REVENUES (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
MA:
Decision Solutions (DS)
Banking	$	119	$	138	$	252	$	279
Insurance	183		168		364		331
KYC	121		107		239		208
Total DS	423		413		855		818
Research and Insights (R&I)	256		249		511		485
Data and Information (D&I)	246		226		485		444
Total external revenue	925		888		1,851		1,747
Intersegment revenue	3		3		6		6
Total MA	928		891		1,857		1,753
MIS:
Corporate Finance (CFG)
Investment-grade	186		142		406		307
High-yield	113		85		201		152
Bank loans	147		98		286		258
Other accounts (1)	205		187		391		359
Total CFG	651		512		1,284		1,076
Structured Finance (SFG)
Asset-backed securities	45		35		83		70
RMBS	35		29		67		55
CMBS	25		25		47		53
Structured credit	45		46		89		94
Other accounts	1		—		2		1
Total SFG	151		135		288		273
Financial Institutions (FIG)
Banking	148		120		282		250
Insurance	47		54		85		99
Managed investments	23		13		41		26
Other accounts	4		4		8		7
Total FIG	222		191		416		382
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign	82		75		156		147
Project and infrastructure	142		87		244		178
Total PPIF	224		162		400		325
Total ratings revenue	1,248		1,000		2,388		2,056
MIS Other	12		10		25		19
Total external revenue	1,260		1,010		2,413		2,075
Intersegment revenue	52		50		103		99
Total MIS	1,312		1,060		2,516		2,174
Eliminations	(55)		(53)		(109)		(105)
Total MCO	$	2,185	$	1,898	$	4,264	$	3,822

(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, 2026						Three Months Ended June 30, 2025
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
MA:
Decision Solutions	$	178	$	245	$	423	$	162	$	251	$	413
Research and Insights	141		115		256		139		110		249
Data and Information	90		156		246		80		146		226
Total MA	409		516		925		381		507		888
MIS:
Corporate Finance	433		218		651		314		198		512
Structured Finance	104		47		151		91		44		135
Financial Institutions	119		103		222		99		92		191
Public, Project and Infrastructure Finance	152		72		224		107		55		162
Total ratings revenue	808		440		1,248		611		389		1,000
MIS Other	1		11		12		—		10		10
Total MIS	809		451		1,260		611		399		1,010
Total MCO	$	1,218	$	967	$	2,185	$	992	$	906	$	1,898


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
MA:
Decision Solutions	$	353	$	502	$	855	$	329	$	489	$	818
Research and Insights	279		232		511		267		218		485
Data and Information	176		309		485		160		284		444
Total MA	808		1,043		1,851		756		991		1,747
MIS:
Corporate Finance	905		379		1,284		705		371		1,076
Structured Finance	198		90		288		191		82		273
Financial Institutions	221		195		416		194		188		382
Public, Project and Infrastructure Finance	264		136		400		211		114		325
Total ratings revenue	1,588		800		2,388		1,301		755		2,056
MIS Other	2		23		25		—		19		19
Total MIS	1,590		823		2,413		1,301		774		2,075
Total MCO	$	2,398	$	1,866	$	4,264	$	2,057	$	1,765	$	3,822

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




	Three Months Ended June 30,
	2026									2025
	Transaction			Recurring			Total			Transaction			Recurring			Total
Decision Solutions
Banking	$	3		$	116		$	119		$	25		$	113		$	138
	3		%	97		%	100		%	18		%	82		%	100		%
Insurance	$	3		$	180		$	183		$	6		$	162		$	168
	2		%	98		%	100		%	4		%	96		%	100		%
KYC	$	1		$	120		$	121		$	—		$	107		$	107
	1		%	99		%	100		%	—		%	100		%	100		%
Total Decision Solutions	$	7		$	416		$	423		$	31		$	382		$	413
	2		%	98		%	100		%	8		%	92		%	100		%
Research and Insights	$	2		$	254		$	256		$	3		$	246		$	249
	1		%	99		%	100		%	1		%	99		%	100		%
Data and Information	$	1		$	245		$	246		$	2		$	224		$	226
	—		%	100		%	100		%	1		%	99		%	100		%
Total MA (1)	$	10		$	915		$	925		$	36		$	852		$	888
	1		%	99		%	100		%	4		%	96		%	100		%
Corporate Finance	$	494		$	157		$	651		$	365		$	147		$	512
	76		%	24		%	100		%	71		%	29		%	100		%
Structured Finance	$	88		$	63		$	151		$	74		$	61		$	135
	58		%	42		%	100		%	55		%	45		%	100		%
Financial Institutions	$	135		$	87		$	222		$	108		$	83		$	191
	61		%	39		%	100		%	57		%	43		%	100		%
Public, Project and Infrastructure Finance	$	172		$	52		$	224		$	113		$	49		$	162
	77		%	23		%	100		%	70		%	30		%	100		%
MIS Other	$	2		$	10		$	12		$	3		$	7		$	10
	17		%	83		%	100		%	30		%	70		%	100		%
Total MIS	$	891		$	369		$	1,260		$	663		$	347		$	1,010
	71		%	29		%	100		%	66		%	34		%	100		%
Total Moody's Corporation	$	901		$	1,284		$	2,185		$	699		$	1,199		$	1,898
	41		%	59		%	100		%	37		%	63		%	100		%


	Six Months Ended June 30,
	2026									2025
	Transaction			Recurring			Total			Transaction			Recurring			Total
Decision Solutions
Banking	$	9		$	243		$	252		$	51		$	228		$	279
	4		%	96		%	100		%	18		%	82		%	100		%
Insurance	$	7		$	357		$	364		$	12		$	319		$	331
	2		%	98		%	100		%	4		%	96		%	100		%
KYC	$	1		$	238		$	239		$	—		$	208		$	208
	—		%	100		%	100		%	—			100		%	100		%
Total Decision Solutions	$	17		$	838		$	855		$	63		$	755		$	818
	2		%	98		%	100		%	8		%	92		%	100		%
Research and Insights	$	5		$	506		$	511		$	6		$	479		$	485
	1		%	99		%	100		%	1		%	99		%	100		%
Data and Information	$	5		$	480		$	485		$	4		$	440		$	444
	1		%	99		%	100		%	1		%	99		%	100		%
Total MA (1)	$	27		$	1,824		$	1,851		$	73		$	1,674		$	1,747
	1		%	99		%	100		%	4		%	96		%	100		%
Corporate Finance	$	978		$	306		$	1,284		$	792		$	284		$	1,076
	76		%	24		%	100		%	74		%	26		%	100		%
Structured Finance	$	162		$	126		$	288		$	152		$	121		$	273
	56		%	44		%	100		%	56		%	44		%	100		%
Financial Institutions	$	240		$	176		$	416		$	217		$	165		$	382
	58		%	42		%	100		%	57		%	43		%	100		%
Public, Project and Infrastructure Finance	$	296		$	104		$	400		$	229		$	96		$	325
	74		%	26		%	100		%	70		%	30		%	100		%
MIS Other	$	5		$	20		$	25		$	5		$	14		$	19
	20		%	80		%	100		%	26		%	74		%	100		%
Total MIS	$	1,681		$	732		$	2,413		$	1,395		$	680		$	2,075
	70		%	30		%	100		%	67		%	33		%	100		%
Total Moody's Corporation	$	1,708		$	2,556		$	4,264		$	1,468		$	2,354		$	3,822
	40		%	60		%	100		%	38		%	62		%	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, 2026						Six Months Ended June 30, 2026
	MA		MIS		Total		MA		MIS		Total
Revenue recognized at a point in time	$	15	$	891	$	906	$	41	$	1,681	$	1,722
Revenue recognized over time	910		369		1,279		1,810		732		2,542
Total	$	925	$	1,260	$	2,185	$	1,851	$	2,413	$	4,264



	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

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,
	2026		2025		2026		2025
MA:
U.S.	$	409	$	381	$	808	$	756
Non-U.S.:
EMEA	361		347		735		678
Asia-Pacific	89		92		181		180
Americas	66		68		127		133
Total Non-U.S.	516		507		1,043		991
Total MA	925		888		1,851		1,747
MIS:
U.S.	809		611		1,590		1,301
Non-U.S.:
EMEA	289		266		530		504
Asia-Pacific	107		82		192		161
Americas	55		51		101		109
Total Non-U.S.	451		399		823		774
Total MIS	1,260		1,010		2,413		2,075
Total MCO	$	2,185	$	1,898	$	4,264	$	3,822


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	1,218	$	992	$	2,398	$	2,057
Non-U.S.:
EMEA	650		613		1,265		1,182
Asia-Pacific	196		174		373		341
Americas	121		119		228		242
Total Non-U.S.	967		906		1,866		1,765
Total	$	2,185	$	1,898	$	4,264	$	3,822

Schedule of Unbilled Receivables

The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at June 30, 2026 and December 31, 2025:


	As of June 30, 2026				As of December 31, 2025
	MA		MIS		MA		MIS
Unbilled Receivables	$	86	$	577	$	106	$	500

Schedule of Changes in the Deferred Revenue Balances

Significant changes in the deferred revenue balances during the three and six months ended June 30, 2026 and 2025 are as follows:



	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	MA		MIS		Total		MA		MIS		Total
Balance at March 31,	$	1,506	$	368	$	1,874	$	1,462	$	360	$	1,822
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(665)		(126)		(791)		(562)		(123)		(685)
Increases due to amounts billable excluding amounts recognized as revenue during the period	453		106		559		346		105		451



Adjustment related to divestiture of business(1)	5		—		5		—		—		—
Effect of exchange rate changes	2		(1)		1		39		8		47
Total changes in deferred revenue	(205)		(21)		(226)		(177)		(10)		(187)
Balance at June 30,	$	1,301	$	347	$	1,648	$	1,285	$	350	$	1,635


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	MA		MIS		Total		MA		MIS		Total
Balance at December 31,	$	1,368	$	270	$	1,638	$	1,243	$	268	$	1,511
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(967)		(161)		(1,128)		(846)		(169)		(1,015)
Increases due to amounts billable excluding amounts recognized as revenue during the period	924		240		1,164		804		240		1,044

Increases due to acquisitions during the period	—		—		—		15		—		15

Adjustment related to divestiture of business (1)	(4)		—		(4)		—		—		—
Effect of exchange rate changes	(20)		(2)		(22)		69		11		80
Total changes in deferred revenue	(67)		77		10		42		82		124
Balance at June 30,	$	1,301	$	347	$	1,648	$	1,285	$	350	$	1,635
Deferred revenue - current	$	1,300	$	295	$	1,595	$	1,284	$	294	$	1,578
Deferred revenue - non-current	$	1	$	52	$	53	$	1	$	56	$	57

(1) Reflects adjustments to the deferred revenue balance that was disposed of pursuant to the divestiture of the MA Regulatory Solutions business, which was divested in the second quarter of 2026, as more fully discussed in Note 11.