Moody’s (MCO) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.023B, up 1% YoY; adjusted diluted EPS rose 6% to $4.14, while rated issuance declined 2%.

• Full-year 2026 guidance was reaffirmed; nine-month revenue grew 8% to $6.287B and free cash flow reached $2.2B.

Financial highlights

• Q3 net income was $734M versus $646M; reported diluted EPS rose 18% to $4.24, including divestiture gains, while adjusted EPS was $4.14 versus $3.92.

• Q3 adjusted operating income was $1.064B; nine-month adjusted operating income was $3.377B versus $3.022B.

• Nine-month operating cash flow was $2.471B and free cash flow was $2.200B, up 21% and 22%, respectively.

Outlook and guidance

• FY26 revenue growth guidance remains high-single-digit; adjusted operating margin is 52%-53% and adjusted diluted EPS is $16.50-$17.00.

• FY26 free cash flow guidance remains $2.7B-$2.9B; share repurchases may reach up to $3.0B.

• MA ARR and organic constant-currency revenue growth outlook remains high-single-digit, with adjusted margin of 34%-35%; MIS revenue growth outlook remains high-single-digit.

• MIS first-time mandate expectations rose to 900-950 from 750-850; overall issuance guidance was maintained.