Moody's Corporation (MCO)
NYSE: MCO · Real-Time Price · USD
483.45
-7.60 (-1.55%)
At close: Oct 23, 2026, 4:00 PM EDT
484.00
+0.55 (0.11%)
After-hours: Oct 23, 2026, 7:36 PM EDT
Moody's Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 | 2,883 | 2,459 | 2,058 | 1,607 | 1,374 | 2,214 |
Depreciation & Amortization | 285 | 269 | 251 | 252 | 252 | 257 |
Other Amortization | 211 | 211 | 180 | 121 | 79 | - |
Loss (Gain) From Sale of Assets | -319 | -23 | - | - | - | - |
Asset Writedown & Restructuring Costs | 4 | 9 | 32 | 35 | 29 | - |
Loss (Gain) From Sale of Investments | - | - | -7 | -4 | - | -36 |
Stock-Based Compensation | 233 | 232 | 220 | 193 | 169 | 175 |
Provision & Write-off of Bad Debts | 10 | 12 | 15 | 22 | 25 | 13 |
Other Operating Activities | -3 | -14 | -61 | -37 | -2 | -205 |
Change in Accounts Receivable | -100 | -203 | -187 | -12 | 9 | -270 |
Change in Accounts Payable | 139 | -55 | 225 | 76 | -161 | 80 |
Change in Unearned Revenue | 106 | 148 | 154 | 24 | 20 | 65 |
Change in Income Taxes | -64 | -57 | 18 | -129 | -33 | -184 |
Change in Other Net Operating Assets | -56 | -87 | -60 | 3 | -287 | -104 |
Operating Cash Flow | 3,329 | 2,901 | 2,838 | 2,151 | 1,474 | 2,005 |
Operating Cash Flow Growth | 22.53% | 2.22% | 31.94% | 45.93% | -26.48% | -6.57% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Capital Expenditures | -352 | -326 | -317 | -271 | -283 | -139 |
Cash Acquisitions | -23 | -227 | -221 | -3 | -97 | -2,179 |
Divestitures | 240 | 40 | - | - | - | - |
Investment in Securities | -37 | 483 | -518 | 27 | -102 | -290 |
Other Investing Activities | - | 32 | - | - | 220 | -11 |
Investing Cash Flow | -172 | 2 | -1,056 | -247 | -262 | -2,619 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
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 | 39 | 49 | 73 | 50 | 26 | 38 |
Repurchase of Common Stock | -3,122 | -1,706 | -1,383 | -561 | -1,070 | -833 |
Common Dividends Paid | -710 | -701 | -620 | -564 | -515 | -463 |
Other Financing Activities | -6 | -5 | -12 | -9 | -11 | -36 |
Financing Cash Flow | -3,799 | -3,063 | -1,446 | -1,584 | -1,208 | -122 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -26 | 136 | -58 | 41 | -46 | -50 |
Net Cash Flow | -668 | -24 | 278 | 361 | -42 | -786 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Free Cash Flow | 2,977 | 2,575 | 2,521 | 1,880 | 1,191 | 1,866 |
Free Cash Flow Growth | 24.14% | 2.14% | 34.10% | 57.85% | -36.17% | -8.66% |
Free Cash Flow Margin | 36.41% | 33.36% | 35.57% | 31.78% | 21.78% | 30.01% |
Free Cash Flow Per Share | 16.91 | 14.31 | 13.80 | 10.22 | 6.45 | 9.93 |
Levered Free Cash Flow | 2,535 | 2,058 | 2,238 | 1,702 | 1,078 | 1,918 |
Unlevered Free Cash Flow | 2,687 | 2,225 | 2,433 | 1,901 | 1,222 | 2,033 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Cash Interest Paid | 215 | 235 | 280 | 281 | 198 | 162 |
Cash Income Tax Paid | 834 | 825 | 613 | 344 | 488 | 932 |
Change in Working Capital | 25 | -254 | 150 | -38 | -452 | -413 |