MOODYS CORP /DE/
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
MCO$510.71-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(Amounts in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $2,462 | $2,059 | $1,608 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 480 | 431 | 373 |
| Stock-based compensation | 232 | 220 | 193 |
| Deferred income taxes | (17) | (62) | (38) |
| Non-cash restructuring and abandonment-related charges | 9 | 32 | 35 |
| Provision for credit losses on accounts receivable | 12 | 15 | 22 |
| Gain on previously held/sold investments in non-consolidated affiliates | — | (7) | (4) |
| Gain on divestiture of business | (23) | — | — |
| Changes in assets and liabilities: | |||
| Accounts receivable | (203) | (187) | (12) |
| Other current assets | (76) | (36) | 119 |
| Other assets | 36 | (17) | (69) |
| Lease obligations | (33) | (33) | (26) |
| Accounts payable and accrued liabilities | (55) | 225 | 76 |
| Deferred revenue | 148 | 154 | 24 |
| Unrecognized tax positions and other non-current tax liabilities | (57) | 18 | (129) |
| Other liabilities | (14) | 26 | (21) |
| Net cash provided by operating activities | 2,901 | 2,838 | 2,151 |
| Cash flows from investing activities | |||
| Capital additions | (326) | (317) | (271) |
| Purchases of investments | (188) | (651) | (143) |
| Sales and maturities of investments | 690 | 135 | 162 |
| Purchases of investments in non-consolidated affiliates | (19) | (4) | (5) |
| Sales of/distributions from investments in non-consolidated affiliates | — | 2 | 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) |
| Receipts from settlements of net investment hedges | 32 | — | — |
| Net cash provided by (used in) investing activities | 2 | (1,056) | (247) |
| Cash flows from financing activities | |||
| Issuance of notes | — | 496 | — |
| Repayment of notes | (700) | — | (500) |
| Proceeds from stock-based compensation plans | 49 | 73 | 50 |
| Repurchase of shares related to stock-based compensation | (99) | (91) | (71) |
| Treasury shares | (1,607) | (1,292) | (490) |
| Dividends | (701) | (620) | (564) |
| Dividends to noncontrolling interests | (5) | (7) | (9) |
| Debt issuance costs, extinguishment costs and related fees | — | (5) | — |
| Net cash used in financing activities | (3,063) | (1,446) | (1,584) |
| Effect of exchange rate changes on cash and cash equivalents | 136 | (58) | 41 |
| (Decrease) increase in cash and cash equivalents | (24) | 278 | 361 |
| Cash and cash equivalents, beginning of period | 2,408 | 2,130 | 1,769 |
| Cash and cash equivalents, end of period | $2,384 | $2,408 | $2,130 |
72 MOODY'S 2025 10-K
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