NYSE$MCO
Moody's Corp. · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Moody's reported impressive double-digit revenue growth driven by investments in capabilities and product development.
Moody's Corporation reported Q3 2021 revenue of $1.5 billion, a 13% increase year-over-year. Diluted EPS was $2.53, up 2%, while adjusted diluted EPS was $2.69, flat compared to the prior-year period. The company raised and narrowed its full year 2021 diluted EPS and adjusted diluted EPS guidance ranges.
- Moody’s delivered impressive double-digit revenue growth.
- Moody's invested significantly in its capabilities and product development.
- Full year 2021 revenue is projected to increase in the low-teens percent range.
- The company raised and narrowed full year adjusted diluted EPS guidance range to $12.15 to $12.35.
Headline financials
Revenue & EPS history
Moody's · Revenue · Quarterly
$1.53B
Revenue by segment
Moody's · $1.52B total across 6 segments · Q3 2021
- Corporate Finance$488M+5.9%32.2%
- Research & Insights$445M+15.3%29.4%
- Decision Solutions$156M+7.6%10.3%
- Financial Institutions$153M+14.2%10.1%
- Structured Finance$143M+62.5%9.4%
- Public, Project, and Infrastructure Finance$130M-2.3%8.6%
Forward guidance
Moody's updated outlook for 2021 reflects assumptions about the impact of COVID-19, government and business responses, interest rates, inflation, foreign currency exchange rates, and capital markets' liquidity.
Tailwinds
- Full year 2021 U.S. and Euro area GDPs to expand by approximately 5.5% - 6.5% and 4.5% - 5.5%, respectively
- U.S. high yield interest rate spreads to slightly widen, but remain below the historical average of approximately 500 bps
- U.S. unemployment to remain below 5%
- Global high yield default rate to fall below 2% by the end of 2021
- MIS's full year 2021 global rated issuance will increase in the high-single-digit percent range
Headwinds
- The duration and severity of the COVID-19 crisis are unknown
- Implications of COVID-19 or other situations or developments could affect these and many other factors that also could cause actual results to differ materially from Moody’s outlook.
- These assumptions are subject to uncertainty, and actual full year 2021 results could differ materially from Moody’s current outlook.
- Guidance assumes foreign currency translation
- Share repurchases are subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+0.1%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.0%
Avg return
30 days after
60%
44 / 73 earnings
Positive
+13.5%
Q2 2012
Best reaction
-8.9%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.8% | +0.3% | -2.3% | |
| Q4 2025 | +6.6% | +3.3% | +2.8% | |
| Q3 2025 | -2.6% | +2.1% | -1.1% | |
| Q2 2025 | +0.0% | -1.8% | -1.7% | |
| Q1 2025 | +4.0% | +6.1% | +14.1% | |
| Q4 2024 | +4.4% | +2.8% | -11.6% | |
| Q3 2024 | -3.7% | -5.0% | -1.9% | |
| Q2 2024 | -3.7% | -0.4% | +6.6% | |
| Q1 2024 | +2.1% | +5.7% | +6.5% | |
| Q4 2023 | -8.6% | -7.6% | -4.4% | |
| Q3 2023 | +1.5% | +0.2% | +18.6% | |
| Q2 2023 | +0.7% | -1.0% | -7.2% | |
| Q1 2023 | +0.8% | +3.5% | +2.3% | |
| Q4 2022 | +2.9% | +3.2% | -7.6% | |
| Q3 2022 | +4.9% | +9.8% | +21.6% | |
| Q2 2022 | +1.0% | +6.8% | +5.3% | |
| Q1 2022 | -2.2% | -5.1% | -10.8% | |
| Q4 2021 | -3.2% | -3.9% | -11.3% | |
| Q3 2021 | +2.9% | -0.5% | -2.2% | |
| Q2 2021 | +0.6% | -0.6% | +0.7% | |
| Q1 2021 | +1.1% | +0.9% | +2.7% | |
| Q4 2020 | +0.6% | +0.7% | +4.7% | |
| Q3 2020 | +0.4% | +2.8% | +5.9% | |
| Q2 2020 | -3.5% | -5.3% | +1.0% | |
| Q1 2020 | -5.2% | -1.8% | +4.9% | |
| Q4 2019 | +0.7% | +2.5% | -21.4% | |
| Q3 2019 | +0.1% | -1.1% | +2.8% | |
| Q2 2019 | +6.8% | +0.2% | +6.6% | |
| Q1 2019 | +2.4% | +3.2% | -1.9% | |
| Q4 2018 | +2.6% | +3.5% | +7.9% | |
| Q3 2018 | -8.9% | -6.2% | -3.1% | |
| Q2 2018 | -8.0% | -7.8% | -6.7% | |
| Q1 2018 | -1.5% | -1.2% | +5.7% | |
| Q4 2017 | +4.7% | +7.5% | +11.8% | |
| Q3 2017 | +0.7% | +1.0% | +5.4% | |
| Q2 2017 | +5.0% | +4.8% | +2.6% | |
| Q1 2017 | -2.3% | -2.3% | -0.5% | |
| Q4 2016 | +2.4% | +3.0% | +1.6% | |
| Q3 2016 | -4.9% | -5.5% | -7.0% | |
| Q2 2016 | +1.3% | +0.8% | +0.3% | |
| Q1 2016 | -3.1% | — | — | |
| Q4 2015 | -8.9% | — | — | |
| Q3 2015 | -5.0% | — | — | |
| Q2 2015 | -1.3% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | +5.0% | — | — | |
| Q3 2014 | +2.3% | — | — | |
| Q2 2014 | -1.6% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +3.3% | — | — | |
| Q3 2013 | -3.7% | — | — | |
| Q2 2013 | +3.6% | — | — | |
| Q1 2013 | +4.9% | — | — | |
| Q4 2012 | -3.2% | — | — | |
| Q3 2012 | +5.3% | — | — | |
| Q2 2012 | +13.5% | — | — | |
| Q1 2012 | -1.0% | — | — | |
| Q4 2011 | -0.6% | — | — | |
| Q3 2011 | +2.0% | — | — | |
| Q2 2011 | -2.2% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q4 2010 | +0.4% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2010 | +1.4% | — | — | |
| Q1 2009 | -7.5% | — | — | |
| Q1 2010 | -2.8% | — | — | |
| Q4 2007 | +2.2% | — | — | |
| Q4 2009 | +2.2% | — | — | |
| Q2 2009 | +2.2% | — | — | |
| Q3 2008 | +2.0% | — | — | |
| Q3 2009 | +2.0% | — | — | |
| Q2 2008 | -4.9% | — | — | |
| Q4 2008 | -4.9% | — | — |
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