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REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202520242023
MA:
Decision Solutions (DS)
Banking$569 $551 $521 
Insurance685 598 550 
KYC438 367 312 
Total DS1,692 1,516 1,383 
Research and Insights (R&I)995 926 884 
Data and Information (D&I)912 853 789 
Total external revenue3,599 3,295 3,056 
Intersegment revenue12 13 13 
Total MA3,611 3,308 3,069 
MIS:
Corporate finance (CFG)
Investment-grade573 488 335 
High-yield324 285 150 
Bank loans503 527 292 
Other accounts (1)
732 650 627 
Total CFG2,132 1,950 1,404 
Structured finance (SFG)
Asset-backed securities142 130 121 
RMBS111 98 92 
CMBS99 94 60 
Structured credit202 193 129 
Other accounts (SFG)4 3 3 
Total SFG558 518 405 
Financial institutions (FIG)
Banking500 450 378 
Insurance186 214 123 
Managed investments59 49 32 
Other accounts (FIG)14 14 12 
Total FIG759 727 545 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign275 240 205 
Project and infrastructure360 324 271 
Total PPIF635 564 476 
Total ratings revenue4,084 3,759 2,830 
MIS Other35 34 30 
Total external revenue4,119 3,793 2,860 
Intersegment royalty198 193 186 
Total MIS4,317 3,986 3,046 
Eliminations(210)(206)(199)
Total MCO$7,718 $7,088 $5,916 
(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 table presents the Company’s revenues disaggregated by LOB and geographic area:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$674 $1,018 $1,692 $570 $946 $1,516 $550 $833 $1,383 
Research and Insights547 448 995 514 412 926 490 394 884 
Data and Information327 585 912 306 547 853 281 508 789 
Total MA1,548 2,051 3,599 1,390 1,905 3,295 1,321 1,735 3,056 
MIS:
Corporate finance1,427 705 2,132 1,333 617 1,950 952 452 1,404 
Structured finance396 162 558 368 150 518 252 153 405 
Financial institutions384 375 759 386 341 727 253 292 545 
Public, project and infrastructure finance416 219 635 359 205 564 292 184 476 
Total ratings revenue2,623 1,461 4,084 2,446 1,313 3,759 1,749 1,081 2,830 
MIS Other— 35 35 — 34 34 1 29 30 
Total MIS2,623 1,496 4,119 2,446 1,347 3,793 1,750 1,110 2,860 
Total MCO$4,171 $3,547 $7,718 $3,836 $3,252 $7,088 $3,071 $2,845 $5,916 

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2025
2024
2023
MA:
  U.S.$1,548 $1,390 $1,321 
  Non-U.S.:
   EMEA1,406 1,306 1,207 
   Asia-Pacific374 345 299 
   Americas271 254 229 
   Total Non-U.S.2,051 1,905 1,735 
  Total MA3,599 3,295 3,056 
MIS:
  U.S.2,623 2,446 1,750 
  Non-U.S.:
   EMEA970 868 679 
   Asia-Pacific325 284 271 
   Americas201 195 160 
   Total Non-U.S.1,496 1,347 1,110 
  Total MIS4,119 3,793 2,860 
Total MCO$7,718 $7,088 $5,916 
The following table summarizes the split between transaction and recurring revenue:
Year Ended December 31,
20252024
2023
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$93 $476 $569 $113 $438 $551 $126 $395 $521 
16 %84 %100 %21 %79 %100 %24 %76 %100 %
Insurance
$21 $664 $685 $26 $572 $598 $47 $503 $550 
3 %97 %100 %4 %96 %100 %9 %91 %100 %
KYC
$3 $435 $438 $7 $360 $367 $5 $307 $312 
1 %99 %100 %2 %98 %100 %2 %98 %100 %
Total Decision Solutions
$117 $1,575 $1,692 $146 $1,370 $1,516 $178 $1,205 $1,383 
7 %93 %100 %10 %90 %100 %13 %87 %100 %
Research and Insights$12 $983 $995 $12 $914 $926 $14 $870 $884 
1 %99 %100 %1 %99 %100 %2 %98 %100 %
Data and Information$8 $904 $912 $12 $841 $853 $7 $782 $789 
1 %99 %100 %1 %99 %100 %1 %99 %100 %
Total MA (1)
$137 

$3,462 $3,599 $170 $3,125 $3,295 $199 $2,857 $3,056 
4 %96 %100 %5 %95 %100 %7 %93 %100 %
Corporate Finance$1,559 $573 $2,132 $1,415 $535 $1,950 $887 $517 $1,404 
73 %27 %100 %73 %27 %100 %63 %37 %100 %
Structured Finance$315 $243 $558 $292 $226 $518 $190 $215 $405 
56 %44 %100 %56 %44 %100 %47 %53 %100 %
Financial Institutions$422 $337 $759 $418 $309 $727 $254 $291 $545 
56 %44 %100 %57 %43 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$438 $197 $635 $384 $180 $564 $301 $175 $476 
69 %31 %100 %68 %32 %100 %63 %37 %100 %
MIS Other$7 $28 $35 $8 $26 $34 $6 $24 $30 
20 %80 %100 %24 %76 %100 %20 %80 %100 %
Total MIS$2,741 $1,378 $4,119 $2,517 $1,276 $3,793 $1,638 $1,222 $2,860 
67 %33 %100 %66 %34 %100 %57 %43 %100 %
Total Moody’s Corporation$2,878 $4,840 $7,718 $2,687 $4,401 $7,088 $1,837 $4,079 $5,916 
37 %63 %100 %38 %62 %100 %31 %69 %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 table presents the timing of revenue recognition:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Revenue recognized at a point in time$100 $2,741 $2,841 $101 $2,517 $2,618 $102 $1,638 $1,740 
Revenue recognized over time3,499 1,378 4,877 3,194 1,276 4,470 2,954 1,222 4,176 
Total$3,599 $4,119 $7,718 $3,295 $3,793 $7,088 $3,056 $2,860 $5,916 
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 December 31, 2025 and December 31, 2024:
As of December 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$106 $500 $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 year ended December 31, 2025 are as follows:
Year Ended December 31, 2025
MAMISTotal
Balance at December 31, 2024
$1,243 $268 $1,511 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,152)(220)(1,372)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,290 212 1,502 
Reclassification to liabilities held-for-sale (1)
(36)$— (36)
Increases due to acquisitions during the period15 15 
Decreases due to divestiture during the period (2)
(26)$— (26)
Effect of exchange rate changes34 10 44 
Total changes in deferred revenue125 2 127 
Balance at December 31, 2025
$1,368 $270 $1,638 
Deferred revenue - current$1,366 $216 $1,582 
Deferred revenue - non-current$2 $54 $56 
(1) The 2025 reclassification to liabilities held-for-sale for the MA segment in the table above relates to the planned divestiture of the MA Regulatory Solutions business, more fully discussed in Note 11.
(2) The 2025 divestiture of a business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business, more fully discussed in Note 22.
Significant changes in the deferred revenue balances during the year ended December 31, 2024 are as follows:
Year Ended December 31, 2024
MAMISTotal
Balance at December 31, 2023
$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(1,044)(209)(1,253)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,200 211 1,411 
Increases due to acquisitions during the period9 — 9 
Effect of exchange rate changes(33)(4)(37)
Total changes in deferred revenue132 (2)130 
Balance at December 31, 2024
$1,243 $268 $1,511 
Deferred revenue - current
$1,243 $211 $1,454 
Deferred revenue - non-current
$— $57 $57 
Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:
Year Ended December 31, 2023
MAMISTotal
Balance at December 31, 2022
$1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(980)(211)(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,015 200 1,215 
Effect of exchange rate changes21 3 24 
Total changes in deferred revenue56 (8)48 
Balance at December 31, 2023
$1,111 $270 $1,381 
Deferred revenue—current$1,109 $207 $1,316 
Deferred revenue—non-current
$2 $63 $65 
For the MA segment, for all periods presented, the increase in deferred revenue was primarily due to organic growth. For the MIS segment, the change in deferred revenue was not significant for all periods presented.
Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the consolidated balance sheet as of December 31, 2025 as well as amounts not yet invoiced to customers as of December 31, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.8 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 December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $85 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.
Costs to Obtain or Fulfill a Contract with a Customer
MA Costs to Obtain a Contract with a Customer
As of December 31,
2025
2024
Capitalized costs to obtain sales contracts$337 $294 
Year ended December 31,
202520242023
Amortization of capitalized costs to obtain sales contracts$117 $110 $102 
Amortization of costs incurred to obtain customer contracts is included within SG&A expenses in the consolidated statements of operations. Costs incurred to obtain customer contracts are only in the MA segment.
MA and MIS Costs to Fulfill a Contract with a Customer
As of December 31, 2025
As of December 31, 2024
MAMISTotalMAMISTotal
Capitalized costs to fulfill sales contracts$44 $15 $59 $39 $12 $51 

Year Ended
December 31, 2025		Year Ended
December 31, 2024		Year Ended
December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Amortization of capitalized costs to fulfill sales contracts$77 $51 $128 $77 $43 $120 $70 $44 $114 
Amortization of costs to fulfill customer contracts is included within operating expenses in the consolidated statements of operations.