展望上调反映了吉宏观经济和财政指标的改善以及潜在经济增长率的提高，这得益于关键改革的效 果、经济的全面发展以及基础设施领域投资增长。吉国家债务占比从2020年占GDP的64%降至2024年的 37%。穆迪强调，继续推进结构性改革、提高治理水平和增强抵御风险能力对吉评级进一步上调具有重 要意义。 （原标题：穆迪将吉评级展望由稳定上调至积极） 据吉尔吉斯斯坦24.kg新闻网7月15日报道，国际评级机构穆迪将吉主权信用评级展望从"稳定"上调 至"积极"，长期发行人评级确认为B3。 ...

Core Viewpoint - Moody's Corporation (NYSE: MCO) is viewed positively due to its pricing power and potential for upside if the macro environment improves [1] Group 1: Investment Philosophy - The investment approach is fundamentally driven, focusing on identifying businesses with potential for scaling and unlocking significant terminal value [1] - Key factors considered include competitive moat, unit economics, reinvestment opportunities, and management quality, which are essential for long-term free cash flow generation and shareholder value creation [1] - The focus is on sectors with strong secular tailwinds, indicating a preference for industries poised for growth [1] Group 2: Professional Background - The analyst has 10 years of experience in investment banking and is currently managing personal funds sourced from friends and family [1] - The motivation for writing is to share investment insights and receive feedback from the investment community [1] - The aim is to help readers concentrate on the elements that drive long-term equity value [1]

Group 1 - The company aims to invest in firms with ideal qualitative attributes, purchasing them at attractive prices based on fundamentals and holding them indefinitely [1] - The investment strategy involves managing a concentrated portfolio to avoid underperformers while maximizing exposure to high-potential winners [1] - The company plans to publish articles on such investments approximately three times a week, including extensive quarterly follow-ups and constant updates [1] Group 2 - The company often rates high-quality firms as 'Hold' due to insufficient growth opportunities or excessive downside risks [1]

Core Viewpoint - Moody's has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements [4]. Moody's Earnings Outlook - Moody's is projected to earn $13.80 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for Moody's has increased by 1.6%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Moody's to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

PART I. FINANCIAL INFORMATION [Financial Statements](index=10&type=section&id=Item%201.%20Financial%20Statements) The company reported increased revenue and net income for Q2 and H1 2025, with stable assets and decreased liabilities Consolidated Statements of Operations Highlights (Unaudited) | Financial Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue ($M)** | $1,898 | $1,817 | 4.5% | $3,822 | $3,603 | 6.1% | | **Operating Income ($M)** | $818 | $775 | 5.5% | $1,664 | $1,576 | 5.6% | | **Net Income Attributable to Moody's ($M)** | $578 | $552 | 4.7% | $1,203 | $1,129 | 6.6% | | **Diluted EPS ($)** | $3.21 | $3.02 | 6.3% | $6.66 | $6.16 | 8.1% | Consolidated Balance Sheets Highlights (Unaudited) | Balance Sheet Item | June 30, 2025 ($M) | December 31, 2024 ($M) | | :--- | :--- | :--- | | Cash and cash equivalents | $2,174 | $2,408 | | Goodwill | $6,481 | $5,994 | | **Total Assets ($M)** | **$15,487** | **$15,505** | | Long-term debt | $6,967 | $6,731 | | **Total Liabilities ($M)** | **$11,379** | **$11,778** | | **Total Moody's Shareholders' Equity ($M)** | **$3,949** | **$3,565** | Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,300 | $1,461 | | **Net cash provided by (used in) investing activities** | $98 | ($191) | | **Net cash used in financing activities** | ($1,780) | ($731) | | **(Decrease) increase in cash and cash equivalents** | ($234) | $505 | [Notes to the Consolidated Financial Statements (Unaudited)](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Notes detail accounting policies, revenue disaggregation, restructuring, and segment performance, including MA's reorganization - In Q1 2025, Moody's Analytics (MA) reorganized its management and reporting structure, resulting in its goodwill being evaluated as a single reporting unit instead of the previous two. This change did not affect the company's reportable segments[47](index=47&type=chunk) Revenue by Reportable Segment (Six Months Ended June 30) | Segment | 2025 Revenue ($M) | 2024 Revenue ($M) | % Change | | :--- | :--- | :--- | :--- | | **Moody's Analytics (MA)** | $1,747 | $1,601 | 9.1% | | **Moody's Investors Service (MIS)** | $2,075 | $2,002 | 3.6% | | **Total MCO** | **$3,822** | **$3,603** | **6.1%** | - The company initiated the 'Strategic and Operational Efficiency Restructuring Program' on December 19, 2024, to realign operations and improve efficiency. The program is expected to result in annualized savings of **$250 million** to **$300 million** and total pre-tax charges of **$200 million** to **$250 million**. As of June 30, 2025, cumulative expenses incurred were **$105 million**[93](index=93&type=chunk)[94](index=94&type=chunk) - In Q1 2025, the company fully repaid its **$700 million** 3.75% 2020 Senior Notes upon maturity. As of June 30, 2025, total long-term debt carrying value was **$6,967 million**[108](index=108&type=chunk)[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses H1 2025 revenue growth in MA and MIS segments, improved adjusted operating margin, and strong liquidity [Results of Operations](index=49&type=section&id=Results%20of%20Operations) H1 2025 total revenue grew 6% to **$3.82 billion**, driven by MA and MIS, with adjusted operating margin expanding 110 bps Q2 2025 vs Q2 2024 Performance Summary | Financial Measure | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,898 | $1,817 | 4% | | MA External Revenue | $888 | $802 | 11% | | MIS External Revenue | $1,010 | $1,015 | 0% | | **Operating Margin** | 43.1% | 42.7% | +40 BPS | | **Adjusted Operating Margin** | 50.9% | 49.6% | +130 BPS | | **Diluted EPS ($)** | $3.21 | $3.02 | 6% | | **Adjusted Diluted EPS ($)** | $3.56 | $3.28 | 9% | H1 2025 vs H1 2024 Performance Summary | Financial Measure | H1 2025 ($M) | H1 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $3,822 | $3,603 | 6% | | MA External Revenue | $1,747 | $1,601 | 9% | | MIS External Revenue | $2,075 | $2,002 | 4% | | **Operating Margin** | 43.5% | 43.7% | -20 BPS | | **Adjusted Operating Margin** | 51.3% | 50.2% | +110 BPS | | **Diluted EPS ($)** | $6.66 | $6.16 | 8% | | **Adjusted Diluted EPS ($)** | $7.38 | $6.65 | 11% | - MA's revenue growth was driven by sustained demand for KYC and insurance offerings, SaaS-based banking solutions, and credit research products. ARR increased by **8%**[141](index=141&type=chunk)[159](index=159&type=chunk) - MIS revenue growth was supported by strong investor demand and tight credit spreads in investment-grade, U.S. public and project finance, and CMBS, partially offset by declines in bank loans due to market volatility and subdued M&A activity[211](index=211&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.3 billion** in cash, despite decreased operating cash flow, and has **$0.9 billion** for share repurchases Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,300 | $1,461 | | Net cash provided by (used in) investing activities | $98 | ($191) | | Net cash used in financing activities | ($1,780) | ($731) | | **Free Cash Flow (Non-GAAP) ($M)** | **$1,140** | **$1,290** | - The decrease in operating cash flow was driven by **$198 million** in higher income tax payments and approximately **$100 million** in higher incentive compensation payments[277](index=277&type=chunk)[283](index=283&type=chunk) - The increase in cash used in financing activities was primarily due to a **$700 million** repayment of notes and **$273 million** more in treasury share repurchases compared to the prior year[280](index=280&type=chunk)[284](index=284&type=chunk) - As of June 30, 2025, the company had approximately **$0.9 billion** of remaining authority under its **$1.5 billion** share repurchase program authorized in October 2024[291](index=291&type=chunk) [Non-GAAP Financial Measures](index=79&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted Operating Income, Adjusted Diluted EPS, and Free Cash Flow for performance analysis Reconciliation of Operating Income to Adjusted Operating Income (Six Months Ended June 30) | Metric | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Operating income | $1,664 | $1,576 | | Depreciation and amortization | $233 | $210 | | Restructuring | $60 | $7 | | Charges related to asset abandonment | $3 | $15 | | **Adjusted Operating Income ($M)** | **$1,960** | **$1,808** | Reconciliation of Diluted EPS to Adjusted Diluted EPS (Six Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Diluted EPS | $6.66 | $6.16 | | Net Acquisition-Related Intangible Amortization Expenses | $0.46 | $0.40 | | Net restructuring | $0.25 | $0.03 | | Net charges related to asset abandonment | $0.01 | $0.06 | | **Adjusted Diluted EPS ($)** | **$7.38** | **$6.65** | - For the six months ended June 30, 2025, the company's organic constant currency revenue growth was **5%** for the total company, **7%** for MA, and **3%** for MIS[306](index=306&type=chunk)[307](index=307&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk primarily involves FX and interest rate fluctuations, mitigated by derivatives - The company is exposed to market risk from changes in FX rates, particularly the euro, Hong Kong dollar, and Singapore dollar, relative to the U.S. dollar[317](index=317&type=chunk)[318](index=318&type=chunk) - A hypothetical 10% strengthening of the euro versus the USD would cause a combined unfavorable impact of approximately **$580 million** to OCI from cross-currency swaps (**$433 million**) and designated euro-denominated debt (**$147 million**). This impact would be offset by gains on the hedged net investments[322](index=322&type=chunk)[323](index=323&type=chunk) [Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[324](index=324&type=chunk) - No material changes in the company's internal control over financial reporting occurred during the three-month period ended June 30, 2025[325](index=325&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=88&type=section&id=Item%201.%20Legal%20Proceedings) Details on legal proceedings are provided in Note 16, 'Contingencies,' within the financial statements - For details on legal proceedings, the report refers to Note 16 "Contingencies" in Part I, Item 1[329](index=329&type=chunk) [Risk Factors](index=88&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the company's 2024 Annual Report on Form 10-K - The company states there have been no material changes from the risk factors disclosed in its 2024 Form 10-K[330](index=330&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=88&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, Moody's repurchased **623,206 shares** at an average of **$460.76**, with **$0.9 billion** repurchase authority remaining Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | April 2025 | 246,913 | $430.63 | | May 2025 | 64,373 | $477.84 | | June 2025 | 311,920 | $480.87 | | **Total Q2** | **623,206** | **$460.76** | - At the end of Q2 2025, approximately **$0.9 billion** remained available for future repurchases under the Board's authorization from October 15, 2024[332](index=332&type=chunk) [Other Information](index=88&type=section&id=Item%205.%20Other%20Information) No information is reported under this item - Not applicable[333](index=333&type=chunk) [Exhibits](index=89&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents and CEO/CFO certifications - The exhibits filed with this report include CEO/CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and XBRL data files (Exhibits 101 and 104)[335](index=335&type=chunk)

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

Core Insights - Moody's reported second-quarter 2025 adjusted earnings of $3.56 per share, exceeding the Zacks Consensus Estimate of $3.44, with an 8.5% year-over-year growth [1][7] - The company's revenues improved to $1.90 billion, surpassing the Zacks Consensus Estimate of $1.85 billion, reflecting a 4.5% increase year-over-year [3][7] - Operating expenses rose to $1.08 billion, up 3.6% year-over-year, impacting overall profitability [3][7] Financial Performance - Net income attributable to Moody's was $578 million or $3.21 per share, an increase from $552 million or $3.02 per share in the prior-year quarter [2] - Adjusted operating income reached $966 million, a 7.1% increase year-over-year, with an adjusted operating margin of 50.9%, up from 49.6% a year ago [3] Segment Performance - Moody's Investors Service (MIS) revenues slightly declined to $1.06 billion due to weakness in Corporate Finance and Financial Institutions, partially offset by growth in Structured Finance [4] - Moody's Analytics (MA) revenues increased by 10.5% year-over-year to $891 million, driven by strong demand for proprietary data and analytical insights [4] Balance Sheet and Liquidity - As of June 30, 2025, Moody's had total cash, cash equivalents, and short-term investments of $2.29 billion, down from $2.97 billion as of December 31, 2024 [5] - The company reported $7 billion in outstanding debt and $1.25 billion in additional borrowing capacity under its revolving credit facility [5] Share Repurchase Activity - In the quarter, Moody's repurchased 0.6 million shares at an average price of $460.76, with $0.9 billion of share repurchase authorization remaining [6] Guidance and Outlook - Moody's updated its 2025 guidance, expecting adjusted earnings of $13.50-$14.00 per share, revised from the previous target of $13.25-$14.00 [7][8] - The MIS segment's revenue growth is now expected to be in the low to mid-single-digit range, adjusted from stable to mid-single-digit growth [8] Strategic Developments - In June, Moody's fully acquired ICR Chile, enhancing its presence in Latin America's domestic credit markets, although the transaction is not expected to materially impact 2025 financial results [9][10]

Financial Data and Key Metrics Changes - Moody's reported second quarter revenue of $1.9 billion, representing a 4% year-over-year growth, despite a tough comparison to the previous year's 22% growth [6][7] - Adjusted operating margin improved to 50.9%, up 130 basis points from a year ago, translating to adjusted diluted EPS of $3.56, a 9% increase [7][8] - The company narrowed its guidance ranges for rated issuance, MIS revenue, and EPS based on second quarter performance [8] Business Line Data and Key Metrics Changes - MIS revenue was flat year-over-year at $1 billion, with a favorable issuance mix contributing to transaction revenue growth despite a 12% decline in overall issuance [26][27] - Moody's Analytics (MA) revenue grew 11%, with recurring revenue increasing by 12%, driven by strong demand in Decision Solutions [31][32] - Private credit-related transactions accounted for nearly 25% of first-time mandates, with revenue related to private credit growing 75% year-over-year [12][84] Market Data and Key Metrics Changes - The U.S. public finance group rated the highest quarterly issuance volume since 2007, with first-time mandates nearly reaching 200 in the second quarter [29] - In EMEA, first-time mandates increased year-over-year, driven by private credit mandates [30] - The private credit market continues to grow, with significant demand for ratings as investors seek transparency and comparability [95][96] Company Strategy and Development Direction - Moody's is focused on strengthening its position in private credit markets and enhancing its analytics capabilities through strategic partnerships, such as with MSCI [13][20] - The company is investing in digital transformation and AI adoption to capitalize on multi-year investment cycles for customers [42] - Moody's aims to leverage its data integration with major technology players to enhance customer access and monetization opportunities [21][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, highlighting key credit themes that could influence performance [10] - The company is monitoring macroeconomic and geopolitical uncertainties that may impact issuance volumes [39] - Management emphasized the importance of maintaining a disciplined expense management approach to support margin expansion [66] Other Important Information - Moody's Analytics achieved a 96% recurring revenue rate, reinforcing the predictability of its business model [14] - The company completed the acquisition of ICR Chile, enhancing its presence in the Latin American bond market [19] - Moody's received recognition for its innovative solutions, being ranked number one in quantitative analytics for the third consecutive year [15] Q&A Session Summary Question: Insights on Decision Solutions and KYC - Management acknowledged strategic terminations and government-related attrition affecting KYC and insurance, but noted strong growth in banking lending products [46][48] Question: Potential Pull Forward of Issuance - Management indicated no significant pull forward of issuance occurred, with both public and private credit markets performing well [57][58] Question: Operating Margin Expansion - Management clarified that the margin expansion was due to operational efficiencies and not due to expense shifts from Q2 to later quarters [64][66] Question: Banking Sector Performance - Management noted that while banking ARR has seen declines, lending products are showing strong growth, particularly with the integration of Numerated [70][71] Question: AI and GenAI Contributions - Management highlighted that while standalone AI revenue is not material, early adopters of GenAI are showing double the growth compared to other customers [78][80] Question: Private Credit Contributions - Management confirmed that private credit is contributing to various revenue streams, particularly in structured finance and first-time mandates [84][83]

Financial Data and Key Metrics Changes - Moody's reported second quarter revenue of $1.9 billion, growing 4% year over year, despite a tough comparison to the previous year's 22% growth [5][6] - Adjusted operating margin reached 50.9%, up 130 basis points from a year ago, translating to adjusted diluted EPS of $3.56, a 9% increase [6][7] - The company narrowed its guidance ranges for rated issuance, MIS revenue, and EPS based on second quarter performance [6][7] Business Line Data and Key Metrics Changes - MIS revenue was flat year over year at $1 billion, with a 1% decline when adjusted for positive FX effects [25] - Corporate Finance transaction revenue declined 6% year on year, while Investment Grade transaction revenue grew 18% on 16% issuance growth [26] - Moody's Analytics revenue grew 11%, with recurring revenue increasing by 12% and Decision Solutions showing double-digit growth [30][31] Market Data and Key Metrics Changes - Private credit transactions accounted for nearly 25% of first-time mandates, with a 75% revenue growth in private credit across multiple lines of business [10][11] - The U.S. Public Finance group rated the highest quarterly issuance volume since 2007, with nearly 200 first-time mandates in the second quarter [28] - EMEA first-time mandates increased year over year, driven by private credit mandates [29] Company Strategy and Development Direction - Moody's is focused on strengthening its position in private credit markets and enhancing transparency and insights for investors [9][10] - The company is investing in partnerships, such as with MSCI, to leverage data and models for emerging investor needs [12][17] - Moody's aims to capitalize on digital transformation, AI adoption, and the expansion of private markets to drive long-term sustainable value [41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, citing key credit themes that could influence performance [9] - The company is monitoring macroeconomic and geopolitical uncertainties that may affect issuance volumes [38] - Management highlighted the importance of maintaining a strong pipeline and executing on growth strategies despite market challenges [52] Other Important Information - Moody's Analytics achieved a 32.1% adjusted operating margin, a 360 basis point improvement year over year [13] - The company completed the acquisition of ICR Chile, enhancing its presence in the Latin American bond market [17] - Moody's is integrating GenAI capabilities across its product portfolio, with 40% of products now including some form of GenAI enablement [20] Q&A Session Summary Question: Insights on Decision Solutions and KYC - Management acknowledged attrition from a strategic termination of a distribution partnership in KYC and ongoing ESG-related attrition, but emphasized strong growth in banking and insurance segments [45][46] Question: Potential Pull Forward of Issuance - Management indicated that there was no meaningful pull forward of issuance, noting healthy performance in both public and private credit markets [55][56] Question: Operating Margin Expansion - Management clarified that the operating margin expansion was due to disciplined expense management and not due to expense shifts from Q2 to later quarters [63][64] Question: Banking Sector Performance - Management noted that while there has been a decline in banking ARR, growth in lending products, particularly Credit Lens, is expected to drive future growth [70][71] Question: AI and GenAI Adoption - Management highlighted that while standalone AI revenue is not yet material, early adopters of GenAI are showing double the growth compared to other customers, indicating strong engagement [78][79] Question: Contribution of Private Credit to MIS Revenues - Management confirmed that private credit is contributing to several lines in the rating agency, with significant growth in asset-backed finance and first-time mandates [84][85]

Financial Performance Highlights - Moody's achieved its second-highest Q2 revenue on record[9] - Moody's Analytics (MA) Annualized Recurring Revenue (ARR) reached $33 billion, an increase of 8% year-over-year[9] - Adjusted Operating Margin increased by 130 basis points to 509%[12] - Adjusted Diluted EPS increased by 9% to $356[12] Moody's Investors Service (MIS) Performance - MIS revenue outpaced issuance by approximately 12%[13] - MIS achieved an Adjusted Operating Margin of 642%, up 100 basis points[12, 16] - Total MIS rated issuance guidance was updated to reflect a decrease in the low-single-digit to mid-single-digit percent range[27, 36] Moody's Analytics (MA) Performance - MA experienced strong recurring revenue growth, with recurring revenue accounting for 96% of total revenue[19] - MA's Adjusted Operating Margin increased by 360 basis points to 321%[12, 19] - Decision Solutions led with 10% ARR growth[12] - MA revenue grew by 11% year-over-year[19] Updated Full Year 2025 Guidance - MCO revenue growth is projected to be in the mid-single-digit percent range[10] - Adjusted Diluted EPS is now expected to be in the range of $1350 to $1400[12] - The company plans to repurchase at least $13 billion in shares[39]