For the quarter ending 2026-03-31, MSCI had -$130,000K decrease in cash & cash equivalents over the period. $304,000K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Adjusted ebitda-Reportable Segment Aggregation Before Other Operating Segment | - | - | 475,107 | 865,863 |
| Adjusted ebitda-All Other Private Assets Segment | - | - | 35,601 | 17,879 |
| Amortization of intangible assets | - | - | 40,937 | 43,760 |
| Depreciation and amortization of property, equipment and leasehold improvements | - | - | 10,135 | 5,799 |
| Acquisition-related integration and transaction costs | - | - | 3,097 | -3,097 |
| Operating income | - | - | 849,024 | 400,923 |
| Other expense (income), net | - | - | -95,580 | -48,949 |
| Provision for income taxes | - | - | 147,157 | 40,625 |
| Net income | 406,000 | 284,669 | 325,386 | 303,650 |
| Gain on remeasurement of equity method investment | - | 0 | - | - |
| Amortization of intangible assets | 41,900 | 40,911 | 40,937 | 43,760 |
| Stock-based compensation expense | 47,700 | 25,571 | 22,587 | 23,181 |
| Depreciation and amortization of property, equipment and leasehold improvements | 5,900 | 7,471 | 5,803 | 5,385 |
| Amortization of right of use assets | 6,800 | 7,217 | 6,354 | 6,183 |
| Loss on impairment of right of use assets, net | - | 0 | - | - |
| Amortization of debt origination fees | 1,800 | 1,742 | 1,559 | 1,287 |
| Loss on extinguishment of debt | - | 0 | 0 | 0 |
| Loss on investment in investee | - | -11,768 | - | - |
| Deferred taxes | -82,500 | 13,254 | 31,776 | -1,754 |
| Other adjustments | 5,200 | 1,445 | 2,814 | -12,847 |
| Accounts receivable | -102,100 | 243,539 | -42,656 | 36,557 |
| Prepaid income taxes | -25,500 | -26,270 | 27,231 | 15,697 |
| Prepaid and other assets | 9,300 | 6,564 | 3,155 | -9,169 |
| Other non-current assets | 1,300 | 92 | 2,146 | 3,701 |
| Accounts payable | -6,200 | -572 | 4,952 | 2,035 |
| Income taxes payable | -17,800 | -3,308 | 11,887 | -12,729 |
| Accrued compensation and related benefits | -146,600 | 49,099 | 49,343 | 49,306 |
| Other accrued liabilities | -15,200 | 34,277 | 20,949 | -2,649 |
| Deferred revenue | -46,200 | 258,688 | -82,550 | -32,852 |
| Long-term operating lease liabilities | -6,000 | -7,190 | -7,441 | -7,038 |
| Other non-current liabilities | 4,900 | 3,008 | 11,088 | -7,363 |
| Other | -500 | 105 | 499 | 325 |
| Net cash provided by operating activities | 306,800 | 501,130 | 449,441 | 336,138 |
| Capitalized software development costs | 26,000 | 23,851 | 22,215 | 23,115 |
| Capital expenditures | 2,800 | 12,439 | 3,932 | 11,448 |
| Business acquisitions, net of cash acquired | 41,700 | 0 | 0 | 0 |
| Other | - | 160 | 0 | 0 |
| Net cash used in investing activities | -70,500 | -36,450 | -26,147 | -34,563 |
| Repurchase of common stock held in treasury | 414,800 | 906,822 | 1,225,899 | 138,491 |
| Payment of dividends | 150,500 | 135,135 | 137,858 | 139,744 |
| Repayment of borrowings | 175,000 | 175,000 | 712,000 | 149,875 |
| Proceeds from borrowings | 375,000 | 874,088 | 1,716,875 | 115,000 |
| Payment of debt issuance costs | - | 7,311 | 12,771 | 0 |
| Proceeds from exercise of stock options | 1,300 | 390 | 2,277 | 3,914 |
| Payment of contingent consideration and deferred purchase price from acquisitions | 500 | 0 | 0 | 11,906 |
| Net cash (used in) provided by financing activities | -364,500 | -349,790 | -369,376 | -321,102 |
| Effect of exchange rate changes | -1,800 | 353 | -1,147 | 6,174 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -130,000 | 115,243 | 52,771 | -13,353 |
| Cash, cash equivalents and restricted cash, beginning of period | 515,300 | 400,089 | 347,318 | 360,671 |
| Cash, cash equivalents and restricted cash, end of period | 385,300 | 515,332 | 400,089 | 347,318 |
MSCI Inc. (MSCI)
MSCI Inc. (MSCI)