MSCI financial statements

The full income statement, balance sheet, and cash-flow statement for MSCI Inc. (MSCI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.13B YoY+9.7%	2.86B YoY+12.9%	2.53B YoY+12.5%	2.25B YoY+10.0%	2.04B YoY+20.5%
Research & development	178M YoY+11.9%	159M YoY+20.1%	132M YoY+23.2%	107M YoY-3.9%	112M YoY+10.4%
Selling, general & administrative	180M YoY-1.2%	182M YoY+18.4%	154M YoY+4.8%	147M YoY-0.7%	148M YoY+29.0%
General & administrative	180M YoY-1.2%	182M YoY+18.4%	154M YoY+4.8%	147M YoY-0.7%	148M YoY+29.0%
Selling & marketing	320M YoY+9.8%	291M YoY+5.4%	276M YoY+4.4%	265M YoY+8.8%	243M YoY+12.3%
Amortization of intangibles	169M YoY+3.3%	164M YoY+43.4%	114M YoY+25.6%	91.1M YoY+13.0%	80.6M YoY+41.5%
Provision for credit losses	4.00M YoY+0.3%	3.99M YoY+81.7%	2.20M YoY+141.3%	910K YoY-24.8%	1.21M YoY-29.3%
Operating income	1.71B YoY+12.1%	1.53B YoY+10.4%	1.38B YoY+14.7%	1.21B YoY+12.6%	1.07B YoY+21.2%
Interest expense	210M YoY+13.1%	186M YoY-0.6%	187M YoY+8.8%	172M YoY+7.5%	160M YoY+2.1%
Interest & investment income	16.0M YoY-24.7%	21.3M YoY-38.3%	34.5M YoY+193.0%	11.8M YoY+686.2%	1.50M YoY-70.2%
Other non-operating income	-25.4M YoY-213.0%	-8.13M YoY-27.4%	-6.38M YoY-59.5%	-4.00M YoY+92.9%	-56.5M YoY-19.5%
Equity-method income	-11.8M	0.00	0.00	—	—
Pre-tax income	1.49B YoY+10.2%	1.36B YoY-0.9%	1.37B YoY+31.2%	1.04B YoY+21.6%	858M YoY+25.1%
Income tax	292M YoY+18.2%	247M YoY+12.1%	220M YoY+27.2%	173M YoY+31.1%	132M YoY+56.6%
Net income	1.20B YoY+8.4%	1.11B YoY-3.4%	1.15B YoY+31.9%	871M YoY+19.9%	726M YoY+20.6%
	$15.69 YoY+11.7%	$14.05 YoY-2.4%	$14.39 YoY+34.2%	$10.72 YoY+23.2%	$8.70 YoY+22.2%
EPS (basic)	$15.72 YoY+11.6%	$14.09 YoY-2.5%	$14.45 YoY+34.0%	$10.78 YoY+22.5%	$8.80 YoY+22.4%
	76.5M YoY-2.8%	78.7M YoY-0.9%	79.5M YoY-1.6%	80.7M YoY-2.1%	82.5M YoY-1.4%
	76.6M YoY-2.9%	79.0M YoY-1.1%	79.8M YoY-1.7%	81.2M YoY-2.7%	83.5M YoY-1.2%
Dividends per share	$7.20 YoY+12.5%	$6.40 YoY+15.9%	$5.52 YoY+20.5%	$4.58 YoY+25.8%	$3.64 YoY+24.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.64B YoY+22.4%	1.34B YoY-5.2%	1.42B YoY-18.9%	1.75B YoY-18.4%	2.14B YoY+11.3%
Cash & equivalents	515M YoY+25.9%	409M YoY-11.3%	462M YoY-53.5%	994M YoY-30.1%	1.42B YoY+9.3%
Accounts receivable	—	—	—	663M YoY-0.2%	665M YoY+19.0%
Prepaid expenses	73.5M YoY+11.7%	65.8M YoY+13.6%	57.9M YoY+6.2%	54.5M YoY+5.9%	51.5M YoY+11.0%
	5.70B YoY+4.7%	5.45B YoY-1.3%	5.52B YoY+10.4%	5.00B YoY-9.2%	5.51B YoY+31.2%
Property, plant & equipment	87.3M YoY+23.2%	70.9M YoY+26.8%	55.9M YoY+3.8%	53.9M YoY-19.3%	66.7M YoY-17.1%
Operating lease right-of-use	113M YoY-5.5%	119M YoY+3.6%	115M YoY-9.0%	127M YoY-12.4%	145M YoY-5.7%
Goodwill	2.92B YoY+0.3%	2.92B YoY+1.0%	2.89B YoY+29.5%	2.23B YoY-0.3%	2.24B YoY+42.8%
Intangible assets	833M YoY-8.3%	908M YoY-5.1%	956M YoY+71.2%	559M YoY-5.9%	593M YoY+152.8%
Deferred tax assets	45.9M YoY+13.0%	40.6M YoY-1.1%	41.1M YoY+40.6%	29.2M YoY-27.2%	40.1M YoY+69.8%
Other non-current assets	55.7M YoY+16.8%	47.7M YoY+8.6%	43.9M YoY+17.6%	37.3M YoY-41.1%	63.4M YoY+164.3%
	1.83B YoY+15.4%	1.59B YoY+4.5%	1.52B YoY+21.3%	1.25B YoY-0.0%	1.25B YoY+22.4%
Accounts payable	15.3M YoY+5.4%	14.5M YoY+48.0%	9.81M YoY-34.8%	15.0M YoY+11.8%	13.4M YoY-5.6%
Deferred revenue	1.23B YoY+9.6%	1.12B YoY+3.6%	1.08B YoY+22.8%	883M YoY+7.0%	825M YoY+22.1%
Short-term & current debt	—	0.00 YoY-100.0%	10.9M YoY+25.1%	8.71M	0.00
Current lease liability	28.6M YoY+15.0%	24.9M YoY+10.8%	22.4M YoY-3.5%	23.2M YoY-0.3%	23.3M YoY+2.8%
	8.36B YoY+30.9%	6.39B YoY+2.0%	6.26B YoY+4.2%	6.01B YoY+5.9%	5.67B YoY+22.2%
Long-term debt	6.20B YoY+37.5%	4.51B YoY+0.3%	4.50B YoY-0.1%	4.50B YoY+8.2%	4.16B YoY+23.6%
Deferred revenue (non-current)	34.0M YoY+5.6%	32.2M YoY+11.8%	28.8M YoY-2.0%	29.4M YoY+25.6%	23.4M YoY+229.6%
Non-current lease liability	108M YoY-11.3%	121M YoY+0.8%	120M YoY-8.7%	132M YoY-12.3%	150M YoY-1.5%
Deferred tax liabilities	102M YoY+113.3%	47.6M YoY+76.2%	27.0M YoY-7.1%	29.1M YoY+697.2%	3.65M YoY-71.4%
Other non-current liabilities	116M YoY-3.7%	120M YoY+23.9%	97.0M YoY+6.5%	91.0M YoY-12.6%	104M YoY+18.0%
	-2.65B YoY-182.4%	-940M YoY-27.1%	-740M YoY+26.6%	-1.01B YoY-516.6%	-163M YoY+63.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.30M YoY-3.1%	1.34M YoY+0.2%	1.34M YoY+0.1%	1.34M YoY+0.3%	1.33M YoY+0.3%
Additional paid-in capital	1.80B YoY+7.1%	1.68B YoY+6.0%	1.59B YoY+4.7%	1.52B YoY+4.0%	1.46B YoY+3.9%
Retained earnings	5.43B YoY+13.5%	4.78B YoY+14.4%	4.18B YoY+20.3%	3.47B YoY+16.7%	2.98B YoY+16.5%
Treasury stock	9.83B YoY+34.1%	7.33B YoY+13.8%	6.45B YoY+8.6%	5.94B YoY+30.8%	4.54B YoY+4.6%
Accumulated other comprehensive income	-51.5M YoY+27.5%	-71.0M YoY-15.8%	-61.4M YoY-1.9%	-60.2M YoY-2.4%	-58.8M YoY+0.1%
Total liabilities & equity	5.70B YoY+4.7%	5.45B YoY-1.3%	5.52B YoY+10.4%	5.00B YoY-9.2%	5.51B YoY+31.2%
	134M YoY+0.2%	134M YoY+0.2%	134M YoY+0.1%	134M YoY+0.3%	133M YoY+0.3%
	73.6M YoY-5.3%	77.7M YoY-1.7%	79.1M YoY-1.1%	80.0M YoY-3.0%	82.4M YoY-0.2%
	73.5M YoY-5.4%	77.7M YoY-1.8%	79.1M YoY-1.1%	80.0M YoY-1.6%	81.3M YoY-1.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.59B YoY+5.8%	1.50B YoY+21.5%	1.24B YoY+12.8%	1.10B YoY+17.0%	936M YoY+15.4%
Depreciation & amortization	23.4M YoY+37.9%	17.0M YoY-19.2%	21.0M YoY-21.9%	26.9M YoY-6.9%	28.9M YoY-3.0%
Share-based compensation	111M YoY+17.0%	95.2M YoY+32.9%	71.7M YoY+23.3%	58.1M YoY+5.8%	54.9M YoY+7.5%
Deferred income taxes	46.7M YoY+193.3%	15.9M YoY+204.3%	-15.3M YoY-141.9%	36.4M YoY+132.7%	-111M YoY-100.1%
Change in receivables	164M YoY+1706.1%	-10.2M YoY-106.8%	150M YoY+2157.4%	6.62M YoY-93.3%	99.2M YoY+72.2%
Change in payables	559K YoY-88.7%	4.96M YoY+182.1%	-6.04M YoY-552.1%	1.34M YoY+160.9%	-2.19M YoY-129.3%
	-130M YoY+9.8%	-144M YoY+82.4%	-819M YoY-932.8%	-79.3M YoY+92.3%	-1.04B YoY-328.4%
Capital expenditure	39.3M YoY+16.5%	33.8M YoY+48.4%	22.8M YoY+67.1%	13.6M YoY+0.8%	13.5M YoY-38.1%
Free cash flow	1.55B YoY+5.5%	1.47B YoY+21.0%	1.21B YoY+12.2%	1.08B YoY+17.3%	923M YoY+16.9%
Acquisitions	0.00 YoY-100.0%	27.5M YoY-96.2%	727M	0.00 YoY-100.0%	949M
Other investing activities	203K YoY-87.8%	1.67M YoY+40.9%	1.19M YoY-81.6%	6.43M YoY+508.8%	1.06M
	-1.36B YoY+2.9%	-1.40B YoY-47.0%	-954M YoY+33.1%	-1.43B YoY-721.1%	230M YoY+129.5%
Long-term debt issued	2.81B YoY+403.9%	557M	0.00 YoY-100.0%	355M YoY-80.3%	1.80B YoY+28.4%
Long-term debt repaid	0.00	0.00	0.00 YoY-100.0%	7.19M YoY-99.3%	1.05B YoY-7.9%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.48B YoY+180.6%	885M YoY+75.6%	504M YoY-63.9%	1.40B YoY+604.5%	198M YoY-74.5%
Dividends paid	557M YoY+9.3%	509M YoY+15.4%	441M YoY+18.3%	373M YoY+23.3%	302M YoY+22.7%
Net change in cash	106M YoY+302.5%	-52.3M YoY+90.2%	-532M YoY-24.3%	-428M YoY-453.8%	121M YoY+158.7%
Interest paid	173M YoY-3.7%	180M YoY-1.3%	182M YoY+10.4%	165M YoY+9.1%	151M YoY-7.4%
Income taxes paid	222M YoY+10.6%	201M YoY-16.4%	240M YoY+33.1%	181M YoY-18.8%	223M YoY+95.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	42.2B YoY-9.5%	46.6B YoY+4.1%	44.7B YoY+20.3%	37.2B YoY-25.3%	49.8B YoY+35.0%
P/E	35.1× YoY-16.5%	42.0× YoY-9.8%	46.6× YoY+6.4%	43.8× YoY-36.2%	68.6× YoY+11.9%
P/S	13.4× YoY-17.6%	16.3× YoY-11.9%	18.5× YoY+10.7%	16.7× YoY-31.3%	24.4× YoY+12.0%
P/FCF	27.2× YoY-14.3%	31.7× YoY-19.3%	39.3× YoY+10.5%	35.6× YoY-34.1%	54.0× YoY+15.5%
	2.9% YoY+19.8%	2.4% YoY+10.9%	2.1% YoY-6.0%	2.3% YoY+56.6%	1.5% YoY-10.7%
	3.7% YoY+16.6%	3.2% YoY+23.9%	2.5% YoY-9.5%	2.8% YoY+51.7%	1.9% YoY-13.4%
	1.3% YoY+17.7%	1.1% YoY+9.3%	0.98% YoY-0.9%	0.98% YoY+65.7%	0.59% YoY-9.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MSCI's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MSCI filings on SEC EDGAR → Not investment advice.