Moody's Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,459	2,058	1,607	1,374	2,214
Depreciation & Amortization	269	251	252	252	257
Other Amortization	211	180	121	79	-
Loss (Gain) From Sale of Assets	-23	-	-	-	-
Asset Writedown & Restructuring Costs	9	32	35	29	-
Loss (Gain) From Sale of Investments	-	-7	-4	-	-36
Stock-Based Compensation	232	220	193	169	175
Provision & Write-off of Bad Debts	12	15	22	25	13
Other Operating Activities	-14	-61	-37	-2	-205
Change in Accounts Receivable	-203	-187	-12	9	-270
Change in Accounts Payable	-55	225	76	-161	80
Change in Unearned Revenue	148	154	24	20	65
Change in Income Taxes	-57	18	-129	-33	-184
Change in Other Net Operating Assets	-87	-60	3	-287	-104
Operating Cash Flow	2,901	2,838	2,151	1,474	2,005
Operating Cash Flow Growth	2.22%	31.94%	45.93%	-26.48%	-6.57%
Capital Expenditures	-326	-317	-271	-283	-139
Cash Acquisitions	-227	-221	-3	-97	-2,179
Divestitures	40	-	-	-	-
Investment in Securities	483	-518	27	-102	-290
Other Investing Activities	32	-	-	220	-11
Investing Cash Flow	2	-1,056	-247	-262	-2,619
Long-Term Debt Issued	-	496	-	988	1,672
Total Debt Issued	-	496	-	988	1,672
Long-Term Debt Repaid	-700	-	-500	-626	-500
Total Debt Repaid	-700	-	-500	-626	-500
Net Debt Issued (Repaid)	-700	496	-500	362	1,172
Issuance of Common Stock	49	73	50	26	38
Repurchase of Common Stock	-1,706	-1,383	-561	-1,070	-833
Common Dividends Paid	-701	-620	-564	-515	-463
Other Financing Activities	-5	-12	-9	-11	-36
Financing Cash Flow	-3,063	-1,446	-1,584	-1,208	-122
Foreign Exchange Rate Adjustments	136	-58	41	-46	-50
Net Cash Flow	-24	278	361	-42	-786
Free Cash Flow	2,575	2,521	1,880	1,191	1,866
Free Cash Flow Growth	2.14%	34.10%	57.85%	-36.17%	-8.66%
Free Cash Flow Margin	33.36%	35.57%	31.78%	21.78%	30.01%
Free Cash Flow Per Share	14.31	13.80	10.22	6.45	9.93
Cash Interest Paid	235	280	281	198	162
Cash Income Tax Paid	825	613	344	488	932
Levered Free Cash Flow	2,058	2,238	1,702	1,078	1,918
Unlevered Free Cash Flow	2,225	2,433	1,901	1,222	2,033
Change in Working Capital	-254	150	-38	-452	-413

Source: S&P Global Market Intelligence. Standard template. Financial Sources.