MCO — what changed in the latest 10-Q
A section-by-section comparison of MCO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +174 | −80 | ~38 | 78 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 6 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
— higher leveraged finance issuance, primarily in the U.S., supported by strong investor demand and tight credit spreads;
— investment-grade issuance related to continued AI-related financing by hyperscalers; and
— strong Project and Infrastructure Finance issuance activity related to data centers and broader build-out of technology infrastructure
Total operating and SG&A expenses$981 $932 (5 %)— higher incentive compensation which aligns with operational performance relative to targets; and
— increases in costs to support operating growth, including technology infrastructure costs
Text removed vs the prior filing · source: 10-Q · 2026-04-23
— 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
— higher salaries and benefits including unfavorable foreign exchange impacts; and
— a reserve recorded for an international non-income tax obligation
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice