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REVENUES
 9 Months Ended
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,
2025202420252024
MA:
Decision Solutions (DS)
Banking$140 $140 $419 $405 
Insurance171 148 502 439 
KYC113 95 321 270 
Total DS424 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 revenue909 831 2,656 2,432 
Intersegment revenue3 3 9 10 
Total MA912 834 2,665 2,442 
MIS:
Corporate Finance (CFG)
Investment-grade124 149 431 416 
High-yield114 80 266 232 
Bank loans155 120 413 422 
Other accounts (1)
183 166 542 499 
Total CFG576 515 1,652 1,569 
Structured Finance (SFG)
Asset-backed securities35 34 105 101 
RMBS29 24 84 73 
CMBS25 27 78 66 
Structured credit55 49 149 138 
Other accounts2 1 3 2 
Total SFG146 135 419 380 
Financial Institutions (FIG)
Banking136 108 386 344 
Insurance52 46 151 166 
Managed investments17 13 43 40 
Other accounts3 3 10 10 
Total FIG208 170 590 560 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign68 61 215 187 
Project and infrastructure93 93 271 262 
Total PPIF161 154 486 449 
Total ratings revenue1,091 974 3,147 2,958 
MIS Other7 8 26 26 
Total external revenue1,098 982 3,173 2,984 
Intersegment revenue50 48 149 144 
Total MIS1,148 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, 2025Three Months Ended September 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $257 $424 $144 $239 $383 
Research and Insights137 115 252 128 107 235 
Data and Information82 151 233 74 139 213 
Total MA386 523 909 346 485 831 
MIS:
Corporate Finance405 171 576 364 151 515 
Structured Finance108 38 146 98 37 135 
Financial Institutions111 97 208 90 80 170 
Public, Project and Infrastructure Finance108 53 161 100 54 154 
Total ratings revenue732 359 1,091 652 322 974 
MIS Other— 7 7 1 7 8 
Total MIS732 366 1,098 653 329 982 
Total MCO$1,118 $889 $2,007 $999 $814 $1,813 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$496 $746 $1,242 $420 $694 $1,114 
Research and Insights404 333 737 374 309 683 
Data and Information242 435 677 227 408 635 
Total MA1,142 1,514 2,656 1,021 1,411 2,432 
MIS:
Corporate Finance1,110 542 1,652 1,078 491 1,569 
Structured Finance299 120 419 266 114 380 
Financial Institutions305 285 590 292 268 560 
Public, Project and Infrastructure Finance319 167 486 284 165 449 
Total ratings revenue2,033 1,114 3,147 1,920 1,038 2,958 
MIS Other— 26 26 1 25 26 
Total MIS2,033 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,
2025202420252024
MA:
U.S.$386 $346 $1,142 $1,021 
Non-U.S.:
EMEA358 334 1,036 969 
Asia-Pacific96 84 276 251 
Americas69 67 202 191 
Total Non-U.S.523 485 1,514 1,411 
Total MA909 831 2,656 2,432 
MIS:
U.S.732 653 2,033 1,921 
Non-U.S.:
EMEA236 212 740 685 
Asia-Pacific84 73 245 225 
Americas46 44 155 153 
Total Non-U.S.366 329 1,140 1,063 
Total MIS1,098 982 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,
20252024
TransactionRecurringTotalTransactionRecurringTotal
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,
20252024
TransactionRecurringTotalTransactionRecurringTotal
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
MAMISTotalMAMISTotal
Revenue recognized at a point in time$21 $753 $774 $65 $2,148 $2,213 
Revenue recognized over time888 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, 2024Nine Months Ended September 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $663 $689 $65 $2,032 $2,097 
Revenue recognized over time805 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
MAMISMAMIS
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
MAMISTotalMAMISTotal
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 period491 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, 2025Nine Months Ended September 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(1,074)(205)(1,279)(950)(197)(1,147)
Increases due to amounts billable excluding amounts recognized as revenue during the period910 239 1,149 860 238 1,098 
Reclassification to liabilities held-for-sale (1)
$(23)— (23)— — — 
Increases due to acquisitions during the period15 15 5 — 5 
Effect of exchange rate changes43 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.