Moody's (MCO) Q3 FY2025 earnings: revenue $2.0 billion, up 10.7% on the year

Moody's Corp. (MCO) reported revenue of $2.0 billion for Q3 FY2025, the quarter ended 30 September 2025, up 10.7% on the same quarter a year earlier. Net income was $646 million, up 21.0% on the year, and diluted earnings per share $3.60. The figures are the company's own, from the 10-Q it filed with the SEC on 23 October 2025.

Revenue

$2.0 billion

+10.7% on the year · +5.7% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

45.7%

40.7% a year earlier

Q4 FY2023Q3 FY2025

Net income

$646 million

+21.0% on the year · +11.8% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$3.60

+22.9% on the year · +12.1% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	2,007	1,898	1,813	+5.7%	+10.7%
Cost of revenue	492	489	512	+0.6%	-3.9%
Gross profit	1,515	1,409	1,301	+7.5%	+16.4%
Gross margin	75.5%	74.2%	71.8%
Selling, general and administrative	453	443	434	+2.3%	+4.4%
Operating income	917	818	738	+12.1%	+24.3%
Operating margin	45.7%	43.1%	40.7%
Pre-tax income	867	772	703	+12.3%	+23.3%
Income tax	220	193	169	+14.0%	+30.2%
Effective tax rate	25.4%	25.0%	24.0%
Net income	646	578	534	+11.8%	+21.0%
Net margin	32.2%	30.5%	29.5%
Diluted EPS	$3.60	$3.21	$2.93	+12.1%	+22.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	743	543	703	+36.8%	+5.7%
Capital expenditure	85.0	75.0	72.0	+13.3%	+18.1%
Free cash flow	658	468	631	+40.6%	+4.3%
Free cash flow margin	32.8%	24.7%	34.8%
Cash from investing	-54.0	-126	-684
Cash from financing	-674	-482	-81.0
Depreciation and amortisation	123	120	108	+2.5%	+13.9%
Share-based compensation	58.0	61.0	57.0	-4.9%	+1.8%
Buybacks	513	284	428	+80.6%	+19.9%
Dividends paid	168	171	156	-1.8%	+7.7%
Dividend per share	$0.94	$0.94	$0.85	0.0%	+10.6%
Diluted shares, weighted	180m	180m	182m	-0.3%	-1.6%
Shares outstanding at period end	178m	179m	181m	-0.6%	-1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	3,957	3,949	3,905	+0.2%	+1.3%
Non-controlling interest	155	159	163	-2.5%	-4.9%
Debt	6,983	6,967	7,569	+0.2%	-7.7%
Operating lease liabilities	282	214	245	+31.8%	+15.1%
Other liabilities	4,038	4,198	3,887	-3.8%	+3.9%
Total liabilities and equity	15,415	15,487	15,769	-0.5%	-2.2%
Fixed assets	712	689	662	+3.3%	+7.6%
Goodwill	6,465	6,481	6,148	-0.2%	+5.2%
Intangible assets	1,916	1,989	1,970	-3.7%	-2.7%
Investments	184	220	686	-16.4%	-73.2%
Cash and equivalents	2,181	2,174	2,642	+0.3%	-17.4%
Receivables	1,774	1,776	1,708	-0.1%	+3.9%
Other assets	2,183	2,158	1,953	+1.2%	+11.8%
Total assets	15,415	15,487	15,769	-0.5%	-2.2%

Questions

What was Moody's' revenue in Q3 FY2025?

Moody's (MCO) reported revenue of $2.0 billion for Q3 FY2025, the quarter ended 30 September 2025, up 10.7% on the same quarter a year earlier.

How much did Moody's earn in Q3 FY2025?

Net income for Q3 FY2025 was $646 million, up 21.0% on the year, and diluted earnings per share $3.60.

When did Moody's report Q3 FY2025 results?

Moody's filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 23 October 2025.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,539	1,522	1,381	1,275	1,290	1,470	1,494	1,472	1,480	1,786	1,817	1,813	1,672	1,924	1,898	2,007	1,889	2,079	2,185	2,023
Cost of revenue	485	417	393	393	410	428	426	412	421	467	469	512	497	491	489	492	501	531	518	524
Gross profit	1,054	1,105	988	882	880	1,042	1,068	1,060	1,059	1,319	1,348	1,301	1,175	1,433	1,409	1,515	1,388	1,548	1,667	1,499
Gross margin	68%	73%	72%	69%	68%	71%	71%	72%	72%	74%	74%	72%	70%	74%	74%	75%	73%	74%	76%	74%
SG&A	465	371	368	385	403	386	415	403	428	413	446	434	442	439	443	453	468	477	463	442
Operating income	514	656	508	413	306	554	550	535	498	801	775	738	561	846	818	917	770	922	1,046	906
Operating margin	33%	43%	37%	32%	24%	38%	37%	36%	34%	45%	43%	41%	34%	44%	43%	46%	41%	44%	48%	45%
Pre-tax income	516	609	443	381	327	506	492	487	450	752	719	703	525	804	772	867	687	870	1,171	968
Tax rate	17%	18%	26%	20%	25%	1%	23%	20%	24%	23%	23%	24%	25%	22%	25%	25%	11%	24%	25%	24%
Net income	427	498	327	303	246	501	377	389	340	577	552	534	395	625	578	646	610	661	878	734
Net margin	28%	33%	24%	24%	19%	34%	25%	26%	23%	32%	30%	29%	24%	32%	30%	32%	32%	32%	40%	36%
Diluted EPS	$2.28	$2.68	$1.77	$1.65	$1.34	$2.72	$2.05	$2.11	$1.85	$3.15	$3.02	$2.93	$2.17	$3.46	$3.21	$3.60	$3.41	$3.73	$5.03	$4.24
Operating cash flow	299	470	291	336	377	608	604	462	477	775	686	703	674	757	543	743	858	939	779	753
Capital expenditure	62.0	59.0	74.0	71.0	79.0	73.0	54.0	71.0	73.0	78.0	93.0	72.0	74.0	85.0	75.0	85.0	81.0	95.0	91.0	85.0
Free cash flow	237	411	217	265	298	535	550	391	404	697	593	631	600	672	468	658	777	844	688	668
Buybacks	122	560	311	112	0.0	41.0	67.0	170	212	120	264	428	480	373	284	513	437	1,471	694	388
Dividends paid	116	130	129	128	128	141	142	141	140	155	154	156	155	195	171	168	167	185	180	178
Shares outstanding	185m	184m	184m	183m	183m	184m	184m	183m	182m	183m	182m	181m	180m	180m	179m	178m	177m	175m	173m	172m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2025, filed 23 October 2025: the filing.