Moody's (MCO) FY2025 results: revenue $7.7 billion, up 8.9% on the year

Moody's rates credit and sells risk data, research and software. It is a Delaware corporation with offices at 7 World Trade Center in New York, and it employs approximately 16,000 people across more than 40 countries. There are two segments: Moody's Investors Service, the ratings business, and Moody's Analytics, the data and software business. The filing describes the ratings work as bringing transparency to global debt markets by giving a view of the creditworthiness of organisations, debt instruments and securities.

Moody's Investors Service

MIS publishes credit ratings and provides assessment services on debt obligations, programmes and facilities and on the entities that issue them, in markets worldwide: corporate, financial institution and government obligations, and structured finance securities. A rating gives an issuer a route to market and gives investors a basis for comparison. The segment also earns some money outside ratings, chiefly financial instruments pricing services in Asia-Pacific, Second Party Opinions and Net Zero Assessments, and the non-ratings operations of ICRA; the filing states that this is grouped as MIS Other and is not material to the segment.

Moody's Analytics

MA sells curated data and analytics to financial services, corporate and public sector customers, delivered through cloud-based workflow tools. MA is made up of three businesses. Research and Insights is the fixed income and economic research business. Data and Information is the data business, built on what the filing calls the world's largest database on companies and credit. Decision Solutions is three cloud subscription businesses serving banking, insurance and know-your-customer workflows, which let customers pull Moody's own data and analytics into their own processes. What MA does is start business relationships, monitor and manage risk, and comply and report against laws, rules and regulations.

Regulation

The ratings business is heavily regulated. In the United States credit rating agencies are regulated mainly under Section 15E of the Exchange Act, and MIS is registered with the Securities and Exchange Commission as a nationally recognised statistical rating organisation subject to its oversight and examination. In the EU the industry is registered and supervised through a pan-EU regulatory framework, with ESMA holding direct supervisory responsibility; MIS's EU subsidiaries are registered with ESMA and subject to its ongoing supervision. EU agencies are also subject to DORA, which imposes requirements on managing ICT risk, regulatory reporting and testing, and establishes an EU-wide oversight framework for designated ICT service providers; MIS is not an ICT service provider, and MA is one but has not been designated. Regulation also reaches the company indirectly: MA sells to banks, insurers and other financial firms that are themselves supervised and are required to pass certain regulatory requirements through to important suppliers by contract.

Where the business sits

The company keeps a presence in more than 40 countries. In 2025 approximately 39 percent of what it earned and approximately 38 percent of its expenses were in functional currencies other than the United States dollar, mainly sterling and the euro, and at the end of 2025 approximately 52 percent of its assets sat outside the United States, which leaves it exposed to exchange rates.

Sustainability and oversight

The company uses its own expertise, technology and research to help other organisations judge sustainability-related risk. Its board handles sustainability through three committees: Audit for the related financial, risk and other disclosures in its reports, Governance and Nominating for corporate social and environmental responsibility matters, and Compensation and Human Resources for including sustainability-related performance goals in senior executive pay. The board also oversees how the company assesses and manages risk, including climate-related risk, both business continuity disruption and the reputational question raised by building climate risk into rating methodologies and ratings.

From Moody's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.