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AI核心结论
Moody's Corporation delivered strong Q1 FY2026 results with revenue of $2.08B (+8.1% YoY), operating income of $922M (+9.0% YoY), and operating cash flow surging 24.0% to $939M, while aggressively returning capital via $1.47B in share buybacks.
营业收入
$2.08B
同比 ++8.06%
每股收益（基本）
$3.74
同比 ++7.78%
营业利润
$922M
同比 ++8.98%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Moodys (MCO) Q1 FY2026 营收 $2.08B，同比增长 8.1%。 净利润 $661M，同比增长 5.8%，稀释每股收益 $3.73。
Total revenue grew 8.1% YoY to $2.08B in Q1 FY2026, up from $1.92B in the prior-year period, reflecting continued demand for Moody's ratings and analytics services. Cost of revenue also rose 8.1% to $531M, keeping gross profit growth in line with top-line expansion.
来源: Source: 10-Q Income Statement Data
Operating income increased 9.0% YoY to $922M, outpacing revenue growth and expanding operating margin by approximately 38 basis points to 44.3%. This demonstrates continued operating leverage as the company scales its revenue base while managing cost growth.
来源: Source: 10-Q Income Statement Data
Operating cash flow surged 24.0% YoY to $939M, significantly outpacing net income growth of 5.8%, indicating strong working capital management and high earnings quality. This robust cash generation supports the company's capital return program.
来源: Source: 10-Q Cash Flow Statement Data
MCO repurchased $1.47B in shares during Q1 FY2026, a dramatic 294.4% increase from $373M in the prior-year quarter. This drove financing cash outflows of $1.72B and contributed to a 31.3% decline in cash and equivalents to $1.47B.
来源: Source: 10-Q Cash Flow Statement Data
Stockholders' equity fell 19.1% YoY to $2.99B while total liabilities rose 3.1% to $11.59B, pushing the debt-to-equity ratio to 3.87x. Current liabilities surged 24.9% YoY to $3.64B, reflecting near-term debt obligations or accruals, though the current ratio remains above 1.0x at 1.16x.
来源: Source: 10-Q Balance Sheet Data
MCO carries $6.96B in long-term debt against stockholders' equity of $2.99B, resulting in a debt-to-equity ratio of 3.87x. The aggressive share buyback program of $1.47B in a single quarter has further compressed equity and reduced cash reserves by 31.3% YoY to $1.47B, leaving less financial flexibility in a downturn.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
Current liabilities jumped 24.9% YoY to $3.64B while current assets declined 7.7% to $4.21B, compressing the current ratio to 1.16x from a more comfortable prior level. If near-term obligations accelerate or cash generation slows, liquidity could tighten meaningfully.
来源: Source: 10-Q Balance Sheet Data
SG&A expenses rose 8.7% YoY to $477M, slightly outpacing revenue growth of 8.1%, suggesting modest cost pressure in selling and administrative functions. Sustained SG&A growth above revenue growth could erode the operating margin improvements achieved in Q1 FY2026.
来源: Source: 10-Q Income Statement Data
Total assets fell 2.4% YoY to $14.73B, driven by a $670M decline in cash and a $351M reduction in current assets, while liabilities grew. This balance sheet contraction, largely self-inflicted by buybacks, reduces the asset base available to support future growth or absorb shocks.
来源: Source: 10-Q Balance Sheet Data
Moody's ratings revenue is closely tied to debt issuance volumes, which are sensitive to interest rate cycles and credit market conditions. A slowdown in corporate bond issuance or structured finance activity could disproportionately impact revenue, given the high fixed-cost nature of the ratings business.
来源: Source: 10-Q Income Statement Data (inferred from business model)
Q1 FY2026 实际 EPS $4.33，分析师一致预期 $4.26，超预期 +1.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.08B | $1.92B | +8.06% |
营业成本 | $531M | $491M | +8.15% |
营业利润 | $922M | $846M | +8.98% |
净利润 | $661M | $625M | +5.76% |
每股收益（基本） | $3.74 | $3.47 | +7.78% |
每股收益（稀释） | $3.73 | $3.46 | +7.80% |
销售及管理费用 | $477M | $439M | +8.66% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $14.73B | $15.1B | -2.41% |
流动资产 | $4.21B | $4.57B | -7.69% |
总负债 | $11.59B | $11.24B | +3.12% |
流动负债 | $3.64B | $2.92B | +24.89% |
股东权益 | $2.99B | $3.7B | -19.08% |
现金及等价物 | $1.47B | $2.14B | -31.32% |
长期债务 | $6.96B | $6.82B | +2.05% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $939M | $757M | +24.04% |
投资活动现金流 | $-91M | $224M | -140.63% |
筹资活动现金流 | $-1.72B | $-1.3B | -32.43% |
股票回购 | $1.47B | $373M | +294.37% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 44.3% | 44.0% | +0.38% |
净利率 | 31.8% | — | — |
净资产收益率 | 22.1% | — | — |
总资产收益率 | 4.5% | — | — |
流动比率 | $1.157 | — | — |
资产负债率 | $3.871 | — | — |
Moody's delivered a strong Q2 FY2026 with total revenue up 15% YoY to $2,185M and net income up 52% to $878M, driven by 25% growth in MIS ratings revenue (particularly strong CFG issuance) and a $181M gain on the divestiture of the MA Regulatory Solutions business, even as stockholders' equity fell 23% YoY due to aggressive share buybacks ($2,165M YTD).
Moody's Corporation delivered strong FY2025 results with revenue up 8.9% to $7.72B, operating income surging 16.6% to $3.35B, and net income rising 19.5% to $2.46B, reflecting robust margin expansion and disciplined cost management.
Financial Exchanges & Data 行业其他公司
Moody's Corporation reported Q1 FY2026 revenue of $2.08B, up 8.1% YoY, with diluted EPS of $3.73, up 7.8% YoY. Operating income grew 9.0% to $922M and operating cash flow surged 24.0% to $939M, reflecting broad-based business strength.
The standout themes were strong operating leverage (margin expanding to 44.3%), exceptional cash flow generation ($939M operating cash flow), and an aggressive $1.47B share buyback program. However, the buybacks significantly reduced cash reserves and equity, pushing the debt-to-equity ratio to 3.87x.
MCO repurchased $1.47B in shares during Q1 FY2026, a 294.4% increase from $373M in the same quarter last year. This drove a 31.3% decline in cash and equivalents to $1.47B and contributed to a 19.1% reduction in stockholders' equity.
Based on the financial data, key risks include elevated financial leverage with a debt-to-equity ratio of 3.87x, a 24.9% surge in current liabilities compressing the current ratio to 1.16x, and sensitivity to capital markets activity since ratings revenue depends on debt issuance volumes. SG&A cost growth of 8.7% also slightly outpaced revenue growth of 8.1%.
MCO remains highly profitable with a 44.3% operating margin and strong cash generation of $939M in operating cash flow, but its balance sheet is more leveraged following aggressive buybacks, with $6.96B in long-term debt, a debt-to-equity ratio of 3.87x, and cash declining to $1.47B. The current ratio of 1.16x remains above 1.0x, suggesting near-term liquidity is adequate but tighter than before.