Moody's Corporation (NYSE: MCO) is a financial intelligence and credit ratings company that provides credit ratings, research, data, and analytical tools to global capital markets participants. It operates through two reported segments: Moody's Investors Service (MIS), which issues credit ratings on debt instruments and obligors, and Moody's Analytics (MA), which sells data, software, and research products on a subscription and transactional basis. The MIS segment generates revenue primarily when issuers access debt capital markets, making it partially tied to bond issuance volumes. The MA segment uses annualized recurring revenue (ARR) as a supplemental performance metric, reflecting its recurring subscription revenue base. Moody's competes with S&P Global, Fitch Ratings, and other financial data and analytics providers. The filing references competition specifically within the credit ratings and financial intelligence markets. Moody's is incorporated in the United States and files annually with the SEC as a well-known seasoned issuer.
Credit ratings on debt instruments and obligors (MIS segment); data, research, software, and analytical tools for financial risk assessment (MA segment). ARR is disclosed as a supplemental metric for MA's recurring contract value.
MIS earns transaction fees when issuers receive ratings on new debt offerings, plus relationship fees. MA earns primarily subscription-based fees for data, analytics, and software products, with ARR used as a supplemental recurring revenue metric per the FY2025 10-K.
Capital markets participants including bond issuers, institutional investors, banks, insurance companies, and corporations. End markets include global debt capital markets for MIS and financial risk management for MA.
United States (U.S.) and international markets including Americas (countries within North and South America, excluding the U.S.), as referenced in the FY2025 10-K geographic segment definitions.
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