MSCI Inc. is an American financial company headquartered in New York City that provides critical decision support tools and services for the global investment community. The company is best known for its global equity, fixed income, and real estate indexes, which serve as benchmarks for trillions of dollars in assets. Additionally, MSCI offers multi-asset portfolio analysis tools, risk management software, and ESG and climate data products.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,134,459
2,856,128
2,528,920
2,248,598
Cost of Sales
550,366
514,382
446,581
404,341
Gross Profit
2,584,093
2,341,746
2,082,339
1,844,257
Selling, General & Administrative Expenses
500,045
473,560
430,171
411,440
Depreciation & Amortization Expenses
192,885
181,015
135,438
117,972
Research & Development Expenses
177,596
158,653
132,121
107,205
Operating Profit
1,713,567
1,528,518
1,384,609
1,207,640
Interest and Investment Income
16,012
21,277
177,508
11,769
Interest Expense
(209,889)
(185,500)
(186,679)
(171,571)
Non-Operating Income
(25,434)
(8,127)
(6,377)
(3,997)
Total Non-Operating Income
(219,311)
(172,350)
(15,548)
(163,799)
Income Before Provision for Income Taxes
1,494,256
1,356,168
1,369,061
1,043,841
Provision for Income Taxes
291,951
247,040
220,469
173,268
Consolidated Net Income
1,202,305
1,109,128
1,148,592
870,573
Net Income Attributable to Common Shareholders
1,202,305
1,109,128
1,148,592
870,573
Basic EPS
15.72
14.09
14.45
10.78
Diluted EPS
15.69
14.05
14.39
10.72
Basic Weighted Average Shares Outstanding
76,504
78,710
79,462
80,746
Diluted Weighted Average Shares Outstanding
76,636
78,960
79,843
81,215
Shares Outstanding
73,563
77,747
79,091
79,960
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
515,332
409,351
461,693
993,564
Total Cash and Cash Equivalents
515,332
409,351
461,693
993,564
Accounts Receivable
986,712
820,709
839,555
663,236
Total Trade Receivables
986,712
820,709
839,555
663,236
Other Current Assets
142,725
113,961
116,905
91,174
Total Current Assets
1,644,769
1,344,021
1,418,153
1,747,974
Net Property, Plant & Equipment
200,172
190,320
171,163
180,437
Net Intangible Assets
832,513
907,613
956,234
558,517
Goodwill
2,923,362
2,915,167
2,887,692
2,229,670
Long-Term Investments
—
—
—
214,389
Other Long-Term Assets
101,643
88,318
84,977
66,548
Total Assets
5,702,459
5,445,439
5,518,219
4,997,535
Accounts Payable
15,339
14,517
9,812
15,039
Accrued Expenses
508,197
409,725
387,738
335,831
Current Portion of Long-Term Debt
—
—
10,902
8,713
Unearned Revenue
1,231,776
1,123,423
1,083,864
882,886
Other Current Liabilities
74,401
37,989
24,709
8,058
Total Current Liabilities
1,829,713
1,585,654
1,517,025
1,250,527
Long-Term Debt
6,202,286
4,510,816
4,496,826
4,503,233
Leases
107,531
121,153
120,134
131,575
Other Long-Term Liabilities
217,469
167,813
123,998
120,125
Total Long-Term Liabilities
6,527,286
4,799,782
4,740,958
4,754,933
Total Liabilities
8,356,999
6,385,436
6,257,983
6,005,460
Common Stock
1,343
1,341
1,338
1,336
Treasury Stock
(9,834,442)
(7,334,291)
(6,447,101)
(5,938,116)
Additional Paid-in Capital
1,802,528
1,683,693
1,587,670
1,515,874
Accumulated Other Comprehensive Income
(51,569)
(71,040)
(61,352)
(60,211)
Retained Earnings
5,427,600
4,780,300
4,179,681
3,473,192
Total Common Shareholders' Equity
(2,654,540)
(939,997)
(739,764)
(1,007,925)
Total Shareholders' Equity
(2,654,540)
(939,997)
(739,764)
(1,007,925)
Total Liabilities and Shareholders' Equity
5,702,459
5,445,439
5,518,219
4,997,535
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,202,305
1,109,128
1,148,592
870,573
Depreciation & Amortization
218,570
206,275
159,219
142,496
Share-Based Compensation Expense
111,343
95,204
71,653
58,094
Other Adjustments
80,251
16,767
(144,382)
43,634
Changes in Trade Receivables
(164,236)
10,226
(149,529)
(6,624)
Changes in Accounts Payable
559
4,963
(6,044)
1,337
Changes in Accrued Expenses
82,211
16,034
26,754
(11,778)
Changes in Income Taxes Payable
28,609
16,183
14,721
(49,296)
Changes in Unearned Revenue
96,426
46,060
171,968
72,752
Changes in Other Operating Activities
(67,592)
(20,723)
(55,413)
(25,819)
Cash from Operating Activities
1,588,446
1,501,627
1,236,029
1,095,369
Capital Expenditure
(39,319)
(33,762)
(22,757)
(13,617)
Purchases of Intangible Assets
(90,542)
(81,356)
(68,094)
(59,278)
Payments for Business Acquisitions
—
(27,467)
(727,342)
—
Other Investing Activities
(203)
(1,670)
(1,185)
(6,440)
Cash from Investing Activities
(130,064)
(144,255)
(819,378)
(79,335)
Issuance of Long-Term Debt
2,805,963
556,875
—
355,000
Repayments of Long-Term Debt
(1,101,875)
(559,063)
(8,750)
(7,188)
Net Issuance / (Repayments) of Long-Term Debt
1,704,088
(2,188)
(8,750)
347,812
Issuance of Common Shares
6,975
—
—
—
Repurchases of Common Shares
(2,484,305)
(885,266)
(504,188)
(1,397,506)
Net Issuance / (Repurchases) of Common Shares
(2,477,330)
(885,266)
(504,188)
(1,397,506)
Common Share Dividends Paid
(556,521)
(509,109)
(440,993)
(372,915)
Other Financing Activities
(32,227)
(5,745)
—
(2,771)
Cash from Financing Activities
(1,361,990)
(1,402,308)
(953,931)
(1,425,380)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
9,589
(7,406)
5,409
(18,539)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash