For the year ending 2025-12-31, MCO had -$24M decrease in cash & cash equivalents over the period. $2,575M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 2,462 | 2,059 | 1,608 | 1,374 |
| Depreciation and amortization | 480 | 431 | 373 | 331 |
| Stock-based compensation | 232 | 220 | 193 | 169 |
| Deferred income taxes | -17 | -62 | -38 | 48 |
| Non-cash restructuring and asset impairment/abandonment-related charges | - | 32 | 35 | 29 |
| Non-cash restructuring and abandonment-related charges | 9 | - | - | - |
| Provision for credit losses on accounts receivable | 12 | 15 | 22 | - |
| Fx translation losses reclassified to net income | - | 0 | 0 | - |
| Gain on extinguishment of debt | - | 0 | - | - |
| Fx translation losses reclassified to net income | - | - | - | 20 |
| Gain on previously held/sold investments in non-consolidated affiliates | 0 | 7 | - | - |
| Gain on divestiture of business | 23 | - | - | 0 |
| (gain)/loss on extinguishment of debt | - | - | 0 | 70 |
| Gain on sale/non-cash exchange of investments in non-consolidated affiliates | - | - | 4 | 0 |
| Settlement of treasury rate lock | - | - | - | 0 |
| Accounts receivable | 203 | 187 | 12 | -34 |
| Other current assets | 76 | 36 | -119 | 223 |
| Other assets | -36 | 17 | 69 | 48 |
| Lease obligations | -33 | -33 | -26 | -19 |
| Accounts payable and accrued liabilities | -55 | 225 | 76 | -161 |
| Deferred revenue | 148 | 154 | 24 | 20 |
| Unrecognized tax positions and other non-current tax liabilities | -57 | 18 | -129 | -33 |
| Other liabilities | -14 | 26 | -21 | 3 |
| Net cash provided by operating activities | 2,901 | 2,838 | 2,151 | 1,474 |
| Capital additions | 326 | 317 | 271 | 283 |
| Purchases of investments | 188 | 651 | 143 | 320 |
| Sales and maturities of investments | 690 | 135 | 162 | 218 |
| Purchases of investments in non-consolidated affiliates | 19 | 4 | 5 | - |
| Sales of/distributions from investments in non-consolidated affiliates | 0 | 2 | - | - |
| Sales of investments in non-consolidated affiliates | - | - | 13 | - |
| Cash received upon divestiture of business, net of cash transferred to purchaser | 40 | - | - | - |
| Cash paid for acquisitions, net of cash acquired | 227 | 221 | 3 | 97 |
| Receipts from settlements of net investment hedges | 32 | 0 | 0 | 220 |
| Payments for settlements of net investment hedges | - | - | 0 | 0 |
| Net cash provided by (used in) investing activities | 2 | -1,056 | -247 | -262 |
| Issuance of notes | 0 | 496 | 0 | 988 |
| Repayment of notes | 700 | 0 | 500 | 626 |
| Issuance of commercial paper | - | - | - | 0 |
| Repayment of commercial paper | - | - | - | 0 |
| Proceeds from stock-based compensation plans | 49 | 73 | 50 | 26 |
| Repurchase of shares related to stock-based compensation | 99 | 91 | 71 | 87 |
| Treasury shares | 1,607 | 1,292 | 490 | 983 |
| Dividends | 701 | 620 | 564 | 515 |
| Dividends to noncontrolling interests | 5 | 7 | 9 | 1 |
| Payment for noncontrolling interest | - | - | - | 0 |
| Debt issuance costs, extinguishment costs and related fees | 0 | 5 | 0 | 10 |
| Net cash used in financing activities | -3,063 | -1,446 | -1,584 | -1,208 |
| Effect of exchange rate changes on cash and cash equivalents | 136 | -58 | 41 | -46 |
| (decrease) increase in cash and cash equivalents | -24 | 278 | 361 | -42 |
| Cash and cash equivalents at beginning of period | 2,408 | 2,130 | 1,769 | 1,811 |
| Cash and cash equivalents at end of period | 2,384 | 2,408 | 2,130 | 1,769 |
MOODYS CORP DE (MCO)
MOODYS CORP DE (MCO)