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Moody's (MCO) Financials

Moody's logo
$448.48 -2.84 (-0.63%)
Closing price 03:59 PM Eastern
Extended Trading
$448.32 -0.16 (-0.04%)
As of 04:35 PM Eastern
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Annual Income Statements for Moody's

Annual Income Statements for Moody's

This table shows Moody's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 941 267 1,001 1,310 1,422 1,778 2,214 1,374 1,607 2,058 2,459
Consolidated Net Income / (Loss)		 950 276 1,008 1,320 1,429 1,777 2,214 1,374 1,608 2,059 2,462
Net Income / (Loss) Continuing Operations		 950 276 1,008 1,320 1,429 1,777 2,214 1,374 1,608 2,059 2,462
Total Pre-Tax Income 		1,380 558 1,787 1,672 1,810 2,229 2,755 1,760 1,935 2,699 3,130
Total Operating Income		 1,473 651 1,821 1,868 1,998 2,388 2,844 1,883 2,137 2,875 3,351
Total Gross Profit		 2,508 2,585 2,988 3,197 3,442 3,896 4,581 3,855 4,229 5,143 5,745
Total Revenue		 3,485 3,604 4,204 4,443 4,829 5,371 6,218 5,468 5,916 7,088 7,718
Operating Revenue		 3,485 3,604 4,204 4,443 4,829 5,371 6,218 5,468 5,916 7,088 7,718
Total Cost of Revenue		 976 1,020 1,216 1,246 1,387 1,475 1,637 1,613 1,687 1,945 1,973
Operating Cost of Revenue		 976 1,020 1,216 1,246 1,387 1,475 1,637 1,613 1,687 1,945 1,973
Total Operating Expenses		 1,035 1,934 1,167 1,329 1,444 1,508 1,737 1,972 2,092 2,268 2,368
Selling, General & Admin Expense		 921 931 986 1,080 1,167 1,229 1,480 1,527 1,632 1,735 1,803
Depreciation Expense		 114 127 158 192 200 220 257 331 373 431 480
Other Operating Expenses / (Income)		 - - - 0.00 14 9.00 - - 0.00 - -23
Restructuring Charge		 0.00 12 23 57 63 50 0.00 114 87 59 108
Total Other Income / (Expense), net		 -94 -93 -34 -196 -188 -159 -89 -123 -202 -176 -221
Interest & Investment Income		 -115 -157 -38 -215 -208 -205 -171 -231 -251 -237 -213
Other Income / (Expense), net		 21 64 4.00 19 20 46 82 38 49 61 -31
Income Tax Expense		 430 282 779 352 381 452 541 386 327 640 668
Net Income / (Loss) Attributable to Noncontrolling Interest		 8.30 9.20 7.00 10 7.00 -1.00 0.00 0.00 1.00 1.00 3.00
Basic Earnings per Share		 $4.70 $1.38 $5.24 $6.84 $7.51 $9.48 $11.88 $7.47 $8.77 $11.32 $13.73
Weighted Average Basic Shares Outstanding		 200.10M 192.70M 191.10M 191.60M 189.30M 187.60M 186.40M 183.90M 183.20M 181.80M 179.10M
Diluted Earnings per Share		 $4.63 $1.36 $5.15 $6.74 $7.42 $9.39 $11.78 $7.44 $8.73 $11.26 $13.67
Weighted Average Diluted Shares Outstanding		 203.40M 195.40M 194.20M 194.40M 191.60M 189.30M 187.90M 184.70M 184M 182.70M 179.90M
Weighted Average Basic & Diluted Shares Outstanding		 200.30M 193.20M 191M 194.30M 187.40M 187.10M 185.20M 183.20M 182.50M 180M 177.30M
Cash Dividends to Common per Share		 $1.36 $1.48 $1.52 $1.76 $2.00 $2.24 $2.48 $2.80 $3.08 $3.40 $3.76

Quarterly Income Statements for Moody's

This table shows Moody's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 389 340 577 552 534 395 625 578 646 610 661
Consolidated Net Income / (Loss)		 390 340 577 553 534 395 625 579 647 611 661
Net Income / (Loss) Continuing Operations		 390 340 577 553 534 395 625 579 647 611 661
Total Pre-Tax Income 		487 450 752 719 703 525 804 772 867 687 870
Total Operating Income		 535 498 801 775 738 561 846 818 917 770 922
Total Gross Profit		 1,060 1,059 1,319 1,348 1,301 1,175 1,433 1,409 1,515 1,390 1,548
Total Revenue		 1,472 1,480 1,786 1,817 1,813 1,672 1,924 1,898 2,007 1,889 2,079
Operating Revenue		 1,472 1,480 1,786 1,817 1,813 1,672 1,924 1,898 2,007 1,889 2,079
Total Cost of Revenue		 412 421 467 469 512 497 491 489 492 499 531
Operating Cost of Revenue		 412 421 467 469 512 497 491 489 492 499 531
Total Operating Expenses		 525 561 518 573 563 614 585 590 597 596 626
Selling, General & Admin Expense		 403 428 413 446 434 442 439 443 453 468 477
Depreciation Expense		 95 97 100 110 108 113 113 120 123 124 122
Restructuring Charge		 27 36 5.00 2.00 6.00 46 33 27 21 27 27
Total Other Income / (Expense), net		 -48 -48 -49 -56 -35 -36 -42 -46 -50 -83 -52
Interest & Investment Income		 -66 -66 -62 -63 -60 -52 -61 -61 -58 -33 -66
Other Income / (Expense), net		 18 18 13 7.00 25 16 19 15 8.00 -73 14
Income Tax Expense		 97 110 175 166 169 130 179 193 220 76 209
Basic Earnings per Share		 $2.12 $1.87 $3.16 $3.03 $2.94 $2.19 $3.47 $3.22 $3.61 $3.43 $3.74
Weighted Average Basic Shares Outstanding		 183.30M 183.20M 182.60M 182.30M 181.70M 181.80M 180M 179.70M 178.90M 179.10M 176.80M
Diluted Earnings per Share		 $2.11 $1.85 $3.15 $3.02 $2.93 $2.16 $3.46 $3.21 $3.60 $3.40 $3.73
Weighted Average Diluted Shares Outstanding		 184M 184M 183.40M 183M 182.50M 182.70M 180.70M 180.20M 179.60M 179.90M 177.30M
Weighted Average Basic & Diluted Shares Outstanding		 183M 182.50M 182.60M 182.10M 181.20M 180M 179.90M 179.40M 178.40M 177.30M 174.70M
Cash Dividends to Common per Share		 $0.77 - $0.85 $0.85 - - $0.94 $0.94 - - $1.03

Annual Cash Flow Statements for Moody's

This table details how cash moves in and out of Moody's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 538 294 -1,065 643 147 765 -786 -42 361 278 -24
Net Cash From Operating Activities		 1,198 1,259 755 1,461 1,675 2,146 2,005 1,474 2,151 2,838 2,901
Net Cash From Continuing Operating Activities		 1,205 1,259 755 1,461 1,675 2,146 2,005 1,474 2,151 2,838 2,901
Net Income / (Loss) Continuing Operations		 950 276 1,008 1,320 1,429 1,777 2,214 1,374 1,608 2,059 2,462
Consolidated Net Income / (Loss)		 950 276 1,008 1,320 1,429 1,777 2,214 1,374 1,608 2,059 2,462
Depreciation Expense		 114 127 158 192 200 220 257 331 373 431 480
Non-Cash Adjustments To Reconcile Net Income		 87 62 25 269 184 145 154 154 220 227 197
Changes in Operating Assets and Liabilities, net		 54 795 -436 -320 -138 4.00 -620 -385 -50 121 -238
Net Cash From Investing Activities		 -92 102 -3,420 -406 36 -1,077 -2,619 -262 -247 -1,056 2.00
Net Cash From Continuing Investing Activities		 -92 102 -3,420 -406 36 -1,077 -2,619 -262 -247 -1,056 2.00
Purchase of Property, Plant & Equipment		 -89 -115 -91 -91 -69 -103 -139 -283 -271 -317 -326
Acquisitions		 -7.60 -81 -3,511 -289 -162 -897 -2,179 -97 -3.00 -221 -227
Purchase of Investments		 -688 -407 -170 -193 -145 -183 -485 -320 -148 -655 -207
Divestitures		 0.00 1.50 0.00 6.00 226 - 2.00 2.00 13 2.00 40
Sale and/or Maturity of Investments		 693 703 352 161 186 106 182 436 162 135 722
Net Cash From Financing Activities		 -506 -1,043 1,600 -412 -1,563 -351 -122 -1,208 -1,584 -1,446 -3,063
Net Cash From Continuing Financing Activities		 -504 -1,043 1,600 -412 -1,563 -351 -122 -1,208 -1,584 -1,446 -3,063
Repayment of Debt		 -9.50 -0.10 -2,034 -1,931 -2,288 -1,631 -531 -636 -500 -5.00 -700
Repurchase of Common Equity		 -1,098 -739 -200 -203 -991 -503 -750 -983 -490 -1,292 -1,607
Payment of Dividends		 -279 -337 -293 -342 -381 -421 -468 -516 -573 -627 -706
Issuance of Debt		 853 0.00 4,129 2,079 2,141 2,280 1,672 988 0.00 496 0.00
Issuance of Common Equity		 89 78 56 47 45 51 38 26 50 73 49
Other Financing Activities, net		 -60 -44 -58 -62 -89 -127 -83 -87 -71 -91 -99
Effect of Exchange Rate Changes		 -63 -24 - - -1.00 47 -50 -46 41 -58 136

Quarterly Cash Flow Statements for Moody's

This table details how cash moves in and out of Moody's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -272 124 346 159 7.00 -234 -269 35 7.00 203 -915
Net Cash From Operating Activities		 462 477 775 686 703 674 757 543 743 858 939
Net Cash From Continuing Operating Activities		 450 493 775 686 703 681 757 543 743 858 939
Net Income / (Loss) Continuing Operations		 390 340 577 553 534 395 625 579 647 611 661
Consolidated Net Income / (Loss)		 390 340 577 553 534 395 625 579 647 611 661
Depreciation Expense		 95 97 100 110 108 113 113 120 123 124 122
Non-Cash Adjustments To Reconcile Net Income		 45 82 50 54 60 70 56 55 54 32 60
Changes in Operating Assets and Liabilities, net		 -80 -26 48 -31 1.00 103 -37 -211 -81 91 96
Net Cash From Investing Activities		 -90 -54 -96 -95 -684 -181 224 -126 -54 -42 -91
Net Cash From Continuing Investing Activities		 -90 -54 -96 -95 -684 -181 224 -126 -54 -42 -91
Purchase of Property, Plant & Equipment		 -71 -73 -78 -93 -72 -74 -85 -75 -85 -81 -95
Acquisitions		 - - -12 - -98 -111 -223 - -4.00 - -23
Purchase of Investments		 -53 -40 -52 -37 -538 -28 -51 -79 -42 -35 -39
Sale and/or Maturity of Investments		 34 47 46 35 24 30 583 28 77 34 66
Net Cash From Financing Activities		 -607 -353 -308 -423 -81 -634 -1,298 -482 -674 -609 -1,719
Net Cash From Continuing Financing Activities		 -607 -353 -308 -423 -81 -634 -1,298 -482 -674 -609 -1,719
Repayment of Debt		 -300 - 0.00 - -5.00 - -700 - - - 0.00
Repurchase of Common Equity		 -170 -212 -120 -264 -428 -480 -373 -284 -513 -437 -1,471
Payment of Dividends		 -143 -147 -155 -155 -156 -161 -195 -172 -169 -170 -185
Issuance of Common Equity		 9.00 10 20 25 15 13 23 9.00 12 5.00 13
Other Financing Activities, net		 -3.00 -4.00 -53 -29 -3.00 -6.00 -53 -35 -4.00 -7.00 -76
Effect of Exchange Rate Changes		 -37 54 -25 -9.00 69 -93 48 100 -8.00 -4.00 -44

Annual Balance Sheets for Moody's

This table presents Moody's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5,103 5,327 8,594 9,526 10,265 12,409 14,680 14,349 14,622 15,505 15,830
Total Current Assets		 3,243 3,253 2,581 3,387 3,679 4,509 4,011 4,094 4,341 5,290 5,186
Cash & Equivalents		 1,757 2,052 1,072 1,685 1,832 2,597 1,811 1,769 2,130 2,408 2,384
Short-Term Investments		 475 173 112 133 98 99 91 90 63 566 64
Accounts Receivable		 802 887 1,147 1,287 1,419 1,430 1,720 1,652 1,659 1,801 2,024
Other Current Assets		 180 141 250 282 330 383 389 583 489 515 714
Plant, Property, & Equipment, net		 306 326 325 320 292 278 347 502 603 656 722
Total Noncurrent Assets		 1,554 1,748 5,689 5,819 6,294 7,622 10,322 9,753 9,678 9,559 9,922
Goodwill		 976 1,024 3,753 3,781 3,722 4,556 5,999 5,839 5,956 5,994 6,368
Intangible Assets		 299 296 1,632 1,566 1,498 1,824 2,467 2,210 2,049 1,890 1,866
Noncurrent Deferred & Refundable Income Taxes		 138 316 144 197 229 334 384 266 258 293 305
Other Noncurrent Operating Assets		 140 112 160 275 845 908 1,472 1,438 1,415 1,382 1,383
Total Liabilities & Shareholders' Equity		 5,103 5,327 8,594 9,526 10,265 12,409 14,680 14,349 14,622 15,505 15,830
Total Liabilities		 5,436 6,355 8,709 8,870 9,428 10,646 11,764 11,660 11,146 11,778 11,625
Total Current Liabilities		 1,219 2,428 2,063 2,099 1,912 2,222 2,496 2,375 2,500 3,597 2,981
Short-Term Debt		 0.00 300 429 450 - - - - 0.00 697 0.00
Accounts Payable		 567 1,444 750 696 773 1,039 1,142 1,011 1,076 1,344 1,304
Current Deferred Revenue		 635 684 884 953 1,050 1,089 1,249 1,258 1,316 1,454 1,582
Other Current Liabilities		 - - - - 89 94 105 106 108 102 95
Total Noncurrent Liabilities		 4,218 3,926 6,646 6,771 7,516 8,424 9,268 9,285 8,646 8,181 8,644
Long-Term Debt		 3,381 3,063 5,111 5,226 5,581 6,422 7,413 7,389 7,001 6,731 6,994
Noncurrent Deferred Revenue		 133 134 140 122 112 98 86 75 65 57 56
Noncurrent Deferred & Payable Income Tax Liabilities		 287 304 731 847 834 887 876 779 598 660 473
Other Noncurrent Operating Liabilities		 417 425 664 576 989 1,017 893 1,042 982 733 1,121
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -333 -1,027 -115 656 831 1,763 2,916 2,689 3,476 3,727 4,205
Total Preferred & Common Equity		 -565 -1,225 -328 459 612 1,569 2,727 2,519 3,318 3,565 4,054
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -565 -1,225 -328 459 612 1,569 2,727 2,519 3,318 3,565 4,054
Common Stock		 455 481 532 604 645 738 888 1,057 1,231 1,454 1,679
Retained Earnings		 6,709 6,689 7,465 8,594 9,656 11,011 12,762 13,618 14,659 16,071 17,853
Treasury Stock		 -7,389 -8,030 -8,153 -8,313 -9,250 -9,748 -10,513 -11,513 -12,005 -13,322 -14,978
Accumulated Other Comprehensive Income / (Loss)		 -340 -365 -172 -426 -439 -432 -410 -643 -567 -638 -500
Noncontrolling Interest		 232 198 213 197 219 194 189 170 158 162 151

Quarterly Balance Sheets for Moody's

This table presents Moody's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 14,691 14,191 14,622 15,011 15,013 15,769 15,505 15,096 15,487 15,415 14,732
Total Current Assets		 4,390 4,037 4,341 4,806 4,881 5,393 5,290 4,565 4,639 4,599 4,214
Cash & Equivalents		 2,278 2,006 2,130 2,476 2,635 2,642 2,408 2,139 2,174 2,181 1,469
Short-Term Investments		 57 73 63 58 63 573 566 62 116 78 41
Accounts Receivable		 1,542 1,513 1,659 1,835 1,694 1,708 1,801 1,850 1,776 1,774 2,044
Other Current Assets		 513 445 489 437 489 470 515 514 573 566 660
Plant, Property, & Equipment, net		 541 573 603 613 652 662 656 671 689 712 735
Total Noncurrent Assets		 9,760 9,581 9,678 9,592 9,480 9,714 9,559 9,860 10,159 10,104 9,783
Goodwill		 5,926 5,831 5,956 5,909 5,891 6,148 5,994 6,237 6,481 6,465 6,335
Intangible Assets		 2,138 2,058 2,049 1,983 1,930 1,970 1,890 1,978 1,989 1,916 1,805
Noncurrent Deferred & Refundable Income Taxes		 265 264 258 270 267 268 293 292 318 288 249
Other Noncurrent Operating Assets		 1,431 1,428 1,415 1,430 1,392 1,328 1,382 1,353 1,371 1,435 1,394
Total Liabilities & Shareholders' Equity		 14,691 14,191 14,622 15,011 15,013 15,769 15,505 15,096 15,487 15,415 14,732
Total Liabilities		 11,379 10,839 11,146 11,276 11,075 11,701 11,778 11,238 11,379 11,303 11,589
Total Current Liabilities		 2,667 2,269 2,500 3,382 3,219 3,235 3,597 2,917 2,647 2,499 3,643
Short-Term Debt		 300 - 0.00 685 688 693 697 0.00 0.00 0.00 576
Accounts Payable		 877 938 1,076 976 1,000 1,133 1,344 1,049 968 1,032 1,153
Current Deferred Revenue		 1,385 1,226 1,316 1,612 1,423 1,300 1,454 1,765 1,578 1,369 1,820
Other Current Liabilities		 105 105 108 109 108 109 102 103 101 98 94
Total Noncurrent Liabilities		 8,712 8,570 8,646 7,894 7,856 8,466 8,181 8,321 8,732 8,804 7,946
Long-Term Debt		 6,923 6,851 7,001 6,259 6,253 6,876 6,731 6,823 6,967 6,983 6,387
Noncurrent Deferred Revenue		 67 65 65 61 59 59 57 57 57 58 54
Noncurrent Deferred & Payable Income Tax Liabilities		 689 691 598 659 672 625 660 657 581 580 475
Other Noncurrent Operating Liabilities		 1,033 963 982 915 872 906 733 784 1,127 1,183 1,030
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,312 3,352 3,476 3,735 3,938 4,068 3,727 3,858 4,108 4,112 3,143
Total Preferred & Common Equity		 3,144 3,191 3,318 3,575 3,778 3,905 3,565 3,700 3,949 3,957 2,994
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,144 3,191 3,318 3,575 3,778 3,905 3,565 3,700 3,949 3,957 2,994
Common Stock		 1,127 1,178 1,231 1,255 1,327 1,393 1,454 1,486 1,555 1,620 1,689
Retained Earnings		 14,213 14,460 14,659 15,081 15,478 15,855 16,071 16,526 16,933 17,410 18,331
Treasury Stock		 -11,626 -11,795 -12,005 -12,153 -12,410 -12,840 -13,322 -13,734 -14,020 -14,535 -16,507
Accumulated Other Comprehensive Income / (Loss)		 -570 -652 -567 -608 -617 -503 -638 -578 -519 -538 -519
Noncontrolling Interest		 168 161 158 160 160 163 162 158 159 155 149

Annual Metrics And Ratios for Moody's

This table displays calculated financial ratios and metrics derived from Moody's' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.50% 3.44% 16.64% 5.69% 8.69% 11.22% 15.77% -12.06% 8.19% 19.81% 8.89%
EBITDA Growth		 2.39% -47.64% 135.51% 4.84% 6.69% 19.66% 19.93% -29.25% 13.63% 31.57% 12.86%
EBIT Growth		 1.34% -52.14% 155.14% 3.40% 6.94% 20.61% 20.21% -34.35% 13.79% 34.31% 13.08%
NOPAT Growth		 2.35% -68.28% 219.28% 43.57% 6.96% 20.69% 20.05% -35.68% 20.81% 23.50% 20.18%
Net Income Growth		 -5.61% -70.96% 265.48% 30.95% 8.26% 24.35% 24.59% -37.94% 17.03% 28.05% 19.57%
EPS Growth		 0.43% -70.63% 278.68% 30.87% 10.09% 26.55% 25.45% -36.84% 17.34% 28.98% 21.40%
Operating Cash Flow Growth		 17.62% 5.10% -40.04% 93.51% 14.65% 28.12% -6.57% -26.48% 45.93% 31.94% 2.22%
Free Cash Flow Firm Growth		 121.51% -7.65% -402.47% 138.75% 33.28% -43.70% -172.28% 357.18% 1.96% 34.22% -10.04%
Invested Capital Growth		 -10.65% -86.41% 3,728.79% 6.40% -0.58% 22.30% 53.53% -2.47% 0.79% -1.24% 6.97%
Revenue Q/Q Growth		 -0.33% 2.16% 5.61% -2.31% 3.71% 1.07% 4.17% -4.36% 3.32% 2.78% 2.89%
EBITDA Q/Q Growth		 -1.41% -47.05% 82.29% -4.18% 6.56% -1.96% 4.81% -9.78% 8.57% 2.34% 3.57%
EBIT Q/Q Growth		 -1.63% -51.26% 92.82% -4.52% 7.16% -2.41% 4.50% -11.76% 9.74% 2.12% 3.75%
NOPAT Q/Q Growth		 -1.27% -67.73% 89.49% 20.86% 7.21% -2.70% 3.49% -11.88% 9.28% 2.13% 10.86%
Net Income Q/Q Growth		 -2.16% -70.08% 82.05% 20.49% 8.15% -2.58% 5.38% -11.64% 6.21% 2.74% 9.62%
EPS Q/Q Growth		 -0.64% -70.69% 81.34% 20.79% 8.64% -2.29% 5.56% -11.22% 6.20% 2.83% 9.98%
Operating Cash Flow Q/Q Growth		 -0.35% 5.50% 4.86% -1.93% 6.53% 9.10% -15.19% 5.59% 4.88% 7.46% 6.77%
Free Cash Flow Firm Q/Q Growth		 -1.91% 9.45% -5.26% -7.36% 15.43% -8.45% -763.96% 33.25% 2.93% 24.15% 5.20%
Invested Capital Q/Q Growth		 -13.53% -88.95% -5.59% 2.24% -0.21% 0.38% 8.71% 0.71% 1.97% -2.86% -0.96%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 71.98% 71.71% 71.08% 71.96% 71.28% 72.54% 73.67% 70.50% 71.48% 72.56% 74.44%
EBITDA Margin		 46.15% 23.36% 47.17% 46.79% 45.93% 49.41% 51.19% 41.19% 43.26% 47.50% 49.24%
Operating Margin		 42.28% 18.06% 43.32% 42.04% 41.38% 44.46% 45.74% 34.44% 36.12% 40.56% 43.42%
EBIT Margin		 42.90% 19.85% 43.41% 42.47% 41.79% 45.32% 47.06% 35.13% 36.95% 41.42% 43.02%
Profit (Net Income) Margin		 27.25% 7.65% 23.98% 29.71% 29.59% 33.09% 35.61% 25.13% 27.18% 29.05% 31.90%
Tax Burden Percent		 68.83% 49.43% 56.41% 78.95% 78.95% 79.72% 80.36% 78.07% 83.10% 76.29% 78.66%
Interest Burden Percent		 92.30% 78.01% 97.92% 88.61% 89.69% 91.58% 94.16% 91.62% 88.52% 91.93% 94.28%
Effective Tax Rate		 31.17% 50.57% 43.59% 21.05% 21.05% 20.28% 19.64% 21.93% 16.90% 23.71% 21.34%
Return on Invested Capital (ROIC)		 117.38% 69.47% 47.19% 33.68% 35.05% 38.16% 32.85% 17.66% 21.52% 26.64% 31.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 110.98% 65.45% 46.50% 29.92% 31.09% 34.73% 31.30% 15.92% 18.27% 23.74% 27.27%
Return on Net Nonoperating Assets (RNNOA)		 -772.05% -110.02% -223.69% 454.21% 156.38% 98.53% 61.79% 31.37% 30.64% 30.53% 30.94%
Return on Equity (ROE)		 -654.67% -40.55% -176.50% 487.90% 191.43% 136.69% 94.64% 49.03% 52.17% 57.17% 62.08%
Cash Return on Invested Capital (CROIC)		 128.63% 221.62% -142.63% 27.48% 35.62% 18.10% -9.38% 20.16% 20.73% 27.89% 24.40%
Operating Return on Assets (OROA)		 30.59% 13.72% 26.22% 20.83% 20.39% 21.47% 21.60% 13.24% 15.09% 19.49% 21.19%
Return on Assets (ROA)		 19.44% 5.29% 14.48% 14.57% 14.44% 15.67% 16.35% 9.47% 11.10% 13.67% 15.71%
Return on Common Equity (ROCE)		 -1,698.85% -53.36% -239.94% 118.39% 137.32% 114.66% 86.89% 45.89% 49.39% 54.63% 59.63%
Return on Equity Simple (ROE_SIMPLE)		 -168.07% -22.51% -307.60% 287.58% 233.50% 113.26% 81.19% 54.55% 48.46% 57.76% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,014 322 1,027 1,475 1,577 1,904 2,286 1,470 1,776 2,193 2,636
NOPAT Margin		 29.11% 8.93% 24.43% 33.19% 32.67% 35.45% 36.76% 26.88% 30.02% 30.94% 34.15%
Net Nonoperating Expense Percent (NNEP)		 6.40% 4.02% 0.70% 3.77% 3.95% 3.44% 1.55% 1.74% 3.25% 2.90% 3.86%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 14.59% 16.95% 19.66% 23.54%
Cost of Revenue to Revenue		 28.02% 28.29% 28.92% 28.04% 28.72% 27.46% 26.33% 29.50% 28.52% 27.44% 25.56%
SG&A Expenses to Revenue		 26.44% 25.84% 23.45% 24.31% 24.17% 22.88% 23.80% 27.93% 27.59% 24.48% 23.36%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 29.70% 53.65% 27.76% 29.91% 29.90% 28.08% 27.94% 36.06% 35.36% 32.00% 30.68%
Earnings before Interest and Taxes (EBIT)		 1,495 715 1,825 1,887 2,018 2,434 2,926 1,921 2,186 2,936 3,320
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,608 842 1,983 2,079 2,218 2,654 3,183 2,252 2,559 3,367 3,800
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 55.41 70.13 33.54 25.90 19.91 21.37 24.06 22.48
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 5.19 4.63 6.29 5.72 8.89 9.80 11.36 9.17 11.99 12.10 11.81
Price to Earnings (P/E)		 19.22 62.62 26.43 19.41 30.18 29.60 31.90 36.51 44.12 41.68 37.06
Dividend Yield		 1.49% 1.70% 1.10% 1.33% 0.88% 0.80% 0.65% 1.28% 0.79% 0.72% 0.74%
Earnings Yield		 5.20% 1.60% 3.78% 5.15% 3.31% 3.38% 3.13% 2.74% 2.27% 2.40% 2.70%
Enterprise Value to Invested Capital (EV/IC)		 23.88 162.73 7.31 6.53 10.43 10.30 9.06 6.80 9.16 11.05 10.95
Enterprise Value to Revenue (EV/Rev)		 5.59 5.00 7.38 6.64 9.69 10.53 12.27 10.22 12.83 12.75 12.42
Enterprise Value to EBITDA (EV/EBITDA)		 12.11 21.41 15.64 14.18 21.10 21.31 23.98 24.80 29.65 26.85 25.22
Enterprise Value to EBIT (EV/EBIT)		 13.02 25.21 17.00 15.63 23.19 23.23 26.08 29.08 34.71 30.79 28.87
Enterprise Value to NOPAT (EV/NOPAT)		 19.20 56.04 30.20 20.00 29.67 29.70 33.39 38.00 42.72 41.21 36.36
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.25 14.32 41.09 20.18 27.94 26.35 38.07 37.90 35.27 31.85 33.03
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.52 17.57 0.00 24.51 29.19 62.64 0.00 33.29 44.35 39.36 46.39
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -10.15 -3.27 -48.22 8.65 6.67 3.64 2.54 2.75 2.01 1.99 1.66
Long-Term Debt to Equity		 -10.15 -2.98 -44.48 7.97 6.67 3.64 2.54 2.75 2.01 1.81 1.66
Financial Leverage		 -6.96 -1.68 -4.81 15.18 5.03 2.84 1.97 1.97 1.68 1.29 1.13
Leverage Ratio		 -33.68 -7.67 -12.19 33.49 13.26 8.72 5.79 5.18 4.70 4.18 3.95
Compound Leverage Factor		 -31.09 -5.98 -11.93 29.67 11.89 7.99 5.45 4.75 4.16 3.84 3.72
Debt to Total Capital		 110.93% 143.98% 102.12% 89.64% 86.96% 78.46% 71.77% 73.32% 66.82% 66.59% 62.45%
Short-Term Debt to Total Capital		 0.00% 12.84% 7.91% 7.11% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 0.00%
Long-Term Debt to Total Capital		 110.93% 131.14% 94.20% 82.53% 86.96% 78.46% 71.77% 73.32% 66.82% 60.34% 62.45%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 7.61% 8.46% 3.92% 3.11% 3.51% 2.37% 1.83% 1.69% 1.51% 1.45% 1.35%
Common Equity to Total Capital		 -18.54% -52.45% -6.04% 7.25% 9.54% 19.17% 26.40% 25.00% 31.67% 31.96% 36.20%
Debt to EBITDA		 2.10 3.99 2.79 2.73 2.52 2.42 2.33 3.28 2.74 2.21 1.84
Net Debt to EBITDA		 0.71 1.35 2.20 1.86 1.65 1.40 1.73 2.46 1.88 1.32 1.20
Long-Term Debt to EBITDA		 2.10 3.64 2.58 2.51 2.52 2.42 2.33 3.28 2.74 2.00 1.84
Debt to NOPAT		 3.33 10.45 5.39 3.85 3.54 3.37 3.24 5.03 3.94 3.39 2.65
Net Debt to NOPAT		 1.13 3.54 4.24 2.62 2.31 1.96 2.41 3.76 2.71 2.03 1.72
Long-Term Debt to NOPAT		 3.33 9.52 4.98 3.54 3.54 3.37 3.24 5.03 3.94 3.07 2.65
Altman Z-Score		 5.96 4.64 4.30 4.27 5.37 5.51 6.02 4.88 6.27 7.03 7.63
Noncontrolling Interest Sharing Ratio		 -159.50% -31.59% -35.94% 75.73% 28.27% 16.12% 8.19% 6.41% 5.32% 4.44% 3.95%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.66 1.34 1.25 1.61 1.92 2.03 1.61 1.72 1.74 1.47 1.74
Quick Ratio		 2.49 1.28 1.13 1.48 1.75 1.86 1.45 1.48 1.54 1.33 1.50
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,111 1,026 -3,104 1,203 1,603 903 -652 1,678 1,711 2,296 2,066
Operating Cash Flow to CapEx		 1,346.18% 1,093.06% 829.67% 1,605.49% 2,427.54% 2,083.50% 1,442.45% 520.85% 793.73% 895.27% 889.88%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.71 0.69 0.60 0.49 0.49 0.47 0.46 0.38 0.41 0.47 0.49
Accounts Receivable Turnover		 4.37 4.27 4.13 3.65 3.57 3.77 3.95 3.24 3.57 4.10 4.04
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 11.45 11.40 12.92 13.77 15.78 18.85 19.90 12.88 10.71 11.26 11.20
Accounts Payable Turnover		 1.74 1.01 1.11 1.72 1.89 1.63 1.50 1.50 1.62 1.61 1.49
Days Sales Outstanding (DSO)		 83.51 85.54 88.32 99.99 102.27 96.81 92.45 112.54 102.14 89.09 90.45
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 210.15 359.93 329.37 211.84 193.29 224.20 243.15 243.60 225.77 227.07 244.94
Cash Conversion Cycle (CCC)		 -126.64 -274.39 -241.05 -111.85 -91.02 -127.39 -150.69 -131.05 -123.63 -137.98 -154.49
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 815 111 4,242 4,514 4,488 5,489 8,427 8,219 8,284 8,181 8,751
Invested Capital Turnover		 4.03 7.78 1.93 1.01 1.07 1.08 0.89 0.66 0.72 0.86 0.91
Increase / (Decrease) in Invested Capital		 -97 -705 4,132 272 -26 1,001 2,938 -208 65 -103 570
Enterprise Value (EV)		 19,468 18,031 31,022 29,488 46,797 56,545 76,324 55,858 75,873 90,391 95,833
Market Capitalization		 18,088 16,695 26,452 25,433 42,921 52,625 70,624 50,158 70,907 85,775 91,136
Book Value per Share		 ($2.86) ($6.41) ($1.71) $2.40 $3.24 $8.35 $14.67 $13.75 $18.13 $19.67 $22.72
Tangible Book Value per Share		 ($9.31) ($13.31) ($29.89) ($25.51) ($24.41) ($25.62) ($30.87) ($30.19) ($25.61) ($23.84) ($23.43)
Total Capital		 3,048 2,336 5,426 6,332 6,418 8,185 10,329 10,078 10,477 11,155 11,199
Total Debt		 3,381 3,363 5,541 5,676 5,581 6,422 7,413 7,389 7,001 7,428 6,994
Total Long-Term Debt		 3,381 3,063 5,111 5,226 5,581 6,422 7,413 7,389 7,001 6,731 6,994
Net Debt		 1,148 1,138 4,357 3,858 3,651 3,726 5,511 5,530 4,808 4,454 4,546
Capital Expenditures (CapEx)		 89 115 91 91 69 103 139 283 271 317 326
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -208 -1,100 -237 -80 -163 -409 -387 -140 -352 -584 -243
Debt-free Net Working Capital (DFNWC)		 2,025 1,125 947 1,738 1,767 2,287 1,515 1,719 1,841 2,390 2,205
Net Working Capital (NWC)		 2,025 825 517 1,288 1,767 2,287 1,515 1,719 1,841 1,693 2,205
Net Nonoperating Expense (NNE)		 65 46 19 155 148 127 72 96 168 134 174
Net Nonoperating Obligations (NNO)		 1,148 1,138 4,357 3,858 3,651 3,726 5,511 5,530 4,808 4,454 4,546
Total Depreciation and Amortization (D&A)		 114 127 158 192 200 220 257 331 373 431 480
Debt-free, Cash-free Net Working Capital to Revenue		 -5.96% -30.52% -5.63% -1.80% -3.38% -7.62% -6.22% -2.56% -5.95% -8.24% -3.15%
Debt-free Net Working Capital to Revenue		 58.10% 31.21% 22.52% 39.12% 36.59% 42.58% 24.36% 31.44% 31.12% 33.72% 28.57%
Net Working Capital to Revenue		 58.10% 22.89% 12.30% 28.99% 36.59% 42.58% 24.36% 31.44% 31.12% 23.89% 28.57%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.70 $1.38 $5.24 $6.84 $7.51 $9.48 $11.88 $7.47 $8.77 $11.32 $13.73
Adjusted Weighted Average Basic Shares Outstanding		 200.10M 192.70M 191.10M 191.60M 189.30M 187.60M 186.40M 183.90M 183.20M 181.80M 179.10M
Adjusted Diluted Earnings per Share		 $4.63 $1.36 $5.15 $6.74 $7.42 $9.39 $11.78 $7.44 $8.73 $11.26 $13.67
Adjusted Weighted Average Diluted Shares Outstanding		 203.40M 195.40M 194.20M 194.40M 191.60M 189.30M 187.90M 184.70M 184M 182.70M 179.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 194.90M 190.80M 191M 191.30M 187.40M 187.10M 185.20M 183.20M 182.50M 180M 177.30M
Normalized Net Operating Profit after Tax (NOPAT)		 1,014 1,069 1,040 1,520 1,627 1,944 2,286 1,559 1,848 2,271 2,721
Normalized NOPAT Margin		 29.11% 29.65% 24.74% 34.21% 33.70% 36.19% 36.76% 28.51% 31.24% 32.04% 35.25%
Pre Tax Income Margin		 39.59% 15.48% 42.51% 37.63% 37.48% 41.50% 44.31% 32.19% 32.71% 38.08% 40.55%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.37% 122.34% 29.07% 25.91% 26.66% 23.69% 21.14% 37.55% 35.63% 30.45% 28.68%
Augmented Payout Ratio		 145.01% 390.21% 48.91% 41.29% 96.01% 52.00% 55.01% 109.10% 66.11% 93.20% 93.95%

Quarterly Metrics And Ratios for Moody's

This table displays calculated financial ratios and metrics derived from Moody's' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 174,700,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 174,700,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.45% 14.73% 21.50% 21.62% 23.17% 12.97% 7.73% 4.46% 10.70% 12.98% 8.06%
EBITDA Growth		 24.14% 49.15% 42.37% 35.98% 34.41% 12.56% 7.00% 6.84% 20.32% 18.99% 8.18%
EBIT Growth		 25.97% 60.25% 46.93% 38.90% 37.97% 11.82% 6.27% 6.52% 21.23% 20.80% 8.21%
NOPAT Growth		 30.44% 63.45% 12.05% 41.44% 30.84% 12.18% 7.00% 2.92% 22.07% 62.25% 6.52%
Net Income Growth		 28.71% 38.21% 15.17% 46.68% 36.92% 16.18% 8.32% 4.70% 21.16% 54.68% 5.76%
EPS Growth		 27.88% 38.06% 15.81% 47.32% 38.86% 16.76% 9.84% 6.29% 22.87% 57.41% 7.80%
Operating Cash Flow Growth		 37.50% 26.53% 27.47% 13.58% 52.16% 41.30% -2.32% -20.85% 5.69% 27.30% 24.04%
Free Cash Flow Firm Growth		 677.82% -28.97% 7.03% -6.02% -43.58% 68.69% -59.29% -98.46% 2.94% -78.13% 81.16%
Invested Capital Growth		 -0.45% 0.79% -2.14% -0.23% 3.67% -1.24% 4.11% 7.38% 4.92% 6.97% 1.37%
Revenue Q/Q Growth		 -1.47% 0.54% 20.68% 1.74% -0.22% -7.78% 15.07% -1.35% 5.74% -5.88% 10.06%
EBITDA Q/Q Growth		 -1.22% -5.40% 49.10% -2.41% -2.35% -20.78% 41.74% -2.56% 9.97% -21.66% 28.87%
EBIT Q/Q Growth		 -1.78% -6.69% 57.75% -3.93% -2.43% -24.38% 49.91% -3.70% 11.04% -24.65% 34.29%
NOPAT Q/Q Growth		 1.66% -12.18% 63.34% -3.01% -5.95% -24.71% 55.81% -6.71% 11.54% 0.07% 2.29%
Net Income Q/Q Growth		 3.45% -12.82% 69.71% -4.16% -3.44% -26.03% 58.23% -7.36% 11.74% -5.56% 8.18%
EPS Q/Q Growth		 2.93% -12.32% 70.27% -4.13% -2.98% -26.28% 60.19% -7.23% 12.15% -5.56% 9.71%
Operating Cash Flow Q/Q Growth		 -23.51% 3.25% 62.47% -11.48% 2.48% -4.13% 12.31% -28.27% 36.83% 15.48% 9.44%
Free Cash Flow Firm Q/Q Growth		 -28.88% -33.12% 154.64% -22.40% -57.31% 99.97% -38.55% -97.06% 2,745.40% -57.52% 409.07%
Invested Capital Q/Q Growth		 -0.93% 1.97% -1.68% 0.44% 2.95% -2.86% 3.65% 3.60% 0.58% -0.96% -1.77%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 72.01% 71.55% 73.85% 74.19% 71.76% 70.28% 74.38% 74.24% 75.49% 73.58% 74.46%
EBITDA Margin		 44.02% 41.42% 51.18% 49.09% 48.04% 41.27% 50.83% 50.21% 52.22% 43.46% 50.89%
Operating Margin		 36.35% 33.65% 44.85% 42.65% 40.71% 33.55% 43.97% 43.10% 45.69% 40.76% 44.35%
EBIT Margin		 37.57% 34.86% 45.58% 43.04% 42.08% 34.51% 44.96% 43.89% 46.09% 36.90% 45.02%
Profit (Net Income) Margin		 26.49% 22.97% 32.31% 30.43% 29.45% 23.62% 32.48% 30.51% 32.24% 32.35% 31.79%
Tax Burden Percent		 80.08% 75.56% 76.73% 76.91% 75.96% 75.24% 77.74% 75.00% 74.63% 88.94% 75.98%
Interest Burden Percent		 88.07% 87.21% 92.38% 91.94% 92.14% 90.99% 92.95% 92.68% 93.73% 98.57% 92.95%
Effective Tax Rate		 19.92% 24.44% 23.27% 23.09% 24.04% 24.76% 22.26% 25.00% 25.37% 11.06% 24.02%
Return on Invested Capital (ROIC)		 20.47% 18.23% 26.05% 26.25% 25.77% 21.73% 29.71% 27.84% 29.64% 33.05% 31.07%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.74% 17.53% 25.27% 25.31% 25.19% 21.15% 28.99% 27.07% 28.82% 31.41% 30.29%
Return on Net Nonoperating Assets (RNNOA)		 35.85% 29.39% 35.99% 31.88% 30.98% 27.20% 34.48% 30.01% 31.98% 35.64% 43.58%
Return on Equity (ROE)		 56.32% 47.62% 62.03% 58.13% 56.76% 48.93% 64.20% 57.85% 61.62% 68.69% 74.65%
Cash Return on Invested Capital (CROIC)		 20.41% 20.73% 24.52% 24.84% 22.36% 27.89% 22.87% 19.45% 22.76% 24.40% 30.01%
Operating Return on Assets (OROA)		 15.29% 14.24% 19.11% 19.00% 19.37% 16.24% 21.58% 21.03% 22.17% 18.18% 23.77%
Return on Assets (ROA)		 10.79% 9.38% 13.54% 13.43% 13.56% 11.12% 15.59% 14.62% 15.51% 15.93% 16.78%
Return on Common Equity (ROCE)		 53.05% 45.08% 59.05% 55.50% 54.28% 46.76% 61.51% 55.56% 59.22% 65.98% 71.38%
Return on Equity Simple (ROE_SIMPLE)		 47.45% 0.00% 47.10% 49.23% 51.32% 0.00% 56.95% 54.01% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 428 376 615 596 561 422 658 614 684 685 701
NOPAT Margin		 29.11% 25.42% 34.41% 32.81% 30.92% 25.24% 34.18% 32.32% 34.10% 36.25% 33.69%
Net Nonoperating Expense Percent (NNEP)		 0.73% 0.70% 0.78% 0.94% 0.58% 0.58% 0.72% 0.77% 0.82% 1.64% 0.78%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.59% - - - 3.78% 6.16% 5.54% 6.17% 6.12% 6.93%
Cost of Revenue to Revenue		 27.99% 28.45% 26.15% 25.81% 28.24% 29.72% 25.62% 25.76% 24.51% 26.42% 25.54%
SG&A Expenses to Revenue		 27.38% 28.92% 23.12% 24.55% 23.94% 26.44% 22.82% 23.34% 22.57% 24.78% 22.94%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 35.67% 37.91% 29.00% 31.54% 31.05% 36.72% 30.41% 31.09% 29.75% 31.55% 30.11%
Earnings before Interest and Taxes (EBIT)		 553 516 814 782 763 577 865 833 925 697 936
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 648 613 914 892 871 690 978 953 1,048 821 1,058
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 18.03 21.37 20.04 20.31 22.13 24.06 22.66 22.85 21.60 22.48 25.83
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 10.05 11.99 11.50 11.70 12.53 12.10 11.60 12.35 11.40 11.81 9.82
Price to Earnings (P/E)		 38.03 44.12 42.57 41.29 43.15 41.68 39.80 42.32 38.09 37.06 31.00
Dividend Yield		 1.18% 0.79% 0.81% 0.77% 0.70% 0.72% 0.75% 0.71% 0.77% 0.74% 0.88%
Earnings Yield		 2.63% 2.27% 2.35% 2.42% 2.32% 2.40% 2.51% 2.36% 2.63% 2.70% 3.23%
Enterprise Value to Invested Capital (EV/IC)		 7.69 9.16 9.36 9.92 10.80 11.05 10.45 10.82 10.23 10.95 9.65
Enterprise Value to Revenue (EV/Rev)		 10.91 12.83 12.23 12.38 13.19 12.75 12.26 13.01 12.05 12.42 10.54
Enterprise Value to EBITDA (EV/EBITDA)		 26.50 29.65 26.92 26.45 27.64 26.85 25.82 27.23 24.63 25.22 21.38
Enterprise Value to EBIT (EV/EBIT)		 31.36 34.71 31.16 30.44 31.63 30.79 29.66 31.29 28.24 28.87 24.46
Enterprise Value to NOPAT (EV/NOPAT)		 38.44 42.72 41.40 40.26 42.35 41.21 39.62 42.18 38.00 36.36 30.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 30.46 35.27 32.88 33.80 34.43 31.85 31.42 35.51 33.26 33.03 26.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 37.59 44.35 37.75 39.88 49.17 39.36 46.60 57.62 46.02 46.39 32.37
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.04 2.01 1.86 1.76 1.86 1.99 1.77 1.70 1.70 1.66 2.22
Long-Term Debt to Equity		 2.04 2.01 1.68 1.59 1.69 1.81 1.77 1.70 1.70 1.66 2.03
Financial Leverage		 1.82 1.68 1.42 1.26 1.23 1.29 1.19 1.11 1.11 1.13 1.44
Leverage Ratio		 4.87 4.70 4.38 4.10 4.04 4.18 3.97 3.79 3.81 3.95 4.26
Compound Leverage Factor		 4.28 4.10 4.04 3.77 3.72 3.81 3.69 3.51 3.57 3.89 3.96
Debt to Total Capital		 67.15% 66.82% 65.02% 63.80% 65.04% 66.59% 63.88% 62.91% 62.94% 62.45% 68.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 6.41% 6.32% 5.96% 6.25% 0.00% 0.00% 0.00% 0.00% 5.70%
Long-Term Debt to Total Capital		 67.15% 66.82% 58.61% 57.48% 59.09% 60.34% 63.88% 62.91% 62.94% 62.45% 63.20%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.58% 1.51% 1.50% 1.47% 1.40% 1.45% 1.48% 1.44% 1.40% 1.35% 1.47%
Common Equity to Total Capital		 31.28% 31.67% 33.48% 34.73% 33.56% 31.96% 34.64% 35.66% 35.66% 36.20% 29.63%
Debt to EBITDA		 2.91 2.74 2.45 2.26 2.30 2.21 1.99 2.00 1.90 1.84 1.79
Net Debt to EBITDA		 2.02 1.88 1.56 1.38 1.32 1.32 1.35 1.34 1.29 1.20 1.41
Long-Term Debt to EBITDA		 2.91 2.74 2.21 2.04 2.09 2.00 1.99 2.00 1.90 1.84 1.65
Debt to NOPAT		 4.22 3.94 3.77 3.44 3.52 3.39 3.05 3.09 2.94 2.65 2.60
Net Debt to NOPAT		 2.94 2.71 2.40 2.11 2.03 2.03 2.07 2.08 1.99 1.72 2.04
Long-Term Debt to NOPAT		 4.22 3.94 3.40 3.10 3.20 3.07 3.05 3.09 2.94 2.65 2.38
Altman Z-Score		 5.29 5.89 5.93 6.34 6.60 6.53 6.81 7.09 6.97 7.08 6.54
Noncontrolling Interest Sharing Ratio		 5.81% 5.32% 4.81% 4.52% 4.37% 4.44% 4.19% 3.96% 3.89% 3.95% 4.39%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.78 1.74 1.42 1.52 1.67 1.47 1.57 1.75 1.84 1.74 1.16
Quick Ratio		 1.58 1.54 1.29 1.36 1.52 1.33 1.39 1.54 1.61 1.50 0.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 465 311 793 615 263 525 323 9.50 270 115 585
Operating Cash Flow to CapEx		 650.70% 653.42% 993.59% 737.63% 976.39% 910.81% 890.59% 724.00% 874.12% 1,059.26% 988.42%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.41 0.41 0.42 0.44 0.46 0.47 0.48 0.48 0.48 0.49 0.53
Accounts Receivable Turnover		 3.78 3.57 3.51 4.05 4.28 4.10 3.92 4.21 4.31 4.04 4.04
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.96 10.71 10.95 10.99 11.17 11.26 11.26 10.90 10.92 11.20 11.20
Accounts Payable Turnover		 1.92 1.62 1.94 1.88 1.80 1.61 1.95 2.02 1.82 1.49 1.83
Days Sales Outstanding (DSO)		 96.60 102.14 103.87 90.09 85.24 89.09 93.07 86.67 84.72 90.45 90.26
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 190.01 225.77 188.32 193.64 202.22 227.07 187.50 180.39 200.46 244.94 199.63
Cash Conversion Cycle (CCC)		 -93.41 -123.63 -84.44 -103.55 -116.98 -137.98 -94.43 -93.72 -115.75 -154.49 -109.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,124 8,284 8,145 8,181 8,422 8,181 8,480 8,785 8,836 8,751 8,596
Invested Capital Turnover		 0.70 0.72 0.76 0.80 0.83 0.86 0.87 0.86 0.87 0.91 0.92
Increase / (Decrease) in Invested Capital		 -37 65 -178 -19 298 -103 335 604 414 570 116
Enterprise Value (EV)		 62,472 75,873 76,215 81,125 90,940 90,391 88,604 95,072 90,360 95,833 82,949
Market Capitalization		 57,539 70,907 71,645 76,722 86,423 85,775 83,824 90,236 85,481 91,136 77,347
Book Value per Share		 $17.39 $18.13 $19.58 $20.69 $21.44 $19.67 $20.56 $21.95 $22.06 $22.72 $16.89
Tangible Book Value per Share		 ($25.60) ($25.61) ($23.64) ($22.14) ($23.14) ($23.84) ($25.08) ($25.13) ($24.66) ($23.43) ($29.02)
Total Capital		 10,203 10,477 10,679 10,879 11,637 11,155 10,681 11,075 11,095 11,199 10,106
Total Debt		 6,851 7,001 6,944 6,941 7,569 7,428 6,823 6,967 6,983 6,994 6,963
Total Long-Term Debt		 6,851 7,001 6,259 6,253 6,876 6,731 6,823 6,967 6,983 6,994 6,387
Net Debt		 4,772 4,808 4,410 4,243 4,354 4,454 4,622 4,677 4,724 4,546 5,453
Capital Expenditures (CapEx)		 71 73 78 93 72 74 85 75 85 81 95
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -311 -352 -425 -348 -364 -584 -553 -298 -159 -243 -363
Debt-free Net Working Capital (DFNWC)		 1,768 1,841 2,109 2,350 2,851 2,390 1,648 1,992 2,100 2,205 1,147
Net Working Capital (NWC)		 1,768 1,841 1,424 1,662 2,158 1,693 1,648 1,992 2,100 2,205 571
Net Nonoperating Expense (NNE)		 38 36 38 43 27 27 33 35 37 74 40
Net Nonoperating Obligations (NNO)		 4,772 4,808 4,410 4,243 4,354 4,454 4,622 4,677 4,724 4,546 5,453
Total Depreciation and Amortization (D&A)		 95 97 100 110 108 113 113 120 123 124 122
Debt-free, Cash-free Net Working Capital to Revenue		 -5.43% -5.95% -6.82% -5.31% -5.28% -8.24% -7.65% -4.08% -2.12% -3.15% -4.61%
Debt-free Net Working Capital to Revenue		 30.88% 31.12% 33.84% 35.85% 41.34% 33.72% 22.81% 27.26% 28.00% 28.57% 14.57%
Net Working Capital to Revenue		 30.88% 31.12% 22.85% 25.35% 31.29% 23.89% 22.81% 27.26% 28.00% 28.57% 7.25%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.12 $1.87 $3.16 $3.03 $2.94 $2.19 $3.47 $3.22 $3.61 $3.43 $3.74
Adjusted Weighted Average Basic Shares Outstanding		 183.30M 183.20M 182.60M 182.30M 181.70M 181.80M 180M 179.70M 178.90M 179.10M 176.80M
Adjusted Diluted Earnings per Share		 $2.11 $1.85 $3.15 $3.02 $2.93 $2.16 $3.46 $3.21 $3.60 $3.40 $3.73
Adjusted Weighted Average Diluted Shares Outstanding		 184M 184M 183.40M 183M 182.50M 182.70M 180.70M 180.20M 179.60M 179.90M 177.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 183M 182.50M 182.60M 182.10M 181.20M 180M 179.90M 179.40M 178.40M 177.30M 174.70M
Normalized Net Operating Profit after Tax (NOPAT)		 450 403 618 609 577 457 683 634 700 709 721
Normalized NOPAT Margin		 30.57% 27.26% 34.63% 33.52% 31.80% 27.31% 35.51% 33.39% 34.88% 37.52% 34.68%
Pre Tax Income Margin		 33.08% 30.41% 42.11% 39.57% 38.78% 31.40% 41.79% 40.67% 43.20% 36.37% 41.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 36.59% 35.63% 34.86% 32.26% 30.59% 30.45% 31.66% 32.07% 31.03% 28.68% 27.86%
Augmented Payout Ratio		 54.95% 66.11% 68.65% 73.44% 81.69% 93.20% 104.98% 105.44% 104.50% 93.95% 136.15%

Financials Breakdown Chart

Key Financial Trends

Moody’s (NYSE:MCO) has shown a generally positive four-year trend across revenue, profitability, and cash generation, with a noticeable tilt toward stronger earnings power and cash flow in 2025. The company maintains a high gross margin and generates solid operating cash flow, while maintaining a sizable balance sheet and leveraging capital returns to shareholders. Here are the most impactful takeaways based on the latest quarterly and annual figures.

  • Revenue growth with high gross margins: Q4 2025 operating revenue was $1.889B, up from $1.672B in Q4 2024, and gross profit stood at $1.39B for a margin around 73.5% (1.39B / 1.889B).
  • Net income and earnings per share rising: Net income attributable to common shareholders reached $610M in Q4 2025, up from $395M in Q4 2024; Basic EPS was $3.43 in Q4 2025 and Diluted EPS $3.40, vs lower prior-year levels.
  • Strong operating cash flow: Net cash from continuing operating activities was $858M in Q4 2025, up from $681M in Q4 2024, with a generally rising trend through 2023–2025.
  • Disciplined investment activity with modest capex: Purchase of PPE was $81M in Q4 2025, with investing cash flow modestly negative (-$42M on net investing activities), indicating controlled capital expenditure relative to cash generation.
  • Solid balance sheet and liquidity: Cash & equivalents were around $2.18B (Q3 2025), total assets about $15.4B, and total equity near $3.95B, providing a framework to support ongoing operations and capital returns.
  • Moderate leverage with stable debt levels: Long-term debt around $6.98–7.0B in 2025, with total liabilities about $11.3B, suggesting high but manageable leverage given strong cash generation.
  • Active capital returns observed: Dividends and share repurchases contributed to large financing outflows in 2025 (e.g., net financing cash flow around -$609M in Q4 2025), indicating a focus on returning value to shareholders rather than expanding the balance sheet aggressively.
  • Financing outflows tied to shareholder returns: Net cash from financing activities were notably negative in recent quarters (Q4 2025: -$609M; Q3 2025: -$674M), underscoring substantial cash outlays for buybacks and dividends.
  • Interest expenses and investment income headwinds: Interest & Investment Income consistently shown as negative (e.g., -$33M in Q4 2025; -$58M in Q3 2025), compressing pretax income and overall profitability.
  • Tax rate remained modestly low in the latest quarter: Income tax expense was $76M on pre-tax income of $687M in Q4 2025 (effective tax rate around 11%), which appears favorable but should be monitored against evolving tax positions.
05/11/26 04:44 PM ETAI Generated. May Contain Errors.

Moody's Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Moody's' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Moody's' net income appears to be on an upward trend, with a most recent value of $2.46 billion in 2025, rising from $949.60 million in 2015. The previous period was $2.06 billion in 2024. See Moody's' forecast for analyst expectations on what's next for the company.

Moody's' total operating income in 2025 was $3.35 billion, based on the following breakdown:
  • Total Gross Profit: $5.75 billion
  • Total Operating Expenses: $2.37 billion

Over the last 10 years, Moody's' total revenue changed from $3.48 billion in 2015 to $7.72 billion in 2025, a change of 121.5%.

Moody's' total liabilities were at $11.63 billion at the end of 2025, a 1.3% decrease from 2024, and a 113.9% increase since 2015.

In the past 10 years, Moody's' cash and equivalents has ranged from $1.07 billion in 2017 to $2.60 billion in 2020, and is currently $2.38 billion as of their latest financial filing in 2025.

Over the last 10 years, Moody's' book value per share changed from -2.86 in 2015 to 22.72 in 2025, a change of -895.1%.


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Financial statements for NYSE:MCO last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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