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1. Like a FICO score provider, but for companies and governments.

2. Like Bloomberg, but focused on credit risk data and analytical tools.

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• Credit Ratings: Publishes independent assessments of creditworthiness for various debt obligations and the entities that issue them across global financial markets.
• Risk Management Software & Services: Develops and provides software solutions and related services that support the risk management activities of institutional financial participants.
• Financial Research & Data Products: Offers subscription-based research (credit, economic, business intelligence), quantitative data, analytical tools, and forecasts for financial markets.
• Professional Training & Certification: Provides online and classroom-based training services, along with credentialing and certification programs, for financial professionals.

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Moody's Corporation (MCO) primarily sells its services to other companies and institutional entities, rather than directly to individuals. Due to the vast and diverse nature of its customer base, which spans thousands of organizations globally, it is not practical to list specific customer company names with their symbols. Instead, its major customers can be categorized as follows:

1. Debt Issuers (Corporate and Governmental): These are entities that issue various debt obligations and utilize Moody's Investors Service to obtain credit ratings. This crucial service enables them to access capital markets. This category includes:
   • Non-Financial Corporations: Companies across various industries that issue corporate bonds.
   • Financial Institutions: Banks, insurance companies, and other financial services firms that issue debt.
   • Governmental Entities: Sovereign nations, sub-sovereigns (states, provinces, municipalities), public finance issuers, and supranational institutions that issue governmental bonds.
   • Structured Finance Entities: Issuers of structured finance securities, as well as infrastructure and project finance issuers.
2. Financial Market Participants / Institutional Investors: These are the "institutional participants in financial markets" who subscribe to Moody's Analytics' comprehensive suite of products and services. They use these offerings for risk management, investment research, data analysis, and decision-making. This category includes:
   • Banks and Investment Banks
   • Asset Managers and Investment Funds (e.g., Hedge Funds, Pension Funds)
   • Insurance Companies
   • Other Investment Firms and Securities Traders
3. Other Corporations and Public Sector Entities (for specialized analytics and data): This broader category includes companies and governmental bodies that leverage Moody's Analytics for specific insights, software solutions, and data beyond core credit ratings or traditional financial market participation. This can encompass:
   • Enterprises requiring Business Intelligence and Company Information Products
   • Real Estate Firms utilizing Commercial Real Estate Data and Analytical Tools
   • Organizations needing Economic Research and Forecasts
   • Companies and Public Sector clients using Risk Management Software Solutions and related services
   • Professionals seeking Online and Classroom-based Training Services, and Credentialing/Certification.

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Robert Fauber, President and Chief Executive Officer

Rob Fauber has served as President and Chief Executive Officer of Moody's since January 2021. He joined Moody's in 2005 and previously held leadership roles including President of Moody's Ratings, and Head of Corporate Development where he was integral in establishing the company's Analytics business and expanding its global ratings footprint. Before joining Moody's, Mr. Fauber worked in banking at Bank of America and Citigroup, gaining experience in credit, capital markets, and M&A. His roles at Citigroup included Director of Planning and Business Development for its Alternative Investments division. He began his career as a Credit Analyst at NationsBank (now Bank of America).

Mark Kaye, Chief Financial Officer

Mark Kaye joined Moody's as Chief Financial Officer in 2018, with responsibility for global financial activities. Prior to Moody's, he was Senior Vice President and Head of Financial Planning and Analysis at Massachusetts Mutual Life Insurance Company (MassMutual), and also served as CFO of MassMutual U.S. He held various senior finance leadership positions at Voya Financial (formerly ING U.S.), where he was involved in developing and executing the company's initial public offering in 2013. Mr. Kaye started his career in the investment banking division of Credit Suisse First Boston.

Michael West, President of Moody's Ratings

Michael West has been President of Moody's Ratings since November 2019. He joined Moody's in 1998 and has held several leadership roles, including Managing Director and Head of Moody's Ratings and Research, Head of Global Structured Finance, and Head of Global Corporate Finance. Before his tenure at Moody's, he worked in credit roles at Bank of America and HSBC.

Andy Frepp, Interim President – Moody's Analytics

Andy Frepp serves as Interim President of Moody's Analytics. Prior to this appointment, he was the Chief Operating Officer and previously the General Manager of Risk Solutions at Moody's Analytics.

Shivani Kak, Managing Director & Head-Investor Relations

Shivani Kak is the Managing Director and Head of Investor Relations for Moody's Corporation, a role she has held since 2019. She joined Moody's in 2008 as a Structured Finance Analyst and has since held various senior commercial roles in product management and business development. Before joining Moody's, Ms. Kak was a Director at Lehman Brothers, specializing in Structured Finance origination and structuring.

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Key Risks to Moody's Corporation (MCO)

1. Regulatory Scrutiny, Reputational, and Litigation Risk: Moody's, as a major credit rating agency, faces significant exposure to regulatory scrutiny, particularly concerning potential conflicts of interest inherent in the issuer-paid model and the transparency of its rating methodologies. Past criticisms, such as those following the 2008 financial crisis, highlight the risk of agencies failing to adequately anticipate market downturns or correctly assess complex financial products, leading to reputational damage and potential litigation. The opaque growth of the private credit market also presents heightened regulatory risk, as a failure to reflect structural risks in ratings could question Moody's reputation as an independent risk arbiter.
2. Increased Competition and Technological Disruption: Moody's operates in a competitive environment with other major credit rating agencies (S&P Global and Fitch Ratings) and a growing number of FinTech and AI-driven solution providers. These emerging competitors can offer faster decision-making, richer data insights, and alternative credit scoring methods, potentially challenging Moody's established market position in both its Investors Service and Analytics segments. The demand for sophisticated risk assessment tools and the integration of AI by competitors necessitate continuous innovation and adaptation from Moody's to maintain its competitive edge.
3. Impact of Economic Cycles and Market Volatility: The company's core credit ratings business is sensitive to global economic conditions and financial market volatility. Factors such as higher-for-longer interest rates can limit new debt issuance, directly impacting Moody's revenue generation from rating services. The cyclical nature of credit ratings, where downgrades often occur en masse during economic downturns and upgrades during booms, indicates that Moody's financial performance is closely tied to the overall health and activity of the debt markets.

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1. Emergence of AI-driven Alternative Credit Assessment and Risk Management Platforms: The rapid advancement and adoption of Artificial Intelligence (AI) and Machine Learning (ML), combined with the proliferation of alternative data sources (e.g., satellite imagery, social media sentiment, supply chain data, transaction records), pose a clear emerging threat. Numerous companies are developing AI/ML-powered platforms that can generate sophisticated credit scores, risk profiles, and financial forecasts with greater speed, granularity, and potentially lower cost than traditional methods. While these platforms do not yet possess the regulatory authority of established credit rating agencies for all debt obligations, they directly challenge Moody's Analytics' offerings of subscription-based research, data, and analytical tools. Over the longer term, as these AI-driven solutions gain market acceptance and trust, they could also exert pressure on the perceived value and unique positioning of traditional credit ratings published by Moody's Investors Service, potentially reducing reliance on such assessments for certain market participants or asset classes.

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Addressable Markets for Moody's (MCO) Products and Services

Moody's Corporation operates in two primary segments: Moody's Investors Service, focusing on credit ratings, and Moody's Analytics, which provides a range of risk management, data, and analytical products and services. Based on these core offerings, the addressable markets for Moody's main products and services are sized as follows:

Credit Rating Services

The global credit rating market size was valued at approximately USD 6.5 billion in 2023. It is projected to reach around USD 11.2 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. The global credit rating software market, a component of this, was valued at US$ 1.371 billion in 2025 and is anticipated to reach US$ 2.355 billion by 2032.

Financial Risk Management Software and Services

The global financial risk management software market was valued at USD 3.74 billion in 2024. This market is anticipated to reach approximately USD 14.39 billion by 2034, exhibiting a CAGR of 14.42% over the forecast period. North America dominated this market with the largest share in 2024.

Financial Analytics

The global financial analytics market size was valued at USD 10.9 billion in 2023. It is projected to grow to USD 28.3 billion by 2032, at a CAGR of 11.6% between 2024 and 2032. North America held the largest market share in the financial analytics market, accounting for over 34.0% in 2024.

Governance, Risk, and Compliance (GRC) Solutions

The global Governance, Risk, and Compliance (GRC) market size, which includes platforms and software, was valued at around USD 48.7 billion in 2023. This market is projected to reach USD 179.5 billion by 2032, growing at a CAGR of roughly 15.6% between 2024 and 2032. Focusing specifically on GRC software, the market was valued at USD 21.04 billion in 2025 and is estimated to grow to USD 39.01 billion by 2031.

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Moody's Corporation (MCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Recovery and Sustained Activity in Global Debt Capital Markets: A significant driver for Moody's Investors Service (MIS) segment is the ongoing recovery and increased activity in debt issuance across various categories, including high-yield, leveraged finance, and structured finance, as macroeconomic conditions improve and interest rate expectations stabilize. This is further supported by substantial debt maturities anticipated between 2025 and 2028, which are expected to fuel refinancing and new issuance activity.
2. Continued Growth in Moody's Analytics (MA) with Specialized Solutions: The Moody's Analytics segment is consistently demonstrating strong growth, particularly in its Decision Solutions, Research & Insights, and Data & Information offerings. This growth is driven by increasing demand for comprehensive risk management tools, Know Your Customer (KYC) solutions, credit analytics, and data feeds, much of which is subscription-based, ensuring a high proportion of recurring revenue.
3. Strategic Acquisitions and Geographic Expansion: Moody's is actively pursuing strategic acquisitions to expand its capabilities, diversify its revenue streams, and deepen its presence in key markets. Recent examples include the acquisitions of CAPE Analytics, Praedicat, Numerated Growth Technologies, and GCR, which enhance its offerings and broaden its global reach, particularly in emerging and specialized credit markets.
4. Technological Innovation, Including Generative AI Integration: The company is prioritizing innovation and the adoption of advanced technologies, notably generative AI, to enhance its product suite and improve operational efficiency. These investments aim to deliver best-in-class workflow solutions, integrated predictive credit analytics, and expanded cyber risk analytics, driving value for customers across various sectors.
5. Addressing Demand in Private Credit and ESG/Climate Risk Solutions: Moody's is capitalizing on the growing market demand for specialized analytical tools and assessments in the private credit sector and for environmental, social, and governance (ESG) and climate risk. The company is integrating climate analytics into solutions for banks and insurers and expanding its offerings to help customers better understand and manage evolving risks.

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Share Repurchases

• On October 21, 2025, Moody's Board of Directors authorized an additional $4 billion in share repurchase authority.
• During the second quarter of 2025, the company repurchased 1.0 million shares at an average price of $503.66 per share.
• Moody's expects to repurchase approximately $2 billion in shares during 2026.

Share Issuance

• In the second quarter of 2025, Moody's issued 53,000 net shares through employee stock-based compensation programs.
• On March 2, 2026, the President and CEO acquired 35,556 shares of common stock as a grant tied to the vesting of 2023–2025 performance shares.
• Moody's shares outstanding declined by 1.53% in 2025 to 0.18 billion, following a 0.71% decline in 2024 and a 0.38% decline in 2023, primarily due to repurchases.

Outbound Investments

• Moody's has completed a total of 26 acquisitions to date, with peak acquisition years including 2021 (6 acquisitions) and 2025 (3 acquisitions).
• Recent acquisitions in 2025 include Meris (September), ICR Chile (June), and CAPE Analytics (January).
• Other notable acquisitions in 2024 and 2022 include Numerated (November 2024), Praedicat (September 2024), and SCRiesgo (December 2022). These investments are part of the company's strategy to strengthen its business and grow.

Capital Expenditures

• Capital expenditures were $326 million in 2025, following $317 million in 2024, $271 million in 2023, and $283 million in 2022.
• For 2026, Moody's forecasts capital expenditures of approximately $447.2 million.
• These capital expenditures are primarily focused on investments in growth, efficiency, enhancing efficiency, and supporting long-term strategic goals, including AI, data, and workflow solutions.