Moodys (MCO) financial statements

Financial Services · Financial Data & Stock Exchanges · Market cap $80.4B

Moodys reported revenue of $7.7B in fiscal 2025, up 8.8% a year over 9 years.

Net income was $2.5B and the operating margin 43.4%, against 18.1% in 2016.

Free cash flow was $2.6B, and the company returned $701M in dividends and $1.6B in net buybacks.

The diluted share count fell 8% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

024682016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, from Moodys's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$3.6B$4.2B$4.4B$4.8B$5.4B$6.2B$5.5B$5.9B$7.1B$7.7B
Cost of revenue—$1.2B$1.2B$1.4B$1.5B$1.6B$1.6B$1.7B$1.9B$2.0B
Gross profit—$3.0B$3.2B$3.4B$3.9B$4.6B$3.9B$4.2B$5.1B$5.7B
Research and development$40M$42M$51M———————
Selling, general and admin$931M$986M$1.1B$1.2B$1.2B$1.5B$1.5B$1.6B$1.7B$1.8B
Operating income$651M$1.8B$1.9B$2.0B$2.4B$2.8B$1.9B$2.1B$2.9B$3.4B
Pre-tax income$558M$1.8B$1.7B$1.8B$2.2B$2.8B$1.8B$1.9B$2.7B$3.1B
Income tax$282M$779M$352M$381M$452M$541M$386M$327M$640M$668M
Net income$267M$1.0B$1.3B$1.4B$1.8B$2.2B$1.4B$1.6B$2.1B$2.5B
EPS (diluted)$1.36$5.15$6.74$7.42$9.39$11.78$7.44$8.73$11.26$13.67
Diluted shares195M194M194M192M189M188M185M184M183M180M
Gross margin—71.1%72.0%71.3%72.5%73.7%70.5%71.5%72.6%74.4%
Operating margin18.1%43.3%42.0%41.4%44.5%45.7%34.4%36.1%40.6%43.4%
Net margin7.4%23.8%29.5%29.4%33.1%35.6%25.1%27.2%29.0%31.9%

Balance sheet

Fiscal years, from Moodys's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$2.2B$1.2B$1.8B$1.9B$2.7B$1.9B$1.9B$2.2B$3.0B$2.4B
Receivables$887M$1.1B$1.3B$1.4B$1.4B$1.7B$1.7B$1.7B$1.8B$2.0B
Total current assets$3.3B$2.6B$3.4B$3.7B$4.5B$4.0B$4.1B$4.3B$5.3B$5.2B
Property, plant and equipment$326M$325M$320M$292M$278M$347M$502M$603M$656M$722M
Goodwill$1.0B$3.8B$3.8B$3.7B$4.6B$6.0B$5.8B$6.0B$6.0B$6.4B
Total assets$5.3B$8.6B$9.5B$10.3B$12.4B$14.7B$14.3B$14.6B$15.5B$15.8B
Total current liabilities$2.4B$2.1B$2.1B$1.9B$2.2B$2.5B$2.4B$2.5B$3.6B$3.0B
Long-term debt$3.1B$5.1B$5.2B$5.6B$6.4B$7.4B$7.4B$7.0B$6.7B$7.0B
Total liabilities$6.4B$8.7B$8.9B$9.4B$10.6B$11.8B$11.7B$11.1B$11.8B$11.6B
Shareholders' equity-$1.2B-$328M$459M$612M$1.6B$2.7B$2.5B$3.3B$3.6B$4.1B
Net debt$1.3B$4.3B$4.0B$3.7B$3.8B$5.6B$5.6B$4.9B$5.0B$4.6B

Cash flow

Fiscal years, from Moodys's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.3B$755M$1.5B$1.7B$2.1B$2.0B$1.5B$2.2B$2.8B$2.9B
Capital spending$115M$91M$91M$69M$103M$139M$283M$271M$317M$326M
Free cash flow$1.1B$664M$1.4B$1.6B$2.0B$1.9B$1.2B$1.9B$2.5B$2.6B
Stock-based compensation$98M$123M$130M$136M$154M$175M$169M$193M$220M$232M
Dividends paid$285M$290M$337M$378M$420M$463M$515M$564M$620M$701M
Share buybacks (net)-$739M-$200M-$203M-$991M-$503M-$750M-$983M-$490M-$1.3B-$1.6B
Free cash flow margin31.7%15.8%30.8%33.3%38.0%30.0%21.8%31.8%35.6%33.4%
Dividends per share$1.46$1.50$1.73$1.97$2.22$2.46$2.79$3.07$3.39$3.90
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MCO.
Open MCO in Investingly

Questions

What was Moodys's revenue in 2025?

$7.7B in fiscal 2025, from its 10-K filing.

How much free cash flow does Moodys generate?

$2.6B in fiscal 2025 (operating cash flow minus capital spending).

From Moodys's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.