Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This discussion and analysis of financial condition and results of operations should be read in conjunction with the Moody’s Corporation consolidated financial statements and notes thereto included elsewhere in this quarterly report on Form 10–Q.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains Forward-Looking Statements. See “Forward-Looking Statements” commencing on page 63 for a discussion of uncertainties, risks and other factors associated with these statements.

THE COMPANY

In a world shaped by increasingly interconnected risks, Moody's data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. Moody’s offerings are distinguished by our vast proprietary and curated data and validated analytical models, which provide the trusted foundation that enables our customers to navigate an increasingly complex risk landscape. Moody’s solutions enable the transformation of information into decision-grade intelligence, which is deeply interconnected across risk domains. Moody's also offers valuable insights into financial stability and creditworthiness for organizations, debt instruments, and securities, serving a key role in bringing transparency to the global debt markets. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody's gives customers the comprehensive perspective needed to act with confidence and thrive in a dynamic global environment. Moody’s has two reportable segments: MA and MIS.

Moody's Analytics			Moody's Investors Service
MA provides curated data, intelligence and analytical tools to help business and financial leaders make confident decisions.			For more than 115 years, MIS has been a leading provider of credit ratings, research, and risk analysis helping businesses, governments, and other entities around the globe.

MA comprises three interconnected businesses: i) Research & Insights, which provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions; ii) Data & Information, which is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment; and iii) Decision Solutions, a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows. Together, these businesses benefit from deep customer integration, long-term subscription structures, and data assets that are proprietary in sourcing, breadth, and historical depth.

MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.

Critical Accounting Estimates

Moody’s discussion and analysis of its financial condition and results of operations are based on the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires Moody’s to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the reporting periods. These estimates are based on historical experience and on other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, Moody’s evaluates its estimates, including those related to revenue recognition, contingencies, goodwill and acquired intangible assets, pension and other retirement benefits, investments in non-consolidated affiliates, and income taxes. Actual results may differ from these estimates under different assumptions or conditions. Item 7, MD&A, in the Company’s annual report on Form 10-K for the year ended December 31, 2025, includes descriptions of some of the judgments that Moody’s makes in applying its accounting estimates in these areas. Since the date of the annual report on Form 10-K, there have been no material changes to the Company’s critical accounting estimates disclosures.

Reportable Segments

The Company is organized into two reportable segments as of March 31, 2026: MA and MIS, which are more fully described in the section entitled “The Company” above and in Note 16 to the consolidated financial statements.

RESULTS OF OPERATIONS

The following footnotes are applicable throughout the discussion of the Company's results of operations:

(1) Refer to the section entitled "Non-GAAP Financial Measures" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.

(2) Refer to the section entitled "Key Performance Metrics" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.

Three months ended March 31, 2026 compared with three months ended March 31, 2025

Executive Summary

The following table provides an executive summary of key operating results for the quarter ended March 31, 2026. Following this executive summary is a more detailed discussion of the Company’s operating results as well as a discussion of the operating results of the Company’s reportable segments.

			Three Months Ended March 31,
Financial measure:			2026			2025			% Change Favorable (Unfavorable)			Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue			$	2,079		$	1,924		8		%	— reflects revenue growth in both segments
MA external revenue			$	926		$	859		8		%	— sustained demand for insurance offerings and cloud-based KYC and banking solutions; — continued demand for ratings data feed and credit research product offerings — Organic constant currency recurring revenue(1) and ARR(2) increased 7% and 8%, respectively
MIS external revenue			$	1,153		$	1,065		8		%	— robust investment‑grade issuance activity in CFG driven by several jumbo transactions, including AI‑related financing from hyperscalers; and — strong issuance activity in Project and Infrastructure Finance driven by ongoing infrastructure funding needs and AI and data center‑related issuance — revenue growth was supported by favorable investor demand and tight credit spreads, despite market volatility late in the quarter — Organic constant currency revenue(1) growth was 6%
Total operating and SG&A expenses			$	1,008		$	930		(8		%)	— higher salaries and benefits including unfavorable foreign exchange impacts; and — a reserve recorded for an international non-income tax obligation
Depreciation and amortization			$	122		$	113		(8		%)	— higher amortization of internally developed software, primarily related to the development of MA cloud-based solutions
Restructuring			$	27		$	33		18		%	— relates to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements
Total non-operating (expense) income, net			$	(52)		$	(42)		(24		%)	— interest and penalties related to a reserve for an international non-income tax obligation; — a decrease in interest income due to lower cash balances resulting from higher share repurchase activity; partially offset by — lower interest expense primarily related to the maturity of both debt and related interest rate swaps
Operating margin			44.3		%	44.0		%	30		BPS	— Modest operating margin expansion is due to revenue growth coupled with disciplined cost management, mostly offset by the impact of a reserve for an international non-income tax obligation
Adjusted Operating Margin(1)			53.2		%	51.7		%	150		BPS	— Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management
ETR			24.0		%	22.3		%	170		BPS	— primarily reflects a decrease in Excess Tax Benefits related to stock-based compensation
Diluted EPS			$	3.73		$	3.46		8		%	— increase reflects growth in operating income/Adjusted Operating Income
Adjusted Diluted EPS(1)			$	4.33		$	3.83		13		%

Moody's Corporation

			Three Months Ended March 31,												% Change Favorable (Unfavorable)
			2026						2025
Revenue:
United States			$	1,180					$	1,065					11		%
Non-U.S.:
EMEA			615						569						8		%
Asia-Pacific			177						167						6		%
Americas			107						123						(13		%)
Total Non-U.S.			899						859						5		%
Total			2,079						1,924						8		%
Expenses:
Operating			531						491						(8		%)
SG&A			477						439						(9		%)
Depreciation and amortization			122						113						(8		%)
Restructuring			27						33						18		%
Charges related to asset abandonment			—						2						100		%
Total			1,157						1,078						(7		%)
Operating income			$	922					$	846					9		%
Adjusted Operating Income(1)			$	1,105					$	994					11		%
Interest expense, net			$	(66)					$	(61)					(8		%)
Other non-operating income, net			14						19						(26		%)
Non-operating (expense) income, net			$	(52)					$	(42)					(24		%)
Net income attributable to Moody's			$	661					$	625					6		%
Diluted weighted average shares outstanding			177.3						180.7						2		%
Diluted EPS attributable to Moody's common shareholders			$	3.73					$	3.46					8		%
Adjusted Diluted EPS(1)			$	4.33					$	3.83					13		%
Operating margin			44.3		%				44.0		%
Adjusted Operating Margin(1)			53.2		%				51.7		%
ETR			24.0		%				22.3		%

The table below shows Moody’s global staffing by geographic area:

									March 31,																		Change
									2026						2025												%
MA			U.S.						2,760						2,921												(6		%)
			Non-U.S.						4,981						5,093												(2		%)
			Total						7,741						8,014												(3		%)
MIS			U.S.						1,570						1,572												—		%
			Non-U.S.						4,593						4,196												9		%
			Total						6,163						5,768												7		%
MSS			U.S.						677						711												(5		%)
			Non-U.S.						1,469						1,302												13		%
			Total						2,146						2,013												7		%
Total MCO			U.S.						5,007						5,204												(4		%)
			Non-U.S.						11,043						10,591												4		%
			Total						16,050						15,795												2		%

GLOBAL REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

Global revenue ⇑ $155 million						U.S. Revenue ⇑ $115 million						Non-U.S. Revenue ⇑ $40 million

The 8% increase in global revenue reflects growth of 8% in both MA and MIS. On an organic constant currency basis, revenue(1) grew 6%. Refer to the section entitled “Segment Results” of this MD&A for a more comprehensive discussion of the Company’s segment revenue.

						First Quarter Operating Expense ⇑ $40 million

Compensation expenses of $392 million increased $25 million, reflecting:						Non-compensation expenses of $139 million increased $15 million, reflecting:
— growth in salaries and benefits due to:						— increases in costs to support operating growth, including technology infrastructure costs
— unfavorable foreign exchange impacts; — annual salary increases; and — higher headcount, primarily from acquisitions
Changes in foreign currency translation rates unfavorably impacted operating expenses by 2%.

						First Quarter SG&A Expense ⇑ $38 million

Compensation expenses of $289 million increased $14 million, primarily reflecting:			Non-compensation expenses of $188 million increased $24 million, primarily reflecting:
— growth in salaries and benefits due to:			— a reserve recorded in the first quarter of 2026 for an international non-income tax obligation
— unfavorable foreign exchange impacts; — annual salary increases; and — higher headcount, primarily from acquisitions
Changes in foreign currency translation rates unfavorably impacted SG&A expenses by 3%.

Depreciation and amortization

The increase is primarily driven by amortization of internally developed software, which relates to the development of MA cloud-based solutions.

Restructuring

The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.

						Operating margin 44.3%, ⇑ 30 BPS									Adjusted Operating Margin**(1)** 53.2%, ⇑ 150 BPS

Modest operating margin expansion is due to revenue growth coupled with disciplined cost management, mostly offset by the impact of a reserve recorded in the first quarter of 2026 relating to an international non-income tax obligation.

Adjusted Operating Margin(1) expansion reflects revenue growth coupled with disciplined cost management.

									Interest Expense, net ⇑ $5 million									Other non-operating income ⇓ $5 million

Interest expense increase is primarily due to:									Decrease in income is primarily due to:
— interest related to a reserve for an international non-income tax obligation of $12 million; and									— accrued penalties related to a reserve for an international non-income tax obligation of $7 million
— a decrease in interest income of $12 million, reflecting lower cash balances resulting from higher share repurchase activity coupled with lower interest rates; partially offset by
— lower interest expense on borrowings of $17 million primarily related to the maturity of both debt and related interest rate swaps

						ETR ⇑ 170 BPS

The ETR was higher than the prior year primarily reflecting a decrease in Excess Tax Benefits related to stock-based compensation.

						Diluted EPS ⇑ $0.27												Adjusted Diluted EPS**(1)** ⇑ $0.50

Both diluted EPS and Adjusted Diluted EPS(1) growth primarily reflects the increase in operating income/Adjusted Operating Income.

Segment Results

Moody’s Analytics

The table below provides a summary of revenue and operating results, followed by further insight and commentary:

			Three Months Ended March 31,												% Change Favorable (Unfavorable)
			2026						2025
Revenue:
Decision Solutions (DS)			$	432					$	405					7		%
Research and Insights (R&I)			255						236						8		%
Data and Information (D&I)			239						218						10		%
Total external revenue			926						859						8		%
Intersegment revenue			3						3						—		%
Total MA revenue			929						862						8		%
Expenses:
Operating and SG&A (external)			610						554						(10		%)
Operating and SG&A (intersegment)			51						49						(4		%)
Total operating and SG&A			661						603						(10		%)
Adjusted Operating Income			$	302					$	259					17		%
Adjusted Operating Margin			32.5		%				30.0		%
Depreciation and amortization			100						94						(6		%)
Restructuring			20						26						23		%
Charges related to asset abandonment			—						2						100		%
Reserve for international non-income tax obligation			34						—						NM

MOODY'S ANALYTICS REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

MA: Global revenue ⇑ $67 million			U.S. Revenue ⇑ $24 million			Non-U.S. Revenue ⇑ $43 million

The 8% increase in global MA revenue reflects growth both in the U.S. (6%) and internationally (9%).

–Organic constant currency revenue(1) growth was 6%.

–Recurring revenue growth and organic constant currency recurring revenue(1) growth was 11% and 7%, respectively.

–ARR(2) increased 8%.

The increases are reflective of growth across all LOBs, as discussed in further detail below.

DECISION SOLUTIONS REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

DS: Global revenue ⇑ $27 million			U.S. Revenue ⇑ $8 million			Non-U.S. Revenue ⇑ $19 million

Global DS revenue for the three months ended March 31, 2026 and 2025 was comprised as follows:

Global DS revenue increased 7% compared to the first quarter of 2025 and reflects increases in the U.S. (5%) and internationally (8%). DS recurring revenue grew 13%. Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 7% and 10%, respectively, and ARR grew 10%.

The most notable drivers of the growth are as follows:

–Insurance revenue grew 11%

–recurring revenue growth of 13% in Insurance was primarily attributable to continued demand for subscription-based revenue for catastrophe modeling tools

–Organic constant currency revenue(1) growth and organic constant currency recurring revenue(1) growth for Insurance was 9% and 10%, respectively

–ARR(2) grew 7% reflecting the continued demand for subscription-based catastrophe models

–KYC revenue grew 17%

–recurring revenue growth of 17% reflects strong demand and customer retention for KYC solutions, primarily driven by expanded compliance data use cases, coupled with a favorable impact from foreign currency translation

–Both constant currency revenue(1) growth and constant currency recurring revenue(1) growth in KYC were 11%

–ARR(2) grew 13%, reflecting the aforementioned strong demand for KYC solutions

–Banking revenue declined 6%, primarily reflecting the impact of the MA Learning Solutions divestiture in the fourth quarter of 2025

–recurring revenue growth of 10% within Banking reflected:

–expansion of existing customer relationships to cloud hosted subscription-based banking offerings, which enable customers' lending, risk management and finance workflows

partially offset by:

–a decline in revenue from installed software subscriptions

–Transaction revenue declined 77% reflecting the impact of the divestiture of the MA Learning Solutions business and MA's continued strategic shift to cloud hosted subscription-based solutions

–Organic constant currency revenue(1) growth and organic constant currency recurring revenue(1) growth for Banking was 3% and 9%, respectively

–ARR(2) grew 10% reflecting the aforementioned expansion of existing customer relationships to subscription-based banking offerings

RESEARCH AND INSIGHTS REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________________****__ ________________________________________________

R&I: Global revenue ⇑ $19 million			U.S. Revenue ⇑ $10 million			Non-U.S. Revenue ⇑ $9 million

Global R&I revenue increased 8% compared to the first quarter of 2025 and reflects growth in both the U.S. (8%) and internationally (8%).

The revenue increase was attributable to continued strong retention and demand for credit research product offerings, which contributed to R&I ARR(2) growth of 7%.

DATA AND INFORMATION REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

______________________________________________********__________________________________________________

D&I: Global revenue ⇑ $21 million			U.S. Revenue ⇑ $6 million			Non-U.S. Revenue ⇑ $15 million

Global D&I revenue increased 10% compared to the first quarter of 2025 and reflects growth in both the U.S. (8%) and internationally (11%). Constant currency revenue(1) growth for D&I was 5%.

This growth was mainly driven by continued strong demand for ratings data feeds and company data applications, coupled with a favorable impact from foreign currency translation.

ARR(2) grew 6% reflecting the aforementioned continued strong demand for ratings data feeds and company data applications.

						MA: First Quarter Operating and SG&A Expense ⇑ $56 million

						Compensation expenses of $374 million increased $12 million primarily reflecting:												Non-compensation expenses of $236 million increased $44 million reflecting:
						— growth in salaries and benefits, driven by unfavorable changes in foreign exchange rates, while the underlying expense was generally in line with the prior year												— a reserve recorded in the first quarter of 2026 for an international non-income tax obligation; and
															— increases in costs to support operating growth, including technology infrastructure costs
						Changes in foreign currency translation rates unfavorably impacted MA Operating and SG&A expenses by 3%.

						MA: Adjusted Operating Margin 32.5% ⇑ 250 BPS

Adjusted Operating Margin expansion primarily reflects the aforementioned 8% increase in global MA revenue, supported by operational efficiency/disciplined cost management and cost savings from the Strategic and Operational Efficiency Restructuring Program.

Depreciation and amortization

The increase in depreciation and amortization expense reflects higher amortization of internally developed software relating to the development of cloud-based solutions.

Restructuring

The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.

Moody’s Investors Service

The table below provides a summary of revenue and operating results, followed by further insight and commentary:

			Three Months Ended March 31,												% Change Favorable (Unfavorable)
			2026						2025
Revenue:
Corporate finance (CFG)			$	633					$	564					12		%
Structured finance (SFG)			137						138						(1		%)
Financial institutions (FIG)			194						191						2		%
Public, project and infrastructure finance (PPIF)			176						163						8		%
Total ratings revenue			1,140						1,056						8		%
MIS Other			13						9						44		%
Total external revenue			1,153						1,065						8		%
Intersegment revenue			51						49						4		%
Total MIS revenue			1,204						1,114						8		%
Expenses:
Operating and SG&A (external)			398						376						(6		%)
Operating and SG&A (intersegment)			3						3						—		%
Total operating and SG&A			401						379						(6		%)
Adjusted Operating Income			$	803					$	735					9		%
Adjusted Operating Margin			66.7		%				66.0		%
Depreciation and amortization			22						19						(16		%)
Restructuring			7						7						—		%

The following chart presents changes in rated issuance volumes compared to the first quarter of 2025. To the extent that changes in rated issuance volumes had a material impact to MIS's revenue compared to the prior year, those impacts are discussed below.

MOODY'S INVESTORS SERVICE REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

MIS: Global revenue ⇑ $88 million			U.S. Revenue ⇑ $91 million			Non-U.S. Revenue ⇓ $3 million

The 8% increase in global MIS revenue reflects growth in the U.S (13%), partially offset by a decline internationally (1%).

–Organic constant currency revenue(1) growth was 6%.

The increase is reflective of growth across all ratings LOBs, excluding SFG, as discussed in further detail below.

CFG REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

CFG: Global revenue ⇑ $69 million			U.S. Revenue ⇑ $81 million			Non-U.S. Revenue ⇓ $12 million

Global CFG revenue for the three months ended March 31, 2026 and 2025 was comprised as follows:

• Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.

The increase in CFG revenue of 12% reflects growth in the U.S. (21%), partially offset by a decline internationally (7%).

**–**Constant currency revenue(1) growth for CFG was 10%.

Transaction revenue increased $57 million compared to the same period in the prior year, which primarily reflected:

–higher investment-grade revenue reflecting robust first quarter issuance supported by several jumbo transactions, including AI‑related financing from hyperscalers in the technology sector, and continued strong investor demand for high‑quality credits;

–an increase in speculative-grade bond issuance activity, primarily in the U.S., reflecting strong investor demand supported by elevated yields and continued tight credit spreads for a majority of the first quarter;

partially offset by:

–a decrease in bank loan revenue due to lower issuance activity when compared to a strong prior year comparative.

SFG REVENUE

Three months ended March 31,

2026**---------------------------------------------------------------------------**2025

_________________________________________********________________________________________

SFG: Global revenue ⇓ $1 million			U.S. Revenue ⇓ $6 million			Non-U.S. Revenue ⇑ $5 million

Global SFG revenue for the three months ended March 31, 2026 and 2025 was comprised as follows:

The decrease in SFG revenue of 1% reflects a decrease in the U.S. (6%), partially offset by growth internationally (13%).

**–**Constant currency revenue(1) decline for SFG was 3%.

Transaction revenue decreased $4 million compared to the first quarter of 2025, mainly attributable to:

**–**a decline in CMBS activity coupled with lower CLO refinancing activity;

partially offset by:

**–**strong ABS issuance, supported by constructive spread conditions and strong investor demand.

FIG REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

FIG: Global revenue ⇑ $3 million			U.S. Revenue ⇑ $7 million			Non-U.S. Revenue ⇓ $4 million

Global FIG revenue for the three months ended March 31, 2026 and 2025 was comprised as follows:

The increase in FIG revenue of 2% reflects growth in the U.S. (7%) partially offset by a decline internationally (4%). Constant currency revenue(1) decline for FIG was 1%.

–Recurring revenue increased by $7 million, primarily reflecting the impact of annual price increases and higher monitored credits;

partially offset by:

–a decrease in Transaction Revenue of $4 million compared to the first quarter of 2025, primarily reflecting lower volumes from infrequent issuers, particularly in the insurance sector.

PPIF REVENUE

Three months ended March 31,

2026**-----------------------------------------------------------------------------------**2025

_________________________________________********________________________________________

PPIF: Global revenue ⇑ $13 million			U.S. Revenue ⇑ $8 million			Non-U.S. Revenue ⇑ 5 million

Global PPIF revenue for the three months ended March 31, 2026 and 2025 was comprised as follows:

The increase in PPIF revenue of 8% reflects growth in the U.S. (8%) and internationally (8%).

**–**Constant currency revenue(1) increase for PPIF was 6%.

Transaction revenue increased $8 million compared to the first quarter of 2025, reflecting strong investment-grade issuance in U.S. infrastructure finance driven by ongoing infrastructure funding needs and AI and data center‑related issuance.

Recurring revenue increased $5 million, driven by the impact of annual price increases and higher monitored credits.

						MIS: First Quarter Operating and SG&A Expense ⇑ $22 million

						Compensation expenses of $307 million increased $27 million reflecting:												Non-compensation expenses of $91 million decreased $5 million:
						— growth in salaries and benefits driven by:												— non-compensation expenses were generally in line compared to the prior year
						— unfavorable foreign exchange impacts; — annual salary increases; and — higher headcount, primarily from acquisitions
						Changes in foreign currency translation rates unfavorably impacted MIS Operating and SG&A expenses by 2%.

												MIS: Adjusted Operating Margin 66.7% ⇑ 70 BPS

MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 8% increase in revenue, coupled with operating leverage of the business and disciplined cost management.

Restructuring

The amounts reflect charges and adjustments related to the Company's restructuring program, more fully discussed in Note 9 to the consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.

Cash Flow

The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:

			Three Months Ended March 31,												$ Change Favorable (Unfavorable)
			2026						2025
Net cash provided by operating activities			$	939					$	757					$	182
Net cash (used in) provided by investing activities			$	(91)					$	224					$	(315)
Net cash used in financing activities			$	(1,719)					$	(1,298)					$	(421)
Free Cash Flow (1)			$	844					$	672					$	172

(1) Free Cash Flow is a non-GAAP measure and is defined by the Company as net cash provided by operating activities minus cash paid for capital expenditures. Refer to “Non-GAAP Financial Measures” of this MD&A for further information on this financial measure.

Net cash provided by operating activities

Net cash flows from operating activities for the three months ended March 31, 2026 increased by $182 million compared to the same period in 2025, with the most notable drivers reflecting:

–growth in operating income of $76 million coupled with various changes in working capital; and

–approximately $70 million in lower incentive compensation payments in 2026 (based on full-year 2025 financial and operating results) compared to payments made in the prior year (based on full-year 2024 financial and operating results).

Net cash (used in) provided by investing activities

The $315 million increase in cash used in investing activities in the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to:

–a $485 million decrease in sales and maturities of investments primarily due to the maturity of certificates of deposit in the first quarter of 2025, of which the proceeds were used to repay notes payable in the prior year;

partially offset by:

–lower cash paid for acquisitions, net of cash acquired of $200 million primarily due to amounts paid for the acquisition of CAPE Analytics in the first quarter of 2025.

Net cash used in financing activities

The $421 million increase in cash used in financing activities in the three months ended March 31, 2026 compared to the same period in the prior year was primarily attributed to:

*–*higher cash paid for treasury share repurchases in 2026 of $1,098 million compared to the same period in the prior year;

partially offset by:

–a $700 million repayment of notes payable in the prior year.

Cash and cash equivalents and short-term investments

The Company’s aggregate cash and cash equivalents and short-term investments of $1.5 billion at March 31, 2026 included approximately $1.1 billion located outside of the U.S. Approximately 23% of the Company’s aggregate cash and cash equivalents and short-term investments is denominated in euro and GBP. The Company manages both its U.S. and non-U.S. cash flow to maintain sufficient liquidity in all regions to effectively meet its operating needs.

The Company regularly evaluates which entities will indefinitely reinvest earnings outside the U.S. The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested. Accordingly, the Company continues to repatriate a portion of its non-U.S. cash in these subsidiaries and will continue to repatriate certain of its offshore cash in a manner that addresses compliance with local statutory requirements, sufficient offshore working capital and any other factors that may be relevant in certain jurisdictions. Notwithstanding the Tax Act, which generally eliminated federal income tax on future cash repatriation to the U.S., cash repatriation may be subject to state and local taxes or withholding or similar taxes.

Material Cash Requirements

The Company's material cash requirements consist of the following contractual and other obligations:

Financing Arrangements

Indebtedness

At March 31, 2026, Moody’s had $7.1 billion of outstanding principal on debt and $1 billion of additional capacity available under the Company’s CP Program, which is backstopped by the $1.25 billion 2024 Facility.

The repayment schedule for the Company’s borrowings outstanding at March 31, 2026 is as follows:

For additional information on the Company's outstanding debt, refer to Note 13 to the consolidated financial statements.

Future interest payments and fees associated with the Company's debt and credit facility are expected to be $3.5 billion, of which approximately $200 million is expected to be paid in each of the next five years, and the remaining amount expected to be paid thereafter.

Management may consider pursuing additional long-term financing when it is appropriate in light of cash requirements for operations, share repurchases and other strategic opportunities, which could result in higher financing costs.

Purchase Obligations

Purchase obligations generally include multi-year agreements with vendors to purchase goods or services and mainly include data center/cloud hosting fees and fees for information technology licensing and maintenance. As of March 31, 2026, these purchase obligations totaled approximately $650 million, of which approximately 50% is expected to be paid in the next twelve months and another approximate 50% is expected to be paid over the next two subsequent years, with the remainder to be paid thereafter.

Leases

The Company has remaining payments relating to its operating leases of $1,021 million at March 31, 2026, primarily related to real estate leases, of which $99 million in payments are expected over the next twelve months. For more information on the expected cash flows relating to the Company's operating leases, refer to Note 14 to the consolidated financial statements.

Pension and Other Retirement Plan Obligations

The Company does not anticipate making significant contributions to its funded pension plan in the next twelve months. This plan is overfunded at March 31, 2026, and accordingly holds sufficient investments to fund future benefit obligations. Payments for the Company's unfunded plans are not expected to be material in either the short or long-term.

Dividends and share repurchases

On April 20, 2026, the Board approved the declaration of a quarterly dividend of $1.03 per share for Moody’s common stock, payable June 5, 2026 to shareholders of record at the close of business on May 15, 2026. The continued payment of dividends at this rate, or at all, is subject to the discretion of the Board.

On October 21, 2025, the Board approved $4.0 billion in share repurchase authority. At March 31, 2026, the Company had approximately $2.5 billion of remaining authority under this authorization.

Restructuring

As more fully discussed in Note 9 to the consolidated financial statements, the Company is currently in the process of executing the Strategic and Operational Efficiency Restructuring Program. Future cash outlays associated with this program are expected to be approximately $90 million to $110 million, which are expected to be paid out through 2027.

Sources of Funding to Satisfy Material Cash Requirements

The Company believes that it has the financial resources needed to meet its cash requirements and expects to have positive operating cash flow over the next twelve months. Cash requirements for periods beyond the next twelve months will depend, among other things, on the Company’s profitability and its ability to manage working capital requirements. The Company may also borrow from various sources as described above.

NON-GAAP FINANCIAL MEASURES

In addition to its reported results, Moody’s has included in this MD&A certain adjusted results that the SEC defines as “Non-GAAP financial measures.” Management believes that such adjusted financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and can provide greater transparency to investors of supplemental information used by management in its financial and operational decision-making. These adjusted measures, as defined by the Company, are not necessarily comparable to similarly defined measures of other companies. Furthermore, these adjusted measures should not be viewed in isolation or used as a substitute for other GAAP measures in assessing the operating performance or cash flows of the Company. Below are brief descriptions of the Company’s adjusted financial measures accompanied by a reconciliation of the adjusted measure to its most directly comparable GAAP measure:

Adjusted Operating Income and Adjusted Operating Margin**:**

The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring charges/adjustments, iii) charges related to asset abandonment and iv) a reserve for an international non-income tax obligation. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. The reserve for an international non-income tax obligation is excluded because the Company believes it is not indicative of its ongoing operating cost structure.

Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue.

			Three Months Ended March 31,
			2026						2025
Operating income			$	922					$	846
Adjustments:
Depreciation and amortization			122						113
Restructuring			27						33
Reserve for international non-income tax obligation			34						—
Charges related to asset abandonment			—						2
Adjusted Operating Income			$	1,105					$	994
Operating margin			44.3		%				44.0		%
Adjusted Operating Margin			53.2		%				51.7		%

Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders:

The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; iii) charges related to asset abandonment; and iv) and a reserve for an international non-income tax obligation and related interest and penalties.

The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies. The reserve for an international non-income tax obligation and related interest and penalties are excluded because the Company believes they are not indicative of its ongoing operating cost structure.

The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods.

			Three Months Ended March 31,
Amounts in millions			2026									2025
Net Income attributable to Moody's common shareholders						$	661								$	625
Pre-tax acquisition-related intangible amortization			$	53								$	53
Tax on acquisition-related intangible amortization			(13)									(13)
Net acquisition-related intangible amortization						40									40
Pre-tax restructuring			$	27								$	33
Tax on restructuring			(6)									(8)
Net restructuring						21									25
Pre-tax reserve for international non-income tax obligation and related interest and penalties			$	53								$	—
Tax on reserve for international non-income tax obligation and related interest and penalties			(8)									—
Net reserve for international non-income tax obligation and related interest and penalties						45									—
Pre-tax charges related to asset abandonment			$	—								$	2
Tax on charges related to asset abandonment			—									—
Net charges related to asset abandonment						—									2
Adjusted Net Income						$	767								$	692

			Three Months Ended March 31,
			2026									2025
Diluted earnings per share attributable to Moody's common shareholders						$	3.73								$	3.46
Pre-tax acquisition-related intangible amortization			$	0.30								$	0.29
Tax on acquisition-related intangible amortization			(0.07)									(0.07)
Net acquisition-related intangible amortization						0.23									0.22
Pre-tax restructuring			$	0.15								$	0.18
Tax on restructuring			(0.03)									(0.04)
Net restructuring						0.12									0.14
Pre-tax reserve for international non-income tax obligation and related interest and penalties			$	0.30								$	—
Tax on reserve for international non-income tax obligation and related interest and penalties			(0.05)									—
Net reserve for international non-income tax obligation and related interest and penalties						0.25									—
Pre-tax charges related to asset abandonment			$	—								$	0.01
Tax on charges related to asset abandonment			—									—
Net charges related to asset abandonment						—									0.01
Adjusted Diluted EPS						$	4.33								$	3.83

Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.

Free Cash Flow*:*

The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow:

			Three Months Ended March 31,
			2026						2025
Net cash provided by operating activities			$	939					$	757
Capital additions			(95)						(85)
Free Cash Flow			$	844					$	672
Net cash (used in) provided by investing activities			$	(91)					$	224
Net cash used in financing activities			$	(1,719)					$	(1,298)

Organic Constant Currency Revenue Growth (Decline):

The Company presents organic constant currency revenue growth as its non-GAAP measure of revenue growth. Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth excluding both the inorganic revenue impacts from certain acquisition and divestiture activity completed within the last 12 months and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results.

Below is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures:

						Three Months Ended March 31,
Amounts in millions						2026						2025						Change						Growth
MCO revenue						$	2,079					$	1,924					$	155					8%
FX impact						(46)						—						(46)
Inorganic revenue from acquisitions						(5)						—						(5)
Divestitures						—						(14)						14
Organic constant currency MCO revenue						$	2,028					$	1,910					$	118					6%
MA revenue						$	926					$	859					$	67					8%
FX impact						(25)						—						(25)
Inorganic revenue from acquisitions						(2)						—						(2)
Divestitures						—						(14)						14
Organic constant currency MA revenue						$	899					$	845					$	54					6%
Decision Solutions revenue						$	432					$	405					$	27					7%
FX impact						(10)						—						(10)
Inorganic revenue from acquisitions						(2)						—						(2)
Divestitures						—						(14)						14
Organic constant currency Decision Solutions revenue						$	420					$	391					$	29					7%
Banking revenue						$	133					$	141					$	(8)					(6)%
FX impact						(2)						—						(2)
Divestitures						—						(14)						14
Organic constant currency Banking revenue						$	131					$	127					$	4					3%
Insurance revenue						$	181					$	163					$	18					11%
FX impact						(2)						—						(2)
Inorganic revenue from acquisitions						(2)						—						(2)
Organic constant currency Insurance revenue						$	177					$	163					$	14					9%
KYC revenue						$	118					$	101					$	17					17%
FX impact						(6)						—						(6)
Constant currency KYC revenue						$	112					$	101					$	11					11%
Research and Insights revenue						$	255					$	236					$	19					8%
FX impact						(4)						—						(4)
Constant currency Research and Insights revenue						$	251					$	236					$	15					6%

						Three Months Ended March 31,
Amounts in millions						2026						2025						Change						Growth
Data and Information revenue						$	239					$	218					$	21					10%
FX impact						(11)						—						(11)
Constant currency Data and Information revenue						$	228					$	218					$	10					5%
MA recurring revenue						$	909					$	822					$	87					11%
FX impact						(25)						—						(25)
Inorganic recurring revenue from acquisitions						(2)						—						(2)
Organic constant currency MA recurring revenue						$	882					$	822					$	60					7%
Decision Solutions recurring revenue						$	422					$	373					$	49					13%
FX impact						(10)						—						(10)
Inorganic recurring revenue from acquisitions						(2)						—						(2)
Organic constant currency Decision Solutions recurring revenue						$	410					$	373					$	37					10%
Banking recurring revenue						$	127					$	115					$	12					10%
FX impact						(2)						—						(2)
Organic constant currency Banking recurring revenue						$	125					$	115					$	10					9%
Insurance recurring revenue						$	177					$	157					$	20					13%
FX impact						(2)						—						(2)
Inorganic recurring revenue from acquisitions						(2)						—						(2)
Organic constant currency Insurance recurring revenue						$	173					$	157					$	16					10%
KYC recurring revenue						$	118					$	101					$	17					17%
FX impact						(6)						—						(6)
Constant currency KYC recurring revenue						$	112					$	101					$	11					11%
Research and Insights recurring revenue						$	252					$	233					$	19					8%
FX impact						(4)						—						(4)
Organic constant currency Research and Insights recurring revenue						$	248					$	233					$	15					6%
Data and Information recurring revenue						$	235					$	216					$	19					9%
FX impact						(11)						—						(11)
Organic constant currency Data and Information recurring revenue						$	224					$	216					$	8					4%
MIS revenue						$	1,153					$	1,065					$	88					8%
FX impact						(21)						—						(21)
Inorganic revenue from acquisitions						(3)						—						(3)
Organic constant currency MIS revenue						$	1,129					$	1,065					$	64					6%
Corporate Finance revenue						$	633					$	564					$	69					12%
FX impact						(10)						—						(10)
Organic constant currency Corporate Finance revenue						$	623					$	564					$	59					10%
Structured Finance revenue						$	137					$	138					$	(1)					(1)%
FX impact						(3)						—						(3)
Organic constant currency Structured Finance revenue						$	134					$	138					$	(4)					(3)%

						Three Months Ended March 31,
Amounts in millions						2026						2025						Change						Growth
Financial Institutions revenue						$	194					$	191					$	3					2%
FX impact						(5)						—						(5)
Organic constant currency Financial Institutions revenue						$	189					$	191					$	(2)					(1)%
PPIF revenue						176						163						13						8%
FX impact						(3)						—						(3)
Organic constant currency PPIF revenue						$	173					$	163					$	10					6%

Key Performance Metrics:

The Company presents ARR on an organic constant currency basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base.

The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including one-time training, services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, to provide better perspective in assessing growth, the Company excludes from ARR contracts associated with acquisitions and divestitures completed within the last 12 months. Given the close proximity of the anticipated closing date to the date of the filing of this quarterly report on Form 10-Q, the Company excluded contracts associated with the MA Regulatory Solutions business from ARR to reflect the expected impact of the pending divestiture.

The Company’s definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with GAAP.

Amounts in millions						March 31, 2026						March 31, 2025						Change						Growth
MA ARR
Decision Solutions
Banking						$	422					$	382					$	40					10%
Insurance						706						658						48						7%
KYC						473						419						54						13%
Total Decision Solutions						$	1,601					$	1,459					$	142					10%
Research and Insights						1,027						964						63						7%
Data and Information						979						920						59						6%
Total MA ARR						$	3,607					$	3,343					$	264					8%

RECENTLY ISSUED ACCOUNTING STANDARDS

Refer to Note 1 to the consolidated financial statements located in Part I of this Form 10-Q for a discussion on the impact to the Company relating to recently issued accounting pronouncements.

CONTINGENCIES

Legal proceedings in which the Company is involved also may impact Moody’s liquidity or operating results. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Item 1 - "Financial Statements," Note 15 "Contingencies” in this Form 10-Q.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements and are based on future expectations, plans and prospects for the Company's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Those statements appear at various places throughout this quarterly report on Form 10-Q, including in the sections entitled “Contingencies” under Item 2, “MD&A,” commencing on page 37 of this quarterly report on Form 10-Q, under “Legal Proceedings” in Part II, Item 1, of this Form 10-Q, and elsewhere in the context of statements containing the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “predict,” “potential,” “continue,” “strategy,” “aspire,” “target,” “forecast,” “project,” “estimate,” “should,” “could,” “may,” and similar expressions or words and variations thereof relating to the Company’s views on future events, trends and contingencies or otherwise convey the prospective nature of events or outcomes generally indicative of forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date of this quarterly report on Form 10-Q, and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements.

Those factors, risks and uncertainties include, but are not limited to:

–the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes and volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers, and customer retention, and demand for our products and services;

–the impact of general economic conditions (including significant government debt and deficit levels and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets;

–the uncertain effects of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets;

–the impacts of geopolitical events and actions, such as the Russia-Ukraine military conflict, military conflicts in the Middle East, and tensions between India and Pakistan, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on the Company's own operations and personnel;

–other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties;

–the level of merger and acquisition activity in the U.S. and abroad;

–the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions;

–concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings;

–the introduction or development of competing and/or emerging technologies and products;

–pricing pressure from competitors and/or customers;

–the level of success of new product development and global expansion;

–the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations;

–the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU;

–exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time;

–provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to CRAs in a manner adverse to CRAs;

–provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes;

–uncertainty regarding the future relationship between the U.S. and China;

–the possible loss of key employees and the impact of the global labor environment;

–failures or malfunctions of our operations and infrastructure;

–any vulnerabilities to cyber threats or other cybersecurity concerns;

–the timing and effectiveness of our restructuring programs;

–currency and foreign exchange volatility;

–the outcome of any review by tax authorities of Moody’s global tax planning initiatives;

–exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials;

–the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses;

–the level of future cash flows;

–the levels of capital investments; and

–a decline in the demand for credit risk management tools by financial institutions, corporate or government entities.

These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2025, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.