Moody's Corporation Q3 2026 Earnings Recap

Moody’s reported mixed third-quarter results and reaffirmed full-year guidance; the stock rose 1.2%, a relatively muted reaction. Overall rated issuance declined 2% as softer leveraged finance activity offset strength in areas including AI infrastructure, while recurring revenue growth and margins remained positive.

Key Takeaways

• Revenue topped $2 billion for the third consecutive quarter, despite overall rated issuance declining 2%.
• Adjusted diluted EPS grew 6%; adjusted operating margin was 52.6%.
• Moody’s Ratings delivered its second-strongest third quarter on record, with issuance tied to AI infrastructure up approximately fourfold year over year. Leveraged finance activity moderated against a strong prior-year comparison.
• Moody’s Analytics ARR grew approximately 8%, in line with its high-single-digit outlook; its adjusted operating margin expanded 100 basis points to 35.3%.
• Management reaffirmed full-year guidance, citing uneven conditions across markets during the quarter.