Moodys Corporation Cash Flow
Concept
Operating Cash Flow
Net Income
Depreciation & Amortization
Stock based compensation
Other non cash items
Change in working capital
Investing Cash Flow
Capital Expenditures
Financing Cash Flow
Dividends Paid
Payout Ratio
Share Issuance / Repurchase
Debt Issued / Paid
Other Investing Activities
End Cash Position
Changes in Cash
Beginning Cash Position
Free Cash Flow
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
2,151M
1,607M
373M
193M
54M
-38M
0M
271M
-1,584M
564M
35.17 %
-561M
0M
-9M
2,130M
361M
1,769M
1,880M
1,474M
1,374M
331M
169M
-21M
-427M
-262M
283M
-1,208M
515M
37.5 %
-983M
362M
916M
1,769M
-42M
1,811M
1,191M
2,005M
2,214M
257M
175M
-23M
-400M
-290M
139M
-122M
463M
20.88 %
-750M
1,172M
-36M
1,811M
-786M
2,597M
1,866M
2,146M
1,777M
220M
154M
1M
38M
-77M
103M
-351M
420M
23.64 %
-503M
688M
-63M
2,597M
765M
1,832M
2,043M
1,675M
1,429M
200M
136M
52M
-104M
41M
69M
-1,563M
378M
26.41 %
-991M
-129M
-33M
1,832M
147M
1,685M
1,606M
1,461M
1,319M
192M
130M
10M
-82M
-32M
90M
-412M
337M
25.48 %
-203M
148M
-15M
1,685M
614M
1,072M
1,371M
748M
1,008M
158M
123M
-171M
-459M
182M
91M
1,607M
290M
28.9 %
-200M
2,102M
-31M
1,072M
-980M
2,052M
657M
1,226M
276M
127M
98M
-70M
950M
297M
115M
-1,010M
285M
103.55 %
-739M
0M
14M
2,052M
294M
1,757M
1,111M
1,154M
950M
114M
87M
-44M
36M
5M
89M
-461M
272M
28.69 %
-1,098M
843M
909M
1,757M
538M
1,220M
1,065M
1,019M
1,006M
96M
80M
-162M
-25M
-251M
75M
-1,065M
236M
23.45 %
-1,221M
441M
-154M
1,220M
-700M
1,920M
944M
927M
816M
93M
67M
-39M
36M
-169M
42M
-499M
197M
24.11 %
-893M
429M
22M
1,920M
164M
1,755M
885M
823M
700M
94M
65M
-4M
-54M
-2M
45M
203M
143M
20.39 %
-197M
419M
1M
1,755M
995M
760M
778M
803M
578M
79M
57M
-14M
93M
-2M
68M
-418M
126M
21.83 %
-334M
-11M
42M
760M
100M
660M
736M
653M
513M
66M
57M
-7M
35M
-1M
79M
-241M
103M
20.28 %
-224M
44M
7M
660M
186M
474M
574M
644M
407M
64M
57M
-5M
104M
-2M
91M
-349M
98M
23.98 %
20M
-275M
13,512M
474M
228M
246M
553M
535M
458M
75M
-8M
56M
-29M
0M
84M
-345M
97M
20.86 %
-593M
0M
636M
246M
-180M
426M
450M
984M
702M
43M
90M
-98M
323M
0M
182M
-862M
85M
12.02 %
-1,738M
0M
1,896M
426M
18M
408M
802M
753M
754M
40M
77M
-263M
172M
0M
31M
-965M
80M
10.47 %
-1,094M
0M
103M
408M
-78M
486M
721M
708M
561M
35M
55M
72M
5M
0M
31M
-667M
60M
10.87 %
-692M
0M
-2M
486M
-120M
606M
677M
520M
425M
34M
28M
58M
-15M
0M
21M
-162M
45M
10.71 %
-221M
0M
-1M
606M
337M
269M
498M
468M
364M
33M
11M
34M
28M
0M
18M
-228M
27M
7.56 %
-173M
0M
-17M
269M
229M
40M
451M
335M
289M
25M
0M
30M
-5M
0M
18M
-237M
28M
9.78 %
-370M
0M
107M
40M
-123M
163M
317M
306M
212M
17M
0M
4M
74M
0M
15M
-233M
28M
13.64 %
-268M
0M
-30M
163M
44M
119M
292M
68M
159M
17M
0M
0M
-106M
0M
12M
82M
7M
4.08 %
-224M
0M
300M
119M
116M
3M
55M
345M
256M
141M
9M
9M
-95M
0M
44M
-212M
120M
47.44 %
-238M
0M
188M
113M
23M
91M
301M
342M
280M
142M
0M
29M
-59M
0M
55M
-227M
137M
48.78 %
-220M
0M
175M
91M
9M
82M
287M
Concept
Operating Cash Flow
Net Income
Depreciation & Amortization
Stock based compensation
Other non cash items
Change in working capital
Investing Cash Flow
Capital Expenditures
Financing Cash Flow
Dividends Paid
Payout Ratio
Share Issuance / Repurchase
Debt Issued / Paid
Other Investing Activities
End Cash Position
Changes in Cash
Beginning Cash Position
Free Cash Flow
4Q2023
3Q2023
2Q2023
1Q2023
4Q2022
3Q2022
2Q2022
1Q2022
4Q2021
3Q2021
2Q2021
1Q2021
4Q2020
3Q2020
2Q2020
1Q2020
4Q2019
3Q2019
2Q2019
1Q2019
4Q2018
3Q2018
2Q2018
1Q2018
4Q2017
3Q2017
2Q2017
1Q2017
4Q2016
3Q2016
2Q2016
1Q2016
4Q2015
3Q2015
2Q2015
1Q2015
4Q2014
3Q2014
2Q2014
1Q2014
4Q2013
3Q2013
2Q2013
1Q2013
4Q2012
3Q2012
2Q2012
1Q2012
4Q2011
3Q2011
2Q2011
1Q2011
4Q2010
3Q2010
2Q2010
1Q2010
4Q2009
3Q2009
2Q2009
1Q2009
4Q2008
3Q2008
2Q2008
1Q2008
4Q2007
3Q2007
2Q2007
1Q2007
4Q2006
3Q2006
2Q2006
1Q2006
4Q2005
3Q2005
2Q2005
1Q2005
4Q2004
3Q2004
2Q2004
1Q2004
4Q2003
3Q2003
2Q2003
1Q2003
4Q2002
3Q2002
2Q2002
1Q2002
4Q2001
3Q2001
2Q2001
1Q2001
4Q2000
3Q2000
2Q2000
1Q2000
4Q1999
3Q1999
2Q1999
1Q1999
4Q1998
3Q1998
477M
340M
97M
-196M
287M
-23M
0M
73M
-353M
140M
41.08 %
-216M
0M
3M
2,130M
124M
2,006M
404M
462M
390M
95M
46M
12M
-50M
-90M
71M
-607M
141M
36.32 %
-237M
-300M
71M
2,006M
-272M
2,278M
391M
604M
377M
93M
50M
119M
-56M
17M
54M
-408M
142M
37.56 %
-67M
-200M
-199M
93M
-2,026M
2,119M
550M
608M
501M
88M
47M
-636M
608M
10M
73M
-216M
141M
28.31 %
-41M
-300M
-34M
2,098M
329M
1,769M
535M
377M
246M
89M
39M
-41M
54M
-90M
79M
-251M
128M
52.24 %
983M
-126M
-980M
1,769M
113M
1,656M
298M
336M
303M
83M
46M
0M
-89M
76M
71M
-245M
128M
42.42 %
-112M
-3M
5M
1,656M
39M
1,617M
265M
291M
327M
81M
38M
20M
-210M
72M
74M
-360M
129M
39.55 %
-311M
-3M
80M
1,617M
-133M
1,750M
217M
470M
498M
78M
46M
-104M
-182M
-19M
59M
-352M
130M
26.12 %
-560M
491M
338M
1,750M
-61M
1,811M
411M
299M
427M
77M
48M
-23M
-91M
-255M
62M
-257M
116M
27.19 %
-122M
-6M
-20M
1,811M
-428M
2,239M
237M
436M
474M
61M
41M
1,220M
-2M
-11M
33M
927M
115M
24.11 %
-125M
1,178M
1,167M
2,239M
-570M
2,809M
403M
594M
577M
60M
41M
-242M
-99M
-4M
30M
-502M
116M
20.2 %
-371M
1,178M
-15M
2,809M
40M
2,769M
564M
676M
736M
59M
45M
-462M
-208M
-42M
14M
-290M
116M
15.9 %
-132M
1,178M
-42M
2,769M
172M
2,597M
662M
658M
314M
57M
44M
13M
273M
-224M
20M
-354M
105M
33.13 %
-250M
1,178M
-6M
2,597M
105M
2,492M
638M
511M
467M
56M
38M
-21M
18M
-8M
21M
-120M
105M
22.27 %
12M
-4M
485M
2,492M
393M
2,099M
490M
632M
509M
58M
35M
0M
41M
-8M
41M
-642M
105M
20.82 %
13M
-486M
250M
2,099M
-42M
2,141M
591M
345M
487M
49M
37M
9M
-294M
-55M
21M
765M
105M
21.4 %
-253M
1,178M
-6M
2,141M
309M
1,832M
324M
480M
361M
50M
33M
4M
48M
9M
8M
-46M
94M
26.46 %
-263M
324M
-20M
1,832M
654M
1,178M
471M
441M
382M
49M
33M
11M
-15M
10M
22M
-331M
95M
25 %
-113M
-130M
371M
1,178M
-18M
1,196M
419M
387M
312M
51M
34M
38M
-31M
10M
19M
-337M
95M
30.06 %
-167M
-190M
125M
1,196M
-1M
1,197M
369M
367M
374M
50M
36M
1M
-106M
13M
20M
-849M
94M
25.26 %
-448M
-132M
-138M
1,197M
-488M
1,685M
347M
377M
253M
48M
30M
2M
69M
-11M
28M
569M
84M
33.08 %
-55M
703M
-9M
1,685M
650M
1,035M
349M
307M
312M
46M
31M
2M
-18M
-9M
25M
-513M
84M
26.88 %
-66M
-365M
-3M
1,035M
-280M
1,315M
282M
386M
378M
48M
34M
2M
-67M
-4M
23M
-285M
85M
22.16 %
-38M
-150M
-2M
1,315M
37M
1,277M
363M
392M
377M
49M
35M
4M
-65M
-9M
15M
-182M
84M
22.16 %
-43M
-40M
-1M
1,277M
206M
1,072M
377M
405M
29M
50M
34M
3M
366M
120M
21M
-290M
73M
246.67 %
-36M
-184M
-2M
1,072M
109M
963M
384M
390M
320M
43M
32M
-70M
98M
-26M
27M
719M
73M
22.42 %
-29M
813M
-3M
963M
-2,318M
3,281M
364M
465M
314M
33M
29M
-41M
122M
45M
24M
624M
73M
22.84 %
-80M
766M
-21M
3,281M
1,151M
2,130M
441M
-512M
346M
33M
28M
-60M
-1,045M
42M
19M
554M
73M
20.79 %
-55M
707M
-5M
2,130M
78M
2,052M
-531M
370M
-426M
33M
25M
-37M
934M
135M
30M
-127M
71M
-16.82 %
-60M
2,122M
3M
2,052M
305M
1,746M
339M
328M
257M
33M
24M
-15M
38M
39M
31M
-260M
71M
27.27 %
-193M
0M
4M
1,746M
72M
1,674M
297M
292M
258M
31M
24M
-1M
-22M
129M
28M
-284M
72M
28.03 %
-224M
712M
12M
1,674M
98M
1,576M
264M
237M
187M
30M
25M
-16M
0M
-6M
26M
-339M
72M
38.3 %
-262M
0M
-5M
1,576M
-181M
1,757M
211M
261M
220M
29M
21M
0M
-8M
16M
23M
52M
67M
30.91 %
-193M
296M
311M
1,757M
286M
1,471M
237M
299M
234M
28M
22M
-3M
16M
19M
25M
-355M
68M
28.7 %
-305M
-2M
18M
1,471M
-68M
1,539M
274M
333M
264M
28M
22M
-4M
20M
0M
22M
-282M
69M
26.36 %
-235M
0M
22M
1,539M
29M
1,510M
311M
262M
231M
29M
23M
-37M
9M
-30M
19M
124M
69M
29.46 %
-366M
549M
558M
1,510M
290M
1,220M
243M
309M
241M
27M
21M
-4M
38M
-273M
18M
-671M
58M
23.48 %
-440M
448M
-188M
1,220M
-721M
1,941M
291M
252M
219M
23M
19M
-9M
9M
17M
18M
108M
59M
27.45 %
-321M
441M
-4M
1,941M
164M
1,777M
234M
281M
324M
22M
20M
-109M
5M
-4M
20M
-279M
59M
18 %
-258M
0M
38M
1,777M
-15M
1,792M
261M
177M
222M
23M
20M
-39M
-77M
10M
19M
-222M
60M
26.73 %
-202M
0M
39M
1,792M
-127M
1,920M
158M
273M
210M
23M
18M
-6M
62M
23M
11M
-156M
54M
25 %
-146M
370M
4M
1,920M
84M
1,835M
262M
284M
187M
23M
16M
-5M
87M
-191M
13M
83M
55M
29.76 %
-397M
-4M
535M
1,835M
202M
1,633M
272M
167M
228M
23M
16M
-11M
-88M
-7M
10M
-270M
45M
19.8 %
-259M
32M
6M
1,633M
-125M
1,758M
157M
203M
191M
24M
17M
-16M
-26M
6M
9M
-156M
45M
23.81 %
-91M
32M
10M
1,758M
3M
1,755M
194M
327M
162M
24M
18M
21M
109M
6M
10M
-92M
36M
22.54 %
-71M
-32M
2M
1,755M
237M
1,519M
317M
261M
187M
24M
16M
-15M
67M
-7M
13M
437M
36M
19.51 %
-25M
460M
-4M
1,519M
694M
824M
247M
174M
176M
22M
15M
47M
-86M
-2M
7M
-136M
32M
18.18 %
-100M
-6M
-7M
824M
9M
815M
167M
62M
176M
24M
15M
-9M
-143M
2M
15M
-7M
39M
22.08 %
28M
-4M
36M
815M
55M
760M
47M
137M
98M
21M
14M
9M
-4M
-1M
14M
-25M
31M
31.82 %
334M
-4M
16M
760M
-94M
854M
123M
220M
132M
19M
13M
0M
57M
-4M
18M
-239M
32M
24.14 %
-206M
-4M
0M
854M
-84M
939M
202M
245M
189M
22M
14M
-8M
28M
-4M
16M
-8M
32M
17.07 %
23M
-2M
26M
939M
219M
720M
229M
201M
156M
18M
16M
157M
13M
6M
20M
-145M
30M
19.4 %
-128M
-2M
3M
720M
60M
660M
181M
179M
139M
17M
15M
-1M
19M
-1M
24M
-137M
25M
18.03 %
-104M
-17M
1M
660M
-134M
794M
154M
171M
137M
18M
14M
-3M
5M
-2M
19M
119M
25M
18.97 %
-20M
149M
3M
794M
308M
486M
151M
140M
123M
15M
13M
0M
-11M
-1M
19M
-112M
28M
23.08 %
-70M
-16M
0M
486M
-11M
496M
121M
164M
115M
16M
15M
-3M
22M
3M
16M
-112M
26M
22.92 %
-30M
-72M
3M
496M
23M
474M
148M
187M
103M
17M
16M
29M
40M
0M
26M
-105M
25M
22.73 %
0M
0M
3,380M
474M
51M
423M
161M
132M
102M
16M
11M
3M
1M
0M
30M
-71M
24M
23.26 %
0M
0M
2,872M
423M
30M
393M
103M
132M
112M
16M
16M
-3M
-9M
0M
22M
-94M
27M
23.4 %
0M
0M
3,435M
393M
51M
342M
110M
192M
90M
16M
15M
0M
72M
0M
12M
-79M
24M
26.32 %
-120M
0M
3,826M
342M
96M
246M
180M
134M
89M
31M
0M
-1M
15M
0M
19M
-73M
24M
26.32 %
-120M
0M
138M
246M
-193M
439M
115M
154M
113M
15M
0M
15M
11M
0M
21M
-40M
24M
21.74 %
-145M
0M
245M
439M
59M
380M
132M
62M
135M
17M
0M
6M
-97M
0M
25M
7M
25M
18.52 %
-63M
0M
160M
380M
40M
340M
37M
185M
121M
13M
11M
10M
42M
0M
19M
-238M
25M
20.83 %
-265M
0M
93M
340M
-87M
426M
166M
214M
127M
12M
90M
-69M
131M
0M
36M
-168M
21M
15.69 %
-311M
0M
1,151M
426M
5M
421M
178M
293M
137M
12M
0M
19M
126M
0M
53M
-200M
21M
15.69 %
-484M
0M
583M
421M
60M
362M
241M
291M
262M
9M
0M
-39M
59M
0M
60M
-159M
22M
8.42 %
-500M
0M
672M
362M
72M
290M
231M
185M
175M
10M
21M
-9M
8M
0M
33M
-334M
22M
12.9 %
-443M
0M
189M
290M
-119M
408M
152M
183M
279M
11M
77M
-232M
76M
0M
10M
-133M
20M
7 %
-150M
0M
18M
408M
127M
282M
173M
247M
157M
10M
0M
9M
71M
0M
8M
-161M
20M
12.73 %
-168M
0M
11M
282M
58M
223M
238M
183M
172M
9M
0M
8M
-7M
0M
6M
-562M
20M
11.86 %
-574M
0M
13M
223M
-273M
496M
176M
140M
146M
9M
14M
-48M
32M
0M
7M
-110M
20M
14.29 %
-202M
0M
62M
496M
10M
486M
133M
162M
150M
9M
55M
-14M
-18M
0M
13M
-358M
16M
9.62 %
-364M
0M
0M
486M
-251M
737M
149M
201M
147M
9M
0M
24M
22M
0M
7M
-314M
17M
10.42 %
-309M
0M
-2M
737M
-194M
931M
194M
189M
145M
9M
0M
24M
11M
0M
6M
-17M
17M
10.64 %
0M
0M
-20M
931M
154M
777M
183M
157M
119M
9M
17M
39M
-9M
0M
6M
21M
11M
10.26 %
0M
0M
0M
777M
171M
606M
151M
141M
123M
9M
28M
2M
-10M
0M
7M
17M
11M
9.76 %
221M
0M
0M
606M
155M
451M
135M
149M
96M
8M
0M
16M
29M
0M
3M
-27M
11M
12.5 %
-35M
0M
0M
451M
119M
332M
146M
123M
104M
9M
0M
14M
-3M
0M
5M
-153M
11M
11.76 %
-156M
0M
0M
332M
-36M
368M
118M
106M
104M
8M
5M
26M
-32M
0M
7M
1M
11M
11.76 %
-31M
0M
0M
368M
99M
269M
100M
136M
86M
9M
11M
3M
29M
0M
5M
-43M
7M
6.9 %
-58M
0M
108M
269M
89M
180M
131M
152M
86M
8M
0M
12M
47M
0M
4M
-50M
7M
7.14 %
-64M
0M
0M
180M
99M
81M
148M
103M
101M
8M
0M
13M
-19M
0M
5M
-76M
7M
6.06 %
0M
0M
-93M
81M
23M
58M
98M
77M
92M
8M
2M
7M
-30M
0M
4M
-58M
7M
6.67 %
-51M
0M
-14M
58M
18M
40M
73M
92M
70M
7M
4M
3M
12M
0M
5M
-117M
7M
8.33 %
-227M
0M
107M
40M
-30M
70M
87M
125M
68M
7M
0M
22M
28M
0M
7M
-127M
7M
9.52 %
-110M
0M
-6M
70M
-9M
79M
118M
81M
79M
6M
0M
1M
-5M
0M
4M
27M
7M
8 %
-2M
0M
-210M
79M
-99M
178M
77M
38M
73M
4M
0M
0M
-39M
0M
3M
-19M
7M
8.7 %
-31M
0M
-3M
178M
15M
163M
35M
68M
59M
5M
0M
3M
2M
0M
4M
-67M
7M
10.53 %
-72M
0M
43M
163M
-12M
175M
64M
105M
50M
4M
0M
0M
51M
0M
11M
-90M
7M
13.33 %
-99M
0M
-6M
175M
10M
164M
105M
62M
56M
4M
0M
0M
2M
0M
7M
12M
7M
11.76 %
0M
0M
-8M
164M
65M
99M
62M
72M
48M
4M
0M
0M
20M
0M
3M
-88M
7M
13.33 %
-97M
0M
-3M
99M
-20M
119M
69M
60M
40M
4M
0M
0M
18M
0M
2M
41M
147M
353.85 %
0M
0M
188M
119M
97M
23M
58M
130M
-18M
-44M
0M
171M
16M
0M
5M
-84M
95M
-580 %
0M
0M
11M
23M
-32M
55M
135M
-222M
68M
22M
0M
-174M
-138M
0M
4M
232M
30M
42.86 %
0M
0M
255M
55M
-15M
70M
-226M
99M
68M
34M
0M
-1M
-2M
0M
11M
-107M
30M
42.86 %
-4M
0M
-3M
70M
-43M
113M
88M
68M
63M
36M
28M
5M
-99M
0M
15M
-3M
30M
45 %
-10M
0M
56M
113M
42M
71M
53M
84M
66M
34M
0M
-18M
2M
0M
7M
-62M
30M
45 %
-12M
0M
1M
71M
-6M
76M
76M
126M
66M
36M
0M
-16M
39M
0M
11M
-80M
30M
45 %
-125M
0M
129M
6M
6M
71M
115M
67M
60M
35M
0M
8M
-37M
0M
10M
-67M
31M
50 %
-91M
0M
55M
71M
-20M
91M
57M
21M
87M
36M
0M
38M
-108M
0M
41M
-50M
30M
36 %
-79M
0M
75M
-66M
-66M
0M
62M
42M
69M
34M
-5M
-66M
19M
0M
73M
-142M
32M
45 %
-113M
0M
0M
-92M
-92M
0M
-30M