MSCI Inc.

MSCI 10-Q · Q2 2025

MSCI Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 772,679 707,949 +9.1%
Show Product Lines breakouts
Asset-based fees 184,072 163,281 +12.7%
Asset-based fees · Index 184,072 163,281 +12.7%
Non-recurring 25,839 23,199 +11.4%
Non-recurring · All Other - Private Assets 919 598 +53.7%
Non-recurring · Analytics 7,922 3,867 +104.9%
Non-recurring · Index 15,114 16,879 -10.5%
Non-recurring · Sustainability and Climate 1,884 1,855 +1.6%
Recurring subscriptions 562,768 521,469 +7.9%
Recurring subscriptions · All Other - Private Assets 70,313 64,309 +9.3%
Recurring subscriptions · Analytics 169,781 162,128 +4.7%
Recurring subscriptions · Index 235,647 217,032 +8.6%
Recurring subscriptions · Sustainability and Climate 87,027 78,000 +11.6%
Show Business Segments breakouts
All Other - Private Assets 71,232 64,907 +9.7%
Analytics 177,703 165,995 +7.1%
Index 434,833 397,192 +9.5%
Reportable Segment Aggregation Before Other Operating Segment 701,447 643,042 +9.1%
Sustainability and Climate 88,911 79,855 +11.3%
Show Geography breakouts
Americas 346,483 323,429 +7.1%
EMEA 305,607 273,523 +11.7%
GB 134,281 116,245 +15.5%
JP 32,039 28,971 +10.6%
Other 36,535 32,986 +10.8%
Other 88,550 82,026 +8.0%
Other 171,326 157,278 +8.9%
Total Asia & Australia 120,589 110,997 +8.6%
US 309,948 290,443 +6.7%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 137,667 128,109 +7.5%
Sales & Marketing 78,210 71,454 +9.5%
Research & Development 44,074 41,073 +7.3%
General & Administrative 38,349 39,706 -3.4%
Amortization Of Intangible Assets 43,760 40,773 +7.3%
Show Finite Lived Intangible Assets By Major Class breakouts
Amortization expense of acquired intangible assets 24,200 25,893 -6.5%
Software Development 19,560 14,880 +31.5%
Depreciation 5,385 4,226 +27.4%
Total Costs & Expenses 347,445 325,341 +6.8%
Operating Income 425,234 382,608 +11.1%
Interest Income -2,929 -6,110 +52.1%
Interest Expense 46,184 46,633 -1.0%
Other Non-Operating Income (Expense) 4,139 2,091 +97.9%
Non-Operating Income (Expense) 47,394 42,614 +11.2%
Income Before Taxes 377,840 339,994 +11.1%
Income Tax Expense (Benefit) 74,190 73,236 +1.3%
Net Income 303,650 266,758 +13.8%
Show Equity Components breakouts
Retained Earnings 303,650 266,758 +13.8%
EPS (Basic) 3.92 3.37 +16.3%
EPS (Diluted) 3.92 3.37 +16.3%
Wtd Avg Shares (Basic) 77,400 79,085 -2.1%
Wtd Avg Shares (Diluted) 77,496 79,245 -2.2%
Comprehensive Income 317,213 265,480 +19.5%
Other Comprehensive Income 13,563 -1,278 +1161.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 13,563 -1,278 +1161.3%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 347,318 451,401 -23.1%
Accounts Receivable Net 790,576 709,487 +11.4%
Prepaid Taxes 68,331 98,611 -30.7%
Prepaid Expenses & Other Current Assets 64,983 55,553 +17.0%
Total Current Assets 1,271,208 1,315,052 -3.3%
Non-Current Assets
Property, Plant & Equipment 85,626
Operating Lease Right-of-Use Assets 117,161 129,542 -9.6%
Goodwill 2,925,600
Show Business Segments breakouts
All Other - Private Assets 1,309,461
Analytics 296,880
Index 1,232,198
Sustainability and Climate 87,061
Intangible Assets 869,190 949,166 -8.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Acquired technology and software 52,005 65,010 -20.0%
Customer Relationships 318,870 355,542 -10.3%
Proprietary data 328,633 367,374 -10.5%
Software Development 146,678 128,880 +13.8%
Trademarks 23,004 32,360 -28.9%
Deferred Tax Assets 42,486 40,213 +5.7%
Other Non-Current Assets 62,405 49,471 +26.1%
Total Assets 5,373,676 5,456,833 -1.5%
Current Liabilities
Accounts Payable 11,761 12,922 -9.0%
Accrued Income Taxes Current 65,141 24,919 +161.4%
Employee Related Liabilities Current 144,802 129,978 +11.4%
Other Accrued Liabilities Current 188,144 190,626 -1.3%
Deferred Revenue (Current) 1,060,335 1,017,997 +4.2%
Total Current Liabilities 1,470,183 1,376,442 +6.8%
Non-Current Liabilities
Long-Term Debt 4,513,028 4,508,730 +0.1%
Operating Lease Liabilities 115,401 130,559 -11.6%
Deferred Tax Liabilities 52,387 69,684 -24.8%
Other Non-Current Liabilities 108,885 105,901 +2.8%
Total Liabilities 6,259,884 6,191,316 +1.1%
Long-Term Debt 4,513,028 4,508,730 +0.1%
Show Debt Instrument breakouts
3.250% senior unsecured notes due 2033 · Senior Notes 694,535
3.625% senior unsecured notes due 2030 · Senior Notes 896,580
3.625% senior unsecured notes due 2031 · Senior Notes 595,838
3.875% senior unsecured notes due 2031 · Senior Notes 993,802
4.000% senior unsecured notes due 2029 · Senior Notes 995,273
Variable rate revolving loan commitments · Revolving Credit Facility 337,000
Contract With Customer Liability Noncurrent (Q)
Show Balance Sheet Location breakouts
Other Noncurrent Liabilities 31.4 27.4 +14.6%
Stockholders' Equity
Common Stock 1,343 1,341 +0.1%
Treasury Stock Common Value -7,680,426 -6,759,019 -13.6%
Additional Paid In Capital Common Stock 1,751,826 1,642,385 +6.7%
Retained Earnings 5,091,154 4,445,645 +14.5%
Accumulated Other Comprehensive Income -50,105 -64,835 +22.7%
Total Stockholders' Equity -886,208 -734,483 -20.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -50,105 -64,835 +22.7%
Additional Paid In Capital 1,751,826 1,642,385 +6.7%
Common Stock 1,343 1,341 +0.1%
Retained Earnings 5,091,154 4,445,645 +14.5%
Treasury Stock Common -7,680,426 -6,759,019 -13.6%
Total Liabilities & Equity 5,373,676

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Net Income 592,250 522,712 +13.3%
Stock-Based Compensation 63,185 53,732 +17.6%
Depreciation & Amortization 10,131 8,307 +22.0%
Operating Lease Right Of Use Asset Amortization Expense 12,114 11,837 +2.3%
Amortization of Financing Costs 2,575 2,567 +0.3%
Deferred Income Taxes And Tax Credits 1,645 42,555 -96.1%
Other Non-Cash Items 20,191 -3,085 +754.5%
Change in Accounts Receivable 36,647 125,264 -70.7%
Increase Decrease In Prepaid Taxes -19,888 -39,595 +49.8%
Change in Prepaid & Other Assets 2,128 1,676 +27.0%
Increase Decrease In Other Noncurrent Assets -13,322 -1,961 -579.3%
Change in Accounts Payable -3,821 2,646 -244.4%
Increase Decrease In Accrued Income Taxes Payable 20,030 2,134 +838.6%
Increase Decrease In Employee Related Liabilities -77,830 -84,865 +8.3%
Increase Decrease In Other Accrued Liabilities 6,373 3,162 +101.5%
Change in Deferred Revenue -79,712 -60,128 -32.6%
Increase Decrease In Long Term Operating Lease Liabilities -13,761 -12,387 -11.1%
Change in Other Liabilities -8,234 -6,019 -36.8%
Increase Decrease In Other Operating Capital Net -458 -54 -748.1%
Net Cash from Operations 637,875 649,385 -1.8%
Investing Activities
Payments For Software -44,476 -38,673 -15.0%
Capital Expenditures -22,948 -12,889 -78.0%
Other Investing Activities -43 -429 +90.0%
Net Cash from Investing -67,467 -79,458 +15.1%
Financing Activities
Share Repurchases -351,584 -311,709 -12.8%
Payments Of Dividends Common Stock -283,528 -258,223 -9.8%
Debt Repayments -214,875 -339,063 +36.6%
Proceeds From Issuance Of Debt 215,000 336,875 -36.2%
Payment For Contingent Consideration Liability Financing Activities -12,145
Proceeds From Stock Options Exercised 4,308
Net Cash from Financing -642,824 -575,859 -11.6%
Supplemental
Interest Paid 89,683 90,732 -1.2%
Income Taxes Paid 112,288 113,232 -0.8%
Unpaid Capital Expenditures 4,935 6,809 -27.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 10,383 -4,360 +338.1%
Net Change in Cash -62,033 -10,292 -502.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 347,318 451,401 -23.1%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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