Moody’s (MCO) reported Q4 2025 revenue of USD 1.89 billion (+13%), with Moody’s Analytics (MA) revenue of USD 943 million (+9%) and Moody’s Investors Service (MIS) revenue of USD 946 million (+17%). Q4 diluted EPS was USD 3.41 (+57%) and adjusted diluted EPS was USD 3.64 (+39%). Operating margin was 40.8% and adjusted operating margin was 48.7%; MA adjusted operating margin was 35.7% and MIS adjusted operating margin was 58.5%. For FY 2025, Moody’s revenue was USD 7.72 billion (+9%), including MA revenue of USD 3.60 billion (+9%) and MIS revenue of USD 4.12 billion (+9%). FY diluted EPS was USD 13.67 (+21%) and adjusted diluted EPS was USD 14.94 (+20%). Operating margin was 43.4% and adjusted operating margin was 51.1%. Net income attributable to shareholders was USD 2.46 billion (FY 2025) and USD 610 million (Q4 2025). Operating cash flow was USD 2.90 billion and free cash flow was USD 2.58 billion for FY 2025. Business highlights included MA recurring revenue representing 97% of MA revenue in Q4 and growing 11%, while MA transaction revenue declined 30% as the segment continued shifting toward subscription-based solutions; MA annualized recurring revenue (ARR) was USD 3.50 billion as of December 31, 2025 (+8%). MIS cited robust investment-grade issuance activity in Q4, including several sizable AI-related deals, and said constructive market conditions helped drive record rated issuance levels above USD 6.60 trillion in FY 2025; private credit activity accounted for approximately 20% of MIS transaction revenue growth in FY 2025. Moody’s set FY 2026 diluted EPS guidance of USD 15.00 to USD 15.60 and adjusted diluted EPS guidance of USD 16.40 to USD 17.00. The company also declared a quarterly dividend of USD 1.03 per share payable March 13, 2026, and said it had approximately USD 4.00 billion of share repurchase authority remaining as of December 31, 2025.

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