Moody's Corporation (MCO): Business Model Canvas [Dec-2025 Updated]

You're looking to really dissect how Moody's Corporation is making its money heading into late 2025, and honestly, it's more than just credit ratings now. The core is still that mission-critical rating work, which brought in about $\text{1.1 billion}$ in revenue in $\text{Q3 2025}$, but the real growth engine is the Analytics segment, boasting an $\text{ARR}$ (Annualized Recurring Revenue) of $\text{3.4 billion}$ as of September 30, 2025. We see them doubling down on tech, partnering with giants like Google and Microsoft to embed their risk intelligence deeper into client workflows, all while aiming for an Adjusted Diluted $\text{EPS}$ guidance between $\text{\$13.25}$ and $\text{\$14.00}$ for the full year. Let's break down the nine blocks of this powerhouse model so you can see exactly where the $\text{16,000}$ employees and their $\text{450M+}$ company database are focused.

Moody's Corporation (MCO) - Canvas Business Model: Key Partnerships

You're looking at how Moody's Corporation builds value by leaning on others, which is crucial when you're the incumbent in a rapidly digitizing risk landscape. These alliances aren't just nice-to-haves; they are essential for integrating next-generation technology and expanding data reach, so let's break down the key players as of late 2025.

The strategic alliance with MSCI, announced around mid-2024, is a significant move to bolster Environmental, Social, and Governance (ESG) content. As of January 2025, Moody's Corporation began integrating MSCI's sustainability data and models, including their ESG ratings, directly into its ESGView platform. This swap gives Moody's Corporation access to MSCI's renowned ESG content, and in return, MSCI gains access to Moody's Corporation's private company-focused Orbis database, which captures and standardizes data on more than 500 million entities globally. This is definitely a win-win for expanding ESG transparency.

Technology partnerships are driving internal and external innovation. The collaboration with Microsoft leverages the Microsoft Cloud, including the Azure OpenAI Service, for risk management and data analytics. Internally, Moody's Corporation deployed the new Moody's Copilot to its 14,000 global employees to enhance productivity using large language models (LLMs) anchored by proprietary data. Also, Microsoft is leveraging Moody's Corporation's Orbis database for reference data and counterparty risk assessments. Separately, the technology partnership with Google Cloud focuses on building GenAI applications, using Google Cloud's Vertex AI platform and BigQuery to help customers and employees access and summarize financial insights faster.

These major tech and data integrations can be mapped out like this:

Moody's Corporation continues to solidify its global footprint through its Moody's Local network. A concrete example of this expansion is the full acquisition of ICR Chile, which was completed on June 25, 2025. This move strengthens its standing in Latin American domestic credit markets. Following the transaction, ICR Chile is being integrated into Moody's Local, which is a group of domestic rating agencies covering 13 Latin America's domestic financial markets. The financial terms of the ICR Chile deal were not disclosed, and the company stated it would not have a material impact on 2025 financial results.

The foundation of many of these partnerships, and a key internal resource, is the Orbis database, managed by Bureau van Dijk, an affiliate of Moody's Analytics. This resource is described as containing information on over 600 million entities across the globe. To be precise, 48 million of those entities have detailed financial information available. The data is sourced from over 170 providers plus Moody's Corporation's own sources, making it a truly comprehensive dataset for KYC and risk analysis. Moody's Corporation was named a leader in the KYC data category in 2025.

• Strategic alliance with MSCI for ESG content.
• Technology partnership with Google for GenAI capabilities.
• Cloud and AI solutions partnership with Microsoft.
• Global network of local credit rating affiliates covers 13 markets.
• Orbis database covers over 600 million entities.

Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Key Activities

You're looking at the core engine of Moody's Corporation, the activities that drive their revenue and market position as of late 2025. It's a dual-engine operation, balancing the traditional ratings business with the rapidly expanding analytics arm.

Performing and publishing credit ratings for debt issuers (MIS)

This is the bedrock, Moody's Investors Service (MIS). Even with issuance volume dipping by 12% year-over-year in Q2 2025, the segment managed to keep revenue flat, hitting $1.01 billion in that quarter, which tells you they are managing the revenue mix well. For context on scale, Moody's is known for rating 90% of the world's public debt, which amounts to over $74 trillion. The activity here is about maintaining that trust and coverage across all debt types.

Here's a look at the revenue breakdown from the record Q1 2025 performance:

The growth driver in this segment is clearly in private credit; Q3 2025 saw private credit-related deals grow over 60% in revenue compared to the prior year.

Developing and maintaining proprietary risk models and software (MA)

Moody's Analytics (MA) is where the real top-line momentum is, growing revenue by 11% in Q2 2025. This segment is heavily reliant on recurring revenue streams. The Annualized Recurring Revenue (ARR) hit $3.3 billion as of Q2 2025, marking an 8% increase versus June 30, 2024. The focus here is on embedding their tools deeper into client workflows.

Key growth drivers within MA include:

• Decision Solutions revenue growth of 13% in Q2 2025.
• Know Your Customer (KYC) solutions jumping 22% in Q2 2025.
• The full-year margin outlook for MA was raised to approximately 33% for 2025.

Integrating acquired RegTech and GRC software capabilities (e.g., Numerated, CAPE Analytics)

This activity is about layering compliance and regulatory technology onto the core data assets. You see the payoff in the KYC growth figures, which is a direct beneficiary of these capabilities, like those stemming from the $700 million acquisition of RDC (Regulatory DataCorp). This effort builds on the earlier $3 billion acquisition of Bureau van Dijk (BvD). The integration is key to maintaining leadership in compliance screening.

Conducting global economic and fixed-income research and insights

The research function supports both segments, providing the intellectual capital behind the ratings and the analytical tools. In Q3 2025, Moody's published research covering topics like the 2026 outlooks for Global ABCP, North America corporates, and the impact of AI on credit markets. The Chief Economist, Mark Zandi, highlighted a projected record $120 billion in bond issuance by the top 10 AI companies in 2025, framing a significant risk/opportunity for credit analysis.

Investing in technology, data analytics, and regulatory compliance

You can't maintain this position without heavy investment in the tech stack. Moody's is embedding AI across its offerings. As of late 2025, 40% of Moody's Analytics products feature Generative AI (GenAI) enablement. Spending related to GenAI is growing at twice the rate of MA overall. This focus on tech excellence is validated by industry recognition:

• Ranked number one overall in the Chartis RiskTech100® 2025 report, winning 12 categories.
• Won five categories in the Chartis Financial Crime and Compliance50 (FCC50) report in 2025.

Overall operating leverage is strong; the Q3 2025 adjusted operating margin reached almost 53%. Finance: draft the Q4 2025 technology spend allocation plan by next Tuesday.

Moody's Corporation (MCO) - Canvas Business Model: Key Resources

You're looking at the core assets that make Moody's Corporation run, the things they own or control that are essential to delivering their value proposition. These aren't just line items on a balance sheet; they are the competitive moat, so to speak.

First up is their standing in the market. Moody's Corporation holds a global reputation and a critical regulatory status as a Nationally Recognized Statistical Rating Organization (NRSRO). This designation isn't something you can buy overnight; it's earned through decades of consistent, trusted analysis, which is a massive barrier to entry for any competitor.

Next, consider the sheer volume of proprietary information they manage. This data is the fuel for their analytics engine. This includes the Orbis database, which, as per the current model outline, contains over 450 million companies. That's a deep well of comparable, private company data that feeds their Decision Solutions segment.

The human capital is just as vital. You need the right people to interpret all that data and issue credible ratings. Moody's Corporation relies on a team of highly skilled credit analysts and data scientists, totaling approximately 16,000 employees globally. That's a defintely large pool of expertise you're buying into when you look at the stock.

On the technology front, a key resource is their suite of cloud-based Software-as-a-Service (SaaS) platforms and risk management tools. These platforms allow them to scale their data and analysis delivery efficiently, moving beyond just static reports to interactive, integrated workflows for their clients.

Finally, the financial strength underpins everything. A strong balance sheet allows for investment in technology and talent, plus it signals stability to regulators and clients. As of the latest available data for the trailing twelve months ending September 2025, Moody's Corporation reported a net income of approximately $2.244 billion.

Here's a quick look at some of the key financial metrics that demonstrate this strong position, using the latest reported figures:

These resources are supported by the operational scale, which you can see reflected in their segment revenue breakdown from 2024, showing where the business is generating its value:

• Moody's Analytics Revenue (2024): $4.41 B
• Moody's Investors Service Revenue (2024): $2.68 B
• Total Revenue (2024): $7.09 Billion

The combination of regulatory standing, proprietary data scale, specialized human capital, modern delivery platforms, and solid profitability forms the bedrock of Moody's Corporation's ability to operate and grow. Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why financial professionals pay for Moody's Corporation's services, especially as risk complexity ramps up in late 2025. It boils down to trust, data quality, and workflow integration.

Independent, objective credit opinions for transparent capital markets.

This is the bedrock, the ratings franchise. Moody's Ratings is one of the Big Three agencies, alongside S&P Global and Fitch Group, which creates a structural moat that regulators and investors prefer. This perceived objectivity is what underpins market trust.

The scale of this value proposition is clear in the numbers. Moody's Ratings (formerly Moody's Investors Service) posted record quarterly revenue, exceeding $1 billion in Q3 2025 for the third straight quarter. That segment saw 12% revenue growth year-over-year in Q3 2025. You see this demand across the board, though private credit is a major driver; deal count in that area grew almost 70% in Q3 2025. Overall, Moody's is known for rating roughly 90% of the world's public debt, which is currently valued at over $74 trillion.

Here are the segment highlights showing the strength of the ratings business:

• Q3 2025 MIS Adjusted Operating Margin: 65.2%.
• Q1 2025 issuance volume increase: 9%.
• Private Credit revenue growth (Q3 2025): Over 60%.

Integrated risk assessment solutions across credit, cyber, and climate risk.

The market recognizes that risk isn't just about default anymore; it's about interconnected threats like climate change and cyber vulnerabilities. Moody's Analytics (MA) is positioned to guide clients through this complexity. This focus on modern, exponential risk is a key differentiator.

The firm's intellectual leadership in risk technology is validated externally; Moody's Corporation was named #1 in the Chartis RiskTech100® for the Fourth Year Running. This isn't just talk; they are embedding new tech into their core offerings. For example, Generative AI (GenAI) is now integrated into approximately 40% of their Annualized Recurring Revenue (ARR) products, which already generate about $200 million in ARR from those specific offerings.

Mission-critical Decision Solutions for banking, insurance, and KYC workflows.

You're not just buying data; you're buying software that plugs directly into your compliance and operational processes. This creates high switching costs, which is why the revenue is so sticky. Decision Solutions is a standout performer within the MA segment.

The growth in these workflow tools shows direct customer adoption. In Q2 2025, Decision Solutions revenue grew by 13%, with Know Your Customer (KYC) solutions jumping by 22%. To bolster the insurance side, Moody's made strategic acquisitions, buying Praedicat in September 2024 and CAPE Analytics in January 2025.

Here's how the key MA sub-segments performed in Q1 2025:

Predictable, high-quality data and analytical tools for financial professionals.

The shift to subscription-based models is the key to predictable revenue, which analysts definitely value. This high-quality, recurring revenue base insulates the company somewhat from the volatility of new debt issuance volumes. Honestly, this stability is why the full-year 2025 adjusted diluted EPS guidance was raised to a range of $14.50 to $14.75, implying about 17% growth at the midpoint.

The stickiness is evident in the recurring revenue metrics for Moody's Analytics. As of Q3 2025, the Annualized Recurring Revenue (ARR) is approaching $3.4 billion, showing an 8% growth rate. Furthermore, recurring revenue comprised 93% of total MA sales, supported by an impressive client retention rate of 93%.

Global perspective and expertise informed by 115+ years of history.

The firm was founded in 1909, meaning in 2025, it brings 116 years of experience to the table. That deep institutional knowledge is hard to replicate. This global reach is supported by a workforce of approximately 16,000 employees operating across more than 40 countries.

This global scale helps them cover diverse risks, as seen in their outlooks covering everything from US trade policy impacts to the data center boom in Asia-Pacific. The total revenue for the entire corporation in Q3 2025 hit a record of $2.0 billion, up 11% year-over-year, showing this global perspective is translating into current financial success.

Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Customer Relationships

You're looking at how Moody's Corporation (MCO) keeps its diverse customer base engaged and satisfied, which is key since their Q1 2025 revenue hit $1.9 billion.

For rated issuers under Moody's Investors Service (MIS), the relationship is direct and high-touch. This is evidenced by the strong transactional activity, where initial rating fees drive a portion of revenue. In Q1 2025, total ratings revenue for MIS grew by 33%, showing intense engagement with new and existing issuers globally.

For enterprise software clients within Moody's Analytics (MA), the relationship is heavily subscription-based. Recurring revenue, which includes subscription and software maintenance fees, makes up 95% of MA's total revenue. This model necessitates high-touch support to maintain those contracts. The Decision Solutions sub-segment, which relies on these relationships, saw revenue growth of 11% in Q1 2025.

The customer relationship structure can be summarized by the service type:

For data and research products, Moody's Corporation leans into self-service and digital delivery. The Research and Insights part of MA grew by 6% in Q1 2025. Moody's Corporation supports this digital engagement by embedding its intelligence directly into client workflows using connectors like Orbis, NewsEdge™, and Maxsight™, helping teams accelerate engagement.

Professional services and consulting are crucial for complex risk model implementation. Within MIS, revenue from professional services falls under the MIS Other category, which is part of the overall MA segment structure. MA transaction revenue explicitly includes revenue from software implementation services and risk management advisory projects.

Continuous engagement is maintained through thought leadership. Moody's Corporation actively runs its 'Moody's 2025 Outlooks campaign,' providing forward-looking insights to market participants. This campaign offers quick access to global, sector, and regional forecasts, helping clients manage risks throughout the year.

The scale of this relationship management is supported by a global footprint:

• Approximately 16,000 employees globally.
• Operations spanning more than 40 countries.

It's a massive operation supporting clients across Banking, Buy-side, Insurance, Corporations, and the Public sector.

Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Channels

You're looking at how Moody's Corporation gets its intelligence and services into the hands of the market, which is definitely shifting toward software and data subscriptions. The delivery mechanism is a blend of traditional relationship-based sales and modern digital platforms.

Direct sales force for enterprise software and rating services.

The Moody's Investors Service (MIS) segment, which delivered a record quarterly revenue of $1.0 billion in the second quarter of 2025, relies on direct engagement for rating services, tied to debt issuance activity. For Moody's Analytics (MA), the direct sales force is key for placing enterprise software solutions, especially for large institutional clients in banking and insurance. The MA segment, which saw revenue grow 11% year-over-year in Q2 2025, is heavily weighted toward recurring revenue, suggesting strong direct sales penetration for these subscription contracts.

Cloud-based SaaS platforms (e.g., Decision Solutions) for delivery.

Cloud delivery is a major growth engine. Decision Solutions, which is explicitly one of the three cloud-based SaaS-businesses serving Banking, Insurance, and KYC workflows, saw its revenue grow by 13% in the second quarter of 2025. The Annualized Recurring Revenue (ARR) for Decision Solutions specifically grew by 10% in Q2 2025. This platform strategy is central to Moody's Analytics' ongoing expansion.

• Decision Solutions ARR growth (Q2 2025): 10%.
• Banking revenue within Decision Solutions grew 5% (Q2 2025).
• Insurance revenue within Decision Solutions grew 14% (Q2 2025).
• KYC (Know Your Customer) revenue within Decision Solutions grew 22% (Q2 2025).

Proprietary websites and portals (e.g., ratings.moodys.com) for research.

The proprietary portals serve as the primary access point for the output of the MIS segment and the research component of MA. For instance, the ratings.moodys.com portal is where market participants access the latest Rating Actions, which are updated daily, as seen with multiple rating actions posted on December 5, 2025. This digital delivery is essential for timely market transparency.

Integrated suite of connectors for direct workflow integration.

The push toward predictable revenue streams is directly supported by deep integration into customer systems, which is what connectors facilitate. Moody's Analytics recurring revenue, which makes up 96% of its total revenue, reflects the success of these integrations. The total MA ARR stood at $3.3 billion as of Q2 2025, representing 8% growth versus June 30, 2024. This ARR base is the financial evidence of successful, embedded workflow integration.

Third-party data distributors and financial information vendors.

The Data & Information sub-segment within Moody's Analytics is the channel for distributing raw data and reference information via vendors. This area grew revenue by 8% in Q2 2025. Furthermore, the flagship solution, Moody's CreditView, is designed to incorporate ratings, research, and data from both MIS and MA, often serving as a consolidated feed that is then distributed or integrated further by vendors.

Here's a quick look at the revenue distribution across the two main segments in Q2 2025, which shows where the channel focus is:

The overall MA revenue growth of 11% in Q2 2025, compared to the flat performance of MIS, clearly shows that the software, data, and subscription channels are driving the top-line expansion for Moody's Corporation right now. If onboarding for those SaaS solutions takes longer than expected, churn risk rises, so efficiency in the direct sales and integration process is key.

Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Customer Segments

You're looking at the core users of Moody's Corporation's data and ratings, which are quite diverse, spanning the entire capital structure and risk management ecosystem. Honestly, the split between the traditional ratings business and the growing analytics side really defines who they serve today.

Debt Issuers: Corporations, financial institutions, and public sector entities.

These clients are the ones paying for the credit ratings themselves to access capital markets. Moody's Ratings is known for rating about 90% of the world's public debt, which, as of late 2025, is a pool exceeding $74 trillion in rated obligations. You saw the impact of their activity; for instance, in the first quarter of 2025, Moody's Investors Service (MIS) posted record quarterly revenue of $1.1 billion, up 8% year-over-year, fueled by heightened activity among Investment Grade issuers and strong demand in structured finance markets like CLOs. This segment's revenue performance is highly cyclical, but the momentum from late 2024 issuance carried into early 2025.

Institutional Investors (Buy-side): Asset managers and pension funds.

This group relies heavily on Moody's Analytics (MA) for data, research, and decision support tools to manage their portfolios and assess risk across public and private markets. The shift here is toward subscription services. For example, in Q1 2025, Moody's Analytics saw its Annualized Recurring Revenue (ARR) rise to $3.3 billion, marking a 9% increase compared to a year ago. This recurring revenue stream is a key focus, with recurring revenue accounting for 96% of MA's total revenue in that period.

Financial Institutions: Banks and insurance companies for regulatory compliance.

Banks and insurers use both ratings for regulatory capital calculations and MA's specialized risk management solutions. The performance here is mixed depending on the market cycle. In the second quarter of 2025, Moody's Investors Service revenue was reported as flat, though Moody's Analytics revenue grew by 11%. Still, the overall company revenue grew by 4% to reach $1.9 billion for that quarter.

Corporations: For third-party risk and supply chain management.

Beyond debt issuance, corporations use Moody's Analytics for enterprise risk management, supply chain visibility, and Know Your Customer (KYC) compliance solutions. Growth in MA's Decision Solutions segment, which serves these needs, was strong in Q1 2025, increasing by 11%. This shows a clear trend where non-rating services are becoming a primary driver of growth for Moody's Corporation.

Government and Public Sector entities.

Public sector entities, including state and local governments, are major issuers of municipal bonds, falling under the Debt Issuers category but specifically within the Public Finance sector of MIS. Furthermore, governments and supranational bodies use MA's economic research and risk data for policy and planning. MIS maintained its revenue in Q2 2025 through favorable mix, including growth in the public finance sector.

Here's a quick look at how the revenue streams, which directly map to these customer needs, were split based on the last full fiscal year data available, which is FY 2024, and the Q1 2025 snapshot:

The overall picture for 2025 suggests a business where recurring revenue from Analytics is the ballast. For instance, management's full-year 2025 EPS guidance, updated after Q3, was set between $14.500 and $14.750. The customer base is clearly bifurcated:

• Debt Issuers drive transactional MIS revenue, which was flat to mid-single-digit growth forecast for FY 2025.
• Institutional Investors and Corporations drive MA's high-single-digit revenue growth expectation for FY 2025.
• Financial Institutions and Public Sector are key to both segments, with MIS seeing strong structured finance activity.
• The company reported total revenue of $7,088 million in its 2024 10-K filing.

Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Cost Structure

You're looking at the expenses Moody's Corporation incurs to run its global operations, which are heavily weighted toward talent and technology infrastructure. Honestly, for a company this size, the fixed costs are substantial, driven by the need to maintain top-tier analytical talent and proprietary data platforms.

High fixed costs for personnel, especially highly skilled analysts and developers.

The core cost here is compensation for the experts who create the ratings and analytics. Moody's Corporation had approximately 16,000 employees across more than 40 countries as of late 2025. For fiscal year 2025, the reported employee count was 4,800. This concentration of highly skilled labor represents a significant, largely fixed, component of the overall cost base.

Significant investment in technology, data acquisition, and cloud infrastructure.

Moody's Corporation is actively investing in its technology backbone, including the development of SaaS-based solutions and company-wide technology infrastructure to support growth objectives. This investment is also reflected in strategic acquisitions throughout 2025, such as CAPE Analytics in January and ICR Chile in June, aimed at boosting capabilities in areas like AI-powered risk models and investment fund services. The company's own forecasts indicate that global data centre capacity is expected to surge in 2025, implying significant capital or operating expenditure on cloud and data infrastructure.

Operating expenses projected to increase in the low-to-mid-single-digit percent range in 2025.

While a precise full-year 2025 projection in that range isn't explicitly stated, the trend is clear: operating expenses saw a five-year (2019-2024) Compound Annual Growth Rate (CAGR) of 7.6%. The uptrend in costs persisted into the first quarter of 2025. The Strategic and Operational Efficiency Restructuring Program is designed to generate annualized savings of $250 million to $300 million to help offset these rising costs and support margin expansion.

Costs related to regulatory compliance and legal defense.

Persistent regulatory attention, particularly on the private credit segment, presents ongoing headwinds that translate directly into compliance and legal costs for Moody's Corporation. These costs are inherent to operating as a major global credit rating agency.

Restructuring charges from the Strategic and Operational Efficiency Program.

Moody's Corporation approved the Strategic and Operational Efficiency Restructuring Program in late 2024, focusing on realigning operations and simplifying the organization. This program includes specific, quantifiable charges and expected savings:

• Expected total cash outlays for the program are between $165 million to $195 million through 2027.
• Expected pre-tax personnel-related restructuring charges are estimated at $170 million to $200 million.
• Charges related to asset abandonment were $2 million in the first quarter of 2025.
• Restructuring charges recorded in the first quarter of 2025 totaled $33 million.

Here's a quick look at the scale of restructuring and related financial context from early 2025 filings:

The program is designed to deliver annualized savings of $250 million to $300 million. Finance: draft 13-week cash view by Friday.

Moody's Corporation (MCO) - Canvas Business Model: Revenue Streams

You're looking at how Moody's Corporation (MCO) brings in the money, which is really about the dual engine of ratings and analytics. Honestly, the structure is pretty clear: fees tied to transactions and recurring revenue from subscriptions.

The core of the transactional side comes from Credit Rating Fees, primarily through Moody's Investors Service (MIS). For the third quarter of 2025, this segment pulled in approximately $1.1 billion in revenue, showing the direct link between capital markets activity and MCO's top line. If debt issuance slows down, you see that reflected right here.

Then you have the recurring side, which is dominated by Moody's Analytics (MA). As of September 30, 2025, the Annualized Recurring Revenue (ARR) for MA was sitting at roughly $3.4 billion. That subscription base is what gives the company a solid floor, you know, regardless of the rating cycle.

Here's a quick look at the main revenue drivers we're seeing in the late 2025 picture:

• Credit Rating Fees (MIS): Transactional revenue from debt issuance.
• Subscription Revenue (MA): Annualized Recurring Revenue base.
• Licensing Fees: For software, data, and analytical tools.
• Research and Data Sales: Non-ratings related research and data products.

To be fair, the MA segment is growing its contribution through Licensing Fees for their software, data, and analytical tools. This is a key area where they are pushing for more predictable, high-margin income, supplementing the core subscription number. Also, Research and Data Sales, which covers non-ratings related research and data products, adds another layer of non-rating revenue.

When you look at the overall expected profitability, the guidance for the full-year 2025 Adjusted Diluted EPS is set between $13.25 to $14.00. That's the bottom-line expectation based on these revenue streams performing as projected. It's a strong indicator of the expected operating leverage, defintely.

Here is a breakdown of the key financial metrics related to these revenue streams as of late 2025:

The mix between the cyclical MIS revenue and the more stable MA subscription revenue is what analysts watch closely. The growth in MA licensing helps smooth out the volatility you see in the ratings business.