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How Moody's (MCO) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/30/2026
Moody's — Moody's Corporation provides credit ratings, research, and risk analysis services.
More about the company
It operates through its subsidiaries Moody's Investors Service and Moody's Analytics, serving global financial markets from its base in New York, USA.
Key growth driver: Moody's Investors Service — the fastest-growing revenue line: $1,260, +25% y/y. · by the Q2 2026 report
How does Moody's make money?
Moody's brought in $2.19 billion of revenue in Q2 2026, up 15.1% year over year. The largest source was Moody's Investors Service: $1.26 billion, or 58% of the total, followed by Moody's Analytics ($925M, 42%). Net income for the quarter was $878 million, up 51.9% year over year.
Revenue by source, Q2 2026
- Moody's Investors Service$1.26B · 58% · +25%
- Moody's Analytics$925M · 42% · +4%
Shares of $2.19B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is MCO’s next earnings date?
Wednesday, October 21, 2026confirmed · before market open
Moody's (MCO) is scheduled to report results for the quarter ending Sep 2026 on Oct 21, 2026. Consensus EPS forecast: $4.26 (8 analysts), vs $3.92 in the same quarter last year.
What time does MCO report? Usually before market open: the last 4 results releases reached the SEC at 6:59 am, 6:59 am, 6:58 am, 6:56 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$2,185
+15.1%
Gross profit
$1,667
76.3% margin
Operating income
$1,046
+27.9%
47.9% margin
Net income
$878
+51.9%
$5.03 diluted EPS
Verdict: a strong quarter with 15% revenue growth led by a 25% surge in MIS ratings revenue (record CFG issuance and AI-driven infrastructure financing) plus a $181M gain on the MA Regulatory Solutions divestiture, pushing net income up 52% while MA growth remained a comparatively modest but healthy 4%.
OCF $1,718M (+$418M YoY); Free Cash Flow $1,532M; treasury share repurchases $2,184M YTD (~$701M in Q2); quarterly dividend $1.03/share; $1.8B remaining buyback authority.
Source and notation
* marks non-cash / ≈ estimated. Source: Moody's Corporation press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
MCO earnings history: past report dates
| Jul 22, 2026 Wed | 6:59 ambefore market open | Jun 30, 2026 | $2.2B+15% y/y | $5.03+57% y/y |
| Apr 22, 2026 Wed | 6:59 ambefore market open | Mar 31, 2026 | $2.1B+8% y/y | $3.73+8% y/y |
| Feb 18, 2026 Wed | 6:58 ambefore market open | Dec 31, 2025 | ≈$1.9B+13% y/y | ≈$3.40+57% y/y |
| Oct 22, 2025 Wed | 6:56 ambefore market open | Sep 30, 2025 | $2.0B+11% y/y | $3.60+23% y/y |
| Jul 23, 2025 Wed | 6:59 ambefore market open | Jun 30, 2025 | $1.9B+4% y/y | $3.21+6% y/y |
| Apr 22, 2025 Tue | 6:57 ambefore market open | Mar 31, 2025 | $1.9B+8% y/y | $3.46+10% y/y |
| Feb 13, 2025 Thu | 6:57 ambefore market open | Dec 31, 2024 | ≈$1.7B+13% y/y | ≈$2.16+17% y/y |
| Oct 22, 2024 Tue | 6:58 ambefore market open | Sep 30, 2024 | $1.8B+23% y/y | $2.93+39% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Moody's: 5-year financials
| 2025 | 7,718 | 3,351 | 2,459 | 2,575 | 701 |
| 2024 | 7,088 | 2,875 | 2,058 | 2,521 | 620 |
| 2023 | 5,916 | 2,137 | 1,607 | 1,880 | 564 |
| 2022 | 5,468 | 1,883 | 1,374 | 1,191 | 515 |
| 2021 | 6,218 | 2,844 | 2,214 | 1,866 | 463 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jan 2017Moody's recorded an $863.8M charge under its settlement with the US Department of Justice and the attorneys general of 21 states and the District of Columbia resolving claims over its ratings of structured products from the 2008 crisis. sec.gov ↗
- Aug 2013The court ruled in Moody's favor in the 2007 shareholder class action; in December 2013 the plaintiffs withdrew their appeal under a confidential agreement. sec.gov ↗
- Dec 2025Dividend per share rose from $2.24 (2020) to $3.76 (2025); share count −5% over 5 years. data.sec.gov ↗
Scoring: 2.0, no deductions: the $864M settlement with the DOJ and states (2017) concerned ratings for their users, not Moody's disclosure to its own shareholders, so it is not deducted under criterion 10; the 2007 shareholder suit ended in a ruling for the company
- Share classes
- Single class — MCO common stock on the NYSE (cover of 2025 10-K).
- Dilution
- Diluted share count 2020→2025 −5.0% (XBRL); SBC 3.0% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $2.24 (2020) → $3.76 (2025).
- Lawsuits & regulators
- 2007 shareholder suit — judgment for Moody's (2013), appeal withdrawn; $864M to the DOJ and states (2017) over RMBS/CDO ratings concerned ratings users and is not deducted under criterion 10.
- Related parties
- 2026 proxy: a related-party transaction policy is in place, no material transactions disclosed; Berkshire Hathaway is a large passive shareholder.
How the score works · checked as of Sep 2026
Moody's (MCO) earnings: FAQ
How does Moody's make money?
Moody's brought in $2.19 billion of revenue in Q2 2026, up 15.1% year over year. The largest source was Moody's Investors Service: $1.26 billion, or 58% of the total, followed by Moody's Analytics ($925M, 42%). Net income for the quarter was $878 million, up 51.9% year over year.
When is MCO's next earnings date?
Moody's (MCO) is scheduled to report on Oct 21, 2026, before market open.
What time does MCO report earnings?
Moody's is scheduled to report before market open on Oct 21, 2026. Its last results releases were filed before market open, most recently at 6:59 am ET on Jul 22, 2026.
When did MCO last report earnings?
Moody's reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for MCO's next earnings?
The consensus EPS forecast is $4.26 (8 analysts), vs $3.92 in the same quarter last year.
Where can I find Moody's's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MCO's filings; this page breaks the latest report down in a Sankey chart.
What was MCO's net income in Q2 2026?
Moody's reported net income of $878M for Q2 2026 (+51.9% year over year), under US GAAP.
Does Moody's pay dividends?
Yes. In 2025, Moody's paid $701M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report; the short company description was also written by our model. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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