MSCI INC. (MSCI) FY2026 Q1 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-03-31

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MSCI INC. cash flow reconciliation, Jan 1, 2026 through Mar 31, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $306,800,000.00Net income → Operating adjustments reconciliation: $99,200,000.00Accounts receivable → Operating adjustments reconciliation: $102,100,000.00Stock-based compensation expense → Operating adjustments reconciliation: $47,700,000.00Amortization of intangible assets → Operating adjustments reconciliation: $41,900,000.00Prepaid income taxes → Operating adjustments reconciliation: $25,500,000.00Amortization of right of use assets → Operating adjustments reconciliation: $6,800,000.00Depreciation and amortization of property, equipment and leasehold improvements → Operating adjustments reconciliation: $5,900,000.00Other non-current liabilities → Operating adjustments reconciliation: $4,900,000.00Amortization of debt origination fees → Operating adjustments reconciliation: $1,800,000.00Other → Operating adjustments reconciliation: $500,000.00Operating adjustments reconciliation → Accrued compensation and related benefits: $146,600,000.00Operating adjustments reconciliation → Deferred taxes: $82,500,000.00Operating adjustments reconciliation → Deferred revenue: $46,200,000.00Operating adjustments reconciliation → Income taxes payable: $17,800,000.00Operating adjustments reconciliation → Other accrued liabilities: $15,200,000.00Operating adjustments reconciliation → Prepaid and other assets: $9,300,000.00Operating adjustments reconciliation → Accounts payable: $6,200,000.00Operating adjustments reconciliation → Long-term operating lease liabilities: $6,000,000.00Operating adjustments reconciliation → Other adjustments: $5,200,000.00Operating adjustments reconciliation → Other non-current assets: $1,300,000.00investing reconciliation → Business acquisitions, net of cash acquired: $41,700,000.00investing reconciliation → Capitalized software development costs: $26,000,000.00investing reconciliation → Capital expenditures: $2,800,000.00Net cash used in financing activities → financing reconciliation: $364,500,000.00Proceeds from borrowings → financing reconciliation: $375,000,000.00Proceeds from exercise of stock options → financing reconciliation: $1,300,000.00financing reconciliation → Repurchase of common stock held in treasury: $414,800,000.00financing reconciliation → Repayment of borrowings: $175,000,000.00financing reconciliation → Payment of dividends: $150,500,000.00financing reconciliation → Payment of contingent consideration and deferred purchase price from acquisitions: $500,000.00Net cash used in investing activities → investing reconciliation: $70,500,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $515,300,000.00Net cash from operating activities → Cash sources and uses: $306,800,000.00Cash sources and uses → Exchange-rate effect: $1,800,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $385,300,000.00Cash sources and uses → Net cash used in investing activities: $70,500,000.00Cash sources and uses → Net cash used in financing activities: $364,500,000.00Net income: $406,000,000.00Net income+$406.00 MAmortization of intangible assets: $41,900,000.00Intangible amortization+$41.90 MStock-based compensation expense: $47,700,000.00Stock-based compensation+$47.70 MDepreciation and amortization of property, equipment and leasehold improvements: $5,900,000.00Depreciation & amortization+$5.90 MAmortization of debt origination fees: $1,800,000.00Debt issuance cost amortization+$1.80 MDeferred taxes: -$82,500,000.00Deferred taxes & credits−$82.50 MOther adjustments: -$5,200,000.00Other non-cash items−$5.20 MAccounts receivable: $102,100,000.00Accounts receivable+$102.10 MPrepaid income taxes: $25,500,000.00Prepaid income taxes+$25.50 MPrepaid and other assets: -$9,300,000.00Prepaid & other assets−$9.30 MOther non-current assets: -$1,300,000.00Other noncurrent assets−$1.30 MAccounts payable: -$6,200,000.00Accounts payable−$6.20 MAccrued compensation and related benefits: -$146,600,000.00Accrued compensation−$146.60 MIncome taxes payable: -$17,800,000.00Income taxes payable−$17.80 MOther accrued liabilities: -$15,200,000.00Other accrued liabilities−$15.20 MDeferred revenue: -$46,200,000.00Deferred revenue−$46.20 MLong-term operating lease liabilities: -$6,000,000.00Long-term lease liabilities−$6.00 MOther non-current liabilities: $4,900,000.00Other noncurrent liabilities+$4.90 MOther: $500,000.00Other working capital, net+$500.00 KAmortization of right of use assets: $6,800,000.00Operating lease amortization+$6.80 MNet cash from operating activities: $306,800,000.00Operating cash+$306.80 MOperating adjustments reconciliation: $336,300,000.00Proceeds from borrowings: $375,000,000.00Debt issued+$375.00 MRepayment of borrowings: -$175,000,000.00Debt repaid−$175.00 MRepurchase of common stock held in treasury: -$414,800,000.00Common stock repurchases−$414.80 MPayment of dividends: -$150,500,000.00Common dividends paid−$150.50 MProceeds from exercise of stock options: $1,300,000.00Stock option exercises+$1.30 MPayment of contingent consideration and deferred purchase price from acquisitions: -$500,000.00Contingent consideration paid−$500.00 KNet cash used in financing activities: -$364,500,000.00. Cash required to fund net payments.Financing cash−$364.50 Mfinancing reconciliation: $740,800,000.00Business acquisitions, net of cash acquired: -$41,700,000.00Acquisitions, net of cash−$41.70 MCapital expenditures: -$2,800,000.00PP&E purchases−$2.80 MCapitalized software development costs: -$26,000,000.00Software spending−$26.00 MNet cash used in investing activities: -$70,500,000.00. Cash required to fund net payments.Investing cash−$70.50 Minvesting reconciliation: $70,500,000.00Cash sources and uses: $822,100,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $515,300,000.00Beginning cash$515.30 MEnding cash: Cash, cash equivalents, and restricted cash: $385,300,000.00Ending cash$385.30 MExchange-rate effect: -$1,800,000.00FX effect−$1.80 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$304.00 MOperating cash − cash spent on PP&ECash flow / Net income0.76×Operating cash flow ÷ net incomeNet cash change−$130.00 MEnding cash − beginning cash
Chart details

MSCI INC. cash flow reconciliation, Jan 1, 2026 through Mar 31, 2026

Cash flows for Jan 1, 2026 through Mar 31, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Mar 31, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
515,300,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
306,800,000 US dollars. Net cash provided.
Net income
406,000,000 US dollars
Amortization of intangible assets
41,900,000 US dollars
Stock-based compensation expense
47,700,000 US dollars
Depreciation and amortization of property, equipment and leasehold improvements
5,900,000 US dollars
Amortization of debt origination fees
1,800,000 US dollars
Deferred taxes
negative 82,500,000 US dollars
Other adjustments
negative 5,200,000 US dollars
Accounts receivable
102,100,000 US dollars
Prepaid income taxes
25,500,000 US dollars
Prepaid and other assets
negative 9,300,000 US dollars
Other non-current assets
negative 1,300,000 US dollars
Accounts payable
negative 6,200,000 US dollars
Accrued compensation and related benefits
negative 146,600,000 US dollars
Income taxes payable
negative 17,800,000 US dollars
Other accrued liabilities
negative 15,200,000 US dollars
Deferred revenue
negative 46,200,000 US dollars
Long-term operating lease liabilities
negative 6,000,000 US dollars
Other non-current liabilities
4,900,000 US dollars
Other
500,000 US dollars
Amortization of right of use assets
6,800,000 US dollars
Investing activities
negative 70,500,000 US dollars. Net cash used.
Business acquisitions, net of cash acquired
negative 41,700,000 US dollars
Capital expenditures
negative 2,800,000 US dollars
Capitalized software development costs
negative 26,000,000 US dollars
Financing activities
negative 364,500,000 US dollars. Net cash used.
Proceeds from borrowings
375,000,000 US dollars
Repayment of borrowings
negative 175,000,000 US dollars
Repurchase of common stock held in treasury
negative 414,800,000 US dollars
Payment of dividends
negative 150,500,000 US dollars
Proceeds from exercise of stock options
1,300,000 US dollars
Payment of contingent consideration and deferred purchase price from acquisitions
negative 500,000 US dollars
Operating adjustment reconciliation
336,300,000 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
740,800,000 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
70,500,000 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
negative 1,800,000 US dollars
Ending cash on Mar 31, 2026
385,300,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
822,100,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 130,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.76×. 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
306,800,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
2,800,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
304,000,000 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 exceeds operating cash. The diagram allocates $306.80M of net income directly to operating cash and $99.20M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of 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: 306,800,000 US dollars minus 2,800,000 US dollars equals 304,000,000 US dollars.
MSCI INC. (MSCI) FY2026 Q1 Statement of Cash Flows Sankey chart
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