Filing Flows

Filing Flows › Companies › Moody's › Cash flow

Moody's cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$668M in Q3 2026 · $3.0B over twelve months

Operating cash flow$753M
Capital spending−$85.0M
Free cash flow+$668M
Cash / net income1.0×
Cash conversion cycle76 days

Analysis

In Q3 2026, Moody's generated $753M of operating cash flow and spent $85.0M on capital projects, leaving free cash flow of $668M. That is $10.0M more than in Q3 2025 ($658M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.3B; the largest uses were buybacks ($3.0B), dividends ($710M), capital spending ($352M); besides operations, cash came from other investing ($203M), shares issued ($21.0M); the cash balance fell by $668M.

Operating cash flow was $753M against net income of $736M — 1.0× profit, roughly in line with earnings. The largest differences: deferred revenue −$193M, depreciation & amortization +$124M, prepaid and other assets −$92.0M.

Its cash conversion cycle was 76 days (receivables 85 + inventory 0 − payables 10).

Free cash flow

Moody's: free cash flow by quarterMoody's: free cash flow by quarter$600MQ4 2024$672MQ1 2025$468MQ2 2025$658MQ3 2025$777MQ4 2025$844MQ1 2026$688MQ2 2026$668MQ3 2026
Operating cash flow less capital spending.
Moody's: operating cash flow against capital spendingMoody's: operating cash flow against capital spendingOperating cash flowCapital spending$674M$74.0MQ4 2024$757M$85.0MQ1 2025$543M$75.0MQ2 2025$743M$85.0MQ3 2025$858M$81.0MQ4 2025$939M$95.0MQ1 2026$779M$91.0MQ2 2026$753M$85.0MQ3 2026
Latest (Q3 2026): Operating cash flow $753M, Capital spending $85.0M.

Capital allocation, year by year

Moody's: where the cash came from (up) and went (down), by fiscal yearMoody's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.0BFY2021: Net borrowing $1.2BFY2021: Shares issued $24.0MFY2021: Capital spending −$139MFY2021: Acquisitions −$2.2BFY2021: Buybacks −$750MFY2021: Dividends −$463M$3.2BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing $362MFY2022: Shares issued $8.0MFY2022: Asset sales $2.0MFY2022: Capital spending −$283MFY2022: Acquisitions −$97.0MFY2022: Buybacks −$983MFY2022: Dividends −$515M$1.8BFY2022FY2023: Operating cash flow $2.2BFY2023: Net borrowing −$500MFY2023: Shares issued $32.0MFY2023: Asset sales $13.0MFY2023: Capital spending −$271MFY2023: Acquisitions −$3.0MFY2023: Buybacks −$490MFY2023: Dividends −$564M$2.2BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing $496MFY2024: Shares issued $53.0MFY2024: Asset sales $2.0MFY2024: Capital spending −$317MFY2024: Acquisitions −$221MFY2024: Buybacks −$1.3BFY2024: Dividends −$620M$3.4BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing −$700MFY2025: Shares issued $28.0MFY2025: Capital spending −$326MFY2025: Acquisitions −$227MFY2025: Buybacks −$1.6BFY2025: Dividends −$701M$2.9BFY2025
Over these 5 years operating cash flow totalled $11.4B; the largest uses were buybacks ($5.1B) and dividends ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$6.9B
Net debt$5.3B
Due within a year$568M

Moody's funds itself: free cash flow was $3.0B over the last twelve months, and $1.6B of cash and investments stands against $6.9B of debt ($568M due within a year, 2.9× covered by cash).

Moody's: debt maturities by year (FY2025)Moody's: debt maturities by year (FY2025)$587MYear 2$500MYear 3$400MYear 4$881MYear 5$4.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

Moody's: sources (+) and uses (−) of cash, Q3 2026Moody's: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$753MBuybacks−$388MDividends−$178MCapital spending−$85.0MOther investing−$66.0MCash drawn (+) / kept (−)−$46.0MShares issued$7.0MExchange rates$5.0MOther financing−$2.0M
Moody's: sources (+) and uses (−) of cash, TTM to Q3 2026Moody's: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.3BBuybacks−$3.0BDividends−$710MCash drawn (+) / kept (−)$668MCapital spending−$352MOther investing$203MOther financing−$114MExchange rates−$26.0MAcquisitions−$23.0MShares issued$21.0MPartners−$6.0M

From profit to cash

Moody's: net income to operating cash flow, Q3 2026Moody's: net income to operating cash flow, Q3 2026Net income$736MDepreciation & amortization$124MStock-based pay$58.0MDeferred taxes$78.0MReceivables$86.0MPayables$70.0MDeferred revenue−$193MPrepaid and other assets−$92.0MOther liabilities$3.0MOperating cash flow$753M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202685—1076
Q2 202683—1370
Q1 202688—1375
Q4 202592—1182
Q3 202581—1071
Q2 202587—1473
Q1 202585—1472
Q4 202497—1087

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$753M−$85.0M—−$388M−$178M—$7.0M−$46.0M$668M
Q2 2026$779M−$91.0M—−$694M−$180M—$4.0M$2.0M$688M
Q1 2026$939M−$95.0M−$23.0M−$1.5B−$185M—$8.0M$915M$844M
Q4 2025$858M−$81.0M—−$437M−$167M—$2.0M−$203M$777M
Q3 2025$743M−$85.0M−$4.0M−$513M−$168M—$6.0M−$7.0M$658M
Q2 2025$543M−$75.0M—−$284M−$171M—$2.0M−$35.0M$468M
Q1 2025$757M−$85.0M−$223M−$373M−$195M−$700M$18.0M$269M$672M
Q4 2024$674M−$74.0M−$111M−$480M−$155M—$9.0M$234M$600M

Moody's: income statement and cash flow

Moody's, Q3 2026: revenue $2.0B (+0.8% year over year), operating margin 44.8%. The chart follows the revenue to costs, profit and cash.

Moody's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.