MSCI Inc. (MSCI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.98	$4.94	-0.8%	—	—	—
Q4 26	$4.46	$4.55	+2.0%	—	—	—
Q3 26	$4.59	$4.66	+1.5%	—	—	—
Q2 26	$4.37	$4.47	+2.3%	—	—	—
Q1 26	$4.15	$4.17	+0.5%	—	—	—
Q4 25	$3.9	$4	+2.6%	—	—	—
Q3 25	$3.95	$4.18	+5.8%	—	—	—
Q2 25	$3.77	$3.86	+2.4%	—	—	—
Q1 25	$3.55	$3.64	+2.5%	—	—	—
Q4 24	$3.47	$3.52	+1.4%	—	—	—
Q3 24	$3.29	$3.68	+11.9%	—	—	—
Q2 24	$3.31	$3.45	+4.2%	—	—	—
Q1 24	$3.11	$3.26	+4.8%	—	—	—
Q4 23	$3	$3.14	+4.7%	—	—	—
Q3 23	$2.76	$2.84	+2.9%	—	—	—
Q2 23	$2.71	$2.85	+5.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.7	—	—	$3.1B	—
FY24	—	$14.1	—	—	$2.9B	—
FY23	—	$14.4	—	—	$2.5B	—
FY22	—	$10.8	—	—	$2.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.3B	$1.4B	$1.6B	$1.7B	$2B	$2.2B	$2.5B	$2.9B	$3.1B
YoY change	+7.04%	+10.7%	+12.5%	+8.63%	+8.83%	+20.5%	+10%	+12.5%	+12.9%	+9.75%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.3B	1.4B	1.6B	1.7B	2B	2.2B	2.5B	2.9B	3.1B
Cost of revenue	252.1M	273.7M	287.3M	295M	291.7M	358.7M	404.3M	446.6M	514.4M	550.4M
Gross profit	898.6M	1B	1.1B	1.3B	1.4B	1.7B	1.8B	2.1B	2.3B	2.6B
Gross margin	78.1%	78.5%	80%	81.1%	82.8%	82.4%	82%	82.3%	82%	82.4%
Research & development	75.2M	75.8M	81.4M	98.3M	101.1M	111.6M	107.2M	132.1M	158.7M	177.6M
Selling, general & administrative	253.9M	264.9M	292.8M	329.4M	331.1M	391.1M	411.4M	430.2M	473.6M	500M
Operating expenses	329.1M	340.7M	374.2M	427.7M	432.2M	502.6M	518.6M	562.3M	632.2M	677.6M
Operating income	488.1M	579.8M	686.9M	755.7M	884.8M	1.1B	1.2B	1.4B	1.5B	1.7B
Operating margin	42.4%	45.5%	47.9%	48.5%	52.2%	53.3%	53.7%	54.8%	53.5%	54.7%
Non-operating income, net	-3.4M	-3.1M	56.4M	-20.7M	-47.2M	-72.5M	-4M	136.7M	-8.1M	-25.4M
Pretax income	385.9M	466.9M	629.9M	603.3M	686.2M	858.1M	1B	1.4B	1.4B	1.5B
Income tax	125.1M	162.9M	122M	39.7M	84.4M	132.2M	173.3M	220.5M	247M	292M
Net income	260.9M	304M	507.9M	563.6M	601.8M	726M	870.6M	1.1B	1.1B	1.2B
Net margin	22.7%	23.9%	35.4%	36.2%	35.5%	35.5%	38.7%	45.4%	38.8%	38.4%
EBITDA	568.9M	663M	848.5M	853.3M	953.3M	1.2B	1.4B	1.7B	1.7B	1.9B
EPS	2.72	3.36	5.83	6.66	7.19	8.8	10.8	14.4	14.1	15.7
Diluted EPS	2.7	3.31	5.66	6.59	7.12	8.7	10.7	14.4	14.1	15.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	625.4M	690.1M	680M	707.9M	724.7M	743.5M	745.8M	772.7M	793.4M	822.5M	850.8M	867M
Cost of revenue	105.3M	122.6M	128.5M	128.1M	126.2M	131.6M	136.8M	137.7M	132.5M	143.4M	141.8M	149.9M
Gross profit	520.1M	567.5M	551.5M	579.8M	598.5M	611.9M	609M	635M	660.9M	679.1M	709M	717.1M
Gross margin	83.2%	82.2%	81.1%	81.9%	82.6%	82.3%	81.7%	82.2%	83.3%	82.6%	83.3%	82.7%
Research & development	31.4M	39.2M	40.5M	41.1M	38.6M	38.5M	47.6M	44.1M	44.8M	41.1M	49.6M	46M
Selling, general & administrative	103.4M	115.6M	128.9M	111.2M	112.3M	121.2M	135.8M	116.6M	121.7M	126M	154.7M	133.6M
Operating expenses	134.8M	154.8M	169.4M	152.2M	150.9M	159.7M	183.4M	160.6M	166.5M	167.1M	204.3M	179.6M
Operating income	353.3M	370.7M	339.4M	382.6M	401.3M	405.2M	377M	425.2M	447.7M	463.6M	456.9M	487.5M
Operating margin	56.5%	53.7%	49.9%	54%	55.4%	54.5%	50.6%	55%	56.4%	56.4%	53.7%	56.2%
Non-operating income, net	935K	140.7M	-2.9M	-2.1M	-2.9M	-246K	-3.3M	-4.1M	-2.7M	-15.3M	-1.4M	-1.7M
Pretax income	317.7M	467.9M	295.9M	340M	356.9M	363.3M	331.1M	377.8M	396.5M	388.8M	389.2M	417.3M
Income tax	58M	64.5M	39.9M	73.2M	76M	57.8M	42.5M	74.2M	71.1M	104.2M	-16.8M	75.3M
Net income	259.7M	403.4M	256M	266.8M	280.9M	305.5M	288.6M	303.6M	325.4M	284.7M	406M	342M
Net margin	41.5%	58.5%	37.6%	37.7%	38.8%	41.1%	38.7%	39.3%	41%	34.6%	47.7%	39.4%
EBITDA	402.4M	563.1M	391.1M	437.6M	457.6M	461.6M	432.1M	479.4M	503.3M	508M	512.9M	545.8M
EPS	3.28	5.1	3.23	3.37	3.58	3.91	3.72	3.92	4.26	3.82	5.54	4.7
Diluted EPS	3.27	5.07	3.22	3.37	3.57	3.9	3.71	3.92	4.25	3.81	5.53	4.69

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	11.4B	12.9B	21.9B	37.4B	50.6B	37.6B	44.9B	47.2B	43.9B	39.5B
Enterprise value	—	12.6B	14.5B	23.6B	39.6B	53.4B	41.2B	49.1B	51.5B	49.7B	46.3B
Shares outstanding	96M	90.3M	87.2M	84.6M	83.7M	82.5M	80.7M	79.5M	78.7M	76.5M	76.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	37.6	25.3	38.8	62.1	69.6	43.1	39.1	42.6	36.5	30.1
P/S	—	8.97	8.96	14	22	24.7	16.7	17.8	16.5	14	12
P/B	—	28.5	-77.2	-284.9	-84.3	-309.2	-37.3	-60.8	-50.2	-16.5	-14.7
EV/EBITDA	—	19	17.1	27.6	41.5	45.8	30.3	28.6	29.4	25.8	23.6
EV/Sales	—	9.9	10.1	15.1	23.4	26.2	18.3	19.4	18	15.9	13.9
Earnings yield	—	2.66%	3.95%	2.58%	1.61%	1.44%	2.32%	2.56%	2.35%	2.74%	3.32%
FCF yield	—	3.11%	4.39%	3%	2.03%	1.75%	2.72%	2.55%	2.94%	3.32%	3.03%
PEG	—	—	—	—	—	—	—	—	—	—	1.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	78.1%	78.5%	80%	81.1%	82.8%	82.4%	82%	82.3%	82%	82.4%	82.7%
Operating margin	42.4%	45.5%	47.9%	48.5%	52.2%	53.3%	53.7%	54.8%	53.5%	54.7%	56.3%
Net margin	22.7%	23.9%	35.4%	36.2%	35.5%	35.5%	38.7%	45.4%	38.8%	38.4%	40.7%
ROE	82.1%	75.8%	-305%	-734.7%	-135.8%	-444.1%	-86.4%	-155.3%	-118%	-45.3%	-45.3%
ROA	8.46%	9.28%	15%	13.4%	14.3%	13.2%	17.4%	20.8%	20.4%	21.1%	21.1%
ROIC	20.6%	23.7%	36.8%	42.7%	43.7%	33.8%	38.1%	33.9%	38%	43.9%	45.5%
Return on tangible assets	-36%	-62.1%	-191.5%	101.4%	100.8%	-475.3%	-150.4%	-52.9%	-50.4%	-66.5%	-66%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.97	2.09	1.77	2.31	1.88	1.71	1.4	0.93	0.85	0.9	0.89
Quick ratio	1.97	2.09	1.77	2.31	1.88	1.71	1.4	0.93	0.85	0.9	0.89
Debt / equity	6.53	5.18	-15.5	-42.2	-7.94	-26.4	-4.61	-6.26	-4.93	-2.38	-0.02
Debt / assets	0.67	0.63	0.76	0.77	0.84	0.78	0.93	0.84	0.85	1.11	1.16
Net debt / EBITDA	2.26	1.79	1.97	2.03	2.33	2.47	2.69	2.43	2.42	3.02	2.98
Interest coverage	4.8	5.02	5.73	5.08	5.39	6.38	7.08	8.33	8.31	8.12	7.19
Effective tax rate	32.4%	34.9%	19.4%	6.58%	12.3%	15.4%	16.6%	16.1%	18.2%	19.5%	14.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12	14.1	16.4	18.4	20.3	24.8	27.8	31.8	36.3	41	44.9
EPS (basic)	2.72	3.36	5.83	6.66	7.19	8.8	10.8	14.4	14.1	15.7	15.7
EPS (diluted)	2.7	3.31	5.66	6.59	7.12	8.7	10.7	14.4	14.1	15.7	18.3
Book value per share	3.31	4.44	-1.91	-0.91	-5.29	-1.98	-12.5	-9.31	-11.9	-34.7	-37
FCF per share	4.16	3.93	6.47	7.75	9.08	10.7	12.7	14.4	17.6	19.1	20.5
Cash per share	8.25	9.85	10.4	17.8	15.5	17.2	12.3	5.76	5.16	6.69	4.85
Capex per share	0	0	0	0	0	—	—	—	—	1.7	1.86

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	0%	0%	0%	0%	—	—	—	—	4.14%	4.07%
Capex / operating cash flow	0%	0%	0%	0%	0%	—	—	—	—	8.18%	8.33%
Payout ratio	36.9%	39.4%	33.7%	39.5%	40.9%	41.7%	42.8%	38.4%	45.9%	46.3%	42.1%
Dividend yield	—	1.05%	1.33%	1.02%	0.66%	0.6%	0.99%	0.98%	1.08%	1.27%	1.51%

Yield

1.51%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.05

ex-dividend Aug 14, 2026

Payout ratio

42%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$2.05
May 15, 2026	$2.05
Feb 13, 2026	$2.05
Nov 14, 2025	$1.80
Aug 15, 2025	$1.80
May 16, 2025	$1.80

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$625.4M	$690.1M	$680M	$707.9M	$724.7M	$743.5M	$745.8M	$772.7M	$793.4M	$822.5M	$850.8M	$867M
YoY change	+11.6%	+19.8%	+14.8%	+14%	+15.9%	+7.74%	+9.69%	+9.14%	+9.48%	+10.6%	+14.1%	+12.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	791.8M	889.5M	904.2M	1.5B	1.3B	1.4B	993.2M	457.8M	405.9M	511.7M
Receivables	221.5M	327.6M	473.4M	499.3M	558.6M	664.5M	663.2M	839.6M	820.7M	986.7M
Inventory	—	—	—	—	—	—	—	—	—	—
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 & equipment	95.6M	94.4M	90.9M	257.1M	233.8M	211.3M	180.4M	171.2M	190.3M	200.2M
Goodwill & intangibles	3.8B	3.8B	3.7B	3.6B	3.6B	5.7B	5.6B	7.7B	7.6B	7.5B
Total assets	3.1B	3.3B	3.4B	4.2B	4.2B	5.5B	5B	5.5B	5.4B	5.7B
Accounts payable	568K	1.6M	3.9M	6.5M	14.3M	13.4M	15M	9.8M	14.5M	15.3M
Short-term debt	—	—	—	—	—	—	8.7M	10.9M	—	—
Total current liabilities	536.6M	607.7M	809M	900.8M	1B	1.3B	1.3B	1.5B	1.6B	1.8B
Long-term debt	2.1B	2.1B	2.6B	3.2B	3.5B	4.3B	4.6B	4.6B	4.6B	6.3B
Total liabilities	2.8B	2.9B	3.6B	4.3B	4.6B	5.7B	6B	6.3B	6.4B	8.4B
Shareholders' equity	317.6M	401M	-166.5M	-76.7M	-443.2M	-163.5M	-1B	-739.8M	-940M	-2.7B
Total debt	2.1B	2.1B	2.6B	3.2B	3.5B	4.3B	4.6B	4.6B	4.6B	6.3B
Net debt	1.3B	1.2B	1.7B	1.7B	2.2B	2.9B	3.7B	4.2B	4.2B	5.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	924.7M	457.8M	515.5M	447.5M	497.1M	405.9M	357.1M	343.7M	396.4M	511.7M	381.7M	352.7M
Receivables	603.3M	839.6M	745.6M	709.5M	643.8M	820.7M	749.2M	790.6M	745.9M	986.7M	883.2M	884.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.6B	1.4B	1.4B	1.3B	1.3B	1.3B	1.2B	1.3B	1.3B	1.6B	1.4B	1.4B
Property, plant & equipment	175.6M	171.2M	188.1M	193.5M	184M	190.3M	204.2M	202.8M	198.6M	200.2M	234.1M	234.7M
Goodwill & intangibles	5.5B	7.7B	7.7B	7.7B	7.7B	7.6B	7.6B	7.6B	7.5B	7.5B	7.6B	7.7B
Total assets	4.9B	5.5B	5.5B	5.5B	5.4B	5.4B	5.3B	5.4B	5.4B	5.7B	5.5B	5.6B
Accounts payable	10.2M	9.8M	12M	12.9M	8.7M	14.5M	10.7M	11.8M	16M	15.3M	10.3M	17.2M
Short-term debt	8.7M	10.9M	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.2B	1.5B	1.4B	1.4B	1.4B	1.6B	1.5B	1.5B	1.5B	1.8B	1.6B	1.6B
Long-term debt	4.6B	4.6B	4.6B	4.6B	4.6B	4.6B	4.7B	4.6B	5.6B	6.3B	6.5B	6.5B
Total liabilities	5.9B	6.3B	6.1B	6.2B	6.2B	6.4B	6.3B	6.3B	7.3B	8.4B	8.3B	8.3B
Shareholders' equity	-1B	-739.8M	-650.5M	-734.5M	-751M	-940M	-958.6M	-886.2M	-1.9B	-2.7B	-2.8B	-2.7B
Total debt	4.6B	4.6B	4.6B	4.6B	4.6B	4.6B	4.7B	4.6B	5.6B	6.3B	6.5B	6.5B
Net debt	3.7B	4.2B	4.1B	4.2B	4.1B	4.2B	4.3B	4.3B	5.2B	5.8B	6.2B	6.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	260.9M	304M	507.9M	563.6M	601.8M	726M	870.6M	1.1B	1.1B	1.2B
Depreciation & amortization	81.4M	80M	85.5M	101.9M	110.8M	134.1M	142.5M	159.2M	206.3M	218.6M
Stock-based compensation	32M	36.6M	38.9M	41.2M	51.1M	54.9M	58.1M	71.7M	95.2M	111.3M
Change in working capital	6.5M	-18.6M	10.4M	-4.2M	32.1M	-18.2M	77.1M	-18.7M	39.4M	-106.4M
Operating cash flow	368M	387.1M	645.5M	687M	746.4M	790.2M	1.2B	1.4B	1.5B	1.6B
Capital expenditure	0	0	10K	10K	0	—	—	—	—	-129.9M
Investing cash flow	597K	771K	83.8M	-18.2M	-190.8M	-982.9M	-6.4M	-728.5M	-29.1M	-130.1M
Dividends paid	-96.2M	-119.7M	-170.9M	-222.9M	-246.4M	-302.4M	-372.9M	-441M	-509.1M	-556.5M
Share repurchases	-774.6M	-150.5M	-949.9M	-292.1M	-778.5M	-198.4M	-1.4B	-504.2M	-885.3M	-2.5B
Financing cash flow	-377.9M	-270.2M	-627.1M	-39.9M	-779M	229.5M	-1.4B	-953.9M	-1.4B	-1.4B
Net change in cash	-9.3M	117.7M	102.3M	628.9M	-223.5M	36.8M	-240.6M	-325M	35.4M	89.4M
Free cash flow	399.7M	355.3M	563.8M	655.8M	760.1M	883.3M	1B	1.1B	1.4B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	259.7M	403.4M	256M	266.8M	280.9M	305.5M	288.6M	303.6M	325.3M	284.7M	406M	342M
Depreciation & amortization	37.9M	48.3M	48.5M	51M	54M	52.7M	54.5M	55.4M	53.2M	55.6M	54.6M	57.5M
Stock-based compensation	18.1M	16.3M	34.3M	19.4M	18.5M	23M	40M	23.2M	22.6M	25.6M	47.7M	25.4M
Change in working capital	-72.8M	4.8M	60.5M	-13.1M	-23.3M	15.4M	3.1M	-85.9M	-34M	10.2M	47.3M	-55M
Operating cash flow	220.1M	495.4M	389.4M	375.9M	331.9M	369.5M	398.3M	308.9M	449.4M	501.1M	306.8M	370.8M
Capital expenditure	—	—	—	—	—	—	—	—	-26.2M	-36.3M	-28.8M	-44.4M
Investing cash flow	0	-796K	-8.1M	-19.8M	-463K	-778K	-43K	0	-26.1M	-36.5M	-70.5M	-61.5M
Dividends paid	-109.4M	-109.4M	-131.3M	-126.9M	-125.8M	-125.1M	-143.8M	-139.7M	-137.9M	-135.1M	-150.5M	-149.5M
Share repurchases	-18.7M	-27K	-70M	-241.7M	-199.5M	-374M	-213.1M	-138.5M	-1.2B	-906.8M	-414.8M	-168.4M
Financing cash flow	-130.3M	-111.6M	-207.2M	-368.6M	-350.3M	-476.2M	-322.1M	-325M	-371.7M	-350.2M	-365.8M	-351.9M
Net change in cash	89.8M	383M	174.1M	-12.5M	-18.8M	-107.4M	76.2M	-16.2M	51.6M	114.5M	-129.5M	-42.6M
Free cash flow	270.1M	367.1M	275.9M	321.9M	394M	394.7M	268.9M	301.7M	423.2M	464.8M	278M	326.4M

MSCI Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement