Income StatementBalance SheetCash FlowSegments
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Moody's Cash Flow Statement

Operating, investing, and financing cash movements

Moody's generated $3.1B in operating cash flow over the trailing twelve months. After $336.0M in capital expenditures, free cash flow was $2.7B. Free cash flow increased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$3.1BNet Cash From Investing (TTM)-$736.0MNet Cash From Financing (TTM)-$3.5BCapital Expenditures (TTM)$336.0MDepreciation And Amortization Cf (TTM)$489.0MNet Change In Cash (TTM)$636.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$78.5B
P/E Ratio31.44
ROE74.54%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$111.0M$223.0M—$4.0M—$23.0M
Payments to acquire interest in subsidiaries and affiliates—$10.0M$2.0M$2.0M$5.0M$1.0M
Capital expenditures$74.0M$85.0M$75.0M$85.0M$81.0M$95.0M
Divestiture of businesses, net of cash transferred$0.0$10.0M$10.0M$10.0M$10.0M—
Proceeds from disposition of marketable securities and other investments—$551.0M$28.0M$77.0M—$66.0M
Net cash from investing activities-$181.0M$224.0M———-$91.0M
Derivative Collateral and Settlements (Investing)$0.0$32.0M———$0.0
Purchases of investments$28.0M$41.0M$77.0M$40.0M$30.0M$38.0M
Proceeds from Hedge Investing Activities$0.0$32.0M———$0.0
Proceeds from divestiture of prepaid business$0.0$10.0M$10.0M$10.0M$10.0M—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$180.0M-$292.0M-$49.0M——-$175.0M
Change in accounts receivable$144.0M$16.0M-$110.0M$31.0M$266.0M$47.0M
Change in other liabilities$4.0M-$7.0M—$6.0M-$15.0M-$2.0M
Benefit from Receivables$1.0M$5.0M$1.0M$5.0M$1.0M$4.0M
Deferred income taxes-$71.0M$18.0M-$1.0M$23.0M-$57.0M$23.0M
Depreciation and amortization$113.0M$113.0M$120.0M$123.0M$124.0M$122.0M
Net cash from operating activities$674.0M$757.0M$543.0M$743.0M$858.0M$939.0M
Net income$395.0M$625.0M$579.0M$647.0M$611.0M$661.0M
Gain On Previously Held And Sold Investments In Non-Consolidated Affiliates$1.8M$0.0$0.0$0.0$0.0—
Operating lease liabilities-$9.0M-$8.0M-$11.0M-$9.0M-$5.0M-$3.0M
Increase (Decrease) in Other Operating Assets$16.0M$19.0M$5.0M-$8.0M-$52.0M$23.0M
Increase (Decrease) in Prepaid Expense and Other Assets$61.0M-$12.0M$37.0M-$38.0M$89.0M-$60.0M
Increase (Decrease) in Contract with Customer, Liability, Excluding Effect of Exchange Rate—$261.0M—-$156.0M—$253.0M
Accounts Receivable, Credit Loss Expense (Reversal)$1.0M$5.0M$1.0M$5.0M$1.0M$4.0M
Restructuring charges, net of cash paid (Note 15)$17.0M$3.0M$4.0M$1.0M$1.0M$1.0M
Unrecognized Tax Benefits and Other Non Current Tax Liabilities Period Increase (Decrease)$6.0M$6.0M$4.0M$7.0M-$74.0M$7.0M
Restructuring Costs and Asset Impairment Charges$17.0M$3.0M$4.0M$1.0M$1.0M$1.0M
Asset Impairment and Exit Costs, Net of Cash Paid$17.0M$3.0M$4.0M$1.0M$1.0M$1.0M
Restructuring Charges, Net of Cash Paid$17.0M$3.0M$4.0M$1.0M$1.0M$1.0M
Stock-based compensation$54.0M$56.0M$61.0M$57.0M$58.0M$58.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$155.0M$195.0M$171.0M$168.0M$167.0M$185.0M
Proceeds from issuance of common stock relating to employee stock plans$13.0M$23.0M$9.0M$12.0M$5.0M$13.0M
Repayments Of Notes Payable$0.0$700.0M———$0.0
Net cash from financing activities-$634.0M-$1.3B-$482.0M-$674.0M-$609.0M-$1.7B
Repurchases of common stock$480.0M$373.0M$284.0M$513.0M$437.0M$1.5B
Taxes paid for net share settlement$6.0M$53.0M$35.0M$4.0M$7.0M$76.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$600.0M$672.0M$468.0M$658.0M$777.0M$844.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$93.0M$48.0M$100.0M——-$44.0M
Net increase (decrease) in cash—-$269.0M———-$915.0M