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Changes to the restructuring liability for the aforementioned restructuring programs were as follows:
Read in the filing ↗ Also in 10-K of Feb 18, 2026
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
The restructuring charges relate to the Company's restructuring programs as more fully discussed in Note 9 to the consolidated financial statements.
Read in the filing ↗ Also in 10-K of Feb 14, 2025, 10-K of Feb 18, 2026, 10-K of Feb 18, 2026
The amounts reflect charges and adjustments related to the Company's restructuring programs. The Strategic and Operational Efficiency Restructuring Program is more fully discussed in Note 10 to the consolidated financial statements.
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-Q of Oct 23, 2025, 10-Q of Oct 23, 2025, 10-Q of Oct 23, 2025, 10-Q of Oct 23, 2025, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
Three Months Amounts in Ended March millions 31, 2024 2023 ────────────────────────────────────────────────────────────────────────────── Net Income attributab… to Moody's $ 577 $ 501 common shareholde… Pre-tax Acquisitio… Intangible $ 49 $ 51 Amortizati… Expenses Tax on Acquisitio… Intangible -12 -12 Amortizati… Expenses Net Acquisitio… Intangible 37 39 Amortizati… Expenses Pre-tax $ 5 $ 14 restructur… Tax on -1 -4 restructur… Net 4 10 restructur… Adjusted $ 618 $ 550 Net Income
Read in the filing ↗ Also in 8-K of Apr 22, 2025, 8-K of Apr 22, 2026
Three Months Ended March 31, 2024 2023 ────────────────────────────────────────────────────────────────────────────── Diluted earnings per share attributable $ 3.15 $ 2.72 to Moody's common shareholders Pre-tax Acquisition-Rel… Intangible $ 0.27 $ 0.28 Amortization Expenses Tax on Acquisition-Rel… Intangible -0.07 -0.06 Amortization Expenses Net Acquisition-Rel… Intangible 0.20 0.22 Amortization Expenses Pre-tax $ 0.03 $ 0.08 restructuring Tax on -0.01 -0.03 restructuring Net 0.02 0.05 restructuring Adjusted Diluted $ 3.37 $ 2.99 EPS
Read in the filing ↗ Also in 8-K of Apr 22, 2025, 8-K of Apr 22, 2026, 10-Q of Apr 23, 2026
(2) Primarily includes professional service fees related to execution of the restructuring program.
Read in the filing ↗
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-K of Feb 18, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
The table below shows cumulative restructuring expense incurred through December 31, 2024 by reportable segment.
Read in the filing ↗ Also in 10-K of Feb 18, 2026
The table below shows cumulative restructuring expense incurred through September 30, 2025 by reportable segment.
Read in the filing ↗ Also in 10-Q of Oct 21, 2026
The table below shows cumulative restructuring expense incurred through March 31, 2026 by reportable segment.
Read in the filing ↗
The table below shows cumulative restructuring expense incurred through June 30, 2026 by reportable segment.
Read in the filing ↗
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $ 125 million to $ 155 million for the MA segment and $ 75 million to $ 95 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 10.
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
Total expenses included in the accompanying consolidated statements of operations related to the aforementioned restructuring programs are outlined below:
Read in the filing ↗ Also in 10-K of Feb 18, 2026
As of December 31, 2024, substantially all of the remaining $ 47 million restructuring liability is expected to be paid out in 2025.
Read in the filing ↗ Also in 10-K of Feb 18, 2026
As of March 31, 2026, the remaining $ 46 million restructuring liability is expected to be paid out in the next twelve months.
Read in the filing ↗
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.
Read in the filing ↗ Also in 10-K of Feb 14, 2025
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
Read in the filing ↗ Also in 10-K of Feb 18, 2026, 10-Q of Apr 23, 2026
The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 21, 2026
Year ended December 31, Amounts in millions 2024 2023 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income attributable to Moody’s common shareholders $ 2,058 $ 1,607 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 198 $ 198 Tax on Acquisition-Related Intangible Amortization Expenses (48) (48) Net Acquisition-Related Intangible Amortization Expenses 150 150 Pre-tax restructuring $ 59 $ 87 Tax on restructuring (15) (22) Net restructuring 44 65 Pre-tax charges related to asset abandonment $ 43 $ — Tax on charges related to asset abandonment (11) — Net charges related to asset abandonment 32 — Pre-tax gain on previously held equity method investments $ (7) $ — Tax on gain on previously held equity method investments 2 — Net gain on previously held equity method investments (5) — Adjusted Net Income $ 2,279 $ 1,822
Read in the filing ↗ Also in 10-K of Feb 18, 2026
The amounts reflect charges and adjustments related to the Company's restructuring programs as more fully discussed in Note 9 to the consolidated financial statements.
Read in the filing ↗ Also in 10-K of Feb 18, 2026
As of September 30, 2025, substantially all of the remaining $ 32 million restructuring liability is expected to be paid out in the next twelve months.
Read in the filing ↗ Also in 10-Q of Oct 21, 2026
As of June 30, 2026, substantially all of the remaining $ 43 million restructuring liability is expected to be paid out in the next twelve months.
Read in the filing ↗
Three Months Ended March 31, Amounts in millions 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net Income attributable to Moody's common shareholders $ 661 $ 625 Pre-tax acquisition-related intangible amortization $ 53 $ 53 Tax on acquisition-related intangible amortization (13) (13) Net acquisition-related intangible amortization 40 40 Pre-tax restructuring $ 27 $ 33 Tax on restructuring (6) (8) Net restructuring 21 25 Pre-tax reserve for international non-income tax obligation and related interest and penalties $ 53 $ — Tax on reserve for international non-income tax obligation and related interest and penalties (8) — Net reserve for international non-income tax obligation and related interest and penalties 45 — Pre-tax charges related to asset abandonment $ — $ 2 Tax on charges related to asset abandonment — — Net charges related to asset abandonment — 2 Adjusted Net Income $ 767 $ 692
Read in the filing ↗
Balance as of December 31, 2024 $39 Strategic and Operational Efficiency Restructuring Program: Cost incurred and adjustments 72 Cash payments (79) Balance as of September 30, 2025 (1) $32
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2026
Year ended December 31, 2024 2023 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Diluted earnings per share attributable to Moody’s common shareholders $ 11.26 $ 8.73 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 1.08 $ 1.08 Tax on Acquisition-Related Intangible Amortization Expenses (0.26) (0.26) Net Acquisition-Related Intangible Amortization Expenses 0.82 0.82 Pre-tax restructuring $ 0.32 $ 0.47 Tax on restructuring (0.08) (0.12) Net restructuring 0.24 0.35 Pre-tax charges related to asset abandonment $ 0.24 $ — Tax on charges related to asset abandonment (0.06) — Net charges related to asset abandonment 0.18 — Pre-tax gain on previously held equity method investments $ (0.04) $ — Tax on gain on previously held equity method investments 0.01 — Net gain on previously held equity method investments (0.03) — Adjusted Diluted EPS $ 12.47 $ 9.90
Read in the filing ↗
The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment. Depreciation and amortization are excluded because companies utilize productive assets of different useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. Refer to Notes 9 and 22 to the consolidated financial statements for further information regarding the nature of the Company’s restructuring programs and asset abandonment, respectively.
Read in the filing ↗ Also in 10-K of Feb 18, 2026, 10-Q of Oct 23, 2025
Adjusted Operating Margin expansion primarily reflects the aforementioned 8% increase in global MA revenue, supported by operational efficiency/disciplined cost management and cost savings from the Strategic and Operational Efficiency Restructuring Program.
Read in the filing ↗
Projected for the Year Ended December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Operating margin guidance Approximately 43% Depreciation and amortization Approximately 6% Restructuring Approximately 1% Adjusted Operating Margin guidance Approximately 50% Projected for the Year Ended December 31, 2025 Operating cash flow guidance $2.75 to $2.95 billion Less: Capital expenditures Approximately $350 million Free Cash Flow guidance $2.40 to $2.60 billion Projected for the Year Ended December 31, 2025 Diluted EPS guidance $12.75 to $13.25 Acquisition-Related Intangible Approximately $0.90 Amortization Restructuring Approximately $0.35 Adjusted Diluted EPS guidance $14.00 to $14.50
Read in the filing ↗
Table 7 - Adjusted Operating Income and Adjusted Operating Margin (Unaudited) The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; and ii) restructuring charges/adjustments. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments are excluded as the frequency and magnitude of these charges may vary widely across periods and companies.
Read in the filing ↗ Also in 8-K of May 2, 2024, 8-K of Jul 23, 2024
Projected for the Year Ended December 31, 2024 ───────────────────────────────────────────────────────────────────────────── Operating margin guidance 37% to 39% Depreciation and amortization Approximately 7% Restructuring Negligible Adjusted Operating Margin guidance 44% to 46% Projected for the Year Ended December 31, 2024 Operating cash flow guidance $2.3 to $2.5 billion Less: Capital expenditures Approximately $0.4 billion Free Cash Flow guidance $1.9 to $2.1 billion Projected for the Year Ended December 31, 2024 Diluted EPS guidance $9.55 to $10.15 Acquisition-Related Intangible Amortization Approximately $0.80 Restructuring Approximately $0.05 Adjusted Diluted EPS guidance $10.40 to $11.00
Read in the filing ↗ Also in 8-K of Oct 22, 2025, 8-K of Feb 18, 2026
amortization Restructuring 59 22 — 81 7 6 — 13 Charges related to asset abandonment 4 — — 4 30 — — 30 Operating Income $ 2,581 $ 2,314 Non-operating (expense) income, net $ (138) $ (140) Income before provision for income taxes $ 2,443 $ 2,174
Read in the filing ↗
Year-to-Date 2025 Second Quarter 2025 •Operating expenses grew 6% compared •Operating expenses grew 4% compared to the prior-year period, including to the prior-year period, including 3% from restructuring charges aimed 2% from restructuring charges as at enabling efficiencies and well as 2% from recent acquisitions. improving operating leverage, as Operating growth was 2% as well as 2% from recent acquisitions. efficiency gains partially offset Operating growth, including ongoing growth from ongoing investments in investments, was 3%, supported by the business. disciplined expense management. •Foreign currency favorably impacted •Foreign currency had an immaterial operating expenses by 1%. impact on operating expenses. ──────────────────────────────────────────────────────────────────────────────
Read in the filing ↗
On December 19, 2024, the CEO of Moody’s approved the Strategic and Operational Efficiency Restructuring Program, the scope of which was expanded in July 2026. The Company currently estimates that upon completion, the program will result in annualized savings of $ 300 million to $ 350 million. This program relates to the Company's strategy to realign its operations toward high …
Read in the filing ↗ Also in 10-Q of Oct 21, 2026
Third Quarter 2025 Year-to-Date 2025 •Operating expenses grew 5% including 2% from restructuring •Operating expenses were generally charges and 2% from inorganic in line year-over-year as expense growth from M&A. investments across both businesses, •Operating expense growth, which annual salary increases, and the included organic investments and impact of recent acquisitions were annual salary increases, was largely offset by lower incentive offset by savings from our compensation and cost efficiency restructuring program and lower initiatives. incentive compensation accruals, •Foreign currency unfavorably reflecting continued focus on impacted operating expenses by 1%. disciplined cost management. •Foreign currency had an immaterial impact on operating expenses.
Read in the filing ↗
Adjusted Operating Margin expansion reflects the aforementioned 9% increase in global MA revenue outpacing growth of 6% in operating and SG&A expenses, which was supported by operational efficiency/disciplined cost management and cost savings from the Strategic and Operational Efficiency Restructuring Program.
Read in the filing ↗
amortization Restructuring 20 7 — 27 26 7 — 33 Reserve for international non-income tax obligation 34 — — 34 — — — — Charges related to asset abandonment — — — — 2 — — 2 Operating Income $ 922 $ 846 Non-operating (expense) income, net $ (52) $ (42) Income before provision for income taxes $ 870 $ 804
Read in the filing ↗