MSCI Inc. (MSCI)

MSCI Inc. Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,384	1,202	1,109	1,149	870.57	725.98
Depreciation & Amortization	148.2	139.7	145.28	117.09	114.79	95.78
Other Amortization	84.75	84.75	66.14	47.18	32.84	27.26
Asset Writedown & Restructuring Costs	-	-	-	0.48	0.71	24.4
Loss (Gain) From Sale of Investments	11.77	11.77	-	-	-	-
Loss (Gain) on Equity Investments	-	-	-	-143.03	-	-
Stock-Based Compensation	126.14	111.34	95.2	71.65	58.09	54.92
Other Operating Activities	-69.19	62.61	13.13	-8.4	37.8	-52.41
Change in Accounts Receivable	-164.24	-164.24	10.23	-149.53	-6.62	-99.2
Change in Accounts Payable	0.56	0.56	4.96	-6.04	1.34	-2.2
Change in Unearned Revenue	96.43	96.43	46.06	171.97	72.75	116.86
Change in Income Taxes	7.76	7.76	26.9	-7.21	-80.98	49.17
Change in Other Net Operating Assets	-11.03	35.47	-15.41	-6.73	-5.91	-4.48
Operating Cash Flow	1,615	1,588	1,502	1,236	1,095	936.07
Operating Cash Flow Growth	6.38%	5.78%	21.49%	12.84%	17.02%	15.41%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-39.62	-39.32	-33.76	-22.76	-13.62	-20.02
Cash Acquisitions	-174.7	-	-27.47	-727.34	-	-948.99
Sale (Purchase) of Intangibles	-120.54	-90.54	-81.36	-68.09	-59.28	-39.29
Investment in Securities	-	-	-	-	-0.01	-26.36
Other Investing Activities	-0.2	-0.2	-1.67	-1.19	-6.44	-1.06
Investing Cash Flow	-335.06	-130.06	-144.26	-819.38	-79.34	-1,036

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
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)	1,209	1,704	-2.19	-8.75	347.81	751.94
Issuance of Common Stock	16.18	6.98	-	-	-	-
Repurchase of Common Stock	-2,043	-2,484	-885.27	-504.19	-1,398	-198.37
Common Dividends Paid	-582.92	-556.52	-509.11	-440.99	-372.92	-302.45
Other Financing Activities	-18.23	-32.23	-5.75	-	-2.77	-21.61
Financing Cash Flow	-1,418	-1,362	-1,402	-953.93	-1,425	229.51

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-0.31	9.59	-7.41	5.41	-18.54	-8.93
Net Cash Flow	-139.02	105.98	-52.34	-531.87	-427.89	120.93

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	1,575	1,549	1,468	1,213	1,082	916.05
Free Cash Flow Growth	6.66%	5.54%	20.98%	12.16%	18.09%	16.06%
Free Cash Flow Margin	45.89%	49.42%	51.39%	47.98%	48.11%	44.83%
Free Cash Flow Per Share	21.50	20.21	18.59	15.20	13.32	10.97
Levered Free Cash Flow	1,195	1,165	1,133	953.22	740.33	843.28
Unlevered Free Cash Flow	1,363	1,290	1,244	1,065	842.43	938.12

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	173.31	173.31	179.95	182.31	165.12	151.34
Cash Income Tax Paid	222.27	222.27	201.03	240.48	180.69	222.62
Change in Working Capital	-70.52	-24.02	72.74	2.46	-19.43	60.15

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Oct 20, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 22, 2026

Data Sources Report a data error