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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 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	2,498	2,462	2,059	1,608	1,374	2,214
Depreciation & Amortization	489	480	431	373	331	257
Stock-Based Compensation	234	232	220	193	169	175
Other Adjustments	6	-19	-22	15	52	-228
Change in Receivables	-234	-203	-187	-12	9	-270
Changes in Accounts Payable	62	-55	225	76	-161	80
Changes in Income Taxes Payable	-56	-57	18	-129	-33	-184
Changes in Unearned Revenue	140	148	154	24	20	65
Changes in Other Operating Activities	-33	-87	-60	3	-287	-104
Operating Cash Flow	3,083	2,901	2,838	2,151	1,474	2,005
Operating Cash Flow Growth	9.33%	2.22%	31.94%	45.93%	-26.48%	-6.57%
Capital Expenditures	-336	-326	-317	-271	-283	-139
Purchases of Investments	-195	-207	-655	-148	-320	-437
Proceeds from Sale of Investments	205	690	137	175	218	147
Payments for Business Acquisitions	-27	-227	-221	-3	-97	-2,179
Proceeds from Business Divestments	-	40	-	-	-	-
Other Investing Activities	-	32	-	-	220	-11
Investing Cash Flow	-313	2	-1,056	-247	-262	-2,619
Long-Term Debt Issued	-	-	496	-	988	1,672
Long-Term Debt Repaid	-	-700	-	-500	-626	-500
Net Long-Term Debt Issued (Repaid)	-	-700	496	-500	362	1,172
Issuance of Common Stock	39	49	73	50	26	38
Repurchase of Common Stock	-2,827	-1,706	-1,383	-561	-1,070	-833
Net Common Stock Issued (Repurchased)	-2,788	-1,657	-1,310	-511	-1,044	-795
Common Dividends Paid	-691	-701	-620	-564	-515	-463
Other Financing Activities	-4.5	-5	-12	-9	-11	-36
Financing Cash Flow	-3,484	-3,063	-1,446	-1,584	-1,208	-122
Effect of Exchange Rate Changes on Cash and Cash Equivalents	44	136	-58	41	-46	-50
Net Cash Flow	-670	-24	278	361	-42	-786
Free Cash Flow	2,747	2,575	2,521	1,880	1,191	1,866
Free Cash Flow Growth	6.68%	2.14%	34.10%	57.85%	-36.17%	-8.66%
FCF Margin	34.89%	33.36%	35.57%	31.78%	21.78%	30.01%
Free Cash Flow Per Share	15.35	14.31	13.80	10.22	6.45	9.93
Levered Free Cash Flow	2,761	1,862	3,005	1,183	1,323	3,361
Unlevered Free Cash Flow	2,945	2,739	2,644	1,852	1,057	2,261

SEC Filings: 10-K · 10-Q