Moody's Corp. · Earnings release · 8-K Exhibit 99

MOODY’S CORPORATION DELIVERS EXCEPTIONAL RESULTS FOR SECOND QUARTER 2026

NEW YORK, NY - July 22, 2026 - Moody's Corporation (NYSE: MCO) today announced results for the second quarter 2026 and updated select metrics within its outlook for full-year 20261.

“Moody's delivered exceptional results in the second quarter, reflecting both strong execution and the growing importance of trusted, decision-grade intelligence in an increasingly complex world. T1As capital markets evolve, funding needs grow, risks become more interconnected, and AI transforms workflows, customers are turning to us to make consequential decisions with greater confidence. As these forces reshape markets and institutions, Moody's is well positioned at the intersection of risk, data, analytics and technology.”

— Rob Fauber, President and Chief Executive Officer, Moody’s Corporation

Second Quarter 2026 Highlights

•MCO revenue of $2.2 billion increased 15% from the prior-year period, and 16% on an organic constant currency2 basis.

•MCO’s operating margin was 47.9%; T2MCO’s Adjusted Operating Margin2 expanded by 440 bps to 55.3%.

•Diluted EPS up 57% and Adjusted Diluted EPS2 up 31% from the prior-year period, driven by strong revenue growth and operating leverage.

•Year-to-date operating cash flow of $1,718 million up 32%; T3Free Cash Flow2 of $1,532 million up 34%.

•T4Repurchased approximately $2.2 billion of shares year-to-date and raised full-year repurchase guidance to up to $3.0 billion¹.

•T5Reaffirmed guidance for full-year 2026 MCO revenue growth1 in the high-single digit percent range and narrowed Adjusted Diluted EPS1 guidance range to $16.50 to $17.00.

Second Quarter 2026 Financial Results

The following table summarizes the key financial performance measures for the second quarter of 2026.

Three Months Ended June 30,

Amounts in millions, except percentages and per share amounts

% Change

MCO Revenue

$

$

%

MCO Operating Margin

%

%

MCO Adjusted Operating Margin2

%

%

MCO Diluted EPS

$

$

%

MCO Adjusted Diluted EPS2

$

$

%

MA Revenue

$

$

4

%

MA Organic Constant Currency Revenue2

$

$

8

%

MA ARR3

$

$

9

%

MA Adjusted Operating Margin

%

%

MIS Revenue

$

$

%

MIS Transactional Revenue

$

$

%

MIS Adjusted Operating Margin

%

%

1 Guidance as of July 22, 2026. Refer to page 5 for table of all items for which the Company provides guidance and page 7 for disclosure regarding the assumptions used by the Company with respect to its guidance.

2 Refer to the tables at the end of this press release for reconciliations of the non-GAAP adjusted and organic constant currency measures to U.S. GAAP.

3 Refer to Table 10 at the end of this press release for the definition of and further information on the Annualized Recurring Revenue (ARR) metric.

1

SECOND QUARTER 2026 SEGMENT RESULTS

Moody’s Analytics (MA)

•Revenue increased 4% compared to the prior-year period. Foreign currency translation favorably impacted revenue by 1%. Revenue increased by 8% on an organic constant currency2 basis.

•Recurring revenue increased 7% year-over-year, or 9% on an organic constant‑currency2 basis, and represented 99% of total MA revenue.

•Transactional revenue declined 72% year-over-year, primarily reflecting the impact of the Learning Solutions divestiture.

•ARR3 increased 9% year-over-year to $3.7 billion, led by Decision Solutions, which increased 10% year-over-year.

The following table summarizes MA revenue, revenue growth and organic constant currency2 revenue growth by line of business, and recurring revenue for the second quarter of 2026.

Three Months Ended June 30,

% Change

Amounts in millions, except percentages

Revenue

Organic Constant Currency2

Decision Solutions

Banking

$

$

%

%

Insurance

$

$

9

%

9

%

KYC

$

$

%

%

Total Decision Solutions

$

$

2

%

%

Research and Insights

$

$

3

%

2

%

Data and Information

$

$

9

%

8

%

Total MA Revenue

$

$

4

%

8

%

Total MA Recurring Revenue

$

$

7

%

9

%

The following table summarizes MA ARR3 and ARR growth by line of business as of June 30, 2026.

Amounts in millions, except percentages

Growth

Decision Solutions

Banking

$

%

Insurance

9

%

KYC

%

Total Decision Solutions

%

Research and Insights

6

%

Data and Information

8

%

Total MA ARR

9

%

2

Moody’s Investors Service (MIS)

•MIS delivered $1.3 billion in revenue, up 25% year-over-year, driven by broad based strength across all lines of business.

•Corporate Finance revenue growth was led by strong Investment Grade activity and an increase in Leveraged Finance issuance.

•Structured Finance revenue growth was primarily supported by increases in ABS, RMBS and covered bond issuance.

•Financial Institutions revenue growth was driven by increased activity from banking issuers, as well as growth in fund finance and private credit.

•Public, Project and Infrastructure Finance revenue growth was driven by issuance activity related to data centers and the broader buildout of technology infrastructure.

•Foreign currency translation had an immaterial impact on MIS revenue.

The following table summarizes MIS revenue and revenue growth by line of business and the split between recurring and transaction revenue for the second quarter of 2026.

Three Months Ended June 30,

Amounts in millions, except percentages

% Change

Corporate Finance

$

$

%

Structured Finance

$

$

%

Financial Institutions

$

$

%

Public, Project and Infrastructure Finance

$

$

%

Total ratings revenue

$

$

%

MIS Other

$

$

%

Total MIS

$

$

%

Total MIS Recurring Revenue

$

$

6

%

Total MIS Transaction Revenue

$

$

%

The following table summarizes changes in MIS revenue, transaction revenue and rated issuance volume for the second quarter of 2026.

% Change

Revenue

Transaction Revenue

Rated Issuance Volume

Investment Grade

%

%

High Yield

%

%

Leveraged Loans

%

%

Corporate Finance

%

%

%

Structured Finance

%

%

%

Financial Institutions

%

%

%

Public, Project and Infrastructure Finance

%

%

%

Total MIS

%

%

%

3

SECOND QUARTER 2026 OPERATING EXPENSES AND MARGIN

•Operating expenses grew 5% compared to the prior-year period, driven by higher incentive compensation and increased costs to support operating growth. Expense growth was moderated by the impact of recent business divestitures and disciplined cost management.

•MCO operating margin was 47.9%. MCO adjusted operating margin2 expanded by 440 bps to 55.3%.

•MA adjusted operating margin was 33.6%, up 150 bps from the prior-year period, reflecting strong revenue performance and continued cost discipline.

•MIS adjusted operating margin was 68.3%, up 410 bps from the prior-year period, underscoring the significant operating leverage of the business.

•Foreign currency translation had an immaterial impact on MCO operating and adjusted operating margins2.

CAPITAL RETURN

•Moody’s returned approximately $2.5 billion to shareholders in the first half of 2026, consisting of approximately $2.2 billion in share repurchases and $365 million in dividends.

•On July 21, 2026, the Moody’s Board of Directors declared a regular quarterly dividend of $1.03 per share of MCO Common Stock. The dividend will be payable on September 4, 2026, to shareholders of record at the close of business on August 14, 2026.

4

OUTLOOK

Moody’s updated outlook for full year 2026, as of July 22, 2026, reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through, and as of, today’s date. For a complete list of these assumptions, please refer to “Assumptions” on page 7 of this earnings release.

Moody's Corporation (MCO)

Last Publicly Disclosed Guidance

Current Guidance

Revenue

Increase in the high-single-digit percent range

NC

Operating Expenses

Increase in the mid-single-digit percent range

NC

G1Operating Margin

Approximately 45%

G2Adjusted Operating Margin (1)

NC

G3Interest Expense, Net

NC

G4Non-operating (Expense)/Income (2)

NC

G5Effective Tax Rate

NC

G6Diluted EPS

G7Adjusted Diluted EPS (1)

G8Operating Cash Flow

G9Free Cash Flow (1)

G10Share Repurchases

Approximately $2.5 billion

(subject to available cash, market conditions, M&A opportunities

and other ongoing capital allocation decisions)

Up to $3.0 billion

(subject to available cash, market conditions, M&A opportunities

and other ongoing capital allocation decisions)

Moody's Analytics (MA)

Last Publicly Disclosed Guidance

Current Guidance

MA Revenue

Increase in the mid-single-digit percent range

NC

MA Organic Constant Currency Revenue (3)

Increase in the high-single-digit percent range

NC

ARR (4)

Increase in the high-single-digit percent range

NC

G11MA Adjusted Operating Margin

NC

Moody's Investors Service (MIS)

Last Publicly Disclosed Guidance

Current Guidance

MIS Revenue

Increase in the high-single-digit percent range

NC

G12MIS Adjusted Operating Margin

Approximately 65%

NC

NC - There is no difference between the Company’s current guidance and the last publicly disclosed guidance for this item.

Note: All current guidance as of July 22, 2026.

(1) These metrics are adjusted measures. See below for reconciliation of these measures to their comparable U.S. GAAP measure.

(2) Non-operating expense includes net interest expense. Also included is the pre-tax gain on the divestiture of the MA Regulatory Solutions business recorded in the second quarter of 2026 and the forecasted contingent gain related to the transaction in the second half of 2026.

(3) Refer to Table 9 within this earnings release for the definition of organic constant currency revenue. See below for reconciliation of this measure to its comparable U.S. GAAP measure.

(4) Refer to Table 10 within this earnings release for the definition of and further information on the ARR metric.

5

The following are reconciliations of the Company's adjusted forward-looking measures to their comparable U.S. GAAP measure. Refer to Table 7 and Table 11 for more details on the rationale for the excluded items below:

Projected for the Year Ended December 31, 2026

Operating margin guidance

Depreciation and amortization

Approximately 6%

Restructuring

Approximately 1.5%

Reserve for international non-income tax obligation

Approximately 0.5%

Duplicate rent - NY HQ (5)

Negligible

Adjusted Operating Margin guidance

Projected for the Year Ended December 31, 2026

Operating cash flow guidance

Less: Capital expenditures (6)

Approximately $450 million

Free Cash Flow guidance

Projected for the Year Ended December 31, 2026

Diluted EPS guidance

Acquisition-related intangible amortization

Restructuring

Reserve for international non-income tax obligation

Duplicate rent - NY HQ (5)

Gain on business divestitures

Approximately ($1.25)

Adjusted Diluted EPS guidance

Projected for the Year Ended December 31, 2026

MA Revenue

Increase in the mid-single-digit percent range

Inorganic revenue from acquisitions and divestitures (7)

Approximately 4%

FX impact

Approximately (0.5)%

MA Organic Constant Currency Revenue

Increase in the high-single-digit percent range

The following reconciles the drivers of projected MCO Operating Expense growth:

Current Guidance

Increase in the mid-single-digit percent range

Operating Growth

Incentive and Stock-Based Compensation

Approximately 1%

Depreciation and Amortization

Approximately 1%

Reserve for international non-income tax obligation and duplicate rent

Approximately 1%

Restructuring Charges

Approximately 0.5%

Acquired and Divested Companies

Approximately (1.5)%

(5) Reflects duplicate rent expense related to the transition to Moody’s new global headquarters. Relocations of Moody’s global headquarters have been infrequent, and accordingly, this duplicative rent does not reflect the Company’s ongoing operating cost structure.

(6) Approximately $100 million in incremental capital expenditures is associated with office relocations in New York and London.

(7) Primarily relates to the impact from the divestitures of MA’s Learning and Regulatory Solutions businesses.

6

ASSUMPTIONS

Moody’s updated outlook for full year 2026, as of July 22, 2026, reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through, and as of, today’s date. These assumptions include, but are not limited to, the effects of current economic conditions, including tariff and trade policies, the effects of interest rates, inflation, foreign currency exchange rates, capital markets’ liquidity, and activity in different sectors of the debt markets. Except to the extent specifically stated otherwise, this outlook does not take into account any acquisitions or dispositions that have not closed prior to the date of this release. This outlook also reflects uncertainties about global GDP growth and could be affected by the impact of changes in international economic conditions, geopolitical events, and international trade and economic policies. Actual full year 2026 results could differ materially from Moody’s current outlook.

This outlook incorporates various specific macroeconomic assumptions, including:

Forecasted Item

Last Publicly Disclosed Assumption

Current Assumption

U.S. GDP (1) growth

NC

Euro area GDP (1) growth

Global GDP (1) growth

NC

Global policy rates

U.S. rate cut expectations pushed out to end of year or beyond; chance of a hike if conflict extends and spurs inflation

Central banks will maintain a tightening bias, with one U.S. Fed rate increase and a further ECB hike likely in 2026

U.S. high yield spreads

To widen to around 460 bps over the next 12 months, close to historical average of around 500 bps

To widen to around 330 bps in the coming 2 quarters, below the historical average of around 500 bps

U.S. inflation rate

Euro area inflation rate

U.S. unemployment rate

NC

Global speculative grade default rate

To finish at around 3% by year-end

NC

Global MIS rated issuance

Increase in the low-single-digit percent range

Increase in the mid-single-digit percent

range

GBP/USD exchange rate

$1.32 for the remainder of the year

$1.33 for the remainder of the year

EUR/USD exchange rate

$1.15 for the remainder of the year

$1.14 for the remainder of the year

NC - There is no difference between the Company’s current guidance and the last publicly disclosed guidance for this item.

Note: All current assumptions are as of July 22, 2026.

(1) GDP growth represents real GDP.

(2) T6Downside risk from the conflict in the Middle East to undermine the ongoing economic expansion.

(3) Upside risk from sustained high energy prices.

7

ABOUT MOODY’S CORPORATION

In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation.

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to: the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes and volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers and customer retention, and demand for our products and services; the impact of general economic conditions (including significant government debt and deficit levels, and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effects of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the impact of geopolitical events and actions, such as the Russia-Ukraine military conflict, military conflicts in the Middle East, and tensions between India and Pakistan, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on Moody’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to CRAs in a manner adverse to CRAs; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions, corporate or government entities.

These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2025, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition.

New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

8

Table 1 - Consolidated Statements of Operations (Unaudited)

Three Months Ended

Six Months Ended

Amounts in millions, except per share amounts

Revenue

$

$

$

$

Expenses:

Operating

Selling, general and administrative

Depreciation and amortization

Restructuring

Charges related to asset abandonment

—

1

—

3

Total expenses

Operating income

Non-operating income (expense), net

Interest expense, net

Other non-operating income, net

2

Gain on business divestitures

—

—

Total non-operating income (expense), net

Income before provision for income taxes

Provision for income taxes(1)

Net income

Less: Net income attributable to noncontrolling interests

1

1

1

1

Net income attributable to Moody's

$

$

$

$

Earnings per share attributable to Moody's common shareholders

Basic

$

$

$

$

Diluted

$

$

$

$

Weighted average number of shares outstanding

Basic

Diluted

(1) The Effective Tax Rate (ETR) was 24.9%, in line with 25.0% in the prior-year period.

9

Table 2 - Condensed Consolidated Balance Sheet Data (Unaudited)

Amounts in millions

ASSETS

Current assets:

Cash and cash equivalents

$

$

Short-term investments

Accounts receivable, net of allowance for credit losses of $29 in 2026 and $29 in 2025

Other current assets

Total current assets

Property and equipment, net of accumulated depreciation of $1,579 in 2026 and $1,572 in 2025

Operating lease right-of-use assets

Goodwill

Intangible assets, net

Deferred tax assets, net

Other assets

Total assets

$

$

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

$

Current portion of operating lease liabilities

Current portion of long-term debt

—

Deferred revenue

Total current liabilities

Non-current portion of deferred revenue

Long-term debt

Deferred tax liabilities, net

Uncertain tax positions

Operating lease liabilities

Other liabilities

Total liabilities

Total Moody's shareholders' equity

Noncontrolling interests

Total shareholders' equity

Total liabilities, noncontrolling interests and shareholders' equity

$

$

Table 3 - Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended

Amounts in millions

Cash flows from operating activities

Net income

$

$

Reconciliation of net income to net cash provided by operating activities:

Depreciation and amortization

Stock-based compensation

Deferred income taxes

Non-cash restructuring and abandonment-related charges

2

7

Provision for credit losses on accounts receivable

7

6

Gain on business divestitures

—

Net changes in other operating assets and liabilities

Net cash provided by operating activities

Cash flows from investing activities

Capital additions

Purchases of investments

Sales and maturities of investments

Purchases of investments in non-consolidated affiliates

(2)

Receipts from settlements of net investment hedges

—

Cash paid for acquisitions, net of cash acquired

Cash received upon business divestitures, net of cash transferred to purchaser

—

Net cash provided by investing activities

Cash flows from financing activities

Repayment of notes

—

Proceeds from stock-based compensation plans

Repurchase of shares related to stock-based compensation and excise tax payments on share repurchases

Treasury shares

Dividends

Dividends to noncontrolling interests

(3)

(1)

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents

Decrease in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

$

$

Table 4 - Non-Operating (Expense) Income, Net (Unaudited)

Three Months Ended

Six Months Ended

Amounts in millions

Interest:

Income

$

9

$

$

$

Expense on borrowings(1)

Expense on UTPs and other tax related liabilities(2)

(5)

(5)

Net periodic pension costs - interest component

(7)

(7)

Interest expense, net

$

$

$

$

Other non-operating income, net:

FX (losses) gains

$

(9)

$

2

$

$

(3)

Net periodic pension income - non-service and non-interest cost components

9

Income from investments in non-consolidated affiliates

—

3

Gain on investments

4

2

7

5

Other

(3)

(1)

(9)

—

Other non-operating income, net

$

2

$

$

$

Gain on business divestitures

—

—

Total non-operating (expense) income, net

$

$

$

$

(1) Expense on borrowings includes interest on long-term debt and realized gains/losses related to interest rate swaps and cross currency swaps.

(2) Interest expense on UTPs and other tax related liabilities in 2026 includes interest accrued relating to a reserve pursuant to an international non-income tax obligation.

Table 5 - Financial Information by Segment (Unaudited)

The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment.

Three Months Ended June 30,

Amounts in millions

MA

MIS

Eliminations

Consolidated

MA

MIS

Eliminations

Consolidated

Total external revenue

$

$

$

—

$

$

$

$

—

$

Intersegment revenue

3

—

3

—

Total revenue

Compensation expense

—

—

Non-compensation expense

—

—

Intersegment expense

3

—

3

—

Total

Adjusted Operating Income

$

$

$

—

$

$

$

$

—

$

Adjusted Operating Margin

%

%

%

%

%

%

Depreciation and amortization

—

—

Restructuring

5

—

9

—

Reserve for international non-income tax obligation

2

—

—

2

—

—

—

—

Duplicate rent

1

1

—

2

—

—

—

—

Charges related to asset abandonment

—

—

—

—

1

—

—

1

Operating income

$

$

Operating margin

%

%

Non-operating (expense) income, net

Income before provision for income taxes

$

$

Six Months Ended June 30,

Amounts in millions

MA

MIS

Eliminations

Consolidated

MA

MIS

Eliminations

Consolidated

Total external revenue

$

$

$

—

$

$

$

$

—

$

Intersegment revenue

6

—

6

—

Total revenue

Compensation expense

—

—

Non-compensation expense

—

—

Intersegment expense

6

—

6

—

Total

Adjusted Operating Income

$

$

$

—

$

$

$

$

—

$

Adjusted Operating Margin

%

%

%

%

%

%

Depreciation and amortization

—

—

Restructuring

—

—

Reserve for international non-income tax obligation

—

—

—

—

—

—

Duplicate rent

1

1

—

2

—

—

—

—

Charges related to asset abandonment (1)

—

—

—

—

3

—

—

3

Operating income

$

$

Operating margin

%

%

Non-operating (expense) income, net

Income before provision for income taxes

$

$

Table 6 - Transaction and Recurring Revenue (Unaudited)

The following tables summarize the split between transaction revenue and recurring revenue. In the MA segment, recurring revenue represents subscription-based revenue and software maintenance revenue. Transaction revenue in MA represents revenue from one-time sales, including those from perpetual software license fees, software implementation services, risk management advisory projects, and training and certification services. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance, as well as other one-time fees, while recurring revenue represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services, while recurring revenue represents financial instrument pricing services.

Three Months Ended June 30,

Amounts in millions

Transaction

Recurring

Total

Transaction

Recurring

Total

Decision Solutions

Banking

$

3

$

$

$

$

$

3

%

%

%

%

%

%

Insurance

$

3

$

$

$

6

$

$

2

%

%

%

4

%

%

%

KYC

$

1

$

$

$

—

$

$

1

%

%

%

—

%

%

%

Total Decision Solutions

$

7

$

$

$

$

$

2

%

%

%

8

%

%

%

Research & Insights

$

2

$

$

$

3

$

$

1

%

%

%

1

%

%

%

Data & Information

$

1

$

$

$

2

$

$

—

%

%

%

1

%

%

%

Total MA

$

$

$

$

$

$

1

%

%

%

4

%

%

%

Corporate Finance

$

$

$

$

$

$

%

%

%

%

%

%

Structured Finance

$

$

$

$

$

$

%

%

%

%

%

%

Financial Institutions

$

$

$

$

$

$

%

%

%

%

%

%

Public, Project and Infrastructure Finance

$

$

$

$

$

$

%

%

%

%

%

%

MIS Other

$

2

$

$

$

3

$

7

$

%

%

%

%

%

%

Total MIS

$

$

$

$

$

$

%

%

%

%

%

%

Total Moody's Corporation

$

$

$

$

$

$

%

%

%

%

%

%

Table 6 - Transaction and Recurring Revenue (Unaudited) Continued

Six Months Ended June 30,

Amounts in millions

Transaction

Recurring

Total

Transaction

Recurring

Total

Decision Solutions

Banking

$

9

$

$

$

$

$

4

%

%

%

%

%

%

Insurance

$

7

$

$

$

$

$

2

%

%

%

4

%

%

%

KYC

$

1

$

$

$

—

$

$

—

%

%

%

—

%

%

%

Total Decision Solutions

$

$

$

$

$

$

2

%

%

%

8

%

%

%

Research & Insights

$

5

$

$

$

6

$

$

1

%

%

%

1

%

%

%

Data & Information

$

5

$

$

$

4

$

$

1

%

%

%

1

%

%

%

Total MA

$

$

$

$

$

$

1

%

%

%

4

%

%

%

Corporate Finance

$

$

$

$

$

$

%

%

%

%

%

%

Structured Finance

$

$

$

$

$

$

%

%

%

%

%

%

Financial Institutions

$

$

$

$

$

$