Observed Signal · Oct 21, 2026 · earnings · Source: SEC API · Impact: 4.1/5
10-Q Financial Filing Analysis for Moody's (2026-10-21)
Moody's Corporation reported resilient financial results for the third quarter ended September 30, 2026, with consolidated revenue reaching $2,023 million, up 1% year-over-year ($6,287 million for the first nine months, up 8%). Operational performance was anchored by Moody's Analytics (MA), which delivered 3% external revenue growth (8% organic constant currency), while Moody's Investors Service (MIS) saw external revenue decline 1% due to leveraged finance volatility, offset by robust investment-grade corporate issuance and infrastructure/data-center financings. Operating income stood at $906 million for the quarter, with operating margin at 44.8%. Net income attributable to Moody's rose 14% to $734 million ($4.24 diluted EPS), boosted by a $115 million pre-tax gain on the divestiture of MA Regulatory Solutions and extensive share repurchases.
Moody's continues to exhibit powerful compounding operating leverage and ARR growth in its analytics software franchises, successfully insulating the business against episodic debt issuance lulls in leveraged finance.
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Key Takeaways & Evidence Grounding
- Consolidated revenue for Q3 2026 reached $2,023 million (1% YoY growth), driven by MA external revenue of $936 million (+3%) and MIS external revenue of $1,087 million (-1%).
- Diluted EPS increased 18% YoY to $4.24, bolstered by a $115 million gain on the divestiture of MA Regulatory Solutions and reduced share count from $2,575 million in nine-month share repurchases.
- Year-to-date operating cash flow rose 21% to $2,471 million, generating Free Cash Flow of $2,200 million compared to $1,798 million in the prior-year period.
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10-Q Financial Filing Analysis for CME Group (2026-10-23)
CME Group reported strong financial results for the third quarter of 2026, with total revenues increasing 13% year-over-year to $1.74 billion, up from $1.54 billion in Q3 2025. Operating income reached $1.14 billion, reflecting an operating margin expansion to 65.7% from 63.3%, while net income grew 14% to $1.04 billion ($2.89 per diluted share). Revenue expansion was driven by a 12% rise in clearing and transaction fees to $1.38 billion—fueled by a 16% increase in average daily volume to 29.4 million contracts across interest rates, equity indexes, and energy—alongside a 20% growth in market data and information services to $243.1 million. Operating expenses rose 5% to $595.9 million, primarily due to higher licensing fees tied to equity product volume and ongoing Google Cloud migration costs. For the first nine months of 2026, operating cash flows rose 5% to $3.29 billion, supporting $1.76 billion in Class A share repurchases and $3.63 billion in dividend distributions.
10-Q Financial Filing Analysis for Progress (2026-09-30)
Progress Software Corporation reported its third quarter fiscal 2026 results for the period ended August 31, 2026, delivering quarterly revenue of $246.0 million, down 2% year-over-year primarily due to multiyear subscription contract renewal timing. Operating income for the quarter rose 6% to $46.6 million, and net income increased 17% to $22.8 million ($0.55 per diluted share), supported by disciplined expense management and lower amortization of acquired intangibles. For the nine-month period, revenue expanded 3% to $747.3 million, and operating cash flow grew 54% to $265.5 million. Strategically, Progress completed the redemption of its 2026 Convertible Senior Notes in April 2026 for $361.8 million via its revolving credit facility. Subsequent to the quarter end, on September 22, 2026, the company closed its major $400 million acquisition of Domo, Inc., strengthening its AI and data platforms. Legal exposure from the 2023 MOVEit Vulnerability remains active within multi-district litigation, with net cyber response costs of $3.5 million recognized during the quarter as commercial insurance coverage reached full exhaustion.
10-Q Financial Filing Analysis for Cognizant (2026-10-29)
Cognizant reported Q3 2026 financial results with quarterly revenue increasing 4.6% year-over-year (4.8% in constant currency) to $5.66 billion, driven by Financial Services and CMT segments along with contributions from recently completed acquisitions (3Cloud, Astreya). Operating income reached $872 million with a GAAP operating margin of 15.4%, pressured by $51 million of restructuring charges under Project Leap, while Adjusted Operating Margin expanded 30 basis points to 16.3%. Net income increased 128.8% to $627 million, lapping a $390 million discrete tax charge in Q3 2025 related to the U.S. OBBBA enactment. Free cash flow generation enabled $1.88 billion in share repurchases year-to-date, complemented by an expanded credit facility refinanced in October 2026.
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