MSCI Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MSCI Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856	3,134
Cost of revenue	252	274	287	295	292	359	404	447	514	550
Gross profit	899	1,000	1,147	1,263	1,404	1,685	1,844	2,082	2,342	2,584
Research and development	75.2	75.8	81.4	98.3	101	112	107	132	159	178
Selling and marketing	167	177	193	219	216	243	265	276	291	320
General and administrative	87.2	87.8	99.9	110	115	148	147	154	182	180
Operating income	488	580	687	756	885	1,073	1,208	1,385	1,529	1,714
Interest expense	102	116	133	148	156	160	172	187	186	210
Interest income	2.91	6.31	19.7	16.4	5.03	1.5	11.8	34.5	21.3	16
Other non-operating income	-102	-113	-57	-152	-199	-215	-164	-15.5	-172	-219
Pre-tax income	386	467	630	603	686	858	1,044	1,369	1,356	1,494
Income tax	125	163	122	39.7	84.4	132	173	220	247	292
Income from continuing operations	261	304
Net income	261	304	508	564	602	726	871	1,149	1,109	1,202
EBITDA	522	615	718	786	915	1,102	1,235	1,406	1,545	1,737
EPS, basic	2.72	3.36	5.83	6.66	7.19	8.80	10.78	14.45	14.09	15.72
EPS, diluted	2.70	3.31	5.66	6.59	7.12	8.70	10.72	14.39	14.05	15.69
Shares, basic (weighted)	96	90.3	87.2	84.6	83.7	82.5	80.7	79.5	78.7	76.5
Shares, diluted (weighted)	96.5	91.9	89.7	85.5	84.5	83.5	81.2	79.8	79	76.6
Dividend per share	1.00	1.32	1.92	2.52	2.92	3.64	4.58	5.52	6.40	7.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	792	890	904	1,507	1,301	1,421	994	462	409	515
Receivables	222	328	473	499	559	665	663
Other current assets	29.9	34.9	38.2	44.4	46.4	51.5	54.5	57.9	65.8	73.5
Total current assets	1,056	1,267	1,435	2,082	1,926	2,143	1,748	1,418	1,344	1,645
Property, plant and equipment	95.6	94.4	90.9	90.7	80.4	66.7	53.9	55.9	70.9	87.3
Lease right-of-use assets				166	153	145	127	115	119	113
Goodwill	1,556	1,561	1,546	1,563	1,566	2,236	2,230	2,888	2,915	2,923
Intangible assets	348	322	281	261	235	593	559	956	908	833
Other non-current assets	18.3	19.6	20.5	20.3	24	63.4	37.3	43.9	47.7	55.7
Total assets	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445	5,703
Accounts payable	0.57	1.61	3.89	6.5	14.3	13.4	15	9.81	14.5	15.3
Accrued liabilities	82.5	131	137	166	162	208	182	219	217	243
Deferred revenue	334	374	538	575	676	825	883	1,084	1,123	1,232
Short-term debt						0	8.71	10.9	0
Total current liabilities	537	608	809	901	1,022	1,251	1,251	1,517	1,586	1,830
Long-term debt	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511	6,202
Lease liabilities				164	152	150	132	120	121	108
Other non-current liabilities	59.1	111	87.9	77.7	88.2	104	91	97	120	116
Total liabilities	2,765	2,875	3,554	4,281	4,642	5,670	6,005	6,258	6,385	8,357
Total debt	2,075	2,078	2,576	3,072	3,367	4,161	4,512	4,508	4,511	6,202
Paid-in capital	1,226	1,265	1,306	1,351	1,403	1,458	1,516	1,588	1,684	1,803
Retained earnings	1,322	1,505	1,857	2,199	2,554	2,977	3,473	4,180	4,780	5,428
Treasury stock	-2,171	-2,322	-3,273	-3,566	-4,343	-4,540	-5,938	-6,447	-7,334	-9,834
Other comprehensive income	-60.7	-48.3	-58.4	-62.6	-58.9	-58.8	-60.2	-61.4	-71	-51.5
Shareholders' equity	318	401	-166	-76.7	-443	-163	-1,008	-740	-940	-2,655
Total equity	318	401	-166	-76.7	-443	-163	-1,008	-740	-940	-2,655
Total liabilities and equity	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445	5,703
Shares outstanding	91.3	90.1	84.2	84.8	82.6	82.4	80	79.1	77.7	73.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	261	304	508	564	602	726	871	1,149	1,109	1,202
Depreciation and amortization	34.3	35.4	31.3	30	29.8	28.9	26.9	21	17	23.4
Stock-based compensation	32	36.6	38.9	41.2	51.1	54.9	58.1	71.7	95.2	111
Deferred income tax	-17	-18.9	-0.78	-20.8	-55.6	-111	36.4	-15.3	15.9	46.7
Change in receivables	-18.5	-106	-154	-25.9	-57.6	-99.2	-6.62	-150	10.2	-164
Change in payables	-1.91	1.03	2.3	2.58	7.48	-2.2	1.34	-6.04	4.96	0.56
Cash from operations	442	404	613	710	811	936	1,095	1,236	1,502	1,588
Capital expenditures	-32.3	-33.2	-30.3	-29.1	-21.8	-13.5	-13.6	-22.8	-33.8	-39.3
Acquisitions	-0.06			-18.2	0	-949	0	-727	-27.5	0
Cash from investing	-42	-48	34.9	-71.9	-242	-1,036	-79.3	-819	-144	-130
Debt issued	500		500	1,000	1,405	1,804	355	0	557	2,806
Debt repaid				-513	-1,142	-1,052	-7.19	-8.75	-559	-1,102
Stock issued	5.04	2.64	0.61	3.24				0	0	6.98
Share buybacks	-775	-150	-950	-292	-779	-198	-1,398	-504	-885	-2,484
Dividends paid	-96.2	-120	-171	-223	-246	-302	-373	-441	-509	-557
Cash from financing	-373	-268	-626	-36.7	-779	230	-1,425	-954	-1,402	-1,362
Exchange rate effect	-13.3	9.1
Net change in cash	14.1	97.7	14.7	602	-206	121	-428	-532	-52.3	106
Free cash flow	410	371	583	680	789	923	1,082	1,213	1,468	1,549
Interest paid	89.1	113	126	141	163	151	165	182	180	173
Income taxes paid	97.8	129	143	72.9	114	223	181	240	201	222

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $551.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.0%	Gross profit / revenue.
Operating margin	55.7%	Operating income / revenue.
EBITDA margin	56.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	47.7%	Pre-tax income / revenue.
Net margin	40.7%	Net income / revenue.
FCF margin	47.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	48.8%	Cash from operations / revenue.
Effective tax rate	14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	24.2%	Net income / average total assets.
Return on invested capital (ROIC)	47.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.4%	Research and development expense / revenue.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	19.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / assets	113.9%	Total debt / total assets.
Liabilities / assets	148.0%	Total liabilities / total assets.
Net debt	$6.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.21x	Operating income / interest expense.
Working capital	-$169.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	68.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	35.8x	Revenue / average property, plant and equipment.
Days payables	11 days	365 x average accounts payable / cost of revenue.
FCF conversion	117.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.73	Revenue / diluted weighted shares.
FCF per share	$21.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$22.33	Cash from operations / diluted weighted shares.
Book value per share	-$36.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$89.68	Tangible book value / shares outstanding.
Cash per share	$4.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	42.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	35.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	170.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$40.08B	Share price x shares outstanding.
Enterprise value	$46.11B	Market cap + total debt - cash - short-term investments.
P/E	29.5x	Market cap / net income. Only when net income is positive.
P/S	12.0x	Market cap / revenue.
P/FCF	25.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.6x	Market cap / cash from operations, when positive.
EV/Sales	13.8x	Enterprise value / revenue.
EV/EBIT	24.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	8.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.18x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MSCI Inc.'s revenue in fiscal 2025?

MSCI Inc. reported revenue of $3.13B for fiscal 2025, 9.7% higher than the year before.

Was MSCI Inc. profitable in fiscal 2025?

Yes. Net income was $1.20B, a net margin of 38.4%.

How much free cash flow did MSCI Inc. generate in fiscal 2025?

Cash from operations of $1.59B minus capital expenditures of $39.3M left free cash flow of $1.55B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to MSCI Inc.