Moody's Corporation (MCO) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 939M | 858M | 743M | 543M | 757M | 674M | 703M | 686M | 775M | 477M | 462M | 604M | 608M | 377M | 336M | 291M | 470M | 299M | 436M | 594M |
| Operating CF Margin % | 45.17% | 45.42% | 37.02% | 28.61% | 39.35% | 40.31% | 38.78% | 37.75% | 43.39% | 32.23% | 31.39% | 40.43% | 41.36% | 29.22% | 26.35% | 21.07% | 30.88% | 19.43% | 28.57% | 38.25% |
| Operating CF Growth % | 24.04% | 27.3% | 5.69% | -20.85% | -2.32% | 41.3% | 52.16% | 13.58% | 27.47% | 26.53% | 37.5% | 107.56% | 29.36% | 26.09% | -22.94% | -51.01% | -30.47% | -54.56% | -14.68% | -6.01% |
| Net Income | 661M | 610M | 648M | 578M | 625M | 395M | 534M | 552M | 577M | 340M | 389M | 377M | 501M | 246M | 303M | 327M | 498M | 427M | 474M | 577M |
| Depreciation & Amortization | 122M | 124M | 123M | 120M | 113M | 113M | 108M | 110M | 100M | 97M | 95M | 93M | 88M | 89M | 83M | 81M | 78M | 77M | 61M | 60M |
| Stock-Based Compensation | 58M | 0 | 174M | 0 | 56M | 54M | 57M | 0 | 53M | 50M | 0 | 0 | 0 | 39M | 46M | 0 | 0 | 48M | 41M | 41M |
| Deferred Taxes | 23M | -57M | 23M | -1M | 18M | -71M | -16M | 0 | 25M | -28M | -31M | 21M | 0 | -10M | -7M | 35M | 30M | -139M | -138M | 15M |
| Other Non-Cash Items | 5M | 38M | -509M | 67M | 8M | 18M | 12M | 63M | 4M | 41M | 59M | 50M | 47M | -41M | 0 | 58M | 46M | -23M | 0 | 0 |
| Working Capital Changes | 70M | 143M | 284M | -221M | -63M | 165M | 8M | -39M | 16M | -23M | -50M | 63M | -28M | 54M | -89M | -210M | -182M | -91M | -2M | -99M |
| Change in Receivables | 0 | -266M | -94M | 110M | -16M | -144M | 21M | 133M | -197M | -139M | 6M | 172M | -51M | -89M | 60M | 180M | -117M | -120M | -108M | 42M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 262M | 341M | -49M | -292M | 180M | 127M | 28M | -110M | 137M | 25M | 92M | -178M | 197M | -82M | 20M | -296M | 100M | 162M | 24M |
| Cash from Investing | -91M | -42M | -54M | -126M | 224M | -181M | -684M | -95M | -96M | -54M | -90M | -40M | -63M | -90M | 0 | -11M | -161M | -458M | -1.91B | -57M |
| Capital Expenditures | -95M | -81M | 160M | -75M | -85M | -74M | -72M | -93M | -78M | -73M | -71M | -54M | -73M | -79M | -71M | -74M | -59M | -62M | -33M | -30M |
| CapEx % of Revenue | 4.57% | 4.29% | 7.97% | 3.95% | 4.42% | 4.43% | 3.97% | 5.12% | 4.37% | 4.93% | 4.82% | 3.61% | 4.97% | 6.12% | 5.57% | 5.36% | 3.88% | 4.03% | 2.16% | 1.93% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 41M | 64M | 78M | 731M | 675M | 1.2B | 1.17B | 727M | 720M | 703M | 733M | 701M | 714M | 736M | 868M | 807M | 707M | 703M | 384M | 380M |
| Other Investing | 0 | 0 | -245M | 0 | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84M | 136M | 0 | 12M | 22M | -23M |
| Cash from Financing | -1.72B | -609M | -674M | -482M | -1.3B | -634M | -81M | -423M | -308M | -353M | -607M | -408M | -216M | -251M | -245M | -360M | -352M | -257M | 927M | -502M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.53B | -439M | 713M | -310M | -403M | -473M | -416M | -268M | -153M | -206M | -164M | -66M | -75M | 3M | -109M | -328M | -610M | -115M | -121M | -385M |
| Dividends Paid | -185M | -167M | -168M | -171M | -195M | -155M | -156M | -154M | -155M | -140M | -141M | -142M | -141M | -128M | -128M | -129M | -130M | -116M | -115M | -116M |
| Share Repurchases | -1.55B | -444M | 745M | -319M | -426M | -486M | -431M | -293M | -173M | -216M | -173M | -86M | -86M | -2M | -114M | -336M | -618M | -123M | -128M | -399M |
| Other Financing | 0 | -3M | -1.22B | -1M | 0 | -6M | 0 | -1M | 0 | -7M | -2M | 0 | 0 | 0 | 0 | 97M | -98M | -2M | -2M | -1M |
| Net Change in Cash | -915M | 203M | 7M | 35M | -269M | -234M | 7M | 159M | 346M | 124M | -272M | 159M | 350M | 113M | 39M | -133M | -61M | -428M | -570M | 40M |
| Free Cash Flow | 844M | 777M | 903M | 468M | 672M | 600M | 631M | 593M | 697M | 404M | 391M | 550M | 535M | 298M | 265M | 217M | 411M | 237M | 403M | 564M |
| FCF Margin % | 40.6% | 41.13% | 44.99% | 24.66% | 34.93% | 35.89% | 34.8% | 32.64% | 39.03% | 27.3% | 26.56% | 36.81% | 36.39% | 23.1% | 20.78% | 15.71% | 27% | 15.4% | 26.41% | 36.32% |
| FCF Growth % | 25.6% | 29.5% | 43.11% | -21.08% | -3.59% | 48.51% | 61.38% | 7.82% | 30.28% | 35.57% | 47.55% | 153.46% | 30.17% | 25.74% | -34.24% | -61.52% | -37.92% | -62.85% | -17.76% | -4.57% |
| FCF per Share | 4.76 | 4.35 | 5.01 | 2.59 | 3.72 | 3.28 | 3.46 | 3.24 | 3.80 | 2.20 | 2.13 | 2.99 | 2.91 | 1.62 | 1.44 | 1.17 | 2.21 | 1.26 | 2.15 | 3.00 |
| FCF Conversion (FCF/Net Income) | 1.42x | 1.41x | 1.15x | 0.94x | 1.21x | 1.71x | 1.32x | 1.24x | 1.34x | 1.40x | 1.19x | 1.60x | 1.21x | 1.53x | 1.11x | 0.89x | 0.94x | 0.70x | 0.92x | 1.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |