MSCI INC. (MSCI) FY2025 Annual Statement of Cash Flows
2025-01-01 to 2025-12-31
Statement of Cash Flows
2025-01-01 to 2025-12-31
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Chart details
MSCI INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025
Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.
- Beginning cash on Dec 31, 2024
- 409,351,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
- Operating activities
- 1,588,446,000 US dollars. Net cash provided.
- Net income
- 1,202,305,000 US dollars
- Gain on remeasurement of equity method investment
- 0 US dollars
- Amortization of intangible assets
- 169,480,000 US dollars
- Stock-based compensation expense
- 111,343,000 US dollars
- Depreciation and amortization of property, equipment and leasehold improvements
- 23,405,000 US dollars
- Amortization of right of use assets
- 25,685,000 US dollars
- Loss on impairment of right of use assets, net
- 0 US dollars
- Amortization of debt origination fees
- 5,876,000 US dollars
- Loss on extinguishment of debt
- 0 US dollars
- Loss on investment in investee
- 11,768,000 US dollars
- Deferred taxes
- 46,675,000 US dollars
- Other adjustments
- 15,932,000 US dollars
- Accounts receivable
- negative 164,236,000 US dollars
- Prepaid income taxes
- negative 20,849,000 US dollars
- Prepaid and other assets
- negative 7,591,000 US dollars
- Other non-current assets
- negative 15,560,000 US dollars
- Accounts payable
- 559,000 US dollars
- Income taxes payable
- 28,609,000 US dollars
- Accrued compensation and related benefits
- 20,612,000 US dollars
- Other accrued liabilities
- 61,599,000 US dollars
- Deferred revenue
- 96,426,000 US dollars
- Long-term operating lease liabilities
- negative 28,392,000 US dollars
- Other non-current liabilities
- 5,862,000 US dollars
- Other
- negative 1,062,000 US dollars
- Investing activities
- negative 130,064,000 US dollars. Net cash used.
- Acquisition of a business, net of cash acquired
- 0 US dollars
- Capital expenditures
- negative 39,319,000 US dollars
- Capitalized software development costs
- negative 90,542,000 US dollars
- Other
- negative 203,000 US dollars
- Financing activities
- negative 1,361,990,000 US dollars. Net cash used.
- Repurchase of common stock held in treasury
- negative 2,484,305,000 US dollars
- Payment of dividends
- negative 556,521,000 US dollars
- Repayment of borrowings
- negative 1,101,875,000 US dollars
- Proceeds from borrowings, net of discount
- 2,805,963,000 US dollars
- Payment of debt issuance costs
- negative 20,082,000 US dollars
- Payment of contingent consideration and deferred purchase price from acquisitions
- negative 12,145,000 US dollars
- Proceeds from exercise of stock options
- 6,975,000 US dollars
- Operating adjustment reconciliation
- 623,831,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
- financing gross reconciliation
- 4,174,928,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- investing gross reconciliation
- 130,064,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- Exchange-rate effect
- 9,589,000 US dollars
- Ending cash on Dec 31, 2025
- 515,332,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
- Cash sources and uses
- 2,007,386,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- Net cash change
- 105,981,000 US dollars. Ending cash minus beginning cash.
- Cash flow / Net income
- 1.32×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
- Operating cash flow
- 1,588,446,000 US dollars. Operating cash flow used in the free cash flow calculation.
- Cash purchases of property, plant and equipment
- 39,319,000 US dollars. These cash purchases are already included in investing activities above.
- Free cash flow
- 1,549,127,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.
Chart connections
- Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
- Financing contributions meet at a reconciliation junction before connecting to the net cash total.
- Investing contributions meet at a reconciliation junction before connecting to the net cash total.
- Operating reconciliation adjustments are not all independent cash receipts.
- Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $386.14M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
- Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
- The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
- Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 1,588,446,000 US dollars minus 39,319,000 US dollars equals 1,549,127,000 US dollars.
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