |  | 334 |  |  | 1,036 |  |  | 969 |
Asia-Pacific | 96 |  |  | 84 |  |  | 276 |  |  | 251 |
Americas | 69 |  |  | 67 |  |  | 202 |  |  | 191 |
Total Non-U.S. | 523 |  |  | 485 |  |  | 1,514 |  |  | 1,411 |
Total MA | 909 |  |  | 831 |  |  | 2,656 |  |  | 2,432 |
MIS: |
U.S. | 732 |  |  | 653 |  |  | 2,033 |  |  | 1,921 |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 236 |  |  | 212 |  |  | 740 |  |  | 685 |
Asia-Pacific | 84 |  |  | 73 |  |  | 245 |  |  | 225 |
Americas | 46 |  |  | 44 |  |  | 155 |  |  | 153 |
Total Non-U.S. | 366 |  |  | 329 |  |  | 1,140 |  |  | 1,063 |
Total MIS | 1,098 |  |  | 982 |  |  | 3,173 |  |  | 2,984 |
Total MCO | $ | 2,007 |  |  | $ | 1,813 |  |  | $ | 5,829 |  |  | $ | 5,416 |
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
| Three Months Ended September 30,
| 2025 |  | 2024
| Transaction |  | Recurring |  | Total |  | Transaction |  | Recurring |  | Total
Decision Solutions |  |  |  |  |  |  |  |  |  |  |
Banking | $ | 25 |  |  | $ | 115 |  |  | $ | 140 |  |  | $ | 28 |  |  | $ | 112 |  |  | $ | 140 |
| 18 | % |  | 82 | % |  | 100 | % |  | 20 | % |  | 80 | % |  | 100 | %
Insurance | $ | 3 |  |  | $ | 168 |  |  | $ | 171 |  |  | $ | 6 |  |  | $ | 142 |  |  | $ | 148 |
| 2 | % |  | 98 | % |  | 100 | % |  | 4 | % |  | 96 | % |  | 100 | %
KYC | $ | 1 |  |  | $ | 112 |  |  | $ | 113 |  |  | $ | 3 |  |  | $ | 92 |  |  | $ | 95 |
| 1 | % |  | 99 | % |  | 100 | % |  | 3 | % |  | 97 | % |  | 100 | %
Total Decision Solutions | $ | 29 |  |  | $ | 395 |  |  | $ | 424 |  |  | $ | 37 |  |  | $ | 346 |  |  | $ | 383 |
| 7 | % |  | 93 | % |  | 100 | % |  | 10 | % |  | 90 | % |  | 100 | %
Research and Insights | $ | 3 |  |  | $ | 249 |  |  | $ | 252 |  |  | $ | 3 |  |  | $ | 232 |  |  | $ | 235 |
| 1 | % |  | 99 | % |  | 100 | % |  | 1 | % |  | 99 | % |  | 100 | %
Data and Information | $ | 2 |  |  | $ | 231 |  |  | $ | 233 |  |  | $ | 2 |  |  | $ | 211 |  |  | $ | 213 |
| 1 | % |  | 99 | % |  | 100 | % |  | 1 | % |  | 99 | % |  | 100 | %
Total MA (1) | $ | 34 |  |  | $ | 875 |  |  | $ | 909 |  |  | $ | 42 |  |  | $ | 789 |  |  | $ | 831 |
| 4 | % |  | 96 | % |  | 100 | % |  | 5 | % |  | 95 | % |  | 100 | %
Corporate Finance | $ | 433 |  |  | $ | 143 |  |  | $ | 576 |  |  | $ | 382 |  |  | $ | 133 |  |  | $ | 515 |
| 75 | % |  | 25 | % |  | 100 | % |  | 74 | % |  | 26 | % |  | 100 | %
Structured Finance | $ | 86 |  |  | $ | 60 |  |  | $ | 146 |  |  | $ | 78 |  |  | $ | 57 |  |  | $ | 135 |
| 59 | % |  | 41 | % |  | 100 | % |  | 58 | % |  | 42 | % |  | 100 | %
Financial Institutions | $ | 123 |  |  | $ | 85 |  |  | $ | 208 |  |  | $ | 92 |  |  | $ | 78 |  |  | $ | 170 |
| 59 | % |  | 41 | % |  | 100 | % |  | 54 | % |  | 46 | % |  | 100 | %
Public, Project and Infrastructure Finance | $ | 111 |  |  | $ | 50 |  |  | $ | 161 |  |  | $ | 109 |  |  | $ | 45 |  |  | $ | 154 |
| 69 | % |  | 31 | % |  | 100 | % |  | 71 | % |  | 29 | % |  | 100 | %
MIS Other | $ | — |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 8 |
| — | % |  | 100 | % |  | 100 | % |  | 25 | % |  | 75 | % |  | 100 | %
Total MIS | $ | 753 |  |  | $ | 345 |  |  | $ | 1,098 |  |  | $ | 663 |  |  | $ | 319 |  |  | $ | 982 |
| 69 | % |  | 31 | % |  | 100 | % |  | 68 | % |  | 32 | % |  | 100 | %
Total Moody's Corporation | $ | 787 |  |  | $ | 1,220 |  |  | $ | 2,007 |  |  | $ | 705 |  |  | $ | 1,108 |  |  | $ | 1,813 |
| 39 | % |  | 61 | % |  | 100 | % |  | 39 | % |  | 61 | % |  | 100 | %
| Nine Months Ended September 30,
| 2025 |  | 2024
| Transaction |  | Recurring |  | Total |  | Transaction |  | Recurring |  | Total
Decision Solutions |  |  |  |  |  |  |  |  |  |  |
Banking | $ | 76 |  |  | $ | 343 |  |  | $ | 419 |  |  | $ | 85 |  |  | $ | 320 |  |  | $ | 405 |
| 18 | % |  | 82 | % |  | 100 | % |  | 21 | % |  | 79 | % |  | 100 | %
Insurance | $ | 15 |  |  | $ | 487 |  |  | $ | 502 |  |  | $ | 20 |  |  | $ | 419 |  |  | $ | 439 |
| 3 | % |  | 97 | % |  | 100 | % |  | 5 | % |  | 95 | % |  | 100 | %
KYC | $ | 1 |  |  | $ | 320 |  |  | $ | 321 |  |  | $ | 6 |  |  | $ | 264 |  |  | $ | 270 |
| — | % |  | 100 | % |  | 100 | % |  | 2 | % |  | 98 | % |  | 100 | %
Total Decision Solutions | $ | 92 |  |  | $ | 1,150 |  |  | $ | 1,242 |  |  | $ | 111 |  |  | $ | 1,003 |  |  | $ | 1,114 |
| 7 | % |  | 93 | % |  | 100 | % |  | 10 | % |  | 90 | % |  | 100 | %
Research and Insights | $ | 9 |  |  | $ | 728 |  |  | $ | 737 |  |  | $ | 9 |  |  | $ | 674 |  |  | $ | 683 |
| 1 | % |  | 99 | % |  | 100 | % |  | 1 | % |  | 99 | % |  | 100 | %
Data and Information | $ | 6 |  |  | $ | 671 |  |  | $ | 677 |  |  | $ | 7 |  |  | $ | 628 |  |  | $ | 635 |
| 1 | % |  | 99 | % |  | 100 | % |  | 1 | % |  | 99 | % |  | 100 | %
Total MA (1) | $ | 107 |  |  | $ | 2,549 |  |  | $ | 2,656 |  |  | $ | 127 |  |  | $ | 2,305 |  |  | $ | 2,432 |
| 4 | % |  | 96 | % |  | 100 | % |  | 5 | % |  | 95 | % |  | 100 | %
Corporate Finance | $ | 1,225 |  |  | $ | 427 |  |  | $ | 1,652 |  |  | $ | 1,169 |  |  | $ | 400 |  |  | $ | 1,569 |
| 74 | % |  | 26 | % |  | 100 | % |  | 75 | % |  | 25 | % |  | 100 | %
Structured Finance | $ | 238 |  |  | $ | 181 |  |  | $ | 419 |  |  | $ | 213 |  |  | $ | 167 |  |  | $ | 380 |
| 57 | % |  | 43 | % |  | 100 | % |  | 56 | % |  | 44 | % |  | 100 | %
Financial Institutions | $ | 340 |  |  | $ | 250 |  |  | $ | 590 |  |  | $ | 329 |  |  | $ | 231 |  |  | $ | 560 |
| 58 | % |  | 42 | % |  | 100 | % |  | 59 | % |  | 41 | % |  | 100 | %
Public, Project and Infrastructure Finance | $ | 340 |  |  | $ | 146 |  |  | $ | 486 |  |  | $ | 315 |  |  | $ | 134 |  |  | $ | 449 |
| 70 | % |  | 30 | % |  | 100 | % |  | 70 | % |  | 30 | % |  | 100 | %
MIS Other | $ | 5 |  |  | $ | 21 |  |  | $ | 26 |  |  | $ | 6 |  |  | $ | 20 |  |  | $ | 26 |
| 19 | % |  | 81 | % |  | 100 | % |  | 23 | % |  | 77 | % |  | 100 | %
Total MIS | $ | 2,148 |  |  | $ | 1025 |  |  | $ | 3,173 |  |  | $ | 2,032 |  |  | $ | 952 |  |  | $ | 2,984 |
| 68 | % |  | 32 | % |  | 100 | % |  | 68 | % |  | 32 | % |  | 100 | %
Total Moody's Corporation | $ | 2,255 |  |  | $ | 3,574 |  |  | $ | 5,829 |  |  | $ | 2,159 |  |  | $ | 3,257 |  |  | $ | 5,416 |
| 39 | % |  | 61 | % |  | 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 September 30, 2025 |  | Nine Months Ended September 30, 2025 |  |
| MA |  | MIS |  | Total |  | MA |  | MIS |  | Total |  |  |  |  |  |
Revenue recognized at a point in time | $ | 21 |  |  | $ | 753 |  |  | $ | 774 |  |  | $ | 65 |  |  | $ | 2,148 |  |  | $ | 2,213 |  |  |  |  |  |  |
Revenue recognized over time | 888 |  |  | 345 |  |  | 1,233 |  |  | 2,591 |  |  | 1,025 |  |  | 3,616 |  |  |  |  |  |  |
Total | $ | 909 |  |  | $ | 1,098 |  |  | $ | 2,007 |  |  | $ | 2,656 |  |  | $ | 3,173 |  |  | $ | 5,829 |  |  |  |  |  |  |
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| MA |  | MIS |  | Total |  | MA |  | MIS |  | Total
Revenue recognized at a point in time | $ | 26 |  |  | $ | 663 |  |  | $ | 689 |  |  | $ | 65 |  |  | $ | 2,032 |  |  | $ | 2,097 |
Revenue recognized over time | 805 |  |  | 319 |  |  | 1,124 |  |  | 2,367 |  |  | 952 |  |  | 3,319 |
Total | $ | 831 |  |  | $ | 982 |  |  | $ | 1,813 |  |  | $ | 2,432 |  |  | $ | 2,984 |  |  | $ | 5,416 |
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 September 30, 2025 and December 31, 2024:
| As of September 30, 2025 |  | As of December 31, 2024
| MA |  | MIS |  | MA |  | MIS
Unbilled Receivables | $ | 114 |  |  | $ | 530 |  |  | $ | 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 nine months ended September 30, 2025 and 2024 are as follows:
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| MA |  | MIS |  | Total |  | MA |  | MIS |  | Total
Balance at June 30, | $ | 1,285 |  |  | $ | 350 |  |  | $ | 1,635 |  |  | $ | 1,146 |  |  | $ | 336 |  |  | $ | 1,482 |
Changes in deferred revenue: |  |  |  |  |  |  |  |  |  |  |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (612) |  |  | (123) |  |  | (735) |  |  | (551) |  |  | (120) |  |  | (671) |
Increases due to amounts billable excluding amounts recognized as revenue during the period | 491 |  |  | 87 |  |  | 578 |  |  | 410 |  |  | 92 |  |  | 502 |
Reclassification to liabilities held-for-sale (1) | $ | (23) |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |
Increases due to acquisitions during the period | — |  |  | — |  |  | — |  |  | 5 |  |  |  |  | 5 |
Effect of exchange rate changes | (27) |  |  | (1) |  |  | (28) |  |  | 37 |  |  | 4 |  |  | 41 |
Total changes in deferred revenue | (171) |  |  | (37) |  |  | (208) |  |  | (99) |  |  | (24) |  |  | (123) |
Balance at September 30, | $ | 1,114 |  |  | $ | 313 |  |  | $ | 1,427 |  |  | $ | 1,047 |  |  | $ | 312 |  |  | $ | 1,359 |
(1) The 2025 reclassification to liabilities held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 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 | (1,074) |  |  | (205) |  |  | (1,279) |  |  | (950) |  |  | (197) |  |  | (1,147) |
Increases due to amounts billable excluding amounts recognized as revenue during the period | 910 |  |  | 239 |  |  | 1,149 |  |  | 860 |  |  | 238 |  |  | 1,098 |
Reclassification to liabilities held-for-sale (1) | $ | (23) |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |
Increases due to acquisitions during the period | 15 |  |  |  |  | 15 |  |  | 5 |  |  | — |  |  | 5 |
Effect of exchange rate changes | 43 |  |  | 11 |  |  | 54 |  |  | 21 |  |  | 1 |  |  | 22 |
Total changes in deferred revenue | (129) |  |  | 45 |  |  | (84) |  |  | (64) |  |  | 42 |  |  | (22) |
Balance at September 30, | $ | 1,114 |  |  | $ | 313 |  |  | $ | 1,427 |  |  | $ | 1,047 |  |  | $ | 312 |  |  | $ | 1,359 |
Deferred revenue - current | $ | 1,113 |  |  | $ | 256 |  |  | $ | 1,369 |  |  | $ | 1,047 |  |  | $ | 253 |  |  | $ | 1,300 |
Deferred revenue - non-current | $ | 1 |  |  | $ | 57 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 59 |  |  | $ | 59 |
(1) The 2025 reclassification to liabilities held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Learning Solutions business, more fully discussed in Note 12 For the MA segment, the decrease in deferred revenue for the three months ended September 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 nine months ended September 30, 2025 and 2024, the decrease in the deferred revenue balance is attributable to recognition of revenues related to the aforementioned December billings being mostly offset by the impact of 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 September 30, 2025 as well as amounts not yet invoiced to customers as of September 30, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of September 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 September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $87 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.

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