Msci Inc. (MSCI) Financial Statements

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Msci financial statements at a glance

Msci reported revenue of $3.13 billion for fiscal year 2025 (ended December 31, 2025), up 9.6% from fiscal year 2024. Net income was $1.20 billion, a net margin of 38.4%, and diluted earnings per share were $15.69.

At the end of fiscal year 2025 it had total assets of $5.70 billion, total liabilities of $8.36 billion and shareholders' equity of -$2.65 billion, with cash and short-term investments of $511.67 million and total debt of $6.31 billion.

Its operations brought in $1.59 billion of cash; capital spending was $129.86 million, leaving free cash flow of $1.46 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

MSCI logo

Msci Inc.

MSCIUnited States
Technology
USD (Local)

Income Statement

Annual • USD

Total Revenue
3.13B
Prev Year: 2.86B
YoY: +9.6%
Operating Revenue
3.13B
Prev Year: 2.86B
YoY: +9.6%
Normalized EBITDA
1.92B
Prev Year: 1.75B
YoY: +9.9%
Tax Rate for Calcs
0.195
Prev Year: 0.18
YoY: +8.3%
Total Unusual Items Excluding Goodwill
-
Other Income Expense
-25.43M
Prev Year: -8.13M
YoY: -212.8%
Other Non-operating Income (expense)
-25.43M
Prev Year: -8.13M
YoY: -212.8%
Depreciation Amortization Depletion
192.88M
Prev Year: 181.01M
YoY: +6.6%
Depreciation and amortization
192.88M
Prev Year: 181.01M
YoY: +6.6%
Amortization
169.48M
Prev Year: 164.04M
YoY: +3.3%
Amortization of Intangibles
169.48M
Prev Year: 164.04M
YoY: +3.3%
Depreciation
23.41M
Prev Year: 16.98M
YoY: +37.8%
Research and Development
177.60M
Prev Year: 158.65M
YoY: +11.9%
Selling General and Administrative
500.05M
Prev Year: 473.56M
YoY: +5.6%
Selling and Marketing Expense
319.83M
Prev Year: 291.22M
YoY: +9.8%
General and Administrative Expense
180.22M
Prev Year: 182.34M
YoY: -1.2%
Other General and Administrative
180.22M
Prev Year: 182.34M
YoY: -1.2%
Cost of Revenue
550.37M
Prev Year: 514.38M
YoY: +7.0%
Gross Profit
2.58B
Prev Year: 2.34B
YoY: +10.4%
Operating Expense
870.53M
Prev Year: 813.23M
YoY: +7.0%
Operating Income
1.71B
Prev Year: 1.53B
YoY: +12.0%
Net Non Operating Interest Income Expense
-193.88M
Prev Year: -164.22M
YoY: -18.1%
Non-operating Interest Income
16.01M
Prev Year: 21.28M
YoY: -24.8%
Non-operating Interest Expense
209.89M
Prev Year: 185.50M
YoY: +13.1%
Pre-tax Income
1.49B
Prev Year: 1.36B
YoY: +9.9%
Provision for Income Taxes
291.95M
Prev Year: 247.04M
YoY: +18.2%
Net Income Common Stockholders
1.20B
Prev Year: 1.11B
YoY: +8.3%
Net Income
1.20B
Prev Year: 1.11B
YoY: +8.3%
Net Income Including Non-Controlling Interests
1.20B
Prev Year: 1.11B
YoY: +8.3%
Net Income from Continuing Operations
1.20B
Prev Year: 1.11B
YoY: +8.3%
Diluted NI Available to Com Stockholders
1.20B
Prev Year: 1.11B
YoY: +8.3%
Basic EPS
15.72
Prev Year: 14.09
YoY: +11.6%
Diluted EPS
15.69
Prev Year: 14.05
YoY: +11.7%
Weighted Average Shares (basic)
76.50M
Prev Year: 78.71M
YoY: -2.8%
Weighted Average Shares (diluted)
76.64M
Prev Year: 78.96M
YoY: -2.9%
Total Operating Income as Reported
1.71B
Prev Year: 1.53B
YoY: +12.0%
Total Expenses
1.42B
Prev Year: 1.33B
YoY: +6.8%
Net Income from Continuing and Discontinued Operation
1.20B
Prev Year: 1.11B
YoY: +8.3%
Normalized Income
1.20B
Prev Year: 1.11B
YoY: +8.3%
Interest Income
16.01M
Prev Year: 21.28M
YoY: -24.8%
Interest Expense
209.89M
Prev Year: 185.50M
YoY: +13.1%
Net Interest Income
-193.88M
Prev Year: -164.22M
YoY: -18.1%
EBIT
1.70B
Prev Year: 1.54B
YoY: +10.7%
EBITDA
1.92B
Prev Year: 1.75B
YoY: +9.9%
Reconciled Cost of Revenue
524.68M
Prev Year: 489.12M
YoY: +7.3%
Reconciled Depreciation
218.57M
Prev Year: 206.28M
YoY: +6.0%
Net Income from Continuing Operation Net Minority Interest
1.20B
Prev Year: 1.11B
YoY: +8.3%
Values in USD

Msci key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$3.1B$2.9B$2.5B$2.3B$2.0B
Gross profit$2.6B$2.3B$2.1B$1.8B$1.7B
Operating income$1.7B$1.5B$1.4B$1.2B$1.1B
Net income$1.2B$1.1B$1.2B$870.6M$726.0M
Diluted EPS$15.69$14.05$14.39$10.72$8.70
Total assets$5.7B$5.5B$5.5B$5.0B$5.5B
Total liabilities$8.4B$6.4B$6.3B$6.0B$5.7B
Shareholders' equity-$2.7B-$940.0M-$739.8M-$1.0B-$163.5M
Cash and short-term investments$511.7M$405.9M$457.8M$993.2M$1.4B
Total debt$6.3B$4.6B$4.6B$4.6B$4.3B
Operating cash flow$1.6B$1.5B$1.2B$1.1B$936.1M
Capital spending$129.9M$115.1M$90.9M$72.9M$52.8M
Free cash flow$1.5B$1.4B$1.2B$1.0B$883.3M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Msci's revenue in fiscal year 2025?

$3.13 billion, up 9.6% from $2.86 billion in fiscal year 2024.

How much profit does Msci make?

Msci reported net income of $1.20 billion for fiscal year 2025 (38.4% of revenue); operating income was $1.71 billion.

How much cash and debt does Msci have?

At the end of fiscal year 2025: cash and short-term investments of $511.67 million and total debt of $6.31 billion.

What is Msci's free cash flow?

$1.46 billion in fiscal year 2025 (operating cash flow of $1.59 billion minus capital spending of $129.86 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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