MOODYS CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MOODYS CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,604	4,204	4,443	4,829	5,371	6,218	5,468	5,916	7,088	7,718
Cost of revenue		1,216	1,246	1,387	1,475	1,637	1,613	1,687	1,945	1,973
Gross profit		2,988	3,197	3,442	3,896	4,581	3,855	4,229	5,143	5,745
Research and development	40.1	42	51.1
Selling, general and administrative	931	986	1,080	1,167	1,229	1,480	1,527	1,632	1,735	1,803
Operating expenses	2,953	2,383	2,575	2,831
Operating income	651	1,821	1,868	1,998	2,388	2,844	1,883	2,137	2,875	3,351
Interest income	10.9	16	15	17
Other non-operating income	-92.9	-34	-196	-188	-159	-89	-123	-202	-176	-221
Pre-tax income	558	1,787	1,672	1,810	2,229	2,755	1,760	1,935	2,699	3,130
Income tax	282	779	352	381	452	541	386	327	640	668
Net income to minority interests	9.2	7	10	7	-1	0	0	1	1	3
Net income	267	1,001	1,310	1,422	1,778	2,214	1,374	1,607	2,058	2,459
EBITDA	778	1,979	2,060	2,198	2,608	3,101	2,214	2,510	3,306	3,831
EPS, basic	1.38	5.24	6.84	7.51	9.48	11.88	7.47	8.77	11.32	13.73
EPS, diluted	1.36	5.15	6.74	7.42	9.39	11.78	7.44	8.73	11.26	13.67
Shares, basic (weighted)	193	191	192	189	188	186	184	183	182	179
Shares, diluted (weighted)	195	194	194	192	189	188	185	184	183	180
Dividend per share	1.49	1.14	1.76	2.00	2.24	2.48	2.80	3.08	3.40	3.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,052	1,072	1,685	1,832	2,597	1,811	1,769	2,130	2,408	2,384
Short-term investments	173	112	133	98	99	91	90	63	566	64
Receivables	887	1,147	1,287	1,419	1,430	1,720	1,652	1,659	1,801	2,024
Other current assets	141	250	282	330	383	389	583	489	515	714
Total current assets	3,253	2,581	3,387	3,679	4,509	4,011	4,094	4,341	5,290	5,186
Property, plant and equipment	326	325	320	292	278	347	502	603	656	722
Lease right-of-use assets				456	393	438	346	277	216	282
Goodwill	1,024	3,753	3,781	3,722	4,556	5,999	5,839	5,956	5,994	6,368
Intangible assets	296	1,632	1,566	1,498	1,824	2,467	2,210	2,049	1,890	1,866
Long-term investments	32.7	22.1	18	10	66	89	87	100	98	110
Other non-current assets	112	160	275	389	515	1,034	1,092	1,138	1,166	1,101
Total assets	5,327	8,594	9,526	10,265	12,409	14,680	14,349	14,622	15,505	15,830
Accounts payable	28.4	21.8	30	38	39	47	52	23	53	62
Accrued liabilities	89.3	130	113	152	197	145	104	130	133	126
Deferred revenue	684	884	953	1,050	1,089	1,249	1,258	1,316	1,454	1,582
Short-term debt	300	429	450	0	0	0	0	0	697	0
Total current liabilities	2,428	2,063	2,099	1,912	2,222	2,496	2,375	2,500	3,597	2,981
Long-term debt	3,063	5,111	5,226	5,581	6,422	7,413	7,389	7,001	6,731	6,994
Lease liabilities				485	427	455	368	306	216	262
Other non-current liabilities	425	664	576	504	590	438	674	676	517	859
Total liabilities	6,355	8,709	8,870	9,428	10,646	11,764	11,660	11,146	11,778	11,625
Total debt	3,363	5,411	5,676	5,581	6,422	7,413	7,389	7,001	7,428	6,994
Paid-in capital	477	529	601	642	735	885	1,054	1,228	1,451	1,676
Retained earnings	6,689	7,465	8,594	9,656	11,011	12,762	13,618	14,659	16,071	17,853
Treasury stock	-8,030	-8,153	-8,313	-9,250	-9,748	-10,513	-11,513	-12,005	-13,322	-14,978
Other comprehensive income	-365	-172	-426	-439	-432	-410	-643	-567	-638	-500
Shareholders' equity	-1,225	-328	459	612	1,569	2,727	2,519	3,318	3,565	4,054
Minority interests	198	213	197	219	194	189	170	158	162	151
Total equity	-1,027	-115	656	831	1,763	2,916	2,689	3,476	3,727	4,205
Total liabilities and equity	5,327	8,594	9,526	10,265	12,409	14,680	14,349	14,622	15,505	15,830

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	276	1,008	1,320	1,429	1,777	2,214	1,374	1,608	2,059	2,462
Depreciation and amortization	127	158	192	200	220	257	331	373	431	480
Stock-based compensation	98.1	123	130	136	154	175	169	193	220	232
Deferred income tax	-153	88	-99	-38	-44	-218	48	-38	-62	-17
Change in receivables	-105	-148	-136	-134	31	-270	9	-12	-187	-203
Change in payables	902	-638	-99	65	247	80	-161	76	225	-55
Cash from operations	1,259	755	1,461	1,675	2,146	2,005	1,474	2,151	2,838	2,901
Capital expenditures	-115	-91	-91	-69	-103	-139	-283	-271	-317	-326
Acquisitions	-80.8	-3,511	-289	-162	-897	-2,179	-97	-3	-221	-227
Purchases of investments	-380	-170	-193	-138	-181	-171	-246	-143	-651	-188
Cash from investing	102	-3,420	-406	36	-1,077	-2,619	-262	-247	-1,056	2
Stock issued	71.8	49	38	36	39	24	8	32	53	28
Share buybacks	-739	-200	-203	-991	-503	-750	-983	-490	-1,292	-1,607
Dividends paid	-285	-290	-337	-378	-420	-463	-515	-564	-620	-701
Cash from financing	-1,043	1,600	-412	-1,563	-351	-122	-1,208	-1,584	-1,446	-3,063
Exchange rate effect	-24.2	85	-30	-1	47	-50	-46	41	-58	136
Net change in cash	294	-980	613	147	765	-786	-42	361	278	-24
Free cash flow	1,144	664	1,370	1,606	2,043	1,866	1,191	1,880	2,521	2,575
Interest paid	137	158	183	167	132	162	198	281	280	235
Income taxes paid	356	366	442	458	514	932	488	344	613	825

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $468.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.0%	Gross profit / revenue.
Operating margin	44.8%	Operating income / revenue.
EBITDA margin	50.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	44.1%	Pre-tax income / revenue.
Net margin	34.3%	Net income / revenue.
FCF margin	36.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.7%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	92.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.0%	Net income / average total assets.
Return on invested capital (ROIC)	33.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	15.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	21.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.19x	Current assets / current liabilities.
Quick ratio	1.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.3%	Total debt / total assets.
Liabilities / assets	78.4%	Total liabilities / total assets.
Net debt	$5.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$637.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	55.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	10.8x	Revenue / average property, plant and equipment.
Receivables turnover	4.25x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
FCF conversion	106.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.76	Revenue / diluted weighted shares.
FCF per share	$17.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.02	Cash from operations / diluted weighted shares.
Book value per share	$17.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$28.89	Tangible book value / shares outstanding.
Cash per share	$8.57	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	105.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$81.18B	Share price x shares outstanding.
Enterprise value	$86.63B	Market cap + total debt - cash - short-term investments.
P/E	29.0x	Market cap / net income. Only when net income is positive.
P/S	9.95x	Market cap / revenue.
P/B	26.8x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	27.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.5x	Market cap / cash from operations, when positive.
EV/Sales	10.6x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.29x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MOODYS CORP /DE/'s revenue in fiscal 2025?

MOODYS CORP /DE/ reported revenue of $7.72B for fiscal 2025, 8.9% higher than the year before.

Was MOODYS CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $2.46B, a net margin of 31.9%.

How much free cash flow did MOODYS CORP /DE/ generate in fiscal 2025?

Cash from operations of $2.90B minus capital expenditures of $326.0M left free cash flow of $2.58B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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