MSCI (MSCI) financial statements

Financial Services · Financial Data & Stock Exchanges · Market cap $41.6B

MSCI reported revenue of $3.1B in fiscal 2025, up 11.8% a year over 9 years.

Net income was $1.2B and the operating margin 54.7%, against 42.4% in 2016.

Free cash flow was $1.5B, and the company returned $557M in dividends and $2.5B in net buybacks.

The diluted share count fell 21% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

012342016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from MSCI's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$1.2B$1.3B$1.4B$1.6B$1.7B$2.0B$2.2B$2.5B$2.9B$3.1B
Cost of revenue$252M$274M$287M$295M$292M$359M$404M$447M$514M$550M
Gross profit$899M$1.0B$1.1B$1.3B$1.4B$1.7B$1.8B$2.1B$2.3B$2.6B
Research and development$75M$76M$81M$98M$101M$112M$107M$132M$159M$178M
Selling, general and admin$254M$265M$293M$329M$331M$391M$411M$430M$474M$500M
Operating income$488M$580M$687M$756M$885M$1.1B$1.2B$1.4B$1.5B$1.7B
Interest expense$102M$116M$133M$148M$156M$160M$172M$187M$186M$210M
Pre-tax income$386M$467M$630M$603M$686M$858M$1.0B$1.4B$1.4B$1.5B
Income tax$125M$163M$122M$40M$84M$132M$173M$220M$247M$292M
Net income$261M$304M$508M$564M$602M$726M$871M$1.1B$1.1B$1.2B
EPS (diluted)$2.70$3.31$5.66$6.59$7.12$8.70$10.72$14.39$14.05$15.69
Diluted shares97M92M90M86M85M83M81M80M79M77M
Gross margin78.1%78.5%80.0%81.1%82.8%82.4%82.0%82.3%82.0%82.4%
Operating margin42.4%45.5%47.9%48.5%52.2%52.5%53.7%54.8%53.5%54.7%
Net margin22.7%23.9%35.4%36.2%35.5%35.5%38.7%45.4%38.8%38.4%

Balance sheet

Fiscal years, from MSCI's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$792M$890M$904M$1.5B$1.3B$1.4B$994M$462M$409M$515M
Receivables$222M$328M$473M$499M$559M$665M$663M———
Total current assets$1.1B$1.3B$1.4B$2.1B$1.9B$2.1B$1.7B$1.4B$1.3B$1.6B
Property, plant and equipment$96M$94M$91M$91M$80M$67M$54M$56M$71M$87M
Goodwill$1.6B$1.6B$1.5B$1.6B$1.6B$2.2B$2.2B$2.9B$2.9B$2.9B
Total assets$3.1B$3.3B$3.4B$4.2B$4.2B$5.5B$5.0B$5.5B$5.4B$5.7B
Total current liabilities$537M$608M$809M$901M$1.0B$1.3B$1.3B$1.5B$1.6B$1.8B
Long-term debt$2.1B$2.1B$2.6B$3.1B$3.4B$4.2B$4.5B$4.5B$4.5B$6.2B
Total liabilities$2.8B$2.9B$3.6B$4.3B$4.6B$5.7B$6.0B$6.3B$6.4B$8.4B
Shareholders' equity$318M$401M-$166M-$77M-$443M-$163M-$1.0B-$740M-$940M-$2.7B
Net debt$1.3B$1.2B$1.7B$1.6B$2.1B$2.7B$3.5B$4.0B$4.1B$5.7B

Cash flow

Fiscal years, from MSCI's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$442M$404M$613M$710M$811M$936M$1.1B$1.2B$1.5B$1.6B
Capital spending$43M$49M$49M$54M$51M$53M$73M$91M$115M$130M
Free cash flow$400M$355M$564M$656M$760M$883M$1.0B$1.1B$1.4B$1.5B
Stock-based compensation$32M$37M$39M$41M$51M$55M$58M$72M$95M$111M
Dividends paid$96M$120M$171M$223M$246M$302M$373M$441M$509M$557M
Share buybacks (net)-$775M-$150M-$950M-$292M-$779M-$198M-$1.4B-$504M-$885M-$2.5B
Net borrowing$500M—$500M$487M$263M$752M$348M-$9M-$2M$1.7B
Free cash flow margin34.7%27.9%39.3%42.1%44.8%43.2%45.5%45.3%48.5%46.5%
Dividends per share$1.00$1.30$1.91$2.61$2.92$3.62$4.59$5.52$6.45$7.26
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Questions

What was MSCI's revenue in 2025?

$3.1B in fiscal 2025, from its 10-K filing.

How much free cash flow does MSCI generate?

$1.5B in fiscal 2025 (operating cash flow minus capital spending).

From MSCI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.