NYSE : MCO
Moody's Corporation — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 488.83 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 84.29B
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Financial statements
Moody's Corporation (MCO) reported revenue of 8.18B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.18B | 7.72B | 7.09B | 5.92B | 5.47B | 6.22B |
| Cost of Revenue | 2.07B | 1.97B | 1.95B | 1.69B | 1.61B | 1.64B |
| Gross Profit | 6.10B | 5.75B | 5.14B | 4.23B | 3.85B | 4.58B |
| Selling, General & Admin | 1.84B | 1.80B | 1.73B | 1.62B | 1.52B | 1.49B |
| Operating Expenses | 2.34B | 2.28B | 2.16B | 2.00B | 1.85B | 1.74B |
| Operating Income | 3.76B | 3.47B | 2.98B | 2.23B | 2.00B | 2.84B |
| Interest Expense | -243.00M | -266.00M | -313.00M | -318.00M | -229.00M | -185.00M |
| Interest & Investment Income | 44.00M | 65.00M | 102.00M | 63.00M | 15.00M | 9.00M |
| Earnings From Equity Investments | 20.00M | 20.00M | 15.00M | 19.00M | 17.00M | 60.00M |
| Currency Exchange Gain (Loss) | 32.00M | 39.00M | -24.00M | -15.00M | 10.00M | -1.00M |
| Other Non Operating Income (Expenses) | -138.00M | -119.00M | 20.00M | 26.00M | 21.00M | 35.00M |
| EBT Excluding Unusual Items | 3.48B | 3.21B | 2.78B | 2.01B | 1.84B | 2.75B |
| Merger & Restructuring Charges | -112.00M | -111.00M | -71.00M | -87.00M | -114.00M | -13.00M |
| Gain (Loss) on Sale of Investments | 10.00M | 11.00M | 20.00M | 14.00M | -14.00M | 13.00M |
| Gain (Loss) on Sale of Assets | 319.00M | 23.00M | ||||
| Asset Writedown | -31.00M | |||||
| Other Unusual Items | 50.00M | |||||
| Pretax Income | 3.70B | 3.13B | 2.70B | 1.94B | 1.76B | 2.75B |
| Income Tax Expense | 809.00M | 668.00M | 640.00M | 327.00M | 386.00M | 541.00M |
| Earnings From Continuing Operations | 2.89B | 2.46B | 2.06B | 1.61B | 1.37B | 2.21B |
| Minority Interest in Earnings | -4.00M | -3.00M | -1.00M | -1.00M | ||
| Net Income | 2.88B | 2.46B | 2.06B | 1.61B | 1.37B | 2.21B |
| Net Income to Common | 2.88B | 2.46B | 2.06B | 1.61B | 1.37B | 2.21B |
| Shares Outstanding (Basic) | 175.43M | 179.10M | 181.80M | 183.20M | 183.90M | 186.40M |
| Shares Outstanding (Diluted) | 176.07M | 179.90M | 182.70M | 184.00M | 184.70M | 187.90M |
| EPS (Basic) | 16.43 | 13.73 | 11.32 | 8.77 | 7.47 | 11.88 |
| EPS (Diluted) | 16.37 | 13.67 | 11.26 | 8.73 | 7.44 | 11.78 |
| Free Cash Flow | 2.98B | 2.58B | 2.52B | 1.88B | 1.19B | 1.87B |
| Free Cash Flow Per Share | 16.91 | 14.31 | 13.80 | 10.22 | 6.45 | 9.93 |
| Dividend Per Share | 4.03 | 3.76 | 3.40 | 3.08 | 2.80 | 2.48 |
| Gross Margin | 74.63% | 74.44% | 72.56% | 71.48% | 70.50% | 73.67% |
| Operating Margin | 46.04% | 44.93% | 42.06% | 37.74% | 36.65% | 45.63% |
| Profit Margin | 35.26% | 31.86% | 29.04% | 27.16% | 25.13% | 35.61% |
| Free Cash Flow Margin | 36.41% | 33.36% | 35.57% | 31.78% | 21.78% | 30.01% |
| EBITDA | 4.05B | 3.74B | 3.23B | 2.48B | 2.26B | 3.09B |
| EBITDA Margin | 49.52% | 48.42% | 45.60% | 42.00% | 41.26% | 49.76% |
| D&A For EBITDA | 285.00M | 269.00M | 251.00M | 252.00M | 252.00M | 257.00M |
| EBIT | 3.76B | 3.47B | 2.98B | 2.23B | 2.00B | 2.84B |
| EBIT Margin | 46.04% | 44.93% | 42.06% | 37.74% | 36.65% | 45.63% |
| Effective Tax Rate | 21.89% | 21.34% | 23.71% | 16.90% | 21.93% | 19.64% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.51B | 2.38B | 2.41B | 2.13B | 1.77B | 1.81B |
| Short-Term Investments | 108.00M | 64.00M | 566.00M | 63.00M | 90.00M | 91.00M |
| Cash & Short-Term Investments | 1.62B | 2.45B | 2.97B | 2.19B | 1.86B | 1.90B |
| Accounts Receivable | 1.83B | 2.02B | 1.80B | 1.66B | 1.65B | 1.72B |
| Other Receivables | 63.00M | 95.00M | 77.00M | 79.00M | 74.00M | |
| Receivables | 1.89B | 2.12B | 1.88B | 1.74B | 1.73B | 1.72B |
| Prepaid Expenses | 364.00M | 323.00M | 260.00M | 248.00M | 354.00M | 211.00M |
| Other Current Assets | 346.00M | 296.00M | 178.00M | 162.00M | 155.00M | 178.00M |
| Total Current Assets | 4.22B | 5.19B | 5.29B | 4.34B | 4.09B | 4.01B |
| Property, Plant & Equipment | 1.29B | 1.00B | 872.00M | 880.00M | 848.00M | 785.00M |
| Long-Term Investments | 586.00M | 599.00M | 563.00M | 621.00M | 604.00M | 545.00M |
| Goodwill | 6.30B | 6.37B | 5.99B | 5.96B | 5.84B | 6.00B |
| Other Intangible Assets | 1.69B | 1.87B | 1.89B | 2.05B | 2.21B | 2.47B |
| Long-Term Deferred Tax Assets | 236.00M | 305.00M | 293.00M | 258.00M | 266.00M | 384.00M |
| Long-Term Deferred Charges | 261.00M | 253.00M | 214.00M | 196.00M | 171.00M | 138.00M |
| Other Long-Term Assets | 236.00M | 249.00M | 389.00M | 321.00M | 317.00M | 351.00M |
| Total Assets | 14.83B | 15.83B | 15.51B | 14.62B | 14.35B | 14.68B |
| Accounts Payable | 62.00M | 62.00M | 53.00M | 23.00M | 52.00M | 47.00M |
| Accrued Expenses | 615.00M | 746.00M | 811.00M | 710.00M | 603.00M | 738.00M |
| Current Portion of Long-Term Debt | 572.00M | 700.00M | ||||
| Current Portion of Leases | 93.00M | 95.00M | 102.00M | 108.00M | 106.00M | 105.00M |
| Current Income Taxes Payable | 160.00M | 146.00M | 144.00M | 108.00M | 86.00M | 115.00M |
| Current Unearned Revenue | 1.40B | 1.58B | 1.45B | 1.32B | 1.26B | 1.25B |
| Other Current Liabilities | 378.00M | 350.00M | 333.00M | 235.00M | 270.00M | 242.00M |
| Total Current Liabilities | 3.28B | 2.98B | 3.60B | 2.50B | 2.38B | 2.50B |
| Long-Term Debt | 6.46B | 7.08B | 6.90B | 7.18B | 7.63B | 7.44B |
| Long-Term Leases | 488.00M | 262.00M | 216.00M | 306.00M | 368.00M | 455.00M |
| Long-Term Unearned Revenue | 53.00M | 56.00M | 57.00M | 65.00M | 75.00M | 86.00M |
| Pension & Post-Retirement Benefits | 209.00M | 216.00M | 195.00M | 190.00M | 189.00M | 235.00M |
| Long-Term Deferred Tax Liabilities | 340.00M | 315.00M | 449.00M | 402.00M | 457.00M | 488.00M |
| Other Long-Term Liabilities | 581.00M | 717.00M | 367.00M | 499.00M | 568.00M | 568.00M |
| Total Liabilities | 11.42B | 11.62B | 11.78B | 11.15B | 11.66B | 11.76B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 1.82B | 1.68B | 1.45B | 1.23B | 1.05B | 885.00M |
| Retained Earnings | 19.58B | 17.85B | 16.07B | 14.66B | 13.62B | 12.76B |
| Treasury Stock | -17.59B | -14.98B | -13.32B | -12.01B | -11.51B | -10.51B |
| Comprehensive Income & Other | -541.00M | -500.00M | -638.00M | -567.00M | -643.00M | -410.00M |
| Total Common Equity | 3.27B | 4.05B | 3.56B | 3.32B | 2.52B | 2.73B |
| Minority Interest | 144.00M | 151.00M | 162.00M | 158.00M | 170.00M | 189.00M |
| Shareholders' Equity | 3.41B | 4.21B | 3.73B | 3.48B | 2.69B | 2.92B |
| Total Liabilities & Equity | 14.83B | 15.83B | 15.51B | 14.62B | 14.35B | 14.68B |
| Total Debt | 7.62B | 7.43B | 7.92B | 7.60B | 8.10B | 8.00B |
| Net Cash (Debt) | -6.00B | -4.99B | -4.94B | -5.41B | -6.24B | -6.09B |
| Net Cash Per Share | -34.06 | -27.72 | -27.04 | -29.38 | -33.80 | -32.43 |
| Filing Date Shares Outstanding | 172.42M | 177.30M | 180.00M | 182.50M | 183.20M | 185.20M |
| Total Common Shares Outstanding | 172.42M | 177.54M | 180.31M | 182.47M | 183.20M | 185.64M |
| Working Capital | 942.00M | 2.21B | 1.69B | 1.84B | 1.72B | 1.51B |
| Book Value Per Share | 18.95 | 22.83 | 19.77 | 18.18 | 13.75 | 14.69 |
| Tangible Book Value | -4.73B | -4.18B | -4.32B | -4.69B | -5.53B | -5.74B |
| Tangible Book Value Per Share | -27.43 | -23.54 | -23.95 | -25.69 | -30.19 | -30.91 |
| Machinery | 380.00M | 457.00M | 411.00M | 393.00M | 352.00M | |
| Leasehold Improvements | 265.00M | 235.00M | 232.00M | 237.00M | 234.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.88B | 2.46B | 2.06B | 1.61B | 1.37B | 2.21B |
| Depreciation & Amortization | 285.00M | 269.00M | 251.00M | 252.00M | 252.00M | 257.00M |
| Other Amortization | 211.00M | 211.00M | 180.00M | 121.00M | 79.00M | |
| Loss (Gain) From Sale of Assets | -319.00M | -23.00M | ||||
| Asset Writedown & Restructuring Costs | 4.00M | 9.00M | 32.00M | 35.00M | 29.00M | |
| Loss (Gain) From Sale of Investments | -7.00M | -4.00M | -36.00M | |||
| Stock-Based Compensation | 233.00M | 232.00M | 220.00M | 193.00M | 169.00M | 175.00M |
| Provision & Write-off of Bad Debts | 10.00M | 12.00M | 15.00M | 22.00M | 25.00M | 13.00M |
| Other Operating Activities | -3.00M | -14.00M | -61.00M | -37.00M | -2.00M | -205.00M |
| Change in Accounts Receivable | -100.00M | -203.00M | -187.00M | -12.00M | 9.00M | -270.00M |
| Change in Accounts Payable | 139.00M | -55.00M | 225.00M | 76.00M | -161.00M | 80.00M |
| Change in Unearned Revenue | 106.00M | 148.00M | 154.00M | 24.00M | 20.00M | 65.00M |
| Change in Income Taxes | -64.00M | -57.00M | 18.00M | -129.00M | -33.00M | -184.00M |
| Change in Other Net Operating Assets | -56.00M | -87.00M | -60.00M | 3.00M | -287.00M | -104.00M |
| Operating Cash Flow | 3.33B | 2.90B | 2.84B | 2.15B | 1.47B | 2.00B |
| Capital Expenditures | -352.00M | -326.00M | -317.00M | -271.00M | -283.00M | -139.00M |
| Cash Acquisitions | -23.00M | -227.00M | -221.00M | -3.00M | -97.00M | -2.18B |
| Divestitures | 240.00M | 40.00M | ||||
| Investment in Securities | -37.00M | 483.00M | -518.00M | 27.00M | -102.00M | -290.00M |
| Other Investing Activities | 32.00M | 220.00M | -11.00M | |||
| Investing Cash Flow | -172.00M | 2.00M | -1.06B | -247.00M | -262.00M | -2.62B |
| Long-Term Debt Issued | 496.00M | 988.00M | 1.67B | |||
| Total Debt Issued | 496.00M | 988.00M | 1.67B | |||
| Long-Term Debt Repaid | -700.00M | -500.00M | -626.00M | -500.00M | ||
| Total Debt Repaid | -700.00M | -500.00M | -626.00M | -500.00M | ||
| Net Debt Issued (Repaid) | -700.00M | 496.00M | -500.00M | 362.00M | 1.17B | |
| Issuance of Common Stock | 39.00M | 49.00M | 73.00M | 50.00M | 26.00M | 38.00M |
| Repurchase of Common Stock | -3.12B | -1.71B | -1.38B | -561.00M | -1.07B | -833.00M |
| Common Dividends Paid | -710.00M | -701.00M | -620.00M | -564.00M | -515.00M | -463.00M |
| Other Financing Activities | -6.00M | -5.00M | -12.00M | -9.00M | -11.00M | -36.00M |
| Financing Cash Flow | -3.80B | -3.06B | -1.45B | -1.58B | -1.21B | -122.00M |
| Foreign Exchange Rate Adjustments | -26.00M | 136.00M | -58.00M | 41.00M | -46.00M | -50.00M |
| Net Cash Flow | -668.00M | -24.00M | 278.00M | 361.00M | -42.00M | -786.00M |
| Free Cash Flow | 2.98B | 2.58B | 2.52B | 1.88B | 1.19B | 1.87B |
| 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 | 2.53B | 2.06B | 2.24B | 1.70B | 1.08B | 1.92B |
| Unlevered Free Cash Flow | 2.69B | 2.22B | 2.43B | 1.90B | 1.22B | 2.03B |
| Cash Interest Paid | 215.00M | 235.00M | 280.00M | 281.00M | 198.00M | 162.00M |
| Cash Income Tax Paid | 834.00M | 825.00M | 613.00M | 344.00M | 488.00M | 932.00M |
| Change in Working Capital | 25.00M | -254.00M | 150.00M | -38.00M | -452.00M | -413.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 85.16B | 91.13B | 85.79B | 71.48B | 51.03B | 72.61B |
| Enterprise Value | 91.16B | 96.49B | 90.79B | 77.10B | 57.67B | 78.52B |
| Last Close Price | 493.91 | 507.46 | 466.67 | 381.99 | 269.91 | 374.88 |
| PE Ratio | 30.16 | 37.06 | 41.69 | 44.48 | 37.14 | 32.80 |
| Forward PE | 27.41 | 31.85 | 37.13 | 36.32 | 33.05 | 32.36 |
| PS Ratio | 10.42 | 11.81 | 12.10 | 12.08 | 9.33 | 11.68 |
| PB Ratio | 26.06 | 21.67 | 23.02 | 20.56 | 18.98 | 24.90 |
| P/FCF Ratio | 28.61 | 35.39 | 34.03 | 38.02 | 42.85 | 38.91 |
| P/OCF Ratio | 25.58 | 31.41 | 30.23 | 33.23 | 34.62 | 36.21 |
| PEG Ratio | 2.33 | 2.29 | 2.46 | 2.35 | 9.23 | 1.95 |
| EV/Sales Ratio | 11.15 | 12.50 | 12.81 | 13.03 | 10.55 | 12.63 |
| EV/EBITDA Ratio | 22.51 | 25.82 | 28.09 | 31.03 | 25.56 | 25.38 |
| EV/EBIT Ratio | 24.22 | 27.82 | 30.45 | 34.53 | 28.78 | 27.68 |
| EV/FCF Ratio | 30.62 | 37.47 | 36.01 | 41.01 | 48.42 | 42.08 |
| Debt / Equity Ratio | 2.23 | 1.77 | 2.12 | 2.19 | 3.01 | 2.74 |
| Debt / EBITDA Ratio | 1.83 | 1.94 | 2.37 | 2.93 | 3.42 | 2.49 |
| Debt / FCF Ratio | 2.56 | 2.89 | 3.14 | 4.04 | 6.80 | 4.29 |
| Net Debt / Equity Ratio | 1.76 | 1.19 | 1.33 | 1.55 | 2.32 | 2.09 |
| Net Debt / EBITDA Ratio | 1.48 | 1.33 | 1.53 | 2.17 | 2.77 | 1.97 |
| Net Debt / FCF Ratio | 2.01 | 1.94 | 1.96 | 2.88 | 5.24 | 3.27 |
| Asset Turnover | 0.54 | 0.49 | 0.47 | 0.41 | 0.38 | 0.46 |
| Quick Ratio | 1.07 | 1.53 | 1.35 | 1.57 | 1.51 | 1.45 |
| Current Ratio | 1.29 | 1.74 | 1.47 | 1.74 | 1.72 | 1.61 |
| Return on Equity (ROE) | 76.74% | 62.08% | 57.17% | 52.16% | 49.03% | 94.64% |
| Return on Assets (ROA) | 15.56% | 13.83% | 12.37% | 9.63% | 8.63% | 13.09% |
| Return on Invested Capital (ROIC) | 31.45% | 30.55% | 25.92% | 20.84% | 17.44% | 30.36% |
| Return on Capital Employed (ROCE) | 32.60% | 27.00% | 25.00% | 18.40% | 16.70% | 23.30% |
| Earnings Yield | 3.32% | 2.70% | 2.40% | 2.25% | 2.69% | 3.05% |
| FCF Yield | 3.50% | 2.83% | 2.94% | 2.63% | 2.33% | 2.57% |
| Dividend Yield | 0.83% | 0.73% | 0.71% | 0.79% | 1.00% | 0.63% |
| Payout Ratio | 25.16% | 28.51% | 30.13% | 35.10% | 37.48% | 20.91% |
| Buyback Yield / Dilution | 2.51% | 1.53% | 0.71% | 0.38% | 1.70% | 0.74% |
| Total Shareholder Return | 3.34% | 2.27% | 1.42% | 1.17% | 2.71% | 1.37% |