MCO - 2Q Beat on Strong MIS Results; Guidance Reiterated but Likely Conservative

Research evidence excerpt

MCO - 2Q Beat on Strong MIS Results; Guidance Reiterated but Likely Conservative

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FLASH

FLASH: MOODY'S CORPORATION (MCO) July 22, 2026

MCO - 2Q Beat on Strong MIS Results; Guidance Rating:

Reiterated but Likely Conservative Outperform

Price:

●MCO reported 2Q26 results that came in above Street estimates on revenue $490.77

and EPS. MIS revenue came in above our model and the Street, but MA Price Target:

$550 revenue came in below, though we note MA ARR growth accelerated vs. 1Q. % Upside:

FY26 guidance was reiterated across most metrics, and we expect there is likely 12.1%

conservatism in the 2H MIS outlook. Adjusted EPS came in at $5.03, above our

Source: FactSet, Wolfe Research

$4.37 and the Street's $4.25. Total revenue was $2.19bn, above our $2.15bn Priced as of 07/21/26

and the Street's $2.08bn.

●Shares of MCO are currently +2% pre-market. Heading into the print, we had

expressed optimism on shares of MCO given elevated debt issuance data to

end 2Q coupled with room for margin outperformance. MIS revenue came in Scott Wurtzel

above the Street, and while this was largely expected by investors, we believe swurtzel@wolferesearch.com

the magnitude of the beat might have been greater than buyside expects. (646) 582-9313

View MCO Model Guidance on MIS revenue growth was reiterated despite the strong 2Q results

and raise to the rated issuance growth guide, which we believe suggests Darrin Peller

conservatism surrounding the macro setup and mix going into 2H. MA ARR dpeller@wolferesearch.com (646) 582-9310

growth accelerated from 8% LQ to 9% (vs. expectations for stable to a slight View Darrin’s Research

acceleration in ARR growth). We will look to the 9am call for color on the 2H

Cameron Dyer