Moody's (MCO) Q3 2026 Earnings Call: Guidance and Outlook
Moody's reaffirmed its full year 2026 financial guidance across key metrics, supported by strong visibility into its pipeline and steady underlying demand.
About Moody's. Moody's Corporation operates as a global leader in risk assessment, divided into two main segments: Moody's Investors Service and Moody's Analytics. Moody's Investors Service is dedicated to issuing credit ratings and providing detailed assessments for a diverse range of debt obligations and the entities that issue them.
No explicit formal numeric quarterly guidance was given, though management noted expectations for a mid-teens year-over-year decline in issuance for the fourth quarter.
Annual guidance
MIS Revenue Growth
High single-digit percent range.
MA ARR Growth
High single-digit percent range.
MA Adjusted Operating Margin
34% to 35%.
MCO Revenue Growth
High single-digit percent range.
MCO Adjusted Operating Margin
52% to 53%.
Adjusted Diluted EPS
$16.50 to $17.
Outlook
Issuance Environment
Overall issuance outlook remains unchanged at mid-single-digit percent growth, with lower expectations for high yield and leveraged loans offset by strength in structured finance, financial institutions, and public finance.
AI and Infrastructure Demand
Long-term funding requirements across AI infrastructure, data centers, power generation, and renewable energy continue to create durable opportunities for debt financing.
Refinancing Pipeline
Over the next four years, refinancing needs across the U.S. and EMEA top $5 trillion for the second straight year, providing a solid structural foundation for future issuance.
Capital Allocation
Priorities remain investing to support growth, driving margin expansion, preserving balance sheet flexibility, and returning excess capital, including up to $3 billion in share repurchases for the full year.
Dombey's summary of the Moody's Q3 2026 earnings call held Oct 21, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
