year today. Rob, us and and QX strong you financial Starting We performance hello, very you, a Thank 'XX. our results. a capping joining with everyone, delivered for remarkable thank finish, of in
their $X.XX, adjusted up The XX% diluted highest can our with was -- revenues volatility with EPS nearly throughout around Slide all its results demand days in the revenue across spreads and our business the second You And highlights see $X.XX decade, XX% election over environment record spec last didn't particularly materialize. full robust the from levels year on $X.X anticipated QX X. And MCO quarter delivered The year-on-year. a billion, year-over-year. grade, were of at up December. the U.S. in until lines. MIS growth continued the on tightest QX
MIS QX driven $XXX by were year-on-year. revenue XX% primarily in The up factors. key was growth million, X
loan XXX% QX. healthy was activity, up issuance which leveraged First, in
towards However, with the revenue class for asset refinancing mix was repricing, up weighted and that XX%. transactional
which into third, Second, strength quarter adjusted our infrequent CMBS, and strong fourth a incentive XX.X% banking in the and And exceeded guidance. reflecting particularly spread from performance strong MIS' performance margin, the U.S. demand environment. finance, in corresponding and compensation from operating CLOs translated very continued in structured higher a insurance issuers implied sectors. and favorable
to Turning MA.
had revenue, year-on-year. XX% which growth also in $XXX X.X% for with QX a XX% revenue line with up strong broadly of Recurring revenue MA, year-on-year, of We the accounts total in grew in X% ARR. million,
Rob drove As Decision said, performance year-on-year. the XX% growth with Solutions
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risk of and are X%, relationships workflows. that ARR finance enabling strong management subscription-based offerings and reflecting lending, retention expansion Banking grew customer with customers'
Information lines X%, by research manager asset from franchises. by earlier and The attrition the Insights grew of growth events Data space the & MA grew our affecting include ARR other X sector. demand the corporate driven by the in we the in from with within & businesses year rate. data established more ARR Orbis discussed Research X%
cross-sell, meaning full ARR upsell grew upgrades, in That meaningfully said, sales, or 'XX. year above trends
overall accounted And some XX% Research growth. of CreditView for upselling Assistant customers, from Research of Insights was this & which to ARR our our
year, healthy of of margin margin for last XXX than customer versus our We has and to that's engagement for increased already operating the year are annual adjusted XX.X% which MA reached encouraged by basis the our points pipeline Research GenAI and XXXX end XXX of offerings, XX.X%, Assistant, a guide. building full one QX towards high more customers QX. of in a leading is
turning to Now 'XX year fiscal guidance.
adjusted is basis XXXX margin basis operating points. the an in expanding We with And expect increased XX%. single-digit back growth range approximately margin MCO XXX we revenue fiscal this about adjusted by XXX high operating year a where on to points of the by
$XX.XX. adjusted of guidance a to EPS range $XX diluted Our range is
will activity. MIS, conditions remain tight an default spreads, for with this expect we uptick year Now high-yield in constructive and rates declining M&A market
issuance mandates. asset 'XX You'll outlook on first-time single-digit slide. we're to issuance to class see with be in individual in this MIS-rated But our all, for XXX all the growth projecting range XXX low for
for range from the in positive For single-digit mix. the a issuance high year, MIS to growth percent revenue, expect mid- we benefiting
into margin year-over-year. to to of performance expect expansion basis represents which at We of the operating margin XX%, the XX% points XXX translate about revenue an midpoint adjusted
with range. the single-digit in in growth high revenue growth single-digit expect we low range to ARR high MA, double-digit the For
points XXX operating XX% at which to the adjusted year-over-year. margin XX%, represents and margin expansion basis be midpoint expect We of between MA
what and recent the underpins our businesses acquired In the have operating part, at the simplify MCO are, We expected an expansion. we we a took we've believe to and hard look margin the integration of MA Turning organizational the our Analytics most business, our over model to for through years. structure. opportunity
are position the a consolidate and resources corporate in from to We and This selling estate marketing, selling our real footprint. and go-to-market combine segment. end-to-end us to banking, data in to individual our gradually customer-facing functions solutions engineering our in reorienting insurance product puts further products customers also our
more investments which made organization, across reap into starting also expected improvements the of our in And broadly the translates benefit to the we're automating operating leverage. workflows, we in
of with So growth plan strategic in efficiency investment connection to million personnel-related organization, an the to upon allowing and redirect $XXX cost capacity in in $XXX $XXX total between of range annualized expansion We the million primarily over areas. for some accelerate incur $XXX completion to this, plan, charges in today, program savings costs, announcing profitability we're simplify to and an duration million X-year plan. expected the restructuring the the million to us of
lesser within presentation we already approximately to appendix million $XX in expect primarily million a bridge million have the functions. to I'd the full to $XX Moody's full 'XX an that in in and corporate of assist record accrued fourth full Analytics 'XX the expense to included the We quarter year our of in charge note and, 'XX additional extent, in year operating modeling with to $XXX this year range questions.
And of top to and margin. the here's color about some think how line calendarization on
with from the year a MIS sequentially the up quarter in to ramping mid-single-digit fourth 'XX, in quarter. revenue similar quarterly to revenue 'XX and quarter the expect in first second third up full our first declining in 'XX, We follow before quarter pattern range
consistent with in be throughout high sequentially our single-digit pattern range the 'XX, versus MA, revenue that's being prior year-on-year total year. we expect percent QX with For flat year to growth the the revenue a consistent QX
we anticipate expenses pattern. as our of we a associated and remain to program and operating year, from And but from seasonal stable QX. to from $XX follow about expenses then with expenses variable expect million remainder to expense savings operating revenue. pattern normal salary relatively efficiency annual and increase the impact Sequentially, to the asset anticipate a restructuring to by follow charges, excluding increases we typical the abandonment For QX costs throughout associated offset seasonal
expect as In MA, approximately the declining with in And in quarter, terms first the expect the second efficiency as sequentially improving half. before achieve year guidance in the to in of in second half mid-XXs the first in the to in plan savings XX% XX% margin, for our XX% see revenue. and second from to MIS we line full half start our ramps to be the revenue half of we we
terms these how the the translate diluted EPS specifically EPS, MIS adjusted revenue implied $X.XX for high different In diluted dynamics adjusted expect into to more range of at adjusted cadence. of to this end $X.XX. expect And EPS to QX, of quarterly we we follow be the diluted
medium-term looking CFO take up. beyond a how almost stacked with we're since X and about talk an It's finally, targets. those has stock like on So our in tracking opportunity year seat, as to to this been performance using I'd XXXX, I'm against years our we how published the
adjusted first above headline XX% diluted XXXX is XXXX an the full guidance target ago. EPS year medium-term The EPS X our midpoint years, double-digit CAGR this: low through significantly X growth And adjusted is up rate. diluted of the the XX% from years implies
exceeding issuance X last up Now adjusted and in a MIS margin of XX.X% good environment, been execution in outperformance XX% XXXX. with a this robust revenue years by has during lot very already the driven MIS
last have delivered over ARR range the X% reporting the XX% to organic in growth strong also in of growth consistently years. X We MA,
mid-teens in our retention ARR we X% us sustain grow the rate low percent mid-XXs forward, to coming look range to to to we to growth our expect business range remain low pace, this percent years. XX% As the new at in enabling to and to continue in
note, most on initially a fuel areas, has to now different recent growth focused casualty when our our our Of we is including at and smaller durable enriching envisioned underwriting. our what's that been and notably medium-term lending offerings published strategic from what in growth we scale guidance M&A
for the data broadly interoperability, invested On years. MA process leverage We've platform invested are profitability, the our coming increased generate efficiencies. expected operating more in which GenAI and and all build-out of automation internal in to we've in the of
simplify our with into We high XX% this, expect that the structure, margin to to program range will MA in XXXX. organizational our expansion by mid- coupled translate
the the to this the business. double-digit we from range together, our range, EPS power mid-teens growth our improve bringing to our earnings diluted Now all of for adjusted low MCO, percent for efforts ongoing growth increasing reflecting low percent are growth to
deliver To flow anticipate and the remain on drivers wrap the deliver allocation sustainable we across and our cash capital will consistent committed cycles. both executing market customers profitability and to We and strategy expansion strategy on continue free shareholders. attractive believe up, our execution we strong growth demand of and to our work as returns to
thank to And our the will to happy that, Steve and take with for Moody's. remarkable year of I your contributions like I'd for around colleagues another world to all be and questions. their Operator? great Mike Rob,
