MSCI Inc
NYSE: MSCI · FINANCIAL SERVICES · FINANCIAL DATA & STOCK EXCHANGES
Updated 2026-06-05
MSCI Inc (MSCI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $310.70M | $369.89M | $430.96M | $442.95M | $662.90M | $900.94M | $950.14M | $1.04B | $996.68M | $1.08B | $1.15B | $1.27B | $1.43B | $1.56B | $1.70B | $2.04B | $2.25B | $2.53B | $2.86B | $3.13B |
| Revenue growth (YoY) | — | +19.1% | +16.5% | +2.8% | +49.7% | +35.9% | +5.5% | +9.0% | -3.8% | +7.9% | +7.0% | +10.7% | +12.5% | +8.6% | +8.8% | +20.5% | +10.0% | +12.5% | +12.9% | +9.7% |
| Cost of revenue | $115.43M | $121.71M | $124.67M | $118.67M | $198.63M | $277.15M | $288.07M | $328.31M | $308.57M | $267.69M | $252.11M | $273.91M | $287.33M | $294.96M | $291.70M | $358.68M | $404.34M | $446.58M | $514.38M | $550.37M |
| Gross profit | $195.27M | $248.18M | $306.29M | $324.28M | $464.27M | $623.79M | $662.07M | $707.36M | $688.11M | $807.32M | $898.56M | $1.00B | $1.15B | $1.26B | $1.40B | $1.68B | $1.84B | $2.08B | $2.34B | $2.58B |
| Gross margin | 62.8% | 67.1% | 71.1% | 73.2% | 70.0% | 69.2% | 69.7% | 68.3% | 69.0% | 75.1% | 78.1% | 78.5% | 80.0% | 81.1% | 82.8% | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% |
| R&D | $55.36M | $57.00M | $56.50M | $53.00M | $73.20M | $90.30M | $95.50M | $61.00M | $71.09M | $77.32M | $75.20M | $75.88M | $81.41M | $98.33M | $101.05M | $111.56M | $107.20M | $132.12M | $158.65M | $177.60M |
| SG&A | $85.82M | $92.48M | $142.00M | $135.78M | $190.24M | $212.97M | $233.18M | $68.46M | $76.37M | $86.01M | $87.23M | $87.90M | $99.88M | $110.09M | $114.63M | $147.89M | $146.86M | $153.97M | $182.34M | $180.22M |
| Operating income | $83.30M | $129.34M | $135.79M | $150.99M | $206.12M | $322.00M | $346.94M | $371.51M | $337.17M | $403.90M | $488.10M | $579.77M | $686.90M | $755.70M | $884.76M | $1.07B | $1.21B | $1.38B | $1.53B | $1.71B |
| Operating margin | 26.8% | 35.0% | 31.5% | 34.1% | 31.1% | 35.7% | 36.5% | 35.9% | 33.8% | 37.6% | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| EBITDA | $112.95M | $170.71M | $170.04M | $188.91M | $263.84M | $402.40M | $430.27M | $420.84M | $411.75M | $489.74M | $568.94M | $661.14M | $848.54M | $853.26M | $953.34M | $1.15B | $1.36B | $1.71B | $1.75B | $1.93B |
| EBITDA margin | 36.4% | 46.2% | 39.5% | 42.6% | 39.8% | 44.7% | 45.3% | 40.6% | 41.3% | 45.6% | 49.4% | 51.9% | 59.2% | 54.8% | 56.2% | 56.4% | 60.4% | 67.8% | 61.2% | 61.6% |
| EBIT | $83.30M | $142.88M | $136.57M | $151.40M | $204.83M | $317.17M | $348.27M | $340.33M | $340.16M | $411.94M | $487.59M | $581.15M | $763.01M | $751.36M | $842.55M | $1.02B | $1.22B | $1.56B | $1.54B | $1.71B |
| Interest expense | $0.00 | $9.59M | $26.93M | $19.68M | $51.34M | $55.82M | $56.43M | $26.27M | $31.82M | $62.39M | $101.65M | $116.10M | $133.11M | $148.04M | $156.32M | $159.61M | $171.57M | $186.68M | $185.50M | $209.89M |
| Income tax | $36.10M | $52.18M | $41.38M | $49.92M | $61.32M | $89.96M | $105.17M | $123.06M | $109.40M | $119.52M | $125.08M | $162.93M | $122.01M | $39.67M | $84.40M | $132.15M | $173.27M | $220.47M | $247.04M | $291.95M |
| Effective tax rate | 33.6% | 39.1% | 37.7% | 37.9% | 40.0% | 34.2% | 36.3% | 35.6% | 27.8% | 34.8% | 32.4% | 34.9% | 19.4% | 6.6% | 12.3% | 15.4% | 16.6% | 16.1% | 18.2% | 19.5% |
| Net income | $71.44M | $81.11M | $68.27M | $81.80M | $92.17M | $173.45M | $184.24M | $222.56M | $284.11M | $223.65M | $260.86M | $303.97M | $507.88M | $563.65M | $601.82M | $725.98M | $870.57M | $1.15B | $1.11B | $1.20B |
| Net income growth (YoY) | — | +13.5% | -15.8% | +19.8% | +12.7% | +88.2% | +6.2% | +20.8% | +27.7% | -21.3% | +16.6% | +16.5% | +67.1% | +11.0% | +6.8% | +20.6% | +19.9% | +31.9% | -3.4% | +8.4% |
| Profit margin | 23.0% | 21.9% | 15.8% | 18.5% | 13.9% | 19.3% | 19.4% | 21.5% | 28.5% | 20.8% | 22.7% | 23.9% | 35.4% | 36.2% | 35.5% | 35.5% | 38.7% | 45.4% | 38.8% | 38.4% |
Frequently asked questions
What is MSCI Inc's revenue?
MSCI Inc's trailing twelve-month revenue is $3.24B, and consensus projects about $4.81B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MSCI?
In its most recent fiscal year, MSCI ran a gross margin of 82.44%, an operating margin of 54.67%, and a net margin of 38.36%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MSCI generate?
MSCI produced $1.55B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MSCI's balance sheet healthy?
MSCI holds $515.33M in cash and equivalents against $6.20B in long-term debt, on $-2.65B of shareholder equity. That debt is best read against the cash flow the business throws off each year.