MSCI
MSCI · NYSEServices-Business Services, NEC · Fiscal year ends Dec 31
MSCI reported revenue of $3.1B in the fiscal year ended Dec 2025, up 9.7% from the year before. Operating income was $1.7B, an operating margin of 54.7%, and net income was $1.2B. Operating cash flow of $1.6B less capital expenditure of $39M left free cash flow of $1.5B. Net debt was $5.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2B | $2.2B | $2.5B | $2.9B | $3.1B |
| Research & development | $112M | $107M | $132M | $159M | $178M |
| Operating income | $1.1B | $1.2B | $1.4B | $1.5B | $1.7B |
| Interest expense | $160M | $172M | $187M | $186M | $210M |
| Pre-tax income | $858M | $1B | $1.4B | $1.4B | $1.5B |
| Income tax | $132M | $173M | $220M | $247M | $292M |
| Net income | $726M | $871M | $1.1B | $1.1B | $1.2B |
| Diluted EPS | 8.70 | 10.72 | 14.39 | 14.05 | 15.69 |
| Diluted shares | 83M | 81M | 80M | 79M | 77M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $994M | $462M | $409M | $515M |
| Receivables | $665M | $663M | – | – | – |
| Current assets | $2.1B | $1.7B | $1.4B | $1.3B | $1.6B |
| Net PP&E | $67M | $54M | $56M | $71M | $87M |
| Goodwill | $2.2B | $2.2B | $2.9B | $2.9B | $2.9B |
| Total assets | $5.5B | $5B | $5.5B | $5.4B | $5.7B |
| Payables | $13M | $15M | $10M | $15M | $15M |
| Deferred revenue | $825M | $883M | $1.1B | $1.1B | $1.2B |
| Current liabilities | $1.3B | $1.3B | $1.5B | $1.6B | $1.8B |
| Short-term debt | $0 | $9M | $11M | $0 | – |
| Long-term debt | $4.2B | $4.5B | $4.5B | $4.5B | $6.2B |
| Total liabilities | $5.7B | $6B | $6.3B | $6.4B | $8.4B |
| Shareholders' equity | −$163M | −$1B | −$740M | −$940M | −$2.7B |
| Backlog (remaining obligations) | $887M | $1.3B | $1.8B | $2.1B | $2.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $936M | $1.1B | $1.2B | $1.5B | $1.6B |
| Capital expenditure | $14M | $14M | $23M | $34M | $39M |
| Free cash flow | $923M | $1.1B | $1.2B | $1.5B | $1.5B |
| Depreciation & amortisation | $29M | $27M | $21M | $17M | $23M |
| Stock-based compensation | $55M | $58M | $72M | $95M | $111M |
| Acquisitions | $949M | $0 | $727M | $27M | $0 |
| Share buybacks | $198M | $1.4B | $504M | $885M | $2.5B |
| Dividends paid | $302M | $373M | $441M | $509M | $557M |
| Dividend per share | 3.64 | 4.58 | 5.52 | 6.40 | 7.20 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.0% | 12.5% | 12.9% | 9.7% |
| Operating income growth (YoY) | – | 12.6% | 14.7% | 10.4% | 12.1% |
| EPS growth (YoY) | – | 23.2% | 34.2% | −2.4% | 11.7% |
| Operating margin | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| Net margin | 35.5% | 38.7% | 45.4% | 38.8% | 38.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.2% | 32.2% | 34.6% | 39.6% | 44.2% |
| Free cash flow margin | 45.1% | 48.1% | 48.0% | 51.4% | 49.4% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.26x | 1.08x | 1.35x | 1.32x |
| Receivable days | 119 | 108 | – | – | – |
| Interest cover | 6.72x | 7.04x | 7.42x | 8.24x | 8.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $3.5B | $4B | $4.1B | $5.7B |
| Current ratio | 1.71x | 1.40x | 0.93x | 0.85x | 0.90x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.