MSCI Inc. (MSCI) financial statements: income statement, balance sheet and cash flow

MSCI Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MSCI Inc. reported revenue of $3.1B (+9.7% year on year) and net income of $1.2B (+8.4% year on year).

Income statement

MSCI Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating revenues	$3.1B	$2.9B	$2.5B	$2.2B
Cost of revenues (exclusive of depreciation and amortization)	$550.4M	$514.4M	$446.6M	$404.3M
Selling and marketing	$319.8M	$291.2M	$276.2M	$264.6M
Research and development	$177.6M	$158.7M	$132.1M	$107.2M
General and administrative	$180.2M	$182.3M	$154.0M	$146.9M
Amortization of intangible assets	$169.5M	$164.0M	$114.4M	$91.1M
Depreciation and amortization of property, equipment and leasehold improvements	$23.4M	$17.0M	$21.0M	$26.9M
Total operating expenses	$1.4B	$1.3B	$1.1B	$1.0B
Operating income	$1.7B	$1.5B	$1.4B	$1.2B
Interest income	($16.0M)	($21.3M)	($34.5M)	($11.8M)
Interest expense	$209.9M	$185.5M	$186.7M	$171.6M
Gain on remeasurement of equity method investment	$0	$0	($143.0M)	—
Other expense (income)	$25.4M	$8.1M	$6.4M	$4.0M
Other expense (income), net	$219.3M	$172.3M	$15.5M	$163.8M
Income before provision for income taxes	$1.5B	$1.4B	$1.4B	$1.0B
Provision for income taxes	$292.0M	$247.0M	$220.5M	$173.3M
Net income	$1.2B	$1.1B	$1.1B	$870.6M
Basic (in USD per share)	$15.72	$14.09	$14.45	$10.78
Diluted (in USD per share)	$15.69	$14.05	$14.39	$10.72
Basic (in USD per share)	$76504000.00	$78710000.00	$79462000.00	$80746000.00
Diluted (in USD per share)	$76636000.00	$78960000.00	$79843000.00	$81215000.00

MSCI Inc. income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Operating revenues	$892.0M	$867.0M	$850.8M	$793.4M
Cost of revenues (exclusive of depreciation and amortization)	$152.2M	$149.9M	$141.8M	$132.5M
Selling and marketing	$90.2M	$87.4M	$85.7M	$79.9M
Research and development	$47.6M	$46.0M	$49.6M	$44.8M
General and administrative	$48.2M	$46.2M	$69.0M	$41.8M
Amortization of intangible assets	$45.2M	$43.8M	$41.9M	$40.9M
Depreciation and amortization of property, equipment and leasehold improvements	$6.5M	$6.2M	$5.9M	$5.8M
Total operating expenses	$389.9M	$379.5M	$393.9M	$345.7M
Operating income	$502.1M	$487.5M	$456.9M	$447.7M
Interest income	($2.9M)	($2.5M)	($2.8M)	($5.1M)
Interest expense	$74.8M	$71.0M	$69.1M	$53.6M
Other expense (income)	$2.3M	$1.7M	$1.4M	$2.7M
Other expense (income), net	$74.2M	$70.2M	$67.7M	$51.2M
Income before provision for income taxes	$427.9M	$417.3M	$389.2M	$396.5M
Provision for income taxes	$76.9M	$75.3M	($16.8M)	$71.1M
Net income	$351.0M	$342.0M	$406.0M	$325.4M
Basic (in USD per share)	$4.87	$4.70	$5.54	$4.26
Diluted (in USD per share)	$4.86	$4.69	$5.53	$4.25
Basic (in USD per share)	$72100000.00	$72800000.00	$73300000.00	$76460000.00
Diluted (in USD per share)	$72300000.00	$72900000.00	$73400000.00	$76579000.00

Balance sheet

MSCI Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents (includes restricted cash of $3,667 and $3,497 at December 31, 2025 and December 31, 2024, respectively)	$515.3M	$409.4M	$461.7M	$993.6M
Accounts receivable (net of allowances of $6,421 and $5,284 at December 31, 2025 and December 31, 2024, respectively)	$986.7M	$820.7M	$839.6M	—
Prepaid income taxes	$69.3M	$48.2M	$59.0M	$36.7M
Prepaid and other assets	$73.4M	$65.8M	$57.9M	$54.5M
Total current assets	$1.6B	$1.3B	$1.4B	$1.7B
Property, equipment and leasehold improvements, net	$87.3M	$70.9M	$55.9M	$53.9M
Right of use assets	$112.9M	$119.4M	$115.2M	$126.6M
Goodwill	$2.9B	$2.9B	$2.9B	$2.2B
Intangible assets, net	$832.5M	$907.6M	$956.2M	$558.5M
Deferred tax assets	$45.9M	$40.6M	$41.1M	$29.2M
Other non-current assets	$55.8M	$47.7M	$43.9M	$37.3M
Total assets	$5.7B	$5.4B	$5.5B	$5.0B
Accounts payable	$15.3M	$14.5M	$9.8M	$15.0M
Income taxes payable	$74.4M	$38.0M	$24.7M	$8.1M
Accrued compensation and related benefits	$242.9M	$217.5M	$219.5M	$182.4M
Other accrued liabilities	$265.3M	$192.2M	$168.3M	$153.5M
Deferred revenue	$1.2B	$1.1B	$1.1B	$882.9M
Total current liabilities	$1.8B	$1.6B	$1.5B	$1.3B
Long-term debt	$6.2B	$4.5B	$4.5B	$4.5B
Long-term operating lease liabilities	$107.5M	$121.2M	$120.1M	$131.6M
Deferred tax liabilities	$101.6M	$47.6M	$27.0M	$29.1M
Other non-current liabilities	$115.8M	$120.2M	$97.0M	$91.0M
Total liabilities	$8.4B	$6.4B	$6.3B	$6.0B
Preferred Stock (par value $0.01, 100,000,000 shares authorized, 0 shares issued)	0	0	0	0
Common stock (par value $0.01; 750,000,000 common shares authorized; 134,319,833 and 134,079,855 common shares issued and 73,563,183 and 77,744,588 common shares outstanding at December 31, 2025 and December 31, 2024, respectively)	1.3M	1.3M	1.3M	1.3M
Treasury shares, at cost (60,756,650 and 56,335,267 common shares held at December 31, 2025 and December 31, 2024, respectively)	-9.8B	-7.3B	-6.4B	-5.9B
Additional paid in capital	$1.8B	$1.7B	$1.6B	$1.5B
Retained earnings	$5.4B	$4.8B	$4.2B	$3.5B
Accumulated other comprehensive loss	($51.6M)	($71.0M)	($61.4M)	($60.2M)
Total shareholders' equity (deficit)	($2.7B)	($940.0M)	($739.8M)	($1.0B)
Total liabilities and shareholders' equity (deficit)	$5.7B	$5.4B	$5.5B	$5.0B

MSCI Inc. balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents (includes restricted cash of $3.6 and $3.7 at September 30, 2026 and December 31, 2025, respectively)	$261.0M	$356.4M	$385.3M	$400.1M
Accounts receivable (net of allowances of $7.4 and $6.4 at September 30, 2026 and December 31, 2025, respectively)	$860.1M	$884.4M	$883.2M	$745.9M
Prepaid income taxes	$90.8M	$104.0M	$43.7M	$95.5M
Prepaid and other assets	$87.0M	$91.4M	$81.9M	$67.2M
Total current assets	$1.3B	$1.4B	$1.4B	$1.3B
Property, equipment and leasehold improvements, net	$99.1M	$93.2M	$87.3M	$82.6M
Right of use assets	$151.4M	$141.5M	$146.8M	$116.0M
Goodwill	$3.0B	$3.0B	$3.0B	$2.9B
Intangible assets, net	$899.1M	$855.9M	$851.0M	$849.6M
Deferred tax assets	$45.6M	$45.7M	$47.0M	$41.5M
Other non-current assets	$53.4M	$55.8M	$56.8M	$67.2M
Total assets	$5.6B	$5.6B	$5.5B	$5.4B
Accounts payable	$5.9M	$17.2M	$10.3M	$16.0M
Income taxes payable	$57.9M	$40.3M	$56.5M	$77.2M
Accrued compensation and related benefits	$217.7M	$157.2M	$94.7M	$193.7M
Other accrued liabilities	$256.7M	$254.1M	$267.7M	$222.6M
Deferred revenue	$1.0B	$1.1B	$1.2B	$974.7M
Total current liabilities	$1.6B	$1.6B	$1.6B	$1.5B
Long-term debt	$6.7B	$6.4B	$6.4B	$5.5B
Long-term operating lease liabilities	$149.2M	$138.9M	$143.9M	$111.7M
Deferred tax liabilities	$29.7M	$28.2M	$24.6M	$82.8M
Other non-current liabilities	$141.0M	$138.8M	$133.9M	$118.6M
Total liabilities	$8.6B	$8.3B	$8.3B	$7.3B
Preferred stock (par value $0.01; 100.0 shares authorized; no shares issued)	0	0	0	0
Common stock (par value $0.01; 750.0 common shares authorized; 134.5 and 134.4 common shares issued and 71.7 and 73.6 common shares outstanding at September 30, 2026 and December 31, 2025, respectively)	1.3M	1.3M	1.3M	1.3M
Treasury shares, at cost (62.8 and 60.8 common shares held at September 30, 2026 and December 31, 2025, respectively)	-11.0B	-10.4B	-10.3B	-8.9B
Additional paid in capital	$1.9B	$1.9B	$1.9B	$1.8B
Retained earnings	$6.1B	$5.9B	$5.7B	$5.3B
Accumulated other comprehensive loss	($58.5M)	($57.4M)	($59.0M)	($53.8M)
Total shareholders’ equity (deficit)	($3.0B)	($2.7B)	($2.8B)	($1.9B)
Total liabilities and shareholders’ equity (deficit)	$5.6B	$5.6B	$5.5B	$5.4B

Cash flow statement

MSCI Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$1.2B	$1.1B	$1.1B	$870.6M
Gain on remeasurement of equity method investment	$0	$0	($143.0M)	—
Amortization of intangible assets	$169.5M	$164.0M	$114.4M	$91.1M
Stock-based compensation expense	$111.3M	$95.2M	$71.7M	$58.1M
Depreciation and amortization of property, equipment and leasehold improvements	$23.4M	$17.0M	$21.0M	$26.9M
Amortization of right of use assets	$25.7M	$25.3M	$23.8M	$24.5M
Loss on impairment of right of use assets, net	$0	$0	$477.0K	$705.0K
Amortization of debt origination fees	$5.9M	$5.1M	$5.1M	$5.1M
Loss on extinguishment of debt	$0	$1.5M	$0	$0
Loss on investment in investee	$11.8M	—	—	—
Deferred taxes	$46.7M	$14.3M	($15.3M)	$36.4M
Other adjustments	$15.9M	($2.7M)	$6.9M	$1.4M
Accounts receivable	($164.2M)	$10.2M	($149.5M)	($6.6M)
Prepaid income taxes	($20.8M)	$10.7M	($21.9M)	($31.7M)
Prepaid and other assets	($7.6M)	($9.6M)	$1.6M	($3.8M)
Other non-current assets	($15.6M)	$402.0K	($8.1M)	$31.4M
Accounts payable	$559.0K	$5.0M	($6.0M)	$1.3M
Income taxes payable	$28.6M	$16.2M	$14.7M	($49.3M)
Accrued compensation and related benefits	$20.6M	$6.4M	$23.2M	($22.4M)
Other accrued liabilities	$61.6M	$9.6M	$3.5M	$10.7M
Deferred revenue	$96.4M	$46.1M	$172.0M	$72.8M
Long-term operating lease liabilities	($28.4M)	($26.1M)	($24.1M)	($25.5M)
Other non-current liabilities	$5.9M	$3.7M	($6.5M)	$4.1M
Other	($1.1M)	$136.0K	$3.7M	($441.0K)
Net cash provided by operating activities	$1.6B	$1.5B	$1.2B	$1.1B
Acquisition of a business, net of cash acquired	$0	($27.5M)	($727.3M)	$0
Capital expenditures	($39.3M)	($33.8M)	($22.8M)	($13.6M)
Capitalized software development costs	($90.5M)	($81.4M)	($68.1M)	($59.3M)
Other	($203.0K)	($1.7M)	($1.2M)	($6.4M)
Net cash used in investing activities	($130.1M)	($144.3M)	($819.4M)	($79.3M)
Repurchase of common stock held in treasury	($2.5B)	($885.3M)	($504.2M)	($1.4B)
Payment of dividends	($556.5M)	($509.1M)	($441.0M)	($372.9M)
Repayment of borrowings	($1.1B)	($559.1M)	($8.8M)	($7.2M)
Proceeds from borrowings, net of discount	$2.8B	$556.9M	$0	—
Payment of debt issuance costs	($20.1M)	($3.7M)	$0	($2.6M)
Payment of contingent consideration and deferred purchase price from acquisitions	($12.1M)	($2.0M)	$0	($211.0K)
Proceeds from exercise of stock options	$7.0M	—	—	—
Net cash used in financing activities	($1.4B)	($1.4B)	($953.9M)	($1.4B)
Effect of exchange rate changes	$9.6M	($7.4M)	$5.4M	($18.5M)
Net increase (decrease) in cash, cash equivalents and restricted cash	$106.0M	($52.3M)	($531.9M)	($427.9M)
Cash, cash equivalents and restricted cash, beginning of period	$409.4M	$461.7M	$993.6M	$1.4B
Cash, cash equivalent and restricted cash, end of period	$515.3M	$409.4M	$461.7M	—
Cash paid for interest	$173.3M	$180.0M	$182.3M	$165.1M
Cash paid for income taxes, net of refunds received	$222.3M	$201.0M	$240.5M	$180.7M
Property, equipment and leasehold improvements in other accrued liabilities	$2.4M	$2.6M	$2.7M	$1.8M

MSCI Inc. cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$1.1B	$748.0M	$406.0M	$917.6M
Amortization of intangible assets	$130.9M	$85.7M	$41.9M	$128.6M
Stock-based compensation expense	$100.6M	$73.1M	$47.7M	$85.8M
Depreciation and amortization of property, equipment and leasehold improvements	$18.6M	$12.1M	$5.9M	$15.9M
Amortization of right of use assets	$22.0M	$14.3M	$6.8M	$18.5M
Amortization of debt origination fees	$5.6M	$3.7M	$1.8M	$4.1M
Deferred taxes	($79.4M)	($79.9M)	($82.5M)	$33.4M
Other adjustments	($3.1M)	($3.3M)	($5.2M)	$17.4M
Accounts receivable	$126.8M	$99.7M	$102.1M	$79.3M
Prepaid income taxes	($21.6M)	($34.8M)	$25.5M	($47.1M)
Prepaid and other assets	($12.1M)	($14.8M)	($9.3M)	($1.0M)
Other non-current assets	$1.9M	($400.0K)	($1.3M)	($15.5M)
Accounts payable	($9.5M)	($4.8M)	($6.2M)	$1.1M
Income taxes payable	($15.2M)	($34.2M)	($17.8M)	$31.9M
Accrued compensation and related benefits	($23.5M)	($85.1M)	($146.6M)	($28.5M)
Other accrued liabilities	($14.0M)	$500.0K	($15.2M)	$27.3M
Deferred revenue	($200.4M)	($94.0M)	($46.2M)	($162.3M)
Long-term operating lease liabilities	($18.8M)	($12.7M)	($6.0M)	($21.2M)
Other non-current liabilities	$5.4M	$3.7M	$4.9M	$2.9M
Other	$500.0K	$800.0K	$500.0K	($957.0K)
Net cash provided by operating activities	$1.1B	$677.6M	$306.8M	$1.1B
Capitalized software development costs	($96.7M)	($59.4M)	($26.0M)	($66.7M)
Capital expenditures	($27.2M)	($13.8M)	($2.8M)	($26.9M)
Business acquisitions, net of cash acquired	($174.7M)	($58.8M)	($41.7M)	$0
Net cash used in investing activities	($298.6M)	($132.0M)	($70.5M)	($93.6M)
Repurchase of common stock held in treasury	($1.1B)	($583.2M)	($414.8M)	($1.6B)
Payment of dividends	($447.8M)	($300.0M)	($150.5M)	($421.4M)
Repayment of borrowings	($740.0M)	($400.0M)	($175.0M)	($926.9M)
Proceeds from borrowings, net of discount	$1.3B	$575.0M	$375.0M	$1.9B
Payment of debt issuance costs	$0	—	—	($12.8M)
Payment of contingent consideration and deferred purchase price from acquisitions	($10.9M)	($9.5M)	($500.0K)	($12.1M)
Proceeds from exercise of stock options	$15.8M	$13.8M	$1.3M	$6.6M
Net cash (used in) financing activities	($1.1B)	($703.9M)	($364.5M)	($1.0B)
Effect of exchange rate changes	($700.0K)	($600.0K)	($1.8M)	$9.2M
Net increase (decrease) in cash, cash equivalents and restricted cash	($254.3M)	($158.9M)	($130.0M)	($9.3M)
Cash, cash equivalents and restricted cash, beginning of period	$515.3M	$515.3M	$515.3M	$409.4M
Cash, cash equivalents and restricted cash, end of period	$261.0M	$356.4M	$385.3M	$400.1M
Cash paid for interest	$220.9M	$137.1M	$79.0M	$121.7M
Cash paid for income taxes, net of refunds received	$242.7M	$203.5M	$55.8M	$156.2M
Property, equipment and leasehold improvements in other accrued liabilities	$7.7M	$10.7M	$6.0M	$2.9M

MSCI Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.