Income StatementBalance SheetCash FlowSegments
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MSCI Cash Flow Statement

Operating, investing, and financing cash movements

MSCI generated $1.6B in operating cash flow over the trailing twelve months. After $30.5M in capital expenditures, free cash flow was $1.6B. Free cash flow increased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.6BNet Cash From Investing (TTM)-$167.7MNet Cash From Financing (TTM)-$1.4BCapital Expenditures (TTM)$30.5MDepreciation And Amortization Cf (TTM)$24.6MNet Change In Cash (TTM)$24.7M
Latest FilingQ1 2026
Report Date2026-04-21
Market Cap$41.6B
P/E Ratio31.49
ROE-70.71%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Change in prepaid taxes-$28.6M$4.2M$15.7M$27.2M—-$25.5M
Other non-cash income (expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other non-cash income (expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Change in accounts payable$6.1M-$5.9M$2.1M$5.0M—-$6.2M
Change in accounts receivable—-$73.2M$36.6M-$42.7M$243.5M-$102.1M
Change in deferred revenue$192.4M-$46.9M-$32.8M-$82.6M$258.7M-$46.2M
Change in income taxes payable/receivable$2.1M$32.8M-$12.8M$11.9M—-$17.8M
Change in other assets-$981.0K$9.6M$3.7M$2.1M$92.0K$1.3M
Other working capital changes-$257.0K$100.0K$358.0K$499.0K$105.0K-$500.0K
Deferred income taxes—$3.4M-$1.8M$31.8M$13.3M-$82.5M
Depreciation and amortization$4.3M$4.7M$5.4M$5.8M$7.5M$5.9M
Other Non-Cash Income (Expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other Non-cash Income (Expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other Non-cash Income (Expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Change in other non-current liabilities$6.4M-$900.0K-$7.3M$11.1M$3.0M$4.9M
Net cash from operating activities$430.6M$301.7M$336.2M$449.4M$501.1M$306.8M
Net income$305.5M$288.6M$303.7M$325.4M$284.7M$406.0M
Other non-cash income (expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Amortization expense related to capitalized debt issuance costs$1.3M$1.3M$1.3M$1.6M$1.7M$1.8M
Accrued compensation and employee benefits$44.9M-$127.1M$49.3M$49.3M$49.1M-$146.6M
Long-term operating lease liabilities-$6.8M-$6.7M-$7.0M-$7.4M-$7.2M-$6.0M
Accrued liabilities—$9.0M-$2.6M$20.9M$34.3M-$15.2M
Other long-term liabilities$6.4M-$900.0K-$7.3M$11.1M$3.0M$4.9M
Increase (Decrease) in Prepaid Expense and Other Assets$3.4M$7.0M-$9.1M$3.2M$6.6M$9.3M
Operating lease right-of-use asset amortization$5.7M$5.9M$6.2M$6.4M$7.2M$6.8M
Other Noncash Income (Expense)$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other Non-cash Income and Expense$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other Non-Cash Adjustments$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Other Non-Cash Income and Expense$10.6M-$7.3M-$12.9M$2.8M$0.0$5.2M
Stock-based compensation$23.0M$40.0M$23.2M$22.6M$25.6M$47.7M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Payment for contingent consideration liability (financing)$2.0M$200.0K$11.9M$0.0$0.0$500.0K
Payment for Contingent Consideration (Financing)$2.0M$200.0K$11.9M$0.0$0.0$500.0K
Payment for Contingent Consideration (Financing)$2.0M$200.0K$11.9M$0.0$0.0$500.0K
Dividends paid$125.1M$143.8M$139.7M$137.9M$135.1M$150.5M
Proceeds from issuances of debt$220.0M$100.0M$115.0M$1.7B$874.1M$375.0M
Repayments of Debt$195.0M$65.0M$149.9M$712.0M$175.0M$175.0M
Payment of Deferred Purchase Consideration$2.0M$200.0K$11.9M$0.0$0.0$500.0K
Net cash from financing activities-$476.2M-$321.7M-$321.1M-$369.4M-$349.8M-$364.5M
Proceeds from issuance of common stock$0.0$400.0K$3.9M$2.3M$390.0K$1.3M
Repurchases of common stock$374.0M$213.1M$138.5M$1.2B$906.8M$414.8M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$0.0$0.0$0.0$0.0$41.7M
Capital expenditures$14.2M$11.6M$11.3M$3.9M$12.4M$2.8M
Payments for Software$21.7M$21.3M$23.2M$22.2M$23.9M$26.0M
Net cash from investing activities-$36.7M-$32.9M-$34.6M-$26.1M-$36.5M-$70.5M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$10.6M-$5.7M-$2.1M—$6.0M
Interest paid$55.0M$33.6M$56.1M$32.0M$51.6M$79.0M
Capital expenditures incurred but not yet paid—$10.6M-$5.7M-$2.1M—$6.0M
Capital Expenditures Incurred but Not Yet Paid—$10.6M-$5.7M-$2.1M—$6.0M
Income Taxes Paid, Net$39.6M$11.2M$101.1M$43.9M$66.1M$55.8M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$416.4M$290.1M$324.8M$445.5M$488.7M$304.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$9.3M$4.2M$6.2M-$1.1M$353.0K-$1.8M
Contingent consideration (receivable) payable - financing activities$2.0M$200.0K$11.9M$0.0$0.0$500.0K
Net increase (decrease) in cash-$91.6M-$48.7M-$13.3M$52.8M$115.2M-$130.0M
Accrued payables for capital expenditures—$10.6M-$5.7M-$2.1M—$6.0M