Moody’s Reports Record-Breaking Third Quarter 2024 with Strong Revenue Growth and Raised Earnings Outlook

Moody’s Corporation delivered outstanding results for the third quarter of 2024, highlighting the company’s resilience and ability to capitalize on favorable market conditions. Revenue for the quarter surged by 23% compared to the same period in 2023, reaching an impressive $1.8 billion. This growth was driven largely by the stellar performance of Moody’s Investors Service (MIS), which saw its revenue increase by 41%, marking its highest third-quarter revenue on record and the fourth-largest quarter overall. Meanwhile, Moody’s Analytics (MA) posted a steady 7% growth, contributing $831 million to the overall revenue.

Moody’s Investors Service was a standout in the third quarter, with a 70% increase in transactional revenue. This surge outpaced the 51% rise in debt issuance activity, reflecting heightened demand from infrequent issuers across multiple sectors. Corporate finance, in particular, experienced strong growth, buoyed by several large-scale investment-grade deals. Additionally, the structured finance sector benefitted from increased refinancing activity, especially within U.S. collateralized loan obligations (CLOs) and commercial mortgage-backed securities (CMBS), which thrived due to favorable market spreads. The financial institutions sector also saw a significant boost, driven by opportunistic issuances from banks and insurance companies, marking the strongest third quarter for financial institutions in over a decade.

In his remarks, Rob Fauber, President and Chief Executive Officer of Moody’s, emphasized that this record-breaking performance is a testament to the company’s strong reputation and status as the “Agency of Choice” for customers navigating the complexities of today’s financial landscape. Fauber also pointed to the company’s commitment to fostering durable growth through innovation and strategic investments. These initiatives, particularly within the analytics business, have strengthened Moody’s position in the market, enabling the company to provide insights and tools that help customers manage an increasingly dynamic risk environment.