Moody's (MCO) FY2018 results: revenue $4.4 billion, up 5.7% on the year
Moody's Corp. (MCO) reported revenue of $4.4 billion for fiscal 2018, the year ended 31 December 2018, up 5.7% on the year before. Net income was $1.3 billion, up 30.9%, and diluted earnings per share $6.74. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$4.4 billion
+5.7% on the year
FY2011FY2018
Operating margin
42.1%
43.3% a year earlier
FY2011FY2018
Net income
$1.3 billion
+30.9% on the year
FY2011FY2018
Diluted EPS
$6.74
+30.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
4,443
4,204
3,604
+5.7%
Cost of revenue
1,246
1,216
n/a
+2.5%
Gross profit
3,197
2,988
n/a
+7.0%
Gross margin
72.0%
71.1%
n/a
Research and development
51.1
42.0
40.1
+21.7%
Selling, general and administrative
1,080
986
931
+9.5%
Operating income
1,868
1,821
651
+2.6%
Operating margin
42.1%
43.3%
18.1%
Pre-tax income
1,671
1,787
558
-6.5%
Income tax
352
779
282
-54.9%
Effective tax rate
21.0%
43.6%
50.6%
Net income
1,310
1,001
267
+30.9%
Net margin
29.5%
23.8%
7.4%
Diluted EPS
$6.74
$5.15
$1.36
+30.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,461
755
1,259
+93.5%
Capital expenditure
91.0
91.0
115
0.0%
Free cash flow
1,370
664
1,144
+106.3%
Free cash flow margin
30.8%
15.8%
31.7%
Cash from investing
-406
-3,420
102
Cash from financing
-412
1,600
-1,043
Depreciation and amortisation
192
158
127
+21.2%
Share-based compensation
130
123
98.1
+5.8%
Buybacks
203
200
739
+1.5%
Dividends paid
337
290
285
+16.2%
Dividend per share
$1.76
$1.14
$1.49
+54.4%
Diluted shares, weighted
194m
194m
195m
+0.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
460
-328
-1,225
Non-controlling interest
197
213
198
-7.4%
Redeemable equity
0.0
n/a
n/a
Debt
5,676
5,540
3,363
+2.4%
Other liabilities
3,193
3,169
2,992
+0.8%
Total liabilities and equity
9,526
8,594
5,327
+10.8%
Fixed assets
320
325
326
-1.4%
Goodwill
3,781
3,753
1,024
+0.7%
Intangible assets
1,566
1,632
296
-4.0%
Investments
151
134
206
+12.8%
Cash and equivalents
1,685
1,072
2,052
+57.3%
Receivables
1,287
1,147
887
+12.2%
Other assets
735
532
536
+38.3%
Total assets
9,526
8,594
5,327
+10.8%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.