Cash Flow Statement

Operating Cash Flow

+95%

+37%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	212	237	260	278	289	308	330	348	364	376	378	388	425	440	482	533	561	588	615	625	754	783	873	853	707	652	528	505	462	432	405	393	407	431	442	478	513	556	624	619	578	596	581	636	700	715	768	768	816	847	943	974	1 006	1 016	955	971	950	905	899	922	276	435	491	554	1 008	1 039	1 103	1 095	1 319	1 316	1 250	1 321	1 429	1 542	1 739	1 824	1 777	2 026	2 094	2 101	2 214	1 976	1 726	1 555	1 374	1 377	1 427	1 514	1 608	1 684	1 860	2 004	2 059	2 107	2 133	2 246
Depreciation & Amortization	17	17	19	22	25	28	30	31	33	33	34	34	34	34	34	35	35	36	37	38	40	40	40	42	43	45	53	56	75	78	77	79	64	64	64	66	66	68	75	76	79	85	85	90	94	94	95	94	93	93	92	92	96	101	107	112	114	115	118	123	127	129	131	141	158	175	190	194	192	193	196	198	200	199	206	213	220	230	232	237	257	276	297	319	331	341	353	365	373	385	402	415	431	444	454	469
Change in Deffered Taxes	(1)	0	0	0	(4)	0	0	0	(0)	0	0	0	(10)	0	0	0	(20)	0	0	0	(27)	0	0	0	(76)	0	0	0	(17)	0	0	0	17	0	0	0	(11)	0	0	0	10	59	58	40	36	1	(1)	(7)	(27)	(12)	8	30	30	10	(6)	6	18	22	21	6	(153)	21	27	1	88	(101)	(117)	(148)	(99)	(81)	(90)	(46)	(38)	5	11	(17)	(44)	(57)	(31)	(122)	(218)	(232)	(212)	(81)	48	18	4	(20)	(38)	(13)	(34)	(19)	(62)	(69)	(70)	(31)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	77	21	48	71	90	80	72	48	63	67	65	78	57	58	55	54	57	58	59	59	57	56	56	60	65	67	68	68	67	70	74	78	80	83	84	87	87	90	92	94	98	101	106	114	123	130	135	134	130	131	131	133	136	137	138	143	154	162	168	171	175	176	173	178	169	170	182	182	193	199	205	216	220	223	228	228
Other Non-Cash Items	19	25	39	31	30	31	30	38	45	64	65	69	85	98	108	116	127	41	25	10	(186)	(146)	(193)	(183)	(7)	11	56	52	48	53	60	58	52	50	49	46	50	51	43	45	43	36	46	34	48	43	34	43	9	(11)	(105)	(112)	(88)	(84)	23	32	36	76	64	92	60	3	(15)	(93)	(48)	19	65	134	130	131	168	182	188	198	162	135	155	154	160	184	152	153	170	175	148	149	141	153	246	256	268	279	260	267	271	265
Cash Taxes Paid	99	0	0	0	227	0	0	0	211	0	0	0	300	0	0	0	356	0	0	0	409	0	0	0	409	0	0	0	320	0	0	0	192	0	0	0	248	0	364	415	191	0	311	296	293	371	290	289	336	334	321	403	369	325	369	335	397	388	333	340	356	357	288	308	366	387	520	509	442	435	403	408	458	450	371	530	514	553	730	641	932	934	931	825	488	484	284	307	344	365	498	522	613	641	811	0
Cash Interest Paid	23	0	0	0	23	0	0	0	23	0	0	0	23	0	0	0	23	0	0	0	15	0	0	0	33	0	0	0	60	0	0	0	46	0	0	0	44	0	85	108	67	0	59	101	94	140	104	76	82	91	101	112	114	108	114	106	108	127	122	137	137	144	151	144	158	164	172	192	183	175	178	162	167	143	141	137	132	156	146	152	162	167	166	190	198	216	251	261	281	285	289	285	280	271	265	0
Change in Working Capital	74	15	8	(15)	(5)	5	(9)	10	26	24	44	28	(9)	11	23	14	5	49	29	78	172	148	214	269	322	356	200	87	(28)	4	91	79	104	51	52	56	35	26	64	116	93	(112)	(177)	(167)	(54)	111	61	82	36	(15)	78	(1)	(25)	61	76	82	36	28	(15)	8	950	(95)	50	110	(452)	527	338	222	(82)	(123)	(94)	(94)	(104)	(292)	(212)	(176)	38	124	(16)	(36)	(400)	(374)	(485)	(572)	(427)	(273)	0	39	(38)	6	(96)	(38)	150	71	(111)	(232)
Cash from Operating Activities	321 N/A	293 -9%	325 +11%	315 -3%	335 +6%	369 +10%	377 +2%	424 +12%	467 +10%	496 +6%	521 +5%	519 0%	526 +1%	573 +9%	639 +11%	689 +8%	708 +3%	695 -2%	685 -1%	731 +7%	753 +3%	798 +6%	906 +14%	953 +5%	988 +4%	988 0%	760 -23%	624 -18%	540 -14%	550 +2%	616 +12%	591 -4%	644 +9%	613 -5%	623 +2%	662 +6%	653 -1%	690 +6%	795 +15%	845 +6%	803 -5%	664 -17%	593 -11%	633 +7%	823 +30%	964 +17%	957 -1%	981 +2%	927 -5%	901 -3%	1 016 +13%	983 -3%	1 019 +4%	1 103 +8%	1 155 +5%	1 202 +4%	1 154 -4%	1 145 -1%	1 088 -5%	1 149 +6%	1 259 +10%	493 -61%	683 +38%	713 +4%	755 +6%	1 659 +120%	1 580 -5%	1 497 -5%	1 461 -2%	1 437 -2%	1 430 0%	1 561 +9%	1 675 +7%	1 653 -1%	1 906 +15%	1 979 +4%	2 146 +8%	2 477 +15%	2 439 -2%	2 364 -3%	2 005 -15%	1 799 -10%	1 496 -17%	1 396 -7%	1 474 +6%	1 612 +9%	1 925 +19%	2 051 +7%	2 151 +5%	2 318 +8%	2 400 +4%	2 641 +10%	2 838 +7%	2 820 -1%	2 677 -5%	2 717 +1%
Investing Cash Flow
Capital Expenditures	(15)	(15)	(16)	(17)	(18)	(19)	(19)	(18)	(18)	(20)	(21)	(20)	(21)	(20)	(22)	(25)	(31)	(33)	(33)	(34)	(31)	(58)	(112)	(156)	(182)	(168)	(133)	(101)	(84)	(78)	(75)	(83)	(91)	(95)	(91)	(81)	(79)	(82)	(79)	(78)	(68)	(63)	(54)	(49)	(45)	(38)	(41)	(41)	(42)	(53)	(63)	(68)	(75)	(75)	(77)	(84)	(89)	(96)	(103)	(108)	(115)	(108)	(104)	(100)	(91)	(87)	(86)	(84)	(90)	(95)	(91)	(88)	(69)	(70)	(92)	(91)	(103)	(96)	(85)	(97)	(139)	(184)	(228)	(266)	(283)	(297)	(277)	(277)	(271)	(276)	(315)	(316)	(317)	(324)	(306)	(319)
Other Items	(15)	(15)	(217)	(215)	(206)	(204)	2	1	2	(2)	(6)	(8)	(10)	(4)	(11)	(82)	(119)	(138)	(23)	31	147	224	116	144	57	(38)	(37)	(44)	(235)	(203)	(197)	(201)	(3)	1	(2)	(3)	(150)	(146)	(157)	(161)	(200)	(205)	(199)	(199)	(5)	(1)	(2)	(186)	(220)	(289)	(293)	(216)	(490)	(458)	(467)	(318)	(3)	(55)	95	95	217	337	253	(3 203)	(3 329)	(3 370)	(3 420)	(42)	(316)	(300)	(323)	(354)	105	(659)	(642)	(576)	(974)	(403)	(420)	(2 288)	(2 480)	(2 402)	(2 312)	(364)	21	133	84	(6)	24	(4)	(20)	(613)	(739)	(412)	(461)	182
Cash from Investing Activities	(30) N/A	(30) 0%	(233) -674%	(233) +0%	(224) +4%	(224) 0%	(18) +92%	(16) +6%	(16) +4%	(22) -40%	(26) -19%	(28) -5%	(31) -13%	(24) +22%	(33) -34%	(107) -228%	(150) -41%	(170) -13%	(56) +67%	(3) +95%	116 N/A	167 +44%	4 -97%	(12) N/A	(125) -975%	(206) -65%	(169) +18%	(145) +14%	(319) -120%	(280) +12%	(272) +3%	(284) -4%	(94) +67%	(94) N/A	(94) +0%	(84) +10%	(229) -171%	(229) +0%	(236) -3%	(239) -1%	(268) -12%	(268) 0%	(253) +6%	(248) +2%	(50) +80%	(39) +22%	(43) -10%	(227) -424%	(262) -15%	(341) -30%	(356) -4%	(284) +20%	(565) -99%	(532) +6%	(543) -2%	(402) +26%	(92) +77%	(151) -64%	(8) +95%	(13) -72%	102 N/A	229 +125%	149 -35%	(3 303) N/A	(3 420) -4%	(3 457) -1%	(3 505) -1%	(126) +96%	(406) -222%	(395) +3%	(414) -5%	(442) -7%	36 N/A	(729) N/A	(734) -1%	(668) +9%	(1 077) -61%	(499) +54%	(505) -1%	(2 385) -372%	(2 619) -10%	(2 586) +1%	(2 540) +2%	(630) +75%	(262) +58%	(164) +37%	(193) -18%	(283) -47%	(247) +13%	(280) -13%	(335) -20%	(929) -177%	(1 056) -14%	(736) +30%	(767) -4%	(137) +82%
Financing Cash Flow
Net Issuance of Common Stock	(220)	(157)	(154)	(162)	(316)	(335)	(333)	(274)	(93)	(43)	(209)	(181)	(116)	(96)	46	(234)	(603)	(786)	(1 341)	(1 199)	(988)	(1 259)	(1 184)	(1 505)	(1 673)	(1 512)	(1 083)	(749)	(569)	(307)	(246)	(104)	20	1	(78)	(88)	(189)	(287)	(196)	(392)	(287)	(144)	(260)	(44)	(80)	(197)	(304)	(678)	(757)	(863)	(887)	(803)	(1 123)	(1 317)	(1 308)	(1 318)	(1 068)	(959)	(956)	(826)	(705)	(505)	(357)	(218)	(193)	(169)	(155)	(197)	(218)	(646)	(774)	(819)	(1 023)	(846)	(686)	(569)	(556)	(422)	(791)	(923)	(795)	(1 231)	(1 174)	(1 162)	(1 044)	(509)	(247)	(302)	(511)	(589)	(791)	(1 043)	(1 310)	(1 560)	(1 602)	(1 691)
Net Issuance of Debt	0	0	0	0	107	93	(1)	(1)	(108)	(94)	(1)	(1)	(1)	(1)	(1)	299	(1)	299	299	(0)	(1)	79	409	698	845	812	561	393	315	211	52	(119)	(275)	(290)	(225)	(21)	48	118	132	(26)	(11)	(13)	(15)	453	425	397	369	402	433	465	497	448	448	1 001	1 001	553	853	300	300	300	0	712	1 492	2 306	2 122	1 370	440	(740)	159	66	26	261	(129)	1 187	886	1 012	688	(496)	(4)	1 178	1 172	1 663	1 663	482	362	(129)	(329)	(626)	(500)	0	(300)	496	496	(204)	(204)	(700)
Cash Paid for Dividends	(28)	(28)	(28)	(28)	(28)	(28)	(27)	(27)	(27)	(31)	(36)	(40)	(45)	(45)	(50)	(56)	(60)	(70)	(73)	(76)	(80)	(81)	(83)	(84)	(85)	(88)	(91)	(94)	(97)	(96)	(95)	(94)	(95)	(96)	(97)	(98)	(99)	(100)	(107)	(114)	(121)	(130)	(134)	(138)	(143)	(152)	(161)	(179)	(197)	(213)	(227)	(232)	(236)	(245)	(254)	(263)	(272)	(276)	(279)	(282)	(285)	(286)	(287)	(288)	(290)	(302)	(314)	(326)	(337)	(348)	(358)	(368)	(378)	(389)	(399)	(409)	(420)	(431)	(442)	(452)	(463)	(477)	(490)	(503)	(515)	(526)	(539)	(552)	(564)	(578)	(590)	(605)	(620)	(660)	(677)	(689)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(302)	(2)	(241)	(228)	85	103	71	72	65	47	19	7	1	2	(2)	(1)	0	1	6	1	(3)	(2)	(6)	0	3	2	8	2	(1)	1	6	15	21	22	46	43	38	(154)	(158)	(160)	(155)	27	(6)	8	(56)	(52)	(55)	(91)	(31)	(38)	(35)	(16)	(15)	(15)	(151)	(25)	(22)	(33)	99	(55)	(77)	(63)	(57)	(29)	(22)	(36)	(139)	(41)	(31)	(11)	92	(5)	(2)	(9)	0	(10)	(13)	(12)	0	(12)	(8)
Cash from Financing Activities	(248) N/A	(185) +25%	(182) +2%	(190) -4%	(237) -24%	(270) -14%	(361) -34%	(301) +16%	(228) +24%	(169) +26%	(246) -45%	(222) +9%	(162) +27%	(142) +13%	(5) +96%	(293) -5 317%	(667) -128%	(798) -20%	(1 343) -68%	(1 190) +11%	(965) +19%	(1 190) -23%	(787) +34%	(826) -5%	(866) -5%	(770) +11%	(606) +21%	(449) +26%	(350) +22%	(194) +45%	(289) -49%	(317) -10%	(349) -10%	(378) -8%	(400) -6%	(210) +47%	(241) -15%	(275) -14%	(171) +38%	(529) -210%	(418) +21%	(280) +33%	(407) -46%	269 N/A	203 -25%	54 -74%	(81) N/A	(435) -436%	(499) -15%	(565) -13%	(574) -2%	(549) +4%	(1 065) -94%	(719) +33%	(721) 0%	(1 184) -64%	(461) +61%	(940) -104%	(926) +2%	(864) +7%	(1 043) -21%	(134) +87%	758 N/A	1 769 +134%	1 600 -10%	864 -46%	(45) N/A	(1 277) -2 731%	(412) +68%	(1 078) -162%	(1 130) -5%	(948) +16%	(1 563) -65%	51 N/A	(254) N/A	(43) +83%	(351) -716%	(1 406) -301%	(1 266) +10%	(219) +83%	(122) +44%	(184) -51%	(42) +77%	(1 214) -2 790%	(1 208) +0%	(1 072) +11%	(1 120) -4%	(1 482) -32%	(1 584) -7%	(1 676) -6%	(1 691) -1%	(1 165) +31%	(1 446) -24%	(2 436) -68%	(2 495) -2%	(3 088) -24%
Change in Cash
Effect of Foreign Exchange Rates	1	1	4	3	2	5	4	4	6	5	2	2	4	2	(2)	(4)	(11)	(8)	6	7	19	19	15	24	20	38	33	(13)	(51)	(74)	(42)	(6)	27	14	(37)	3	3	36	64	(16)	(18)	(22)	(47)	11	20	(35)	(23)	(2)	(2)	39	59	(45)	(89)	(135)	(130)	(87)	(63)	12	(19)	2	(24)	(35)	17	38	85	82	4	(21)	(30)	(44)	(5)	(27)	(1)	(31)	(14)	46	47	56	42	(13)	(50)	(48)	(106)	(135)	(46)	(7)	49	64	41	(5)	(17)	89	(58)	15	124	47
Net Change in Cash	44 N/A	79 +79%	(86) N/A	(105) -22%	(123) -18%	(120) +3%	3 N/A	110 +3 974%	229 +108%	310 +35%	251 -19%	271 +8%	337 +24%	409 +21%	599 +46%	286 -52%	(120) N/A	(281) -134%	(708) -152%	(455) +36%	(78) +83%	(206) -165%	138 N/A	140 +1%	18 -87%	50 +176%	19 -63%	18 -5%	(180) N/A	2 N/A	13 +535%	(16) N/A	228 N/A	155 -32%	93 -40%	371 +298%	186 -50%	223 +20%	453 +103%	61 -87%	100 +66%	95 -5%	(114) N/A	664 N/A	995 +50%	943 -5%	809 -14%	317 -61%	164 -48%	34 -79%	144 +322%	106 -27%	(700) N/A	(282) +60%	(239) +15%	(470) -97%	538 N/A	66 -88%	136 +105%	275 +103%	294 +7%	554 +88%	1 607 +190%	(783) N/A	(980) -25%	(852) +13%	(1 966) -131%	72 N/A	614 +752%	(81) N/A	(119) -47%	143 N/A	147 +3%	944 +542%	903 -4%	1 314 +45%	765 -42%	628 -18%	710 +13%	(253) N/A	(786) -211%	(1 019) -30%	(1 192) -17%	(583) +51%	(42) +93%	369 N/A	661 +79%	350 -47%	361 +3%	357 -1%	357 N/A	636 +78%	278 -56%	(337) N/A	(461) -37%	(461) N/A
Free Cash Flow
Free Cash Flow	307 N/A	278 -9%	309 +11%	298 -4%	317 +6%	350 +10%	358 +2%	406 +13%	449 +11%	476 +6%	500 +5%	499 0%	505 +1%	553 +10%	617 +12%	663 +8%	677 +2%	662 -2%	652 -1%	697 +7%	721 +4%	740 +3%	795 +7%	797 +0%	806 +1%	820 +2%	628 -23%	523 -17%	455 -13%	472 +4%	540 +14%	508 -6%	553 +9%	518 -6%	532 +3%	581 +9%	574 -1%	608 +6%	716 +18%	767 +7%	736 -4%	601 -18%	539 -10%	584 +8%	778 +33%	925 +19%	916 -1%	940 +3%	885 -6%	849 -4%	953 +12%	915 -4%	944 +3%	1 029 +9%	1 079 +5%	1 119 +4%	1 065 -5%	1 049 -1%	985 -6%	1 041 +6%	1 144 +10%	386 -66%	579 +50%	613 +6%	664 +8%	1 572 +137%	1 494 -5%	1 412 -5%	1 371 -3%	1 341 -2%	1 339 0%	1 473 +10%	1 606 +9%	1 583 -1%	1 813 +15%	1 888 +4%	2 043 +8%	2 381 +17%	2 354 -1%	2 267 -4%	1 866 -18%	1 615 -13%	1 268 -21%	1 130 -11%	1 191 +5%	1 315 +10%	1 648 +25%	1 774 +8%	1 880 +6%	2 042 +9%	2 085 +2%	2 325 +12%	2 521 +8%	2 496 -1%	2 371 -5%	2 398 +1%

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Moody's Corp
NYSE:MCO

Cash Flow Statement

Cash Flow Statement
Moody's Corp

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Moody's Corp NYSE:MCO

Cash Flow Statement

Cash Flow Statement Moody's Corp

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Moody's Corp
NYSE:MCO

Cash Flow Statement
Moody's Corp