Moody's (MCO) FY2019 results: revenue $4.8 billion, up 8.7% on the year
Moody's Corp. (MCO) reported revenue of $4.8 billion for fiscal 2019, the year ended 31 December 2019, up 8.7% on the year before. Net income was $1.4 billion, up 8.6%, and diluted earnings per share $7.42. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$4.8 billion
+8.7% on the year
FY2012FY2019
Operating margin
41.4%
42.1% a year earlier
FY2012FY2019
Net income
$1.4 billion
+8.6% on the year
FY2012FY2019
Diluted EPS
$7.42
+10.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,829
4,443
4,204
+8.7%
Cost of revenue
1,387
1,246
1,216
+11.3%
Gross profit
3,442
3,197
2,988
+7.7%
Gross margin
71.3%
72.0%
71.1%
Research and development
n/a
51.1
42.0
Selling, general and administrative
1,167
1,080
986
+8.0%
Operating income
1,998
1,868
1,821
+6.9%
Operating margin
41.4%
42.1%
43.3%
Pre-tax income
1,810
1,671
1,787
+8.3%
Income tax
381
352
779
+8.4%
Effective tax rate
21.0%
21.0%
43.6%
Net income
1,422
1,310
1,001
+8.6%
Net margin
29.4%
29.5%
23.8%
Diluted EPS
$7.42
$6.74
$5.15
+10.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,675
1,461
755
+14.6%
Capital expenditure
69.0
91.0
91.0
-24.2%
Free cash flow
1,606
1,370
664
+17.2%
Free cash flow margin
33.3%
30.8%
15.8%
Cash from investing
36.0
-406
-3,420
Cash from financing
-1,563
-412
1,600
Depreciation and amortisation
200
192
158
+4.2%
Share-based compensation
136
130
123
+4.6%
Buybacks
991
203
200
+389.1%
Dividends paid
378
337
290
+12.2%
Dividend per share
$2.00
$1.76
$1.14
+13.6%
Diluted shares, weighted
192m
194m
194m
-1.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
612
460
-328
+33.1%
Non-controlling interest
219
197
213
+11.2%
Redeemable equity
6.0
0.0
n/a
Debt
5,581
5,676
5,540
-1.7%
Operating lease liabilities
485
n/a
n/a
Other liabilities
3,362
3,193
3,169
+5.3%
Total liabilities and equity
10,265
9,526
8,594
+7.8%
Fixed assets
292
320
325
-8.9%
Goodwill
3,722
3,781
3,753
-1.6%
Intangible assets
1,498
1,566
1,632
-4.3%
Investments
108
151
134
-28.5%
Cash and equivalents
1,832
1,685
1,072
+8.7%
Receivables
1,419
1,287
1,147
+10.2%
Other assets
1,394
735
532
+89.6%
Total assets
10,265
9,526
8,594
+7.8%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.