1. FICO for corporations and governments.

2. Morningstar for bonds and debt issuers.

3. Bloomberg for credit risk insights and ratings.

• Credit Ratings: Provides independent credit ratings and related research on debt obligations and financial instruments issued by corporations, financial institutions, and governments.
• Risk Management Software and Data: Offers software solutions, data products, and analytical tools for financial risk management, regulatory compliance, and performance optimization.
• Economic Research and Analysis: Delivers economic forecasts, proprietary data, and analytical insights to support strategic planning and decision-making for businesses and governments.
• Professional Services and Training: Provides advisory services, consulting, and professional training programs related to risk management, finance, and regulatory compliance.

Moody's (MCO) primarily sells its services to other companies and institutions rather than individuals. Due to the vast and global nature of its customer base, which encompasses thousands of entities worldwide, it is not practical to list individual "major customers" by name in a comprehensive manner. Instead, Moody's serves broad categories of corporate and institutional clients.

Below are the major categories of companies and entities that are customers of Moody's, along with illustrative examples of public companies that fit these categories. These examples are representative of the types of clients Moody's serves and are not an exhaustive list of major individual customers.

Customer Categories and Illustrative Examples:

1. Corporate Issuers of Debt: These are non-financial companies across various industries that pay Moody's to rate their bonds, commercial paper, and other debt instruments. They also subscribe to Moody's Analytics for risk management and data solutions.
   • Apple Inc. (AAPL)
   • Microsoft Corp. (MSFT)
   • Verizon Communications Inc. (VZ)
2. Financial Institutions: This category includes banks, insurance companies, asset managers, and other financial services firms that issue debt requiring ratings and/or utilize Moody's Analytics for regulatory compliance, risk modeling, portfolio management, and data.
   • JPMorgan Chase & Co. (JPM)
   • Bank of America Corp. (BAC)
   • MetLife, Inc. (MET)
3. Governments and Public Sector Entities: While not traditional "companies" with public symbols, these entities are major customers for credit ratings on sovereign, state, municipal, and agency debt. They also use Moody's Analytics for economic forecasting and public finance analysis.
   • United States Treasury
   • State of California
   • City of New York
4. Structured Finance Issuers: These are special purpose vehicles (SPVs) that issue asset-backed securities (ABS), mortgage-backed securities (MBS), collateralized loan obligations (CLOs), and other structured products that require credit ratings. These SPVs typically do not have public symbols and are often sponsored by financial institutions.

• Amazon.com, Inc. - NASDAQ: AMZN
• Microsoft Corporation - NASDAQ: MSFT
• London Stock Exchange Group plc (LSEG) - LSE: LSEG.L

Rob Fauber, President and Chief Executive Officer

Rob Fauber has served as the Chief Executive Officer of Moody's since 2021, having joined the company in 2005. His career, spanning nearly 35 years, includes extensive experience in business information, finance, and risk. Before becoming CEO, Fauber was President of Moody's Ratings and also led the company's Corporate Development, where he was instrumental in establishing Moody's Analytics business. Prior to his tenure at Moody's, he worked in banking at both Bank of America and Citigroup, gaining experience in credit, capital markets, and mergers & acquisitions. There is no information to suggest he founded or sold other companies or has a pattern of managing private equity-backed firms.

Noémie Heuland, Chief Financial Officer

Noémie Heuland is the Chief Financial Officer of Moody's. She previously served as Chief Financial Officer of the company's Moody's Investors Service segment. Before joining Moody's in 2022, Heuland spent 15 years at Citigroup, where she held various senior roles, including CFO for the EMEA region. Her background includes experience in financial planning and analysis, strategy, and business advisory. She holds a master's degree in management from ESSEC Business School. There is no information to suggest she founded or sold other companies or has a pattern of managing private equity-backed firms.

Michael West, President – Moody's Ratings

Michael West is the President of Moody's Ratings. He joined Moody's in 1998 and has held numerous leadership positions, including Head of Global Corporate Finance, Head of Global Structured Finance, and Head of Global Ratings and Research. Earlier in his career at Moody's, he led research strategy for the ratings businesses and headed Corporate Finance for the EMEA region. Prior to Moody's, West worked in various credit roles at Bank of America and HSBC. He holds a bachelor's degree in politics with economics from Loughborough University.

Andy Frepp, Interim President – Moody's Analytics

Andy Frepp is the Interim President of Moody's Analytics. He also serves as the General Manager of the Acquire segment for Moody's Analytics. Frepp has been with Moody's since 2005, primarily focusing on its enterprise risk solutions business. He previously served as President of Enterprise Risk Solutions for Moody's Analytics. Before joining Moody's, he held leadership roles at other financial technology companies. Frepp holds a bachelor's degree in politics and economics from Loughborough University and an MBA from Cass Business School.

Maral Kazanjian, Chief People Officer

Maral Kazanjian is the Chief People Officer at Moody's. In this role, she is responsible for the company's global human resources strategy, focusing on talent attraction, development, and retention. She joined Moody's in 2004 and has held various leadership positions within the Human Resources department. Prior to her appointment as Chief People Officer in 2020, she was the Global Head of Human Resources for Moody's Investors Service. Kazanjian earned her bachelor's degree from Rutgers University and a J.D. from Fordham University School of Law.

The key risks to Moody's (MCO) business primarily revolve around macroeconomic conditions, the complex regulatory environment, and technological advancements.

1. Economic and Capital Market Volatility: Moody's business is highly dependent on the volume of debt securities issued in domestic and global capital markets. Adverse financial market conditions, including decreased asset levels, increases in interest rates, and other volatility, can materially impact the volume of debt issuance and, consequently, Moody's revenue and operating results. General economic conditions and volatility in world financial markets directly affect the company's business.
2. Regulatory and Legal Environment: Moody's operates within a heavily regulated global environment and is subject to numerous international and U.S. federal, state, and local laws and regulations, including those related to anti-corruption, antitrust, economic sanctions, and securities trading laws such as the Dodd-Frank Act. Non-compliance can lead to criminal and civil liabilities, fines, penalties, regulatory sanctions, and harm to its reputation and financial condition. Additionally, the company faces exposure to litigation and government regulatory proceedings, investigations, and inquiries (including competition market studies) related to its rating opinions and other business practices. The evolving regulatory landscape, particularly concerning emerging technologies like AI, can also increase compliance costs and complexities.
3. Technological Disruption and Integration of AI: While Moody's is actively incorporating generative AI into its offerings to enhance analytical insights, the rapid pace of AI advancement presents risks. Concerns about a potential "AI investment bubble" are emerging, with investments in computing power and infrastructure potentially exceeding revenue generated by AI applications. Furthermore, the deeper integration of AI into workflows increases cyber risk and exposure to operational failures. Geopolitical fragmentation is also reshaping access to critical AI infrastructure, such as chips and computing resources, which could complicate global deployment and increase integration hurdles due to cost pressures and regulatory fragmentation.

Moody's Corporation (MCO) operates primarily through two segments: Moody's Ratings and Moody's (formerly Moody's Analytics), each serving distinct but related addressable markets.

Moody's Ratings

Moody's Ratings, formerly known as Moody's Investors Service, provides credit ratings, research, and risk analysis for various debt securities globally.

• Global Credit Rating Market: This market was valued at approximately USD 6.5 billion in 2023 and is projected to reach around USD 11.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.1%. Another estimate places the global credit rating market size at USD 10.74 billion in 2025, with a projection to grow to USD 21.46 billion by 2033. North America holds the largest share of this market.

Moody's (formerly Moody's Analytics)

Moody's (Analytics) offers financial analysis software and services, encompassing economic research, risk management, data and analytics, and consulting services.

• Global Financial Analytics Market: This market was valued at USD 10.9 billion in 2023 and is projected to grow at a CAGR of 11.6% between 2024 and 2032. Other reports indicate the market size was USD 12.57 billion in 2024, with an estimated growth to USD 29.65 billion by 2033. North America dominates the financial analytics market, accounting for a significant share.
• Global Financial Risk Management Software Market: The market size for financial risk management software was valued at USD 3.68 billion in 2024 and is projected to reach USD 10.79 billion by 2032, with a CAGR of 14.5% during the forecast period. Another source states the market was valued at USD 3.74 billion in 2024 and is expected to hit around USD 14.39 billion by 2034. North America held the largest share of this market in 2024.
• Global Risk Management Software Market (broader): More broadly, the risk management software market was valued at USD 12.3 billion in 2020 and is projected to reach USD 21.2 billion by 2026. This market is also expected to increase by USD 13.28 billion with a CAGR of 19.2% from 2024 to 2029.

Here are 3-5 expected drivers of future revenue growth for Moody's (MCO) over the next 2-3 years:

1. Sustained Growth in Debt Issuance and Transactional Revenue (Moody's Investors Service): Moody's anticipates continued strong performance in its ratings business, driven by a favorable debt issuance environment. Projections indicate that refunding needs over the next four years are expected to exceed $5 trillion, providing a robust foundation for future ratings activity. Management expresses optimism for a constructive issuance environment in 2026, supported by tight credit spreads, potential interest rate easing, and a strong pipeline for mergers and acquisitions (M&A). Moody's Investors Service (MIS) has shown significant transactional revenue growth, outpacing overall issuance growth in recent periods.
2. Expansion of Moody's Analytics Recurring Revenue and Decision Solutions: The Moody's Analytics (MA) segment is expected to continue its strong recurring revenue growth, particularly within its Decision Solutions offerings. This growth is fueled by increased adoption of products like Know Your Customer (KYC) solutions, as well as expansion in banking and insurance analytics. Recurring revenue consistently constitutes a significant portion of the MA segment's total revenue, illustrating the sticky nature of its solutions.
3. Strategic Focus on Private Credit: Private credit is identified as a key driver of future growth for Moody's. The company has observed a surge in debt issuance activity within leveraged finance and private credit, with related deals showing substantial growth in both deal count and revenue. Moody's is making strategic investments in this area, recognizing its potential for continued expansion.
4. Investment in Artificial Intelligence (AI) and New Product Development: Moody's is actively investing in AI capabilities and launching new technology-driven solutions to enhance its offerings. The company has introduced "agentic solutions" that integrate Moody's proprietary data into customer workflows and partner platforms, indicating a focus on leveraging advanced analytics for growth. These innovations are designed to empower customers with critical insights in a dynamic risk environment.
5. Diversification and Strategic Acquisitions: Moody's is pursuing growth through revenue diversification beyond its core credit ratings and through strategic acquisitions. The company is expanding its exposure to sectors like banking and diversifying into professional services. Recent acquisitions, such as CAPE Analytics and Praedicat, aim to enhance insurance solutions and strengthen risk assessment strategies, further broadening Moody's market reach and capabilities. Moody's also emphasizes growth in developing capital markets and emerging markets.

Share Repurchases

• Moody's Board of Directors authorized an additional $4 billion in share repurchase authority on October 21, 2025, with approximately $398 million of existing authority remaining as of September 30, 2025.
• On October 15, 2024, the company increased its equity buyback authorization by an additional $1.5 billion, bringing the total authorization to $5.25 billion.
• Since 2020, Moody's has retired nearly 7% of its shares through its ongoing share repurchase program, including $511.94 million spent in Q3 2025 and over 600,000 shares bought back in Q2 2025.

Share Issuance

• As of December 31, 2024, a total of 15,206,030 shares were available for issuance under the 2001 Stock Incentive Plan, with 9,584,545 of these available for awards of unrestricted shares, restricted stock, restricted stock units, performance shares, or other stock-based awards.
• A maximum of 599,596 performance shares from awards granted in 2022, 2023, and 2024 are outstanding, with 315,665 shares expected to be issued upon vesting at target payout.
• The company's share count has decreased by 2.4% over the last two years, indicating that share repurchases have generally exceeded issuances.

Outbound Investments

• Moody's actively pursues strategic acquisitions to expand its scale and cross-selling opportunities, including CAPE Analytics in January 2025, Praedicat in September 2024, and Numerated Growth Technologies in November 2024.
• In 2023, Moody's acquired SCRiesgo to strengthen its presence in Central America and the Dominican Republic, following other strategic buyouts in 2020 and 2021, such as Regulatory DataCorp (RDC) and RMS.
• A strategic partnership with MSCI was announced in July 2024 to enhance transparency in ESG and sustainability by leveraging each other's data and models.

Capital Expenditures

• Capital expenditures were $103 million in 2020, $139 million in 2021, $283 million in 2022, $271 million in 2023, and an estimated $317 million for 2024.
• Forecasted capital expenditures for 2025 are approximately $342.4 million.
• The primary focus of these expenditures includes ongoing investments in technology, such as software for internal use, and the development of artificial intelligence capabilities to enhance solutions and customer experience.