MCOMoody's Corporation
In a world shaped by increasingly interconnected risks, Moody's data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. 10-K, Item 1
- Headquarters
- New York, NY
- CEO
- Robert Fauber
- Next results
- around Feb 17, 2027
5 paragraphs in Risk Factors of the 10-K filed Feb 18, 2026 with nothing like them in the 10-K filed Feb 14, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
The EU AI Act has introduced a risk-based framework for regulating AI systems which applies different obligations to various participants in the AI supply chain. Compliance with the regulation, in its current form, could increase the Company’s costs and expose it to the risk of penalties or fines for noncompliance; however, the ultimate impact of the EU AI Act on the Company remains uncertain, as the European Commission has proposed measures intended to reduce the regulatory burden on businesses. In addition, numerous other foreign jurisdictions and U.S. states have proposed or enacted legislation relating to the development and use of GenAI.
Read in the 10-K ↗
–restrictive actions of governmental authorities in the jurisdictions in which we operate which may affect trade, cross-border data transfer, and foreign investment, especially during periods of heightened tension between governmental authorities in such jurisdictions, including protective measures such as export restrictions and customs duties and tariffs, government intervention favoring local competitors, data localization efforts, and restrictions on the level of foreign ownership;
Similar paragraph at 1 of 75 other Financials companies: SPGIRead in the 10-K ↗
–difficulties and delays in translating documentation into foreign languages; and
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In addition, there has been a recent increase in “anti-ESG” sentiment in the United States by certain activists, institutions and governmental entities criticizing ESG or climate-focused products and services. We may face scrutiny, reputational risk, lawsuits or heightened scrutiny from these parties regarding our sustainability initiatives, goals and commitments, even where such initiatives, goals and commitments are expected or required in other jurisdictions outside the United States. To the extent we continue to make disclosures about our sustainability initiatives, goals and commitments, we could be criticized for such matters, which could negatively impact our reputation or otherwise materially harm our business.
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We are also subject to changes in policies, technologies, or market preferences that are intended to address the effects of climate related risks, as well as ongoing legislative and regulatory uncertainties and changes regarding climate risk management and practices. These considerations could impact us and our customers and result in increased regulatory, compliance or operational costs. Furthermore, a number of states in which we operate have enacted or proposed statutes and regulations addressing climate and sustainability issues, while certain other states and governments in non-U.S. countries where we operate have enacted, or have proposed to enact, divergent and sometimes conflicting statutes, regulations or policies. Our products and services may fail to meet the needs and expectations of our customers in response to future changes in policies, technologies or market preferences, which could adversely impact our business, operating results and financial condition.
Similar paragraph at 1 of 75 other Financials companies: CFGRead in the 10-K ↗
New in the latest 10-Q
20 paragraphs in the 10-Q filed Oct 21, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
September 30, 2026 December 31, 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Other liabilities: Pension and other retirement employee benefits $ 209 $ 216 Interest accrued on UTPs 49 43 MAKS indemnification provisions 19 19 Derivative instruments designated as accounting hedges 420 540 Restructuring liability - non-current portion 5 — Other 43 41 Total other liabilities $ 745 $ 859
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At July 31 of each year, 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).
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The Company 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.
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At July 31, 2026, the Company performed qualitative assessments for each of the three reporting units. These qualitative assessments resulted in the Company determining that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
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Operating margin and Adjusted Operating Margin(1) contraction was driven by operating expense growth outpacing modest overall revenue growth.
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(5) These amounts offset the tax benefit described in the ETR section below, and accordingly, have no impact to Net Income.
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The decrease in ETR primarily reflects tax benefits recognized pursuant to the lapse of a statute of limitations related to tax exposures assumed in a prior-year M&A transaction, for which the sellers had indemnified Moody's(5), coupled with non-U.S.-related tax benefits. The benefit related to the indemnified tax exposures including the associated reduction to Interest expense, net, was offset by the release of the related indemnification asset within Other non-operating income, net, resulting in no impact to Net Income.
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The increase in Adjusted Diluted EPS(1) primarily reflects a decrease in the diluted weighted average shares outstanding as a result of share repurchases.
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- recurring revenue was in line with the third quarter of 2025, primarily reflecting:
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- a decrease in speculative-grade issuance reflecting increased market volatility; and
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- lower bank loan issuance, primarily reflecting reduced refinancing activity compared with a strong prior-year;
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- higher activity from asset-backed securities, covered bonds and RMBS, supported by strong investor demand and favorable spread conditions;
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- a decline in structured credit issuance compared to strong issuance in the prior year.
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- an increase in U.S. Public Finance activity, driven by increased issuance across Housing, Healthcare and Regional sectors, as well as stronger Sovereign issuance; and
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- higher U.S. project finance activity primarily driven by data center-related financing.
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Nine months ended September 30, 2026 compared with nine months ended September 30, 2025
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(6) The $8 million release of the indemnification asset and a $2 million reduction in tax-related interest expense (included within Interest Expense, net), is offset by a $6 million tax benefit recognized pursuant to the lapse of a statute of limitations related to tax exposures assumed in a prior-year M&A transaction, for which the sellers had indemnified Moody's, and accordingly, has no impact to Net Income.
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- a decrease in the diluted weighted average shares outstanding as a result of share repurchases.
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- a decline in structured credit issuance compared to strong issuance in the prior-year.
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Other information
On August 10, 2026, Robert Fauber, the Company's Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c). The plan relates to the sale of up to 40,600 shares of Moody’s Corporation common stock between November 9, 2026, and October 29, 2027. The shares include: i) shares which will be acquired upon the exercise of employee stock options; ii) vested restricted stock units; and iii) vested performance share units.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 21, 2026 against Item 1A of the 10-K filed Feb 18, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
There have been no material changes from the significant risk factors and uncertainties previously disclosed under the heading "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2025, that if they were to occur, could materially adversely affect the Company’s business, financial condition, operating results and/or cash flow. For a discussion of the Company’s risk factors, refer to Item 1A. “Risk Factors” contained in the Company’s annual report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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