Moody's Corporation, together with its subsidiaries, operates as an integrated risk assessment firm in the United States, the rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Moody's Analytics (MA) and Moody's Investors Services (MIS). The MA segment develops a range of products and services that support the risk management activities of institutional participants in financial markets. This segment also offers credit research, credit models and analytics, economics data and models, and structured finance solutions; data sets on companies and securities; and cloud-based SaaS subscription-based solutions supporting banking, insurance, and know-your-customer workflows. Its MIS segment publishes credit ratings and provides assessment services on various debt obligations, programs and facilities, and entities that issue such obligations, such as various corporate, financial institution, and governmental obligations, as well as structured finance securities. It also provides ratings, investment research, compliance and third-party risk, supplier risk, trade credit, business intelligence sales and marketing, financial and regulatory reporting, balance sheet management, capital management, credit portfolio management, and model risk and governance solutions; Maxsight, a unified risk platform; lending suite, origination, and monitoring solutions; and property, casualty, and sustainable insurance underwriting solutions. The company serves the financial, banking, insurance, corporation, public, and asset management sectors. The company was formerly known as Dun and Bradstreet Company and changed its name to Moody's Corporation in September 2000. Moody's Corporation was founded in 1900 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.7B | $3.9B | $2.5B | $2.6B | 60.7% | 8.9% | 19.5% |
| 2024 | $7.1B | $3.5B | $2.1B | $2.5B | 57.7% | 19.8% | 28.1% |
| 2023 | $5.9B | $2.6B | $1.6B | $1.9B | 48.4% | 8.2% | 17.0% |
| 2022 | $5.5B | $2.3B | $1.4B | $1.2B | 54.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,468 | 5,916 | 7,088 | 7,718 |
| Operating Revenue | - | 5,468 | 5,916 | 7,088 | 7,718 |
| Cost Of Revenue | - | 1,613 | 1,687 | 1,945 | 1,973 |
| Gross Profit | - | 3,855 | 4,229 | 5,143 | 5,745 |
| Operating Expense | - | 1,858 | 2,005 | 2,166 | 2,283 |
| Selling General And Administration | - | 1,527 | 1,632 | 1,735 | 1,803 |
| Total Expenses | - | 3,471 | 3,692 | 4,111 | 4,256 |
| Operating Income | - | 1,997 | 2,224 | 2,977 | 3,462 |
| Total Operating Income As Reported | - | 1,883 | 2,137 | 2,875 | 3,351 |
| EBITDA | - | 2,337 | 2,630 | 3,469 | 3,891 |
| Normalized EBITDA | - | 2,405 | 2,733 | 3,558 | 4,056 |
| EBIT | - | 2,006 | 2,257 | 3,038 | 3,411 |
| Interest Income | - | 15 | 71 | 102 | 68 |
| Interest Expense | - | 246 | 322 | 339 | 281 |
| Net Interest Income | - | -231 | -251 | -237 | -213 |
| Other Non Operating Income Expenses | - | 45 | 46 | 26 | 26 |
| Other Income Expense | - | -6 | -38 | -41 | -119 |
| Interest Income Non Operating | - | 15 | 71 | 102 | 68 |
| Interest Expense Non Operating | - | 246 | 322 | 339 | 281 |
| Net Non Operating Interest Income Expense | - | -231 | -251 | -237 | -213 |
| Pretax Income | - | 1,760 | 1,935 | 2,699 | 3,130 |
| Tax Provision | - | 386 | 327 | 640 | 668 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -14.89 | -17.41 | -21.10 | -35.21 |
| Net Income Continuous Operations | - | 1,374 | 1,608 | 2,059 | 2,462 |
| Net Income From Continuing And Discontinued Operation | - | 1,374 | 1,607 | 2,058 | 2,459 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,374 | 1,607 | 2,058 | 2,459 |
| Net Income | - | 1,374 | 1,607 | 2,058 | 2,459 |
| Net Income Common Stockholders | - | 1,374 | 1,607 | 2,058 | 2,459 |
| Net Income Including Noncontrolling Interests | - | 1,374 | 1,608 | 2,059 | 2,462 |
| Normalized Income | - | 1,427.11 | 1,692.59 | 2,125.90 | 2,588.79 |
| Diluted NI Availto Com Stockholders | - | 1,374 | 1,607 | 2,058 | 2,459 |
| Basic Average Shares | - | 183.90 | 183.20 | 181.80 | 179.10 |
| Diluted Average Shares | - | 184.70 | 184 | 182.70 | 179.90 |
| Reconciled Depreciation | - | 331 | 373 | 431 | 480 |
| Reconciled Cost Of Revenue | - | 1,613 | 1,687 | 1,945 | 1,973 |
| Total Unusual Items | - | -68 | -103 | -89 | -165 |
| Total Unusual Items Excluding Goodwill | - | -68 | -103 | -89 | -165 |
| Minority Interests | - | 0 | -1 | -1 | -3 |
| Special Income Charges | - | -44 | -87 | -102 | -167 |
| Gain On Sale Of Business | - | 0 | 0 | 0 | 23 |
| Other Special Charges | - | -70 | - | - | 79 |
| Restructuring And Mergern Acquisition | - | 114 | 87 | 102 | 111 |
| Gain On Sale Of Security | - | -24 | -16 | 13 | 2 |
| Depreciation Amortization Depletion Income Statement | - | 331 | 373 | 431 | 480 |
| Depreciation And Amortization In Income Statement | - | 331 | 373 | 431 | 480 |
| General And Administrative Expense | - | 1,527 | 1,632 | 1,735 | 1,803 |
| Other Gand A | - | 1,527 | 1,632 | 1,735 | 1,803 |
| Salaries And Wages | -9 | -24 | -35 | - | - |
| Other Operating Expenses | 1,637 | 1,613 | 1,687 | - | - |
| Earnings From Equity Interest | - | 17 | 19 | 22 | 20 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Moody's Corporationthis co. | MCO | $78.5B | 31.91β premium | 19.35 | 60.7% | 21.44 |
| The PNC Financial Services Group, Inc. | PNC | $91.2B | 13.87 | 1.51 | 10.9% | - |
| KKR & Co. Inc. | KKR | $89.0B | 37.55 | 3.14 | 8.4% | 12.45 |
| U.S. Bancorp | USB | $86.0B | 11.96 | 1.32 | 11.0% | - |
| Intercontinental Exchange, Inc. | ICE | $80.3B |
| - |
| - |
| - |
| - |
| - |
| 24.23 |
| 2.78 |
| 11.5% |
| 14.46 |
| Robinhood Markets, Inc. | HOOD | $79.5B | 42.24 | 8.70 | 20.6% | 39.87 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 | 5.15 | 27.5% | 13.02 |
| Apollo Global Management, Inc. | APO | $74.0B | 21.20 | 3.37 | 15.9% | 8.04 |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| Peer Median | - | 19.94 | 3.26 | 13.7% | 12.91 | |