Moodys
MCO · NYSEServices-Consumer Credit Reporting, Collection Agencies · Fiscal year ends Dec 31
Moodys reported revenue of $7.7B in the fiscal year ended Dec 2025, up 8.9% from the year before. Operating income was $3.4B, an operating margin of 43.4%, and net income was $2.5B. Operating cash flow of $2.9B less capital expenditure of $326M left free cash flow of $2.6B. Net debt was $4.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.2B | $5.5B | $5.9B | $7.1B | $7.7B |
| Cost of revenue | $1.6B | $1.6B | $1.7B | $1.9B | $2B |
| Gross profit | $4.6B | $3.9B | $4.2B | $5.1B | $5.7B |
| Selling, general & admin | $1.5B | $1.5B | $1.6B | $1.7B | $1.8B |
| Operating income | $2.8B | $1.9B | $2.1B | $2.9B | $3.4B |
| Pre-tax income | $2.8B | $1.8B | $1.9B | $2.7B | $3.1B |
| Income tax | $541M | $386M | $327M | $640M | $668M |
| Net income | $2.2B | $1.4B | $1.6B | $2.1B | $2.5B |
| Diluted EPS | 11.78 | 7.44 | 8.73 | 11.26 | 13.67 |
| Diluted shares | 188M | 185M | 184M | 183M | 180M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.8B | $2.1B | $2.4B | $2.4B |
| Receivables | $1.7B | $1.7B | $1.7B | $1.8B | $2B |
| Current assets | $4B | $4.1B | $4.3B | $5.3B | $5.2B |
| Net PP&E | $347M | $502M | $603M | $656M | $722M |
| Goodwill | $6B | $5.8B | $6B | $6B | $6.4B |
| Total assets | $14.7B | $14.3B | $14.6B | $15.5B | $15.8B |
| Payables | $47M | $52M | $23M | $53M | $62M |
| Deferred revenue | $1.2B | $1.3B | $1.3B | $1.5B | $1.6B |
| Current liabilities | $2.5B | $2.4B | $2.5B | $3.6B | $3B |
| Short-term debt | $0 | $0 | $0 | $697M | $0 |
| Long-term debt | $7.4B | $7.4B | $7B | $6.7B | $7B |
| Total liabilities | $11.8B | $11.7B | $11.1B | $11.8B | $11.6B |
| Shareholders' equity | $2.7B | $2.5B | $3.3B | $3.6B | $4.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $1.5B | $2.2B | $2.8B | $2.9B |
| Capital expenditure | $139M | $283M | $271M | $317M | $326M |
| Free cash flow | $1.9B | $1.2B | $1.9B | $2.5B | $2.6B |
| Depreciation & amortisation | $257M | $331M | $373M | $431M | $480M |
| Stock-based compensation | $175M | $169M | $193M | $220M | $232M |
| Acquisitions | $2.2B | $97M | $3M | $221M | $227M |
| Share buybacks | $750M | $983M | $490M | $1.3B | $1.6B |
| Dividends paid | $463M | $515M | $564M | $620M | $701M |
| Dividend per share | 2.48 | 2.80 | 3.08 | 3.40 | 3.76 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.1% | 8.2% | 19.8% | 8.9% |
| Operating income growth (YoY) | – | −33.8% | 13.5% | 34.5% | 16.6% |
| EPS growth (YoY) | – | −36.8% | 17.3% | 29.0% | 21.4% |
| Gross margin | 73.7% | 70.5% | 71.5% | 72.6% | 74.4% |
| Operating margin | 45.7% | 34.4% | 36.1% | 40.6% | 43.4% |
| Net margin | 35.6% | 25.1% | 27.2% | 29.0% | 31.9% |
| Return on equityBlank when equity is negative | 81.2% | 54.5% | 48.4% | 57.7% | 60.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 23.3% | 15.7% | 17.6% | 24.1% | 26.1% |
| Free cash flow margin | 30.0% | 21.8% | 31.8% | 35.6% | 33.4% |
| Cash conversion (CFO ÷ net income) | 0.91x | 1.07x | 1.34x | 1.38x | 1.18x |
| Receivable days | 101 | 110 | 102 | 93 | 96 |
| Payable days | 10 | 12 | 5 | 10 | 11 |
| Debt ÷ equity | 2.72x | 2.93x | 2.11x | 2.08x | 1.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.6B | $5.6B | $4.9B | $5B | $4.6B |
| Current ratio | 1.61x | 1.72x | 1.74x | 1.47x | 1.74x |
Recent filings
More in Services-Consumer Credit Reporting, Collection Agencies
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.