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Moody's Corporation

MCO Clue Score61
United States Fiscal year ends December CIK 0001059556
$464.23 +1.21% Close, 9 Oct 2026
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Price $464.23 +28.93% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.60Operating income0.65Net income0.27EPS, diluted1.36Fiscal year 2017Revenue4.20 +16.6%Operating income1.82Net income1.00 +275.5%EPS, diluted5.15 +278.7%Fiscal year 2018Revenue4.44 +5.7%Operating income1.87Net income1.31 +30.9%EPS, diluted6.74 +30.9%Fiscal year 2019Revenue4.83 +8.7%Operating income2.00Net income1.42 +8.5%EPS, diluted7.42 +10.1%Fiscal year 2020Revenue5.37 +11.2%Operating income2.39Net income1.78 +25.0%EPS, diluted9.39 +26.5%Fiscal year 2021Revenue6.22 +15.8%Operating income2.84Net income2.21 +24.5%EPS, diluted11.78 +25.5%Fiscal year 2022Revenue5.47 −12.1%Operating income1.88Net income1.37 −37.9%EPS, diluted7.44 −36.8%Fiscal year 2023Revenue5.92 +8.2%Operating income2.14Net income1.61 +17.0%EPS, diluted8.73 +17.3%Fiscal year 2024Revenue7.09 +19.8%Operating income2.88Net income2.06 +28.1%EPS, diluted11.26 +29.0%Fiscal year 2025Revenue7.72 +8.9%Operating income3.35Net income2.46 +19.5%EPS, diluted13.67 +21.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.60 4.20 4.44 4.83 5.37 6.22 5.47 5.92 7.09 7.72
Growth +16.6% +5.7% +8.7% +11.2% +15.8% −12.1% +8.2% +19.8% +8.9%
Operating income 0.65 1.82 1.87 2.00 2.39 2.84 1.88 2.14 2.88 3.35
Net income 0.27 1.00 1.31 1.42 1.78 2.21 1.37 1.61 2.06 2.46
Growth +275.5% +30.9% +8.5% +25.0% +24.5% −37.9% +17.0% +28.1% +19.5%
EPS, diluted 1.36 5.15 6.74 7.42 9.39 11.78 7.44 8.73 11.26 13.67
Growth +278.7% +30.9% +10.1% +26.5% +25.5% −36.8% +17.3% +29.0% +21.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin18.1%Net margin7.4%Free cash flow margin31.7%Fiscal year 2017Operating margin43.3%Net margin23.8%Free cash flow margin15.8%Fiscal year 2018Operating margin42.0%Net margin29.5%Free cash flow margin30.8%Fiscal year 2019Operating margin41.4%Net margin29.4%Free cash flow margin33.3%Fiscal year 2020Operating margin44.5%Net margin33.1%Free cash flow margin38.0%Fiscal year 2021Operating margin45.7%Net margin35.6%Free cash flow margin30.0%Fiscal year 2022Operating margin34.4%Net margin25.1%Free cash flow margin21.8%Fiscal year 2023Operating margin36.1%Net margin27.2%Free cash flow margin31.8%Fiscal year 2024Operating margin40.6%Net margin29.0%Free cash flow margin35.6%Fiscal year 2025Operating margin43.4%Net margin31.9%Free cash flow margin33.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 18.1% 43.3% 42.0% 41.4% 44.5% 45.7% 34.4% 36.1% 40.6% 43.4%
Net margin 7.4% 23.8% 29.5% 29.4% 33.1% 35.6% 25.1% 27.2% 29.0% 31.9%
Free cash flow margin 31.7% 15.8% 30.8% 33.3% 38.0% 30.0% 21.8% 31.8% 35.6% 33.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.26Capital expenditure−0.12Free cash flow1.14Buybacks−0.74Dividends paid−0.29Fiscal year 2017Operating cash flow0.76Capital expenditure−0.09Free cash flow0.66 −42.0%Buybacks−0.20Dividends paid−0.29Fiscal year 2018Operating cash flow1.46Capital expenditure−0.09Free cash flow1.37 +106.3%Buybacks−0.20Dividends paid−0.34Fiscal year 2019Operating cash flow1.68Capital expenditure−0.07Free cash flow1.61 +17.2%Buybacks−0.99Dividends paid−0.38Fiscal year 2020Operating cash flow2.15Capital expenditure−0.10Free cash flow2.04 +27.2%Buybacks−0.50Dividends paid−0.42Fiscal year 2021Operating cash flow2.01Capital expenditure−0.14Free cash flow1.87 −8.7%Buybacks−0.75Dividends paid−0.46Fiscal year 2022Operating cash flow1.47Capital expenditure−0.28Free cash flow1.19 −36.2%Buybacks−0.98Dividends paid−0.52Fiscal year 2023Operating cash flow2.15Capital expenditure−0.27Free cash flow1.88 +57.9%Buybacks−0.49Dividends paid−0.56Fiscal year 2024Operating cash flow2.84Capital expenditure−0.32Free cash flow2.52 +34.1%Buybacks−1.29Dividends paid−0.62Fiscal year 2025Operating cash flow2.90Capital expenditure−0.33Free cash flow2.58 +2.1%Buybacks−1.61Dividends paid−0.70
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.26 0.76 1.46 1.68 2.15 2.01 1.47 2.15 2.84 2.90
Capital expenditure −0.12 −0.09 −0.09 −0.07 −0.10 −0.14 −0.28 −0.27 −0.32 −0.33
Free cash flow 1.14 0.66 1.37 1.61 2.04 1.87 1.19 1.88 2.52 2.58
Growth −42.0% +106.3% +17.2% +27.2% −8.7% −36.2% +57.9% +34.1% +2.1%
Buybacks −0.74 −0.20 −0.20 −0.99 −0.50 −0.75 −0.98 −0.49 −1.29 −1.61
Dividends paid −0.29 −0.29 −0.34 −0.38 −0.42 −0.46 −0.52 −0.56 −0.62 −0.70

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.05Total debt3.36Net cash (debt)−1.31Shareholders’ equity−1.23Fiscal year 2017Cash1.07Total debt5.41Net cash (debt)−4.34Shareholders’ equity−0.33Fiscal year 2018Cash1.69Total debt5.68Net cash (debt)−3.99Shareholders’ equity0.46Debt to equity12.37Fiscal year 2019Cash1.83Total debt5.58Net cash (debt)−3.75Shareholders’ equity0.61Debt to equity9.12Fiscal year 2020Cash2.60Total debt6.42Net cash (debt)−3.83Shareholders’ equity1.57Debt to equity4.09Fiscal year 2021Cash1.81Total debt7.41Net cash (debt)−5.60Shareholders’ equity2.73Debt to equity2.72Fiscal year 2022Cash1.77Total debt7.39Net cash (debt)−5.62Shareholders’ equity2.52Debt to equity2.93Fiscal year 2023Cash2.13Total debt7.00Net cash (debt)−4.87Shareholders’ equity3.32Debt to equity2.11Fiscal year 2024Cash2.41Total debt7.43Net cash (debt)−5.02Shareholders’ equity3.57Debt to equity2.08Fiscal year 2025Cash2.38Total debt6.99Net cash (debt)−4.61Shareholders’ equity4.05Debt to equity1.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.05 1.07 1.69 1.83 2.60 1.81 1.77 2.13 2.41 2.38
Total debt 3.36 5.41 5.68 5.58 6.42 7.41 7.39 7.00 7.43 6.99
Net cash (debt) −1.31 −4.34 −3.99 −3.75 −3.83 −5.60 −5.62 −4.87 −5.02 −4.61
Shareholders’ equity −1.23 −0.33 0.46 0.61 1.57 2.73 2.52 3.32 3.57 4.05
Debt to equity n/a n/a 12.37 9.12 4.09 2.72 2.93 2.11 2.08 1.73

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
3.60 4.20 4.44 4.83 5.37 6.22 5.47 5.92 7.09 7.72
Growth +16.6% +5.7% +8.7% +11.2% +15.8% −12.1% +8.2% +19.8% +8.9%
n/a 1.22 1.25 1.39 1.48 1.64 1.61 1.69 1.95 1.97
0.04 0.04 0.05 n/a n/a n/a n/a n/a n/a n/a
0.93 0.99 1.08 1.17 1.23 1.48 1.53 1.63 1.74 1.80
0.65 1.82 1.87 2.00 2.39 2.84 1.88 2.14 2.88 3.35
Growth +179.8% +2.6% +7.0% +19.5% +19.1% −33.8% +13.5% +34.5% +16.6%
0.56 1.79 1.67 1.81 2.23 2.76 1.76 1.94 2.70 3.13
0.28 0.78 0.35 0.38 0.45 0.54 0.39 0.33 0.64 0.67
0.27 1.00 1.31 1.42 1.78 2.21 1.37 1.61 2.06 2.46
Growth +275.5% +30.9% +8.5% +25.0% +24.5% −37.9% +17.0% +28.1% +19.5%
Per share
1.38 5.24 6.84 7.51 9.48 11.88 7.47 8.77 11.32 13.73
1.36 5.15 6.74 7.42 9.39 11.78 7.44 8.73 11.26 13.67
Growth +278.7% +30.9% +10.1% +26.5% +25.5% −36.8% +17.3% +29.0% +21.4%
192.7 191.1 191.6 189.3 187.6 186.4 183.9 183.2 181.8 179.1
195.4 194.2 194.4 191.6 189.3 187.9 184.7 184.0 182.7 179.9
Growth −0.6% +0.1% −1.4% −1.2% −0.7% −1.7% −0.4% −0.7% −1.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.5% a year over five years, and earnings per share grew 7.8% a year.
  • The diluted share count fell 5.0% in five years, so buybacks did some of the work per share.
  • Operating margin is down 1.0 points on five years ago, at 43.4%.
  • Profitable in every one of the 10 years on file.