MOODYS CORP /DE/, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover Page - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 87
Entity Common Stock, Shares Outstanding (in shares)   177.3  
Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement for use in connection with its annual meeting of stockholders scheduled to be held on April 14, 2026, are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0001059556    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Common Stock, par value $0.01 per share      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol MCO    
Security Exchange Name NYSE    
1.75% 2015 Senior Notes, due 2027      
Entity Information [Line Items]      
Title of 12(b) Security 1.75% Senior Notes Due 2027    
Trading Symbol MCO 27    
Security Exchange Name NYSE    
0.950% 2019 Senior Notes, due 2030      
Entity Information [Line Items]      
Title of 12(b) Security 0.950% Senior Notes Due 2030    
Trading Symbol MCO 30    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location New York, NY
Auditor Firm ID 185
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 7,718 $ 7,088 $ 5,916
Expenses      
Operating 1,973 1,945 1,687
Selling, general and administrative 1,803 1,735 1,632
Depreciation and amortization 480 431 373
Restructuring 108 59 87
Charges related to asset abandonment 3 43 0
Total expenses 4,367 4,213 3,779
Operating income 3,351 2,875 2,137
Non-operating expense, net      
Interest expense, net (213) (237) (251)
Other non-operating (expense) income, net (31) 61 49
Gain on divestiture of business 23 0 0
Non-operating expense, net (221) (176) (202)
Income before provision for income taxes 3,130 2,699 1,935
Provision for income taxes 668 640 327
Net income 2,462 2,059 1,608
Less: Net income attributable to noncontrolling interests 3 1 1
Net income attributable to Moody’s $ 2,459 $ 2,058 $ 1,607
Earnings per share      
Basic (in USD per share) $ 13.73 $ 11.32 $ 8.77
Diluted (in USD per share) $ 13.67 $ 11.26 $ 8.73
Weighted average shares outstanding      
Basic (in shares) 179.1 181.8 183.2
Diluted (in shares) 179.9 182.7 184.0
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 2,462 $ 2,059 $ 1,608
Foreign Currency Adjustments:      
Foreign currency translation adjustment - Pre Tax 594 (309) 213
Foreign currency translation adjustment - Tax (2) (3) (1)
Foreign currency translation adjustment - Net of Tax 592 (312) 212
Net (losses) gains on net investment hedges - Pre Tax (629) 299 (177)
Net (losses) gains on net investment hedges - Tax 160 (77) 45
Net (losses) gains on net investment hedges - Net of Tax (469) 222 (132)
Cash Flow Hedges:      
Reclassification of losses included in net income - Pre Tax 2 3 2
Reclassification of losses included in net income - Tax (1) (1) (1)
Reclassification of losses included in net income - Net of Tax 1 2 1
Pension and Other Retirement Benefits:      
Amortization of actuarial losses/prior service costs and settlement charge included in net income - Pre Tax (2) (2) (3)
Amortization of actuarial losses and prior service costs and settlement charge included in net income - Tax 0 0 0
Amortization of actuarial losses and prior service costs and settlement charge included in net income - Net of Tax (2) (2) (3)
Net actuarial (losses) gains and prior service costs - Pre Tax 9 25 (8)
Net actuarial (losses) gains and prior service costs - Tax (2) (6) 2
Net actuarial (losses) gains and prior service costs - Net of Tax 7 19 (6)
Total other comprehensive (loss) income - Pre Tax (26) 16 27
Total other comprehensive (loss)income - Tax 155 (87) 45
Total Other Comprehensive Income (Loss) 129 (71) 72
Comprehensive Income 2,591 1,988 1,680
Less: comprehensive loss attributable to noncontrolling interests (9) 0 (4)
Comprehensive Income Attributable to Moody’s $ 2,600 $ 1,988 $ 1,684
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,384 $ 2,408
Short-term investments 64 566
Accounts receivable, net of allowances for credit losses of $29 in 2025 and $32 in 2024 2,024 1,801
Other current assets 714 515
Total current assets 5,186 5,290
Property and equipment, net of accumulated depreciation of $1,572 in 2025 and $1,453 in 2024 722 656
Operating lease right-of-use assets 282 216
Goodwill 6,368 5,994
Intangible assets, net 1,866 1,890
Deferred tax assets, net 305 293
Other assets 1,101 1,166
Total assets 15,830 15,505
Current liabilities:    
Accounts payable and accrued liabilities 1,304 1,344
Current portion of operating lease liabilities 95 102
Current portion of long-term debt 0 697
Deferred revenue 1,582 1,454
Total current liabilities 2,981 3,597
Non-current portion of deferred revenue 56 57
Total long-term debt 6,994 6,731
Deferred tax liabilities, net 315 449
Uncertain tax positions 158 211
Operating lease liabilities 262 216
Other liabilities 859 517
Total liabilities 11,625 11,778
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 1,676 1,451
Retained earnings 17,853 16,071
Treasury stock, at cost; 165,359,285 and 162,593,213 shares of common stock at December 31, 2025 and December 31, 2024, respectively (14,978) (13,322)
Accumulated other comprehensive loss (500) (638)
Total Moody’s shareholders’ equity 4,054 3,565
Noncontrolling interests 151 162
Total shareholders’ equity 4,205 3,727
Total liabilities and shareholders’ equity 15,830 15,505
Series Common Stock    
Shareholders’ equity:    
Common stock 0
Common Stock    
Shareholders’ equity:    
Common stock $ 3 $ 3
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts receivable, allowances $ 29 $ 32
Property and equipment, accumulated depreciation $ 1,572 $ 1,453
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000.0 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 165,359,285 162,593,213
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
Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000.0 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 2,462 $ 2,059 $ 1,608
Reconciliation of net income to net cash provided by operating activities:      
Depreciation and amortization 480 431 373
Stock-based compensation 232 220 193
Deferred income taxes (17) (62) (38)
Non-cash restructuring and abandonment-related charges 9 32 35
Provision for credit losses on accounts receivable 12 15 22
Gain on previously held/sold investments in non-consolidated affiliates 0 (7) (4)
Gain on divestiture of business (23) 0 0
Changes in assets and liabilities:      
Accounts receivable (203) (187) (12)
Other current assets (76) (36) 119
Other assets 36 (17) (69)
Lease obligations (33) (33) (26)
Accounts payable and accrued liabilities (55) 225 76
Deferred revenue 148 154 24
Unrecognized tax positions and other non-current tax liabilities (57) 18 (129)
Other liabilities (14) 26 (21)
Net cash provided by operating activities 2,901 2,838 2,151
Cash flows from investing activities      
Capital additions (326) (317) (271)
Purchases of investments (188) (651) (143)
Sales and maturities of investments 690 135 162
Purchases of investments in non-consolidated affiliates (19) (4) (5)
Sales of/distributions from investments in non-consolidated affiliates 0 2 13
Cash received upon divestiture of business, net of cash transferred to purchaser 40 0 0
Cash paid for acquisitions, net of cash acquired (227) (221) (3)
Receipts from settlements of net investment hedges 32 0 0
Net cash provided by (used in) investing activities 2 (1,056) (247)
Cash flows from financing activities      
Issuance of notes 0 496 0
Repayment of notes (700) 0 (500)
Proceeds from stock-based compensation plans 49 73 50
Repurchase of shares related to stock-based compensation (99) (91) (71)
Treasury shares (1,607) (1,292) (490)
Dividends (701) (620) (564)
Dividends to noncontrolling interests (5) (7) (9)
Debt issuance costs, extinguishment costs and related fees 0 (5) 0
Net cash used in financing activities (3,063) (1,446) (1,584)
Effect of exchange rate changes on cash and cash equivalents 136 (58) 41
(Decrease) increase in cash and cash equivalents (24) 278 361
Cash and cash equivalents, beginning of period 2,408 2,130 1,769
Cash and cash equivalents, end of period $ 2,384 $ 2,408 $ 2,130
v3.25.4
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 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, 2022     342,900,000          
Treasury stock, common, shares, beginning balance (in shares) at Dec. 31, 2022           (159,700,000)    
Beginning Balance at Dec. 31, 2022 $ 2,689 $ 2,519 $ 3 $ 1,054 $ 13,618 $ (11,513) $ (643) $ 170
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 1,608 1,607     1,607     1
Dividends (575) (566)     (566)     (9)
Stock-based compensation 193 193   193        
Shares issued for stock-based compensation plans at average cost, net (19) (19)   (19)   $ 0    
Shares issued for stock-based compensation plans at average cost, net (in shares)           800,000    
Treasury shares repurchased, inclusive of excise tax (492) (492)   0   $ (492)    
Treasury shares repurchased (in shares)           (1,500,000)    
Currency translation adjustment, net of net investment hedge activity 80 84         84 (4)
Net actuarial gains (losses) and prior service cost (6) (6)         (6)  
Amortization of prior service costs/ actuarial losses and settlement charge (3) (3)         (3)  
Net realized and unrealized gain (loss) on cash flow hedges 1 1         1  
Common stock, shares, issued, ending balance (in shares) at Dec. 31, 2023     342,900,000          
Treasury stock, common, shares, ending balance (in shares) at Dec. 31, 2023           (160,400,000)    
Ending Balance at Dec. 31, 2023 3,476 3,318 $ 3 1,228 14,659 $ (12,005) (567) 158
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 2,059 2,058     2,058     1
Dividends (653) (646)     (646)     (7)
Stock-based compensation 225 225   225        
Shares issued for stock-based compensation plans at average cost, net (18) (18)   (2)   $ (16)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           700,000    
Noncontrolling interest resulting from majority acquisition 10 0           10
Treasury shares repurchased, inclusive of excise tax (1,301) (1,301)   0   $ (1,301)    
Treasury shares repurchased (in shares)           (2,900,000)    
Currency translation adjustment, net of net investment hedge activity (90) (90)         (90) 0
Net actuarial gains (losses) and prior service cost 19 19         19  
Amortization of prior service costs/ actuarial losses and settlement charge (2) (2)         (2)  
Net realized and unrealized gain (loss) on cash flow hedges $ 2 2         2  
Common stock, shares, issued, ending balance (in shares) at Dec. 31, 2024     342,900,000          
Treasury stock, common, shares, ending balance (in shares) at Dec. 31, 2024 (162,593,213)         (162,600,000)    
Ending 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 2,462 2,459     2,459     3
Dividends (682) (677)     (677)     (5)
Stock-based compensation 239 239   239        
Shares issued for stock-based compensation plans at average cost, net (50) (50)   (14)   $ (36)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           500,000    
Treasury shares repurchased, inclusive of excise tax (1,620) (1,620)   0   $ (1,620)    
Treasury shares repurchased (in shares)           (3,300,000)    
Currency translation adjustment, net of net investment hedge activity 123 132         132 (9)
Net actuarial gains (losses) and prior service cost 7 7         7  
Amortization of prior service costs/ actuarial losses and settlement charge (2) (2)         (2)  
Net realized and unrealized gain (loss) on cash flow hedges $ 1 1         1  
Common stock, shares, issued, ending balance (in shares) at Dec. 31, 2025     342,900,000          
Treasury stock, common, shares, ending balance (in shares) at Dec. 31, 2025 (165,359,285)         (165,400,000)    
Ending Balance at Dec. 31, 2025 $ 4,205 $ 4,054 $ 3 $ 1,676 $ 17,853 $ (14,978) $ (500) $ 151
v3.25.4
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share attributable to Moody's common shareholders (in USD per share) $ 3.76 $ 3.40 $ 3.08
Currency translation adjustment, tax $ (158) $ 80 $ (44)
Amortization of actuarial losses and prior service costs included in net income, tax 0 0 0
Net actuarial gains (losses) and prior service cost, tax 2 6 $ (2)
Amortization of losses on cash flow hedges (net of tax of $1 million) $ 1 $ 1  
v3.25.4
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2025
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 is comprised of: i) a premier fixed income and economic research business (Research & Insights); ii) a curated data business powered by an extensive database on companies and credit (Data & Information); and iii) three cloud-based subscription businesses serving banking, insurance, and KYC workflows (Decision Solutions). MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
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.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Adoption of New Accounting Standards in 2025
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company adopted this ASU retrospectively for all periods presented with the new required disclosures presented in Note 15.
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which amends Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses on accounts receivable, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company early adopted this ASU in the fourth quarter of 2025, and applied it prospectively as of January 1, 2025, in accordance with the transition provisions for early adoption. The adoption of this ASU did not have a material impact on the financial statements.
Reclassification of Previously Reported Transaction and Recurring Revenue
In the first quarter of 2025, the Company reclassified certain prior-year transaction and recurring revenue amounts to align with a refined classification methodology. The impact of the reclassifications was not material, and the reclassified amounts for 2024 and 2023 are reflected in Note 3.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation
The consolidated financial statements include those of Moody’s Corporation and its majority- and wholly-owned subsidiaries. The effects of all intercompany transactions have been eliminated. Investments in companies for which the Company has significant influence over operating and financial policies but not a controlling interest are accounted for on an equity basis whereby the Company records its proportional share of the investment’s net income or loss as part of other non-operating income (expense), net and any dividends received reduce the carrying amount of the investment. Equity investments without a readily determinable fair value for which the Company does not have significant influence are accounted for under the ASC Topic 321 measurement alternative; these investments are recorded at initial cost, less impairment, adjusted upward or downward for any observable price changes in similar investments. The Company applies the guidelines set forth in ASC Topic 810 assessing its interests in voting and variable interest entities to decide whether to consolidate an entity. The Company has reviewed the potential variable interest entities and determined that there are no consolidation requirements under ASC Topic 810. The Company consolidates its ICRA subsidiaries on a three month lag.
Cash and Cash Equivalents
Cash equivalents principally consist of investments in money market deposit accounts and money market funds as well as certificates of deposit with maturities of three months or less when purchased.
Short-term Investments
Short-term investments are securities with maturities greater than 90 days at the time of purchase that are available for operations in the next 12 months. The Company’s short-term investments primarily consist of certificates of deposit and their cost approximates fair value due to the short-term nature of the instruments. Interest and dividends on these investments are recorded into income when earned.
Property and Equipment
Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives. Expenditures for maintenance and repairs that do not extend the economic useful life of the related assets are charged to expense as incurred.
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to MA's cloud-based solutions as well as the Company’s financial, website and other systems. Such costs generally consist of employee compensation, direct costs for third-party license fees and professional services provided by third parties, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (e.g., hosted arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the consolidated statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the consolidated statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the consolidated balance sheets consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets).
Goodwill
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment), annually as of July 31 or more frequently if impairment indicators arise in accordance with ASC Topic 350.
The Company evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the Company assesses various qualitative factors to determine whether the fair value of a reporting unit may be less than its carrying amount. If a determination is made based on the qualitative factors that an impairment does not exist, the Company is not required to perform further testing. If the aforementioned qualitative assessment results in the Company concluding that it is more likely than not that the fair value of a reporting unit may be less than its carrying amount, the fair value of the reporting unit will be quantitatively determined and compared to its carrying value including goodwill. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and the Company is not required to perform further testing. If the fair value of the reporting unit is less than the carrying value, the Company will record a goodwill impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value.
The Company evaluates its reporting units on an annual basis, or more frequently if there are changes in the reporting structure of the Company due to acquisitions, realignments or if there are indicators of potential impairment. For the reporting units where the Company is consistently able to conclude that no impairment exists using only a qualitative approach, the Company’s accounting policy is to perform the second step of the aforementioned goodwill impairment assessment at least once every three years.
Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
Subsequent to the aforementioned reorganization of the MA reporting unit structure, for the purposes of assessing the recoverability of goodwill, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.
Impairment of Long-lived Assets and Definite-lived Intangible assets
Long-lived assets, which consist primarily of amortizable intangible assets, internal-use computer software, lease ROU Assets and property and equipment are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Under the first step of the recoverability assessment, the Company compares the estimated undiscounted future cash flows attributable to the asset or asset group to their carrying value. If the undiscounted future cash flows are greater than the carrying value, no further assessment is required. If the undiscounted future cash flows are less than the carrying value, Moody's proceeds with step two of the assessment. Under step two of this assessment, Moody's is required to determine the fair value of the asset or asset group (reduced by the estimated cost to sell the asset for assets or disposal groups classified as held-for-sale) and recognize an impairment loss if the carrying amount exceeds its fair value.
Stock-Based Compensation
The Company records compensation expense over the requisite service period for all share-based payment award transactions granted to employees based on the fair value of the equity instrument at the time of grant. This includes shares issued under stock option and restricted stock plans.
Derivative Instruments and Hedging Activities
Based on the Company’s risk management policy, the Company may use derivative financial instruments to reduce exposure to changes in foreign exchange rates and interest rates. The Company does not enter into derivative financial instruments for speculative purposes. All derivative financial instruments are recorded on the consolidated balance sheets at their respective fair values on a gross basis. The changes in the value of derivatives that qualify as fair value hedges are recorded in the same income statement line item in earnings in which the corresponding adjustment to the carrying value of the hedged item is presented. The entire change in the fair value of derivatives that qualify as cash flow hedges is recorded to OCI and such amounts are reclassified from AOCI(L) to the same income statement line in earnings in the same period or periods during which the hedged transaction affects income. The Company assesses effectiveness for net investment hedges using the spot-method. The entire change in the fair value of derivatives that qualify as net investment hedges is initially recorded to OCI. Those changes in fair value attributable to components included in the assessment of hedge effectiveness in a net investment hedge are recorded in the currency translation adjustment component of OCI and remain in AOCI(L) until the period in which the hedged item affects earnings. Those changes in fair value attributable to components excluded from the assessment of hedge effectiveness in a net investment hedge are recorded to OCI and amortized to earnings using a systematic and rational method over the duration of the hedge. Any changes in the fair value of derivatives that the Company does not designate as hedging instruments under ASC Topic 815 are recorded in the consolidated statements of operations in the period in which they occur. Cash flows from derivatives are recognized in the consolidated statements of cash flows in a manner consistent with the recognition of the underlying hedged item.
Revenue Recognition and Costs to Obtain or Fulfill a Contract with a Customer
Revenue recognition:
Revenue is recognized when control of promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
When contracts with customers contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to each distinct performance obligation on a relative SSP basis. The Company determines the SSP by using the price charged for a deliverable when sold separately or uses management’s best estimate of SSP for goods or services not sold separately using estimation techniques that maximize observable data points, including: internal factors relevant to its pricing practices such as costs and margin objectives; standalone sales prices of similar products; pricing policies; percentage of the fee charged for a primary product or service relative to a related product or service; and geography.
Sales, usage-based, value added and other taxes are excluded from revenues.
MA Revenue
In the MA segment, products and services offered by the Company include hosted research and data subscriptions, installed and hosted software subscriptions, perpetual installed software licenses and related maintenance, or PCS, and professional services. Subscription and PCS contracts are generally invoiced in advance of the contractual coverage period, which is principally one year, but can range from 3-5 years. Professional services are invoiced as those services are provided. Payment terms and conditions vary by contract type, but primarily include a requirement of payment within 30 to 60 days.
Revenue from research, data and other hosted subscriptions is recognized ratably over the related subscription period as MA's performance obligation to provide access to these products is progressively fulfilled over the stated term of the contract. A large portion of these services are invoiced in the months of November, December and January.
Revenue from installed software subscriptions, which includes PCS, is bifurcated into a software license performance obligation and a PCS performance obligation, which follow the patterns of recognition described above, except for those installed subscriptions where the software license and PCS performance obligations were determined to be incapable of being distinct from each other in accordance with ASC 606-10-25-19 and ASC 606-10-25-20. In such instances, revenue is recognized over time. Revenue from the sale of a software license, when considered distinct from the related software implementation services, is
generally recognized at the time the product master or first copy is delivered or transferred to the customer. PCS is generally recognized ratably over the contractual period commencing when the software license is fully delivered.
For implementation services and other service projects for which fees are fixed, the Company determined progress towards completion is most accurately measured on a percentage-of-completion basis (input method) as this approach utilizes the most directly observable data points and is therefore used to recognize the related revenue. For implementation services where price varies based on time expended, a time-based measure of progress towards completion of the performance obligation is utilized.
Revenue from professional services rendered is generally recognized over time as the services are performed.
Products and services offered within the MA segment are sold either stand-alone or together in various combinations. In instances where an arrangement contains multiple performance obligations, the Company accounts for the individual performance obligations separately if they are considered distinct. Revenue is generally allocated to all performance obligations based upon the relative SSP at contract inception. For certain performance obligations, judgment is required to determine the SSP. Revenue is recognized for each performance obligation based upon the conditions for revenue recognition noted above.
In the MA segment, customers usually pay a fixed fee for the products and services based on signed contracts. However, accounting for variable consideration is applied mainly for: i) estimates for cancellation rights and price concessions and ii) T&M based services.
The Company estimates the variable consideration associated with cancellation rights and price concessions based on the expected amount to be provided to customers and reduces the amount of revenue to be recognized.
MIS Revenue
In the MIS segment, revenue arrangements with multiple elements are generally comprised of two distinct performance obligations, a rating and the related monitoring service. Revenue attributed to ratings of issued securities is generally recognized when the rating is delivered to the issuer. Revenue attributed to monitoring of issuers or issued securities is recognized ratably over the period in which the monitoring is performed, generally one year. In the case of certain structured finance products, primarily CMBS, issuers can elect to pay all of the annual monitoring fees upfront. These fees are deferred and recognized over the future monitoring periods based on the expected lives of the rated securities.
MIS arrangements generally have standard contractual terms for which the stated payments are due at conclusion of the ratings process for ratings and either upfront or in arrears for monitoring services; and are signed by customers either on a per issue basis or at the beginning of the relationship with the customer. In situations when customer fees for an arrangement may be variable, the Company estimates the variable consideration at inception using the expected value method based on analysis of similar contracts in the same line of business, which is constrained based on the Company’s assessment of the realization of the adjustment amount.
The Company allocates the transaction price within arrangements that include multiple performance obligations based upon the relative SSP of each service. The SSP for both rating and monitoring services is generally based upon observable selling prices where the rating or monitoring service is sold separately to similar customers.
Costs to Obtain or Fulfill a Contract with a Customer:
Costs to obtain a contract with a customer
Costs incurred to obtain customer contracts, such as sales commissions, are deferred and recorded within other current assets and other assets when such costs are determined to be incremental to obtaining a contract, would not have been incurred otherwise and the Company expects to recover those costs. These costs are amortized to expense on a systematic basis consistent with the transfer of the products or services to the customer. Depending on the line of business to which the contract relates, this may be based upon the average economic life of the products sold or average period for which services are provided, inclusive of anticipated contract renewals. Determining the estimated economic life of the products sold requires judgment with respect to anticipated future technological changes. Costs to obtain customer contracts are only incurred in the MA segment.
Cost to fulfill a contract with a customer
Costs incurred to fulfill customer contracts, are deferred and recorded within other current assets and other assets when such costs relate directly to a contract, generate or enhance resources of the Company that will be used in satisfying performance obligations in the future and the Company expects to recover those costs.
The Company capitalizes royalty costs within the MA segment related to third-party information data providers associated with hosted company information and business intelligence products. These costs are amortized to expense consistent with the recognition pattern of the related revenue over time.
In addition, the Company capitalizes work-in-process costs for in-progress MIS ratings, which is recognized consistent with the rendering of the related services to the customers, as ratings are issued.
Accounts Receivable Allowances
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information, and is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related). The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
Leases
The Company has operating leases, which substantially all 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.
The Company determines if an arrangement meets the definition of a lease at contract inception. The Company recognizes in its consolidated balance sheets a lease liability and an ROU Asset for all leases with a lease term greater than 12 months. In determining the length of the lease term, the Company utilizes judgment in assessing the likelihood of whether it is reasonably certain that it will exercise an option to extend or early-terminate a lease, if such options are provided in the lease agreement.
ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU Assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As substantially all of the Company’s leases do not provide an implicit interest rate, the Company uses its estimated secured incremental borrowing rates at the lease commencement date in determining the present value of lease payments. These secured incremental borrowing rates are attributable to the currency in which the lease is denominated.
At commencement, the Company’s initial measurement of the ROU Asset is calculated as the present value of the remaining lease payments (i.e., lease liability), with additive adjustments reflecting: initial direct costs (e.g., broker commissions) and prepaid lease payments (if any); and reduced by any lease incentives provided by the lessor if: (i) received before lease commencement or (ii) receipt of the lease incentive is contingent upon future events for which the occurrence is both probable and within the Company’s control.
Lease expense for minimum operating lease payments is recognized on a straight-line basis over the lease term. This straight-line lease expense represents a single lease cost which is comprised of both an interest accretion component relating to the lease liability and amortization of the ROU Assets. The Company records this single lease cost in SG&A expenses. However, in situations where an operating lease ROU Asset has been impaired, the subsequent amortization of the ROU Asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost (which subsequent to impairment will no longer follow a straight-line recognition pattern).
The Company has lease agreements which include lease and non-lease components. For the Company’s office space leases, the lease components (e.g., fixed rent payments) and non-lease components (e.g., fixed common-area maintenance costs) are combined and accounted for as a single lease component.
Variable lease payments (e.g., variable common-area-maintenance costs) are only included in the initial measurement of the lease liability to the extent those payments depend on an index or a rate. Variable lease payments not included in the lease liability are recognized in net income in the period in which the obligation for those payments is incurred.
Contingencies
Moody’s is involved in legal and tax proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation that are incidental to the Company’s business, including claims based on ratings assigned by MIS. Moody’s is also subject to ongoing tax audits in the normal course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. Moody’s discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
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.
Operating Expenses
Operating expenses include costs associated with the development and production of the Company’s products and services and their delivery to customers. These expenses principally include employee compensation and benefits and travel costs that are incurred in connection with these activities. Operating expenses are charged to income as incurred.
Selling, General and Administrative Expenses
SG&A expenses include such items as compensation and benefits for corporate officers and staff and compensation and other expenses related to sales. They also include items such as office rent, business insurance and professional fees. SG&A expenses are charged to income as incurred.
Foreign Currency Translation
For all operations outside the U.S. where the Company has designated the local currency as the functional currency, assets and liabilities are translated into U.S. dollars using end of year exchange rates, and revenue and expenses are translated using average exchange rates for the year. For these foreign operations, currency translation adjustments are recorded to other comprehensive income.
Comprehensive Income
Comprehensive income represents the change in net assets of a business enterprise during a period due to transactions and other events and circumstances from non-owner sources including: foreign currency translation impacts; net actuarial gains and losses and net prior service costs related to pension and other retirement plans; and gains and losses on derivative instruments designated as net investment hedges or cash flow hedges. Comprehensive income items, including cumulative translation adjustments of entities that are less-than-wholly-owned subsidiaries, will be reclassified to noncontrolling interests and thereby, adjusting AOCI(L) proportionately in accordance with the percentage of ownership interest of the non-controlling shareholder. Additionally, the Company reclassifies the income tax effects from AOCI(L) at such time as the earnings or loss of the related activity are recognized in earnings.
Income Taxes
The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740. Therefore, income tax expense is based on reported income before income taxes and deferred income taxes reflect the effect of temporary differences between the amounts of assets and liabilities that are recognized for financial reporting purposes and the amounts that are recognized for income tax purposes.
The Company classifies interest related to unrecognized tax benefits as a component of interest expense in its consolidated statements of operations. Penalties are recognized in other non-operating expenses. For UTPs, the Company first determines whether it is more-likely-than-not (defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more-likely-than-not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.
The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested.
Fair Value of Financial Instruments
The Company’s financial instruments include cash, cash equivalents, trade receivables and payables, and certain short-term investments consisting primarily of certificates of deposit and money market deposits, all of which are short-term in nature and, accordingly, approximate fair value.
The Company also invests in mutual funds, which are accounted for as equity securities with readily determinable fair values under ASC Topic 321. The Company measures these investments at fair value with both realized gains and losses and unrealized holding gains and losses for these investments included in net income.
Also, the Company uses derivative instruments to manage certain financial exposures that occur in the normal course of business. These derivative instruments are carried at fair value in the Company’s consolidated balance sheets.
Fair value is defined by the ASC Topic 820 as the price that would be received from selling an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between market participants at the measurement date. The determination of this fair value is based on the principal or most advantageous market in which the Company could commence transactions and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. Also, determination of fair value assumes that market participants will consider the highest and best use of the asset.
The ASC establishes a fair value hierarchy whereby the inputs contained in valuation techniques used to measure fair value are categorized into three broad levels as follows:
Level 1: quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement;
Level 2: inputs other than quoted market prices described in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk principally consist of cash and cash equivalents, short-term investments, trade receivables and derivatives.
For cash and cash equivalents, short-term investments and derivatives, the Company manages its credit exposure by limiting the amount of counterparty risk with any particular financial institution; limits are assigned to each counterparty based on perceived quality of credit and are monitored daily. Cash equivalents are held among various money market deposit accounts, money market funds, and certificates of deposits as of December 31, 2025 and 2024. Short-term investments primarily consist of certificates of deposit as of December 31, 2025 and 2024. Derivatives primarily consist of foreign exchange forwards or swap contracts (interest rate swaps and cross-currency swaps) as of December 31, 2025 and 2024. For trade receivables, no customer accounted for 10% or more of accounts receivable at December 31, 2025 or 2024.
Earnings per Share of Common Stock
Basic shares outstanding is calculated based on the weighted average number of shares of common stock outstanding during the reporting period. Diluted shares outstanding is calculated giving effect to all potentially dilutive common shares, assuming that such shares were outstanding and dilutive during the reporting period.
Pension and Other Retirement Benefits
Moody’s maintains various noncontributory DBPPs as well as other contributory and noncontributory retirement plans. The expense and assets/liabilities that the Company reports for its pension and other retirement benefits are dependent on many assumptions concerning the outcome of future events and circumstances. These assumptions represent the Company’s best estimates and may vary by plan. The differences between the assumptions for the expected long-term rate of return on plan assets and actual experience is spread over a five-year period to the market-related value of plan assets, which is used in determining the expected return on assets component of annual pension expense. All other actuarial gains and losses are generally deferred and amortized over the estimated average future working life of active plan participants.
The Company recognizes as an asset or liability in its consolidated balance sheet the funded status of its defined benefit retirement plans, measured on a plan-by-plan basis. Changes in the funded status due to actuarial gains/losses are recorded as part of other comprehensive income during the period the changes occur.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
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.
v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202520242023
MA:
Decision Solutions (DS)
Banking$569 $551 $521 
Insurance685 598 550 
KYC438 367 312 
Total DS1,692 1,516 1,383 
Research and Insights (R&I)995 926 884 
Data and Information (D&I)912 853 789 
Total external revenue3,599 3,295 3,056 
Intersegment revenue12 13 13 
Total MA3,611 3,308 3,069 
MIS:
Corporate finance (CFG)
Investment-grade573 488 335 
High-yield324 285 150 
Bank loans503 527 292 
Other accounts (1)
732 650 627 
Total CFG2,132 1,950 1,404 
Structured finance (SFG)
Asset-backed securities142 130 121 
RMBS111 98 92 
CMBS99 94 60 
Structured credit202 193 129 
Other accounts (SFG)4 3 3 
Total SFG558 518 405 
Financial institutions (FIG)
Banking500 450 378 
Insurance186 214 123 
Managed investments59 49 32 
Other accounts (FIG)14 14 12 
Total FIG759 727 545 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign275 240 205 
Project and infrastructure360 324 271 
Total PPIF635 564 476 
Total ratings revenue4,084 3,759 2,830 
MIS Other35 34 30 
Total external revenue4,119 3,793 2,860 
Intersegment royalty198 193 186 
Total MIS4,317 3,986 3,046 
Eliminations(210)(206)(199)
Total MCO$7,718 $7,088 $5,916 
(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 table presents the Company’s revenues disaggregated by LOB and geographic area:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$674 $1,018 $1,692 $570 $946 $1,516 $550 $833 $1,383 
Research and Insights547 448 995 514 412 926 490 394 884 
Data and Information327 585 912 306 547 853 281 508 789 
Total MA1,548 2,051 3,599 1,390 1,905 3,295 1,321 1,735 3,056 
MIS:
Corporate finance1,427 705 2,132 1,333 617 1,950 952 452 1,404 
Structured finance396 162 558 368 150 518 252 153 405 
Financial institutions384 375 759 386 341 727 253 292 545 
Public, project and infrastructure finance416 219 635 359 205 564 292 184 476 
Total ratings revenue2,623 1,461 4,084 2,446 1,313 3,759 1,749 1,081 2,830 
MIS Other— 35 35 — 34 34 1 29 30 
Total MIS2,623 1,496 4,119 2,446 1,347 3,793 1,750 1,110 2,860 
Total MCO$4,171 $3,547 $7,718 $3,836 $3,252 $7,088 $3,071 $2,845 $5,916 

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2025
2024
2023
MA:
  U.S.$1,548 $1,390 $1,321 
  Non-U.S.:
   EMEA1,406 1,306 1,207 
   Asia-Pacific374 345 299 
   Americas271 254 229 
   Total Non-U.S.2,051 1,905 1,735 
  Total MA3,599 3,295 3,056 
MIS:
  U.S.2,623 2,446 1,750 
  Non-U.S.:
   EMEA970 868 679 
   Asia-Pacific325 284 271 
   Americas201 195 160 
   Total Non-U.S.1,496 1,347 1,110 
  Total MIS4,119 3,793 2,860 
Total MCO$7,718 $7,088 $5,916 
The following table summarizes the split between transaction and recurring revenue:
Year Ended December 31,
20252024
2023
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$93 $476 $569 $113 $438 $551 $126 $395 $521 
16 %84 %100 %21 %79 %100 %24 %76 %100 %
Insurance
$21 $664 $685 $26 $572 $598 $47 $503 $550 
3 %97 %100 %4 %96 %100 %9 %91 %100 %
KYC
$3 $435 $438 $7 $360 $367 $5 $307 $312 
1 %99 %100 %2 %98 %100 %2 %98 %100 %
Total Decision Solutions
$117 $1,575 $1,692 $146 $1,370 $1,516 $178 $1,205 $1,383 
7 %93 %100 %10 %90 %100 %13 %87 %100 %
Research and Insights$12 $983 $995 $12 $914 $926 $14 $870 $884 
1 %99 %100 %1 %99 %100 %2 %98 %100 %
Data and Information$8 $904 $912 $12 $841 $853 $7 $782 $789 
1 %99 %100 %1 %99 %100 %1 %99 %100 %
Total MA (1)
$137 

$3,462 $3,599 $170 $3,125 $3,295 $199 $2,857 $3,056 
4 %96 %100 %5 %95 %100 %7 %93 %100 %
Corporate Finance$1,559 $573 $2,132 $1,415 $535 $1,950 $887 $517 $1,404 
73 %27 %100 %73 %27 %100 %63 %37 %100 %
Structured Finance$315 $243 $558 $292 $226 $518 $190 $215 $405 
56 %44 %100 %56 %44 %100 %47 %53 %100 %
Financial Institutions$422 $337 $759 $418 $309 $727 $254 $291 $545 
56 %44 %100 %57 %43 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$438 $197 $635 $384 $180 $564 $301 $175 $476 
69 %31 %100 %68 %32 %100 %63 %37 %100 %
MIS Other$7 $28 $35 $8 $26 $34 $6 $24 $30 
20 %80 %100 %24 %76 %100 %20 %80 %100 %
Total MIS$2,741 $1,378 $4,119 $2,517 $1,276 $3,793 $1,638 $1,222 $2,860 
67 %33 %100 %66 %34 %100 %57 %43 %100 %
Total Moody’s Corporation$2,878 $4,840 $7,718 $2,687 $4,401 $7,088 $1,837 $4,079 $5,916 
37 %63 %100 %38 %62 %100 %31 %69 %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 table presents the timing of revenue recognition:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Revenue recognized at a point in time$100 $2,741 $2,841 $101 $2,517 $2,618 $102 $1,638 $1,740 
Revenue recognized over time3,499 1,378 4,877 3,194 1,276 4,470 2,954 1,222 4,176 
Total$3,599 $4,119 $7,718 $3,295 $3,793 $7,088 $3,056 $2,860 $5,916 
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 December 31, 2025 and December 31, 2024:
As of December 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$106 $500 $122 $426 
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 year ended December 31, 2025 are as follows:
Year Ended December 31, 2025
MAMISTotal
Balance at December 31, 2024
$1,243 $268 $1,511 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,152)(220)(1,372)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,290 212 1,502 
Reclassification to liabilities held-for-sale (1)
(36)$— (36)
Increases due to acquisitions during the period15 15 
Decreases due to divestiture during the period (2)
(26)$— (26)
Effect of exchange rate changes34 10 44 
Total changes in deferred revenue125 2 127 
Balance at December 31, 2025
$1,368 $270 $1,638 
Deferred revenue - current$1,366 $216 $1,582 
Deferred revenue - non-current$2 $54 $56 
(1) The 2025 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.
(2) The 2025 divestiture of a business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business, more fully discussed in Note 22.
Significant changes in the deferred revenue balances during the year ended December 31, 2024 are as follows:
Year Ended December 31, 2024
MAMISTotal
Balance at December 31, 2023
$1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,044)(209)(1,253)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,200 211 1,411 
Increases due to acquisitions during the period9 — 9 
Effect of exchange rate changes(33)(4)(37)
Total changes in deferred revenue132 (2)130 
Balance at December 31, 2024
$1,243 $268 $1,511 
Deferred revenue - current
$1,243 $211 $1,454 
Deferred revenue - non-current
$— $57 $57 
Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:
Year Ended December 31, 2023
MAMISTotal
Balance at December 31, 2022
$1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(980)(211)(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,015 200 1,215 
Effect of exchange rate changes21 3 24 
Total changes in deferred revenue56 (8)48 
Balance at December 31, 2023
$1,111 $270 $1,381 
Deferred revenue—current$1,109 $207 $1,316 
Deferred revenue—non-current
$2 $63 $65 
For the MA segment, for all periods presented, the increase in deferred revenue was primarily due to organic growth. For the MIS segment, the change in deferred revenue was not significant for all periods presented.
Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the consolidated balance sheet as of December 31, 2025 as well as amounts not yet invoiced to customers as of December 31, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.8 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 December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $85 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% 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.
Costs to Obtain or Fulfill a Contract with a Customer
MA Costs to Obtain a Contract with a Customer
As of December 31,
2025
2024
Capitalized costs to obtain sales contracts$337 $294 
Year ended December 31,
202520242023
Amortization of capitalized costs to obtain sales contracts$117 $110 $102 
Amortization of costs incurred to obtain customer contracts is included within SG&A expenses in the consolidated statements of operations. Costs incurred to obtain customer contracts are only in the MA segment.
MA and MIS Costs to Fulfill a Contract with a Customer
As of December 31, 2025
As of December 31, 2024
MAMISTotalMAMISTotal
Capitalized costs to fulfill sales contracts$44 $15 $59 $39 $12 $51 

Year Ended
December 31, 2025		Year Ended
December 31, 2024		Year Ended
December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Amortization of capitalized costs to fulfill sales contracts$77 $51 $128 $77 $43 $120 $70 $44 $114 
Amortization of costs to fulfill customer contracts is included within operating expenses in the consolidated statements of operations.
v3.25.4
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
 12 Months Ended
Dec. 31, 2025
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:
Year Ended December 31,
202520242023
Basic179.1 181.8 183.2 
Dilutive effect of shares issuable under stock-based compensation plans0.8 0.9 0.8 
Diluted179.9 182.7 184.0 
Antidilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.2 0.4 0.5 
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 December 31, 2025, 2024 and 2023.
v3.25.4
CASH EQUIVALENTS AND INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS CASH EQUIVALENTS AND INVESTMENTS
The tables below provide additional information on the Company’s cash equivalents and investments:
As of December 31, 2025
CostGross Unrealized GainsFair Value
Consolidated Balance Sheet location
Cash and cash equivalentsShort-term investmentsOther 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 
As of December 31, 2024
CostGross Unrealized GainsFair Value
Consolidated Balance Sheet location
Cash and cash equivalentsShort-term investmentsOther assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,911 $— $1,911 $1,345 $566 $— 
Mutual funds$88 $10 $98 $— $— $98 
(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 1 month to 12 months at both December 31, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposit classified in other assets are 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 is invested in COLI. As of December 31, 2025 and December 31, 2024, the contract value of the COLI was $50 million and $48 million, respectively.
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2025
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 
December 31, 2025
As of 
December 31, 2024
Floating 
Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 
SOFR
2018 Senior Notes due 2029
Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed— 300 SOFR
2022 Senior Notes due 2052
Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032
Pay Floating/Receive Fixed250 250 SOFR
Total$2,250 $2,550 
Refer to Note 16 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recorded
Amount of income (expense)
recognized in the Consolidated
Statements of Operations
Year Ended December 31,
202520242023
Interest expense, net$(213)$(237)$(251)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swapsInterest expense, net$(62)$(96)$(89)
Fair value changes on interest rate swapsInterest expense, net$85 $14 $56 
Fair value changes on hedged debtInterest expense, net$(85)$(14)$(56)
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:
December 31, 2025
PayReceive
Nature of SwapNotional AmountWeighted 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%
December 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating€2,138 Based on ESTR$2,250 Based on SOFR
As of December 31, 2025, 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
Year Ending December 31,
Notional Amount (Pay)
Notional Amount (Receive)
Notional Amount (Pay)
Notional Amount (Receive)
Notional Amount (Pay)
Notional Amount (Receive)
2027€530 $550 HK$— $— S$— HK$— 
2028588 600 — — — — 
2029573 614 — — — — 
2030662 700 — — — — 
2031481 500 — — — — 
2032481 500 3,907 500 389 2,350 
2033370 400 $— $— $— $— 
Total€3,685 $3,864 HK$3,907 $500 S$389 HK$2,350 
The following table provides information on the gains (losses) on the Company’s net investment and cash flow hedges:
Amount of Gain (Loss)
Recognized in AOCL on
Derivative, net of Tax
Amount of Gain (Loss)
Reclassified from AOCL into Income, net of tax
Gain (Loss) Recognized in
Income on Derivative
(Amount Excluded from
Effectiveness Testing)
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsYear Ended December 31,Year Ended December 31,Year Ended December 31,
202520242023202520242023202520242023
Cross currency swaps$(339)$157 $(97)$— $— $— $62 $47 $54 
Long-term debt(130)65 (35)— — — — — — 
Total net investment hedges$(469)$222 $(132)$— $— $— $62 $47 $54 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps$— $— $— $1 $— $1 $— $— $— 
Interest rate contracts— — — (2)(2)(2)— — — 
Total cash flow hedges$— $— $— $(1)$(2)$(1)$— $— $— 
Total$(469)$222 $(132)$(1)$(2)$(1)$62 $47 $54 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
December 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$(161)$178 
FX forwards 29 29 
Long-term debt (62)68 
Total net investment hedges(194)275 
Cash flow hedges
Interest rate contracts(42)(43)
Cross currency swaps
1 1 
Total cash flow hedges(41)(42)
Total net gain in AOCL$(235)$233 
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 July 2025.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
 December 31, 2025December 31, 2024
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$693 
£
522 $604 
£
470 
Contracts to sell USD for JPY
$17 ¥2,700 $29 ¥4,000 
Contracts to sell USD for CAD
$39 
C$
53 $35 C$50 
Contracts to sell USD for SGD
$39 
S$
50 $45 
S$
59 
Contracts to sell USD for EUR
$107 
€
91 $— 
€
— 
Contracts to sell USD for INR
$26 
₹
2,400 $23 
₹
1,900 
Contracts to sell EUR for USD
€21 $25 €12 $12 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian rupee
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 December 31, 2025 and related gains in the year ended December 31, 2025 were not material. The notional amount of the total return swaps at December 31, 2025 and December 31, 2024 was $72 million and $66 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:
Year Ended December 31,
Derivatives not designated as accounting hedges
Location on Consolidated Statements of Operations
202520242023
FX forwardsOther non-operating income, net$48 $(24)$15 
Total return swaps
Operating expense
$5 $5 $2 
Total return swaps
SG&A expense
$2 $1 $1 
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instruments as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-derivative Instruments
Consolidated Balance Sheet Location
December 31, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross currency swaps designated as net investment hedges
Other assets$— $58 
Total derivatives designated as accounting hedges— 58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets9 — 
Total assets$9 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedgesAccounts payable and accrued liabilities$— $3 
Cross currency swaps designated as net investment hedges
Other liabilities456 26 
Interest rate swaps designated as fair value hedgesOther liabilities84 166 
Total derivatives designated as accounting hedges540 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,468 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities— 21 
Total liabilities$2,008 $1,510 
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of:
December 31,
20252024
Office and computer equipment (3 - 10 year estimated useful life)
$322 $400 
Office furniture and fixtures (3 - 10 year estimated useful life)
58 57 
Internal-use computer software (1 - 10 year estimated useful life)
1,649 1,417 
Leasehold improvements and building (4 - 20 year estimated useful life)
265 235 
Total property and equipment, at cost2,294 2,109 
Less: accumulated depreciation and amortization(1,572)(1,453)
Total property and equipment, net$722 $656 
The increase in internal-use computer software in the table above primarily relates to capitalized software development costs pursuant to MA's strategic shift to cloud-based solutions. Depreciation and amortization expense related to the above assets for the years ended December 31, 2025, 2024, and 2023 was $265 million, $233 million, and $175 million, respectively, of which $211 million, $180 million, and $121 million, respectively, related to amortization of internal-use computer software. The amounts for the year ended December 31, 2025 exclude incremental amortization expense of $3 million due to a reduction in the useful life of the internal-use software assets pursuant to the Strategic and Operational Efficiency Restructuring Program, which is included within restructuring expense on the consolidated statement of operations, as more fully discussed in Note 9. The amounts for the year ended December 31, 2024 exclude incremental amortization expense of $26 million associated with internal-use computer software which is presented within charges related to asset abandonment on the consolidated statement of operations, as more fully discussed in Note 22.
On a weighted-average basis, Moody's internal-use computer software has an estimated useful life of approximately 4.4 years.
v3.25.4
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following tables summarize the activity in goodwill:
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 (1)
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 (3)
(9)— (9)— — — (9)— (9)
Ending Balance$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
Year Ended December 31, 2024
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$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (4)
112 — 112 97 — 97 209 — 209 
Foreign currency translation adjustments(167)— (167)(4)— (4)(171)— (171)
Ending balance$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
(1)The 2025 additions/adjustments primarily relate to the acquisition of CAPE Analytics and ICR Chile in 2025.
(2)The 2025 reclassification to assets 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.
(3)The 2025 divestiture of business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business, more fully discussed in Note 22.
(4)The 2024 additions/adjustments primarily relate to acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
Acquired intangible assets and related accumulated amortization consisted of:
December 31,
20252024
Customer relationships$2,165 $2,035 
Accumulated amortization(724)(631)
Net customer relationships1,441 1,404 
Software/product technology774 695 
Accumulated amortization(526)(419)
Net software/product technology248 276 
Database164 166 
Accumulated amortization(103)(89)
Net database61 77 
Trade names201 199 
Accumulated amortization(96)(83)
Net trade names105 116 
Other (1)
64 67 
Accumulated amortization(53)(50)
Net other11 17 
Total$1,866 $1,890 
    
(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:
Year Ended December 31,
202520242023
Amortization expense (1)
$215 $198 $198 
(1)Amount for the year ended December 31, 2024 excludes incremental amortization expense of $5 million associated with amortizable intangible assets which is presented within charges related to asset abandonment on the consolidated statement of operations, as more fully discussed in Note 22 to the consolidated financial statements.
Estimated future annual amortization expense for intangible assets subject to amortization is as follows:
Year Ending December 31,
2026$207 
2027195 
2028182 
2029150 
2030126 
Thereafter1,006 
Total estimated future amortization$1,866 
v3.25.4
RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
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 (primarily determined under the Company’s existing severance plans), expense related to the modification of equity awards and other related costs. In addition, the program is expected to result in approximately $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.
On June 30, 2022, the CEO of Moody’s approved the 2022 - 2023 Geolocation Restructuring Program. This program related to the Company's post-COVID-19 geolocation strategy and other strategic initiatives and included the rationalization and exit of certain leased office spaces and a reduction in staff, including the relocation of certain job functions. Cumulative charges related to this program are shown in the table below. The savings generated from the 2022 - 2023 Geolocation Restructuring Program strengthened the Company's operating margin, with a portion being deployed to support strategic investments, including the Company's workplace of the future program and employee retention initiatives. The 2022 - 2023 Geolocation Restructuring Program was substantially complete at the end of 2023.
Total expenses included in the accompanying consolidated statements of operations related to the aforementioned restructuring programs are outlined below:
Year ended December 31,
Cumulative expense incurred
202520242023
2022 - 2023 Geolocation Restructuring Program
Employee Termination Costs (1)
$— $14 $51 $151 
Real Estate Related Costs (2)
— — 36 63 
Total 2022-2023 Geolocation Restructuring Program Costs
$— $14 $87 $214 
Strategic and Operational Efficiency Restructuring Program
Employee Termination Costs (1)
$101 $45 $— $146 
Real Estate Related Costs (3)
4 — — 4 
Internally developed software-related charges (4)
3 — — 3 
Total Strategic and Operational Efficiency Restructuring Program Costs
$108 $45 $— $153 
Total Restructuring$108 $59 $87 
(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)For the year ended December 31, 2023, primarily includes ROU Asset impairment charges. The fair value of the impaired assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those assets subsequent to the impairment for the year ended December 31, 2023 was $4 million and was categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
(3)Includes the incremental amortization in the period of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(4)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 programs were as follows:
202520242023
Balance as of January 1$47 $36 $64 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments(1)14 51 
Cash payments
(7)(42)(79)
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments99 44 — 
Cash payments
(97)(5)— 
Balance as of December 31 (1)
$41 $47 $36 
(1)Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of December 31, 2025, substantially all of the remaining $41 million restructuring liability is expected to be paid out in 2026.
v3.25.4
FAIR VALUE
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
The tables below present information about items that are carried at fair value at December 31, 2025 and 2024:
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 
Fair Value Measurement as of December 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$58 $— $58 
Money market funds/mutual funds
108 108 — 
Total$166 $108 $58 
Liabilities:
Derivatives (1)
$216 $— $216 
Total$216 $— $216 
(1)Represents fair value of certain derivative contracts as more fully described in Note 6 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 tables 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 money market funds and mutual funds in the tables above are deemed to be equity securities with readily determinable fair values with changes in 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.
v3.25.4
OTHER BALANCE SHEET INFORMATION
 12 Months Ended
Dec. 31, 2025
Other Balance Sheet Information [Abstract]  
OTHER BALANCE SHEET INFORMATION OTHER BALANCE SHEET INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
December 31,
20252024
Other current assets:
Prepaid taxes$139 $81 
Prepaid expenses184 179 
Capitalized costs to obtain and fulfill sales contracts143 131 
Foreign exchange forwards on certain assets and liabilities9 — 
Interest receivable on interest rate and cross currency swaps95 77 
Assets held for sale
98 — 
Other46 47 
Total other current assets$714 $515 
December 31,
20252024
Other assets:
Investments in non-consolidated affiliates$489 $465 
Deposits for real-estate leases16 15 
Indemnification assets related to acquisitions35 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
110 98 
Company owned life insurance (at contract value)50 48 
Capitalized costs to obtain sales contracts
253 214 
Derivative instruments designated as accounting hedges— 58 
Pension and other retirement employee benefits74 60 
Other74 99 
Total other assets$1,101 $1,166 
December 31,
20252024
Accounts payable and accrued liabilities:
Benefits and payroll taxes
$126 $133 
Incentive compensation390 452 
Customer credits, advanced payments and advanced billings163 142 
Dividends8 32 
Professional service fees49 38 
Interest accrued on debt86 92 
Accounts payable62 53 
Income taxes146 144 
Pension and other retirement employee benefits9 11 
Accrued royalties20 25 
FX forwards on certain assets and liabilities
— 21 
Restructuring liability41 46 
Derivative instruments designated as accounting hedges— 3 
Interest payable on interest rate and cross currency swaps66 60 
Liabilities held for sale
36 — 
Other102 92 
Total accounts payable and accrued liabilities$1,304 $1,344 
December 31,
20252024
Other liabilities:
Pension and other retirement employee benefits$216 $195 
Interest accrued on UTPs43 47 
MAKS indemnification provisions19 19 
Income tax liability – non-current portion— 12 
Derivative instruments designated as accounting hedges540 192 
Other41 52 
Total other liabilities$859 $517 
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 are classified as held-for-sale. The Company expects the transaction to close during the first half 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:
December 31,
20252024
Equity method investments (1)
$121 $127 
Investments measured using the measurement alternative (2)
350 328 
Other18 10 
Total investments in non-consolidated affiliates$489 $465 
(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, which is more fully discussed in Note 2.
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.
Refer to Note 22 for disclosure on earnings from non-consolidated affiliates, which are included within other non-operating income, net.
v3.25.4
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
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):
Year Ended December 31, 2025
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
7 — 601 (469)139 
Amounts reclassified from AOCL(2)1 — — (1)
Other comprehensive income (loss)
5 1 601 (469)138 
Balance at December 31, 2025
$(34)$(41)$(231)$(194)$(500)
Year Ended December 31, 2024
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
19 — (312)222 (71)
Amounts reclassified from AOCL(2)2 — — — 
Other comprehensive income (loss)
17 2 (312)222 (71)
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Year Ended December 31, 2023
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2022
$(47)$(45)$(736)$185 $(643)
Other comprehensive income (loss) before reclassifications
(6)— 216 (132)78 
Amounts reclassified from AOCL(3)1 — — (2)
Other comprehensive income (loss)
(9)1 216 (132)76 
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
v3.25.4
PENSION AND OTHER RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
PENSION AND OTHER RETIREMENT BENEFITS PENSION AND OTHER RETIREMENT BENEFITS
U.S. Plans
Moody’s maintains funded and unfunded noncontributory DBPPs. The DBPPs provide defined benefits using a cash balance formula based on years of service and career average salary or final average pay for selected executives. The Company also provides certain healthcare and life insurance benefits for retired U.S. employees. The retirement healthcare plans are contributory; the life insurance plans are noncontributory. Moody’s funded and unfunded U.S. pension plans, the U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Retirement Plans.” The U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Other Retirement Plans.”
Through 2007, substantially all U.S. employees were eligible to participate in the Company’s DBPPs. Effective January 1, 2008, the Company no longer offers DBPPs to U.S. employees hired or rehired on or after January 1, 2008, and new hires in the U.S. instead will receive a retirement contribution in similar benefit value under the Company’s Profit Participation Plan. Current participants of the Company’s Retirement Plans and Other Retirement Plans continue to accrue benefits based on existing plan benefit formulas.
The following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
2025202420252024
Change in benefit obligation:
Benefit obligation, beginning of the period$(464)$(484)$(42)$(42)
Service cost(10)(10)(3)(3)
Interest cost(25)(22)(2)(2)
Plan participants’ contributions— — (2)(2)
Benefits paid21 24 4 3 
Actuarial (loss) gain (3)— 2 — 
Assumption changes(11)28 (1)4 
Benefit obligation, end of the period$(492)$(464)$(44)$(42)
Change in plan assets:
Fair value of plan assets, beginning of the period$460 $449 $— $— 
Actual return on plan assets55 24 — — 
Benefits paid(21)(24)(3)(3)
Employer contributions6 11 1 1 
Plan participants’ contributions— — 2 2 
Fair value of plan assets, end of the period$500 $460 $— $— 
Funded status of the plans$8 $(4)$(44)$(42)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits asset – non current$75 $60 $— $— 
Pension and retirement benefits liability – current(7)(8)(2)(2)
Pension and retirement benefits liability – non current(60)(56)(42)(40)
Net amount recognized$8 $(4)$(44)$(42)
Accumulated benefit obligation, end of the period$(464)$(436)
The net increase in the pension benefit obligation from assumption changes in 2025 primarily resulted from a decrease to the discount rates used to measure the obligation. The net decrease in the pension benefit obligation from assumption changes and actuarial losses in 2024 primarily resulted from increase to the discount rates used to measure the obligation.
The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
20252024
Aggregate projected benefit obligation$68 $65 
Aggregate accumulated benefit obligation$60 $57 
The following table summarizes the pre-tax net actuarial losses and prior service costs recognized in AOCL for the Company’s Retirement Plans as of December 31:
Pension PlansOther Retirement Plans
2025202420252024
Net actuarial gains (losses)
$(53)$(61)$13 $13 
Net prior service credits— 1 — — 
Total recognized in AOCL – pre-tax
$(53)$(60)$13 $13 
Net periodic pension expenses (income) recognized for the Retirement Plans are as follows for the years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Components of net periodic expense (income)
Service cost$10 $10 $11 $3 $3 $3 
Interest cost25 22 22 2 2 2 
Expected return on plan assets(33)(30)(32)— — — 
Amortization of net actuarial (gains) losses and prior service credits from earlier periods
(1)— (1)(1)(1)(1)
(Gain) loss on settlement of pension obligations
— (1)(2)— — — 
Net periodic expense (income)
$1 $1 $(2)$4 $4 $4 
The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Amortization of net actuarial (gains) losses and prior service credit
$(1)$(1)$(1)$(1)$(1)$(1)
(Gain) loss on settlement of pension obligations
— (1)(2)— — — 
Net actuarial gain (loss) arising during the period
8 22 (3)1 4 1 
Total recognized in OCI – pre-tax$7 $20 $(6)$— $3 $— 
ADDITIONAL INFORMATION:
Assumptions—Retirement Plans
Weighted-average assumptions used to determine benefit obligations at December 31:
Pension PlansOther Retirement Plans
2025202420252024
Discount rate5.24 %5.43 %5.30 %5.40 %
Rate of compensation increase3.10 %3.60 %— — 
Cash balance plan interest crediting rate
4.71 %4.78 %— — 
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Discount rate5.43 %4.73 %4.93 %5.40 %4.75 %4.90 %
Expected return on plan assets6.60 %6.10 %6.55 %— — — 
Rate of compensation increase3.60 %3.60 %3.63 %— — — 
Cash balance plan interest crediting rate4.78 %4.50 %4.50 %— — — 
The expected rate of return on plan assets represents the Company’s best estimate of the long-term return on plan assets and is determined by using a building block approach, which generally weighs the underlying long-term expected rate of return for each major asset class based on their respective allocation target within the plan portfolio, net of plan paid expenses. As the assumption reflects a long-term time horizon, the plan performance in any one particular year does not, by itself, significantly influence the Company’s evaluation. For 2025, the expected rate of return used in calculating the net periodic benefit costs was 6.60%. For 2026, the Company’s expected rate of return assumption is 6.95% to reflect the Company’s current view of long-term capital market outlook.
Plan Assets
Moody’s investment objective for the assets in the funded pension plan is to earn total returns that will minimize future contribution requirements over the long-term within a prudent level of risk. The Company works with its independent investment consultants to determine asset allocation targets for its pension plan investment portfolio based on its assessment of business and financial conditions, demographic and actuarial data, funding characteristics, and related risk factors. Other relevant factors, including historical and forward looking views of inflation and capital market returns, are also considered. Risk management practices include monitoring plan asset performance, diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The Company’s Asset Management Committee is responsible for overseeing the investment activities of the plan, which includes selecting acceptable asset classes, defining allowable ranges of holdings by asset class and by individual investment managers, defining acceptable securities within each asset class, and establishing investment performance expectations. Ongoing monitoring of the plan includes reviews of investment performance and managers on a regular basis, annual liability measurements, and periodic asset/liability studies.
The Company’s investment policy uses risk-controlled investment strategies by increasing the plan’s asset allocation to fixed income securities and specifying ranges of acceptable target allocation by asset class based on different levels of the plan’s accounting funded status. In addition, the investment policy also requires the investment-grade fixed income assets to be rebalanced between shorter and longer duration bonds as the interest rate environment changes. This investment policy is designed to help protect the plan’s funded status and to limit volatility of the Company’s contributions. Based on the policy, the Company’s current target asset allocation is approximately 35% (range of 23% to 46%) in equity securities, 61% (range of 44% to 77%) in fixed income securities and 5% (range of 2% to 8%) in other investments and the plan will use a combination of active and passive investment strategies and different investment styles for its investment portfolios within each asset class. The plan’s equity investments are diversified across U.S. and non-U.S. stocks of small, medium and large capitalization. The plan’s fixed income investments are diversified principally across U.S. and non-U.S. government and corporate bonds, which are expected to help reduce plan exposure to interest rate variation and to better align assets with obligations. The plan also invests in other fixed income investments such as debts rated below investment grade, emerging market debt, and convertible securities. The plan’s other investment, which is made through a private real estate debt fund, is expected to provide additional diversification benefits and absolute return enhancement to the plan assets.
Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2025 and 2024 are as follows:
Fair Value Measurement as of December 31, 2025
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalents
$4 $— $4 $— 1 %
Common/collective trust funds—equity securities
U.S. large-cap119 — 119 — 24 %
U.S. small and mid-cap28 — 28 — 6 %
Total equity investments147 — 147 — 30 %
Emerging markets bond fund35 — — 35 7 %
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds64 — 64 — 13 %
Mutual funds
Long duration corporate bonds157 — 157 — 31 %
U.S. Treasury Inflation-Protected Securities (TIPs)27 27 — — 5 %
Emerging markets equity
26 — 26 — 5 %
Private investment fund—high yield securities16 — — 16 3 %
Total fixed-income investments325 27 247 51 64 %
Other investment—private real estate fund24 — — 24 5 %
Total Assets$500 $27 $398 $75 100 %
Fair Value Measurement as of December 31, 2024
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalents
$2 $— $2 $— — %
Common/collective trust funds—equity securities
U.S. large-cap114 — 114 — 25 %
U.S. small and mid-cap25 — 25 — 5 %
Total equity investments139 — 139 — 30 %
Emerging markets bond fund30 — — 30 7 %
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds57 — 57 — 12 %
Mutual funds
Long duration corporate bonds146 — 146 — 32 %
U.S. Treasury Inflation-Protected Securities (TIPs)26 26 — — 6 %
Emerging markets equity
21 — 21 — 5 %
Private investment fund—high yield securities15 — — 15 3 %
Total fixed-income investments295 26 224 45 65 %
Other investment—private real estate debt fund24 — — 24 5 %
Total Assets$460 $26 $365 $69 100 %
(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.
Cash and cash equivalents are primarily comprised of investments in money market mutual funds. In determining fair value, Level 1 investments are valued based on quoted market prices in active markets. Investments in common/collective trust and private mutual funds are valued using the NAV per unit in each fund. The NAV is based on the value of the underlying investments owned by each fund, minus its liabilities, and then divided by the number of shares outstanding. Common/collective trust funds and the private mutual fund are categorized in Level 2 to the extent that they are considered to have a readily determinable fair value. Government/corporate bonds are categorized as Level 2 as their fair values are derived from observable market data. Investments for which fair value is estimated by using the NAV per share (or its equivalent) as a practical expedient are not categorized in the fair value hierarchy.
Except for the Company’s U.S. funded pension plan, all of Moody’s Retirement Plans are unfunded and therefore have no plan assets.
Cash Flows
The Company did not contribute to its U.S. funded pension plan during the years ended December 31, 2025 and 2024, and does not anticipate making a contribution to the funded plan in 2026. For its unfunded plans, actual contributions in 2025 were not material and expected payments in 2026 are not expected to be material.
Estimated Future Benefits Payable
Estimated future benefits payments for the Retirement Plans are as follows as of the year ended December 31, 2025:
Year Ending December 31,Pension PlansOther Retirement Plans
2026$33 $2 
202735 2 
202838 3 
202939 3 
203039 3 
2031 - 2035182 20 
Defined Contribution Plans
Moody’s has a Profit Participation Plan covering substantially all U.S. employees. The Profit Participation Plan provides for an employee salary deferral and the Company matches employee contributions, equal to 50% of employee contribution up to a maximum of 3% of the employee’s pay. Effective January 1, 2008, all new hires are automatically enrolled in the Profit Participation Plan when they meet eligibility requirements unless they decline participation. As the Company’s U.S. DBPPs are closed to new entrants effective January 1, 2008, all eligible new hires will instead receive a retirement contribution into the Profit Participation Plan in value similar to the pension benefits. Additionally, effective January 1, 2008, the Company implemented a deferred compensation plan in the U.S., which is unfunded and provides for employee deferral of compensation and Company matching contributions related to compensation in excess of the IRS limitations on benefits and contributions under qualified retirement plans. Total expenses associated with U.S. defined contribution plans were $67 million, $73 million and $71 million in the years ended December 31, 2025, 2024 and 2023, respectively.
Effective January 1, 2008, Moody’s has designated the Moody’s Stock Fund, an investment option under the Profit Participation Plan, as an Employee Stock Ownership Plan and, as a result, participants in the Moody’s Stock Fund may receive dividends in cash or may reinvest such dividends into the Moody’s Stock Fund. Dividend payments relating to the Moody’s Stock Fund were immaterial in each of the years ended December 31, 2025, 2024, and 2023. The Company records the dividends as a reduction of retained earnings in the Consolidated Statements of Shareholders’ Equity. The Moody’s Stock Fund held approximately 282,442 and 304,076 shares of Moody’s common stock at December 31, 2025 and 2024, respectively.
Non-U.S. Plans
Certain of the Company’s non-U.S. operations provide pension benefits to their employees. The non-U.S. defined benefit pension plans are immaterial. For defined contribution plans, company contributions are primarily determined as a percentage of employees’ eligible compensation. Expenses related to these defined contribution plans for the years ended December 31, 2025, 2024, and 2023 were $61 million, $50 million, and $42 million, respectively.
v3.25.4
STOCK-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS STOCK-BASED COMPENSATION PLANS
Under the 1998 Plan, 33.0 million shares of the Company’s common stock have been reserved for issuance. The 2001 Plan, which is shareholder approved, permits the granting of up to 54.6 million shares, of which not more than 10.7 million shares are available for grants of awards other than stock options. The stock plans also provide for the granting of restricted stock. The stock plans provide that options are exercisable not later than ten years from the grant date. The vesting period for awards under the stock plans is generally determined by the Board at the date of the grant and has been four years except for employees who are at or near retirement eligibility, as defined, for which vesting is between one and four years. Additionally, the vesting period is between three years and four years for certain performance-based restricted stock that contain a condition whereby the number of shares that ultimately vest are based on the achievement of certain non-market based performance metrics of the Company. Options may not be granted at less than the fair market value of the Company’s common stock at the date of grant.
The Company maintains the Directors’ Plan for its Board, which permits the granting of awards in the form of non-qualified stock options, restricted stock or performance shares. The vesting period is determined by the Board at the date of the grant and is generally one year for both options and restricted stock. Under the Directors’ Plan, 1.7 million shares of common stock were reserved for issuance. Any director of the Company who is not an employee of the Company or any of its subsidiaries as of the date that an award is granted is eligible to participate in the Directors’ Plan.
Presented below is a summary of the stock-based compensation expense and associated tax benefit in the accompanying consolidated statements of operations:
Year Ended December 31,
202520242023
Stock-based compensation expense$234 $221 $193 
Tax benefit$50 $48 $45 
The fair value of each employee stock option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses the assumptions noted below. The expected dividend yield is derived from the annual dividend rate on the date of grant. The expected stock volatility is based on an assessment of historical weekly stock prices of the Company as well as implied volatility from Moody’s traded options. The risk-free interest rate is based on U.S. government zero coupon bonds with maturities similar to the expected holding period. The expected holding period is determined by examining historical and projected post-vesting exercise behavior activity.
The following weighted average assumptions were used for options granted:
Year Ended December 31,
202520242023
Expected dividend yield0.73 %0.91 %1.04 %
Expected stock volatility27 %28 %29 %
Risk-free interest rate4.51 %4.34 %4.19 %
Expected holding period (in years)5.65.95.8
Grant date fair value
$163.75 $120.42 $94.71 
A summary of option activity as of December 31, 2025 and changes during the year then ended is presented below:
OptionsSharesWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding, December 31, 2024
0.7 $267.64 
Granted0.1 $513.21 
Exercised(0.2)$185.62 
Outstanding, December 31, 2025
0.6 $313.90 5.7 years$116 
Vested and expected to vest, December 31, 2025
0.6 $313.15 5.7 years$115 
Exercisable, December 31, 2025
0.3 $250.42 4.2 years$82 
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between Moody’s closing stock price on the last trading day of the year ended December 31, 2025 and the exercise prices, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options as of December 31, 2025. This amount varies based on the fair value of Moody’s stock. As of December 31, 2025, there was $8 million of total unrecognized compensation expense related to options. The expense is expected to be recognized over a weighted average period of 2.0 years.
The following table summarizes information relating to stock option exercises:
Year Ended December 31,
202520242023
Proceeds from stock option exercises$28 $53 $32 
Aggregate intrinsic value$47 $76 $58 
Tax benefit realized upon exercise$10 $13 $14 
A summary of nonvested restricted stock activity for the year ended December 31, 2025 is presented below:
Nonvested Restricted StockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2024
1.3 $330.84 
Granted0.4 $479.70 
Vested(0.5)$323.29 
Forfeited(0.1)$395.00 
Balance, December 31, 2025
1.1 $400.12 
As of December 31, 2025, there was $251 million of total unrecognized compensation expense related to nonvested restricted stock. The expense is expected to be recognized over a weighted average period of 2.5 years.
The following table summarizes information relating to the vesting of restricted stock awards:
Year Ended December 31,
202520242023
Fair value of shares vested$263 $199 $164 
Tax benefit realized upon vesting$65 $48 $40 
A summary of performance-based restricted stock activity for the year ended December 31, 2025 is presented below:
Performance-based restricted stockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2024
0.3 $330.78 
Granted0.1 $501.88 
Vested(0.1)$313.05 
Balance, December 31, 2025
0.3 $370.34 

The following table summarizes information relating to the vesting of the Company’s performance-based restricted stock awards:
Year Ended December 31,
202520242023
Fair value of shares vested$8 $40 $24 
Tax benefit realized upon vesting$1 $9 $3 
As of December 31, 2025, there was $50 million of total unrecognized compensation expense related to this plan. The expense is expected to be recognized over a weighted average period of 1.7 years.
The Company has a policy of issuing treasury stock to satisfy shares issued under stock-based compensation plans.
In addition, the Company also sponsors the ESPP. Under the ESPP, 6.0 million shares of common stock were reserved for issuance. The ESPP permits eligible employees to purchase common stock of the Company on a monthly basis at a discount to the average of the high and the low trading prices on the New York Stock Exchange on the last trading day of each month. This discount was 5% in 2025, 2024, and 2023, resulting in the ESPP qualifying for non-compensatory status under ASC Topic 718. Accordingly, no compensation expense was recognized for the ESPP in 2025, 2024, and 2023. The employee purchases are funded through after-tax payroll deductions, which plan participants can elect from one percent to ten percent of compensation, subject to the annual federal limit.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Components of the Company’s income tax provision are as follows:
Year Ended December 31,
202520242023
Current:
Federal$231 $280 $76 
State and Local99 106 67 
Non-U.S.355 316 222 
Total current685 702 365 
Deferred:
Federal35 (21)(14)
State and Local8 (6)(4)
Non-U.S.(60)(35)(20)
Total deferred(17)(62)(38)
Total provision for income taxes$668 $640 $327 
A reconciliation of the U.S. federal statutory tax rate to the Company’s ETR on income before provision for income taxes is as follows:
Year Ended December 31,
202520242023
U.S. statutory tax rate$657 21.0 %$567 21.0 %$406 21.0 %
State and local taxes, net of federal tax benefit (1)
93 3.0 %74 2.7 %49 2.5 %
Net U.S. tax effect of cross-border tax laws(4)(0.1)%(14)(0.5)%2 0.1 %
Other nontaxable or nondeductible items30 1.0 %22 0.9 %4 0.2 %
Excess tax benefits on share-based payments(33)(1.1)%(27)(1.0)%(15)(0.8)%
Tax credits - research credit(12)(0.4)%(15)(0.6)%(19)(0.9)%
Domestic state and local income taxes, net of federal effect731 23.4 %607 22.5 %427 22.1 %
Foreign Tax Expense
Belgium
     Innovation deduction(37)(1.2)%(25)(0.9)%(26)(1.3)%
     Other15 0.4 %3 0.1 %10 0.5 %
United Kingdom11 0.4 %34 1.3 %25 1.2 %
Other foreign jurisdictions3 0.1 %1 — %7 0.4 %
Tax expense (benefit) relating to foreign operations(8)(0.3)%13 0.5 %16 0.8 %
Changes in unrecognized tax benefits(55)(1.8)%20 0.7 %(116)(6.0)%
Total$668 21.3 %$640 23.7 %$327 16.9 %
(1) For all years presented, state taxes in California, New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.

Components of the Company’s income tax paid are as follows:
Year Ended December 31,
202520242023
U.S. Federal$353 $223 $59 
U.S. State and Local132 88 23 
Total U.S.485 311 82 
Belgium32 39 32 
Canada68 63 44 
Germany43 30 35 
United Kingdom79 93 64 
Other foreign jurisdictions118 77 87 
Total non-U.S.340 302 262 
Total Income Tax Paid$825 $613 $344 

The source of income before provision for income taxes is as follows:
Year Ended December 31,
202520242023
U.S.$1,743 $1,446 $892 
Non-U.S.1,387 1,253 1,043 
Income before provision for income taxes$3,130 $2,699 $1,935 
The components of deferred tax assets and liabilities are as follows:
December 31,
20252024
Deferred tax assets:
Account receivable allowances$10 $10 
Stock-based compensation69 60 
Accrued compensation and benefits52 50 
Capitalized costs43 24 
Operating lease liabilities87 84 
Deferred revenue217 211 
Net operating loss64 58 
Uncertain tax positions30 33 
Loss on net investment hedges - OCI

83 — 
Interest expense carryforward25 20 
Other25 30 
Total deferred tax assets705 580 
Deferred tax liabilities:
Accumulated depreciation and amortization of intangible assets and capitalized software(563)(522)
ROU Assets(67)(56)
Capital gains(14)(13)
Deferred tax on unremitted foreign earnings(21)(20)
Gain on net investment hedges - OCI(4)(82)
Other(16)(18)
Total deferred tax liabilities(685)(711)
Net deferred tax asset and (liabilities)
20 (131)
Valuation allowance(30)(25)
Total net deferred tax liabilities$(10)$(156)
The Company regularly evaluates which entities it will indefinitely reinvest earnings. The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested.
The Company had valuation allowances of $30 million and $25 million at December 31, 2025 and 2024, respectively, related to foreign net operating losses, for which realization is uncertain.
A reconciliation of the beginning and ending amount of UTPs is as follows:
Year Ended December 31,
202520242023
Balance as of January 1$211 $196 $322 
Additions for tax positions related to the current year22 33 21 
Additions for tax positions of prior years— 11 3 
Reductions for tax positions of prior years(5)(11)(17)
Settlements with taxing authorities— (3)(108)
Lapse of statute of limitations(70)(15)(25)
Balance as of December 31$158 $211 $196 
As of December 31, 2025, the Company had $158 million of UTPs of which $145 million represents the amount that, if recognized, would impact the ETR in future periods.
Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and multiple 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 Company classifies interest related to UTPs in interest expense in its consolidated statements of operations. Penalties, if incurred, are recognized in other non-operating (expense) income, net. Refer to Note 16 for disclosure of interest (expense) income relating to UTPs and other tax-related liabilities. As of December 31, 2025, 2024, and 2023 the amount of accrued interest recorded in the Company’s consolidated balance sheets related to UTPs was $43 million, $47 million and $36 million, respectively.
In the fourth quarter of 2025, pursuant to a lapse of a statute of limitations, the Company reversed $64 million in reserves (and $15 million in related interest accruals) for uncertain tax positions that were assumed as part of a prior year M&A transaction, for which the sellers had indemnified Moody's. This tax benefit and related reduction to Interest expense, net is offset by the release of the related indemnification asset within Other non-operating income, net, with no impact to net income. In 2023, settlements with taxing authorities were primarily attributable to the favorable resolution of UTPs across various U.S. and non-U.S. jurisdictions.
Tax Legislation
Effective in 2024, multiple foreign jurisdictions in which the Company operates have enacted legislation to adopt a minimum tax rate described in the Global Anti-Base Erosion tax model rules (referred to as GloBE or Pillar II) issued by the OECD. A minimum ETR of 15% would apply to multinational companies with consolidated revenue above €750 million. Under the GloBE rules, a company would be required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional tax rate is less than 15%, an additional tax generally will be due to bring the jurisdictional effective tax rate up to 15%. The Pillar II minimum tax did not have a material impact on the Company's results of operations or financial position.
On July 4, 2025, the One Big Beautiful Bill Act was enacted in the U.S. Key provisions of the OBBBA include making permanent certain aspects of the Tax Act, modifying certain international tax rules, and restoring provisions that accelerate deductions for certain business investments and expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in subsequent years. The OBBBA did not have material impact on the Company’s consolidated financial statements for the year ended December 31, 2025, and the Company does not expect the changes to have a material impact on the provision for income taxes or net income in future periods.
v3.25.4
INDEBTEDNESS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, 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 amount 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:
December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps(1)
Unamortized (Discount) PremiumUnamortized 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 debt
$7,168 $(84)$(49)$(41)$6,994 
December 31, 2024
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
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 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(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 amount of the hedged debt.
Credit Facility
On May 6, 2024, the Company entered into a five-year senior, unsecured revolving credit facility with the capacity to borrow up to $1.25 billion, which expires in May 2029. Further information on the key terms of this revolving credit facility is below:
December 31, 2025December 31, 2024
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $1,250 
Interest on borrowings under the 2024 Credit Facility is payable at rates that are based on an adjusted term SOFR Rate plus a premium that can range from 80.5 BPS to 122.5 BPS, depending on the Company’s index debt ratings, as set forth in the 2024 Credit Facility. The Company also has the option to choose other rates, such as those based on adjusted Daily Simple SOFR or an alternate base rate, as set forth in the 2024 Credit Facility. Regardless of borrowing activity under the 2024 Credit Facility, the Company pays quarterly fees for the 2024 Credit Facility that can range from 7 BPS of the 2024 Credit Facility amount to 15 BPS, depending on the Company’s index debt ratings. The 2024 Credit Facility contains certain customary covenants and also contains a financial covenant that requires the Company to maintain a total debt to EBITDA Ratio of (i) not more than 4 to 1 at the end of any fiscal quarter or (ii) not more than 4.5 to 1 as of the end of the first three consecutive quarters immediately following any acquisition with consideration in excess of $500 million, subject to certain conditions as set forth in the 2024 Credit Facility.
Commercial Paper
On August 3, 2016, the Company entered into a private placement commercial paper program under which the Company may issue CP notes up to a maximum amount of $1.0 billion. Borrowings under the CP Program are backstopped by the 2024 Credit Facility. Amounts under the CP Program may be re-borrowed. The maturity of the CP Notes will vary, but may not exceed 397 days from the date of issue. The CP Notes are sold at a discount from par, or alternatively, sold at par and bear interest at rates that will vary based upon market conditions. The rates of interest will depend on whether the CP Notes will be a fixed or floating rate. The interest on a floating rate may be based on the following: (a) certificate of deposit rate; (b) commercial paper rate; (c) the federal funds rate; (d) the SOFR; (e) prime rate; (f) Treasury rate; or (g) such other base rate as may be specified in a supplement to the private placement agreement. The CP Program contains certain events of default including, among other things: non-payment of principal, interest or fees; entrance into any form of moratorium; and bankruptcy and insolvency events, subject in certain instances to cure periods. As of December 31, 2025, the Company has no CP borrowings outstanding.
Notes Payable
During the first quarter of 2025, the Company fully repaid the $700 million of 3.75% 2020 Senior Notes which had reached maturity.
At December 31, 2025, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of December 31, 2025, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Total
2026$— 
2027587 
2028500 
2029400 
2030881 
Thereafter4,800 
Total$7,168 
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:
Year Ended December 31,
202520242023
Expense on borrowings(1)
$(251)$(300)$(296)
(Expense) income on UTPs and other tax related liabilities(2)
3 (13)8 
Net periodic pension costs - interest component (30)(26)(26)
Income65 102 63 
Interest expense, net$(213)$(237)$(251)
Interest paid(3)
$235 $280 $281 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 6.
(2) The amount for the year ended December 31, 2025 includes a $15 million reduction of tax-related interest expense related to the lapse in the statute of limitations of certain tax positions. Refer to Note 15 for additional information. The amount for the year ended December 31, 2023 includes a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps more fully discussed in Note 6.
The fair value and carrying value of the Company’s debt as of December 31, 2025 and 2024 are as follows:
December 31, 2025December 31, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Total debt
$6,994 $6,245 $7,428 $6,601 
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.
v3.25.4
CAPITAL STOCK
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK CAPITAL STOCK
Authorized Capital Stock
The total number of shares of all classes of stock that the Company has authority to issue under its Restated Certificate of Incorporation is 1.02 billion shares with a par value of $0.01, of which 1.0 billion are shares of common stock, 10.0 million are shares of preferred stock and 10.0 million are shares of series common stock. The preferred stock and series common stock can be issued with varying terms, as determined by the Board.
Share Repurchase Program
The Company first implemented a systematic share repurchase program in the third quarter of 2005 through an SEC Rule 10b5-1 program and has maintained its program since. Moody’s may also purchase opportunistically when conditions warrant. As a result, Moody’s share repurchase activity will continue to vary from quarter to quarter. The table below summarizes the Company’s remaining authority under its share repurchase program as of December 31, 2025:
Date AuthorizedAmount AuthorizedRemaining Authority
October 21, 2025$4,000 $3,960 
During 2025, Moody’s repurchased 3.3 million shares of its common stock under its share repurchase program and issued a net 0.5 million shares under employee stock-based compensation plans. The net amount includes shares withheld for employee payroll taxes.
Dividends
The Company’s cash dividends were:
Dividends Per Share
Year ended December 31,
202520242023
DeclaredPaidDeclaredPaidDeclaredPaid
First quarter$0.94 $0.94 $0.85 $0.85 $0.77 $0.77 
Second quarter0.94 0.94 0.85 0.85 0.77 0.77 
Third quarter0.94 0.94 0.85 0.85 0.77 0.77 
Fourth quarter0.94 0.94 0.85 0.85 0.77 0.77 
Total$3.76 $3.76 $3.40 $3.40 $3.08 $3.08 
On February 10, 2026, the Board approved the declaration of a quarterly dividend of $1.03 per share of Moody’s common stock, payable on March 13, 2026 to shareholders of record at the close of business on March 2, 2026. The continued payment of dividends at the rate noted above, or at all, is subject to the discretion of the Board.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
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:
Year ended December 31,
202520242023
Operating lease cost$88 $88 $93 
Sublease income(7)(7)(7)
Variable lease cost21 22 22 
Total lease cost$102 $103 $108 
During 2025, the Company recorded charges of $4 million related to the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods. During 2023, the Company recorded charges of $32 million related to the exit of certain real estate leases that resulted in ROU Asset impairment. These charges were recorded within restructuring expense in the consolidated statements of operations. Refer to Note 9 for further details.
The following tables present other information related to the Company’s operating leases:
Year ended December 31,
202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$117 $120 $119 
Right-of-use assets obtained in exchange for new operating lease liabilities
$143 $21 $40 
December 31,
202520242023
Weighted-average remaining lease term (in years)
6.63.84.4
Weighted-average discount rate applied to operating leases
4.7 %3.2 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at December 31, 2025:
Year Ending December 31,Operating Leases
2026$100 
202787 
202831 
202936 
203030 
Thereafter147 
Total lease payments (undiscounted)431 
Less: Interest74 
Present value of lease liabilities:$357 
Lease liabilities - current$95 
Lease liabilities - noncurrent$262 
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 December 31, 2025 do not reflect the amounts for this lease. The future minimum lease payments for this lease are approximately $600 million and will commence in 2026 with a lease term of 17 years.
v3.25.4
CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
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 15 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.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
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.
The MA segment develops a wide range of products and services that support the risk management activities of institutional participants in global financial markets. The MA segment consists of three LOBs - DS, R&I, and D&I.
The MIS segment consists of five LOBs. The CFG, FIG, PPIF and SFG LOBs generate revenue principally from fees for the assignment and ongoing monitoring of credit ratings on debt obligations and the entities that issue such obligations in markets worldwide. The MIS Other LOB primarily consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing professional services.
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 and forecasted current year 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 chief operating decision maker to allocate resources to the segments.
Financial Information by Segment
The table below presents 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 also used in our budgeting and forecasting processes, enabling the allocation of capital resources across the Company's strategic initiatives.
Year Ended December 31,
20252024
MA
MIS
EliminationsConsolidated
MA
MIS
EliminationsConsolidated
Total external revenue$3,599 $4,119 $— $7,718 $3,295 $3,793 $— $7,088 
Intersegment revenue12 198 (210)— 13 193 (206)— 
Revenue3,611 4,317 (210)7,718 3,308 3,986 (206)7,088 
Compensation expense
1,438 1,136 — 2,574 1,370 1,169 — 2,539 
Non-compensation expense
779 423 — 1,202 731 410 — 1,141 
Intersegment expense
198 12 (210)— 193 13 (206)— 
Operating, SG&A2,415 1,571 (210)3,776 2,294 1,592 (206)3,680 
Adjusted Operating Income1,196 2,746 — 3,942 1,014 2,394 — 3,408 
Add:
Depreciation and amortization393 87 — 480 353 78 — 431 
Restructuring77 31 — 108 42 17 — 59 
Charges related to asset abandonment3 — — 3 43 — — 43 
Operating Income$3,351 $2,875 
Non-operating expense, net
$(221)$(176)
Income before provision for income taxes$3,130 $2,699 
Year Ended December 31, 2023
MAMISEliminationsConsolidated
Total external revenue$3,056 $2,860 $— $5,916 
Intersegment revenue13 186 (199)— 
Revenue3,069 3,046 (199)5,916 
Compensation expense1,238 1,003 — 2,241 
Non-compensation expense708 370 — 1,078 
Intersegment expense186 13 (199)— 
Operating, SG&A2,132 1,386 (199)3,319 
Adjusted Operating Income937 1,660 — 2,597 
Add:
Depreciation and amortization298 75 — 373 
Restructuring59 28 — 87 
Operating income$2,137 
Non-operating expense, net
$(202)
Income before provision for income taxes$1,935 
The table below shows cumulative restructuring expense incurred through December 31, 2025 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$116 $98 $214 
Strategic and Operational Efficiency Restructuring Program
$111 $42 $153 
The total costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $150 million to $165 million for the MA segment and $75 million to $85 million for the MIS segment, which include allocations of charges associated with corporate functions.
The restructuring programs are more fully discussed in Note 9.
CONSOLIDATED REVENUE AND LONG-LIVED ASSETS INFORMATION BY GEOGRAPHIC AREA
Year Ended December 31,
202520242023
Revenue:
U.S.$4,171 $3,836 $3,071 
Non-U.S.:
EMEA2,376 2,174 1,886 
Asia-Pacific699 629 570 
Americas472 449 389 
Total Non-U.S.3,547 3,252 2,845 
Total$7,718 $7,088 $5,916 
Long-lived assets at December 31:
U.S.$4,516 $4,395 $4,323 
Non-U.S.4,722 4,361 4,562 
Total$9,238 $8,756 $8,885 
v3.25.4
VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
VALUATION AND QUALIFYING ACCOUNTS VALUATION AND QUALIFYING ACCOUNTS
Accounts receivable allowances represent estimates for uncollectible accounts. The valuation allowance on deferred tax assets relates to foreign net operating tax losses for which realization is uncertain. Below is a summary of activity:
Year Ended December 31,Balance at Beginning of the YearCharged to costs and expenses
Deductions (1)
Balance at End of the Year
2025
Allowances for credit losses$(32)$(12)$15 $(29)
Deferred tax assets—valuation allowance$(25)$(2)$(3)$(30)
2024
Allowances for credit losses$(35)$(15)$18 $(32)
Deferred tax assets—valuation allowance$(24)$(2)$1 $(25)
2023
Allowances for credit losses$(40)$(22)$27 $(35)
Deferred tax assets—valuation allowance$(21)$(2)$(1)$(24)
                
(1)Primarily reflects write-off of uncollectible accounts receivable and currency translation adjustments.
v3.25.4
OTHER NON-OPERATING (EXPENSE) INCOME, NET
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
OTHER NON-OPERATING (EXPENSE) INCOME, NET OTHER STATEMENTS OF OPERATIONS INFORMATION
Other non-operating (expense) income, net
The following table summarizes the components of other non-operating income, net as presented in the consolidated statements of operations:
Year Ended December 31,
202520242023
FX loss (1)
$(9)$— $(30)
Net periodic pension income - non-service and non-interest cost components
36 30 35 
Income/gain from investments in non-consolidated affiliates
20 15 19 
Gain on previously held equity method investments (2)
— 7 — 
Gain (loss) on investments
11 13 14 
Release of indemnification asset (3)
(79)— — 
Other
(10)(4)11 
Total$(31)$61 $49 
(1)     The amount for the year ended December 31, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2)     The amount for the year ended December 31, 2024 reflects non-cash gains relating to the step-acquisitions of Praedicat and GCR.
(3)     In the fourth quarter of 2025, pursuant to a lapse of a statute of limitations, the Company reversed $64 million in reserves, and $15 million in related interest, for uncertain tax positions that it had assumed as part of a prior year M&A transaction, for which the sellers had indemnified Moody's. This tax benefit and related reduction to Interest expense, net are offset by the release of the related indemnification asset with no impact to net income. Refer to Note 15 for additional information.
Gain on divestiture of business:
The gain on divestiture of business relates to the sale of the MA Learning Solutions business, which was completed in the fourth quarter of 2025.
Charges related to asset abandonment:
During the years ended December 31, 2025 and 2024, the Company incurred severance charges and incremental amortization expense related to the change in estimated useful lives of certain internally developed software and amortizable intangible assets that were associated with the sustainability content offerings, for which production is now being outsourced. The following table summarizes the expenses related to asset abandonment included in the accompanying consolidated statements of operations:
Year ended December 31,
Cumulative expense incurred
20252024
Severance charges$3 $12 $15 
Incremental amortization— 31 31 
Total$3 $43 $46 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] CYBERSECURITY AND RISK MANAGEMENT
Governance
Management
The Company maintains a dedicated internal cybersecurity team that interacts with executive management and its business units to identify, assess, manage, and respond to cybersecurity risks and incidents relating to the Company’s information systems and operations. In addition, this internal cybersecurity team is responsible for managing detection, mitigation and remediation of cybersecurity incidents. At December 31, 2025, the Company’s internal cybersecurity team consisted of members located in various countries and time zones across the world, managed by the CISO, who reports to the CAO, who is a member of the executive leadership team. The team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing and cyber incident management. Team members have both individual responsibilities and a team focus, covering areas such as network, endpoint device, and e-mail security engineering as well as operations and threat management, monitoring, and response.
The TCRC, chaired by the CISO, and whose members include the CTSO, CAO and CRRO, as well as other members of senior management and the legal team, is responsible for identifying cybersecurity risks and threats, recommending mitigating actions to strengthen cybersecurity resilience, and meeting risk tolerance thresholds established by senior management. The TCRC also validates that the Company has appropriate people, process and technology capabilities to identify, mitigate and report on cybersecurity risks to the executive leadership team and the Board of Directors. The TCRC meets regularly to allow members of the internal cybersecurity team to present concerns and recommendations for decisions on preventing, identifying, mitigating, and remediating risks and threats. To the extent warranted, the TCRC may additionally be convened on an ad hoc basis. The TCRC makes decisions regarding the reporting of cybersecurity concerns to the executive leadership team, who escalate issues to the Board and/or the Audit Committee as necessary. In the case of incidents that arise, the TCRC, under the direction of the Board and/or executive leadership team when appropriate, works to involve all appropriate personnel with the aim of resolving the incident, performing any required remediation/reporting, and taking appropriate steps to comply with applicable laws and regulations. The process that the TCRC follows upon emergence of incidents is documented in the Company’s Incident Response Plan. Additionally, cybersecurity risks and the adequacy of associated mitigations are analyzed by senior leadership as part of the enterprise risk assessments that are reported to and discussed by the Board.
The CISO has extensive cybersecurity knowledge and skills, gained from over 20 years’ experience working in regulated industries. The CISO holds a number of cybersecurity related certifications, including the Certified Information Systems Security Professional and Certified Information Security Manager. In addition to the CISO, the CTSO has been a close partner and advocate for cybersecurity at the Company, and is consulted or informed on all decisions or risks that affect the Company's technology systems and/or implicate cybersecurity. The CAO is responsible for overseeing the cybersecurity team at the executive leadership level.
Board of Directors and Audit Committee
The Board provides oversight of management’s efforts to assess and manage cybersecurity risks and respond to cybersecurity incidents and threats. In addition, the Audit Committee of the Board of Directors regularly receives reports from management regarding the Company’s financial and compliance risks, including, but not limited to, risks relating to internal controls and cybersecurity risks.
The Board receives regular presentations and updates from the CISO, CRRO and CAO regarding matters related to technology and cybersecurity, including as part of enterprise risk updates that are a recurring Board agenda item. The Company has protocols, as discussed below, by which certain cybersecurity concerns, incidents and threats are escalated within the Company and, where appropriate, reported in a timely manner to the Board.
Risk Management and Strategy
The objective of the Company's comprehensive cybersecurity program is to assess, identify, and manage risks from cybersecurity incidents and threats. The Company's cybersecurity program leverages the NIST Framework and it incorporates training and awareness coupled with ongoing monitoring and assessment. The cybersecurity program is an important part of the Company’s enterprise risk management (ERM), with the head of the Company’s ERM program (the CRRO) sitting on the Cyber Committee, and sets forth a process for escalating certain incidents to the Company’s ERM group integrated into the Company’s Incident Response Plan.
As part of the cybersecurity program, the Company’s cybersecurity environment is monitored by automated tools on an ongoing basis and an internal cybersecurity team that reviews threats, alerts, and incidents. The Company’s Incident Response Plan provides governance and guidance in responding to information security incidents and is tested regularly for calibration against existing and emerging threats. The Incident Response Plan describes the process to be followed by the TCRC in connection with the oversight of the cybersecurity environment and specific events that occur from time to time. The cybersecurity program undergoes periodic internal and external reviews. In addition, the Company's Internal Controls Department performs an independent assessment of the design and operating effectiveness of the Company’s network of cybersecurity controls in accordance with the NIST Framework. The results of the assessment are periodically shared with the TCRC.
The Company’s cybersecurity environment is also subject to routine vulnerability assessment processes. Internal and external teams, including the TCRC, conduct activities such as penetration testing, red teaming, tabletop exercises and phishing drills. Results are measured and assessed for possible improvements. In addition to these ongoing efforts, the Company has a set of third-party risk management tools through which it monitors for cybersecurity risks and threats associated with its third-party service providers. The Incident Response Plan includes processes that define how the Company manages and responds to such risks or threats associated with its third-party service providers.
The Company contracts with reputable third parties to conduct annual external assessments of its cybersecurity program and its components. Government agencies and their contracted agents also conduct periodic reviews in certain jurisdictions where the Company operates. Insurance agents, customers and other market participants routinely assess the Company’s security posture relative to their own standards.
Security Policy and Requirements
The Company has an Information Security Policy and Information Security Standards, which, taken together, describe the standards and minimum requirements that are expected of all business and information security personnel to protect the Company’s information and technology assets. The policy provides a framework guided by security principles designed to address the confidentiality, integrity and availability of the Company’s information assets in the context of internal, external, deliberate and accidental threats, while supporting the Company’s information creation and sharing needs.
The Company is subject to various privacy laws in the jurisdictions where it operates including CCPA and GDPR, as well as U.S. Federal regulation by the FTC, for certain privacy-related aspects of its business, and the Sarbanes-Oxley Act of 2002. The Company is audited in connection with requirements set forth in the Sarbanes-Oxley Act of 2002, and Moody’s Analytics obtains third-party audits in connection with the ISO 27001 certification and SOC 1 and SOC 2 attestation reports, respectively, for certain products. As previously mentioned, the Company also aligns with NIST standards in connection with information security, which it uses to evaluate its cybersecurity readiness and resilience, and is required to make various filings and comply with requirements in certain jurisdictions in which it operates.
The Company’s cybersecurity program also includes an information security training and awareness program for all employees. The program includes annual certification to having read and understood the Company's IT Use Policy, continuing education on phishing awareness, regular communications about cybersecurity best practices, and participation in annual events like Cybersecurity Awareness Month. Employees are expected to complete annual cybersecurity training, and compliance is monitored. The Company uses general and targeted phishing simulations to help employees better recognize and respond to potential threats. The training program is further enhanced by cybersecurity experts speaking at educational events. The Company also offers specialized training modules on emerging cybersecurity threats for its software development teams. The Company’s IT Use Policy outlines a detailed escalation process under which employees are to immediately report any suspected cybersecurity incident.
The cybersecurity threat landscape is dynamic and volatile, and requires significant investment on the part of the Company in terms of talent recruitment and retention, as well as procuring and deploying the correct tools to address threats. Additional information on cybersecurity risks is discussed in Item 1A of Part I, “Risk Factors,” under the heading “Technology Risks,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
The objective of the Company's comprehensive cybersecurity program is to assess, identify, and manage risks from cybersecurity incidents and threats. The Company's cybersecurity program leverages the NIST Framework and it incorporates training and awareness coupled with ongoing monitoring and assessment. The cybersecurity program is an important part of the Company’s enterprise risk management (ERM), with the head of the Company’s ERM program (the CRRO) sitting on the Cyber Committee, and sets forth a process for escalating certain incidents to the Company’s ERM group integrated into the Company’s Incident Response Plan.
As part of the cybersecurity program, the Company’s cybersecurity environment is monitored by automated tools on an ongoing basis and an internal cybersecurity team that reviews threats, alerts, and incidents. The Company’s Incident Response Plan provides governance and guidance in responding to information security incidents and is tested regularly for calibration against existing and emerging threats. The Incident Response Plan describes the process to be followed by the TCRC in connection with the oversight of the cybersecurity environment and specific events that occur from time to time. The cybersecurity program undergoes periodic internal and external reviews. In addition, the Company's Internal Controls Department performs an independent assessment of the design and operating effectiveness of the Company’s network of cybersecurity controls in accordance with the NIST Framework. The results of the assessment are periodically shared with the TCRC.
The Company’s cybersecurity environment is also subject to routine vulnerability assessment processes. Internal and external teams, including the TCRC, conduct activities such as penetration testing, red teaming, tabletop exercises and phishing drills. Results are measured and assessed for possible improvements. In addition to these ongoing efforts, the Company has a set of third-party risk management tools through which it monitors for cybersecurity risks and threats associated with its third-party service providers. The Incident Response Plan includes processes that define how the Company manages and responds to such risks or threats associated with its third-party service providers.
The Company contracts with reputable third parties to conduct annual external assessments of its cybersecurity program and its components. Government agencies and their contracted agents also conduct periodic reviews in certain jurisdictions where the Company operates. Insurance agents, customers and other market participants routinely assess the Company’s security posture relative to their own standards.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The TCRC, chaired by the CISO, and whose members include the CTSO, CAO and CRRO, as well as other members of senior management and the legal team, is responsible for identifying cybersecurity risks and threats, recommending mitigating actions to strengthen cybersecurity resilience, and meeting risk tolerance thresholds established by senior management. The TCRC also validates that the Company has appropriate people, process and technology capabilities to identify, mitigate and report on cybersecurity risks to the executive leadership team and the Board of Directors. The TCRC meets regularly to allow members of the internal cybersecurity team to present concerns and recommendations for decisions on preventing, identifying, mitigating, and remediating risks and threats. To the extent warranted, the TCRC may additionally be convened on an ad hoc basis. The TCRC makes decisions regarding the reporting of cybersecurity concerns to the executive leadership team, who escalate issues to the Board and/or the Audit Committee as necessary. In the case of incidents that arise, the TCRC, under the direction of the Board and/or executive leadership team when appropriate, works to involve all appropriate personnel with the aim of resolving the incident, performing any required remediation/reporting, and taking appropriate steps to comply with applicable laws and regulations. The process that the TCRC follows upon emergence of incidents is documented in the Company’s Incident Response Plan. Additionally, cybersecurity risks and the adequacy of associated mitigations are analyzed by senior leadership as part of the enterprise risk assessments that are reported to and discussed by the Board.
The CISO has extensive cybersecurity knowledge and skills, gained from over 20 years’ experience working in regulated industries. The CISO holds a number of cybersecurity related certifications, including the Certified Information Systems Security Professional and Certified Information Security Manager. In addition to the CISO, the CTSO has been a close partner and advocate for cybersecurity at the Company, and is consulted or informed on all decisions or risks that affect the Company's technology systems and/or implicate cybersecurity. The CAO is responsible for overseeing the cybersecurity team at the executive leadership level.
Board of Directors and Audit Committee
The Board provides oversight of management’s efforts to assess and manage cybersecurity risks and respond to cybersecurity incidents and threats. In addition, the Audit Committee of the Board of Directors regularly receives reports from management regarding the Company’s financial and compliance risks, including, but not limited to, risks relating to internal controls and cybersecurity risks.
The Board receives regular presentations and updates from the CISO, CRRO and CAO regarding matters related to technology and cybersecurity, including as part of enterprise risk updates that are a recurring Board agenda item. The Company has protocols, as discussed below, by which certain cybersecurity concerns, incidents and threats are escalated within the Company and, where appropriate, reported in a timely manner to the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The TCRC, chaired by the CISO, and whose members include the CTSO, CAO and CRRO, as well as other members of senior management and the legal team, is responsible for identifying cybersecurity risks and threats, recommending mitigating actions to strengthen cybersecurity resilience, and meeting risk tolerance thresholds established by senior management. The TCRC also validates that the Company has appropriate people, process and technology capabilities to identify, mitigate and report on cybersecurity risks to the executive leadership team and the Board of Directors. The TCRC meets regularly to allow members of the internal cybersecurity team to present concerns and recommendations for decisions on preventing, identifying, mitigating, and remediating risks and threats. To the extent warranted, the TCRC may additionally be convened on an ad hoc basis. The TCRC makes decisions regarding the reporting of cybersecurity concerns to the executive leadership team, who escalate issues to the Board and/or the Audit Committee as necessary. In the case of incidents that arise, the TCRC, under the direction of the Board and/or executive leadership team when appropriate, works to involve all appropriate personnel with the aim of resolving the incident, performing any required remediation/reporting, and taking appropriate steps to comply with applicable laws and regulations. The process that the TCRC follows upon emergence of incidents is documented in the Company’s Incident Response Plan. Additionally, cybersecurity risks and the adequacy of associated mitigations are analyzed by senior leadership as part of the enterprise risk assessments that are reported to and discussed by the Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The TCRC, chaired by the CISO, and whose members include the CTSO, CAO and CRRO, as well as other members of senior management and the legal team, is responsible for identifying cybersecurity risks and threats, recommending mitigating actions to strengthen cybersecurity resilience, and meeting risk tolerance thresholds established by senior management. The TCRC also validates that the Company has appropriate people, process and technology capabilities to identify, mitigate and report on cybersecurity risks to the executive leadership team and the Board of Directors. The TCRC meets regularly to allow members of the internal cybersecurity team to present concerns and recommendations for decisions on preventing, identifying, mitigating, and remediating risks and threats. To the extent warranted, the TCRC may additionally be convened on an ad hoc basis. The TCRC makes decisions regarding the reporting of cybersecurity concerns to the executive leadership team, who escalate issues to the Board and/or the Audit Committee as necessary. In the case of incidents that arise, the TCRC, under the direction of the Board and/or executive leadership team when appropriate, works to involve all appropriate personnel with the aim of resolving the incident, performing any required remediation/reporting, and taking appropriate steps to comply with applicable laws and regulations. The process that the TCRC follows upon emergence of incidents is documented in the Company’s Incident Response Plan. Additionally, cybersecurity risks and the adequacy of associated mitigations are analyzed by senior leadership as part of the enterprise risk assessments that are reported to and discussed by the Board.
Cybersecurity Risk Role of Management [Text Block]
Management
The Company maintains a dedicated internal cybersecurity team that interacts with executive management and its business units to identify, assess, manage, and respond to cybersecurity risks and incidents relating to the Company’s information systems and operations. In addition, this internal cybersecurity team is responsible for managing detection, mitigation and remediation of cybersecurity incidents. At December 31, 2025, the Company’s internal cybersecurity team consisted of members located in various countries and time zones across the world, managed by the CISO, who reports to the CAO, who is a member of the executive leadership team. The team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing and cyber incident management. Team members have both individual responsibilities and a team focus, covering areas such as network, endpoint device, and e-mail security engineering as well as operations and threat management, monitoring, and response.
The TCRC, chaired by the CISO, and whose members include the CTSO, CAO and CRRO, as well as other members of senior management and the legal team, is responsible for identifying cybersecurity risks and threats, recommending mitigating actions to strengthen cybersecurity resilience, and meeting risk tolerance thresholds established by senior management. The TCRC also validates that the Company has appropriate people, process and technology capabilities to identify, mitigate and report on cybersecurity risks to the executive leadership team and the Board of Directors. The TCRC meets regularly to allow members of the internal cybersecurity team to present concerns and recommendations for decisions on preventing, identifying, mitigating, and remediating risks and threats. To the extent warranted, the TCRC may additionally be convened on an ad hoc basis. The TCRC makes decisions regarding the reporting of cybersecurity concerns to the executive leadership team, who escalate issues to the Board and/or the Audit Committee as necessary. In the case of incidents that arise, the TCRC, under the direction of the Board and/or executive leadership team when appropriate, works to involve all appropriate personnel with the aim of resolving the incident, performing any required remediation/reporting, and taking appropriate steps to comply with applicable laws and regulations. The process that the TCRC follows upon emergence of incidents is documented in the Company’s Incident Response Plan. Additionally, cybersecurity risks and the adequacy of associated mitigations are analyzed by senior leadership as part of the enterprise risk assessments that are reported to and discussed by the Board.
The CISO has extensive cybersecurity knowledge and skills, gained from over 20 years’ experience working in regulated industries. The CISO holds a number of cybersecurity related certifications, including the Certified Information Systems Security Professional and Certified Information Security Manager. In addition to the CISO, the CTSO has been a close partner and advocate for cybersecurity at the Company, and is consulted or informed on all decisions or risks that affect the Company's technology systems and/or implicate cybersecurity. The CAO is responsible for overseeing the cybersecurity team at the executive leadership level.
Board of Directors and Audit Committee
The Board provides oversight of management’s efforts to assess and manage cybersecurity risks and respond to cybersecurity incidents and threats. In addition, the Audit Committee of the Board of Directors regularly receives reports from management regarding the Company’s financial and compliance risks, including, but not limited to, risks relating to internal controls and cybersecurity risks.
The Board receives regular presentations and updates from the CISO, CRRO and CAO regarding matters related to technology and cybersecurity, including as part of enterprise risk updates that are a recurring Board agenda item. The Company has protocols, as discussed below, by which certain cybersecurity concerns, incidents and threats are escalated within the Company and, where appropriate, reported in a timely manner to the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Board receives regular presentations and updates from the CISO, CRRO and CAO regarding matters related to technology and cybersecurity, including as part of enterprise risk updates that are a recurring Board agenda item. The Company has protocols, as discussed below, by which certain cybersecurity concerns, incidents and threats are escalated within the Company and, where appropriate, reported in a timely manner to the Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has extensive cybersecurity knowledge and skills, gained from over 20 years’ experience working in regulated industries. The CISO holds a number of cybersecurity related certifications, including the Certified Information Systems Security Professional and Certified Information Security Manager. In addition to the CISO, the CTSO has been a close partner and advocate for cybersecurity at the Company, and is consulted or informed on all decisions or risks that affect the Company's technology systems and/or implicate cybersecurity
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board receives regular presentations and updates from the CISO, CRRO and CAO regarding matters related to technology and cybersecurity, including as part of enterprise risk updates that are a recurring Board agenda item. The Company has protocols, as discussed below, by which certain cybersecurity concerns, incidents and threats are escalated within the Company and, where appropriate, reported in a timely manner to the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Adoption of New Accounting Standards in 2023
Adoption of New Accounting Standards in 2025
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company adopted this ASU retrospectively for all periods presented with the new required disclosures presented in Note 15.
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which amends Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses on accounts receivable, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company early adopted this ASU in the fourth quarter of 2025, and applied it prospectively as of January 1, 2025, in accordance with the transition provisions for early adoption. The adoption of this ASU did not have a material impact on the financial statements.
Reclassification of Previously Reported Transaction and Recurring Revenue
In the first quarter of 2025, the Company reclassified certain prior-year transaction and recurring revenue amounts to align with a refined classification methodology. The impact of the reclassifications was not material, and the reclassified amounts for 2024 and 2023 are reflected in Note 3.
Recently Issued Accounting Pronouncements
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.
Basis of Consolidation
Basis of Consolidation
The consolidated financial statements include those of Moody’s Corporation and its majority- and wholly-owned subsidiaries. The effects of all intercompany transactions have been eliminated. Investments in companies for which the Company has significant influence over operating and financial policies but not a controlling interest are accounted for on an equity basis whereby the Company records its proportional share of the investment’s net income or loss as part of other non-operating income (expense), net and any dividends received reduce the carrying amount of the investment. Equity investments without a readily determinable fair value for which the Company does not have significant influence are accounted for under the ASC Topic 321 measurement alternative; these investments are recorded at initial cost, less impairment, adjusted upward or downward for any observable price changes in similar investments. The Company applies the guidelines set forth in ASC Topic 810 assessing its interests in voting and variable interest entities to decide whether to consolidate an entity. The Company has reviewed the potential variable interest entities and determined that there are no consolidation requirements under ASC Topic 810. The Company consolidates its ICRA subsidiaries on a three month lag.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents principally consist of investments in money market deposit accounts and money market funds as well as certificates of deposit with maturities of three months or less when purchased.
Short-term Investments
Short-term Investments
Short-term investments are securities with maturities greater than 90 days at the time of purchase that are available for operations in the next 12 months. The Company’s short-term investments primarily consist of certificates of deposit and their cost approximates fair value due to the short-term nature of the instruments. Interest and dividends on these investments are recorded into income when earned.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost and are depreciated using the straight-line method over their estimated useful lives. Expenditures for maintenance and repairs that do not extend the economic useful life of the related assets are charged to expense as incurred.
Computer Software Developed or Obtained for Internal Use
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to MA's cloud-based solutions as well as the Company’s financial, website and other systems. Such costs generally consist of employee compensation, direct costs for third-party license fees and professional services provided by third parties, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (e.g., hosted arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the consolidated statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the consolidated statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the consolidated balance sheets consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets).
Goodwill
Goodwill
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment), annually as of July 31 or more frequently if impairment indicators arise in accordance with ASC Topic 350.
The Company evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the Company assesses various qualitative factors to determine whether the fair value of a reporting unit may be less than its carrying amount. If a determination is made based on the qualitative factors that an impairment does not exist, the Company is not required to perform further testing. If the aforementioned qualitative assessment results in the Company concluding that it is more likely than not that the fair value of a reporting unit may be less than its carrying amount, the fair value of the reporting unit will be quantitatively determined and compared to its carrying value including goodwill. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and the Company is not required to perform further testing. If the fair value of the reporting unit is less than the carrying value, the Company will record a goodwill impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value.
The Company evaluates its reporting units on an annual basis, or more frequently if there are changes in the reporting structure of the Company due to acquisitions, realignments or if there are indicators of potential impairment. For the reporting units where the Company is consistently able to conclude that no impairment exists using only a qualitative approach, the Company’s accounting policy is to perform the second step of the aforementioned goodwill impairment assessment at least once every three years.
Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
Subsequent to the aforementioned reorganization of the MA reporting unit structure, for the purposes of assessing the recoverability of goodwill, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.
Impairment of Long-lived Assets and Definite-lived Intangible assets
Impairment of Long-lived Assets and Definite-lived Intangible assets
Long-lived assets, which consist primarily of amortizable intangible assets, internal-use computer software, lease ROU Assets and property and equipment are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Under the first step of the recoverability assessment, the Company compares the estimated undiscounted future cash flows attributable to the asset or asset group to their carrying value. If the undiscounted future cash flows are greater than the carrying value, no further assessment is required. If the undiscounted future cash flows are less than the carrying value, Moody's proceeds with step two of the assessment. Under step two of this assessment, Moody's is required to determine the fair value of the asset or asset group (reduced by the estimated cost to sell the asset for assets or disposal groups classified as held-for-sale) and recognize an impairment loss if the carrying amount exceeds its fair value.
Stock-Based Compensation
Stock-Based Compensation
The Company records compensation expense over the requisite service period for all share-based payment award transactions granted to employees based on the fair value of the equity instrument at the time of grant. This includes shares issued under stock option and restricted stock plans.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Based on the Company’s risk management policy, the Company may use derivative financial instruments to reduce exposure to changes in foreign exchange rates and interest rates. The Company does not enter into derivative financial instruments for speculative purposes. All derivative financial instruments are recorded on the consolidated balance sheets at their respective fair values on a gross basis. The changes in the value of derivatives that qualify as fair value hedges are recorded in the same income statement line item in earnings in which the corresponding adjustment to the carrying value of the hedged item is presented. The entire change in the fair value of derivatives that qualify as cash flow hedges is recorded to OCI and such amounts are reclassified from AOCI(L) to the same income statement line in earnings in the same period or periods during which the hedged transaction affects income. The Company assesses effectiveness for net investment hedges using the spot-method. The entire change in the fair value of derivatives that qualify as net investment hedges is initially recorded to OCI. Those changes in fair value attributable to components included in the assessment of hedge effectiveness in a net investment hedge are recorded in the currency translation adjustment component of OCI and remain in AOCI(L) until the period in which the hedged item affects earnings. Those changes in fair value attributable to components excluded from the assessment of hedge effectiveness in a net investment hedge are recorded to OCI and amortized to earnings using a systematic and rational method over the duration of the hedge. Any changes in the fair value of derivatives that the Company does not designate as hedging instruments under ASC Topic 815 are recorded in the consolidated statements of operations in the period in which they occur. Cash flows from derivatives are recognized in the consolidated statements of cash flows in a manner consistent with the recognition of the underlying hedged item.
Revenue Recognition and Costs to Obtain or Fulfill a Contract with a Customer
Revenue Recognition and Costs to Obtain or Fulfill a Contract with a Customer
Revenue recognition:
Revenue is recognized when control of promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
When contracts with customers contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to each distinct performance obligation on a relative SSP basis. The Company determines the SSP by using the price charged for a deliverable when sold separately or uses management’s best estimate of SSP for goods or services not sold separately using estimation techniques that maximize observable data points, including: internal factors relevant to its pricing practices such as costs and margin objectives; standalone sales prices of similar products; pricing policies; percentage of the fee charged for a primary product or service relative to a related product or service; and geography.
Sales, usage-based, value added and other taxes are excluded from revenues.
MA Revenue
In the MA segment, products and services offered by the Company include hosted research and data subscriptions, installed and hosted software subscriptions, perpetual installed software licenses and related maintenance, or PCS, and professional services. Subscription and PCS contracts are generally invoiced in advance of the contractual coverage period, which is principally one year, but can range from 3-5 years. Professional services are invoiced as those services are provided. Payment terms and conditions vary by contract type, but primarily include a requirement of payment within 30 to 60 days.
Revenue from research, data and other hosted subscriptions is recognized ratably over the related subscription period as MA's performance obligation to provide access to these products is progressively fulfilled over the stated term of the contract. A large portion of these services are invoiced in the months of November, December and January.
Revenue from installed software subscriptions, which includes PCS, is bifurcated into a software license performance obligation and a PCS performance obligation, which follow the patterns of recognition described above, except for those installed subscriptions where the software license and PCS performance obligations were determined to be incapable of being distinct from each other in accordance with ASC 606-10-25-19 and ASC 606-10-25-20. In such instances, revenue is recognized over time. Revenue from the sale of a software license, when considered distinct from the related software implementation services, is
generally recognized at the time the product master or first copy is delivered or transferred to the customer. PCS is generally recognized ratably over the contractual period commencing when the software license is fully delivered.
For implementation services and other service projects for which fees are fixed, the Company determined progress towards completion is most accurately measured on a percentage-of-completion basis (input method) as this approach utilizes the most directly observable data points and is therefore used to recognize the related revenue. For implementation services where price varies based on time expended, a time-based measure of progress towards completion of the performance obligation is utilized.
Revenue from professional services rendered is generally recognized over time as the services are performed.
Products and services offered within the MA segment are sold either stand-alone or together in various combinations. In instances where an arrangement contains multiple performance obligations, the Company accounts for the individual performance obligations separately if they are considered distinct. Revenue is generally allocated to all performance obligations based upon the relative SSP at contract inception. For certain performance obligations, judgment is required to determine the SSP. Revenue is recognized for each performance obligation based upon the conditions for revenue recognition noted above.
In the MA segment, customers usually pay a fixed fee for the products and services based on signed contracts. However, accounting for variable consideration is applied mainly for: i) estimates for cancellation rights and price concessions and ii) T&M based services.
The Company estimates the variable consideration associated with cancellation rights and price concessions based on the expected amount to be provided to customers and reduces the amount of revenue to be recognized.
MIS Revenue
In the MIS segment, revenue arrangements with multiple elements are generally comprised of two distinct performance obligations, a rating and the related monitoring service. Revenue attributed to ratings of issued securities is generally recognized when the rating is delivered to the issuer. Revenue attributed to monitoring of issuers or issued securities is recognized ratably over the period in which the monitoring is performed, generally one year. In the case of certain structured finance products, primarily CMBS, issuers can elect to pay all of the annual monitoring fees upfront. These fees are deferred and recognized over the future monitoring periods based on the expected lives of the rated securities.
MIS arrangements generally have standard contractual terms for which the stated payments are due at conclusion of the ratings process for ratings and either upfront or in arrears for monitoring services; and are signed by customers either on a per issue basis or at the beginning of the relationship with the customer. In situations when customer fees for an arrangement may be variable, the Company estimates the variable consideration at inception using the expected value method based on analysis of similar contracts in the same line of business, which is constrained based on the Company’s assessment of the realization of the adjustment amount.
The Company allocates the transaction price within arrangements that include multiple performance obligations based upon the relative SSP of each service. The SSP for both rating and monitoring services is generally based upon observable selling prices where the rating or monitoring service is sold separately to similar customers.
Costs to Obtain or Fulfill a Contract with a Customer:
Costs to obtain a contract with a customer
Costs incurred to obtain customer contracts, such as sales commissions, are deferred and recorded within other current assets and other assets when such costs are determined to be incremental to obtaining a contract, would not have been incurred otherwise and the Company expects to recover those costs. These costs are amortized to expense on a systematic basis consistent with the transfer of the products or services to the customer. Depending on the line of business to which the contract relates, this may be based upon the average economic life of the products sold or average period for which services are provided, inclusive of anticipated contract renewals. Determining the estimated economic life of the products sold requires judgment with respect to anticipated future technological changes. Costs to obtain customer contracts are only incurred in the MA segment.
Cost to fulfill a contract with a customer
Costs incurred to fulfill customer contracts, are deferred and recorded within other current assets and other assets when such costs relate directly to a contract, generate or enhance resources of the Company that will be used in satisfying performance obligations in the future and the Company expects to recover those costs.
The Company capitalizes royalty costs within the MA segment related to third-party information data providers associated with hosted company information and business intelligence products. These costs are amortized to expense consistent with the recognition pattern of the related revenue over time.
In addition, the Company capitalizes work-in-process costs for in-progress MIS ratings, which is recognized consistent with the rendering of the related services to the customers, as ratings are issued.
Accounts Receivable Allowances
Accounts Receivable Allowances
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information, and is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related). The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
Leases
Leases
The Company has operating leases, which substantially all 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.
The Company determines if an arrangement meets the definition of a lease at contract inception. The Company recognizes in its consolidated balance sheets a lease liability and an ROU Asset for all leases with a lease term greater than 12 months. In determining the length of the lease term, the Company utilizes judgment in assessing the likelihood of whether it is reasonably certain that it will exercise an option to extend or early-terminate a lease, if such options are provided in the lease agreement.
ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU Assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As substantially all of the Company’s leases do not provide an implicit interest rate, the Company uses its estimated secured incremental borrowing rates at the lease commencement date in determining the present value of lease payments. These secured incremental borrowing rates are attributable to the currency in which the lease is denominated.
At commencement, the Company’s initial measurement of the ROU Asset is calculated as the present value of the remaining lease payments (i.e., lease liability), with additive adjustments reflecting: initial direct costs (e.g., broker commissions) and prepaid lease payments (if any); and reduced by any lease incentives provided by the lessor if: (i) received before lease commencement or (ii) receipt of the lease incentive is contingent upon future events for which the occurrence is both probable and within the Company’s control.
Lease expense for minimum operating lease payments is recognized on a straight-line basis over the lease term. This straight-line lease expense represents a single lease cost which is comprised of both an interest accretion component relating to the lease liability and amortization of the ROU Assets. The Company records this single lease cost in SG&A expenses. However, in situations where an operating lease ROU Asset has been impaired, the subsequent amortization of the ROU Asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost (which subsequent to impairment will no longer follow a straight-line recognition pattern).
The Company has lease agreements which include lease and non-lease components. For the Company’s office space leases, the lease components (e.g., fixed rent payments) and non-lease components (e.g., fixed common-area maintenance costs) are combined and accounted for as a single lease component.
Variable lease payments (e.g., variable common-area-maintenance costs) are only included in the initial measurement of the lease liability to the extent those payments depend on an index or a rate. Variable lease payments not included in the lease liability are recognized in net income in the period in which the obligation for those payments is incurred.
Contingencies
Contingencies
Moody’s is involved in legal and tax proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation that are incidental to the Company’s business, including claims based on ratings assigned by MIS. Moody’s is also subject to ongoing tax audits in the normal course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. Moody’s discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
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.
Operating Expenses
Operating Expenses
Operating expenses include costs associated with the development and production of the Company’s products and services and their delivery to customers. These expenses principally include employee compensation and benefits and travel costs that are incurred in connection with these activities. Operating expenses are charged to income as incurred.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
SG&A expenses include such items as compensation and benefits for corporate officers and staff and compensation and other expenses related to sales. They also include items such as office rent, business insurance and professional fees. SG&A expenses are charged to income as incurred.
Foreign Currency Translation
Foreign Currency Translation
For all operations outside the U.S. where the Company has designated the local currency as the functional currency, assets and liabilities are translated into U.S. dollars using end of year exchange rates, and revenue and expenses are translated using average exchange rates for the year. For these foreign operations, currency translation adjustments are recorded to other comprehensive income.
Comprehensive Income
Comprehensive Income
Comprehensive income represents the change in net assets of a business enterprise during a period due to transactions and other events and circumstances from non-owner sources including: foreign currency translation impacts; net actuarial gains and losses and net prior service costs related to pension and other retirement plans; and gains and losses on derivative instruments designated as net investment hedges or cash flow hedges. Comprehensive income items, including cumulative translation adjustments of entities that are less-than-wholly-owned subsidiaries, will be reclassified to noncontrolling interests and thereby, adjusting AOCI(L) proportionately in accordance with the percentage of ownership interest of the non-controlling shareholder. Additionally, the Company reclassifies the income tax effects from AOCI(L) at such time as the earnings or loss of the related activity are recognized in earnings.
Income Taxes
Income Taxes
The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740. Therefore, income tax expense is based on reported income before income taxes and deferred income taxes reflect the effect of temporary differences between the amounts of assets and liabilities that are recognized for financial reporting purposes and the amounts that are recognized for income tax purposes.
The Company classifies interest related to unrecognized tax benefits as a component of interest expense in its consolidated statements of operations. Penalties are recognized in other non-operating expenses. For UTPs, the Company first determines whether it is more-likely-than-not (defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more-likely-than-not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.
The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial instruments include cash, cash equivalents, trade receivables and payables, and certain short-term investments consisting primarily of certificates of deposit and money market deposits, all of which are short-term in nature and, accordingly, approximate fair value.
The Company also invests in mutual funds, which are accounted for as equity securities with readily determinable fair values under ASC Topic 321. The Company measures these investments at fair value with both realized gains and losses and unrealized holding gains and losses for these investments included in net income.
Also, the Company uses derivative instruments to manage certain financial exposures that occur in the normal course of business. These derivative instruments are carried at fair value in the Company’s consolidated balance sheets.
Fair value is defined by the ASC Topic 820 as the price that would be received from selling an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between market participants at the measurement date. The determination of this fair value is based on the principal or most advantageous market in which the Company could commence transactions and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. Also, determination of fair value assumes that market participants will consider the highest and best use of the asset.
The ASC establishes a fair value hierarchy whereby the inputs contained in valuation techniques used to measure fair value are categorized into three broad levels as follows:
Level 1: quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement;
Level 2: inputs other than quoted market prices described in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk principally consist of cash and cash equivalents, short-term investments, trade receivables and derivatives.
For cash and cash equivalents, short-term investments and derivatives, the Company manages its credit exposure by limiting the amount of counterparty risk with any particular financial institution; limits are assigned to each counterparty based on perceived quality of credit and are monitored daily. Cash equivalents are held among various money market deposit accounts, money market funds, and certificates of deposits as of December 31, 2025 and 2024. Short-term investments primarily consist of certificates of deposit as of December 31, 2025 and 2024. Derivatives primarily consist of foreign exchange forwards or swap contracts (interest rate swaps and cross-currency swaps) as of December 31, 2025 and 2024. For trade receivables, no customer accounted for 10% or more of accounts receivable at December 31, 2025 or 2024.
Earnings per Share of Common Stock
Earnings per Share of Common Stock
Basic shares outstanding is calculated based on the weighted average number of shares of common stock outstanding during the reporting period. Diluted shares outstanding is calculated giving effect to all potentially dilutive common shares, assuming that such shares were outstanding and dilutive during the reporting period.
Pension and Other Retirement Benefits
Pension and Other Retirement Benefits
Moody’s maintains various noncontributory DBPPs as well as other contributory and noncontributory retirement plans. The expense and assets/liabilities that the Company reports for its pension and other retirement benefits are dependent on many assumptions concerning the outcome of future events and circumstances. These assumptions represent the Company’s best estimates and may vary by plan. The differences between the assumptions for the expected long-term rate of return on plan assets and actual experience is spread over a five-year period to the market-related value of plan assets, which is used in determining the expected return on assets component of annual pension expense. All other actuarial gains and losses are generally deferred and amortized over the estimated average future working life of active plan participants.
The Company recognizes as an asset or liability in its consolidated balance sheet the funded status of its defined benefit retirement plans, measured on a plan-by-plan basis. Changes in the funded status due to actuarial gains/losses are recorded as part of other comprehensive income during the period the changes occur.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
v3.25.4
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202520242023
MA:
Decision Solutions (DS)
Banking$569 $551 $521 
Insurance685 598 550 
KYC438 367 312 
Total DS1,692 1,516 1,383 
Research and Insights (R&I)995 926 884 
Data and Information (D&I)912 853 789 
Total external revenue3,599 3,295 3,056 
Intersegment revenue12 13 13 
Total MA3,611 3,308 3,069 
MIS:
Corporate finance (CFG)
Investment-grade573 488 335 
High-yield324 285 150 
Bank loans503 527 292 
Other accounts (1)
732 650 627 
Total CFG2,132 1,950 1,404 
Structured finance (SFG)
Asset-backed securities142 130 121 
RMBS111 98 92 
CMBS99 94 60 
Structured credit202 193 129 
Other accounts (SFG)4 3 3 
Total SFG558 518 405 
Financial institutions (FIG)
Banking500 450 378 
Insurance186 214 123 
Managed investments59 49 32 
Other accounts (FIG)14 14 12 
Total FIG759 727 545 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign275 240 205 
Project and infrastructure360 324 271 
Total PPIF635 564 476 
Total ratings revenue4,084 3,759 2,830 
MIS Other35 34 30 
Total external revenue4,119 3,793 2,860 
Intersegment royalty198 193 186 
Total MIS4,317 3,986 3,046 
Eliminations(210)(206)(199)
Total MCO$7,718 $7,088 $5,916 
(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 table presents the Company’s revenues disaggregated by LOB and geographic area:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MA:
Decision Solutions$674 $1,018 $1,692 $570 $946 $1,516 $550 $833 $1,383 
Research and Insights547 448 995 514 412 926 490 394 884 
Data and Information327 585 912 306 547 853 281 508 789 
Total MA1,548 2,051 3,599 1,390 1,905 3,295 1,321 1,735 3,056 
MIS:
Corporate finance1,427 705 2,132 1,333 617 1,950 952 452 1,404 
Structured finance396 162 558 368 150 518 252 153 405 
Financial institutions384 375 759 386 341 727 253 292 545 
Public, project and infrastructure finance416 219 635 359 205 564 292 184 476 
Total ratings revenue2,623 1,461 4,084 2,446 1,313 3,759 1,749 1,081 2,830 
MIS Other— 35 35 — 34 34 1 29 30 
Total MIS2,623 1,496 4,119 2,446 1,347 3,793 1,750 1,110 2,860 
Total MCO$4,171 $3,547 $7,718 $3,836 $3,252 $7,088 $3,071 $2,845 $5,916 

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2025
2024
2023
MA:
  U.S.$1,548 $1,390 $1,321 
  Non-U.S.:
   EMEA1,406 1,306 1,207 
   Asia-Pacific374 345 299 
   Americas271 254 229 
   Total Non-U.S.2,051 1,905 1,735 
  Total MA3,599 3,295 3,056 
MIS:
  U.S.2,623 2,446 1,750 
  Non-U.S.:
   EMEA970 868 679 
   Asia-Pacific325 284 271 
   Americas201 195 160 
   Total Non-U.S.1,496 1,347 1,110 
  Total MIS4,119 3,793 2,860 
Total MCO$7,718 $7,088 $5,916 
The following table summarizes the split between transaction and recurring revenue:
Year Ended December 31,
20252024
2023
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$93 $476 $569 $113 $438 $551 $126 $395 $521 
16 %84 %100 %21 %79 %100 %24 %76 %100 %
Insurance
$21 $664 $685 $26 $572 $598 $47 $503 $550 
3 %97 %100 %4 %96 %100 %9 %91 %100 %
KYC
$3 $435 $438 $7 $360 $367 $5 $307 $312 
1 %99 %100 %2 %98 %100 %2 %98 %100 %
Total Decision Solutions
$117 $1,575 $1,692 $146 $1,370 $1,516 $178 $1,205 $1,383 
7 %93 %100 %10 %90 %100 %13 %87 %100 %
Research and Insights$12 $983 $995 $12 $914 $926 $14 $870 $884 
1 %99 %100 %1 %99 %100 %2 %98 %100 %
Data and Information$8 $904 $912 $12 $841 $853 $7 $782 $789 
1 %99 %100 %1 %99 %100 %1 %99 %100 %
Total MA (1)
$137 

$3,462 $3,599 $170 $3,125 $3,295 $199 $2,857 $3,056 
4 %96 %100 %5 %95 %100 %7 %93 %100 %
Corporate Finance$1,559 $573 $2,132 $1,415 $535 $1,950 $887 $517 $1,404 
73 %27 %100 %73 %27 %100 %63 %37 %100 %
Structured Finance$315 $243 $558 $292 $226 $518 $190 $215 $405 
56 %44 %100 %56 %44 %100 %47 %53 %100 %
Financial Institutions$422 $337 $759 $418 $309 $727 $254 $291 $545 
56 %44 %100 %57 %43 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$438 $197 $635 $384 $180 $564 $301 $175 $476 
69 %31 %100 %68 %32 %100 %63 %37 %100 %
MIS Other$7 $28 $35 $8 $26 $34 $6 $24 $30 
20 %80 %100 %24 %76 %100 %20 %80 %100 %
Total MIS$2,741 $1,378 $4,119 $2,517 $1,276 $3,793 $1,638 $1,222 $2,860 
67 %33 %100 %66 %34 %100 %57 %43 %100 %
Total Moody’s Corporation$2,878 $4,840 $7,718 $2,687 $4,401 $7,088 $1,837 $4,079 $5,916 
37 %63 %100 %38 %62 %100 %31 %69 %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 table presents the timing of revenue recognition:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Revenue recognized at a point in time$100 $2,741 $2,841 $101 $2,517 $2,618 $102 $1,638 $1,740 
Revenue recognized over time3,499 1,378 4,877 3,194 1,276 4,470 2,954 1,222 4,176 
Total$3,599 $4,119 $7,718 $3,295 $3,793 $7,088 $3,056 $2,860 $5,916 
Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at December 31, 2025 and December 31, 2024:
As of December 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$106 $500 $122 $426 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the year ended December 31, 2025 are as follows:
Year Ended December 31, 2025
MAMISTotal
Balance at December 31, 2024
$1,243 $268 $1,511 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,152)(220)(1,372)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,290 212 1,502 
Reclassification to liabilities held-for-sale (1)
(36)$— (36)
Increases due to acquisitions during the period15 15 
Decreases due to divestiture during the period (2)
(26)$— (26)
Effect of exchange rate changes34 10 44 
Total changes in deferred revenue125 2 127 
Balance at December 31, 2025
$1,368 $270 $1,638 
Deferred revenue - current$1,366 $216 $1,582 
Deferred revenue - non-current$2 $54 $56 
(1) The 2025 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.
(2) The 2025 divestiture of a business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business, more fully discussed in Note 22.
Significant changes in the deferred revenue balances during the year ended December 31, 2024 are as follows:
Year Ended December 31, 2024
MAMISTotal
Balance at December 31, 2023
$1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(1,044)(209)(1,253)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,200 211 1,411 
Increases due to acquisitions during the period9 — 9 
Effect of exchange rate changes(33)(4)(37)
Total changes in deferred revenue132 (2)130 
Balance at December 31, 2024
$1,243 $268 $1,511 
Deferred revenue - current
$1,243 $211 $1,454 
Deferred revenue - non-current
$— $57 $57 
Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:
Year Ended December 31, 2023
MAMISTotal
Balance at December 31, 2022
$1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(980)(211)(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period1,015 200 1,215 
Effect of exchange rate changes21 3 24 
Total changes in deferred revenue56 (8)48 
Balance at December 31, 2023
$1,111 $270 $1,381 
Deferred revenue—current$1,109 $207 $1,316 
Deferred revenue—non-current
$2 $63 $65 
Capitalized Contract Cost
MA Costs to Obtain a Contract with a Customer
As of December 31,
2025
2024
Capitalized costs to obtain sales contracts$337 $294 
Year ended December 31,
202520242023
Amortization of capitalized costs to obtain sales contracts$117 $110 $102 
MA and MIS Costs to Fulfill a Contract with a Customer
As of December 31, 2025
As of December 31, 2024
MAMISTotalMAMISTotal
Capitalized costs to fulfill sales contracts$44 $15 $59 $39 $12 $51 

Year Ended
December 31, 2025		Year Ended
December 31, 2024		Year Ended
December 31, 2023
MAMISTotalMAMISTotalMAMISTotal
Amortization of capitalized costs to fulfill sales contracts$77 $51 $128 $77 $43 $120 $70 $44 $114 
v3.25.4
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Year Ended December 31,
202520242023
Basic179.1 181.8 183.2 
Dilutive effect of shares issuable under stock-based compensation plans0.8 0.9 0.8 
Diluted179.9 182.7 184.0 
Antidilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.2 0.4 0.5 
v3.25.4
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents
The tables below provide additional information on the Company’s cash equivalents and investments:
As of December 31, 2025
CostGross Unrealized GainsFair Value
Consolidated Balance Sheet location
Cash and cash equivalentsShort-term investmentsOther 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 
As of December 31, 2024
CostGross Unrealized GainsFair Value
Consolidated Balance Sheet location
Cash and cash equivalentsShort-term investmentsOther assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,911 $— $1,911 $1,345 $566 $— 
Mutual funds$88 $10 $98 $— $— $98 
(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 1 month to 12 months at both December 31, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposit classified in other assets are 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.
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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 
December 31, 2025
As of 
December 31, 2024
Floating 
Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 
SOFR
2018 Senior Notes due 2029
Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed— 300 SOFR
2022 Senior Notes due 2052
Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032
Pay Floating/Receive Fixed250 250 SOFR
Total$2,250 $2,550 
The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
December 31, 2025
PayReceive
Nature of SwapNotional AmountWeighted 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%
December 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating€2,138 Based on ESTR$2,250 Based on SOFR
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recorded
Amount of income (expense)
recognized in the Consolidated
Statements of Operations
Year Ended December 31,
202520242023
Interest expense, net$(213)$(237)$(251)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swapsInterest expense, net$(62)$(96)$(89)
Fair value changes on interest rate swapsInterest expense, net$85 $14 $56 
Fair value changes on hedged debtInterest expense, net$(85)$(14)$(56)
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry
As of December 31, 2025, 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
Year Ending December 31,
Notional Amount (Pay)
Notional Amount (Receive)
Notional Amount (Pay)
Notional Amount (Receive)
Notional Amount (Pay)
Notional Amount (Receive)
2027€530 $550 HK$— $— S$— HK$— 
2028588 600 — — — — 
2029573 614 — — — — 
2030662 700 — — — — 
2031481 500 — — — — 
2032481 500 3,907 500 389 2,350 
2033370 400 $— $— $— $— 
Total€3,685 $3,864 HK$3,907 $500 S$389 HK$2,350 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships
The following table provides information on the gains (losses) on the Company’s net investment and cash flow hedges:
Amount of Gain (Loss)
Recognized in AOCL on
Derivative, net of Tax
Amount of Gain (Loss)
Reclassified from AOCL into Income, net of tax
Gain (Loss) Recognized in
Income on Derivative
(Amount Excluded from
Effectiveness Testing)
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsYear Ended December 31,Year Ended December 31,Year Ended December 31,
202520242023202520242023202520242023
Cross currency swaps$(339)$157 $(97)$— $— $— $62 $47 $54 
Long-term debt(130)65 (35)— — — — — — 
Total net investment hedges$(469)$222 $(132)$— $— $— $62 $47 $54 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps$— $— $— $1 $— $1 $— $— $— 
Interest rate contracts— — — (2)(2)(2)— — — 
Total cash flow hedges$— $— $— $(1)$(2)$(1)$— $— $— 
Total$(469)$222 $(132)$(1)$(2)$(1)$62 $47 $54 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
December 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$(161)$178 
FX forwards 29 29 
Long-term debt (62)68 
Total net investment hedges(194)275 
Cash flow hedges
Interest rate contracts(42)(43)
Cross currency swaps
1 1 
Total cash flow hedges(41)(42)
Total net gain in AOCL$(235)$233 
The following tables show changes in AOCL by component (net of tax):
Year Ended December 31, 2025
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
7 — 601 (469)139 
Amounts reclassified from AOCL(2)1 — — (1)
Other comprehensive income (loss)
5 1 601 (469)138 
Balance at December 31, 2025
$(34)$(41)$(231)$(194)$(500)
Year Ended December 31, 2024
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
19 — (312)222 (71)
Amounts reclassified from AOCL(2)2 — — — 
Other comprehensive income (loss)
17 2 (312)222 (71)
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Year Ended December 31, 2023
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2022
$(47)$(45)$(736)$185 $(643)
Other comprehensive income (loss) before reclassifications
(6)— 216 (132)78 
Amounts reclassified from AOCL(3)1 — — (2)
Other comprehensive income (loss)
(9)1 216 (132)76 
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
Summary of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
 December 31, 2025December 31, 2024
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$693 
£
522 $604 
£
470 
Contracts to sell USD for JPY
$17 ¥2,700 $29 ¥4,000 
Contracts to sell USD for CAD
$39 
C$
53 $35 C$50 
Contracts to sell USD for SGD
$39 
S$
50 $45 
S$
59 
Contracts to sell USD for EUR
$107 
€
91 $— 
€
— 
Contracts to sell USD for INR
$26 
₹
2,400 $23 
₹
1,900 
Contracts to sell EUR for USD
€21 $25 €12 $12 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian rupee
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:
Year Ended December 31,
Derivatives not designated as accounting hedges
Location on Consolidated Statements of Operations
202520242023
FX forwardsOther non-operating income, net$48 $(24)$15 
Total return swaps
Operating expense
$5 $5 $2 
Total return swaps
SG&A expense
$2 $1 $1 
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instruments as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-derivative Instruments
Consolidated Balance Sheet Location
December 31, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross currency swaps designated as net investment hedges
Other assets$— $58 
Total derivatives designated as accounting hedges— 58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets9 — 
Total assets$9 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedgesAccounts payable and accrued liabilities$— $3 
Cross currency swaps designated as net investment hedges
Other liabilities456 26 
Interest rate swaps designated as fair value hedgesOther liabilities84 166 
Total derivatives designated as accounting hedges540 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,468 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities— 21 
Total liabilities$2,008 $1,510 
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Property and equipment, net consisted of:
December 31,
20252024
Office and computer equipment (3 - 10 year estimated useful life)
$322 $400 
Office furniture and fixtures (3 - 10 year estimated useful life)
58 57 
Internal-use computer software (1 - 10 year estimated useful life)
1,649 1,417 
Leasehold improvements and building (4 - 20 year estimated useful life)
265 235 
Total property and equipment, at cost2,294 2,109 
Less: accumulated depreciation and amortization(1,572)(1,453)
Total property and equipment, net$722 $656 
v3.25.4
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following tables summarize the activity in goodwill:
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 (1)
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 (3)
(9)— (9)— — — (9)— (9)
Ending Balance$5,997 $(12)$5,985 $383 $— $383 $6,380 $(12)$6,368 
Year Ended December 31, 2024
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$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (4)
112 — 112 97 — 97 209 — 209 
Foreign currency translation adjustments(167)— (167)(4)— (4)(171)— (171)
Ending balance$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
(1)The 2025 additions/adjustments primarily relate to the acquisition of CAPE Analytics and ICR Chile in 2025.
(2)The 2025 reclassification to assets 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.
(3)The 2025 divestiture of business for the MA segment in the table above relates to the divestiture of the MA Learning Solutions Business, more fully discussed in Note 22.
(4)The 2024 additions/adjustments primarily relate to acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related accumulated amortization consisted of:
December 31,
20252024
Customer relationships$2,165 $2,035 
Accumulated amortization(724)(631)
Net customer relationships1,441 1,404 
Software/product technology774 695 
Accumulated amortization(526)(419)
Net software/product technology248 276 
Database164 166 
Accumulated amortization(103)(89)
Net database61 77 
Trade names201 199 
Accumulated amortization(96)(83)
Net trade names105 116 
Other (1)
64 67 
Accumulated amortization(53)(50)
Net other11 17 
Total$1,866 $1,890 
    
(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:
Year Ended December 31,
202520242023
Amortization expense (1)
$215 $198 $198 
(1)Amount for the year ended December 31, 2024 excludes incremental amortization expense of $5 million associated with amortizable intangible assets which is presented within charges related to asset abandonment on the consolidated statement of operations, as more fully discussed in Note 22 to the consolidated financial statements.
Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization
Estimated future annual amortization expense for intangible assets subject to amortization is as follows:
Year Ending December 31,
2026$207 
2027195 
2028182 
2029150 
2030126 
Thereafter1,006 
Total estimated future amortization$1,866 
v3.25.4
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expenses included in the accompanying consolidated statements of operations related to the aforementioned restructuring programs are outlined below:
Year ended December 31,
Cumulative expense incurred
202520242023
2022 - 2023 Geolocation Restructuring Program
Employee Termination Costs (1)
$— $14 $51 $151 
Real Estate Related Costs (2)
— — 36 63 
Total 2022-2023 Geolocation Restructuring Program Costs
$— $14 $87 $214 
Strategic and Operational Efficiency Restructuring Program
Employee Termination Costs (1)
$101 $45 $— $146 
Real Estate Related Costs (3)
4 — — 4 
Internally developed software-related charges (4)
3 — — 3 
Total Strategic and Operational Efficiency Restructuring Program Costs
$108 $45 $— $153 
Total Restructuring$108 $59 $87 
(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)For the year ended December 31, 2023, primarily includes ROU Asset impairment charges. The fair value of the impaired assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those assets subsequent to the impairment for the year ended December 31, 2023 was $4 million and was categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
(3)Includes the incremental amortization in the period of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(4)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 December 31, 2025 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$116 $98 $214 
Strategic and Operational Efficiency Restructuring Program
$111 $42 $153 
Changes to the Restructuring Liability
Changes to the restructuring liability for the aforementioned restructuring programs were as follows:
202520242023
Balance as of January 1$47 $36 $64 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments(1)14 51 
Cash payments
(7)(42)(79)
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments99 44 — 
Cash payments
(97)(5)— 
Balance as of December 31 (1)
$41 $47 $36 
(1)Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
v3.25.4
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025 and 2024:
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 
Fair Value Measurement as of December 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$58 $— $58 
Money market funds/mutual funds
108 108 — 
Total$166 $108 $58 
Liabilities:
Derivatives (1)
$216 $— $216 
Total$216 $— $216 
(1)Represents fair value of certain derivative contracts as more fully described in Note 6 to the consolidated financial statements.
v3.25.4
OTHER BALANCE SHEET INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Other Balance Sheet Information [Abstract]  
Additional Details Related to Certain Balance Sheet Captions
The following tables contain additional detail related to certain balance sheet captions:
December 31,
20252024
Other current assets:
Prepaid taxes$139 $81 
Prepaid expenses184 179 
Capitalized costs to obtain and fulfill sales contracts143 131 
Foreign exchange forwards on certain assets and liabilities9 — 
Interest receivable on interest rate and cross currency swaps95 77 
Assets held for sale
98 — 
Other46 47 
Total other current assets$714 $515 
December 31,
20252024
Other assets:
Investments in non-consolidated affiliates$489 $465 
Deposits for real-estate leases16 15 
Indemnification assets related to acquisitions35 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
110 98 
Company owned life insurance (at contract value)50 48 
Capitalized costs to obtain sales contracts
253 214 
Derivative instruments designated as accounting hedges— 58 
Pension and other retirement employee benefits74 60 
Other74 99 
Total other assets$1,101 $1,166 
December 31,
20252024
Accounts payable and accrued liabilities:
Benefits and payroll taxes
$126 $133 
Incentive compensation390 452 
Customer credits, advanced payments and advanced billings163 142 
Dividends8 32 
Professional service fees49 38 
Interest accrued on debt86 92 
Accounts payable62 53 
Income taxes146 144 
Pension and other retirement employee benefits9 11 
Accrued royalties20 25 
FX forwards on certain assets and liabilities
— 21 
Restructuring liability41 46 
Derivative instruments designated as accounting hedges— 3 
Interest payable on interest rate and cross currency swaps66 60 
Liabilities held for sale
36 — 
Other102 92 
Total accounts payable and accrued liabilities$1,304 $1,344 
December 31,
20252024
Other liabilities:
Pension and other retirement employee benefits$216 $195 
Interest accrued on UTPs43 47 
MAKS indemnification provisions19 19 
Income tax liability – non-current portion— 12 
Derivative instruments designated as accounting hedges540 192 
Other41 52 
Total other liabilities$859 $517 
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:
December 31,
20252024
Equity method investments (1)
$121 $127 
Investments measured using the measurement alternative (2)
350 328 
Other18 10 
Total investments in non-consolidated affiliates$489 $465 
(1)Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2)Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321, which is more fully discussed in Note 2.
v3.25.4
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
December 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$(161)$178 
FX forwards 29 29 
Long-term debt (62)68 
Total net investment hedges(194)275 
Cash flow hedges
Interest rate contracts(42)(43)
Cross currency swaps
1 1 
Total cash flow hedges(41)(42)
Total net gain in AOCL$(235)$233 
The following tables show changes in AOCL by component (net of tax):
Year Ended December 31, 2025
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Other comprehensive income (loss) before reclassifications
7 — 601 (469)139 
Amounts reclassified from AOCL(2)1 — — (1)
Other comprehensive income (loss)
5 1 601 (469)138 
Balance at December 31, 2025
$(34)$(41)$(231)$(194)$(500)
Year Ended December 31, 2024
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
19 — (312)222 (71)
Amounts reclassified from AOCL(2)2 — — — 
Other comprehensive income (loss)
17 2 (312)222 (71)
Balance at December 31, 2024
$(39)$(42)$(832)$275 $(638)
Year Ended December 31, 2023
Pension and 
Other Retirement Benefits
Gains (Losses) on Cash Flow Hedges
Foreign 
Currency Translation Adjustments		Net Investment HedgesTotal
Balance at December 31, 2022
$(47)$(45)$(736)$185 $(643)
Other comprehensive income (loss) before reclassifications
(6)— 216 (132)78 
Amounts reclassified from AOCL(3)1 — — (2)
Other comprehensive income (loss)
(9)1 216 (132)76 
Balance at December 31, 2023
$(56)$(44)$(520)$53 $(567)
v3.25.4
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans
The following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
2025202420252024
Change in benefit obligation:
Benefit obligation, beginning of the period$(464)$(484)$(42)$(42)
Service cost(10)(10)(3)(3)
Interest cost(25)(22)(2)(2)
Plan participants’ contributions— — (2)(2)
Benefits paid21 24 4 3 
Actuarial (loss) gain (3)— 2 — 
Assumption changes(11)28 (1)4 
Benefit obligation, end of the period$(492)$(464)$(44)$(42)
Change in plan assets:
Fair value of plan assets, beginning of the period$460 $449 $— $— 
Actual return on plan assets55 24 — — 
Benefits paid(21)(24)(3)(3)
Employer contributions6 11 1 1 
Plan participants’ contributions— — 2 2 
Fair value of plan assets, end of the period$500 $460 $— $— 
Funded status of the plans$8 $(4)$(44)$(42)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits asset – non current$75 $60 $— $— 
Pension and retirement benefits liability – current(7)(8)(2)(2)
Pension and retirement benefits liability – non current(60)(56)(42)(40)
Net amount recognized$8 $(4)$(44)$(42)
Accumulated benefit obligation, end of the period$(464)$(436)
Accumulated Benefit Obligation in Excess of Plan Assets
The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
20252024
Aggregate projected benefit obligation$68 $65 
Aggregate accumulated benefit obligation$60 $57 
Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI
The following table summarizes the pre-tax net actuarial losses and prior service costs recognized in AOCL for the Company’s Retirement Plans as of December 31:
Pension PlansOther Retirement Plans
2025202420252024
Net actuarial gains (losses)
$(53)$(61)$13 $13 
Net prior service credits— 1 — — 
Total recognized in AOCL – pre-tax
$(53)$(60)$13 $13 
Components of Net Periodic Benefit Expense Related to Retirement Plans
Net periodic pension expenses (income) recognized for the Retirement Plans are as follows for the years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Components of net periodic expense (income)
Service cost$10 $10 $11 $3 $3 $3 
Interest cost25 22 22 2 2 2 
Expected return on plan assets(33)(30)(32)— — — 
Amortization of net actuarial (gains) losses and prior service credits from earlier periods
(1)— (1)(1)(1)(1)
(Gain) loss on settlement of pension obligations
— (1)(2)— — — 
Net periodic expense (income)
$1 $1 $(2)$4 $4 $4 
Summary of Pre-Tax Amounts Recorded in OCI
The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Amortization of net actuarial (gains) losses and prior service credit
$(1)$(1)$(1)$(1)$(1)$(1)
(Gain) loss on settlement of pension obligations
— (1)(2)— — — 
Net actuarial gain (loss) arising during the period
8 22 (3)1 4 1 
Total recognized in OCI – pre-tax$7 $20 $(6)$— $3 $— 
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
Weighted-average assumptions used to determine benefit obligations at December 31:
Pension PlansOther Retirement Plans
2025202420252024
Discount rate5.24 %5.43 %5.30 %5.40 %
Rate of compensation increase3.10 %3.60 %— — 
Cash balance plan interest crediting rate
4.71 %4.78 %— — 
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:
Pension PlansOther Retirement Plans
202520242023202520242023
Discount rate5.43 %4.73 %4.93 %5.40 %4.75 %4.90 %
Expected return on plan assets6.60 %6.10 %6.55 %— — — 
Rate of compensation increase3.60 %3.60 %3.63 %— — — 
Cash balance plan interest crediting rate4.78 %4.50 %4.50 %— — — 
Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements
Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2025 and 2024 are as follows:
Fair Value Measurement as of December 31, 2025
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalents
$4 $— $4 $— 1 %
Common/collective trust funds—equity securities
U.S. large-cap119 — 119 — 24 %
U.S. small and mid-cap28 — 28 — 6 %
Total equity investments147 — 147 — 30 %
Emerging markets bond fund35 — — 35 7 %
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds64 — 64 — 13 %
Mutual funds
Long duration corporate bonds157 — 157 — 31 %
U.S. Treasury Inflation-Protected Securities (TIPs)27 27 — — 5 %
Emerging markets equity
26 — 26 — 5 %
Private investment fund—high yield securities16 — — 16 3 %
Total fixed-income investments325 27 247 51 64 %
Other investment—private real estate fund24 — — 24 5 %
Total Assets$500 $27 $398 $75 100 %
Fair Value Measurement as of December 31, 2024
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalents
$2 $— $2 $— — %
Common/collective trust funds—equity securities
U.S. large-cap114 — 114 — 25 %
U.S. small and mid-cap25 — 25 — 5 %
Total equity investments139 — 139 — 30 %
Emerging markets bond fund30 — — 30 7 %
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds57 — 57 — 12 %
Mutual funds
Long duration corporate bonds146 — 146 — 32 %
U.S. Treasury Inflation-Protected Securities (TIPs)26 26 — — 6 %
Emerging markets equity
21 — 21 — 5 %
Private investment fund—high yield securities15 — — 15 3 %
Total fixed-income investments295 26 224 45 65 %
Other investment—private real estate debt fund24 — — 24 5 %
Total Assets$460 $26 $365 $69 100 %
(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.
Estimated Future Benefits Payments for Retirement Plans
Estimated future benefits payments for the Retirement Plans are as follows as of the year ended December 31, 2025:
Year Ending December 31,Pension PlansOther Retirement Plans
2026$33 $2 
202735 2 
202838 3 
202939 3 
203039 3 
2031 - 2035182 20 
v3.25.4
STOCK-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Cost and Associated Tax Benefit
Presented below is a summary of the stock-based compensation expense and associated tax benefit in the accompanying consolidated statements of operations:
Year Ended December 31,
202520242023
Stock-based compensation expense$234 $221 $193 
Tax benefit$50 $48 $45 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used for options granted:
Year Ended December 31,
202520242023
Expected dividend yield0.73 %0.91 %1.04 %
Expected stock volatility27 %28 %29 %
Risk-free interest rate4.51 %4.34 %4.19 %
Expected holding period (in years)5.65.95.8
Grant date fair value
$163.75 $120.42 $94.71 
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity
A summary of option activity as of December 31, 2025 and changes during the year then ended is presented below:
OptionsSharesWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding, December 31, 2024
0.7 $267.64 
Granted0.1 $513.21 
Exercised(0.2)$185.62 
Outstanding, December 31, 2025
0.6 $313.90 5.7 years$116 
Vested and expected to vest, December 31, 2025
0.6 $313.15 5.7 years$115 
Exercisable, December 31, 2025
0.3 $250.42 4.2 years$82 
Stock Option Exercises and Restricted Stock Vesting
The following table summarizes information relating to stock option exercises:
Year Ended December 31,
202520242023
Proceeds from stock option exercises$28 $53 $32 
Aggregate intrinsic value$47 $76 $58 
Tax benefit realized upon exercise$10 $13 $14 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of nonvested restricted stock activity for the year ended December 31, 2025 is presented below:
Nonvested Restricted StockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2024
1.3 $330.84 
Granted0.4 $479.70 
Vested(0.5)$323.29 
Forfeited(0.1)$395.00 
Balance, December 31, 2025
1.1 $400.12 
A summary of performance-based restricted stock activity for the year ended December 31, 2025 is presented below:
Performance-based restricted stockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2024
0.3 $330.78 
Granted0.1 $501.88 
Vested(0.1)$313.05 
Balance, December 31, 2025
0.3 $370.34 
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest
The following table summarizes information relating to the vesting of restricted stock awards:
Year Ended December 31,
202520242023
Fair value of shares vested$263 $199 $164 
Tax benefit realized upon vesting$65 $48 $40 
The following table summarizes information relating to the vesting of the Company’s performance-based restricted stock awards:
Year Ended December 31,
202520242023
Fair value of shares vested$8 $40 $24 
Tax benefit realized upon vesting$1 $9 $3 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
Components of the Company’s income tax provision are as follows:
Year Ended December 31,
202520242023
Current:
Federal$231 $280 $76 
State and Local99 106 67 
Non-U.S.355 316 222 
Total current685 702 365 
Deferred:
Federal35 (21)(14)
State and Local8 (6)(4)
Non-U.S.(60)(35)(20)
Total deferred(17)(62)(38)
Total provision for income taxes$668 $640 $327 
Reconciliation of United States Federal Statutory Tax Rate to Effective Tax Rate on Income before Provision for Income Taxes
A reconciliation of the U.S. federal statutory tax rate to the Company’s ETR on income before provision for income taxes is as follows:
Year Ended December 31,
202520242023
U.S. statutory tax rate$657 21.0 %$567 21.0 %$406 21.0 %
State and local taxes, net of federal tax benefit (1)
93 3.0 %74 2.7 %49 2.5 %
Net U.S. tax effect of cross-border tax laws(4)(0.1)%(14)(0.5)%2 0.1 %
Other nontaxable or nondeductible items30 1.0 %22 0.9 %4 0.2 %
Excess tax benefits on share-based payments(33)(1.1)%(27)(1.0)%(15)(0.8)%
Tax credits - research credit(12)(0.4)%(15)(0.6)%(19)(0.9)%
Domestic state and local income taxes, net of federal effect731 23.4 %607 22.5 %427 22.1 %
Foreign Tax Expense
Belgium
     Innovation deduction(37)(1.2)%(25)(0.9)%(26)(1.3)%
     Other15 0.4 %3 0.1 %10 0.5 %
United Kingdom11 0.4 %34 1.3 %25 1.2 %
Other foreign jurisdictions3 0.1 %1 — %7 0.4 %
Tax expense (benefit) relating to foreign operations(8)(0.3)%13 0.5 %16 0.8 %
Changes in unrecognized tax benefits(55)(1.8)%20 0.7 %(116)(6.0)%
Total$668 21.3 %$640 23.7 %$327 16.9 %
(1) For all years presented, state taxes in California, New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Cash Flow, Supplemental Disclosures
Components of the Company’s income tax paid are as follows:
Year Ended December 31,
202520242023
U.S. Federal$353 $223 $59 
U.S. State and Local132 88 23 
Total U.S.485 311 82 
Belgium32 39 32 
Canada68 63 44 
Germany43 30 35 
United Kingdom79 93 64 
Other foreign jurisdictions118 77 87 
Total non-U.S.340 302 262 
Total Income Tax Paid$825 $613 $344 
Source of Income before Provision for Income Taxes
The source of income before provision for income taxes is as follows:
Year Ended December 31,
202520242023
U.S.$1,743 $1,446 $892 
Non-U.S.1,387 1,253 1,043 
Income before provision for income taxes$3,130 $2,699 $1,935 
Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows:
December 31,
20252024
Deferred tax assets:
Account receivable allowances$10 $10 
Stock-based compensation69 60 
Accrued compensation and benefits52 50 
Capitalized costs43 24 
Operating lease liabilities87 84 
Deferred revenue217 211 
Net operating loss64 58 
Uncertain tax positions30 33 
Loss on net investment hedges - OCI

83 — 
Interest expense carryforward25 20 
Other25 30 
Total deferred tax assets705 580 
Deferred tax liabilities:
Accumulated depreciation and amortization of intangible assets and capitalized software(563)(522)
ROU Assets(67)(56)
Capital gains(14)(13)
Deferred tax on unremitted foreign earnings(21)(20)
Gain on net investment hedges - OCI(4)(82)
Other(16)(18)
Total deferred tax liabilities(685)(711)
Net deferred tax asset and (liabilities)
20 (131)
Valuation allowance(30)(25)
Total net deferred tax liabilities$(10)$(156)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of UTPs is as follows:
Year Ended December 31,
202520242023
Balance as of January 1$211 $196 $322 
Additions for tax positions related to the current year22 33 21 
Additions for tax positions of prior years— 11 3 
Reductions for tax positions of prior years(5)(11)(17)
Settlements with taxing authorities— (3)(108)
Lapse of statute of limitations(70)(15)(25)
Balance as of December 31$158 $211 $196 
v3.25.4
INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps(1)
Unamortized (Discount) PremiumUnamortized 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 debt
$7,168 $(84)$(49)$(41)$6,994 
December 31, 2024
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
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 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(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 amount of the hedged debt.
Schedule of Credit Facilities . Further information on the key terms of this revolving credit facility is below:
December 31, 2025December 31, 2024
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $1,250 
Principal Payments Due on Long-term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Total
2026$— 
2027587 
2028500 
2029400 
2030881 
Thereafter4,800 
Total$7,168 
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:
Year Ended December 31,
202520242023
Expense on borrowings(1)
$(251)$(300)$(296)
(Expense) income on UTPs and other tax related liabilities(2)
3 (13)8 
Net periodic pension costs - interest component (30)(26)(26)
Income65 102 63 
Interest expense, net$(213)$(237)$(251)
Interest paid(3)
$235 $280 $281 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 6.
(2) The amount for the year ended December 31, 2025 includes a $15 million reduction of tax-related interest expense related to the lapse in the statute of limitations of certain tax positions. Refer to Note 15 for additional information. The amount for the year ended December 31, 2023 includes a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps more fully discussed in Note 6.
Fair Value and Carrying Value of Long-term Debt
The fair value and carrying value of the Company’s debt as of December 31, 2025 and 2024 are as follows:
December 31, 2025December 31, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Total debt
$6,994 $6,245 $7,428 $6,601 
v3.25.4
CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Share Repurchase Programs The table below summarizes the Company’s remaining authority under its share repurchase program as of December 31, 2025:
Date AuthorizedAmount AuthorizedRemaining Authority
October 21, 2025$4,000 $3,960 
Dividends Paid
The Company’s cash dividends were:
Dividends Per Share
Year ended December 31,
202520242023
DeclaredPaidDeclaredPaidDeclaredPaid
First quarter$0.94 $0.94 $0.85 $0.85 $0.77 $0.77 
Second quarter0.94 0.94 0.85 0.85 0.77 0.77 
Third quarter0.94 0.94 0.85 0.85 0.77 0.77 
Fourth quarter0.94 0.94 0.85 0.85 0.77 0.77 
Total$3.76 $3.76 $3.40 $3.40 $3.08 $3.08 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Year ended December 31,
202520242023
Operating lease cost$88 $88 $93 
Sublease income(7)(7)(7)
Variable lease cost21 22 22 
Total lease cost$102 $103 $108 
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Year ended December 31,
202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$117 $120 $119 
Right-of-use assets obtained in exchange for new operating lease liabilities
$143 $21 $40 
December 31,
202520242023
Weighted-average remaining lease term (in years)
6.63.84.4
Weighted-average discount rate applied to operating leases
4.7 %3.2 %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 December 31, 2025:
Year Ending December 31,Operating Leases
2026$100 
202787 
202831 
202936 
203030 
Thereafter147 
Total lease payments (undiscounted)431 
Less: Interest74 
Present value of lease liabilities:$357 
Lease liabilities - current$95 
Lease liabilities - noncurrent$262 
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Financial Information by Segment
The table below presents 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 also used in our budgeting and forecasting processes, enabling the allocation of capital resources across the Company's strategic initiatives.
Year Ended December 31,
20252024
MA
MIS
EliminationsConsolidated
MA
MIS
EliminationsConsolidated
Total external revenue$3,599 $4,119 $— $7,718 $3,295 $3,793 $— $7,088 
Intersegment revenue12 198 (210)— 13 193 (206)— 
Revenue3,611 4,317 (210)7,718 3,308 3,986 (206)7,088 
Compensation expense
1,438 1,136 — 2,574 1,370 1,169 — 2,539 
Non-compensation expense
779 423 — 1,202 731 410 — 1,141 
Intersegment expense
198 12 (210)— 193 13 (206)— 
Operating, SG&A2,415 1,571 (210)3,776 2,294 1,592 (206)3,680 
Adjusted Operating Income1,196 2,746 — 3,942 1,014 2,394 — 3,408 
Add:
Depreciation and amortization393 87 — 480 353 78 — 431 
Restructuring77 31 — 108 42 17 — 59 
Charges related to asset abandonment3 — — 3 43 — — 43 
Operating Income$3,351 $2,875 
Non-operating expense, net
$(221)$(176)
Income before provision for income taxes$3,130 $2,699 
Year Ended December 31, 2023
MAMISEliminationsConsolidated
Total external revenue$3,056 $2,860 $— $5,916 
Intersegment revenue13 186 (199)— 
Revenue3,069 3,046 (199)5,916 
Compensation expense1,238 1,003 — 2,241 
Non-compensation expense708 370 — 1,078 
Intersegment expense186 13 (199)— 
Operating, SG&A2,132 1,386 (199)3,319 
Adjusted Operating Income937 1,660 — 2,597 
Add:
Depreciation and amortization298 75 — 373 
Restructuring59 28 — 87 
Operating income$2,137 
Non-operating expense, net
$(202)
Income before provision for income taxes$1,935 
Restructuring Expenses Included in Consolidated Statements of Operations
Total expenses included in the accompanying consolidated statements of operations related to the aforementioned restructuring programs are outlined below:
Year ended December 31,
Cumulative expense incurred
202520242023
2022 - 2023 Geolocation Restructuring Program
Employee Termination Costs (1)
$— $14 $51 $151 
Real Estate Related Costs (2)
— — 36 63 
Total 2022-2023 Geolocation Restructuring Program Costs
$— $14 $87 $214 
Strategic and Operational Efficiency Restructuring Program
Employee Termination Costs (1)
$101 $45 $— $146 
Real Estate Related Costs (3)
4 — — 4 
Internally developed software-related charges (4)
3 — — 3 
Total Strategic and Operational Efficiency Restructuring Program Costs
$108 $45 $— $153 
Total Restructuring$108 $59 $87 
(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)For the year ended December 31, 2023, primarily includes ROU Asset impairment charges. The fair value of the impaired assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those assets subsequent to the impairment for the year ended December 31, 2023 was $4 million and was categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
(3)Includes the incremental amortization in the period of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(4)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 December 31, 2025 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$116 $98 $214 
Strategic and Operational Efficiency Restructuring Program
$111 $42 $153 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
CONSOLIDATED REVENUE AND LONG-LIVED ASSETS INFORMATION BY GEOGRAPHIC AREA
Year Ended December 31,
202520242023
Revenue:
U.S.$4,171 $3,836 $3,071 
Non-U.S.:
EMEA2,376 2,174 1,886 
Asia-Pacific699 629 570 
Americas472 449 389 
Total Non-U.S.3,547 3,252 2,845 
Total$7,718 $7,088 $5,916 
Long-lived assets at December 31:
U.S.$4,516 $4,395 $4,323 
Non-U.S.4,722 4,361 4,562 
Total$9,238 $8,756 $8,885 
v3.25.4
VALUATION AND QUALIFYING ACCOUNTS (Tables)
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Summary of Activity for Valuation Allowances Below is a summary of activity:
Year Ended December 31,Balance at Beginning of the YearCharged to costs and expenses
Deductions (1)
Balance at End of the Year
2025
Allowances for credit losses$(32)$(12)$15 $(29)
Deferred tax assets—valuation allowance$(25)$(2)$(3)$(30)
2024
Allowances for credit losses$(35)$(15)$18 $(32)
Deferred tax assets—valuation allowance$(24)$(2)$1 $(25)
2023
Allowances for credit losses$(40)$(22)$27 $(35)
Deferred tax assets—valuation allowance$(21)$(2)$(1)$(24)
                
(1)Primarily reflects write-off of uncollectible accounts receivable and currency translation adjustments.
v3.25.4
OTHER NON-OPERATING (EXPENSE) INCOME, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
The following table summarizes the components of other non-operating income, net as presented in the consolidated statements of operations:
Year Ended December 31,
202520242023
FX loss (1)
$(9)$— $(30)
Net periodic pension income - non-service and non-interest cost components
36 30 35 
Income/gain from investments in non-consolidated affiliates
20 15 19 
Gain on previously held equity method investments (2)
— 7 — 
Gain (loss) on investments
11 13 14 
Release of indemnification asset (3)
(79)— — 
Other
(10)(4)11 
Total$(31)$61 $49 
(1)     The amount for the year ended December 31, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2)     The amount for the year ended December 31, 2024 reflects non-cash gains relating to the step-acquisitions of Praedicat and GCR.
(3)     In the fourth quarter of 2025, pursuant to a lapse of a statute of limitations, the Company reversed $64 million in reserves, and $15 million in related interest, for uncertain tax positions that it had assumed as part of a prior year M&A transaction, for which the sellers had indemnified Moody's. This tax benefit and related reduction to Interest expense, net are offset by the release of the related indemnification asset with no impact to net income. Refer to Note 15 for additional information.
Schedule of Charges Related to Asset Abandonment The following table summarizes the expenses related to asset abandonment included in the accompanying consolidated statements of operations:
Year ended December 31,
Cumulative expense incurred
20252024
Severance charges$3 $12 $15 
Incremental amortization— 31 31 
Total$3 $43 $46 
v3.25.4
Description of Business and Basis of Presentation - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
reportingUnit
customer
Dec. 31, 2024
customer
reportingUnit
Capitalized Contract Cost [Line Items]    
Number of reporting units 3  
Number of customers greater than 10% or more of accounts receivable | customer 0 0
MIS    
Capitalized Contract Cost [Line Items]    
Number of reporting units 2  
MIS | Moodys Other Ratings Operations    
Capitalized Contract Cost [Line Items]    
Number of reporting units 1  
MA    
Capitalized Contract Cost [Line Items]    
Number of reporting units 1 2
Subscription and Maintenance Contracts | MA | Minimum    
Capitalized Contract Cost [Line Items]    
Revenue, contractual coverage period (years) 3 years  
General customer contract payment condition (days) 30 days  
Subscription and Maintenance Contracts | MA | Maximum    
Capitalized Contract Cost [Line Items]    
Revenue, contractual coverage period (years) 5 years  
General customer contract payment condition (days) 60 days  
v3.25.4
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
Eliminations      
Disaggregation of Revenue [Line Items]      
Revenue (210) (206) (199)
Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 7,718 7,088 5,916
Eliminations      
Disaggregation of Revenue [Line Items]      
Revenue (210) (206) (199)
MA      
Disaggregation of Revenue [Line Items]      
Revenue 3,599 3,295 3,056
MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 3,611 3,308 3,069
MA | Eliminations      
Disaggregation of Revenue [Line Items]      
Revenue 12 13 13
MA | Total Decision Solutions | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,692 1,516 1,383
MA | Total Decision Solutions | Banking | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 569 551 521
MA | Total Decision Solutions | Insurance | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 685 598 550
MA | Total Decision Solutions | KYC | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 438 367 312
MA | Research and Insights | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 995 926 884
MA | Data and Information | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 912 853 789
MIS      
Disaggregation of Revenue [Line Items]      
Revenue 4,119 3,793 2,860
MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 4,317 3,986 3,046
MIS | Eliminations      
Disaggregation of Revenue [Line Items]      
Revenue 198 193 186
MIS | Corporate finance (CFG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 2,132 1,950 1,404
MIS | Corporate finance (CFG) | Investment-grade | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 573 488 335
MIS | Corporate finance (CFG) | High-yield | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 324 285 150
MIS | Corporate finance (CFG) | Bank loans | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 503 527 292
MIS | Corporate finance (CFG) | Other accounts | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 732 650 627
MIS | Structured finance (SFG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 558 518 405
MIS | Structured finance (SFG) | Asset-backed securities | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 142 130 121
MIS | Structured finance (SFG) | RMBS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 111 98 92
MIS | Structured finance (SFG) | CMBS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 99 94 60
MIS | Structured finance (SFG) | Structured credit | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 202 193 129
MIS | Structured finance (SFG) | Other accounts | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 4 3 3
MIS | Financial institutions (FIG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 759 727 545
MIS | Financial institutions (FIG) | Banking | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 500 450 378
MIS | Financial institutions (FIG) | Insurance | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 186 214 123
MIS | Financial institutions (FIG) | Managed investments | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 59 49 32
MIS | Financial institutions (FIG) | Other accounts | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 14 14 12
MIS | Public, project and infrastructure finance (PPIF) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 635 564 476
MIS | Public, project and infrastructure finance (PPIF) | Public finance / sovereign | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 275 240 205
MIS | Public, project and infrastructure finance (PPIF) | Project and infrastructure | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 360 324 271
MIS | Rating Revenue | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 4,084 3,759 2,830
MIS | MIS Other | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 35 $ 34 $ 30
v3.25.4
Revenues - Revenues Disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 7,718 7,088 5,916
U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 4,171 3,836 3,071
Non-U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 3,547 3,252 2,845
MA      
Disaggregation of Revenue [Line Items]      
Revenue 3,599 3,295 3,056
MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 3,611 3,308 3,069
MA | U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 1,548 1,390 1,321
MA | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,548 1,390 1,321
MA | Non-U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 2,051 1,905 1,735
MA | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 2,051 1,905 1,735
MA | Total Decision Solutions | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,692 1,516 1,383
MA | Total Decision Solutions | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 674 570 550
MA | Total Decision Solutions | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,018 946 833
MA | Research and Insights | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 995 926 884
MA | Research and Insights | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 547 514 490
MA | Research and Insights | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 448 412 394
MA | Data and Information | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 912 853 789
MA | Data and Information | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 327 306 281
MA | Data and Information | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 585 547 508
MIS      
Disaggregation of Revenue [Line Items]      
Revenue 4,119 3,793 2,860
MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 4,317 3,986 3,046
MIS | U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 2,623 2,446 1,750
MIS | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 2,623 2,446 1,750
MIS | Non-U.S.      
Disaggregation of Revenue [Line Items]      
Revenue 1,496 1,347 1,110
MIS | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,496 1,347 1,110
MIS | Rating Revenue | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 4,084 3,759 2,830
MIS | Rating Revenue | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 2,623 2,446 1,749
MIS | Rating Revenue | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,461 1,313 1,081
MIS | Corporate finance (CFG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 2,132 1,950 1,404
MIS | Corporate finance (CFG) | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 1,427 1,333 952
MIS | Corporate finance (CFG) | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 705 617 452
MIS | Structured finance (SFG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 558 518 405
MIS | Structured finance (SFG) | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 396 368 252
MIS | Structured finance (SFG) | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 162 150 153
MIS | Financial institutions (FIG) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 759 727 545
MIS | Financial institutions (FIG) | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 384 386 253
MIS | Financial institutions (FIG) | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 375 341 292
MIS | Public, project and infrastructure finance (PPIF) | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 635 564 476
MIS | Public, project and infrastructure finance (PPIF) | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 416 359 292
MIS | Public, project and infrastructure finance (PPIF) | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 219 205 184
MIS | MIS Other | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 35 34 30
MIS | MIS Other | U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 1
MIS | MIS Other | Non-U.S. | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 35 $ 34 $ 29
v3.25.4
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 7,718 7,088 5,916
MA      
Segment Reporting Information [Line Items]      
Revenue 3,599 3,295 3,056
MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 3,611 3,308 3,069
MIS      
Segment Reporting Information [Line Items]      
Revenue 4,119 3,793 2,860
MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 4,317 3,986 3,046
U.S.      
Segment Reporting Information [Line Items]      
Revenue 4,171 3,836 3,071
U.S. | MA      
Segment Reporting Information [Line Items]      
Revenue 1,548 1,390 1,321
U.S. | MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,548 1,390 1,321
U.S. | MIS      
Segment Reporting Information [Line Items]      
Revenue 2,623 2,446 1,750
U.S. | MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 2,623 2,446 1,750
Non-U.S.      
Segment Reporting Information [Line Items]      
Revenue 3,547 3,252 2,845
Non-U.S. | MA      
Segment Reporting Information [Line Items]      
Revenue 2,051 1,905 1,735
Non-U.S. | MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 2,051 1,905 1,735
Non-U.S. | MIS      
Segment Reporting Information [Line Items]      
Revenue 1,496 1,347 1,110
Non-U.S. | MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,496 1,347 1,110
EMEA      
Segment Reporting Information [Line Items]      
Revenue 2,376 2,174 1,886
EMEA | MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,406 1,306 1,207
EMEA | MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 970 868 679
Asia-Pacific      
Segment Reporting Information [Line Items]      
Revenue 699 629 570
Asia-Pacific | MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 374 345 299
Asia-Pacific | MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 325 284 271
Americas      
Segment Reporting Information [Line Items]      
Revenue 472 449 389
Americas | MA | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 271 254 229
Americas | MIS | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue $ 201 $ 195 $ 160
v3.25.4
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
Percentage of Revenues 100.00% 100.00% 100.00%
Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
MA      
Disaggregation of Revenue [Line Items]      
Revenue 3,599 3,295 3,056
MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 3,611 $ 3,308 $ 3,069
Percentage of Revenues 100.00% 100.00% 100.00%
MIS      
Disaggregation of Revenue [Line Items]      
Revenue $ 4,119 $ 3,793 $ 2,860
MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 4,317 $ 3,986 $ 3,046
Percentage of Revenues 100.00% 100.00% 100.00%
Banking | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 569 $ 551 $ 521
Percentage of Revenues 100.00% 100.00% 100.00%
Insurance | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 685 $ 598 $ 550
Percentage of Revenues 100.00% 100.00% 100.00%
KYC | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 438 $ 367 $ 312
Percentage of Revenues 100.00% 100.00% 100.00%
Corporate finance (CFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 2,132 $ 1,950 $ 1,404
Percentage of Revenues 100.00% 100.00% 100.00%
Structured finance (SFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 558 $ 518 $ 405
Percentage of Revenues 100.00% 100.00% 100.00%
Financial institutions (FIG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 759 $ 727 $ 545
Percentage of Revenues 100.00% 100.00% 100.00%
Public, project and infrastructure finance (PPIF) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 635 $ 564 $ 476
Percentage of Revenues 100.00% 100.00% 100.00%
MIS Other | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 35 $ 34 $ 30
Percentage of Revenues 100.00% 100.00% 100.00%
Total Decision Solutions | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 1,692 $ 1,516 $ 1,383
Percentage of Revenues 100.00% 100.00% 100.00%
Research and Insights | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 995 $ 926 $ 884
Percentage of Revenues 100.00% 100.00% 100.00%
Data and Information | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 912 $ 853 $ 789
Percentage of Revenues 100.00% 100.00% 100.00%
Transaction Revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 2,878 $ 2,687 $ 1,837
Percentage of Revenues 37.00% 38.00% 31.00%
Transaction Revenue | MA      
Disaggregation of Revenue [Line Items]      
Revenue $ 137 $ 170 $ 199
Transaction Revenue | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Percentage of Revenues 4.00% 5.00% 7.00%
Transaction Revenue | MIS      
Disaggregation of Revenue [Line Items]      
Revenue $ 2,741 $ 2,517 $ 1,638
Transaction Revenue | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Percentage of Revenues 67.00% 66.00% 57.00%
Transaction Revenue | Banking | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 93 $ 113 $ 126
Percentage of Revenues 16.00% 21.00% 24.00%
Transaction Revenue | Insurance | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 21 $ 26 $ 47
Percentage of Revenues 3.00% 4.00% 9.00%
Transaction Revenue | KYC | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 3 $ 7 $ 5
Percentage of Revenues 1.00% 2.00% 2.00%
Transaction Revenue | Corporate finance (CFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 1,559 $ 1,415 $ 887
Percentage of Revenues 73.00% 73.00% 63.00%
Transaction Revenue | Structured finance (SFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 315 $ 292 $ 190
Percentage of Revenues 56.00% 56.00% 47.00%
Transaction Revenue | Financial institutions (FIG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 422 $ 418 $ 254
Percentage of Revenues 56.00% 57.00% 47.00%
Transaction Revenue | Public, project and infrastructure finance (PPIF) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 438 $ 384 $ 301
Percentage of Revenues 69.00% 68.00% 63.00%
Transaction Revenue | MIS Other | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 7 $ 8 $ 6
Percentage of Revenues 20.00% 24.00% 20.00%
Transaction Revenue | Total Decision Solutions | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 117 $ 146 $ 178
Percentage of Revenues 7.00% 10.00% 13.00%
Transaction Revenue | Research and Insights | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 12 $ 12 $ 14
Percentage of Revenues 1.00% 1.00% 2.00%
Transaction Revenue | Data and Information | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 8 $ 12 $ 7
Percentage of Revenues 1.00% 1.00% 1.00%
Relationship Revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 4,840 $ 4,401 $ 4,079
Percentage of Revenues 63.00% 62.00% 69.00%
Relationship Revenue | MA      
Disaggregation of Revenue [Line Items]      
Revenue $ 3,462 $ 3,125 $ 2,857
Relationship Revenue | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Percentage of Revenues 96.00% 95.00% 93.00%
Relationship Revenue | MIS      
Disaggregation of Revenue [Line Items]      
Revenue $ 1,378 $ 1,276 $ 1,222
Relationship Revenue | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Percentage of Revenues 33.00% 34.00% 43.00%
Relationship Revenue | Banking | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 476 $ 438 $ 395
Percentage of Revenues 84.00% 79.00% 76.00%
Relationship Revenue | Insurance | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 664 $ 572 $ 503
Percentage of Revenues 97.00% 96.00% 91.00%
Relationship Revenue | KYC | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 435 $ 360 $ 307
Percentage of Revenues 99.00% 98.00% 98.00%
Relationship Revenue | Corporate finance (CFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 573 $ 535 $ 517
Percentage of Revenues 27.00% 27.00% 37.00%
Relationship Revenue | Structured finance (SFG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 243 $ 226 $ 215
Percentage of Revenues 44.00% 44.00% 53.00%
Relationship Revenue | Financial institutions (FIG) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 337 $ 309 $ 291
Percentage of Revenues 44.00% 43.00% 53.00%
Relationship Revenue | Public, project and infrastructure finance (PPIF) | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 197 $ 180 $ 175
Percentage of Revenues 31.00% 32.00% 37.00%
Relationship Revenue | MIS Other | MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 28 $ 26 $ 24
Percentage of Revenues 80.00% 76.00% 80.00%
Relationship Revenue | Total Decision Solutions | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 1,575 $ 1,370 $ 1,205
Percentage of Revenues 93.00% 90.00% 87.00%
Relationship Revenue | Research and Insights | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 983 $ 914 $ 870
Percentage of Revenues 99.00% 99.00% 98.00%
Relationship Revenue | Data and Information | MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue $ 904 $ 841 $ 782
Percentage of Revenues 99.00% 99.00% 99.00%
v3.25.4
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue recognized $ 7,718 $ 7,088 $ 5,916
Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 7,718 7,088 5,916
Revenue recognized at a point in time      
Disaggregation of Revenue [Line Items]      
Revenue recognized 2,841 2,618 1,740
Revenue recognized over time      
Disaggregation of Revenue [Line Items]      
Revenue recognized 4,877 4,470 4,176
MA      
Disaggregation of Revenue [Line Items]      
Revenue recognized 3,599 3,295 3,056
MA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 3,611 3,308 3,069
MA | Revenue recognized at a point in time | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 100 101 102
MA | Revenue recognized over time | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 3,499 3,194 2,954
MIS      
Disaggregation of Revenue [Line Items]      
Revenue recognized 4,119 3,793 2,860
MIS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 4,317 3,986 3,046
MIS | Revenue recognized at a point in time | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized 2,741 2,517 1,638
MIS | Revenue recognized over time | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized $ 1,378 $ 1,276 $ 1,222
v3.25.4
Revenues - Unbilled Receivables (Detail) - Accounts Receivable - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 106 $ 122
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 500 $ 426
v3.25.4
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance $ 1,511 $ 1,381 $ 1,333
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (1,372) (1,253) (1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period 1,502 1,411 1,215
Reclassification to liabilities held-for-sale (36)    
Increases due to acquisitions during the period 15 9  
Decreases due to divestiture during the period (2) (26)    
Effect of exchange rate changes 44 (37) 24
Total changes in deferred revenue 127 130 48
Ending Balance 1,638 1,511 1,381
Deferred revenue - current 1,582 1,454 1,316
Deferred revenue - non-current 56 57 65
MA      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 1,243 1,111 1,055
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (1,152) (1,044) (980)
Increases due to amounts billable excluding amounts recognized as revenue during the period 1,290 1,200 1,015
Reclassification to liabilities held-for-sale (36)    
Increases due to acquisitions during the period 15 9  
Decreases due to divestiture during the period (2) (26)    
Effect of exchange rate changes 34 (33) 21
Total changes in deferred revenue 125 132 56
Ending Balance 1,368 1,243 1,111
Deferred revenue - current 1,366 1,243 1,109
Deferred revenue - non-current 2 0 2
MIS      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 268 270 278
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (220) (209) (211)
Increases due to amounts billable excluding amounts recognized as revenue during the period 212 211 200
Reclassification to liabilities held-for-sale 0    
Increases due to acquisitions during the period 0  
Decreases due to divestiture during the period (2) 0    
Effect of exchange rate changes 10 (4) 3
Total changes in deferred revenue 2 (2) (8)
Ending Balance 270 268 270
Deferred revenue - current 216 211 207
Deferred revenue - non-current $ 54 $ 57 $ 63
v3.25.4
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 4,800
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
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]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 20.00%
Revenue, remaining performance obligation, period
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 85
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
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]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
Revenue, remaining performance obligation, period 4 years
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
Revenue, remaining performance obligation, period
v3.25.4
Revenues - Costs to Fulfill a Contract with a Customer (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Capitalized Costs To Fulfill Sales Contracts      
Disaggregation of Revenue [Line Items]      
Deferred cost balance $ 59 $ 51  
Capitalized Costs To Fulfill Sales Contracts | Operating Expense      
Disaggregation of Revenue [Line Items]      
Capitalized contract cost, amortization 128 120 $ 114
MA | Capitalized Costs To Obtain Sales Contracts      
Disaggregation of Revenue [Line Items]      
Deferred cost balance 337 294  
MA | Capitalized Costs To Obtain Sales Contracts | Selling, General and Administrative Expenses      
Disaggregation of Revenue [Line Items]      
Capitalized contract cost, amortization 117 110 102
MA | Capitalized Costs To Fulfill Sales Contracts      
Disaggregation of Revenue [Line Items]      
Deferred cost balance 44 39  
MA | Royalty Cost | Operating Expense      
Disaggregation of Revenue [Line Items]      
Capitalized contract cost, amortization 77 77 70
MIS | Capitalized Costs To Fulfill Sales Contracts      
Disaggregation of Revenue [Line Items]      
Deferred cost balance 15 12  
MIS | Capitalization of Work-In-Process for In-Progress Ratings | Operating Expense      
Disaggregation of Revenue [Line Items]      
Capitalized contract cost, amortization $ 51 $ 43 $ 44
v3.25.4
Reconciliation of Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Basic (in shares) 179.1 181.8 183.2
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 0.8 0.9 0.8
Diluted (in shares) 179.9 182.7 184.0
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) 0.2 0.4 0.5
v3.25.4
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 2,384 $ 2,408
Short-term investments 64 566
Other assets 1,101 1,166
Certificates of deposit and money market deposit accounts/funds    
Cash and Cash Equivalents [Line Items]    
Cost 1,459 1,911
Gross Unrealized Gains 0 0
Fair Value 1,459 1,911
Cash and cash equivalents 1,393 1,345
Short-term investments 64 566
Other assets 2 0
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 95 88
Gross Unrealized Gains 13 10
Fair Value 108 98
Cash and cash equivalents 0 0
Short-term investments 0 0
Other assets $ 108 $ 98
v3.25.4
Cash Equivalents and Investments - Footnote (Detail) - Certificates of deposit and money market deposit accounts/funds
Dec. 31, 2025
Dec. 31, 2024
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 13 months  
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 22 months  
Cash and cash equivalent | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.25.4
Cash Equivalents and Investments - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Company owned life insurance (at contract value) $ 50 $ 48
v3.25.4
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Amount $ 2,250 $ 2,550
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 $ 500 $ 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
2020 Senior Notes due 2025    
Derivative [Line Items]    
Notional Amount $ 0 $ 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
v3.25.4
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Interest Rate Swaps Designated in Fair Value Hedge (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense, net $ (213) $ (237) $ (251)
Designated as Hedging Instrument | Interest Rate Swap      
Derivative Instruments, Gain (Loss) [Line Items]      
Fair value changes on interest rate swaps 85 14 56
Fair value changes on hedged debt $ (85) $ (14) $ (56)
Designated as Hedging Instrument | Interest Rate Swap | Fair Value hedge Net Interest Settlements and Accruals      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss), statement of income or comprehensive income Interest expense, net Interest expense, net Interest expense, net
Net interest settlements and accruals on interest rate swaps $ (62) $ (96) $ (89)
v3.25.4
Derivative Instruments And Hedging Activities - Additional Information (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Not Designated as Accounting Hedges | Total Return Swap      
Derivative [Line Items]      
Notional Amount | $ $ 72   $ 66
2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Currency Swap      
Derivative [Line Items]      
Notional Amount   € 500,000,000  
0.950% 2019 Senior Note, due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Currency Swap      
Derivative [Line Items]      
Notional Amount   € 750,000,000  
v3.25.4
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Net Investment Hedging
€ in Millions, $ in Millions, $ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
SGD ($)
Dec. 31, 2024
EUR (€)
Currency Paid | Currency Swap | Fixed Pay Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount | €     € 1,997     € 965
Weighted Average Interest Rate 2.48% 2.91% 2.48% 2.48% 2.48% 2.91%
Currency Paid | Currency Swap | Euro Short-Term Rate            
Derivative [Line Items]            
Notional Amount | €     € 1,688     € 2,138
Floating  Interest Rate Based on ESTR Based on ESTR        
Currency Paid | Currency Swap Two | Fixed Pay Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount       $ 3,907    
Currency Paid | Currency Swap Three | Fixed Pay Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount         $ 389  
Currency Received | Currency Swap | Fixed Received Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount $ 2,114 $ 1,014        
Weighted Average Interest Rate 3.98% 4.41% 3.98% 3.98% 3.98% 4.41%
Currency Received | Currency Swap | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate            
Derivative [Line Items]            
Notional Amount $ 1,750 $ 2,250        
Floating  Interest Rate Based on SOFR Based on SOFR        
Currency Received | Currency Swap Two | Fixed Received Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount $ 500          
Weighted Average Interest Rate 0.64%   0.64% 0.64% 0.64%  
Currency Received | Currency Swap Three | Fixed Received Weighted Average Interest Rate            
Derivative [Line Items]            
Notional Amount       $ 2,350    
Weighted Average Interest Rate 0.62%   0.62% 0.62% 0.62%  
v3.25.4
Derivative Instruments And Hedging Activities - Schedule of Notional Amount of Net Investment Hedges (Detail) - Dec. 31, 2025 - Designated as Hedging Instrument
€ in Millions, $ in Millions, $ in Millions, $ in Millions
USD ($)
EUR (€)
HKD ($)
SGD ($)
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  
Net Investment Hedging | Currency Swap One | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 3,685    
Net Investment Hedging | Currency Swap One | Currency Received        
Derivative [Line Items]        
Notional Amount 3,864      
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  
v3.25.4
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Total, amount of gain/loss) recognized in AOCI on derivative, net of tax $ (469) $ 222 $ (132)
Cash flow hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax (1) (2) (1)
Total, amount of gain/loss) reclassified from AOCI into income, net of tax (1) (2) (1)
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 62 47 54
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 (469) 222 (132)
Net investment hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax 0 0 0
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 62 47 54
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 0
Cash flow hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax (1) (2) (1)
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0
Currency Swap | 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 (339) 157 (97)
Net investment hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax 0 0 0
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 62 47 54
Currency Swap | 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 0
Cash flow hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax 1 0 1
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 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 (130) 65 (35)
Net investment hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax 0 0 0
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0
Interest Rate Contract [Member] | 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 0
Cash flow hedging relationships, amount of gain/(loss) reclassified from AOCI into income, net of tax (2) (2) (2)
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0
v3.25.4
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ (500) $ (638)
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (235) 233
Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (194) 275
Net Investment Hedging | Currency Swap | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (161) 178
Net Investment Hedging | Foreign Exchange Forward | 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 (62) 68
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (41) (42)
Cash Flow Hedging | Currency Swap | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 1 1
Cash Flow Hedging | Interest Rate Contract [Member] | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ (42) $ (43)
v3.25.4
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
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
SGD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2025
JPY (¥)
Dec. 31, 2025
CAD ($)
Dec. 31, 2025
INR (₨)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
SGD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
CAD ($)
Dec. 31, 2024
INR (₨)
Contracts to sell USD for GBP                            
Derivative [Line Items]                            
Notional Amount $ 693     £ 522       $ 604     £ 470      
Contracts to sell USD for JPY                            
Derivative [Line Items]                            
Notional Amount 17       ¥ 2,700     29       ¥ 4,000    
Contracts to sell USD for CAD                            
Derivative [Line Items]                            
Notional Amount 39         $ 53   35         $ 50  
Contracts to sell USD for SGD                            
Derivative [Line Items]                            
Notional Amount 39   $ 50         45   $ 59        
Contracts to sell USD for EUR                            
Derivative [Line Items]                            
Notional Amount 107 € 91           0 € 0          
Contracts to sell USD for INR                            
Derivative [Line Items]                            
Notional Amount 26           ₨ 2,400 23           ₨ 1,900
Contracts to sell EUR for USD                            
Derivative [Line Items]                            
Notional Amount $ 25 € 21           $ 12 € 12          
v3.25.4
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign Exchange Forward | Other Nonoperating Income (Expense)      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign exchange forwards amount of gain (loss) recognized in income $ 48 $ (24) $ 15
Foreign Exchange Forward | Other Nonoperating Income (Expense) | RMS      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign exchange forwards amount of gain (loss) recognized in income 5 5 2
Total Return Swap | Operating Expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign exchange forwards amount of gain (loss) recognized in income 5 5 2
Total Return Swap | Selling, General and Administrative Expenses      
Derivative Instruments, Gain (Loss) [Line Items]      
Foreign exchange forwards amount of gain (loss) recognized in income $ 2 $ 1 $ 1
v3.25.4
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Assets $ 9 $ 58
Liabilities $ 2,008 $ 1,510
Derivative asset, statement of financial position Other current assets, Other assets Other current assets, Other assets
Derivative liability, statement of financial position Accounts payable and accrued liabilities, Other liabilities Accounts payable and accrued liabilities, Other liabilities
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Assets $ 0 $ 58
Liabilities 540 195
Designated as Hedging Instrument | Currency Swap | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 0 58
Designated as Hedging Instrument | Currency Swap | Accounts payable and accrued liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 0 3
Designated as Hedging Instrument | Currency Swap | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 456 26
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 84 166
Not Designated as Accounting Hedges | Foreign Exchange Forward | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 9 0
Not Designated as Accounting Hedges | Foreign Exchange Forward | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 0 $ 21
v3.25.4
Property and Equipment, Net (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, at cost $ 2,294 $ 2,109
Less: accumulated depreciation and amortization (1,572) (1,453)
Total property and equipment, net 722 656
Office and Computer Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, at cost $ 322 400
Office and Computer Equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 3 years  
Office and Computer Equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 10 years  
Office Furniture and Fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, at cost $ 58 57
Office Furniture and Fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 3 years  
Office Furniture and Fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 10 years  
Internal-use Computer Software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, at cost $ 1,649 1,417
Internal-use Computer Software | Minimum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 1 year  
Internal-use Computer Software | Maximum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 10 years  
Leasehold Improvements and Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment, at cost $ 265 $ 235
Leasehold Improvements and Building | Minimum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 4 years  
Leasehold Improvements and Building | Maximum    
Property, Plant and Equipment [Line Items]    
Property plant and equipment useful life 20 years  
v3.25.4
Property and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Property, Plant and Equipment [Line Items]        
Depreciation and amortization expense related to property and equipment $ 265 $ 233 $ 175  
Restructuring Charges 108 59 87  
Charges related to asset abandonment 3 43 0 $ 46
Strategic and Operational Efficiency Restructuring Program        
Property, Plant and Equipment [Line Items]        
Restructuring Charges 108 45 0  
Incremental amortization        
Property, Plant and Equipment [Line Items]        
Charges related to asset abandonment 0 31   $ 31
Internal-use Computer Software        
Property, Plant and Equipment [Line Items]        
Depreciation and amortization expense related to property and equipment 211 $ 180 $ 121  
Internal-use Computer Software | Incremental amortization        
Property, Plant and Equipment [Line Items]        
Charges related to asset abandonment $ 26      
Internal-use Computer Software | Weighted Average        
Property, Plant and Equipment [Line Items]        
Property plant and equipment useful life 4 years 4 months 24 days     4 years 4 months 24 days
v3.25.4
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance, goodwill gross $ 6,006 $ 5,968
Beginning balance, accumulated impairment charge (12) (12)
Beginning balance, goodwill net 5,994 5,956
Additions/adjustments 143 209
Foreign currency translation adjustments 329 (171)
Divestiture of business (9)  
Ending balance, goodwill gross 6,380 6,006
Ending balance, accumulated impairment charge (12) (12)
Ending balance, goodwill net 6,368 5,994
Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale (89)  
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 5,626 5,681
Beginning balance, accumulated impairment charge (12) (12)
Beginning balance, goodwill net 5,614 5,669
Additions/adjustments 135 112
Foreign currency translation adjustments 334 (167)
Divestiture of business (9)  
Ending balance, goodwill gross 5,997 5,626
Ending balance, accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,985 5,614
MA | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale (89)  
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 380 287
Beginning balance, accumulated impairment charge 0 0
Beginning balance, goodwill net 380 287
Additions/adjustments 8 97
Foreign currency translation adjustments (5) (4)
Divestiture of business 0  
Ending balance, goodwill gross 383 380
Ending balance, accumulated impairment charge 0 0
Ending balance, goodwill net 383 $ 380
MIS | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale $ 0  
v3.25.4
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,866 $ 1,890
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 2,165 2,035
Accumulated amortization (724) (631)
Acquired intangible assets, net 1,441 1,404
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 774 695
Accumulated amortization (526) (419)
Acquired intangible assets, net 248 276
Database    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 164 166
Accumulated amortization (103) (89)
Acquired intangible assets, net 61 77
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 201 199
Accumulated amortization (96) (83)
Acquired intangible assets, net 105 116
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 64 67
Accumulated amortization (53) (50)
Acquired intangible assets, net $ 11 $ 17
v3.25.4
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]        
Amortization expense $ 215 $ 198 $ 198  
Charges related to asset abandonment 3 43 $ 0 $ 46
Incremental amortization        
Finite-Lived Intangible Assets [Line Items]        
Charges related to asset abandonment 0 $ 31   $ 31
Incremental amortization | Amortization of Intangible Assets        
Finite-Lived Intangible Assets [Line Items]        
Charges related to asset abandonment $ 5      
v3.25.4
Goodwill And Other Acquired Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 207
2027 195
2028 182
2029 150
2030 126
Thereafter 1,006
Total estimated future amortization $ 1,866
v3.25.4
Restructuring - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 19, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2027
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]            
Remaining restructuring liability   $ 41 $ 47 $ 36   $ 64
Strategic and Operational Efficiency Restructuring Program            
Restructuring Cost and Reserve [Line Items]            
Payments for restructuring   97 5 0    
Strategic and Operational Efficiency Restructuring Program | Minimum | Forecast            
Restructuring Cost and Reserve [Line Items]            
Payments for restructuring         $ 210  
Strategic and Operational Efficiency Restructuring Program | Maximum | Forecast            
Restructuring Cost and Reserve [Line Items]            
Payments for restructuring         $ 230  
Strategic and Operational Efficiency Restructuring Program | Severance charges | Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and related cost, expected cost   210        
Strategic and Operational Efficiency Restructuring Program | Severance charges | Maximum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and related cost, expected cost   230        
Strategic and Operational Efficiency Restructuring Program | Real Estate | Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and related cost, expected cost   5        
Strategic and Operational Efficiency Restructuring Program | Incremental amortization | Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and related cost, expected cost   10        
Strategic and Operational Efficiency Restructuring Program | Incremental amortization | Maximum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and related cost, expected cost   15        
2022 - 2023 Geolocation Restructuring Program            
Restructuring Cost and Reserve [Line Items]            
Payments for restructuring   $ 7 $ 42 $ 79    
Estimated Annual Savings | Strategic and Operational Efficiency Restructuring Program | Minimum            
Restructuring Cost and Reserve [Line Items]            
Effect on future earnings, amount $ 250          
Estimated Annual Savings | Strategic and Operational Efficiency Restructuring Program | Maximum            
Restructuring Cost and Reserve [Line Items]            
Effect on future earnings, amount $ 300          
v3.25.4
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring $ 108 $ 59 $ 87
2022 - 2023 Geolocation Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring 0 14 87
Cumulative expense incurred 214    
2022 - 2023 Geolocation Restructuring Program | Severance charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring 0 14 51
Cumulative expense incurred 151    
2022 - 2023 Geolocation Restructuring Program | Real Estate      
Restructuring Cost and Reserve [Line Items]      
Restructuring 0 0 36
Cumulative expense incurred 63    
Strategic and Operational Efficiency Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring 108 45 0
Cumulative expense incurred 153    
Strategic and Operational Efficiency Restructuring Program | Severance charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring 101 45 0
Cumulative expense incurred 146    
Strategic and Operational Efficiency Restructuring Program | Real Estate      
Restructuring Cost and Reserve [Line Items]      
Restructuring 4 0 0
Cumulative expense incurred 4    
Strategic and Operational Efficiency Restructuring Program | Internally Developed Software-Related Charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring 3 $ 0 $ 0
Cumulative expense incurred $ 3    
v3.25.4
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Footnote) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Operating lease right-of-use assets $ 282 $ 216  
Real Estate      
Restructuring Cost and Reserve [Line Items]      
Operating lease right-of-use assets     $ 4
v3.25.4
Restructuring - Changes in Restructuring Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Restructuring liability, beginning balance $ 47 $ 36 $ 64
Restructuring liability, ending balance $ 41 47 36
Restructuring, incurred cost, statement of income or comprehensive income Restructuring Charges    
2022 - 2023 Geolocation Restructuring Program      
Restructuring Reserve [Roll Forward]      
Cost incurred and adjustments $ (1) 14 51
Cash payments (7) (42) (79)
Strategic and Operational Efficiency Restructuring Program      
Restructuring Reserve [Roll Forward]      
Cost incurred and adjustments 99 44 0
Cash payments $ (97) $ (5) $ 0
v3.25.4
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Derivatives $ 9 $ 58
Total 122 166
Liabilities:    
Derivatives 540 216
Total 540 216
Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 113 108
Level 1    
Assets:    
Derivatives 0 0
Total 113 108
Liabilities:    
Derivatives 0 0
Total 0 0
Level 1 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 113 108
Level 2    
Assets:    
Derivatives 9 58
Total 9 58
Liabilities:    
Derivatives 540 216
Total 540 216
Level 2 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds $ 0 $ 0
v3.25.4
Other Balance Sheet Information - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other current assets:      
Prepaid taxes $ 139 $ 81  
Prepaid expenses 184 179  
Capitalized costs to obtain and fulfill sales contracts 143 131  
Foreign exchange forwards on certain assets and liabilities 9 0  
Interest receivable on interest rate and cross currency swaps 95 77  
Assets held for sale 98 0  
Other 46 47  
Total other current assets 714 515  
Other assets:      
Investments in non-consolidated affiliates 489 465  
Deposits for real-estate leases 16 15  
Indemnification assets related to acquisitions 35 109  
Mutual funds, certificates of deposit and money market deposit accounts/funds 110 98  
Company owned life insurance (at contract value) 50 48  
Capitalized costs to obtain sales contracts 253 214  
Derivative instruments designated as accounting hedges 0 58  
Pension and other retirement employee benefits 74 60  
Other 74 99  
Total other assets 1,101 1,166  
Accounts payable and accrued liabilities:      
Benefits and payroll taxes 126 133  
Incentive compensation 390 452  
Customer credits, advanced payments and advanced billings 163 142  
Dividends 8 32  
Professional service fees 49 38  
Accounts payable 62 53  
Income taxes 146 144  
Pension and other retirement employee benefits 9 11  
Accrued royalties 20 25  
FX forwards on certain assets and liabilities 0 21  
Restructuring liability 41 46  
Derivative instruments designated as accounting hedges 0 3  
Liabilities held for sale 36 0  
Other 102 92  
Total accounts payable and accrued liabilities 1,304 1,344  
Other liabilities:      
Pension and other retirement employee benefits 216 195  
Interest accrued on UTPs 43 47 $ 36
MAKS indemnification provisions 19 19  
Income tax liability – non-current portion 0 12  
Derivative instruments designated as accounting hedges 540 192  
Other 41 52  
Total other liabilities 859 517  
Debt      
Accounts payable and accrued liabilities:      
Interest accrued 86 92  
Swap      
Accounts payable and accrued liabilities:      
Interest accrued $ 66 $ 60  
v3.25.4
Other Balance Sheet Information - Investments in Non-Consolidated Affiliates (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]    
Equity method investments $ 121 $ 127
Investments measured using the measurement alternative 350 328
Other 18 10
Total investments in non-consolidated affiliates $ 489 $ 465
v3.25.4
Comprehensive Income And Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 3,727 $ 3,476 $ 2,689
Other comprehensive income (loss) 129 (71) 72
Ending Balance 4,205 3,727 3,476
Total      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (638) (567) (643)
Other comprehensive income (loss) before reclassifications 139 (71) 78
Amounts reclassified from AOCL (1) 0 (2)
Other comprehensive income (loss) 138 (71) 76
Ending Balance (500) (638) (567)
Foreign  Currency Translation Adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (832) (520) (736)
Other comprehensive income (loss) before reclassifications 601 (312) 216
Amounts reclassified from AOCL 0 0 0
Other comprehensive income (loss) 601 (312) 216
Ending Balance (231) (832) (520)
Gains (Losses) on Cash Flow Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (42) (44) (45)
Other comprehensive income (loss) before reclassifications 0 0 0
Amounts reclassified from AOCL 1 2 1
Other comprehensive income (loss) 1 2 1
Ending Balance (41) (42) (44)
Net Investment Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance 275 53 185
Other comprehensive income (loss) before reclassifications (469) 222 (132)
Amounts reclassified from AOCL 0 0 0
Other comprehensive income (loss) (469) 222 (132)
Ending Balance (194) 275 53
Pension and  Other Retirement Benefits      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (39) (56) (47)
Other comprehensive income (loss) before reclassifications 7 19 (6)
Amounts reclassified from AOCL (2) (2) (3)
Other comprehensive income (loss) 5 17 (9)
Ending Balance $ (34) $ (39) $ (56)
v3.25.4
Pension And Other Retirement Benefits - Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Post-Retirement Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in benefit obligation:      
Interest cost $ (30) $ (26) $ (26)
Amounts recorded on the consolidated balance sheets:      
Pension and retirement benefits asset – non current 74 60  
Pension and retirement benefits liability – current (9) (11)  
Pension and retirement benefits liability – non current (216) (195)  
Pension Plans      
Change in plan assets:      
Fair value of plan assets, beginning of the period 460 449  
Actual return on plan assets 55 24  
Benefits paid (21) (24)  
Employer contributions 6 11  
Plan participants’ contributions 0 0  
Fair value of plan assets, end of the period 500 460 449
Funded status of the plans 8 (4)  
Other Retirement Plans      
Change in plan assets:      
Fair value of plan assets, beginning of the period 0 0  
Actual return on plan assets 0 0  
Benefits paid (3) (3)  
Employer contributions 1 1  
Plan participants’ contributions 2 2  
Fair value of plan assets, end of the period 0 0 0
Funded status of the plans (44) (42)  
U.S. | Pension Plans      
Change in benefit obligation:      
Benefit obligation, beginning of the period (464) (484)  
Service cost (10) (10) (11)
Interest cost (25) (22) (22)
Plan participants’ contributions 0 0  
Benefits paid 21 24  
Actuarial (loss) gain (3) 0  
Assumption changes (11) 28  
Benefit obligation, end of the period (492) (464) (484)
Change in plan assets:      
Fair value of plan assets, end of the period 500    
Amounts recorded on the consolidated balance sheets:      
Pension and retirement benefits asset – non current 75 60  
Pension and retirement benefits liability – current (7) (8)  
Pension and retirement benefits liability – non current (60) (56)  
Net amount recognized 8 (4)  
Accumulated benefit obligation, end of the period (464) (436)  
U.S. | Other Retirement Plans      
Change in benefit obligation:      
Benefit obligation, beginning of the period (42) (42)  
Service cost (3) (3) (3)
Interest cost (2) (2) (2)
Plan participants’ contributions (2) (2)  
Benefits paid 4 3  
Actuarial (loss) gain 2 0  
Assumption changes (1) 4  
Benefit obligation, end of the period (44) (42) $ (42)
Amounts recorded on the consolidated balance sheets:      
Pension and retirement benefits asset – non current 0 0  
Pension and retirement benefits liability – current (2) (2)  
Pension and retirement benefits liability – non current (42) (40)  
Net amount recognized $ (44) $ (42)  
v3.25.4
Pension And Other Retirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - Pension Plans - U.S. Plans - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Aggregate projected benefit obligation $ 68 $ 65
Aggregate accumulated benefit obligation $ 60 $ 57
v3.25.4
Pension And Other Retirement Benefits - Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - U.S. Plans - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Plans    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Net actuarial gains (losses) $ (53) $ (61)
Net prior service credits 0 1
Total recognized in AOCL – pre-tax (53) (60)
Other Retirement Plans    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Net actuarial gains (losses) 13 13
Net prior service credits 0 0
Total recognized in AOCL – pre-tax $ 13 $ 13
v3.25.4
Pension And Other Retirement Benefits - Components of Net Periodic Benefit Expense Related to Retirement Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 30 $ 26 $ 26
U.S. Plans | Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 10 10 11
Interest cost 25 22 22
Expected return on plan assets (33) (30) (32)
Amortization of net actuarial (gains) losses and prior service credits from earlier periods (1) 0 (1)
Loss on settlement of pension obligation 0 (1) (2)
Net periodic expense (income) 1 1 (2)
U.S. Plans | Other Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 3 3 3
Interest cost 2 2 2
Expected return on plan assets 0 0 0
Amortization of net actuarial (gains) losses and prior service credits from earlier periods (1) (1) (1)
Loss on settlement of pension obligation 0 0 0
Net periodic expense (income) $ 4 $ 4 $ 4
v3.25.4
Pension And Other Retirement Benefits - Summary Of Pre Tax Amounts Recognized In Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial gain (loss) arising during the period $ 9 $ 25 $ (8)
U.S. Plans | Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Amortization of net actuarial (gains) losses and prior service credit (1) (1) (1)
(Gain) loss on settlement of pension obligations 0 (1) (2)
Net actuarial gain (loss) arising during the period 8 22 (3)
Total recognized in OCI – pre-tax 7 20 (6)
U.S. Plans | Other Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Amortization of net actuarial (gains) losses and prior service credit (1) (1) (1)
(Gain) loss on settlement of pension obligations 0 0 0
Net actuarial gain (loss) arising during the period 1 4 1
Total recognized in OCI – pre-tax $ 0 $ 3 $ 0
v3.25.4
Pension And Other Retirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) - U.S. Plans
Dec. 31, 2025
Dec. 31, 2024
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.24% 5.43%
Rate of compensation increase 3.10% 3.60%
Cash balance plan interest crediting rate 4.71% 4.78%
Other Retirement Plans    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.30% 5.40%
Rate of compensation increase 0.00% 0.00%
Cash balance plan interest crediting rate 0.00% 0.00%
v3.25.4
Pension And Other Retirement Benefits - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Expense (Detail) - U.S. Plans
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.43% 4.73% 4.93%
Expected return on plan assets 6.60% 6.10% 6.55%
Rate of compensation increase 3.60% 3.60% 3.63%
Cash balance plan interest crediting rate 4.78% 4.50% 4.50%
Other Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.40% 4.75% 4.90%
Expected return on plan assets 0.00% 0.00% 0.00%
Rate of compensation increase 0.00% 0.00% 0.00%
Cash balance plan interest crediting rate 0.00% 0.00% 0.00%
v3.25.4
Pension and Other Retirement Benefits - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Moody's shares held in ESOP   282,442 304,076  
Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Employer contributions   $ 6 $ 11  
Other Retirement Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Employer contributions   $ 1 1  
U.S. Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Employee contribution percentage of employee contribution in participation   50.00%    
Maximum employee contribution in profit participation plan   3.00%    
Defined contribution compensation expense   $ 67 $ 73 $ 71
U.S. Plans | Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Expected rate of return   6.60% 6.10% 6.55%
U.S. Plans | Other Retirement Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Expected rate of return   0.00% 0.00% 0.00%
U.S. Plans | Equity Securities | Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   35.00%    
U.S. Plans | Equity Securities | Pension Plans | Minimum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   23.00%    
U.S. Plans | Equity Securities | Pension Plans | Maximum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   46.00%    
U.S. Plans | Fixed Income Securities | Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   61.00%    
U.S. Plans | Fixed Income Securities | Pension Plans | Minimum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   44.00%    
U.S. Plans | Fixed Income Securities | Pension Plans | Maximum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   77.00%    
U.S. Plans | Other Investments | Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   5.00%    
U.S. Plans | Other Investments | Pension Plans | Minimum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   2.00%    
U.S. Plans | Other Investments | Pension Plans | Maximum        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Plan asset, target asset allocation percentage   8.00%    
Non-U.S. Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Defined contribution compensation expense   $ 61 $ 50 $ 42
Forecast | U.S. Plans | Pension Plans        
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract]        
Expected rate of return 6.95%      
v3.25.4
Pension And Other Retirement Benefits - Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements (Detail) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 500 $ 460 $ 449
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total assets   26  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets   365  
Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets   $ 69  
U.S. Plans      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 500    
Percent of total assets 100.00% 100.00%  
U.S. Plans | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 27    
U.S. Plans | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets 398    
U.S. Plans | Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets 75    
U.S. Plans | Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 4 $ 2  
Percent of total assets 1.00% 0.00%  
U.S. Plans | Cash and cash equivalents | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 4 $ 2  
U.S. Plans | Total equity investments      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 147 $ 139  
Percent of total assets 30.00% 30.00%  
U.S. Plans | Total equity investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 147 $ 139  
U.S. Plans | U.S. large-cap      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 119 $ 114  
Percent of total assets 24.00% 25.00%  
U.S. Plans | U.S. large-cap | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 119 $ 114  
U.S. Plans | U.S. small and mid-cap      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 28 $ 25  
Percent of total assets 6.00% 5.00%  
U.S. Plans | U.S. small and mid-cap | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 28 $ 25  
U.S. Plans | Total fixed-income investments      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 325 $ 295  
Percent of total assets 64.00% 65.00%  
U.S. Plans | Total fixed-income investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 27 $ 26  
U.S. Plans | Total fixed-income investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets 247 224  
U.S. Plans | Total fixed-income investments | Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets 51 45  
U.S. Plans | Emerging markets bond fund      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 35 $ 30  
Percent of total assets 7.00% 7.00%  
U.S. Plans | Emerging markets bond fund | Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 35 $ 30  
U.S. Plans | Intermediate-term investment grade U.S. government/ corporate bonds      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 64 $ 57  
Percent of total assets 13.00% 12.00%  
U.S. Plans | Intermediate-term investment grade U.S. government/ corporate bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 64 $ 57  
U.S. Plans | Long duration corporate bonds      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 157 $ 146  
Percent of total assets 31.00% 32.00%  
U.S. Plans | Long duration corporate bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 157 $ 146  
U.S. Plans | U.S. Treasury Inflation-Protected Securities (TIPs)      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 27 $ 26  
Percent of total assets 5.00% 6.00%  
U.S. Plans | U.S. Treasury Inflation-Protected Securities (TIPs) | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 27 $ 26  
U.S. Plans | Emerging markets equity      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 26 $ 21  
Percent of total assets 5.00% 5.00%  
U.S. Plans | Emerging markets equity | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 26 $ 21  
U.S. Plans | Private investment fund—high yield securities      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 16 $ 15  
Percent of total assets 3.00% 3.00%  
U.S. Plans | Private investment fund—high yield securities | Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 16 $ 15  
U.S. Plans | Other investment—private real estate fund      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 24 $ 24  
Percent of total assets 5.00% 5.00%  
U.S. Plans | Other investment—private real estate fund | Measured using NAV practical expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total assets $ 24 $ 24  
v3.25.4
Pension And Other Retirement Benefits - Estimated Future Benefits Payments for Retirement Plans (Detail) - U.S. Plans
$ in Millions
Dec. 31, 2025
USD ($)
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 33
2027 35
2028 38
2029 39
2030 39
2031 - 2035 182
Other Retirement Plans  
Defined Benefit Plan Disclosure [Line Items]  
2026 2
2027 2
2028 3
2029 3
2030 3
2031 - 2035 $ 20
v3.25.4
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense $ 8.0    
Weighted average period to recognize expense 2 years    
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense $ 251.0    
Weighted average period to recognize expense 2 years 6 months    
Performance Based Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense $ 50.0    
Weighted average period to recognize expense 1 year 8 months 12 days    
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserve for issuance or grant (shares) 6.0    
Discount allowed to employees on purchase of shares under ESPP plan 5.00% 5.00% 5.00%
1998 and 2001 Plan | Equity Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 4 years    
1998 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserve for issuance or grant (shares) 33.0    
2001 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserve for issuance or grant (shares) 54.6    
2001 Plan | Instruments Other Than Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserve for issuance or grant (shares) 10.7    
Directors' Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock reserve for issuance or grant (shares) 1.7    
Award vesting period (in years) 1 year    
Minimum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee subscription rate as a percentage of compensation 1.00%    
Minimum | 1998 and 2001 Plan | Equity Option | Employees at or Near Retirement Eligibility      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 1 year    
Minimum | 1998 and 2001 Plan | Performance Based Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
Maximum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee subscription rate as a percentage of compensation 10.00%    
Maximum | 1998 and 2001 Plan | Equity Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Maximum | 1998 and 2001 Plan | Equity Option | Employees at or Near Retirement Eligibility      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 4 years    
Maximum | 1998 and 2001 Plan | Performance Based Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 4 years    
v3.25.4
Stock-Based Compensation Plans - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Compensation expense $ 234 $ 221 $ 193
Tax benefit $ 50 $ 48 $ 45
v3.25.4
Stock-Based Compensation Plans - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Expected dividend yield 0.73% 0.91% 1.04%
Expected stock volatility 27.00% 28.00% 29.00%
Risk-free interest rate 4.51% 4.34% 4.19%
Expected holding period (in years) 5 years 7 months 6 days 5 years 10 months 24 days 5 years 9 months 18 days
Weighted average grant date fair value per share (in USD per share) $ 163.75 $ 120.42 $ 94.71
v3.25.4
Stock-Based Compensation Plans - Summary of Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Shares  
Shares, outstanding, beginning balance (in shares) | shares 0.7
Shares, granted (in shares) | shares 0.1
Shares, exercised (in shares) | shares (0.2)
Shares, outstanding, ending balance (in shares) | shares 0.6
Shares, vested and expected to vest (in shares) | shares 0.6
Shares, exercisable (in shares) | shares 0.3
Weighted Average Exercise Price Per Share  
Weighted average exercise price per share, beginning balance (in USD per share) | $ / shares $ 267.64
Weighted average exercise price per share, granted (in USD per share) | $ / shares 513.21
Weighted average exercise price per share, exercised (in USD per share) | $ / shares 185.62
Weighted average exercise price per share, ending balance (in USD per share) | $ / shares 313.90
Weighted average exercise price per share, vested and expected to vest (in USD per share) | $ / shares 313.15
Weighted average exercise price per share, exercisable (in USD per share) | $ / shares $ 250.42
Weighted Average Remaining Contractual Term  
Weighted average remaining contractual term, outstanding (in years) 5 years 8 months 12 days
Weighted average remaining contractual term, vested and expected to vest (in years) 5 years 8 months 12 days
Weighted average remaining contractual term (in years) 4 years 2 months 12 days
Aggregate Intrinsic Value  
Aggregate intrinsic value, outstanding | $ $ 116
Aggregate intrinsic value, vested and expected to vest | $ 115
Aggregate intrinsic value, exercisable | $ $ 82
v3.25.4
Stock-Based Compensation Plans - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
Proceeds from stock option exercises $ 28 $ 53 $ 32
Aggregate intrinsic value 47 76 58
Tax benefit realized upon exercise 10 13 14
Restricted Stock      
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
Fair value of shares vested 263 199 164
Tax benefit realized upon vesting 65 48 40
Performance Based Restricted Stock      
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]      
Fair value of shares vested 8 40 24
Tax benefit realized upon vesting $ 1 $ 9 $ 3
v3.25.4
Stock-Based Compensation Plans - Summary of Nonvested Restricted Stock (Details) - Non Vested Restricted Stock
shares in Millions
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares  
Shares, beginning balance (in shares) | shares 1.3
Shares, granted (in shares) | shares 0.4
Shares, vested (in shares) | shares (0.5)
Shares, forfeited (in shares) | shares (0.1)
Shares, ending balance (in shares) | shares 1.1
Weighted Average Grant Date Fair Value Per Share  
Weighted average grant date fair value per share, beginning balance (in USD per share) | $ / shares $ 330.84
Weighted average grant date fair value per share, granted (in USD per share) | $ / shares 479.70
Weighted average grant date fair value per share, vested (in USD per share) | $ / shares 323.29
Weighted average grant date fair value per share, forfeited (in USD per share) | $ / shares 395.00
Weighted average grant date fair value per share, ending balance (in USD per share) | $ / shares $ 400.12
v3.25.4
Stock-Based Compensation Plans - Summary of Performance Based Restricted Stock (Details) - Performance Based Restricted Stock
shares in Millions
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Performance-Based Restricted Stock  
Shares, beginning balance (in shares) | shares 0.3
Shares, granted (in shares) | shares 0.1
Shares, vested (in shares) | shares (0.1)
Shares, ending balance (in shares) | shares 0.3
Performance based restricted stock, Weighted Average Grant Date Fair Value Per Share  
Weighted average grant date fair value per share, beginning balance (in USD per share) | $ / shares $ 330.78
Weighted average grant date fair value per share, granted (in USD per share) | $ / shares 501.88
Weighted average grant date fair value per share, vested (in USD per share) | $ / shares 313.05
Weighted average grant date fair value per share, ending balance (in USD per share) | $ / shares $ 370.34
v3.25.4
Income Taxes - Provision for Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 231 $ 280 $ 76
State and Local 99 106 67
Non-U.S. 355 316 222
Total current 685 702 365
Deferred:      
Federal 35 (21) (14)
State and Local 8 (6) (4)
Non-U.S. (60) (35) (20)
Total deferred (17) (62) (38)
Total provision for income taxes $ 668 $ 640 $ 327
v3.25.4
Income Taxes - Reconciliation of United States Federal Statutory Tax Rate to Effective Tax Rate on Income Before Provision for Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. statutory tax rate $ 657 $ 567 $ 406
State and local taxes, net of federal tax benefit 93 74 49
Net U.S. tax effect of cross-border tax laws (4) (14) 2
Other nontaxable or nondeductible items 30 22 4
Excess tax benefits on share-based payments (33) (27) (15)
Tax credits - research credit (12) (15) (19)
Foreign Tax Expense      
Tax expense (benefit) relating to foreign operations (8) 13 16
Changes in unrecognized tax benefits (55) 20 (116)
Total provision for income taxes $ 668 $ 640 $ 327
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal tax benefit 3.00% 2.70% 2.50%
Net U.S. tax effect of cross-border tax laws (0.10%) (0.50%) 0.10%
Other nontaxable or nondeductible items 1.00% 0.90% 0.20%
Excess tax benefits on share-based payments (1.10%) (1.00%) (0.80%)
Tax credits - research credit (0.40%) (0.60%) (0.90%)
Foreign Tax Expense      
Tax expense (benefit) relating to foreign operations (0.30%) 0.50% 0.80%
Changes in unrecognized tax benefits (1.80%) 0.70% (6.00%)
Total 21.30% 23.70% 16.90%
U.S.      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Domestic state and local income taxes, net of federal effect $ 731 $ 607 $ 427
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Domestic state and local income taxes, net of federal effect 23.40% 22.50% 22.10%
Belgium      
Foreign Tax Expense      
Innovation deduction $ (37) $ (25) $ (26)
Other $ 15 $ 3 $ 10
Foreign Tax Expense      
Innovation deduction (1.20%) (0.90%) (1.30%)
Other 0.40% 0.10% 0.50%
United Kingdom      
Foreign Tax Expense      
Effective income tax rate reconciliation, foreign income tax rate differential, amount $ 11 $ 34 $ 25
Foreign Tax Expense      
Effective income tax rate reconciliation, foreign income tax rate differential, percent 0.40% 1.30% 1.20%
Other foreign jurisdictions      
Foreign Tax Expense      
Effective income tax rate reconciliation, foreign income tax rate differential, amount $ 3 $ 1 $ 7
Foreign Tax Expense      
Effective income tax rate reconciliation, foreign income tax rate differential, percent 0.10% 0.00% 0.40%
v3.25.4
Income Taxes - Income Taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
U.S. Federal $ 353 $ 223 $ 59
U.S. State and Local 132 88 23
Total non-U.S. 340 302 262
Total Income Tax Paid 825 613 344
Total U.S.      
Income Tax Examination [Line Items]      
Income Taxes Paid 485 311 82
Belgium      
Income Tax Examination [Line Items]      
Total non-U.S. 32 39 32
Canada      
Income Tax Examination [Line Items]      
Total non-U.S. 68 63 44
Germany      
Income Tax Examination [Line Items]      
Total non-U.S. 43 30 35
United Kingdom      
Income Tax Examination [Line Items]      
Total non-U.S. 79 93 64
Other foreign jurisdictions      
Income Tax Examination [Line Items]      
Total non-U.S. $ 118 $ 77 $ 87
v3.25.4
Income Taxes - Source of income Before Provision for Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 1,743 $ 1,446 $ 892
Non-U.S. 1,387 1,253 1,043
Income before provision for income taxes $ 3,130 $ 2,699 $ 1,935
v3.25.4
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:        
Account receivable allowances $ 10 $ 10    
Stock-based compensation 69 60    
Accrued compensation and benefits 52 50    
Capitalized costs 43 24    
Operating lease liabilities 87 84    
Deferred revenue 217 211    
Net operating loss 64 58    
Uncertain tax positions 30 33    
Loss on net investment hedges - OCI 83 0    
Interest expense carryforward 25 20    
Other 25 30    
Total deferred tax assets 705 580    
Deferred tax liabilities:        
Accumulated depreciation and amortization of intangible assets and capitalized software (563) (522)    
ROU Assets (67) (56)    
Capital gains (14) (13)    
Deferred tax on unremitted foreign earnings (21) (20)    
Gain on net investment hedges - OCI (4) (82)    
Other (16) (18)    
Total deferred tax liabilities (685) (711)    
Net deferred tax asset and (liabilities) 20 (131)    
Valuation allowance (30) (25) $ (24) $ (21)
Total net deferred tax liabilities $ (10) $ (156)    
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]          
Valuation allowance $ 30 $ 30 $ 25 $ 24 $ 21
Unrecognized tax benefits 158 158 211 196 $ 322
Unrecognized tax benefits that would impact effective tax rate 145 $ 145      
Income tax examination, description   Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and multiple 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.      
Interest accrued on UTPs 43 $ 43 47 36  
Lapse of statute of limitatons 64 $ 70 $ 15 $ 25  
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations, related interest $ 15        
v3.25.4
Income Taxes - Reconciliation of Uncertain Tax Positions (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits        
Unrecognized tax positions, beginning balance   $ 211 $ 196 $ 322
Additions for tax positions related to the current year   22 33 21
Additions for tax positions of prior years   0 11 3
Reductions for tax positions of prior years   (5) (11) (17)
Settlements with taxing authorities   0 (3) (108)
Lapse of statute of limitations $ (64) (70) (15) (25)
Unrecognized tax positions, ending balance $ 158 $ 158 $ 211 $ 196
v3.25.4
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Principal Amount $ 7,168   $ 7,694
Fair Value of Interest Rate Swap (84)   (169)
Unamortized (Discount) Premium (49)   (52)
Unamortized Debt Issuance Costs (41)   (45)
Carrying Amount 6,994   7,428
Current portion 0   (697)
Long-term debt $ 6,994   $ 6,731
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 (18)   (32)
Unamortized (Discount) Premium 3   3
Unamortized Debt Issuance Costs (4)   (4)
Carrying Amount $ 581   $ 567
1.75% 2015 Senior Notes, due 2027      
Debt Instrument [Line Items]      
Notes payable, interest rate 1.75%   1.75%
Principal Amount $ 587   $ 518
Fair Value of Interest Rate Swap 0   0
Unamortized (Discount) Premium 0   0
Unamortized Debt Issuance Costs 0   (1)
Carrying Amount $ 587   $ 517
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   (13)
Unamortized (Discount) Premium (1)   (2)
Unamortized Debt Issuance Costs (1)   (1)
Carrying Amount $ 498   $ 484
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 (19)   (35)
Unamortized (Discount) Premium (1)   (1)
Unamortized Debt Issuance Costs (1)   (1)
Carrying Amount $ 379   $ 363
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)   (35)
Unamortized (Discount) Premium (6)   (6)
Unamortized Debt Issuance Costs (3)   (3)
Carrying Amount $ 370   $ 356
0.950% 2019 Senior Notes, due 2030      
Debt Instrument [Line Items]      
Notes payable, interest rate 0.95%   0.95%
Principal Amount $ 881   $ 776
Fair Value of Interest Rate Swap 0   0
Unamortized (Discount) Premium (2)   (1)
Unamortized Debt Issuance Costs (3)   (3)
Carrying Amount $ 876   $ 772
3.75% 2020 Senior Notes, due 2025      
Debt Instrument [Line Items]      
Notes payable, interest rate   3.75% 3.75%
Principal Amount     $ 700
Fair Value of Interest Rate Swap     (3)
Unamortized (Discount) Premium     0
Unamortized Debt Issuance Costs     0
Carrying Amount     $ 697
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 Amount $ 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 Amount $ 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)   (6)
Unamortized Debt Issuance Costs (3)   (4)
Carrying Amount $ 592   $ 590
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)   (12)
Unamortized Debt Issuance Costs (4)   (5)
Carrying Amount $ 585   $ 583
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 (7)   (7)
Unamortized Debt Issuance Costs (5)   (5)
Carrying Amount $ 488   $ 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 (23)   (43)
Unamortized (Discount) Premium (8)   (8)
Unamortized Debt Issuance Costs (4)   (5)
Carrying Amount $ 465   $ 444
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)   (8)
Unamortized (Discount) Premium (1)   (2)
Unamortized Debt Issuance Costs (3)   (3)
Carrying Amount $ 493   $ 487
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 Amount $ 492   $ 492
v3.25.4
Indebtedness - Schedule of Credit Facilities (Details) - 2024 Credit Facility - USD ($)
Dec. 31, 2025
Dec. 31, 2024
May 06, 2024
Line of Credit Facility [Line Items]      
Maximum Borrowing Capacity     $ 1,250,000,000
Drawn $ 0 $ 0  
Undrawn $ 1,250,000,000 $ 1,250,000,000  
v3.25.4
Indebtedness - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
May 06, 2024
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Aug. 03, 2016
Debt Instrument [Line Items]          
Debt instrument, covenant compliance     At December 31, 2025, 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 December 31, 2025, there were no such cross defaults.    
3.75% 2020 Senior Notes, due 2025          
Debt Instrument [Line Items]          
Senior unsecured notes, interest   3.75%   3.75%  
Repayments of Debt   $ 700,000,000      
2024 Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 1,250,000,000        
Term 5 years        
2024 Credit Facility | Term Loan Facility Any Fiscal Quarter          
Debt Instrument [Line Items]          
Debt/EBITDA ratio     4    
2024 Credit Facility | First Three Consecutive Quarters immediately following Any Acquisition          
Debt Instrument [Line Items]          
Debt/EBITDA ratio     4.5    
2024 Credit Facility | Minimum          
Debt Instrument [Line Items]          
Basis spread on variable rate (percent)     0.805%    
Facility fee basis points     0.07%    
Contingent consideration arising from acquisitions, payment or settlement     $ 500,000,000    
2024 Credit Facility | Maximum          
Debt Instrument [Line Items]          
Basis spread on variable rate (percent)     1.225%    
Facility fee basis points     0.15%    
Commercial Paper          
Debt Instrument [Line Items]          
Maximum borrowing capacity         $ 1,000,000,000
Commercial paper     $ 0    
Commercial Paper | Maximum          
Debt Instrument [Line Items]          
Term     397 days    
v3.25.4
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 0  
2027 587  
2028 500  
2029 400  
2030 881  
Thereafter 4,800  
Total principal payment $ 7,168 $ 7,694
v3.25.4
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Expense on borrowings $ (251) $ (300) $ (296)
(Expense) income on UTPs and other tax related liabilities 3 (13) 8
Net periodic pension costs--interest component (30) (26) (26)
Income 65 102 63
Interest expense, net (213) (237) (251)
Interest paid 235 $ 280 281
Unrecognized tax benefits, decrease in interest on income taxes expense due to resolution of tax matters $ 15   $ 22
v3.25.4
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying Amount $ 6,994 $ 7,428
Level 2    
Debt Instrument [Line Items]    
Estimated Fair Value $ 6,245 $ 6,601
v3.25.4
Capital Stock - Additional Information (Detail) - $ / shares
 12 Months Ended
Feb. 10, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]        
All classes of stock, shares authorized (in shares)   1,020,000,000.00    
Shares of all classes of stock, par value (in usd per share)   $ 0.01    
Preferred stock, shares authorized (in shares)   10,000,000.0 10,000,000  
Shares issued during the period for stock-based compensation plans (in shares)   500,000    
Subsequent Event | O 2025 Q4 Dividends        
Class of Stock [Line Items]        
Dividend declared, declaration date Feb. 10, 2026      
Quarterly dividend declared (in dollars per share) $ 1.03      
Dividend declared, payable date Mar. 13, 2026      
Dividend declared, record date Mar. 02, 2026      
Common Stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares)   1,000,000,000.0 1,000,000,000  
Series Common Stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares)   10,000,000 10,000,000  
Treasury Stock        
Class of Stock [Line Items]        
Treasury shares repurchased (in shares)   3,300,000 2,900,000 1,500,000
v3.25.4
Capital Stock - Share Repurchase Programs (Detail) - October 21. 2025
$ in Millions
Dec. 31, 2025
USD ($)
Equity, Class of Treasury Stock [Line Items]  
Amount Authorized $ 4,000
Remaining Authority $ 3,960
v3.25.4
Capital Stock - Dividends Paid (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]                              
Dividends declared per share (in USD per share) $ 0.94 $ 0.94 $ 0.94 $ 0.94 $ 0.85 $ 0.85 $ 0.85 $ 0.85 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 3.76 $ 3.40 $ 3.08
Dividends per share paid (in USD per share) $ 0.94 $ 0.94 $ 0.94 $ 0.94 $ 0.85 $ 0.85 $ 0.85 $ 0.85 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 3.76 $ 3.40 $ 3.08
v3.25.4
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Restructuring Charges $ 108 $ 59 $ 87
Unrecorded unconditional purchase obligation $ 600    
Lessee, operating lease, lease not yet commenced, term of contract 17 years    
2022 - 2023 Geolocation Restructuring Program      
Lessee, Lease, Description [Line Items]      
Restructuring Charges $ 0 14 87
Strategic and Operational Efficiency Restructuring Program      
Lessee, Lease, Description [Line Items]      
Restructuring Charges 108 45 0
Real Estate | 2022 - 2023 Geolocation Restructuring Program      
Lessee, Lease, Description [Line Items]      
Restructuring Charges 0 0 36
Real Estate | Strategic and Operational Efficiency Restructuring Program      
Lessee, Lease, Description [Line Items]      
Restructuring Charges $ 4 0 $ 0
Restructuring Charges      
Lessee, Lease, Description [Line Items]      
Impairment of right-of-use   $ 32  
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease, renewal term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease, renewal term 20 years    
v3.25.4
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 88 $ 88 $ 93
Sublease income (7) (7) (7)
Variable lease cost 21 22 22
Total lease cost $ 102 $ 103 $ 108
v3.25.4
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 117 $ 120 $ 119
Right-of-use assets obtained in exchange for new operating lease liabilities $ 143 $ 21 $ 40
Weighted-average remaining lease term (in years) 6 years 7 months 6 days 3 years 9 months 18 days 4 years 4 months 24 days
Weighted-average discount rate applied to operating leases (percent) 4.70% 3.20% 3.20%
v3.25.4
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 100  
2027 87  
2028 31  
2029 36  
2030 30  
Thereafter 147  
Total lease payments (undiscounted) 431  
Less: Interest 74  
Present value of lease liabilities: 357  
Lease liabilities - current 95 $ 102
Lease liabilities - noncurrent $ 262 $ 216
v3.25.4
Segment Information - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
lineOfBusiness
Segment Reporting Information [Line Items]  
Number of operating segments | segment 2
Number of reportable segments | segment 2
MA  
Segment Reporting Information [Line Items]  
Number of lines of business | lineOfBusiness 3
MIS  
Segment Reporting Information [Line Items]  
Number of lines of business | lineOfBusiness 5
Strategic and Operational Efficiency Restructuring Program | MA | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 150
Strategic and Operational Efficiency Restructuring Program | MA | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 165
Strategic and Operational Efficiency Restructuring Program | MIS | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 75
Strategic and Operational Efficiency Restructuring Program | MIS | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 85
v3.25.4
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 7,718 $ 7,088 $ 5,916  
Compensation expense 2,574 2,539 2,241  
Non-compensation expense 1,202 1,141 1,078  
Operating, SG&A 3,776 3,680 3,319  
Adjusted Operating Income 3,942 3,408 2,597  
Depreciation and amortization 480 431 373  
Restructuring 108 59 87  
Charges related to asset abandonment 3 43 0 $ 46
Operating income 3,351 2,875 2,137  
Non-operating expense, net (221) (176) (202)  
Income before provision for income taxes 3,130 2,699 1,935  
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (210) (206) (199)  
Intersegment expense (210) (206) (199)  
Operating, SG&A (210) (206) (199)  
Adjusted Operating Income 0 0 0  
Depreciation and amortization 0 0 0  
Restructuring 0 0 0  
Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 7,718 7,088 5,916  
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 3,599 3,295 3,056  
Compensation expense 1,438 1,370 1,238  
Non-compensation expense 779 731 708  
MA | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 12 13 13  
Intersegment expense 198 193 186  
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 3,611 3,308 3,069  
Operating, SG&A 2,415 2,294 2,132  
Adjusted Operating Income 1,196 1,014 937  
Depreciation and amortization 393 353 298  
Restructuring 77 42 59  
Charges related to asset abandonment 3 43    
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 4,119 3,793 2,860  
Compensation expense 1,136 1,169 1,003  
Non-compensation expense 423 410 370  
MIS | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 198 193 186  
Intersegment expense 12 13 13  
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 4,317 3,986 3,046  
Operating, SG&A 1,571 1,592 1,386  
Adjusted Operating Income 2,746 2,394 1,660  
Depreciation and amortization 87 78 75  
Restructuring 31 17 $ 28  
Charges related to asset abandonment $ 0 $ 0    
v3.25.4
Segment Information - Cumulative Restructuring Expense (Details)
$ in Millions
Dec. 31, 2025
USD ($)
2022 - 2023 Geolocation Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred $ 214
Strategic and Operational Efficiency Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred 153
MA | 2022 - 2023 Geolocation Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred 116
MA | Strategic and Operational Efficiency Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred 111
MIS | 2022 - 2023 Geolocation Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred 98
MIS | Strategic and Operational Efficiency Restructuring Program  
Segment Reporting Information [Line Items]  
Cumulative expense incurred $ 42
v3.25.4
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 7,718 $ 7,088 $ 5,916
Long-lived assets 9,238 8,756 8,885
U.S.      
Segment Reporting Information [Line Items]      
Revenue 4,171 3,836 3,071
Long-lived assets 4,516 4,395 4,323
Non-U.S.      
Segment Reporting Information [Line Items]      
Revenue 3,547 3,252 2,845
Long-lived assets 4,722 4,361 4,562
EMEA      
Segment Reporting Information [Line Items]      
Revenue 2,376 2,174 1,886
Asia-Pacific      
Segment Reporting Information [Line Items]      
Revenue 699 629 570
Americas      
Segment Reporting Information [Line Items]      
Revenue $ 472 $ 449 $ 389
v3.25.4
Valuation and Qualifying Accounts - Summary of Activity for Valuation Allowances (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance, accounts receivable allowance $ (32) $ (35) $ (40)
Charged to costs and expenses (12) (15) (22)
Deductions, accounts receivable allowance 15 18 27
Ending balance, accounts receivable allowance (29) (32) (35)
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance, deferred tax assets valuation allowance (25) (24) (21)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount (2) (2) (2)
Deductions, deferred tax assets valuation allowance (3) 1 (1)
Ending balance, deferred tax assets valuation allowance $ (30) $ (25) $ (24)
v3.25.4
OTHER NON-OPERATING (EXPENSE) INCOME, NET - Components of Other Non-Operating Income, Net (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]          
FX (loss) gain     $ (9) $ 0 $ (30)
Net periodic pension income - non-service and non-interest cost components     36 30 35
Income from investments in non-consolidated affiliates     20 15 19
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain     0 7 0
Gain (loss) on investments     11 13 14
Release of indemnification asset     (79) 0 0
Other     (10) (4) 11
Total     (31) 61 49
Loss recorded pursuant to an immaterial out-of-period adjustment, net of tax   $ 23      
Lapse of statute of limitatons $ 64   $ 70 $ 15 $ 25
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations, related interest $ 15        
v3.25.4
OTHER NON-OPERATING (EXPENSE) INCOME, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment $ 3 $ 43 $ 0 $ 46
Severance charges        
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment 3 12   15
Incremental amortization        
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment $ 0 $ 31   $ 31
v3.25.4
OTHER NON-OPERATING (EXPENSE) INCOME, NET - Charges Related to Asset Abandonment (Details) - USD ($)
$ in Millions
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment $ 3 $ 43 $ 0 $ 46
Severance charges        
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment 3 12   15
Incremental amortization        
Restructuring Cost and Reserve [Line Items]        
Charges related to asset abandonment $ 0 $ 31   $ 31