MSCI Inc.
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MSCI Q4 2025 request
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/api/financials?ticker=MSCI&year=2025&quarter=4
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 822,528 | 743,509 | +10.6% |
Show Product Lines breakouts |
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| Asset-based fees | 211,668 | 175,339 | +20.7% |
| Asset-based fees · Index | 211,668 | 175,339 | +20.7% |
| Non-recurring | 26,626 | 24,871 | +7.1% |
| Non-recurring · Analytics | 2,679 | 4,971 | -46.1% |
| Non-recurring · Index | 21,053 | 16,422 | +28.2% |
| Non-recurring · Sustainability and Climate | 2,299 | 2,338 | -1.7% |
| Recurring subscriptions | 584,234 | 543,299 | +7.5% |
| Recurring subscriptions · Analytics | 179,660 | 167,781 | +7.1% |
| Recurring subscriptions · Index | 246,351 | 228,438 | +7.8% |
| Recurring subscriptions · Sustainability and Climate | 87,961 | 82,881 | +6.1% |
Show Business Segments breakouts |
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| Analytics | 182,339 | 172,752 | +5.5% |
| Index | 479,072 | 420,199 | +14.0% |
| Reportable Segment Aggregation Before Other Operating Segment | 751,671 | 678,170 | +10.8% |
| Sustainability and Climate | 90,260 | 85,219 | +5.9% |
Show Geography breakouts |
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| Americas | 366,506 | 333,277 | +10.0% |
| EMEA | 330,019 | 293,184 | +12.6% |
| GB | 147,363 | 127,752 | +15.4% |
| JP | 32,836 | 29,780 | +10.3% |
| Other | 35,594 | 32,974 | +7.9% |
| Other | 93,167 | 87,268 | +6.8% |
| Other | 182,656 | 165,432 | +10.4% |
| Total Asia & Australia | 126,003 | 117,048 | +7.7% |
| US | 330,912 | 300,303 | +10.2% |
Show — breakouts |
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| Revenue | 595 | 1,140 | -47.8% |
| Revenue | 275,092 | 252,113 | +9.1% |
| Revenue | 70,857 | 65,339 | +8.4% |
| Cost Of Goods And Service Excluding Depreciation Depletion And Amortization | 143,381 | 131,567 | +9.0% |
| Sales & Marketing | 83,056 | 76,835 | +8.1% |
| Research & Development | 41,124 | 38,471 | +6.9% |
| General & Administrative | 42,965 | 44,382 | -3.2% |
| Amortization Of Intangible Assets | 40,911 | 42,721 | -4.2% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Amortization expense of acquired intangible assets | 19,808 | 25,815 | -23.3% |
| Software Development | 21,103 | 16,906 | +24.8% |
| Depreciation | 7,471 | 4,339 | +72.2% |
| Total Costs & Expenses | 358,908 | 338,315 | +6.1% |
| Operating Income | 463,620 | 405,194 | +14.4% |
| Interest Income | -4,098 | -3,902 | -5.0% |
| Interest Expense | 63,593 | 45,505 | +39.7% |
| Other Non-Operating Income (Expense) | 15,287 | 246 | +6114.2% |
| Non-Operating Income (Expense) | 74,782 | 41,849 | +78.7% |
| Income Before Taxes | 388,838 | 363,345 | +7.0% |
| Income Tax Expense (Benefit) | 104,169 | 57,830 | +80.1% |
| Net Income | 284,669 | 305,515 | -6.8% |
| EPS (Basic) | 3.83 | 3.91 | -2.0% |
| EPS (Diluted) | 3.82 | 3.9 | -2.1% |
| Wtd Avg Shares (Basic) | -655 | -215 | -204.7% |
| Wtd Avg Shares (Diluted) | -654 | -199 | -228.6% |
| Comprehensive Income | 286,866 | 287,455 | -0.2% |
| Other Comprehensive Income | 2,197 | -18,060 | +112.2% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 515,332 | 409,351 | +25.9% |
| Accounts Receivable Net | 986,712 | 820,709 | +20.2% |
| Prepaid Taxes | 69,281 | 48,162 | +43.8% |
| Prepaid Expenses & Other Current Assets | 73,444 | 65,799 | +11.6% |
| Total Current Assets | 1,644,769 | 1,344,021 | +22.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 87,299 | 70,885 | +23.2% |
| Operating Lease Right-of-Use Assets | 112,873 | 119,435 | -5.5% |
| Goodwill | 2,923,362 | 2,915,167 | +0.3% |
Show Business Segments breakouts |
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| All Other Segments | 1,309,068 | 1,307,628 | +0.1% |
| Analytics | 296,880 | 296,880 | 0.0% |
| Index | 1,231,074 | 1,226,956 | +0.3% |
| Sustainability and Climate | 86,340 | 83,703 | +3.2% |
| Intangible Assets | 832,513 | 907,613 | -8.3% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Acquired technology and software | 44,457 | 57,704 | -23.0% |
| Customer Relationships | 309,455 | 335,933 | -7.9% |
| Proprietary data | 308,037 | 347,833 | -11.4% |
| Software Development | 151,329 | 138,574 | +9.2% |
| Trademarks | 19,235 | 27,569 | -30.2% |
| Deferred Tax Assets | 45,875 | 40,626 | +12.9% |
| Other Non-Current Assets | 55,768 | 47,692 | +16.9% |
| Total Assets | 5,702,459 | 5,445,439 | +4.7% |
| Current Liabilities | |||
| Accounts Payable | 15,339 | 14,517 | +5.7% |
| Accrued Income Taxes Current | 74,401 | 37,989 | +95.8% |
| Employee Related Liabilities Current | 242,947 | 217,492 | +11.7% |
| Other Accrued Liabilities Current | 265,250 | 192,233 | +38.0% |
| Deferred Revenue (Current) | 1,231,776 | 1,123,423 | +9.6% |
| Total Current Liabilities | 1,829,713 | 1,585,654 | +15.4% |
| Non-Current Liabilities | |||
| Long-Term Debt | 6,202,286 | 4,510,816 | +37.5% |
| Operating Lease Liabilities | 107,531 | 121,153 | -11.2% |
| Deferred Tax Liabilities | 101,642 | 47,623 | +113.4% |
| Other Non-Current Liabilities | 115,827 | 120,190 | -3.6% |
| Total Liabilities | 8,356,999 | 6,385,436 | +30.9% |
| Long-Term Debt | 6,202,119 | 4,510,816 | +37.5% |
Show Debt Instrument breakouts |
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| 3.250% senior unsecured notes due 2033 · Senior Notes | 694,870 | 694,201 | +0.1% |
| 3.625% senior unsecured notes due 2030 · Senior Notes | 896,911 | 896,249 | +0.1% |
| 3.625% senior unsecured notes due 2031 · Senior Notes | 596,167 | 595,509 | +0.1% |
| 3.875% senior unsecured notes due 2031 · Senior Notes | 994,348 | 993,255 | +0.1% |
| 4.000% senior unsecured notes due 2029 · Senior Notes | 995,818 | 994,727 | +0.1% |
| 5.150% senior unsecured notes due 2036 · Senior Notes | 493,149 | — | — |
| 5.250% senior unsecured notes due 2035 · Senior Notes | 1,230,856 | — | — |
| Credit Agreement · Revolving Credit Facility | 300,000 | 336,875 | -10.9% |
| Contract With Customer Liability Noncurrent | 34 | 32.2 | +5.6% |
| Stockholders' Equity | |||
| Common Stock | 1,343 | 1,341 | +0.1% |
| Treasury Stock Common Value | -9,834,442 | -7,334,291 | -34.1% |
| Additional Paid In Capital Common Stock | 1,802,528 | 1,683,693 | +7.1% |
| Retained Earnings | 5,427,600 | 4,780,300 | +13.5% |
| Accumulated Other Comprehensive Income | -51,569 | -71,040 | +27.4% |
| Total Stockholders' Equity | -2,654,540 | -939,997 | -182.4% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -51,569 | -71,040 | +27.4% |
| Additional Paid In Capital | 1,802,528 | 1,683,693 | +7.1% |
| Common Stock | 1,343 | 1,341 | +0.1% |
| Retained Earnings | 5,427,600 | 4,780,300 | +13.5% |
| Treasury Stock Common | -9,834,442 | -7,334,291 | -34.1% |
| Total Liabilities & Equity | 5,702,459 | 5,445,439 | +4.7% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | 284,669 | 305,515 | -6.8% |
| Stock-Based Compensation | 25,571 | 22,969 | +11.3% |
| Depreciation & Amortization | 7,471 | 4,339 | +72.2% |
| Operating Lease Right Of Use Asset Amortization Expense | 7,217 | 5,678 | +27.1% |
| Amortization of Financing Costs | 1,742 | 1,287 | +35.4% |
| Deferred Income Taxes And Tax Credits | 13,254 | -17,757 | +174.6% |
| Other Non-Cash Items | -1,445 | -10,619 | +86.4% |
| Change in Accounts Receivable | -243,539 | -184,007 | -32.4% |
| Increase Decrease In Prepaid Taxes | 26,270 | 28,603 | -8.2% |
| Change in Prepaid & Other Assets | -6,564 | -3,443 | -90.6% |
| Increase Decrease In Other Noncurrent Assets | -92 | 981 | -109.4% |
| Change in Accounts Payable | -572 | 6,126 | -109.3% |
| Increase Decrease In Accrued Income Taxes Payable | -3,308 | 2,120 | -256.0% |
| Increase Decrease In Employee Related Liabilities | 49,099 | 44,906 | +9.3% |
| Increase Decrease In Other Accrued Liabilities | 34,277 | -11,075 | +409.5% |
| Change in Deferred Revenue | 258,688 | 192,417 | +34.4% |
| Increase Decrease In Long Term Operating Lease Liabilities | -7,190 | -6,769 | -6.2% |
| Change in Other Liabilities | 3,008 | 6,384 | -52.9% |
| Increase Decrease In Other Operating Capital Net | -105 | 257 | -140.9% |
| Net Cash from Operations | 501,130 | 430,633 | +16.4% |
| Investing Activities | |||
| Capital Expenditures | -12,439 | -14,247 | +12.7% |
| Payments For Software | -23,851 | -21,708 | -9.9% |
| Other Investing Activities | -160 | -778 | +79.4% |
| Net Cash from Investing | -36,450 | -36,733 | +0.8% |
| Financing Activities | |||
| Share Repurchases | -906,822 | -374,048 | -142.4% |
| Payments Of Dividends Common Stock | -135,135 | -125,129 | -8.0% |
| Debt Repayments | -175,000 | -195,000 | +10.3% |
| Proceeds From Issuance Of Debt | 874,088 | 220,000 | +297.3% |
| Debt Issuance Costs | -7,311 | 0 | — |
| Net Cash from Financing | -349,790 | -476,183 | +26.5% |
| Supplemental | |||
| Interest Paid | 51,585 | 54,989 | -6.2% |
| Income Taxes Paid | 66,085 | 39,605 | +66.9% |
| Unpaid Capital Expenditures | -486 | -524 | +7.3% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 353 | -9,345 | +103.8% |
| Net Change in Cash | 115,243 | -91,628 | +225.8% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 515,332 | 409,351 | +25.9% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.