MSCI Inc. Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,202	1,109	1,149	870.57	725.98
Depreciation & Amortization	218.57	145.28	117.09	114.79	95.78
Other Amortization	-	66.14	47.18	32.84	27.26
Asset Writedown & Restructuring Costs	-	-	0.48	0.71	24.4
Loss (Gain) on Equity Investments	11.77	-	-143.03	-	-
Stock-Based Compensation	111.34	95.2	71.65	58.09	54.92
Other Operating Activities	68.48	13.13	-8.4	37.8	-52.41
Change in Accounts Receivable	-	10.23	-149.53	-6.62	-99.2
Change in Accounts Payable	-	4.96	-6.04	1.34	-2.2
Change in Unearned Revenue	-	46.06	171.97	72.75	116.86
Change in Income Taxes	-	26.9	-7.21	-80.98	49.17
Change in Other Net Operating Assets	-24.02	-15.41	-6.73	-5.91	-4.48
Operating Cash Flow	1,588	1,502	1,236	1,095	936.07
Operating Cash Flow Growth	5.78%	21.49%	12.84%	17.02%	15.41%
Capital Expenditures	-39.32	-33.76	-22.76	-13.62	-20.02
Cash Acquisitions	-	-27.47	-727.34	-	-948.99
Sale (Purchase) of Intangibles	-90.54	-81.36	-68.09	-59.28	-39.29
Investment in Securities	-	-	-	-0.01	-26.36
Other Investing Activities	-0.2	-1.67	-1.19	-6.44	-1.06
Investing Cash Flow	-130.06	-144.26	-819.38	-79.34	-1,036
Long-Term Debt Issued	2,806	556.88	-	355	1,804
Long-Term Debt Repaid	-1,102	-559.06	-8.75	-7.19	-1,052
Net Debt Issued (Repaid)	1,704	-2.19	-8.75	347.81	751.94
Issuance of Common Stock	6.98	-	-	-	-
Repurchase of Common Stock	-2,484	-885.27	-504.19	-1,398	-198.37
Common Dividends Paid	-556.52	-509.11	-440.99	-372.92	-302.45
Other Financing Activities	-32.23	-5.75	-	-2.77	-21.61
Financing Cash Flow	-1,362	-1,402	-953.93	-1,425	229.51
Foreign Exchange Rate Adjustments	9.59	-7.41	5.41	-18.54	-8.93
Net Cash Flow	105.98	-52.34	-531.87	-427.89	120.93
Free Cash Flow	1,549	1,468	1,213	1,082	916.05
Free Cash Flow Growth	5.54%	20.98%	12.16%	18.09%	16.06%
Free Cash Flow Margin	49.42%	51.39%	47.98%	48.11%	44.83%
Free Cash Flow Per Share	20.21	18.59	15.20	13.32	10.97
Cash Interest Paid	-	179.95	182.31	165.12	151.34
Cash Income Tax Paid	-	201.03	240.48	180.69	222.62
Levered Free Cash Flow	1,214	1,112	955.04	740.33	843.28
Unlevered Free Cash Flow	1,345	1,223	1,067	842.43	938.12
Change in Working Capital	-24.02	72.74	2.46	-19.43	60.15

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.