Moody's (MCO) Q2 FY2026 earnings: revenue $2.2 billion, up 15.1% on the year

Moody's Corp. (MCO) reported revenue of $2.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 15.1% on the same quarter a year earlier. Net income was $878 million, up 51.9% on the year, and diluted earnings per share $5.03. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue

$2.2 billion

+15.1% on the year · +5.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

47.9%

43.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$878 million

+51.9% on the year · +32.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$5.03

+56.7% on the year · +34.9% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 3 raised, 5 lowered, 3 narrowed, 13 kept.

Revenue rose 15% year-over-year: Revenue was $2.2 billion, up 15% from the prior-year period and 16% on an organic constant currency basis. MIS revenue rose 25% and MA revenue rose 4%.
MIS revenue up 25% on issuance: MIS revenue was $1.3 billion, up 25%, and transactional revenue rose 34% to $891 million. Recurring revenue rose 6% to $369 million.
ARR up 9%, led by Decision Solutions: MA ARR reached $3.7 billion, up 9%. Decision Solutions ARR grew 10%, with KYC up 13%, Banking up 10% and Insurance up 9%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,185	2,079	1,898	+5.1%	+15.1%
Cost of revenue	518	531	489	-2.4%	+5.9%
Gross profit	1,667	1,548	1,409	+7.7%	+18.3%
Gross margin	76.3%	74.5%	74.2%
Selling, general and administrative	463	477	443	-2.9%	+4.5%
Operating income	1,046	922	818	+13.4%	+27.9%
Operating margin	47.9%	44.3%	43.1%
Pre-tax income	1,171	870	772	+34.6%	+51.7%
Income tax	292	209	193	+39.7%	+51.3%
Effective tax rate	24.9%	24.0%	25.0%
Net income	878	661	578	+32.8%	+51.9%
Net margin	40.2%	31.8%	30.5%
Diluted EPS	$5.03	$3.73	$3.21	+34.9%	+56.7%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	779	939	543	-17.0%	+43.5%
Capital expenditure	91.0	95.0	75.0	-4.2%	+21.3%
Free cash flow	688	844	468	-18.5%	+47.0%
Free cash flow margin	31.5%	40.6%	24.7%
Cash from investing	112	-91.0	-126
Cash from financing	-910	-1,719	-482
Depreciation and amortisation	126	122	120	+3.3%	+5.0%
Share-based compensation	60.0	58.0	61.0	+3.4%	-1.6%
Buybacks	694	1,471	284	-52.8%	+144.4%
Dividends paid	180	185	171	-2.7%	+5.3%
Dividend per share	$1.03	$1.03	$0.94	0.0%	+9.6%
Diluted shares, weighted	174m	177m	180m	-1.6%	-3.2%
Shares outstanding at period end	173m	175m	179m	-0.9%	-3.5%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,025	2,994	3,949	+1.0%	-23.4%
Non-controlling interest	141	149	159	-5.4%	-11.3%
Debt	6,946	6,963	6,967	-0.2%	-0.3%
Operating lease liabilities	483	256	214	+88.7%	+125.7%
Other liabilities	4,080	4,370	4,198	-6.6%	-2.8%
Total liabilities and equity	14,675	14,732	15,487	-0.4%	-5.2%
Fixed assets	754	735	689	+2.6%	+9.4%
Goodwill	6,318	6,335	6,481	-0.3%	-2.5%
Intangible assets	1,749	1,805	1,989	-3.1%	-12.1%
Investments	132	140	220	-5.7%	-40.0%
Cash and equivalents	1,467	1,469	2,174	-0.1%	-32.5%
Receivables	1,919	2,044	1,776	-6.1%	+8.1%
Other assets	2,336	2,204	2,158	+6.0%	+8.2%
Total assets	14,675	14,732	15,487	-0.4%	-5.2%

Questions

What was Moody's' revenue in Q2 FY2026?

Moody's (MCO) reported revenue of $2.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 15.1% on the same quarter a year earlier.

How much did Moody's earn in Q2 FY2026?

Net income for Q2 FY2026 was $878 million, up 51.9% on the year, and diluted earnings per share $5.03.

When did Moody's report Q2 FY2026 results?

Moody's filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 23 July 2026.

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 June 2026, filed 23 July 2026: the filing.