Welcome to the annual meeting of stockholders for Moody's Corporation. Our host for today's call is Robert Fauber, President and Chief Executive Officer. I will now turn the call over to your host. Mr. Fauber, you may begin.
Thank you very much, and good morning, ladies and gentlemen. I'm Robert Fauber, President and CEO of Moody's Corporation and Chairman of today's meeting. It's a pleasure to welcome you to the 2026 Annual Meeting of Stockholders of Moody's Corporation, and I want to thank you for taking time to participate. We're pleased to be able to host a virtual meeting and have stockholders attending via the webpage. As is our custom, we will conduct the business portion of our meeting first. After the formal portion of the meeting is complete, the company will take questions subject to the rules of procedure. In order to allow the company to answer any questions from as many stockholders as possible, we ask that you limit the number of your questions. We'll allocate up to one minute to read each.
They should be limited to matters of general interest to stockholders and should be confined to one subject at a time. If you wish to ask a question, you may do so by following the instructions on the meeting website. It is now 9:30 A.M. Eastern Time on April 14th, 2026, and this meeting is officially called to order. The polls are now open for voting. If you previously voted, you do not need to take any additional action. If you previously voted and wish to change your vote, please do so before the closing of the polls by using the voting buttons on the portal. Once the polls close, we will announce the preliminary results of the votes. The agenda is posted on the screen. In order to make the best use of our time, we'll follow the agenda in conducting this meeting.
In addition, the rules of procedure that we will follow in the conduct of this Annual Meeting are also posted on the meeting website. Please refer to them and we appreciate your cooperation. Now, I would like to introduce the Director Nominees, Jorge Bermudez, Sumit Dewan, Thérèse Esperdy, Vince Forlenza, José Minaya, Lisa Sawicki, Leslie Seidman, Zig Serafin, Bruce Van Saun, and myself, Robert Fauber. In addition to the Director Nominees, members of Moody's Senior Management also are present today. The individuals appointed by the Board of Directors to vote proxies at today's meeting are myself, Rich Steele, our General Counsel, and Noémie Heuland, our CFO. Dan Marr and Joseph Epstein from KPMG, our Independent Registered Public Accounting Firm, are also present, and they'll be available for questions during the Q&A portion of the meeting.
I'll now ask the Secretary to file the affidavit of mailing of notice of this meeting with the minutes. James Raitt of American Election Services has been appointed to serve as Inspector of Election for this meeting, and his oath as Inspector has been submitted to the meeting and will be appended to the minutes. The Inspector of Election has certified that there is a sufficient quorum for all business to be conducted at the meeting. Now we will present each item on the agenda in the order set forth in the proxy materials. Because we did not receive notice in accordance with Moody's Bylaws of any additional matters to be considered, no nominations or proposals other than those set forth in the proxy materials may be introduced at this meeting. We have three items to be voted upon by the stockholders.
The first item of business is the election of the 10 director nominees named in the proxy materials to serve on the Board of Moody's until next year's annual meeting of stockholders. The second item of business is the ratification of the appointment of KPMG to act as the independent registered public accounting firm of the Company for the year 2026. The third item of business is the advisory resolution approving executive compensation. Now the Board has approved and recommends that stockholders vote for each of the 10 director nominees and for items two and three. That completes the items to be voted on at this meeting. We will now pause to allow any final votes to be submitted, during which you will not hear any speakers. We are still paused for final voting.
It is now 9:35 A.M. I declare the polls closed, and the Inspector should proceed to count the votes. The next item on the agenda is the preliminary report as provided by the Inspector of Election. Any votes submitted before the polls closed but not reflected in the preliminary report will be reflected in the final report of the Inspector and will be reported to stockholders on a Form 8-K. The Inspector of Election has presented his preliminary report and has determined that each of the 10 director nominees has been elected. Items two and three were approved by the required majority vote. Now, this ends the formal portion of this meeting. There being no further business matters to be raised at this meeting, the meeting is now officially adjourned.
I'd like to make a few remarks, and then we'll address any questions submitted by our stockholders. When I reflect on 2025, I come back to a simple idea, that this is the world Moody's was built for. Over the past five years, uncertainty has become the norm. Trade friction reshaped global supply chains. AI changed competitive dynamics. Extreme weather became more frequent and severe. The rapid growth of private credit increased the need for transparency and trust. In the midst of that uncertainty, Moody's delivered record performance. In 2025, revenue reached $7.7 billion. That was up 9% year-over-year, and we delivered tremendous operating leverage with adjusted operating margins of 51.1%, up 300 basis points. Moody's Ratings generated a record $4.1 billion in revenue on $6.6 trillion of issuance. Moody's Analytics delivered 9% growth and marked its 69th consecutive quarter of revenue growth.
Together, that translated to adjusted diluted EPS of $14.94. That was up 20% year-over-year. That represents nearly 70% earnings growth over the past three years, or a 20% compound annual growth rate since 2022. Now that performance validates our long-term strategy as our investments in proprietary data analytics and AI are helping customers navigate uncertainty, grow their businesses, and make decisions with greater confidence. The market recognized that confidence. Moody's Ratings was named the number one global rating agency by Extel for the 14th consecutive year. Moody's Analytics ranked number one in the Chartis RiskTech100 for the fourth straight year. We earned Great Place To Work certification, reflecting a culture that attracts and retains top talent in a highly competitive market. Now looking back at the past year from a Moody's perspective, three deep currents defined 2025. First, private credit.
By 2030, private credit assets under management are projected to exceed $4 trillion. In 2025, our private credit revenue and ratings grew more than 60%. We rated some of the largest and most innovative transactions in the market, including being mandated as the sole rating agency on the largest private credit CLO of the year, a $1.5 billion issuance by Blackstone. We evolved our credit capabilities to better serve the private credit market through our partnership with MSCI and agentic scoring solutions that apply our analytically rigorous methodologies consistently across large portfolios. As private markets scale, investors and regulators are demanding greater transparency and independent assessment of credit risk. Moody's has a clear role to play here, bringing the same benchmarks and trusted judgment to private credit markets that we've brought to public credit markets for more than 100 years. The second deep current was physical risk.
The impacts of extreme weather are no longer theoretical. With nearly $225 billion in economic losses in the US alone last year, extreme weather is affecting the cost and availability of insurance and having a derivative impact on housing markets, bank lending, and infrastructure investment. In 2025, we invested to meet these needs. By acquiring Cape Analytics, we added geospatial AI and property-level intelligence to our catastrophe models to support better property underwriting. And we continue to deliver more granular high-definition models for perils such as wildfires and severe convective storms that are increasing in frequency and severity. And the demand for more sophisticated analytics drove 15% growth in our insurance business. And that demand is expanding beyond insurers. A Japanese bank now uses our models across its lending portfolio, and an Asian regulator purchased our climate solutions on behalf of 11 financial institutions. That's a first for Moody's.
In a world where extreme weather events are becoming more impactful to underwriting, lending, and investing decision-making, the premium on trusted decision-grade insight has never been higher. The third deep current is AI transformation. The world is investing trillions of dollars in AI models, data centers, and energy infrastructure. The conversation is evolving. The focus is shifting from which model is best to who has grounded, trusted, connected intelligence that AI systems can reason over. This shift is creating a powerful opportunity for Moody's. Value is moving away from disconnected tools and datasets and towards systems that can connect entities, relationships, models, and expert judgment in real time. Our customers are telling us clearly that they want a single integrated picture of risk and opportunity. That's why we're investing in connected intelligence, where every risk connects to every insight.
Moody's is building a system where all of our data connects, updates in real time, gets smarter with use, and can be deployed securely inside the workflows where customers make decisions. Trust is fundamental to this system, and our reputation for independence, rigor, and credibility is one of our most important assets, particularly as AI becomes more deeply embedded in financial decision-making. We're committed to deploying AI in a way that is explainable, governed, and worthy of the trust placed in Moody's.
Now, key to maintaining that trust is our people, and that's why in 2025, we deployed agentic capabilities and upskilling programs to the entire firm while simultaneously asking more of them, not only because the pace of change demands it, but because AI gives us the ability to do more than ever before. We reinforce this through culture commitments around urgency and ownership and using AI to generate real returns on investment that are embedded into how we evaluate performance, allocate rewards, and make decisions. In 2025, we delivered significant AI innovation and enablement for both our customers and our colleagues. Looking ahead, success for us in 2026 will mean several things, being the agency of choice, serving four deep currents relating to AI and digital infrastructure, private credit, transition finance, and digital finance.
Ensuring the analytical rigor that helps issuers access capital markets and investors make sense of a complex world, embedding more of our intelligence directly into customer workflows, and building a connected intelligence system that becomes increasingly central to how customers make high-stakes decisions. We'll continue to invest for growth while maintaining a disciplined approach to capital allocation, including returning capital to stockholders through dividends and share repurchases, as we did in 2025. In closing, our 2025 results demonstrate the strength and differentiation of our financial profile and confidence in our ability to continue to deliver long-term value for stockholders. I want to thank our colleagues for their outstanding work and our stockholders for their continued trust and support. With that, I'm happy to take any questions. Okay, no questions have been submitted.
With that, I would like to thank you all for attending Moody's 2026 Annual Meeting of Stockholders. Goodbye.
This now concludes the meeting. Thank you for joining, and have a pleasant day.