Total Revenue

+7.7% (from $1,786M to $1,924M)

Revenue grew modestly due to continued strength in both Moody's Analytics and Investors Service. This builds on the previous period’s momentum, where solid product demand and market activity drove performance. " "

Net Income Attributable

+8.3% (from $577M to $625M)

Net income improvement reflects enhanced operational efficiency and revenue gains, as higher sales from key segments translated into increased profitability compared to Q1 2024. " "

Operating Income

+5.6% (from $801M to $846M)

Operating income increased as improved cost control and favorable revenue mix allowed the company to expand margins despite rising expenses, building on performance improvements seen in the previous period. " "

Basic EPS

+9.8% (from $3.16 to $3.47)

EPS growth outpaced operating income due to higher net income combined with likely reductions in weighted average shares outstanding; this magnified earnings growth relative to the previous period’s baseline. " "

Moody's Analytics

+7.5% (from $799M to $859M)

MA performance improved as recurring and subscription-based products drove revenue increases. This continued the momentum from Q1 2024, reflecting robust demand across its product lines. " "

Moody's Investors Service

+8% (from $987M to $1,065M)

MIS revenue expanded on the back of higher issuance and refinancing activity. The strong market demand, established in the previous period, continued to propel performance in this segment. " "

United States Revenue

+9.9% (from $969M to $1,065M)

US revenue surged due to intensified activity in critical segments like CFG, SFG and FIG, where favorable domestic market conditions (e.g. tight credit spreads and strong investor demand) amplified growth compared to Q1 2024. " "

Non-U.S. Revenue

+5.1% (from $817M to $859M)

Non-U.S. revenue growth was more modest, indicating a relatively subdued performance internationally compared to the US. This reflects external economic uncertainties abroad relative to the stronger domestic market seen in the prior period. " "

Restructuring Expenses

600% increase (from $5M to $33M)

Restructuring expenses surged as the company accelerated its Strategic and Operational Efficiency Restructuring Program. Prior period expenses were low, but increased charges now reflect major investments in staff reductions, office rationalizations, and software asset adjustments. " "

Operating Cash Flow

-2.3% decrease (from $775M to $757M)

Cash flow declined slightly owing to higher incentive compensation, increased tax payments, and less favorable working capital dynamics relative to Q1 2024, despite strong income growth. This suggests that operational liquidity was modestly impacted by rising short-term expense pressures. " "