Moody's Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2,244	2,058	1,607	1,374	2,214	1,778
Depreciation & Amortization	289	251	252	252	257	220
Other Amortization	180	180	121	79	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	-	9
Asset Writedown & Restructuring Costs	25	32	35	29	-	36
Loss (Gain) From Sale of Investments	-	-7	-4	-	-36	-
Stock-Based Compensation	228	220	193	169	175	154
Provision & Write-off of Bad Debts	12	15	22	25	13	-
Other Operating Activities	-29	-61	-37	-2	-205	-89
Change in Accounts Receivable	-81	-187	-12	9	-270	31
Change in Accounts Payable	-137	225	76	-161	80	247
Change in Unearned Revenue	75	154	24	20	65	-29
Change in Income Taxes	23	18	-129	-33	-184	-12
Change in Other Net Operating Assets	-112	-60	3	-287	-104	-199
Operating Cash Flow	2,717	2,838	2,151	1,474	2,005	2,146
Operating Cash Flow Growth	2.88%	31.94%	45.93%	-26.48%	-6.57%	28.12%
Capital Expenditures	-319	-317	-271	-283	-139	-103
Cash Acquisitions	-338	-221	-3	-97	-2,179	-897
Investment in Securities	488	-518	27	-102	-290	-77
Other Investing Activities	32	-	-	220	-11	-
Investing Cash Flow	-137	-1,056	-247	-262	-2,619	-1,077
Short-Term Debt Issued	-	-	-	-	-	789
Long-Term Debt Issued	-	496	-	988	1,672	1,491
Total Debt Issued	-	496	-	988	1,672	2,280
Short-Term Debt Repaid	-	-	-	-	-	-792
Long-Term Debt Repaid	-	-	-500	-626	-500	-800
Total Debt Repaid	-700	-	-500	-626	-500	-1,592
Net Debt Issued (Repaid)	-700	496	-500	362	1,172	688
Issuance of Common Stock	57	73	50	26	38	51
Repurchase of Common Stock	-1,748	-1,383	-561	-1,070	-833	-607
Common Dividends Paid	-689	-620	-564	-515	-463	-420
Other Financing Activities	-8	-12	-9	-11	-36	-63
Financing Cash Flow	-3,088	-1,446	-1,584	-1,208	-122	-351
Foreign Exchange Rate Adjustments	47	-58	41	-46	-50	47
Net Cash Flow	-461	278	361	-42	-786	765
Free Cash Flow	2,398	2,521	1,880	1,191	1,866	2,043
Free Cash Flow Growth	3.14%	34.10%	57.85%	-36.17%	-8.66%	27.21%
Free Cash Flow Margin	31.97%	35.57%	31.78%	21.78%	30.01%	38.04%
Free Cash Flow Per Share	13.28	13.80	10.22	6.45	9.93	10.79
Cash Interest Paid	238	280	281	198	162	132
Cash Income Tax Paid	866	613	344	488	932	514
Levered Free Cash Flow	2,068	2,238	1,702	1,078	1,918	1,936
Unlevered Free Cash Flow	2,245	2,433	1,901	1,222	2,033	2,038
Change in Working Capital	-232	150	-38	-452	-413	38

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.