MOODYS CORP /DE/, 10-Q filed on 4/23/2026
Quarterly Report
v3.26.1
Cover Page
shares in Millions
 3 Months Ended
Mar. 31, 2026
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 1-14037
Entity Registrant Name Moody’s Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code (212)
Local Phone Number 553-0300
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 174.7
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q1
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 2,079 $ 1,924
Expenses    
Operating 531 491
Selling, general and administrative 477 439
Depreciation and amortization 122 113
Restructuring 27 33
Charges related to asset abandonment 0 2
Total expenses 1,157 1,078
Operating income 922 846
Non-operating (expense) income, net    
Interest expense, net (66) (61)
Other non-operating income, net 14 19
Total non-operating (expense) income, net (52) (42)
Income before provision for income taxes 870 804
Provision for income taxes 209 179
Net income attributable to Moody's $ 661 $ 625
Earnings per share attributable to Moody's common shareholders    
Basic (in usd per share) $ 3.74 $ 3.47
Diluted (in usd per share) $ 3.73 $ 3.46
Weighted average number of shares outstanding    
Basic (in shares) 176.8 180.0
Diluted (in shares) 177.3 180.7
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net Income $ 661 $ 625
Foreign Currency Adjustments:    
Foreign currency translation adjustments - Pre Tax (118) 188
Foreign currency translation adjustments - Tax 1 (1)
Foreign currency translation adjustments - Net of Tax (117) 187
Net gains (losses) on net investment hedges - Pre Tax 127 (174)
Net gains (losses) on net investment hedges - Tax (32) 44
Net gains (losses) on net investment hedges - Net of Tax 95 (130)
Cash Flow Hedges:    
Reclassification of losses included in net income - Pre Tax 1 0
Reclassification of losses included in net income - Tax 0 0
Reclassification of losses included in net income - Net of Tax 1 0
Pension and Other Retirement Benefits:    
Net actuarial gains - Pre Tax 1 0
Net actuarial gains - Tax 0 0
Net actuarial gains - Net of Tax 1 0
Total other comprehensive (loss) income - Pre Tax 11 14
Total other comprehensive (loss) income - Tax (31) 43
Total other comprehensive (loss) income - Net of Tax (20) 57
Comprehensive income 641 682
Less: comprehensive loss attributable to noncontrolling interests (1) (3)
Comprehensive Income Attributable to Moody's $ 642 $ 685
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,469 $ 2,384
Short-term investments 41 64
Accounts receivable, net of allowance for credit losses of $31 in 2026 and $29 in 2025 2,044 2,024
Other current assets 660 714
Total current assets 4,214 5,186
Property and equipment, net of accumulated depreciation of $1,626 in 2026 and $1,572 in 2025 735 722
Operating lease right-of-use assets 278 282
Goodwill 6,335 6,368
Intangible assets, net 1,805 1,866
Deferred tax assets, net 249 305
Other assets 1,116 1,101
Total assets 14,732 15,830
Current liabilities:    
Accounts payable and accrued liabilities 1,153 1,304
Current portion of operating lease liabilities 94 95
Current portion of long-term debt 576 0
Deferred revenue 1,820 1,582
Total current liabilities 3,643 2,981
Non-current portion of deferred revenue 54 56
Long-term debt 6,387 6,994
Deferred tax liabilities, net 311 315
Uncertain tax positions 164 158
Operating lease liabilities 256 262
Other liabilities 774 859
Total liabilities 11,589 11,625
Contingencies
Shareholders' equity:    
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Capital surplus 1,686 1,676
Retained earnings 18,331 17,853
Treasury stock, at cost; 168,225,834 and 165,359,285 shares of common stock at March 31, 2026 and December 31, 2025, respectively (16,507) (14,978)
Accumulated other comprehensive loss (519) (500)
Total Moody's shareholders' equity 2,994 4,054
Noncontrolling interests 149 151
Total shareholders' equity 3,143 4,205
Total liabilities, noncontrolling interests and shareholders' equity 14,732 15,830
Series Common Stock    
Shareholders' equity:    
Common stock
Non Series Common Stock    
Shareholders' equity:    
Common stock $ 3 $ 3
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts receivable, allowances $ 31 $ 29
Accumulated depreciation, property and equipment $ 1,626 $ 1,572
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 168,225,834 165,359,285
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Non Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net Income $ 661 $ 625
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 122 113
Stock-based compensation 58 56
Deferred income taxes 23 18
Non-cash restructuring and abandonment-related charges 1 3
Provision for credit losses on accounts receivable 4 5
Changes in assets and liabilities:    
Accounts receivable (47) (16)
Other current assets 60 12
Other assets (23) (19)
Lease obligations (3) (8)
Accounts payable and accrued liabilities (175) (292)
Deferred revenue 253 261
Uncertain tax positions and other non-current tax liabilities 7 6
Other liabilities (2) (7)
Net cash provided by operating activities 939 757
Cash flows from investing activities    
Capital additions (95) (85)
Purchases of investments (38) (41)
Sales and maturities of investments 66 551
Purchases of investments in non-consolidated affiliates (1) (10)
Receipts from settlements of net investment hedges 0 32
Cash paid for acquisitions, net of cash acquired (23) (223)
Net cash (used in) provided by investing activities (91) 224
Cash flows from financing activities    
Repayment of notes 0 (700)
Proceeds from stock-based compensation plans 13 23
Repurchase of shares related to stock-based compensation (76) (53)
Treasury shares (1,471) (373)
Dividends (185) (195)
Net cash used in financing activities (1,719) (1,298)
Effect of exchange rate changes on cash and cash equivalents (44) 48
(Decrease) increase in cash and cash equivalents (915) (269)
Cash and cash equivalents, beginning of period 2,384 2,408
Cash and cash equivalents, end of period $ 1,469 $ 2,139
v3.26.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Total Moody's Shareholders' Equity
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2024     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2024           (162,600,000)    
Beginning Balance at Dec. 31, 2024 $ 3,727 $ 3,565 $ 3 $ 1,451 $ 16,071 $ (13,322) $ (638) $ 162
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 625 625     625     0
Dividends (171) (170)     (170)     (1)
Stock-based compensation 58 58   58        
Shares issued for stock-based compensation plans at average cost, net (64) (64)   (26)   $ (38)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           400,000    
Treasury shares repurchased, inclusive of excise tax (374) (374)   0   $ (374)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (800,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 57 60         60 (3)
Net actuarial gains (losses) and prior service costs (net of tax) 0              
Common stock, shares issued ending balance (in shares) at Mar. 31, 2025     342,900,000          
Treasury stock, common, ending balance (shares) at Mar. 31, 2025           (163,000,000.0)    
Ending Balance at Mar. 31, 2025 $ 3,858 3,700 $ 3 1,483 16,526 $ (13,734) (578) 158
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2025     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2025 (165,359,285)         (165,400,000)    
Beginning Balance at Dec. 31, 2025 $ 4,205 4,054 $ 3 1,676 17,853 $ (14,978) (500) 151
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 661 661     661     0
Dividends (184) (183)     (183)     (1)
Stock-based compensation 58 58   58        
Shares issued for stock-based compensation plans at average cost, net (94) (94)   (48)   $ (46)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           400,000    
Treasury shares repurchased, inclusive of excise tax (1,483) (1,483)   0   $ (1,483)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (3,200,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (22) (21)         (21) (1)
Net actuarial gains (losses) and prior service costs (net of tax) 1 1         1  
Amortization of losses on cash flow hedges $ 1 1         1  
Common stock, shares issued ending balance (in shares) at Mar. 31, 2026     342,900,000          
Treasury stock, common, ending balance (shares) at Mar. 31, 2026 (168,225,834)         (168,200,000)    
Ending Balance at Mar. 31, 2026 $ 3,143 $ 2,994 $ 3 $ 1,686 $ 18,331 $ (16,507) $ (519) $ 149
v3.26.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends (in usd per share) $ 1.03 $ 0.94
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ (31) $ 43
Net actuarial gains and prior service cost, tax expense (benefit) $ 0 $ 0
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global provider of integrated perspectives on risk that empowers organizations and investors to make better decisions. Moody’s reports in two reportable segments: MA and MIS.
MA comprises three interconnected businesses: i) Research & Insights, which provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions; ii) Data & Information, which is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment; and iii) Decision Solutions, a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows. Together, these businesses benefit from deep customer integration, long-term subscription structures, and data assets that are proprietary in sourcing, breadth, and historical depth.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2025 annual report on Form 10-K filed with the SEC on February 18, 2026. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU No. 2024-03"). The amendments in this ASU require more detailed disclosures about specific expense categories in the notes to financial statements (including employee compensation, depreciation and intangible asset amortization) and apply to both interim and annual reporting periods. ASU No. 2024-03 also requires disclosure of total selling expenses for both interim and annual reporting periods, with an additional requirement to provide an entity’s definition of selling expenses in annual reporting. This ASU is effective in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively for annual and interim reporting periods beginning after the aforementioned effective dates or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In September 2025, the FASB issued ASU 2025-06 "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU No. 2025-06"). This ASU eliminates prescriptive software development stages and requires capitalization of software costs when (1) management commits to funding the project, and (2) completion and intended use are probable, with consideration to when significant uncertainty associated with the development activities of the software no longer exists. This ASU also clarifies the disclosure requirements for internal-use software costs and supersedes prior guidance on website development costs. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may transition using prospective, modified prospective, or retrospective approaches. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended March 31,
20262025
MA:
Decision Solutions (DS)
Banking$133 $141 
Insurance181 163 
KYC118 101 
Total DS432 405 
Research and Insights (R&I)255 236 
Data and Information (D&I)239 218 
Total external revenue926 859 
Intersegment revenue3 3 
Total MA929 862 
MIS:
Corporate Finance (CFG)
Investment-grade220 165 
High-yield88 67 
Bank loans139 160 
Other accounts (1)
186 172 
Total CFG633 564 
Structured Finance (SFG)
Asset-backed securities38 35 
RMBS32 26 
CMBS22 28 
Structured credit44 48 
Other accounts1 1 
Total SFG137 138 
Financial Institutions (FIG)
Banking134 130 
Insurance38 45 
Managed investments18 13 
Other accounts4 3 
Total FIG194 191 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign74 72 
Project and infrastructure102 91 
Total PPIF176 163 
Total ratings revenue1,140 1,056 
MIS Other13 9 
Total external revenue1,153 1,065 
Intersegment revenue51 49 
Total MIS1,204 1,114 
Eliminations(54)(52)
Total MCO$2,079 $1,924 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following tables present the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$175 $257 $432 $167 $238 $405 
Research and Insights138 117 255 128 108 236 
Data and Information86 153 239 80 138 218 
Total MA399 527 926 375 484 859 
MIS:
Corporate Finance472 161 633 391 173 564 
Structured Finance94 43 137 100 38 138 
Financial Institutions102 92 194 95 96 191 
Public, Project and Infrastructure Finance112 64 176 104 59 163 
Total ratings revenue780 360 1,140 690 366 1,056 
MIS Other1 12 13 — 9 9 
Total MIS781 372 1,153 690 375 1,065 
Total MCO$1,180 $899 $2,079 $1,065 $859 $1,924 

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended March 31,
20262025
MA:
U.S.$399 $375 
Non-U.S.:
EMEA374 331 
Asia-Pacific92 88 
Americas61 65 
Total Non-U.S.527 484 
Total MA926 859 
MIS:
U.S.781 690 
Non-U.S.:
EMEA241 238 
Asia-Pacific85 79 
Americas46 58 
Total Non-U.S.372 375 
Total MIS1,153 1,065 
Total MCO$2,079 $1,924 
    
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20262025
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$6 $127 $133 $26 $115 $141 
5 %95 %100 %18 %82 %100 %
Insurance
$4 $177 $181 $6 $157 $163 
2 %98 %100 %4 %96 %100 %
KYC
$0 $118 $118 $0 $101 $101 
— %100 %100 %— 100 %100 %
 Total Decision Solutions
$10 $422 $432 $32 $373 $405 
2 %98 %100 %8 %92 %100 %
Research and Insights$3 $252 $255 $3 $233 $236 
1 %99 %100 %1 %99 %100 %
Data and Information$4 $235 $239 $2 $216 $218 
2 %98 %100 %1 %99 %100 %
Total MA (1)
$17 $909 $926 $37 $822 $859 
2 %98 %100 %4 %96 %100 %
Corporate Finance$484 $149 $633 $427 $137 $564 
76 %24 %100 %76 %24 %100 %
Structured Finance$74 $63 $137 $78 $60 $138 
54 %46 %100 %57 %43 %100 %
Financial Institutions$105 $89 $194 $109 $82 $191 
54 %46 %100 %57 %43 %100 %
Public, Project and Infrastructure Finance$124 $52 $176 $116 $47 $163 
70 %30 %100 %71 %29 %100 %
MIS Other$3 $10 $13 $2 $7 $9 
23 %77 %100 %22 %78 %100 %
Total MIS$790 $363 $1,153 $732 $333 $1,065 
69 %31 %100 %69 %31 %100 %
Total Moody's Corporation$807 $1,272 $2,079 $769 $1,155 $1,924 
39 %61 %100 %40 %60 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.

The following tables present the timing of revenue recognition:
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $790 $816 $25 $732 $757 
Revenue recognized over time900 363 1,263 834 333 1,167 
Total$926 $1,153 $2,079 $859 $1,065 $1,924 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2026 and December 31, 2025:
As of March 31, 2026
As of December 31, 2025
MAMISMAMIS
Unbilled Receivables$99 $564 $106 $500 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
MAMISTotalMAMISTotal
Balance at December 31,$1,368 $270 $1,638 $1,243 $268 $1,511 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(555)(95)(650)(492)(99)(591)
Increases due to amounts billable excluding amounts recognized as revenue during the period724 194 918 666 188 854 
Reclassification to liabilities held-for-sale (1)
$(9)— (9)— — — 
Increases due to acquisitions during the period— 1 1 15 — 15 
Effect of exchange rate changes(22)(2)(24)$30 $3 33 
Total changes in deferred revenue138 98 236 219 92 311 
Balance at March 31,
$1,506 $368 $1,874 $1,462 $360 $1,822 
Deferred revenue - current$1,504 $316 $1,820 $1,461 $304 $1,765 
Deferred revenue - non-current$2 $52 $54 $1 $56 $57 
(1) The 2026 reclassification to liabilities held-for-sale for the MA segment in the table above relates to the planned divestiture of the MA Regulatory Solutions business, more fully discussed in Note 11.
The increase in deferred revenue during both the three months ended March 31, 2026 and 2025 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2026 as well as amounts not yet invoiced to customers as of March 31, 2026, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.9 billion. The Company expects to recognize into revenue approximately 55% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $83 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 55% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining
performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
v3.26.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended March 31,
20262025
Stock-based compensation cost$57 $57 
Tax benefit$13 $12 
During the first quarter of 2026, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $133.17 per share. The Company also granted 0.5 million shares of restricted stock in the first quarter of 2026, which had a weighted average grant date fair value of $443.84 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 million shares of performance-based awards whereby the number of shares that ultimately vest is based on the achievement of certain non-market-based performance metrics of the Company over three years. The weighted average grant date fair value of these awards was $431.10 per share.
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2026:
Expected dividend yield0.93 %
Expected stock volatility27 %
Risk-free interest rate3.74 %
Expected holding period5.7 years
Unrecognized stock-based compensation expense at March 31, 2026 was $16 million and $412 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.1 years and 2.8 years, respectively. Additionally, there was $70 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.2 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended March 31,
2026
2025
Exercise of stock options:
Proceeds from stock option exercises$8 $18 
Aggregate intrinsic value$9 $28 
Tax benefit realized upon exercise$2 $6 
Number of shares exercised (1)
— 0.1 
Vesting of restricted stock:
Fair value of shares vested$197 $229 
Tax benefit realized upon vesting$48 $56 
Number of shares vested0.4 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$72 $8 
Tax benefit realized upon vesting$12 $1 
Number of shares vested (2)
0.2 — 
(1) The number of shares exercised in 2026 was approximately 34 thousand.
(2) The number of shares vested in 2025 was approximately 15 thousand.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 24.0% and 22.3% for the three months ended March 31, 2026 and 2025, respectively. The increase of 1.7% primarily reflects lower Excess Tax Benefits from stock-based compensation in the current year. The Company’s year-to-date provision for income taxes is computed by applying its estimated annual ETR to the pre-tax earnings, including the impact of the Excess Tax Benefits on stock-based compensation of $18 million.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income, net. The Company had a net increase in its UTP reserves of $6 million ($5 million, net of federal tax) during the first quarter of 2026.
Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2022 through 2024 remain open to examination. Currently, the Company's New York State tax returns for 2022 through 2024 are under examination. Additionally, New York City tax returns for the years 2018 through 2022 are also under examination, while returns for 2023 and 2024 are open for examination. Furthermore, the Company's U.K. corporate income tax returns are under audit for the years 2017 through 2023, with the 2024 return still open for examination.

The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20262025
Income taxes paid $115 $115 
v3.26.1
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20262025
Basic176.8 180.0 
Dilutive effect of shares issuable under stock-based compensation plans0.5 0.7 
Diluted177.3 180.7 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.5 0.4 
The calculation of basic shares outstanding is based on the weighted average number of shares of common stock outstanding during the reporting period. The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2026 and 2025.
v3.26.1
CASH EQUIVALENTS AND INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2026
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$777 $— $777 $733 $41 $3 
Mutual funds$87 $9 $96 $— $— $96 
As of December 31, 2025
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,459 $— $1,459 $1,393 $64 $2 
Mutual funds$95 $13 $108 $— $— $108 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2026 and December 31, 2025. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months to 22 months at March 31, 2026 and 13 months to 22 months at December 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of both March 31, 2026 and December 31, 2025, the contract value of the COLI was $50 million.
v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2026
As of December 31, 2025
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed— 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$1,750 $2,250 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20262025
Interest expense, net$(66)$(61)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(8)$(18)
Fair value changes on interest rate swapsInterest expense, net$(6)$37 
Fair value changes on hedged debtInterest expense, net$6 $(37)
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s net investment in certain foreign subsidiaries against changes in exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
As of March 31, 2026
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€2,197 2.63%$2,353 4.11%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$3,907 —%$500 0.64%
Pay Fixed/Receive FixedS$389 —%HK$2,350 0.62%

As of December 31, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,997 2.48%$2,114 3.98%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$3,907 —%$500 0.64%
Pay Fixed/Receive FixedS$389 —%HK$2,350 0.62%
(1) € = euro, HK$ = Hong Kong dollar, S$ = Singapore dollar
As of March 31, 2026 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
EUR/USD
HKD/USD
SGD/HKD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive) (1)
2027€530 $550 HK$— $— S$— HK$— 
2028588 600 — — — — 
2029573 614 — — — — 
2030662 700 — — — — 
2031481 500 — — — — 
2032481 500 3,907 500 389 2,350 
2033370 400 — — — — 
2036200 239 — — — — 
Total€3,885 $4,103 HK$3,907 $500 S$389 HK$2,350 
(1) € = euro, HK$ = Hong Kong dollar, S$ = Singapore dollar
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202620252026202520262025
Cross currency swaps$74 $(88)$— $— $14 $14 
Long-term debt21 (42)— — — — 
Total net investment hedges$95 $(130)$— $— $14 $14 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $— $— $— 
Interest rate contracts$— $— $(1)$— $— $— 
Total cash flow hedges$— $— $(1)$— $— $— 
Total$95 $(130)$(1)$— $14 $14 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2026December 31, 2025
Net investment hedges
Cross currency swaps$(87)$(161)
FX forwards29 29 
Long-term debt(41)(62)
Total net investment hedges$(99)$(194)
Cash flow hedges
Interest rate contracts$(41)$(42)
Cross currency swaps1 1 
Total cash flow hedges(40)(41)
Total net gain in AOCL$(139)$(235)
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net, in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through December 2026.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2026December 31, 2025
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$1,205 £898 $693 £522 
Contracts to sell USD for JPY
$18 ¥2,900 $17 ¥2,700 
Contracts to sell USD for CAD
$60 C$81 $39 C$53 
Contracts to sell USD for SGD
$96 S$122 $39 S$50 
Contracts to sell USD for EUR
$376 €324 $107 €91 
Contracts to sell USD for INR
$26 ₹2,481 $26 ₹2,400 
Contracts to sell EUR for USD
€133 $154 €21 $25 
Contracts to sell AUD for USDA$4 $3 A$— 
$
— 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee, A$ = Australian dollar
Total Return Swaps
The Company has entered into total return swaps to mitigate market-driven changes in the value of certain liabilities associated with the Company's deferred compensation plans. The fair value of these swaps at March 31, 2026 and related gains in the three months ended March 31, 2026 were not material. The notional amount of the total return swaps as of March 31, 2026 and December 31, 2025 was $68 million and $72 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20262025
FX forwardsOther non-operating income, net$(29)$18 
Total return swaps
Operating expense
$(2)$(2)
Total return swaps
SG&A expense
$(1)$(1)
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2026December 31, 2025
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$9 $— 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 9 
Total assets$9 $9 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$— $— 
Cross-currency swaps designated as net investment hedgesOther liabilities366 456 
Interest rate swaps designated as fair value hedgesOther liabilities90 84 
Total derivatives designated as accounting hedges456 540 
Non-derivatives designated as accounting hedges:
Debt designated as net investment hedge
Current portion of long-term debt
576 — 
Debt designated as net investment hedge
Long-term debt864 1,468 
Total non-derivatives designated as accounting hedges
1,440 1,468 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities25 — 
Total liabilities$1,921 $2,008 
v3.26.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2026
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
Additions/
adjustments (1)
— — — 26 — 26 26 — 26 
Foreign currency translation adjustments(60)— (60)(5)— (5)(65)— (65)
Adjustment to assets held-for-sale (2)
6 — 6 — — — 6 — 6 
Ending balance$5,943 $(12)$5,931 $404 $0 $404 $6,347 $(12)$6,335 
Year Ended December 31, 2025
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (3)
135 — 135 8 — 8 143 — 143 
Foreign currency translation adjustments334 — 334 (5)— (5)329 — 329 
Reclassification to assets held-for-sale (2)
(89)— (89)— — — (89)— (89)
Divestiture of business (4)
(9)— (9)— — — (9)— (9)
Ending balance$5,997 $(12)$5,985 $383 $0 $383 $6,380 $(12)$6,368 
(1) The 2026 additions relate to the acquisitions of Fintellix and MERIS in 2026.
(2) The 2025 and 2026 reclassifications and adjustments to assets held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Regulatory Solutions business more fully discussed in Note 11.
(3) The 2025 additions/adjustments primarily relate to the acquisition of CAPE Analytics and ICR Chile in 2025.
(4) The 2025 divestiture of business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business.
Acquired intangible assets and related amortization consisted of:
March 31,
2026		December 31,
2025
Customer relationships$2,150 $2,165 
Accumulated amortization(741)(724)
Net customer relationships1,409 1,441 
Software/product technology769 774 
Accumulated amortization(540)(526)
Net software/product technology229 248 
Database163 164 
Accumulated amortization(106)(103)
Net database57 61 
Trade names199 201 
Accumulated amortization(98)(96)
Net trade names101 105 
Other (1)
64 64 
Accumulated amortization(55)(53)
Net other9 11 
Total acquired intangible assets, net
$1,805 $1,866 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20262025
Amortization expense
$53 $53 
v3.26.1
RESTRUCTURING
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On December 19, 2024, the CEO of Moody’s approved the Strategic and Operational Efficiency Restructuring Program. The Company estimates that upon completion, the program will result in annualized savings of $250 million to $300 million. This program relates to the Company's strategy to realign its operations toward high priority growth areas and to consolidate certain functions to simplify the organization to enable improved operating efficiency and leverage. This program will primarily include a reduction in staff, the rationalization and exit of certain leased office spaces and the retirement of certain legacy software applications. The program includes $210 million to $230 million of expected pre-tax personnel-related restructuring charges, an amount that includes severance costs, expense related to the modification of equity awards and other related costs primarily determined under the Company’s existing severance plans. In addition, the program is expected to result in $5 million of non-cash charges from the exit from certain leased office spaces and $10 million to $15 million of non-cash charges related to incremental amortization of internally developed software due to a reduction in the useful life of the software assets. The savings generated from the Strategic and Operational Efficiency Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments. The Strategic and Operational Efficiency Restructuring Program is expected to be substantially complete by the end of 2026. Cash outlays associated with this program are expected to be $210 million to $230 million, which are expected to be paid through 2027.
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20262025
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$25 $31 $171 
Real estate related costs (2)
1 2 5 
Internally developed software-related charges (3)
1 — 4 
Total Restructuring$27 $33 $180 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the incremental amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(3) Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2025
$41 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments25 
Cash payments
(20)
Balance as of March 31, 2026 (1)
$46 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of March 31, 2026, the remaining $46 million restructuring liability is expected to be paid out in the next twelve months.
v3.26.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
The tables below present information about items that are carried at fair value at March 31, 2026 and December 31, 2025:
Fair Value Measurement as of March 31, 2026
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$9 $— $9 
Money market funds/mutual funds
173 173 — 
Total$182 $173 $9 
Liabilities:
Derivatives (1)
$481 $— $481 
Total$481 $— $481 
Fair Value Measurement as of December 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$9 $— $9 
Money market funds/mutual funds
113 113 — 
Total$122 $113 $9 
Liabilities:
Derivatives (1)
$540 $— $540 
Total$540 $— $540 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 to the consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, money market mutual funds and mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Money market funds and mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.
v3.26.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
 3 Months Ended
Mar. 31, 2026
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
March 31, 2026December 31, 2025
Other current assets:
Prepaid taxes$99 $139 
Prepaid expenses214 184 
Capitalized costs to obtain and fulfill sales contracts149 143 
Foreign exchange forwards on certain assets and liabilities— 9 
Interest receivable on interest rate and cross currency swaps53 95 
Assets held-for-sale
101 98 
Other44 46 
Total other current assets$660 $714 
Other assets:
Investments in non-consolidated affiliates$495 $489 
Deposits for real-estate leases16 16 
Indemnification assets related to acquisitions36 35 
Mutual funds, certificates of deposit and money market deposit accounts/funds
99 110 
Company owned life insurance (at contract value)50 50 
Capitalized costs to obtain sales contracts
267 253 
Derivative instruments designated as accounting hedges9 — 
Pension and other retirement employee benefits77 74 
Other67 74 
Total other assets$1,116 $1,101 
Accounts payable and accrued liabilities:
Salaries and benefits$170 $126 
Incentive compensation111 390 
Customer credits, advanced payments and advanced billings147 163 
Dividends7 8 
Professional service fees49 49 
Interest accrued on debt
42 86 
Accounts payable97 62 
Income taxes169 146 
Reserve for international non-income tax obligation
53 — 
Pension and other retirement employee benefits10 9 
Accrued royalties23 20 
Foreign exchange forwards on certain assets and liabilities25 — 
Restructuring liability46 41 
Interest payable on interest rate and cross currency swaps40 66 
Liabilities held-for-sale
47 36 
Other117 102 
Total accounts payable and accrued liabilities$1,153 $1,304 
March 31, 2026December 31, 2025
Other liabilities:
Pension and other retirement employee benefits$209 $216 
Interest accrued on UTPs46 43 
MAKS indemnification provisions19 19 
Derivative instruments designated as accounting hedges456 540 
Other44 41 
Total other liabilities$774 $859 
Assets and Liabilities Held-for-Sale
In December 2025, the Company entered into an agreement to sell the MA Regulatory Solutions business. As of December 31, 2025, the assets and liabilities related to this business were classified as held-for-sale. The Company expects the transaction to close in the second quarter of 2026.
Investments in non-consolidated affiliates:
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
March 31, 2026December 31, 2025
Equity method investments (1)
$126 $121 
Investments measured using the measurement alternative (2)
349 350 
Other20 18 
Total investments in non-consolidated affiliates$495 $489 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three Months Ended March 31,
20262025
FX losses
$(6)$(5)
Net periodic pension income - non-service and non-interest cost components
9 9 
Income from investments in non-consolidated affiliates14 11 
Gain on investments
3 3 
Other
(6)1 
Total$14 $19 
v3.26.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The amounts reclassified out of AOCL, as shown in the consolidated statements of comprehensive income, were not material for all periods presented.
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20262025
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(34)$(41)$(231)$(194)$(500)$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
1 — (116)95 (20)— — 190 (130)60 
Amounts reclassified from AOCL— 1 — — 1 — — — — — 
Other comprehensive income (loss)
1 1 (116)95 (19)— — 190 (130)60 
Balance at March 31,
$(33)$(40)$(347)$(99)$(519)$(39)$(42)$(642)$145 $(578)
v3.26.1
INDEBTEDNESS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying value, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying value adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2026
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(19)$3 $(4)$580 
1.75% 2015 Senior Notes, due 2027
576 — — — 576 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (20)(1)(1)378 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
864 — (1)(2)861 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (6)(5)489 
3.75% 2022 Senior Notes, due 2052
500 (27)(8)(4)461 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,140 $(90)$(47)$(40)$6,963 
Current portion(576)
Total long-term debt$6,387 

December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(18)$3 $(4)$581 
1.75% 2015 Senior Notes, due 2027
587 — — — 587 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (19)(1)(1)379 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
881 — (2)(3)876 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (23)(8)(4)465 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,168 $(84)$(49)$(41)$6,994 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Notes Payable
At March 31, 2026, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2026, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2026 (After March 31,)
$— 
2027576 
2028500 
2029400 
2030864 
Thereafter4,800 
Total$7,140 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended March 31,
20262025
Income$12 $24 
Expense on borrowings(1)
(55)(72)
Expense on UTPs and other tax related liabilities(2)
(16)(6)
Net periodic pension costs - interest component(7)(7)
Interest expense, net$(66)$(61)
Interest paid(3)
$78 $91 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 7.
(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.
(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 7.

The fair value and carrying value of the Company’s debt as of March 31, 2026 and December 31, 2025 are as follows:
March 31, 2026December 31, 2025
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,963 $6,095 $6,994 $6,245 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
The following table presents the components of the Company’s lease cost:
Three Months Ended March 31,
20262025
Operating lease cost$23 $22 
Sublease income(2)(2)
Variable lease cost6 4 
Total lease cost$27 $24 

The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of operating lease liabilities$26 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$19 $21 
March 31, 2026March 31, 2025
Weighted-average remaining lease term
6.7 years3.7 years
Weighted-average discount rate applied to operating leases
4.7 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2026:
Year Ending December 31,Operating Leases
2026 (After March 31,)
$76 
202790 
202835 
202939 
203034 
After 2030147 
Total lease payments (undiscounted)421 
Less: Interest71 
Present value of lease liabilities:$350 
Lease liabilities - current$94 
Lease liabilities - noncurrent$256 
In the fourth quarter of 2025, the Company entered into an operating lease for a new headquarters in New York City, for which the Company has not yet been granted access to the leased floors. Accordingly, the ROU Assets and operating lease liabilities at March 31, 2026 do not reflect the amounts for this lease. The future minimum lease payments for this lease are approximately $600 million and will commence in June 2026 with a lease term of 17 years.
v3.26.1
CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. Moody’s also is subject to ongoing tax audits as addressed in Note 4 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are generally allocated to each segment based on historical/budgeted revenue amounts.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended March 31,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$926 $1,153 $— $2,079 $859 $1,065 $— $1,924 
Intersegment revenue3 51 (54)— 3 49 (52)— 
Revenue929 1,204 (54)2,079 862 1,114 (52)1,924 
Compensation expense
374 307 — 681 362 280 — 642 
Non-compensation expense
202 91 — 293 192 96 — 288 
Intersegment expense
51 3 (54)— 49 3 (52)— 
Total
627 401 (54)974 603 379 (52)930 
Adjusted Operating Income$302 $803 $— $1,105 $259 $735 $— $994 
Less:

Depreciation and
amortization		100 22 — 122 94 19 — 113 
Restructuring20 7 — 27 26 7 — 33 
Reserve for international non-income tax obligation
34 — — 34 — — — — 
Charges related to asset abandonment— — — — 2 — — 2 
Operating Income$922 $846 
Non-operating (expense) income, net
$(52)$(42)
Income before provision for income taxes
$870 $804 

The table below shows cumulative restructuring expense incurred through March 31, 2026 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$131 $49 $180 
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $160 million to $175 million for the MA segment and $65 million to $75 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 9.

Consolidated Revenue Information by Geographic Area
Three Months Ended March 31,
20262025
United States$1,180 $1,065 
Non-U.S.:
EMEA615 569 
Asia-Pacific177 167 
Americas107 123 
Total Non-U.S.899 859 
Total$2,079 $1,924 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Robert Fauber [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 367 days
Richard Steele [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 267 days
v3.26.1
Description of Business and Basis of Presentation - (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU No. 2024-03"). The amendments in this ASU require more detailed disclosures about specific expense categories in the notes to financial statements (including employee compensation, depreciation and intangible asset amortization) and apply to both interim and annual reporting periods. ASU No. 2024-03 also requires disclosure of total selling expenses for both interim and annual reporting periods, with an additional requirement to provide an entity’s definition of selling expenses in annual reporting. This ASU is effective in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively for annual and interim reporting periods beginning after the aforementioned effective dates or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In September 2025, the FASB issued ASU 2025-06 "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU No. 2025-06"). This ASU eliminates prescriptive software development stages and requires capitalization of software costs when (1) management commits to funding the project, and (2) completion and intended use are probable, with consideration to when significant uncertainty associated with the development activities of the software no longer exists. This ASU also clarifies the disclosure requirements for internal-use software costs and supersedes prior guidance on website development costs. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may transition using prospective, modified prospective, or retrospective approaches. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
v3.26.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended March 31,
20262025
MA:
Decision Solutions (DS)
Banking$133 $141 
Insurance181 163 
KYC118 101 
Total DS432 405 
Research and Insights (R&I)255 236 
Data and Information (D&I)239 218 
Total external revenue926 859 
Intersegment revenue3 3 
Total MA929 862 
MIS:
Corporate Finance (CFG)
Investment-grade220 165 
High-yield88 67 
Bank loans139 160 
Other accounts (1)
186 172 
Total CFG633 564 
Structured Finance (SFG)
Asset-backed securities38 35 
RMBS32 26 
CMBS22 28 
Structured credit44 48 
Other accounts1 1 
Total SFG137 138 
Financial Institutions (FIG)
Banking134 130 
Insurance38 45 
Managed investments18 13 
Other accounts4 3 
Total FIG194 191 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign74 72 
Project and infrastructure102 91 
Total PPIF176 163 
Total ratings revenue1,140 1,056 
MIS Other13 9 
Total external revenue1,153 1,065 
Intersegment revenue51 49 
Total MIS1,204 1,114 
Eliminations(54)(52)
Total MCO$2,079 $1,924 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following tables present the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$175 $257 $432 $167 $238 $405 
Research and Insights138 117 255 128 108 236 
Data and Information86 153 239 80 138 218 
Total MA399 527 926 375 484 859 
MIS:
Corporate Finance472 161 633 391 173 564 
Structured Finance94 43 137 100 38 138 
Financial Institutions102 92 194 95 96 191 
Public, Project and Infrastructure Finance112 64 176 104 59 163 
Total ratings revenue780 360 1,140 690 366 1,056 
MIS Other1 12 13 — 9 9 
Total MIS781 372 1,153 690 375 1,065 
Total MCO$1,180 $899 $2,079 $1,065 $859 $1,924 
The following tables summarize the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20262025
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$6 $127 $133 $26 $115 $141 
5 %95 %100 %18 %82 %100 %
Insurance
$4 $177 $181 $6 $157 $163 
2 %98 %100 %4 %96 %100 %
KYC
$0 $118 $118 $0 $101 $101 
— %100 %100 %— 100 %100 %
 Total Decision Solutions
$10 $422 $432 $32 $373 $405 
2 %98 %100 %8 %92 %100 %
Research and Insights$3 $252 $255 $3 $233 $236 
1 %99 %100 %1 %99 %100 %
Data and Information$4 $235 $239 $2 $216 $218 
2 %98 %100 %1 %99 %100 %
Total MA (1)
$17 $909 $926 $37 $822 $859 
2 %98 %100 %4 %96 %100 %
Corporate Finance$484 $149 $633 $427 $137 $564 
76 %24 %100 %76 %24 %100 %
Structured Finance$74 $63 $137 $78 $60 $138 
54 %46 %100 %57 %43 %100 %
Financial Institutions$105 $89 $194 $109 $82 $191 
54 %46 %100 %57 %43 %100 %
Public, Project and Infrastructure Finance$124 $52 $176 $116 $47 $163 
70 %30 %100 %71 %29 %100 %
MIS Other$3 $10 $13 $2 $7 $9 
23 %77 %100 %22 %78 %100 %
Total MIS$790 $363 $1,153 $732 $333 $1,065 
69 %31 %100 %69 %31 %100 %
Total Moody's Corporation$807 $1,272 $2,079 $769 $1,155 $1,924 
39 %61 %100 %40 %60 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.

The following tables present the timing of revenue recognition:
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $790 $816 $25 $732 $757 
Revenue recognized over time900 363 1,263 834 333 1,167 
Total$926 $1,153 $2,079 $859 $1,065 $1,924 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended March 31,
20262025
MA:
U.S.$399 $375 
Non-U.S.:
EMEA374 331 
Asia-Pacific92 88 
Americas61 65 
Total Non-U.S.527 484 
Total MA926 859 
MIS:
U.S.781 690 
Non-U.S.:
EMEA241 238 
Asia-Pacific85 79 
Americas46 58 
Total Non-U.S.372 375 
Total MIS1,153 1,065 
Total MCO$2,079 $1,924 
    
Three Months Ended March 31,
20262025
United States$1,180 $1,065 
Non-U.S.:
EMEA615 569 
Asia-Pacific177 167 
Americas107 123 
Total Non-U.S.899 859 
Total$2,079 $1,924 
Schedule of Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2026 and December 31, 2025:
As of March 31, 2026
As of December 31, 2025
MAMISMAMIS
Unbilled Receivables$99 $564 $106 $500 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
MAMISTotalMAMISTotal
Balance at December 31,$1,368 $270 $1,638 $1,243 $268 $1,511 
Changes in deferred revenue:
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(555)(95)(650)(492)(99)(591)
Increases due to amounts billable excluding amounts recognized as revenue during the period724 194 918 666 188 854 
Reclassification to liabilities held-for-sale (1)
$(9)— (9)— — — 
Increases due to acquisitions during the period— 1 1 15 — 15 
Effect of exchange rate changes(22)(2)(24)$30 $3 33 
Total changes in deferred revenue138 98 236 219 92 311 
Balance at March 31,
$1,506 $368 $1,874 $1,462 $360 $1,822 
Deferred revenue - current$1,504 $316 $1,820 $1,461 $304 $1,765 
Deferred revenue - non-current$2 $52 $54 $1 $56 $57 
(1) The 2026 reclassification to liabilities held-for-sale for the MA segment in the table above relates to the planned divestiture of the MA Regulatory Solutions business, more fully discussed in Note 11.
v3.26.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Cost and Associated Tax Benefit
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended March 31,
20262025
Stock-based compensation cost$57 $57 
Tax benefit$13 $12 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2026:
Expected dividend yield0.93 %
Expected stock volatility27 %
Risk-free interest rate3.74 %
Expected holding period5.7 years
Stock Option Exercises and Restricted Stock Vesting
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended March 31,
2026
2025
Exercise of stock options:
Proceeds from stock option exercises$8 $18 
Aggregate intrinsic value$9 $28 
Tax benefit realized upon exercise$2 $6 
Number of shares exercised (1)
— 0.1 
Vesting of restricted stock:
Fair value of shares vested$197 $229 
Tax benefit realized upon vesting$48 $56 
Number of shares vested0.4 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$72 $8 
Tax benefit realized upon vesting$12 $1 
Number of shares vested (2)
0.2 — 
(1) The number of shares exercised in 2026 was approximately 34 thousand.
(2) The number of shares vested in 2025 was approximately 15 thousand.
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20262025
Income taxes paid $115 $115 
v3.26.1
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20262025
Basic176.8 180.0 
Dilutive effect of shares issuable under stock-based compensation plans0.5 0.7 
Diluted177.3 180.7 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.5 0.4 
v3.26.1
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents and Investments
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2026
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$777 $— $777 $733 $41 $3 
Mutual funds$87 $9 $96 $— $— $96 
As of December 31, 2025
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,459 $— $1,459 $1,393 $64 $2 
Mutual funds$95 $13 $108 $— $— $108 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2026 and December 31, 2025. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months to 22 months at March 31, 2026 and 13 months to 22 months at December 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2026
As of December 31, 2025
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed— 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$1,750 $2,250 
The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
As of March 31, 2026
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€2,197 2.63%$2,353 4.11%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$3,907 —%$500 0.64%
Pay Fixed/Receive FixedS$389 —%HK$2,350 0.62%

As of December 31, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,997 2.48%$2,114 3.98%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$3,907 —%$500 0.64%
Pay Fixed/Receive FixedS$389 —%HK$2,350 0.62%
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20262025
Interest expense, net$(66)$(61)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(8)$(18)
Fair value changes on interest rate swapsInterest expense, net$(6)$37 
Fair value changes on hedged debtInterest expense, net$6 $(37)
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry
As of March 31, 2026 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
EUR/USD
HKD/USD
SGD/HKD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive) (1)
2027€530 $550 HK$— $— S$— HK$— 
2028588 600 — — — — 
2029573 614 — — — — 
2030662 700 — — — — 
2031481 500 — — — — 
2032481 500 3,907 500 389 2,350 
2033370 400 — — — — 
2036200 239 — — — — 
Total€3,885 $4,103 HK$3,907 $500 S$389 HK$2,350 
(1) € = euro, HK$ = Hong Kong dollar, S$ = Singapore dollar
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202620252026202520262025
Cross currency swaps$74 $(88)$— $— $14 $14 
Long-term debt21 (42)— — — — 
Total net investment hedges$95 $(130)$— $— $14 $14 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $— $— $— 
Interest rate contracts$— $— $(1)$— $— $— 
Total cash flow hedges$— $— $(1)$— $— $— 
Total$95 $(130)$(1)$— $14 $14 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2026December 31, 2025
Net investment hedges
Cross currency swaps$(87)$(161)
FX forwards29 29 
Long-term debt(41)(62)
Total net investment hedges$(99)$(194)
Cash flow hedges
Interest rate contracts$(41)$(42)
Cross currency swaps1 1 
Total cash flow hedges(40)(41)
Total net gain in AOCL$(139)$(235)
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20262025
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(34)$(41)$(231)$(194)$(500)$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
1 — (116)95 (20)— — 190 (130)60 
Amounts reclassified from AOCL— 1 — — 1 — — — — — 
Other comprehensive income (loss)
1 1 (116)95 (19)— — 190 (130)60 
Balance at March 31,
$(33)$(40)$(347)$(99)$(519)$(39)$(42)$(642)$145 $(578)
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2026December 31, 2025
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$1,205 £898 $693 £522 
Contracts to sell USD for JPY
$18 ¥2,900 $17 ¥2,700 
Contracts to sell USD for CAD
$60 C$81 $39 C$53 
Contracts to sell USD for SGD
$96 S$122 $39 S$50 
Contracts to sell USD for EUR
$376 €324 $107 €91 
Contracts to sell USD for INR
$26 ₹2,481 $26 ₹2,400 
Contracts to sell EUR for USD
€133 $154 €21 $25 
Contracts to sell AUD for USDA$4 $3 A$— 
$
— 
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20262025
FX forwardsOther non-operating income, net$(29)$18 
Total return swaps
Operating expense
$(2)$(2)
Total return swaps
SG&A expense
$(1)$(1)
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2026December 31, 2025
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$9 $— 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 9 
Total assets$9 $9 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$— $— 
Cross-currency swaps designated as net investment hedgesOther liabilities366 456 
Interest rate swaps designated as fair value hedgesOther liabilities90 84 
Total derivatives designated as accounting hedges456 540 
Non-derivatives designated as accounting hedges:
Debt designated as net investment hedge
Current portion of long-term debt
576 — 
Debt designated as net investment hedge
Long-term debt864 1,468 
Total non-derivatives designated as accounting hedges
1,440 1,468 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities25 — 
Total liabilities$1,921 $2,008 
v3.26.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2026
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
Additions/
adjustments (1)
— — — 26 — 26 26 — 26 
Foreign currency translation adjustments(60)— (60)(5)— (5)(65)— (65)
Adjustment to assets held-for-sale (2)
6 — 6 — — — 6 — 6 
Ending balance$5,943 $(12)$5,931 $404 $0 $404 $6,347 $(12)$6,335 
Year Ended December 31, 2025
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (3)
135 — 135 8 — 8 143 — 143 
Foreign currency translation adjustments334 — 334 (5)— (5)329 — 329 
Reclassification to assets held-for-sale (2)
(89)— (89)— — — (89)— (89)
Divestiture of business (4)
(9)— (9)— — — (9)— (9)
Ending balance$5,997 $(12)$5,985 $383 $0 $383 $6,380 $(12)$6,368 
(1) The 2026 additions relate to the acquisitions of Fintellix and MERIS in 2026.
(2) The 2025 and 2026 reclassifications and adjustments to assets held-for-sale for the MA segment in the table above relate to the planned divestiture of the MA Regulatory Solutions business more fully discussed in Note 11.
(3) The 2025 additions/adjustments primarily relate to the acquisition of CAPE Analytics and ICR Chile in 2025.
(4) The 2025 divestiture of business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
March 31,
2026		December 31,
2025
Customer relationships$2,150 $2,165 
Accumulated amortization(741)(724)
Net customer relationships1,409 1,441 
Software/product technology769 774 
Accumulated amortization(540)(526)
Net software/product technology229 248 
Database163 164 
Accumulated amortization(106)(103)
Net database57 61 
Trade names199 201 
Accumulated amortization(98)(96)
Net trade names101 105 
Other (1)
64 64 
Accumulated amortization(55)(53)
Net other9 11 
Total acquired intangible assets, net
$1,805 $1,866 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20262025
Amortization expense
$53 $53 
v3.26.1
RESTRUCTURING (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20262025
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$25 $31 $171 
Real estate related costs (2)
1 2 5 
Internally developed software-related charges (3)
1 — 4 
Total Restructuring$27 $33 $180 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the incremental amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(3) Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.
The table below shows cumulative restructuring expense incurred through March 31, 2026 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$131 $49 $180 
Changes to the Restructuring Liability
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2025
$41 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments25 
Cash payments
(20)
Balance as of March 31, 2026 (1)
$46 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
v3.26.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The tables below present information about items that are carried at fair value at March 31, 2026 and December 31, 2025:
Fair Value Measurement as of March 31, 2026
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$9 $— $9 
Money market funds/mutual funds
173 173 — 
Total$182 $173 $9 
Liabilities:
Derivatives (1)
$481 $— $481 
Total$481 $— $481 
Fair Value Measurement as of December 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$9 $— $9 
Money market funds/mutual funds
113 113 — 
Total$122 $113 $9 
Liabilities:
Derivatives (1)
$540 $— $540 
Total$540 $— $540 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 to the consolidated financial statements.
v3.26.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Other Balance Sheet And Statement Of Operations Information [Abstract]  
Additional Details Related to Certain Balance Sheet Captions
The following tables contain additional detail related to certain balance sheet captions:
March 31, 2026December 31, 2025
Other current assets:
Prepaid taxes$99 $139 
Prepaid expenses214 184 
Capitalized costs to obtain and fulfill sales contracts149 143 
Foreign exchange forwards on certain assets and liabilities— 9 
Interest receivable on interest rate and cross currency swaps53 95 
Assets held-for-sale
101 98 
Other44 46 
Total other current assets$660 $714 
Other assets:
Investments in non-consolidated affiliates$495 $489 
Deposits for real-estate leases16 16 
Indemnification assets related to acquisitions36 35 
Mutual funds, certificates of deposit and money market deposit accounts/funds
99 110 
Company owned life insurance (at contract value)50 50 
Capitalized costs to obtain sales contracts
267 253 
Derivative instruments designated as accounting hedges9 — 
Pension and other retirement employee benefits77 74 
Other67 74 
Total other assets$1,116 $1,101 
Accounts payable and accrued liabilities:
Salaries and benefits$170 $126 
Incentive compensation111 390 
Customer credits, advanced payments and advanced billings147 163 
Dividends7 8 
Professional service fees49 49 
Interest accrued on debt
42 86 
Accounts payable97 62 
Income taxes169 146 
Reserve for international non-income tax obligation
53 — 
Pension and other retirement employee benefits10 9 
Accrued royalties23 20 
Foreign exchange forwards on certain assets and liabilities25 — 
Restructuring liability46 41 
Interest payable on interest rate and cross currency swaps40 66 
Liabilities held-for-sale
47 36 
Other117 102 
Total accounts payable and accrued liabilities$1,153 $1,304 
March 31, 2026December 31, 2025
Other liabilities:
Pension and other retirement employee benefits$209 $216 
Interest accrued on UTPs46 43 
MAKS indemnification provisions19 19 
Derivative instruments designated as accounting hedges456 540 
Other44 41 
Total other liabilities$774 $859 
Investments in and Advances to Affiliates
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
March 31, 2026December 31, 2025
Equity method investments (1)
$126 $121 
Investments measured using the measurement alternative (2)
349 350 
Other20 18 
Total investments in non-consolidated affiliates$495 $489 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Other Non-Operating
The following table summarizes the components of other non-operating income, net:
Three Months Ended March 31,
20262025
FX losses
$(6)$(5)
Net periodic pension income - non-service and non-interest cost components
9 9 
Income from investments in non-consolidated affiliates14 11 
Gain on investments
3 3 
Other
(6)1 
Total$14 $19 
v3.26.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2026December 31, 2025
Net investment hedges
Cross currency swaps$(87)$(161)
FX forwards29 29 
Long-term debt(41)(62)
Total net investment hedges$(99)$(194)
Cash flow hedges
Interest rate contracts$(41)$(42)
Cross currency swaps1 1 
Total cash flow hedges(40)(41)
Total net gain in AOCL$(139)$(235)
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20262025
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(34)$(41)$(231)$(194)$(500)$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
1 — (116)95 (20)— — 190 (130)60 
Amounts reclassified from AOCL— 1 — — 1 — — — — — 
Other comprehensive income (loss)
1 1 (116)95 (19)— — 190 (130)60 
Balance at March 31,
$(33)$(40)$(347)$(99)$(519)$(39)$(42)$(642)$145 $(578)
v3.26.1
INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
March 31, 2026
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(19)$3 $(4)$580 
1.75% 2015 Senior Notes, due 2027
576 — — — 576 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (20)(1)(1)378 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
864 — (1)(2)861 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (6)(5)489 
3.75% 2022 Senior Notes, due 2052
500 (27)(8)(4)461 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,140 $(90)$(47)$(40)$6,963 
Current portion(576)
Total long-term debt$6,387 

December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(18)$3 $(4)$581 
1.75% 2015 Senior Notes, due 2027
587 — — — 587 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (19)(1)(1)379 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
881 — (2)(3)876 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (23)(8)(4)465 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,168 $(84)$(49)$(41)$6,994 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2026 (After March 31,)
$— 
2027576 
2028500 
2029400 
2030864 
Thereafter4,800 
Total$7,140 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended March 31,
20262025
Income$12 $24 
Expense on borrowings(1)
(55)(72)
Expense on UTPs and other tax related liabilities(2)
(16)(6)
Net periodic pension costs - interest component(7)(7)
Interest expense, net$(66)$(61)
Interest paid(3)
$78 $91 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 7.
(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.
(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 7.
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of March 31, 2026 and December 31, 2025 are as follows:
March 31, 2026December 31, 2025
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,963 $6,095 $6,994 $6,245 
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended March 31,
20262025
Operating lease cost$23 $22 
Sublease income(2)(2)
Variable lease cost6 4 
Total lease cost$27 $24 
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of operating lease liabilities$26 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$19 $21 
March 31, 2026March 31, 2025
Weighted-average remaining lease term
6.7 years3.7 years
Weighted-average discount rate applied to operating leases
4.7 %3.2 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2026:
Year Ending December 31,Operating Leases
2026 (After March 31,)
$76 
202790 
202835 
202939 
203034 
After 2030147 
Total lease payments (undiscounted)421 
Less: Interest71 
Present value of lease liabilities:$350 
Lease liabilities - current$94 
Lease liabilities - noncurrent$256 
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended March 31,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$926 $1,153 $— $2,079 $859 $1,065 $— $1,924 
Intersegment revenue3 51 (54)— 3 49 (52)— 
Revenue929 1,204 (54)2,079 862 1,114 (52)1,924 
Compensation expense
374 307 — 681 362 280 — 642 
Non-compensation expense
202 91 — 293 192 96 — 288 
Intersegment expense
51 3 (54)— 49 3 (52)— 
Total
627 401 (54)974 603 379 (52)930 
Adjusted Operating Income$302 $803 $— $1,105 $259 $735 $— $994 
Less:

Depreciation and
amortization		100 22 — 122 94 19 — 113 
Restructuring20 7 — 27 26 7 — 33 
Reserve for international non-income tax obligation
34 — — 34 — — — — 
Charges related to asset abandonment— — — — 2 — — 2 
Operating Income$922 $846 
Non-operating (expense) income, net
$(52)$(42)
Income before provision for income taxes
$870 $804 
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20262025
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$25 $31 $171 
Real estate related costs (2)
1 2 5 
Internally developed software-related charges (3)
1 — 4 
Total Restructuring$27 $33 $180 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the incremental amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(3) Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.
The table below shows cumulative restructuring expense incurred through March 31, 2026 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$131 $49 $180 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended March 31,
20262025
MA:
U.S.$399 $375 
Non-U.S.:
EMEA374 331 
Asia-Pacific92 88 
Americas61 65 
Total Non-U.S.527 484 
Total MA926 859 
MIS:
U.S.781 690 
Non-U.S.:
EMEA241 238 
Asia-Pacific85 79 
Americas46 58 
Total Non-U.S.372 375 
Total MIS1,153 1,065 
Total MCO$2,079 $1,924 
    
Three Months Ended March 31,
20262025
United States$1,180 $1,065 
Non-U.S.:
EMEA615 569 
Asia-Pacific177 167 
Americas107 123 
Total Non-U.S.899 859 
Total$2,079 $1,924 
v3.26.1
Description of Business and Basis of Presentation - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.26.1
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 2,079 $ 1,924
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue (54) (52)
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue (54) (52)
MA    
Disaggregation of Revenue [Line Items]    
Revenue 926 859
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 929 862
MA | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 3 3
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 432 405
MA | Decision Solutions (DS) | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 133 141
MA | Decision Solutions (DS) | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 181 163
MA | Decision Solutions (DS) | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 118 101
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 255 236
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 239 218
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 1,153 1,065
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,204 1,114
MIS | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 51 49
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 633 564
MIS | Corporate Finance (CFG) | Investment-grade | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 220 165
MIS | Corporate Finance (CFG) | High-yield | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 88 67
MIS | Corporate Finance (CFG) | Bank loans | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 139 160
MIS | Corporate Finance (CFG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 186 172
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 137 138
MIS | Structured Finance (SFG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1 1
MIS | Structured Finance (SFG) | Asset-backed securities | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 38 35
MIS | Structured Finance (SFG) | RMBS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 32 26
MIS | Structured Finance (SFG) | CMBS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 22 28
MIS | Structured Finance (SFG) | Structured credit | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 44 48
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 194 191
MIS | Financial Institutions (FIG) | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 38 45
MIS | Financial Institutions (FIG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 4 3
MIS | Financial Institutions (FIG) | Banking | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 134 130
MIS | Financial Institutions (FIG) | Managed investments | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 18 13
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 176 163
MIS | Public, Project and Infrastructure Finance (PPIF) | Public finance / sovereign | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 74 72
MIS | Public, Project and Infrastructure Finance (PPIF) | Project and infrastructure | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 102 91
MIS | Total ratings revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,140 1,056
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 13 $ 9
v3.26.1
Revenues - Revenues Disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 2,079 $ 1,924
United States    
Disaggregation of Revenue [Line Items]    
Revenue 1,180 1,065
Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 899 859
MA    
Disaggregation of Revenue [Line Items]    
Revenue 926 859
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 929 862
MA | United States    
Disaggregation of Revenue [Line Items]    
Revenue 399 375
MA | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 399 375
MA | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 527 484
MA | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 527 484
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 432 405
MA | Decision Solutions (DS) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 175 167
MA | Decision Solutions (DS) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 257 238
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 255 236
MA | Research and Insights (R&I) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 138 128
MA | Research and Insights (R&I) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 117 108
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 239 218
MA | Data and Information (D&I) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 86 80
MA | Data and Information (D&I) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 153 138
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 1,153 1,065
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,204 1,114
MIS | United States    
Disaggregation of Revenue [Line Items]    
Revenue 781 690
MIS | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 781 690
MIS | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 372 375
MIS | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 372 375
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 633 564
MIS | Corporate Finance (CFG) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 472 391
MIS | Corporate Finance (CFG) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 161 173
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 137 138
MIS | Structured Finance (SFG) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 94 100
MIS | Structured Finance (SFG) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 43 38
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 194 191
MIS | Financial Institutions (FIG) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 102 95
MIS | Financial Institutions (FIG) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 92 96
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 176 163
MIS | Public, Project and Infrastructure Finance (PPIF) | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 112 104
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 64 59
MIS | Total ratings revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,140 1,056
MIS | Total ratings revenue | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 780 690
MIS | Total ratings revenue | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 360 366
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 13 9
MIS | MIS Other | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1 0
MIS | MIS Other | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 12 $ 9
v3.26.1
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 2,079 $ 1,924
MA    
Segment Reporting Information [Line Items]    
Revenue 926 859
MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 929 862
MIS    
Segment Reporting Information [Line Items]    
Revenue 1,153 1,065
MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,204 1,114
United States    
Segment Reporting Information [Line Items]    
Revenue 1,180 1,065
United States | MA    
Segment Reporting Information [Line Items]    
Revenue 399 375
United States | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 399 375
United States | MIS    
Segment Reporting Information [Line Items]    
Revenue 781 690
United States | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 781 690
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 899 859
Non-U.S. | MA    
Segment Reporting Information [Line Items]    
Revenue 527 484
Non-U.S. | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 527 484
Non-U.S. | MIS    
Segment Reporting Information [Line Items]    
Revenue 372 375
Non-U.S. | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 372 375
EMEA    
Segment Reporting Information [Line Items]    
Revenue 615 569
EMEA | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 374 331
EMEA | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 241 238
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 177 167
Asia-Pacific | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 92 88
Asia-Pacific | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 85 79
Americas    
Segment Reporting Information [Line Items]    
Revenue 107 123
Americas | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 61 65
Americas | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue $ 46 $ 58
v3.26.1
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 2,079 $ 1,924
Percentage of revenues 100.00% 100.00%
Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 807 $ 769
Percentage of revenues 39.00% 40.00%
Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,272 $ 1,155
Percentage of revenues 61.00% 60.00%
MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 926 $ 859
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 929 $ 862
Percentage of revenues 100.00% 100.00%
MA | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 133 $ 141
Percentage of revenues 100.00% 100.00%
MA | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 181 $ 163
Percentage of revenues 100.00% 100.00%
MA | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 118 $ 101
Percentage of revenues 100.00% 100.00%
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 432 $ 405
Percentage of revenues 100.00% 100.00%
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 255 $ 236
Percentage of revenues 100.00% 100.00%
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 239 $ 218
Percentage of revenues 100.00% 100.00%
MA | Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 17 $ 37
MA | Transaction Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 2.00% 4.00%
MA | Transaction Revenue | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 6 $ 26
Percentage of revenues 5.00% 18.00%
MA | Transaction Revenue | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 4 $ 6
Percentage of revenues 2.00% 4.00%
MA | Transaction Revenue | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 0
Percentage of revenues 0.00% 0.00%
MA | Transaction Revenue | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 10 $ 32
Percentage of revenues 2.00% 8.00%
MA | Transaction Revenue | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 3 $ 3
Percentage of revenues 1.00% 1.00%
MA | Transaction Revenue | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 4 $ 2
Percentage of revenues 2.00% 1.00%
MA | Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 909 $ 822
MA | Recurring Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 98.00% 96.00%
MA | Recurring Revenue | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 127 $ 115
Percentage of revenues 95.00% 82.00%
MA | Recurring Revenue | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 177 $ 157
Percentage of revenues 98.00% 96.00%
MA | Recurring Revenue | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 118 $ 101
Percentage of revenues 100.00% 100.00%
MA | Recurring Revenue | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 422 $ 373
Percentage of revenues 98.00% 92.00%
MA | Recurring Revenue | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 252 $ 233
Percentage of revenues 99.00% 99.00%
MA | Recurring Revenue | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 235 $ 216
Percentage of revenues 98.00% 99.00%
MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,153 $ 1,065
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,204 $ 1,114
Percentage of revenues 100.00% 100.00%
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 633 $ 564
Percentage of revenues 100.00% 100.00%
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 137 $ 138
Percentage of revenues 100.00% 100.00%
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 194 $ 191
Percentage of revenues 100.00% 100.00%
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 176 $ 163
Percentage of revenues 100.00% 100.00%
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 13 $ 9
Percentage of revenues 100.00% 100.00%
MIS | Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 790 $ 732
MIS | Transaction Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 69.00% 69.00%
MIS | Transaction Revenue | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 484 $ 427
Percentage of revenues 76.00% 76.00%
MIS | Transaction Revenue | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 74 $ 78
Percentage of revenues 54.00% 57.00%
MIS | Transaction Revenue | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 105 $ 109
Percentage of revenues 54.00% 57.00%
MIS | Transaction Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 124 $ 116
Percentage of revenues 70.00% 71.00%
MIS | Transaction Revenue | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 3 $ 2
Percentage of revenues 23.00% 22.00%
MIS | Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 363 $ 333
MIS | Recurring Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 31.00% 31.00%
MIS | Recurring Revenue | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 149 $ 137
Percentage of revenues 24.00% 24.00%
MIS | Recurring Revenue | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 63 $ 60
Percentage of revenues 46.00% 43.00%
MIS | Recurring Revenue | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 89 $ 82
Percentage of revenues 46.00% 43.00%
MIS | Recurring Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 52 $ 47
Percentage of revenues 30.00% 29.00%
MIS | Recurring Revenue | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 10 $ 7
Percentage of revenues 77.00% 78.00%
v3.26.1
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 2,079 $ 1,924
At Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 816 757
Over Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,263 1,167
MA    
Disaggregation of Revenue [Line Items]    
Revenue recognized 926 859
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 929 862
MA | At Point in Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 26 25
MA | Over Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 900 834
MIS    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,153 1,065
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,204 1,114
MIS | At Point in Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 790 732
MIS | Over Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 363 $ 333
v3.26.1
Revenues - Unbilled Receivables (Detail) - Accounts Receivable - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 99 $ 106
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 564 $ 500
v3.26.1
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance $ 1,638 $ 1,511  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (650) (591)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 918 854  
Reclassification to liabilities held-for-sale (9) 0  
Increases due to acquisitions during the period 1 15  
Effect of exchange rate changes (24) 33  
Total changes in deferred revenue 236 311  
Ending Balance 1,874 1,822  
Deferred revenue 1,820 1,765 $ 1,582
Non-current portion of deferred revenue 54 57 $ 56
MA      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 1,368 1,243  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (555) (492)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 724 666  
Reclassification to liabilities held-for-sale (9) 0  
Increases due to acquisitions during the period 0 15  
Effect of exchange rate changes (22) 30  
Total changes in deferred revenue 138 219  
Ending Balance 1,506 1,462  
Deferred revenue 1,504 1,461  
Non-current portion of deferred revenue 2 1  
MIS      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 270 268  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (95) (99)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 194 188  
Reclassification to liabilities held-for-sale 0 0  
Increases due to acquisitions during the period 1 0  
Effect of exchange rate changes (2) 3  
Total changes in deferred revenue 98 92  
Ending Balance 368 360  
Deferred revenue 316 304  
Non-current portion of deferred revenue $ 52 $ 56  
v3.26.1
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 4,900
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 55.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 2 years
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 83
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 55.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
v3.26.1
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]    
Stock-based compensation cost $ 57 $ 57
Tax benefit $ 13 $ 12
v3.26.1
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.1
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 133.17
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.5
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 443.84
Award vesting period 4 years
Unrecognized compensation expense | $ $ 412
Weighted average period to recognize expense 2 years 9 months 18 days
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
Unrecognized compensation expense | $ $ 16
Weighted average period to recognize expense 2 years 1 month 6 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.1
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 431.10
Award vesting period 3 years
Unrecognized compensation expense | $ $ 70
Weighted average period to recognize expense 2 years 2 months 12 days
v3.26.1
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail) - Share-Based Payment Arrangement
 3 Months Ended
Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.93%
Expected stock volatility 27.00%
Risk-free interest rate 3.74%
Expected holding period 5 years 8 months 12 days
v3.26.1
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 8 $ 18
Aggregate intrinsic value 9 28
Tax benefit realized upon exercise $ 2 $ 6
Number of shares exercised (shares) 0 100
Number of shares vested (shares)   15
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 197 $ 229
Tax benefit realized upon vesting $ 48 $ 56
Number of shares vested (shares) 400 500
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 72 $ 8
Tax benefit realized upon vesting $ 12 $ 1
Number of shares vested (shares) 200 0
Exercised (in shares) 34  
v3.26.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Examination [Line Items]    
Effective tax rate (percent) 24.00% 22.30%
Income tax, increase (decrease) percentage 1.70%  
Excess tax benefits from stock compensation $ 18  
Unrecognized tax benefits, period increase (decrease) 6  
Unrecognized tax benefits, period increase (decrease), net of federal tax benefits $ 5  
Income tax examination, description Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2022 through 2024 remain open to examination. Currently, the Company's New York State tax returns for 2022 through 2024 are under examination. Additionally, New York City tax returns for the years 2018 through 2022 are also under examination, while returns for 2023 and 2024 are open for examination. Furthermore, the Company's U.K. corporate income tax returns are under audit for the years 2017 through 2023, with the 2024 return still open for examination.  
v3.26.1
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income taxes paid $ 115 $ 115
v3.26.1
Reconciliation of Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Basic (in shares) 176.8 180.0
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 0.5 0.7
Diluted (in shares) 177.3 180.7
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above (in shares) 0.5 0.4
v3.26.1
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 1,469 $ 2,384
Short-term investments 41 64
Other assets 1,116 1,101
Certificates of deposit and money market deposit accounts/funds    
Cash and Cash Equivalents [Line Items]    
Cost 777 1,459
Gains/(Losses) 0 0
Fair Value 777 1,459
Cash and cash equivalents 733 1,393
Short-term investments 41 64
Other assets 3 2
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 87 95
Gains/(Losses) 9 13
Fair Value 96 108
Cash and cash equivalents 0 0
Short-term investments 0 0
Other assets $ 96 $ 108
v3.26.1
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts/funds
Mar. 31, 2026
Dec. 31, 2025
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month  
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months  
Other assets | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 14 months 13 months
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 22 months 22 months
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.26.1
Cash Equivalents and Investments (Narrative) (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]    
Company owned life insurance (at contract value) $ 50 $ 50
v3.26.1
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Notional Amount $ 1,750 $ 2,250
2014 Senior Notes due 2044    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2017 Senior Notes due 2028    
Derivative [Line Items]    
Notional Amount $ 0 $ 500
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2029    
Derivative [Line Items]    
Notional Amount $ 400 $ 400
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2048    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2052    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2032    
Derivative [Line Items]    
Notional Amount $ 250 $ 250
Floating Interest Rate SOFR SOFR
v3.26.1
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Interest Rate Swaps Designated in Fair Value Hedge (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Interest expense, net $ (66) $ (61)
Designated as Hedging Instrument | Interest Rate Swap | Net interest settlements and accruals on interest rate swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Net interest settlements and accruals on interest rate swaps (8) (18)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value changes on interest rate swaps (6) 37
Fair value changes on hedged debt $ 6 $ (37)
v3.26.1
Derivative Instruments And Hedging Activities - Additional Information (Detail)
€ in Millions, $ in Millions
Mar. 31, 2026
USD ($)
Mar. 31, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Not Designated as Accounting Hedges | Total return swaps      
Derivative [Line Items]      
Notional Amount | $ $ 68   $ 72
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 500  
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 750  
v3.26.1
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail)
€ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Mar. 31, 2026
HKD ($)
Mar. 31, 2026
SGD ($)
Mar. 31, 2026
GBP (£)
Mar. 31, 2026
JPY (¥)
Mar. 31, 2026
CAD ($)
Mar. 31, 2026
INR (₨)
Mar. 31, 2026
AUD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
SGD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2025
CAD ($)
Dec. 31, 2025
INR (₨)
Dec. 31, 2025
AUD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Contracts to sell USD for GBP | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount $ 1,205 $ 693       £ 898               £ 522            
Contracts to sell USD for JPY | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 18 17         ¥ 2,900               ¥ 2,700          
Contracts to sell USD for CAD | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 60 39           $ 81               $ 53        
Contracts to sell USD for SGD | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 96 39     $ 122               $ 50              
Contracts to sell USD for EUR | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 376 107 € 324               € 91                  
Contracts to sell USD for INR | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 26 26             ₨ 2,481               ₨ 2,400      
Contracts to sell EUR for USD | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount 154 25 133               € 21                  
Contracts to sell USD for AUD | Not Designated as Accounting Hedges                                        
Derivative [Line Items]                                        
Notional Amount $ 3 $ 0               $ 4               $ 0    
Currency Paid | Cross currency swaps | Net Investment Hedging | Fixed Pay Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount | €     € 2,197                                 € 1,997
Weighted Average Interest Rate 2.63%   2.63% 2.63% 2.63% 2.63% 2.63% 2.63% 2.63% 2.63%                 2.48% 2.48%
Currency Paid | Cross currency swaps | Net Investment Hedging | Based on ESTR                                        
Derivative [Line Items]                                        
Notional Amount | €     € 1,688                                 € 1,688
Floating Interest Rate Based on ESTR Based on ESTR                                    
Currency Paid | Currency Swap Two | Net Investment Hedging | Fixed Pay Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount       $ 3,907               $ 3,907                
Currency Paid | Currency Swap Three | Net Investment Hedging | Fixed Pay Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount         $ 389               $ 389              
Currency Received | Cross currency swaps | Net Investment Hedging | Fixed Received Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount $ 2,353                                   $ 2,114  
Weighted Average Interest Rate 4.11%   4.11% 4.11% 4.11% 4.11% 4.11% 4.11% 4.11% 4.11%                 3.98% 3.98%
Currency Received | Cross currency swaps | Net Investment Hedging | Based on SOFR                                        
Derivative [Line Items]                                        
Notional Amount $ 1,750                                   $ 1,750  
Floating Interest Rate Based on SOFR Based on SOFR                                    
Currency Received | Currency Swap Two | Net Investment Hedging | Fixed Received Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount $ 500 $ 500                                    
Weighted Average Interest Rate 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64% 0.64%    
Currency Received | Currency Swap Three | Net Investment Hedging | Fixed Received Weighted Average Interest Rate                                        
Derivative [Line Items]                                        
Notional Amount       $ 2,350               $ 2,350                
Weighted Average Interest Rate 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62% 0.62%    
v3.26.1
Derivative Instruments And Hedging Activities - Schedule of Notional Amount of Net Investment Hedges (Detail) - Mar. 31, 2026 - Designated as Hedging Instrument
€ in Millions, $ in Millions, $ in Millions, $ in Millions
USD ($)
EUR (€)
HKD ($)
SGD ($)
Net Investment Hedging | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 3,885    
Net Investment Hedging | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount $ 4,103      
Net Investment Hedging | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     $ 3,907  
Net Investment Hedging | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 500      
Net Investment Hedging | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       $ 389
Net Investment Hedging | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     2,350  
2027 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   530    
2027 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 550      
2027 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2027 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2027 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2027 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2028 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   588    
2028 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 600      
2028 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2028 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2028 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2028 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2029 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   573    
2029 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 614      
2029 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2029 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2029 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2029 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2030 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   662    
2030 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 700      
2030 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2030 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2030 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2030 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2031 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   481    
2031 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 500      
2031 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2031 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2031 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2031 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2032 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   481    
2032 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 500      
2032 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     3,907  
2032 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 500      
2032 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       389
2032 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     2,350  
2033 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   370    
2033 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 400      
2033 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2033 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount 0      
2033 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       0
2033 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     0  
2036 | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 200    
2036 | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 239      
2036 | Currency Swap Two | Currency Paid        
Derivative [Line Items]        
Notional Amount     0  
2036 | Currency Swap Two | Currency Received        
Derivative [Line Items]        
Notional Amount $ 0      
2036 | Currency Swap Three | Currency Paid        
Derivative [Line Items]        
Notional Amount       $ 0
2036 | Currency Swap Three | Currency Received        
Derivative [Line Items]        
Notional Amount     $ 0  
v3.26.1
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ 95 $ (130)
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14
Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 95 (130)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14
Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0
Cross currency swaps | Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 74 (88)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14
Cross currency swaps | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0
Long-term debt | Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 21 (42)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0
Interest rate contracts | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0
v3.26.1
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ (519) $ (500)
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (139) (235)
Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (99) (194)
Net Investment Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (87) (161)
Net Investment Hedging | FX forwards | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 29 29
Net Investment Hedging | Long-term debt | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (41) (62)
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (40) (41)
Cash Flow Hedging | Interest rate contracts | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (41) (42)
Cash Flow Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ 1 $ 1
v3.26.1
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
€ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions
Mar. 31, 2026
USD ($)
Mar. 31, 2026
EUR (€)
Mar. 31, 2026
SGD ($)
Mar. 31, 2026
GBP (£)
Mar. 31, 2026
JPY (¥)
Mar. 31, 2026
CAD ($)
Mar. 31, 2026
INR (₨)
Mar. 31, 2026
AUD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
SGD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2025
CAD ($)
Dec. 31, 2025
INR (₨)
Dec. 31, 2025
AUD ($)
Contracts to sell USD for GBP                                
Derivative [Line Items]                                
Notional Amount $ 1,205     £ 898         $ 693     £ 522        
Contracts to sell USD for JPY                                
Derivative [Line Items]                                
Notional Amount 18       ¥ 2,900       17       ¥ 2,700      
Contracts to sell USD for CAD                                
Derivative [Line Items]                                
Notional Amount 60         $ 81     39         $ 53    
Contracts to sell USD for SGD                                
Derivative [Line Items]                                
Notional Amount 96   $ 122           39   $ 50          
Contracts to sell USD for EUR                                
Derivative [Line Items]                                
Notional Amount 376 € 324             107 € 91            
Contracts to sell USD for INR                                
Derivative [Line Items]                                
Notional Amount 26           ₨ 2,481   26           ₨ 2,400  
Contracts to sell EUR for USD                                
Derivative [Line Items]                                
Notional Amount 154 € 133             25 € 21            
Contracts to sell USD for AUD                                
Derivative [Line Items]                                
Notional Amount $ 3             $ 4 $ 0             $ 0
v3.26.1
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - Not Designated as Accounting Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other non-operating income, net | FX forwards    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income $ (29) $ 18
Operating expense | Total return swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income (2) (2)
SG&A expense | Total return swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income $ (1) $ (1)
v3.26.1
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Assets $ 9 $ 9
Liabilities 1,921 2,008
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liabilities 456 540
Designated as Hedging Instrument | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,440 1,468
Designated as Hedging Instrument | Current portion of long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 576 0
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 864 1,468
Designated as Hedging Instrument | Cross currency swaps | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 9 0
Designated as Hedging Instrument | Cross currency swaps | Accounts payable and accrued liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 0 0
Designated as Hedging Instrument | Cross currency swaps | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 366 456
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 90 84
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 0 9
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 25 $ 0
v3.26.1
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Beginning balance, goodwill gross $ 6,380 $ 6,006
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 6,368 5,994
Additions/ adjustments 26 143
Foreign currency translation adjustments (65) 329
Divestiture of business   9
Ending balance, goodwill gross 6,347 6,380
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 6,335 6,368
Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held for sale 6 (89)
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 5,997 5,626
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 5,985 5,614
Additions/ adjustments 0 135
Foreign currency translation adjustments (60) 334
Divestiture of business   9
Ending balance, goodwill gross 5,943 5,997
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,931 5,985
MA | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held for sale 6 (89)
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 383 380
Beginning balance, Accumulated impairment charge 0 0
Beginning balance, goodwill net 383 380
Additions/ adjustments 26 8
Foreign currency translation adjustments (5) (5)
Divestiture of business   0
Ending balance, goodwill gross 404 383
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net 404 383
MIS | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held for sale $ 0 $ 0
v3.26.1
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,805 $ 1,866
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 2,150 2,165
Accumulated amortization (741) (724)
Acquired intangible assets, net 1,409 1,441
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 769 774
Accumulated amortization (540) (526)
Acquired intangible assets, net 229 248
Database    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 163 164
Accumulated amortization (106) (103)
Acquired intangible assets, net 57 61
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 199 201
Accumulated amortization (98) (96)
Acquired intangible assets, net 101 105
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 64 64
Accumulated amortization (55) (53)
Acquired intangible assets, net $ 9 $ 11
v3.26.1
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 53 $ 53
v3.26.1
Restructuring - Additional Information (Detail) - Strategic and Operational Efficiency Restructuring Program - USD ($)
$ in Millions
 3 Months Ended 36 Months Ended
Dec. 19, 2024
Mar. 31, 2026
Dec. 31, 2027
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring   $ 20    
Remaining restructuring liability   46   $ 41
Minimum | Forecast        
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring     $ 210  
Minimum | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   210    
Minimum | Real Estate        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   5    
Minimum | Accelerated Amortization Charges Of Capitalized Software Assets        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   10    
Minimum | Estimated Annual Savings        
Restructuring Cost and Reserve [Line Items]        
Effect on future earnings, amount $ 250      
Maximum | Forecast        
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring     $ 230  
Maximum | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   230    
Maximum | Accelerated Amortization Charges Of Capitalized Software Assets        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   $ 15    
Maximum | Estimated Annual Savings        
Restructuring Cost and Reserve [Line Items]        
Effect on future earnings, amount $ 300      
v3.26.1
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring $ 27 $ 33
Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 27 33
Cost incurred to date 180  
Employee Severance And Other Restructuring Charges | Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 25 31
Cost incurred to date 171  
Real estate related costs | Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 1 2
Cost incurred to date 5  
Internally developed software-related charges | Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 1 $ 0
Cost incurred to date $ 4  
v3.26.1
Restructuring - Changes in Restructuring Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring, incurred cost, statement of income or comprehensive income Restructuring Charges
Strategic and Operational Efficiency Restructuring Program  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance $ 41
Cost incurred and adjustments 25
Cash payments (20)
Restructuring liability, ending balance $ 46
v3.26.1
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Total $ 182 $ 122
Liabilities:    
Total 481 540
Derivatives    
Assets:    
Derivatives 9 9
Liabilities:    
Derivatives 481 540
Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 173 113
Level 1    
Assets:    
Total 173 113
Liabilities:    
Total 0 0
Level 1 | Derivatives    
Assets:    
Derivatives 0 0
Liabilities:    
Derivatives 0 0
Level 1 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 173 113
Level 2    
Assets:    
Total 9 9
Liabilities:    
Total 481 540
Level 2 | Derivatives    
Assets:    
Derivatives 9 9
Liabilities:    
Derivatives 481  
Level 2 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds $ 0 $ 0
v3.26.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other current assets:    
Prepaid taxes $ 99 $ 139
Prepaid expenses 214 184
Capitalized costs to obtain and fulfill sales contracts 149 143
Foreign exchange forwards on certain assets and liabilities 0 9
Interest receivable on interest rate and cross currency swaps 53 95
Assets held-for-sale 101 98
Other 44 46
Total other current assets 660 714
Other assets:    
Investments in non-consolidated affiliates 495 489
Deposits for real-estate leases 16 16
Indemnification assets related to acquisitions 36 35
Mutual funds, certificates of deposit and money market deposit accounts/funds 99 110
Company owned life insurance (at contract value) 50 50
Capitalized costs to obtain sales contracts 267 253
Derivative instruments designated as accounting hedges 9 0
Pension and other retirement employee benefits 77 74
Other 67 74
Total other assets 1,116 1,101
Accounts payable and accrued liabilities:    
Salaries and benefits 170 126
Incentive compensation 111 390
Customer credits, advanced payments and advanced billings 147 163
Dividends 7 8
Professional service fees 49 49
Accounts payable 97 62
Income taxes 169 146
Reserve for international non-income tax obligation 53 0
Pension and other retirement employee benefits 10 9
Accrued royalties 23 20
Foreign exchange forwards on certain assets and liabilities 25 0
Restructuring liability 46 41
Liabilities held-for-sale 47 36
Other 117 102
Total accounts payable and accrued liabilities 1,153 1,304
Other liabilities:    
Pension and other retirement employee benefits 209 216
Interest accrued on UTPs 46 43
MAKS indemnification provisions 19 19
Derivative instruments designated as accounting hedges 456 540
Other 44 41
Total other liabilities 774 859
Swap    
Accounts payable and accrued liabilities:    
Interest accrued on debt 40 66
Debt    
Accounts payable and accrued liabilities:    
Interest accrued on debt $ 42 $ 86
v3.26.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Investments in Non-Consolidated Affiliates (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other Balance Sheet And Statement Of Operations Information [Abstract]    
Equity method investments $ 126 $ 121
Investments measured using the measurement alternative 349 350
Other 20 18
Total investments in non-consolidated affiliates $ 495 $ 489
v3.26.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Balance Sheet And Statement Of Operations Information [Abstract]    
FX loss $ (6) $ (5)
Net periodic pension income - non-service and non-interest cost components 9 9
Income from investments in non-consolidated affiliates 14 11
Gain on investments 3 3
Other (6) 1
Total $ 14 $ 19
v3.26.1
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 4,205 $ 3,727
Total other comprehensive (loss) income - Net of Tax (20) 57
Ending Balance 3,143 3,858
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (500) (638)
Other comprehensive income (loss) before reclassifications (20) 60
Amounts reclassified from AOCL 1 0
Total other comprehensive (loss) income - Net of Tax (19) 60
Ending Balance (519) (578)
Pension and Other Retirement Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (34) (39)
Other comprehensive income (loss) before reclassifications 1 0
Amounts reclassified from AOCL 0 0
Total other comprehensive (loss) income - Net of Tax 1 0
Ending Balance (33) (39)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (41) (42)
Other comprehensive income (loss) before reclassifications 0 0
Amounts reclassified from AOCL 1 0
Total other comprehensive (loss) income - Net of Tax 1 0
Ending Balance (40) (42)
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (231) (832)
Other comprehensive income (loss) before reclassifications (116) 190
Amounts reclassified from AOCL 0 0
Total other comprehensive (loss) income - Net of Tax (116) 190
Ending Balance (347) (642)
Net Investment Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (194) 275
Other comprehensive income (loss) before reclassifications 95 (130)
Amounts reclassified from AOCL 0 0
Total other comprehensive (loss) income - Net of Tax 95 (130)
Ending Balance $ (99) $ 145
v3.26.1
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Principal Amount $ 7,140 $ 7,168
Fair Value of Interest Rate Swap (90) (84)
Unamortized (Discount) Premium (47) (49)
Unamortized Debt Issuance Costs (40) (41)
Carrying Value $ 6,963 $ 6,994
5.25% 2014 Senior Notes, due 2044    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.25% 5.25%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap (19) (18)
Unamortized (Discount) Premium 3 3
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 580 $ 581
1.75% 2015 Senior Notes, due 2027    
Debt Instrument [Line Items]    
Notes payable, interest rate 1.75% 1.75%
Principal Amount $ 576 $ 587
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium 0 0
Unamortized Debt Issuance Costs 0 0
Carrying Value $ 576 $ 587
3.25% 2017 Senior Notes, due 2028    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (1) (1)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 498 $ 498
4.25% 2018 Senior Notes, due 2029    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (20) (19)
Unamortized (Discount) Premium (1) (1)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 378 $ 379
4.875% 2018 Senior Notes, due 2048    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.875% 4.875%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (21) (21)
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 370 $ 370
0.950% Senior Notes Due 2030    
Debt Instrument [Line Items]    
Notes payable, interest rate 0.95% 0.95%
Principal Amount $ 864 $ 881
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (1) (2)
Unamortized Debt Issuance Costs (2) (3)
Carrying Value $ 861 $ 876
3.25% 2020 Senior Notes, due 2050    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 293 $ 293
2.55% 2020 Senior Notes, due 2060    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.55% 2.55%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 295 $ 295
2.00% 2021 Senior Notes, due 2031    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.00% 2.00%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (5) (5)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 592 $ 592
2.75% 2021 Senior Notes, due 2041    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.75% 2.75%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (11) (11)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 585 $ 585
3.10% 2021 Senior Notes, due 2061    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.10% 3.10%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (6) (7)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 489 $ 488
3.75% 2022 Senior Notes, due 2052    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (27) (23)
Unamortized (Discount) Premium (8) (8)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 461 $ 465
4.25% 2022 Senior Notes, due 2032    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (3) (3)
Unamortized (Discount) Premium (1) (1)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 493 $ 493
5.00% 2024 Senior Notes, due 2034    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.00% 5.00%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 492 $ 492
v3.26.1
Indebtedness - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt instrument, covenant compliance At March 31, 2026, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2026, there were no such cross defaults.
v3.26.1
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
2026 (After March 31,) $ 0  
2027 576  
2028 500  
2029 400  
2030 864  
Thereafter 4,800  
Total principal payment $ 7,140 $ 7,168
v3.26.1
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Disclosure [Abstract]    
Income $ 12 $ 24
Expense on borrowings (55) (72)
Expense on UTPs and other tax related liabilities(2) (16) (6)
Net periodic pension costs - interest component (7) (7)
Interest expense, net (66) (61)
Interest paid $ 78 $ 91
v3.26.1
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Carrying Value $ 6,963 $ 6,994
Level 2    
Debt Instrument [Line Items]    
Estimated Fair Value $ 6,095 $ 6,245
v3.26.1
Leases - Additional Information (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
Lessee, Lease, Description [Line Items]  
Unrecorded unconditional purchase obligation $ 600
Lessee, operating lease, lease not yet commenced, term of contract 17 years
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, renewal term (years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, renewal term (years) 20 years
v3.26.1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease, Cost [Abstract]    
Operating lease cost $ 23 $ 22
Sublease income (2) (2)
Variable lease cost 6 4
Total lease cost $ 27 $ 24
v3.26.1
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 26 $ 30
Right-of-use assets obtained in exchange for new operating lease liabilities $ 19 $ 21
Weighted-average remaining lease term (years) 6 years 8 months 12 days 3 years 8 months 12 days
Weighted-average discount rate applied to operating leases (percent) 4.70% 3.20%
v3.26.1
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (After March 31,) $ 76  
2027 90  
2028 35  
2029 39  
2030 34  
2030 147  
Total lease payments (undiscounted) 421  
Less: Interest 71  
Present value of lease liabilities: 350  
Lease liabilities - current 94 $ 95
Lease liabilities - noncurrent $ 256 $ 262
v3.26.1
Segment Information - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
Number of reportable segments | segment 2
MA | Strategic and Operational Efficiency Restructuring Program | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 160
MA | Strategic and Operational Efficiency Restructuring Program | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 175
MIS | Strategic and Operational Efficiency Restructuring Program | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 65
MIS | Strategic and Operational Efficiency Restructuring Program | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 75
v3.26.1
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue $ 2,079 $ 1,924
Labor and Related Expense 681 642
Non-Compensation Expense 293 288
Operating, SG&A 974 930
Adjusted Operating Income 1,105 994
Depreciation and amortization 122 113
Restructuring 27 33
Reserve for indirect tax obligations 34 0
Charges related to asset abandonment 0 2
Operating income 922 846
Non-operating (expense) income, net (52) (42)
Income before provision for income taxes 870 804
Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue (54) (52)
Intersegment Expense   (52)
Operating, SG&A (54) (52)
Adjusted Operating Income 0 0
Depreciation and amortization 0 0
Restructuring 0 0
Reserve for indirect tax obligations 0 0
Charges related to asset abandonment 0 0
MA    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 926 859
Labor and Related Expense 374 362
Non-Compensation Expense 202 192
MA | Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 3 3
Intersegment Expense 51 49
MA | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 929 862
Operating, SG&A 627 603
Adjusted Operating Income 302 259
Depreciation and amortization 100 94
Restructuring 20 26
Reserve for indirect tax obligations 34 0
Charges related to asset abandonment 0 2
MIS    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 1,153 1,065
Labor and Related Expense 307 280
Non-Compensation Expense 91 96
MIS | Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 51 49
Intersegment Expense 3 3
MIS | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 1,204 1,114
Operating, SG&A 401 379
Adjusted Operating Income 803 735
Depreciation and amortization 22 19
Restructuring 7 7
Reserve for indirect tax obligations 0 0
Charges related to asset abandonment $ 0 $ 0
v3.26.1
Segment Information - Cumulative Restructuring Expense (Details) - Strategic and Operational Efficiency Restructuring Program
$ in Millions
Mar. 31, 2026
USD ($)
Segment Reporting Information [Line Items]  
Cost incurred to date $ 180
MA  
Segment Reporting Information [Line Items]  
Cost incurred to date 131
MIS  
Segment Reporting Information [Line Items]  
Cost incurred to date $ 49
v3.26.1
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 2,079 $ 1,924
United States    
Segment Reporting Information [Line Items]    
Revenue 1,180 1,065
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 899 859
EMEA    
Segment Reporting Information [Line Items]    
Revenue 615 569
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 177 167
Americas    
Segment Reporting Information [Line Items]    
Revenue $ 107 $ 123