Moody's Corporation operates as an integrated risk assessment firm worldwide. It operates in two segments, Moody's Analytics and Moody's Investors Services. The Moody's Analytics segment develops a range of products and services that support the risk management activities of institutional participants in financial markets. It also offers credit research, credit models and analytics, economics data and models, and structured finance solutions; data sets on companies and securities; and SaaS solutions supporting banking, insurance, and know your customer workflows. The Moody's Investors Service segment publishes credit ratings and provides assessment services on various debt obligations, programs and facilities, and entities that issue such obligations, such as various corporate, financial institution, and governmental obligations, as well as structured finance securities. The company was formerly known as Dun and Bradstreet Company and changed its name to Moody's Corporation in September 2000. Moody's Corporation was founded in 1900 and is headquartered in New York, New York.

Moody’s выглядит как высококачественный, но уже дорогой бизнес: прибыльность и рентабельность остаются очень сильными, однако оценка рынка заметно опережает фундаментальную динамику. P/E 31.3, P/S 10.5, P/B 20.0 и P/FCF 35.7 существенно выше медианы отрасли, что указывает на премию за качество, но одновременно ограничивает потенциал дальнейшего апсайда. При этом мультипликаторы по годам в целом снижаются с более высоких уровней, что позитивно, но снижение пока не настолько сильное, чтобы назвать акцию дешёвой. ROE 64.1%, ROA 16.2% и ROI 23.3% выглядят выдающимися и устойчиво растут, а операционная маржа 43.5% и чистая маржа 31.7% подтверждают высокую эффективность бизнеса. Валовая маржа 74.4% тоже сильная, хотя её преимущество к отрасли уже не столь впечатляющее, как у рентабельности ниже по P&L. Выручка, операционная прибыль и чистая прибыль в динамике за 5 лет в целом растут, что поддерживает оценку и снижает риск фундаментального ухудшения. С другой стороны, долговая нагрузка заметная: debt/equity 2.03 выше отраслевой медианы, а долгосрочный долг около 7.0 млрд долл. остаётся высоким относительно капитала. Ликвидность выглядит приемлемо по current ratio 1.16, но quick ratio равен нулю, что для инвестора означает зависимость от структуры оборотного капитала и специфики баланса. Дивидендная доходность 0.24% очень низкая, поэтому дивидендный фактор почти не поддерживает текущую оценку. Собственный капитал растёт, а активы остаются стабильными, что говорит о сохранении финансовой устойчивости, но не даёт сильного аргумента для переоценки вверх. В сумме фундаментал скорее оправдывает качественную премию, чем агрессивный рост целевой цены, поэтому корректировка должна быть умеренно отрицательной из-за завышенных мультипликаторов и долгового профиля при уже сильных операционных метриках.

Moody's Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Средний индекс, значительно вырос. Увеличился приток средств в лонги.

Medium index, significantly up. The inflow of funds into longs has increased.

Moody’s демонстрирует выдающуюся рентабельность и рост прибыли, но торгуется с высокой премией по мультипликаторам и несёт заметную долговую нагрузку.

Key Points
Greg Abel and his team cut 16 positions from the total equity portfolio.
These were all small positions, including some long-time holdings like Visa and Mastercard.
The new portfolio still includes the Buffett favorites and is more concentrated in the higher-conviction positions.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Greg Abel has been with Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) for 26 years, since the holding company acquired MidAmerican Energy. He rose through the company's ranks and was hand-picked by Warren Buffett to take over when he retired, and that happened earlier this year.
Although he's been CEO of Berkshire Hathaway for several months, the 2026 first quarter was his first in the top position. The first-quarter 13F Securities and Exchange Commission (SEC) filing reporting the company's positions gives investors a glimpse into how Abel is managing its $330 billion equity portfolio.
Abel has put his clear imprint on the portfolio, although he hasn't departed radically from Buffett's style. There were several notable changes, including new positions in Delta Airlines and Macy's and a tripling of the position in Alphabet.
Also notable was that Abel sold out of 16 positions. There had been prior reports that he'd sold out of the positions managed by former investing manager Todd Combs, and Abel had also let shareholders know in his first annual report back in February that he would focus on a concentrated group of high-conviction stocks.
All the stocks Berkshire Hathaway sold
Abel and his team sold out of the following stocks in the first quarter:
Allegion
Amazon
Aon
Atlanta Braves Holdings
Charter Communications
Diageo
Domino's Pizza
Heico
Lamar Advertising
Liberty Latin America Series A
Liberty Latin America Series C
Liberty Formula 1
Mastercard
Pool Corp.
UnitedHealth Group
Visa
These were all smaller positions, including newer holdings like UnitedHealth and Heico as well as stocks that had been in the portfolio for years, such as Visa and Mastercard. The largest position was Visa, which had been 1.1% of the portfolio before the sell-off.
It's still Berkshire Hathaway
Not including investments in Japan, the portfolio is left with 29 positions. These include Buffett's favorite stocks: Apple, American Express, and Coca-Cola, the top three positions, plus Moody's, which Buffett has also cited as an example of an excellent company.
While the selling of positions, about a third of Berkshire's total, makes the portfolio look very different, the Buffett flavor is still strong. Abel didn't sell any of the bank stocks, which have always featured strongly in the portfolio, and he kept a large group of financial stocks, such as American Express.
Macy's and Delta both fit into the classic Buffett schema, and Delta has been in the portfolio before. The standout from the quarter is the major investment in Alphabet, but investors shouldn't be too surprised. Buffett was already a big Apple fan, so there's a precedent for investing in the right kind of tech stock.
The report confirms that Abel isn't out to change the company's equity model, and Berkshire Hathaway's sagging stock ticked higher on the news.
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American Express is an advertising partner of Motley Fool Money. Jennifer Saibil has positions in American Express and Apple. The Motley Fool has positions in and recommends Alphabet, Amazon, American Express, Apple, Atlanta Braves Holdings, Berkshire Hathaway, Domino's Pizza, Heico, Mastercard, Moody's, and Visa. The Motley Fool recommends Delta Air Lines, Diageo Plc, Pool, and UnitedHealth Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

These Are All of the Stocks Greg Abel, Warren Buffett's Successor, Dumped in the First Quarter

Key Points
New Berkshire Hathaway CEO Greg Abel got right to work in Q1, with a flurry of portfolio moves.
Despite exiting several stocks and buying others, some classic Buffett stocks remained intact.
Their strong business fundamentals make them high-conviction buys for long-term investors today.
Berkshire Hathaway recently revealed its latest portfolio trades, the first with new CEO Greg Abel in charge. It didn't take long for a major shake-up. Berkshire Hathaway had its most active trading quarter in recent memory, entirely selling out of several companies and buying into others.
Given that Buffett still serves as chairman at Berkshire Hathaway, the spirit of his investing philosophy remains. That said, it's clear that management did a thorough review of Berkshire's holdings, and what remains are likely high-conviction holdings for the new leadership group.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Here are five blue chip stocks that remain in the portfolio, and why investors might buy them hand over fist in May.
1. Apple
Consumer electronics giant Apple (NASDAQ: AAPL) remains Berkshire Hathaway's top holding. Apple's reluctance to throw billions of dollars at artificial intelligence (AI) now looks like a prudent decision in hindsight, as the company continues to pump out cash flow and profits while partnering with Google on the next generation of Siri, the iOS voice assistant. Apple has also leaned into its hardware strengths, launching the MacBook Neo to compete at the entry level of the PC market.
Apple is a behemoth at this point, but still has enough growth and monetization levers it can pull that it warrants buying and holding the stock for the foreseeable future. If Apple does eventually take a bold swing in the AI arena, the upside potential would be tremendous given the company's vast global user base of more than 2.5 billion active iOS devices.
2. Moody's
The arrival of AI has disrupted companies in various industries throughout the economy. In the financial sector, Moody's (NYSE: MCO) has been among the names that have slipped. Fears have arisen that AI will eventually analyze risk well enough to replace credit ratings. However, that seems unlikely, at least for now, since Moody's ratings are an industry standard, built with proprietary data.
The uncertainty has pressured Moody's stock. Shares have fallen about 35% from their high and now trade at 31 times earnings, their lowest valuation since early 2023. It's a very reasonable price tag for a stock that analysts believe will see underlying earnings grow by 11% annually over the next three to five years. This AI-fueled decline may turn out to be a classic buy-the-dip moment in hindsight.
3. Alphabet
Tech and AI conglomerate Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) is one of the few stocks that Berkshire Hathaway bought in the first quarter, raising its position to 6.8% of its portfolio. Alphabet has become a multifaceted AI stock due to its various AI-infused businesses, including Search, Gemini, Waymo, and its Tensor Processing Unit (TPU) chips for AI cloud workloads.
Financially, Alphabet is humming. The company continues to show companywide strength, and analysts now see Alphabet growing earnings by more than 16% annually over the next three to five years. That's plenty of growth to justify buying shares at a forward P/E ratio of 27, especially if you're holding the stock while the business catches up with the share price appreciation.
4. American Express
One of Buffett's longest-standing favorites is American Express (NYSE: AXP). The iconic lender and payment processor has a fully contained financial ecosystem. It issues cards, processes payments, and lends to card users, giving it full control over its business and its card users. It can offer charge cards and other financial products that competitors may struggle to replicate. It's partially why American Express has established itself as a premium brand for high spenders.
Debt is central to the economy. U.S. households have more than $1.25 trillion in credit card debt. American Express has also done well at winning over young consumers, which bodes well for the future. Wall Street analysts estimate that the company's earnings will grow by nearly 14% annually, making American Express a strong stock to buy and hold.
5. Coca-Cola
One last Buffett classic is Coca-Cola (NYSE: KO). It's the only one of these five stocks that's a Dividend King, a company with more than 50 years of consecutive dividend increases, which speaks to the durability of Coca-Cola's global beverage business. You won't mistake Coca-Cola for a growth stock, but that dividend, which currently yields 2.6%, adds up over time as those increases push the payout ever higher.
The company isn't exactly cheap at almost 25 times earnings. That valuation is a tad high for a company that analysts estimate will grow earnings by 7% to 8% annually over the long term. Still, when it comes to dividend growth stocks such as Coca-Cola, the longer you own the stock, the better, as it gives the dividend more time to compound, especially if you reinvest it.
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The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Apple wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $477,813!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,320,088!*
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*Stock Advisor returns as of May 24, 2026.
American Express is an advertising partner of Motley Fool Money. Justin Pope has positions in Alphabet and Moody's. The Motley Fool has positions in and recommends Alphabet, American Express, Apple, Berkshire Hathaway, and Moody's. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

5 Warren Buffett Stocks to Buy Hand Over Fist in May

It has been about a month since the last earnings report for Moody's (MCO). Shares have lost about 1.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Moody's due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Moody's Corporation before we dive into how investors and analysts have reacted as of late.
Moody’s Q1 Earnings Beat on Rising Analytics Demand & Higher Issuances
Moody's reported first-quarter 2026 adjusted earnings of $4.33 per share, which outpaced the Zacks Consensus Estimate of $4.25. The bottom line grew 13% from the year-ago quarter.
The results primarily benefited from an improvement in revenues. Steady demand for analytics and the robust performance of the Moody’s Investors Service segment supported the results. The company’s liquidity position was strong in the quarter. An increase in operating expenses posed a headwind.
After considering certain non-recurring items, net income attributable to Moody's was $661 million, or $3.73 per share, up from $625 million, or $3.46 per share, in the prior-year quarter.
Revenues Improve, Costs Rise
Quarterly revenues were $2.08 billion, which surpassed the Zacks Consensus Estimate of $2.07 billion. The top line rose 8% year over year.
Total expenses were $1.16 billion, up 7% year over year.
Adjusted operating income of $1.1 billion rose 11% year over year. The adjusted operating margin was 53.2%, up from 51.7% a year ago.
Strong Quarterly Segment Performance
Moody’s Investors Service revenues increased 8% year over year to $1.15 billion. The rise was driven by strength in Corporate Finance, Financial Institutions, and Public, Project and Infrastructure Finance revenues, partially offset by lower revenues at Structured Finance.
Moody’s Analytics revenues rose 8% year over year to $928 million. The increase was driven by 7% growth in Decision Solutions, an 8% rise in Research and Insights, and a 10% jump in Data & Information.
Solid Balance Sheet
As of March 31, 2026, Moody’s had total cash, cash equivalents and short-term investments of $1.51 billion, down from $2.45 billion as of Dec. 31, 2025.
The company had $6.39 billion in outstanding long-term debt.
In the quarter, MCO repurchased 1.5 million shares.
2026 Guidance
Moody’s expects adjusted earnings in the range of $16.40-$17.00 per share. GAAP earnings are projected to be the band of $16.00-$16.60 per share, up from the prior target of $15.00-$15.60 per share.
Moody’s projects revenues to increase in the high-single-digit percent range.
Operating expenses are expected to be in the mid-single-digit range. Further, non-operating income is projected to be between $70 million and $90 million. Previously, the company expected non-operating expenses of $180-$200 million.
Net interest expenses are estimated to be $220-$240 million, higher than the prior target range of $210-$230 million.
The adjusted operating margin is expected to be 52-53%, while the operating margin is likely to be approximately 45%.
Moody’s expects the cash flow from operations to be $3.25-$3.45 billion. The free cash flow is projected to be in the $2.80-$3 billion range.
The effective tax rate is projected to be 23-25%.
2026 Segment Guidance
MIS segment revenues are expected to increase in the high-single-digit range. The adjusted operating margin is expected to be roughly 65%.
Coming to the MA segment, Moody’s anticipates revenues to rise in the mid-single-digit range, while Annualized Recurring Revenue (ARR) is expected to increase in the high-single-digit range. Further, an adjusted operating margin is expected to be 34-35%.
Strategic and Operational Efficiency Restructuring Program
In December 2024, Moody’s CEO approved a Strategic and Operational Efficiency Restructuring Program aimed at improving efficiency and focusing on growth areas. The initiative is expected to generate annual savings of $250–$300 million by consolidating functions, reducing staff, exiting leased office spaces and retiring legacy software. The program involves $170–$200 million in pre-tax personnel-related restructuring charges and an additional $30–$50 million in non-cash charges. It is projected to strengthen operating margins and support strategic investments, with substantial completion by the end of 2026 and related cash outlays (to be between $210-$230 million) continuing through 2027.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, Moody's has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Moody's has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Moody's is part of the Zacks Financial - Miscellaneous Services industry. Over the past month, Applied Digital Corporation (APLD), a stock from the same industry, has gained 32.1%. The company reported its results for the quarter ended February 2026 more than a month ago.
Applied Digital Corporation reported revenues of $126.64 million in the last reported quarter, representing a year-over-year change of +139.3%. EPS of -$0.36 for the same period compares with -$0.16 a year ago.
For the current quarter, Applied Digital Corporation is expected to post a loss of $0.13 per share, indicating a change of -8.3% from the year-ago quarter. The Zacks Consensus Estimate has changed -18.2% over the last 30 days.
Applied Digital Corporation has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Is Moody's (MCO) Down 1.5% Since Last Earnings Report?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Akre Focus ETF (Symbol: AKRE) where we have detected an approximate $181.0 million dollar outflow -- that's a 2.9% decrease week over week (from 115,520,075 to 112,200,000). Among the largest underlying components of AKRE, in trading today Brookfield Corp (Symbol: BN) is off about 0.1%, KKR & CO Inc (Symbol: KKR) is off about 0.4%, and Moody's Corp. (Symbol: MCO) is higher by about 0.8%. For a complete list of holdings, visit the AKRE Holdings page » The chart below shows the one year price performance of AKRE, versus its 200 day moving average:
Looking at the chart above, AKRE's low point in its 52 week range is $51.01 per share, with $68.18 as the 52 week high point — that compares with a last trade of $54.60. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Nelson Peltz Stock Picks
MW Split History
Large Cap Articles
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: AKRE, BN, KKR, MCO

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Akre Focus ETF (Symbol: AKRE) where we have detected an approximate $133.9 million dollar outflow -- that's a 2.2% decrease week over week (from 118,080,075 to 115,520,075). Among the largest underlying components of AKRE, in trading today Brookfield Corp (Symbol: BN) is up about 6.2%, KKR & CO Inc (Symbol: KKR) is up about 2%, and Moody's Corp. (Symbol: MCO) is higher by about 0.8%. For a complete list of holdings, visit the AKRE Holdings page » The chart below shows the one year price performance of AKRE, versus its 200 day moving average:
Looking at the chart above, AKRE's low point in its 52 week range is $51.01 per share, with $68.18 as the 52 week high point — that compares with a last trade of $52.87. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Ken Griffin Stock Picks
RNWK Insider Buying
Trucking Dividend Stocks
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

AKRE, BN, KKR, MCO: ETF Outflow Alert

Coinbase Global, Inc. COIN reported first-quarter 2026 adjusted operating loss of 17 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 36 cents. COIN had reported an operating income of $1.94 per share in the prior-year quarter.
The quarterly results reflected lower consumer transaction revenues, a decrease in blockchain rewards and other revenues, lower trading volume, and escalating operating expenses.
Coinbase Global, Inc. Price, Consensus and EPS Surprise
Operational Update
Total trading volume decreased 50% year over year to $202 million in the reported quarter. The Zacks Consensus Estimate was pegged at $224 million.
Total revenues of $1.4 billion missed the Zacks Consensus Estimate by 5.6%. The top line decreased 30.5% year over year due to lower Transaction revenues, Subscription and services revenues, and other revenues.
Total transaction revenues decreased 40% year over year to $755.8 million in the quarter. The downside was due to a decrease in consumer transaction revenues, offset by an increase in institutional transaction revenues. The Zacks Consensus Estimate was pegged at $827 million.
Total subscription and services revenues decreased 14% year over year to $583.5 million in the reported quarter. The downside was due to a decrease in blockchain rewards, offset by increases in stablecoin revenues. The Zacks Consensus Estimate was pegged at $620 million.
Adjusted EBITDA was $303 million in the reported quarter, which fell 67% from the year-ago quarter. Total operating expenses increased 8% to $1.4 billion in the quarter due to higher technology and development, sales and marketing, losses on crypto assets held for operations, net, and other operating expenses.
Financial Update
Coinbase exited the first quarter with cash and cash equivalents of $10.2 billion as of March 31, 2026, down 9.6% from 2025-end.
As of March 31, 2026, long-term debt remains flat from 2025-end to $5.9 billion.
Shareholders' equity was $13.5 billion at first-quarter 2026-end, down 8.9% from 2025-end.
Net cash used in operating activities was $182,7 million in the first quarter of 2026, which decreased 78.6% year over year.
Q2 2026 Outlook
Coinbase expects subscription and services revenues to be in the range of $565-$645 million.
COIN expects technology and development and general and administrative expenses to be in the range of $820-$870 million.
Coinbase expects sales and marketing expenses to be in the $200-$300 million range. Coinbase expects transaction expenses to be in the low-to-mid teens as a percentage of net revenues.
Coinbase expects stock-based compensation to be $240 million, and restructuring expense to be in the range of $50-$60 million.
Zacks Rank of COIN
COIN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Financial - Miscellaneous Services Providers
Moody's Corporation MCO reported first-quarter 2026 adjusted earnings of $4.33 per share, which outpaced the Zacks Consensus Estimate of $4.25. The bottom line grew 13% from the year-ago quarter.
After considering certain non-recurring items, net income attributable to Moody's was $661 million, or $3.73 per share, up from $625 million, or $3.46 per share, in the prior-year quarter. Quarterly revenues were $2.08 billion, which surpassed the Zacks Consensus Estimate of $2.07 billion. The top line rose 8% year over year. Total expenses were $1.16 billion, up 7% year over year.
Bread Financial Holdings, Inc. BFH reported first-quarter 2026 operating income of $4.18 per share, outperforming the Zacks Consensus Estimate by 39.3%. The bottom line rose 49% year over year. Revenues increased 5% from the prior-year level to $1 billion, exceeding the consensus estimate by 1.1%.
Credit sales of $6.5 billion increased 7% year over year. Average loan increased 1% to $18.3 billion, and end-of-period loans rose 2% to $18.1 billion. Total interest income increased 2% to $1.2 billion, missing the Zacks Consensus Estimate by 0.4%, and our model estimate by 2.1%. The net interest margin improved 120 basis points to 19.3%, whereas the Zacks Consensus Estimate was pegged at 18.2%.
Virtu Financial, Inc. VIRT reported first-quarter adjusted earnings per share of $2.24, which beat the Zacks Consensus Estimate by 34.9%. The bottom line increased 72.3% year over year. Adjusted Net Trading Income rose 58.2% year over year to $786.5 million, surpassing the consensus estimate by 37.5%. Revenues from commissions, net and technology services rose 23.3% year over year to $186.6 million. The metric beat the Zacks Consensus Estimate and our model estimate of $163.2 million.
Interest and dividend income of $127.5 million increased 16.9% year over year but missed both the Zacks Consensus Estimate and our estimate of $128.6 million. Adjusted EBITDA increased 62.7% year over year to $520.6 million. Adjusted EBITDA margin improved year over year to 66.2% from 64.4% a year ago.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Coinbase Q1 Earnings Miss Expectations, Revenues Decline Y/Y

Key Points
President Trump's decision to launch military operations in Iran has led to the largest oil supply disruption in history, and U.S. gasoline prices have increased 60% year to date.
CPI Inflation measured 3.3% in March, the highest level in two years, and inflation is likely to accelerate further as elevated energy prices filter through the economy.
Trump's tariffs have coincided with the weakest GDP and jobs growth since the pandemic, and trade investigations will likely lead to new tariffs this summer.
The S&P 500 (SNPINDEX: ^GSPC) has added 6% year to date and currently trades near its record high. That momentum has been driven by strong earnings growth in recent quarters, which itself has been supported by prodigious investments in artificial intelligence.
However, investors may be overestimating the stock market's resilience. President Trump's tariffs and military operations in Iran pose serious threats to the U.S. economy. Last week, Moody's chief economist Mark Zandi said, "We'd likely be in a recession already if not for the AI investment-driven boom."
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Here's what investors should know.
President Trump's military operations in Iran have driven inflation higher
Trump's decision to strike Iran in late February has spiraled into the largest oil supply disruption in history, per the International Energy Agency. The conflict has not only closed the Strait of Hormuz, a critical shipping route in the Persian Gulf, but it has also damaged infrastructure. Ramping up oil flows to pre-war levels could take months.
Meanwhile, energy prices have increased dramatically. Brent Crude oil, an international benchmark, currently costs $110 per barrel, up 80% since January. And the average price per gallon of regular gasoline in the U.S. is $4.45, up 60% since January, according to the Energy Information Administration.
CPI inflation hit 3.3% in March, the highest level since April 2024, and will likely accelerate further as elevated energy prices percolate the economy by raising transportation and manufacturing costs. Indeed, a forecasting tool from the Federal Reserve Bank of Cleveland shows CPI inflation trending to 5.6% in the second quarter.
If that projection proves accurate, the Federal Reserve would almost certainly raise interest rates, which would likely trigger a flight to safety. Investors hoping to protect their portfolios from an economic downturn would sell stocks and buy safe-haven assets such as gold and Treasury bonds.
President Trump's tariffs are damaging the U.S. economy
The Iran war has stolen focus from Trump's trade war, but it remains a source of concern. Earlier this year, the Supreme Court struck down certain tariffs, but tariffs still in effect have raised the average tax on U.S. imports to 11.8%, the highest level since the 1940s, according to the Budget Lab at Yale.
In late February, Trump used Section 122 of the Trade Act of 1974 to impose a 10% global tariff, which expires after 150 days unless extended by Congress. But doing so bought the administration time to conduct trade investigations, which are expected to result in more durable, and potentially steeper, tariffs under the authority of Section 301.
So what? Several studies have concluded that U.S. companies and consumers, not foreign suppliers, are paying most of Trump's tariffs. That means his trade policies are effectively a tax on consumption and a direct headwind to economic growth. Last year, GDP increased just 2% and the economy added just 116,000 jobs. Neither figure has been so low since the pandemic in 2020.
Moody's economist Mark Zandi recently wrote, "We have a year's worth of economic data since Liberation Day, when President Trump announced much higher tariffs on most imported goods and countries, and the data are definitive: The tariffs have done significant damage to the economy."
Here's the big picture: Trump is likely to impose fresh tariffs once trade investigations are complete this summer. Those duties could hit the economy at a time when oil prices are still elevated because of the Iran war. Together, those headwinds could trigger a steep decline in the stock market.
Historically, the S&P 500 has fallen by an average of 40% when gas prices top $4
As mentioned, U.S. consumers currently pay an average of $4.45 per gallon of regular gas. The national average has only exceeded $4 per gallon twice in history -- the financial crisis in 2008 and the pandemic in 2022 -- and the S&P 500 declined by an average of 40% during those incidents.
Of course, past performance is never a guarantee of future results. High gas prices were not the only reason the S&P 500 dropped sharply during those bear markets, nor are they the only threats the U.S. economy faces today. Ultimately, it is impossible to guess how far the stock market will drop during the next drawdown, but investors should be cautious in the current environment.
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Trevor Jennewine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Moody's. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Stock Market Faces Serious Problems in President Trump's Economy. History Says This Could Happen Next.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Moody's (MCO)
Moody’s Corporation is a leading provider of credit ratings, research, data & analytical tools, software solutions & related risk management services, quantitative credit assessment services, credit training services and credit process software to banks and other financial institutions.
MCO is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. MCO has a Growth Style Score of B, forecasting year-over-year earnings growth of 11.7% for the current fiscal year.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.00 to $16.69 per share. MCO boasts an average earnings surprise of +4.2%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, MCO should be on investors' short list.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Here's Why Moody's (MCO) is a Strong Growth Stock

Key Points
Blackstone committed $400 million to fund development of Teva's promising autoimmune disease drug duvakitug.
This deal reflects a bet on Teva's future.
Others are also recognizing Teva's turnaround story.
Some financial deals are more than just financial deals. Blackstone (NYSE: BX) Life Sciences' $400 million commitment to Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) in March could be an example.
Blackstone is a giant in the alternative asset management world. Its Blackstone Life Sciences (BXLS) team includes 20 healthcare experts with M.D.s or Ph.Ds. BXLS has invested in over 200 medicines that were eventually commercialized. Its success rate for investing in phase 3 drugs is an impressive 86%.
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In a real sense, Blackstone's agreement to fund the development of experimental autoimmune disease drug duvakitug is a bet on Teva's future. What does the "smart money" know that most investors don't?
What Blackstone sees
Why was Blackstone willing to pony up $400 million for advancing duvakitug? The drug is highly promising. Duvakitug is a human monoclonal antibody that targets TL1A (tumor necrosis factor-like ligand 1A), a protein that's a key regulatory within the body's immune system.
Teva and its partner, Sanofi (NASDAQ: SNY), are currently evaluating duvakitug in Phase 3 clinical studies as a potential treatment for ulcerative colitis and Crohn's disease. The companies also announced positive results earlier this year from a Phase 2 study of the drug, which showed durable efficacy over 44 weeks in patients with those autoimmune diseases.
Paris Panayiotopoulos, Senior Managing Director with BXLS, stated in the press release announcing the $400 million financing deal with Teva, "Duvakitug has the potential to be a best-in-class therapy in a large and growing space." He added, "The Teva and Sanofi teams are well positioned to develop and commercialize this important medicine."
BXLS Global Head, Dr. Nicholas Galakatos, also reinforced that the interest wasn't solely in duvakitug's prospects. He stated, "This transaction further demonstrates our focus on partnering with leading biopharmaceutical companies to execute their growth initiatives."
A new and improved Teva
The Blackstone investment underscores that Teva is no longer just a middling generic drug maker. The Israel-based company is now a leading biopharmaceutical innovator.
In addition to duvakitug, Teva's pipeline features two other innovative medicines in late-stage testing. Olanzapine long-acting injectable targets schizophrenia. Teva awaits U.S. Food and Drug Administration (FDA) approval for the drug. The company is also evaluating TEV-'248, a dual-action rescue inhaler for the treatment of asthma, in a Phase 3 study.
Teva continues to be a leader in biosimilar development as well. The drugmaker awaits FDA approvals for five biosimilars to successful drugs, including Eylea, Prolia, Simponi, and Xgeva.
Credit ratings agencies are recognizing Teva's turnaround. In December 2025, S&P Global (NYSE: SPGI) upgraded Teva's credit rating to BB+ from BB, with a stable outlook. Moody's (NYSE: MCO) also revised its outlook for Teva to positive from stable.
Wall Street is bullish about the pharma stock, too. Of the 13 analysts surveyed by S&P Global in April who cover Teva, 12 rated the stock as a "buy" or "strong buy." The sole outlier recommended holding Teva.
Should you follow the smart money?
Investors should view Blackstone's $400 million commitment to Teva as a powerful endorsement of duvakitug's commercial potential. Importantly, Blackstone stands to receive milestone payments and low single-digit royalties on worldwide sales of duvakitug if it wins regulatory approval. The alternative asset management company definitely has skin in the game.
But should you follow the smart money by investing in Teva? Risk-averse investors will probably be better off staying away. However, aggressive investors could find a lot to like about Teva. With a forward earnings multiple of only 11.5, there's even a case to be made that Teva is a value stock. If duvakitug succeeds as much as Blackstone expects, Teva could be a big winner for investors.
Should you buy stock in Teva Pharmaceutical Industries right now?
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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone, Moody's, and S&P Global. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone's $400 Million Bet on Teva: What Does the Smart Money Know That Most Investors Don't?

Key Points
Warren Buffett retired as CEO on Dec. 31 and handed Berkshire Hathaway's proverbial keys to longtime understudy, Greg Abel.
In Buffett's and Abel's respective letters to shareholders, neither listed this former No. 2 position as an indefinite holding or one that "will compound over decades."
Additionally, this brand-name company isn't the screaming bargain it once was -- and that could be a big problem for the value-focused Abel.
It's a new era for Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB). After spending more than half a century leading Berkshire and seeing it grow into a trillion-dollar company, Warren Buffett hung up his work coat for the final time as CEO on Dec. 31.
The Oracle of Omaha's successor is his longtime understudy, Greg Abel, who's been with the company for over a quarter century. Although Buffett remains chairman of Berkshire's board, it's Abel who now has the final say on the company's day-to-day operations and its closely watched, 48-stock investment portfolio.
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In many respects, Buffett and Abel are cut from the same cloth. They're value investors above all else, and tend to focus on companies with strong management teams, easily identifiable competitive advantages, and robust capital-return programs.
But this isn't Warren Buffett's Berkshire anymore, and changes should be expected under new leadership. Arguably, the most eye-popping change is the possibility that Abel will dump the Oracle of Omaha's former No. 2 holding, Bank of America (NYSE: BAC). Although Form 13Fs will tell the tale, there are several signs and hints to suggest that BofA is getting the heave-ho.
Bank of America wasn't labeled a "forever" stock by Buffett or Abel
In early 2024, when Berkshire's now-retired billionaire boss released his 2023 annual letter to shareholders, he outlined eight holdings he viewed as "indefinite."
As you might expect, Buffett pointed to Coca-Cola (NYSE: KO) and American Express (NYSE: AXP) as untouchable. These are the two longest-tenured holdings -- Coca-Cola since 1988 and Amex since 1991 -- and are generating annual yields on cost of 63% and 45%, respectively.
Buffett also highlighted integrated oil and gas company Occidental Petroleum as an indefinite holding. Despite having an on-again, off-again relationship with energy stocks since this century began, Berkshire's former boss strongly believes in Occidental's long-term success.
The sogo shosha (Japan's five trading houses) were the final five companies Buffett outlined as forever-type holdings. This includes Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Abel played an integral role in establishing and building up Berkshire's stakes in the sogo shosha.
In late February, Greg Abel released his first letter to shareholders as Berkshire's CEO, and added two new names to the list of companies he believes "will compound over decades." These two stocks are Apple and Moody's.
Seven of Berkshire's 10-largest holdings were labeled as indefinite or compound-type investments by Warren Buffett or Greg Abel. Bank of America was missing from both lists, signaling it's not viewed as a forever holding.
Berkshire's Bank of America position has been pared down for six consecutive quarters
The next clue that BofA may be sent to the chopping block by Buffett's successor can be seen in Berkshire's 13Fs.
A Form 13F is a required quarterly filing by institutional investors with at least $100 million in assets under management. These filings allow investors to track which stocks and exchange-traded funds Wall Street's brightest money managers have been buying and selling.
According to Berkshire's 13Fs, Warren Buffett was a persistent seller of Bank of America stock for six consecutive quarters leading up to his retirement. Here's the breakdown:
Q3 2024: 235,168,699 shares sold
Q4 2024: 117,449,720 shares sold
Q1 2025: 48,660,056 shares sold
Q2 2025: 26,306,156 shares sold
Q3 2025: 37,197,363 shares sold
Q4 2025: 50,774,078 shares sold
Between July 17, 2024, and Dec. 31, 2025, Buffett reduced his company's stake in BofA by nearly 515.6 million shares, or roughly 50%. The more than 1.03 billion shares previously held made Bank of America Berkshire's No. 2 holding behind Apple.
Greg Abel and Buffett are similar in their approaches to paring down large positions. Halving a 1.03-billion-share position in 18 months strongly suggests that Bank of America is no longer viewed as a core holding, let alone a long-term one.
Bank of America's valuation no longer makes sense to a diehard value seeker
Last but not least, Bank of America stock is no longer the screaming bargain it once was.
The Oracle of Omaha initially took a position in BofA in August 2011, shortly after the worst of the financial crisis had passed. In exchange for $5 billion in capital to shore up Bank of America's balance sheet, Berkshire received $5 billion in BofA preferred stock, yielding 6% annually.
However, the crown jewel of this deal was the stock warrants Berkshire received. In the summer of 2017, Buffett exercised 700 million stock warrants at $7.14 per share, netting his company an instant $12 billion windfall.
Aside from Bank of America being a brand-name company with strong leadership, it was likely BofA's 62% discount to book value in August 2011 that enticed Buffett to act. However, when 2026 began, Bank of America shares were trading at a 43% premium to book value. While this isn't egregiously pricey for a money-center bank, it's also not a bargain amid a historically expensive stock market.
There may also have been concerns that BofA's interest income would disproportionately suffer during a Federal Reserve rate-easing cycle. While this rate-easing cycle has likely been thrown out the window, courtesy of the inflationary effects of the Iran war, BofA's heightened interest rate sensitivity can lead to knee-jerk reactions by its investors.
With Greg Abel unwilling to compromise when it comes to value, BofA's notable premium to book value may cement its eventual exit from Berkshire Hathaway's investment portfolio.
Should you buy stock in Bank of America right now?
Before you buy stock in Bank of America, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bank of America wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $498,522!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,276,807!*
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Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Sean Williams has positions in Bank of America. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, and Moody's. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.