$MSCI

MSCI Inc.

CIK:0001408198|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 867.0	$ 772.7	$ 1,717.8	$ 1,518.5
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	149.9	137.7	291.7	274.5
Selling and marketing	87.4	78.2	173.1	156.9
Research and development	46.0	44.1	95.6	91.7
General and administrative	46.2	38.3	115.2	95.4
Amortization of intangible assets	43.8	43.7	85.7	87.6
Depreciation and amortization of property, equipment and leasehold improvements	6.2	5.4	12.1	10.1
Total operating expenses	379.5	347.4	773.4	716.2
Operating income	487.5	425.3	944.4	802.3
Interest income	(2.5)	(2.9)	(5.3)	(6.8)
Interest expense	71.0	46.2	140.1	92.7
Other expense (income)	1.7	4.2	3.1	7.5
Other expense (income), net	70.2	47.5	137.9	93.4
Income before provision for income taxes	417.3	377.8	806.5	708.9
Provision for income taxes	75.3	74.1	58.5	116.6
Net income	$ 342.0	$ 303.7	$ 748.0	$ 592.3
Earnings per share:
Basic (in USD per share)	$ 4.70	$ 3.92	$ 10.24	$ 7.64
Diluted (in USD per share)	$ 4.69	$ 3.92	$ 10.23	$ 7.63
Weighted average shares outstanding:
Basic (in USD per share)	72.8	77.4	73.0	77.5
Diluted (in USD per share)	72.9	77.5	73.1	77.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 748.0	$ 592.3
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	85.7	87.6
Stock-based compensation expense	73.1	63.2
Depreciation and amortization of property, equipment and leasehold improvements	12.1	10.1
Amortization of right of use assets	14.3	12.1
Amortization of debt origination fees	3.7	2.6
Deferred taxes	(79.9)	1.6
Other adjustments	(3.3)	20.2
Changes in assets and liabilities:
Accounts receivable	99.7	36.6
Prepaid income taxes	(34.8)	(19.9)
Prepaid and other assets	(14.8)	2.1
Other non-current assets	(0.4)	(13.3)
Accounts payable	(4.8)	(3.8)
Income taxes payable	(34.2)	20.0
Accrued compensation and related benefits	(85.1)	(77.8)
Other accrued liabilities	0.5	6.4
Deferred revenue	(94.0)	(79.7)
Long-term operating lease liabilities	(12.7)	(13.8)
Other non-current liabilities	3.7	(8.2)
Other	0.8	(0.4)
Net cash provided by operating activities	677.6	637.9
Cash flows from investing activities
Capitalized software development costs	(59.4)	(44.5)
Capital expenditures	(13.8)	(22.9)
Business acquisitions, net of cash acquired	(58.8)	0.0
Other	0.0	(0.1)
Net cash used in investing activities	(132.0)	(67.5)
Cash flows from financing activities
Repurchase of common stock held in treasury	(583.2)	(351.6)
Payment of dividends	(300.0)	(283.5)
Repayment of borrowings	(400.0)	(214.9)
Proceeds from borrowings, net of discount	575.0	215.0
Payment of contingent consideration and deferred purchase price from acquisitions	(9.5)	(12.1)
Proceeds from exercise of stock options	13.8	4.3
Net cash (used in) financing activities	(703.9)	(642.8)
Effect of exchange rate changes	(0.6)	10.4
Net increase (decrease) in cash, cash equivalents and restricted cash	(158.9)	(62.0)
Cash, cash equivalents and restricted cash, beginning of period	515.3	409.3
Cash, cash equivalents and restricted cash, end of period	356.4	347.3
Supplemental disclosure of cash flow information:
Cash paid for interest	137.1	89.7
Cash paid for income taxes, net of refunds received	203.5	112.3
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements in other accrued liabilities	$ 10.7	$ 4.9

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes restricted cash of $3.7 and $3.7 at June 30, 2026 and December 31, 2025, respectively)	$ 356.4	$ 515.3
Accounts receivable (net of allowances of $7.2 and $6.4 at June 30, 2026 and December 31, 2025, respectively)	884.4	986.7
Prepaid income taxes	104.0	69.3
Prepaid and other assets	91.4	73.5
Total current assets	1,436.2	1,644.8
Property, equipment and leasehold improvements, net	93.2	87.3
Right of use assets	141.5	112.9
Goodwill	2,974.2	2,923.4
Intangible assets, net	855.9	832.5
Deferred tax assets	45.7	45.9
Other non-current assets	55.8	55.7
Total assets	5,602.5	5,702.5
Current liabilities:
Accounts payable	17.2	15.3
Income taxes payable	40.3	74.4
Accrued compensation and related benefits	157.2	242.9
Other accrued liabilities	254.1	265.4
Deferred revenue	1,136.9	1,231.8
Total current liabilities	1,605.7	1,829.8
Long-term debt	6,380.4	6,202.3
Long-term operating lease liabilities	138.9	107.5
Deferred tax liabilities	28.2	101.6
Other non-current liabilities	138.8	115.8
Total liabilities	8,292.0	8,357.0
Commitments and Contingencies (see Note 7)
Shareholders’ equity (deficit):
Preferred stock (par value $0.01; 100.0 shares authorized; no shares issued)	0.0	0.0
Common stock (par value $0.01; 750.0 common shares authorized; 134.5 and 134.4 common shares issued and 72.7 and 73.6 common shares outstanding at June 30, 2026 and December 31, 2025, respectively)	1.3	1.3
Treasury shares, at cost (61.8 and 60.8 common shares held at June 30, 2026 and December 31, 2025, respectively)	(10,400.0)	(9,834.4)
Additional paid in capital	1,889.9	1,802.5
Retained earnings	5,876.7	5,427.6
Accumulated other comprehensive loss	(57.4)	(51.5)
Total shareholders’ equity (deficit)	(2,689.5)	(2,654.5)
Total liabilities and shareholders’ equity (deficit)	$ 5,602.5	$ 5,702.5