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Moody's Corporation cash flow statement

In fiscal 2025, Moody's Corporation's operations generated $2.90bn of cash; it spent $326m on capital projects, leaving free cash flow of $2.58bn. It returned $701m in dividends and $1.61bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations6446538038239271,0191,1981,2597551,4611,6752,1462,0051,4742,1512,8382,9013,329
Depreciation and amortisation485059636567114127158192200220257331373431480496
Stock-based pay5757576567808798123130136154175169193220232234
Capital spending91796845427589115919169103139283271317326352
Free cash flow5535747367788859441,1091,1446641,3701,6062,0431,8661,1911,8802,5212,5752,977
Free cash flow after stock pay4965186797148178641,0221,0465411,2401,4701,8891,6911,0221,6872,3012,3432,743
Dividends paid9599121143197236272285290337378420463515564620701710
Share buybacks02243341978931,2211,0987392002039915037509834901,2921,6072,990

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Moody's Corporation's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Moody's Corporation.