Moody's (MCO) FY2020 results: revenue $5.4 billion, up 11.2% on the year
Moody's Corp. (MCO) reported revenue of $5.4 billion for fiscal 2020, the year ended 31 December 2020, up 11.2% on the year before. Net income was $1.8 billion, up 25.0%, and diluted earnings per share $9.39. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$5.4 billion
+11.2% on the year
FY2013FY2020
Operating margin
44.5%
41.4% a year earlier
FY2013FY2020
Net income
$1.8 billion
+25.0% on the year
FY2013FY2020
Diluted EPS
$9.39
+26.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,371
4,829
4,443
+11.2%
Cost of revenue
1,475
1,387
1,246
+6.3%
Gross profit
3,896
3,442
3,197
+13.2%
Gross margin
72.5%
71.3%
72.0%
Research and development
n/a
n/a
51.1
Selling, general and administrative
1,229
1,167
1,080
+5.3%
Operating income
2,388
1,998
1,868
+19.5%
Operating margin
44.5%
41.4%
42.1%
Pre-tax income
2,229
1,810
1,671
+23.1%
Income tax
452
381
352
+18.6%
Effective tax rate
20.3%
21.0%
21.0%
Net income
1,778
1,422
1,310
+25.0%
Net margin
33.1%
29.4%
29.5%
Diluted EPS
$9.39
$7.42
$6.74
+26.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,146
1,675
1,461
+28.1%
Capital expenditure
103
69.0
91.0
+49.3%
Free cash flow
2,043
1,606
1,370
+27.2%
Free cash flow margin
38.0%
33.3%
30.8%
Cash from investing
-1,077
36.0
-406
Cash from financing
-351
-1,563
-412
Depreciation and amortisation
220
200
192
+10.0%
Share-based compensation
154
136
130
+13.2%
Buybacks
503
991
203
-49.2%
Dividends paid
420
378
337
+11.1%
Dividend per share
$2.24
$2.00
$1.76
+12.0%
Diluted shares, weighted
189m
192m
194m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,569
612
460
+156.4%
Non-controlling interest
194
219
197
-11.4%
Redeemable equity
0.0
6.0
0.0
Debt
6,422
5,581
5,676
+15.1%
Operating lease liabilities
427
485
n/a
-12.0%
Other liabilities
3,797
3,362
3,193
+12.9%
Total liabilities and equity
12,409
10,265
9,526
+20.9%
Fixed assets
278
292
320
-4.8%
Goodwill
4,556
3,722
3,781
+22.4%
Intangible assets
1,824
1,498
1,566
+21.8%
Investments
165
108
151
+52.8%
Cash and equivalents
2,597
1,832
1,685
+41.8%
Receivables
1,430
1,419
1,287
+0.8%
Other assets
1,559
1,394
735
+11.8%
Total assets
12,409
10,265
9,526
+20.9%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.