Moody's Corporation (MCO) Income Statement
MCO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMCO revenue and net income
Where MCO's revenue goes
2025Each bar shows an amount and its share of revenue. MCO kept 31.9% of revenue as net income.
MCO profit margins
MCO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.9% | +12.2% | +7.5% | +8.3% |
| Gross profit | +11.7% | +14.3% | +7.4% | +8.1% |
| Operating income | +16.3% | +20.0% | +7.1% | +8.9% |
| Net income | +19.5% | +21.4% | +6.7% | +10.1% |
| EPS (diluted) | +19.8% | +20.4% | +8.1% | +12.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MCO quarterly EPS vs estimates
Moody's beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 21, 2026 (estimate $4.24).
MCO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.72B | $7.09B | $5.92B | $5.47B | $6.22B | $5.37B | $4.83B | $4.44B | $4.20B | $3.60B |
| Cost of revenue | $2.46B | $2.38B | $2.06B | $1.94B | $1.89B | $1.70B | $1.59B | $1.39B | $1.33B | $1.11B |
| Gross profit | $5.26B | $4.71B | $3.85B | $3.52B | $4.32B | $3.68B | $3.24B | $3.06B | $2.87B | $2.49B |
| Research & development | — | — | — | — | — | — | — | $51.1M | $42.0M | $40.1M |
| Sales, general & admin | $1.80B | $1.74B | $1.61B | $1.53B | $1.48B | $1.23B | $1.17B | $1.08B | $991.4M | $936.4M |
| Total operating expenses | $1.80B | $1.74B | $1.63B | $1.53B | $1.48B | $1.23B | $1.17B | $1.13B | $1.03B | $976.5M |
| Operating income | $3.46B | $2.97B | $2.22B | $2.00B | $2.84B | $2.45B | $2.08B | $1.93B | $1.84B | $1.51B |
| Interest income | $164.0M | $102.0M | $60.0M | $194.0M | $117.0M | $11.0M | $17.0M | $14.7M | $16.0M | $10.9M |
| Interest expense | $189.0M | $204.0M | $207.0M | $216.0M | $243.0M | $232.0M | $230.0M | $212.9M | $215.9M | $152.3M |
| Income before taxes | $3.13B | $2.70B | $1.94B | $1.76B | $2.75B | $2.23B | $1.81B | $1.67B | $1.79B | $558.0M |
| Income taxes | $668.0M | $640.0M | $327.0M | $386.0M | $541.0M | $452.0M | $381.0M | $351.6M | $779.1M | $282.2M |
| Net income | $2.46B | $2.06B | $1.61B | $1.37B | $2.21B | $1.78B | $1.42B | $1.31B | $1.00B | $266.6M |
| EBITDA | $3.94B | $3.33B | $2.52B | $2.31B | $3.25B | $2.68B | $2.24B | $2.08B | $2.16B | $837.0M |
| EPS (diluted) | $14.95 | $12.48 | $9.91 | $8.56 | $12.30 | $10.14 | $8.29 | $7.38 | $5.93 | $4.80 |
| Gross margin | 68.2% | 66.4% | 65.1% | 64.4% | 69.5% | 68.4% | 67.1% | 68.8% | 68.3% | 69.1% |
| Operating margin | 44.8% | 41.9% | 37.5% | 36.5% | 45.7% | 45.6% | 43.0% | 43.3% | 43.8% | 42.0% |
| Net margin | 31.9% | 29.0% | 27.2% | 25.1% | 35.6% | 33.1% | 29.4% | 29.5% | 23.8% | 7.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.19B | $2.08B | $1.89B | $2.01B | $1.90B | $1.92B | $1.67B | $1.81B | $1.82B | $1.79B | $1.48B | $1.47B |
| Cost of revenue | $518.0M | $531.0M | $626.0M | $615.0M | $614.0M | $602.0M | $610.0M | $621.0M | $580.0M | $570.0M | $518.0M | $507.0M |
| Gross profit | $1.67B | $1.55B | $1.26B | $1.39B | $1.28B | $1.32B | $1.06B | $1.19B | $1.24B | $1.22B | $962.0M | $965.0M |
| Sales, general & admin | $463.0M | $477.0M | $467.0M | $453.0M | $443.0M | $439.0M | $442.0M | $451.0M | $446.0M | $414.0M | $814.0M | $403.0M |
| Total operating expenses | $621.0M | $626.0M | $468.0M | $475.0M | $441.0M | $440.0M | $441.0M | $433.0M | $446.0M | $414.0M | $428.0M | $403.0M |
| Operating income | $1.05B | $922.0M | $795.0M | $917.0M | $843.0M | $882.0M | $621.0M | $759.0M | $791.0M | $802.0M | $534.0M | $562.0M |
| Interest income | $9.0M | $12.0M | $38.0M | $14.0M | $13.0M | $24.0M | $29.0M | $28.0M | $23.0M | $22.0M | — | $19.0M |
| Interest expense | $67.0M | $66.0M | $16.0M | $72.0M | $47.0M | $54.0M | $27.0M | $88.0M | $50.0M | $49.0M | $51.0M | $50.0M |
| Income before taxes | $1.17B | $870.0M | $687.0M | $867.0M | $772.0M | $804.0M | $525.0M | $703.0M | $719.0M | $752.0M | $450.0M | $487.0M |
| Income taxes | $292.0M | $209.0M | $76.0M | $220.0M | $193.0M | $179.0M | $130.0M | $169.0M | $166.0M | $175.0M | $110.0M | $97.0M |
| Net income | $878.0M | $661.0M | $610.0M | $646.0M | $578.0M | $625.0M | $395.0M | $534.0M | $552.0M | $577.0M | $340.0M | $389.0M |
| EBITDA | $989.0M | $1.03B | $919.0M | $1.06B | $939.0M | $971.0M | $665.0M | $865.0M | $879.0M | $901.0M | $598.0M | $632.0M |
| EPS (diluted) | $4.68 | $4.33 | $3.64 | $3.92 | $3.56 | $3.83 | $2.62 | $3.21 | $3.28 | $3.37 | $2.19 | $2.43 |
| Gross margin | 76.3% | 74.5% | 66.9% | 69.4% | 67.7% | 68.7% | 63.5% | 65.7% | 68.1% | 68.1% | 65.0% | 65.6% |
| Operating margin | 47.9% | 44.3% | 42.1% | 45.7% | 44.4% | 45.8% | 37.1% | 41.9% | 43.5% | 44.9% | 36.1% | 38.2% |
| Net margin | 40.2% | 31.8% | 32.3% | 32.2% | 30.5% | 32.5% | 23.6% | 29.5% | 30.4% | 32.3% | 23.0% | 26.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MCO's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MCO financial results
In fiscal year 2025 (ended December 31, 2025), Moody's reported revenue of $7.7 billion, up 8.9% from the year before. It had net income of $2.5 billion (up 19.5%), a net profit margin of 31.9%. Diluted earnings per share came to $14.95. Over five years revenue grew at an average rate of 7.5% a year.
See the MCO stock overview for the latest quote and news, or the MCO chart for price history and technical indicators.
MCO income statement FAQ
What is Moody's's annual revenue?
Moody's reported total revenue of $7.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.9% from $7.1 billion the previous year.
Is Moody's profitable?
Yes. Moody's reported net income of $2.5 billion in fiscal 2025, a net profit margin of 31.9%; its operating margin was 44.8%.
What is Moody's's gross margin?
Moody's's gross margin was 68.2% in fiscal 2025: for every $100 of revenue, Moody's kept $68 after the direct cost of its products and services.
How fast is Moody's growing?
Revenue grew 7.5% a year on average over the last five fiscal years, from $5.4 billion to $7.7 billion.
What are Moody's's earnings per share?
Moody's earned $14.95 per diluted share in fiscal 2025, compared with $12.48 a year earlier.
When will Moody's report its next earnings?
Moody's is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Moody's's fiscal year end?
Moody's's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.