MSCI

MKT CAP:$43B

MSCI Inc.

Market Cap

$43B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$593.90+$28.65 (+5.07%)

Apr 24, 2026

Company Details

MSCI Inc., together with its subsidiaries, provides investment decision support tools for the clients to manage their investment processes worldwide. It operates through four segments: Index, Analytics, ESG and Climate, and All Other Privat...

CEO

Henry A. Fernandez

IPO Date

Nov 15, 2007

Website

www.msci.com

Key Metrics TTM

Revenue

$3.2B

+10.9% YoY

Net Income

$1.3B

EPS (Diluted)

$17.37

Free Cash Flow

$1.5B

Revenue / Share

$44.13

Gross Margin

82.9%

Operating Margin

55.4%

Net Margin

40.7%

FCF Margin

47.4%

P/S

13.3x

P/E

32.8x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$851M+14.1%EPS $5.53

FY 2025

Feb 6, 2026

$3.1B+9.7%EPS $15.56

Q4 2025

Feb 6, 2026

$823M+10.6%EPS $3.68

Q3 2025

Oct 28, 2025

$793M+9.5%EPS $4.24

Q2 2025

Jul 22, 2025

$773M+9.1%EPS $3.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$552M	$451M	$300M
Q3 22	$561M	$462M	$310M
Q4 22	$576M	$474M	$309M
Q1 23	$592M	$484M	$315M
Q2 23	$621M	$511M	$346M
Q3 23	$625M	$520M	$353M
Q4 23	$690M	$568M	$371M
Q1 24	$680M	$551M	$339M
Q2 24	$708M	$580M	$383M
Q3 24	$725M	$599M	$401M
Q4 24	$744M	$612M	$405M
Q1 25	$746M	$609M	$377M
Q2 25	$773M	$635M	$425M
Q3 25	$793M	$661M	$448M
Q4 25	$823M	$679M	$464M
Q1 26	$851M	$709M	$457M

Valuation

Quarter	P/S	P/E
Q2 22	16.0x	43.3x
Q3 22	15.5x	40.6x
Q4 22	17.1x	44.2x
Q1 23	19.4x	50.4x
Q2 23	15.9x	40.8x
Q3 23	16.6x	41.8x
Q4 23	17.0x	37.4x
Q1 24	16.8x	37.6x
Q2 24	13.9x	31.7x
Q3 24	16.3x	37.8x
Q4 24	16.5x	42.4x
Q1 25	15.0x	38.3x
Q2 25	14.9x	37.9x
Q3 25	14.4x	36.0x
Q4 25	14.4x	37.6x
Q1 26	12.7x	31.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$213M	$194M
Q3 22	$323M	$305M
Q4 22	$315M	$295M
Q1 23	$264M	$243M
Q2 23	$292M	$265M
Q3 23	$291M	$270M
Q4 23	$389M	$385M
Q1 24	$300M	$276M
Q2 24	$349M	$322M
Q3 24	$422M	$415M
Q4 24	$431M	$416M
Q1 25	$302M	$290M
Q2 25	$336M	$325M
Q3 25	$449M	$446M
Q4 25	$501M	$489M
Q1 26	$307M	$278M

Capital Expenditures

Quarter	CapEx
Q2 22	$19M
Q3 22	$18M
Q4 22	$20M
Q1 23	$22M
Q2 23	$26M
Q3 23	$21M
Q4 23	$4M
Q1 24	$24M
Q2 24	$27M
Q3 24	$7M
Q4 24	$14M
Q1 25	$12M
Q2 25	$11M
Q3 25	$4M
Q4 25	$12M
Q1 26	$29M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+10.8%	+4.5%
Q3 22	+8.4%	+6.0%
Q4 22	+4.8%	-0.7%
Q1 23	+5.8%	+2.5%
Q2 23	+12.6%	+9.5%
Q3 23	+11.6%	+8.4%
Q4 23	+19.8%	+19.4%
Q1 24	+14.8%	+22.7%
Q2 24	+14.0%	+18.2%
Q3 24	+15.9%	+18.8%
Q4 24	+7.7%	+5.9%
Q1 25	+9.7%	+8.3%
Q2 25	+9.1%	+6.8%
Q3 25	+9.5%	+6.9%
Q4 25	+10.6%	+6.1%
Q1 26	+14.1%	+6.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$12M	2.1%
Q3 22	$12M	2.1%
Q4 22	$12M	2.0%
Q1 23	$21M	3.6%
Q2 23	$16M	2.6%
Q3 23	$18M	2.9%
Q4 23	$16M	2.4%
Q1 24	$34M	5.0%
Q2 24	$19M	2.7%
Q3 24	$19M	2.6%
Q4 24	$23M	3.1%
Q1 25	$40M	5.4%
Q2 25	$23M	3.0%
Q3 25	$23M	2.8%
Q4 25	$26M	3.1%
Q1 26	$48M	5.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$24M	$37M	$61M
Q3 22	$26M	$31M	$66M
Q4 22	$29M	$34M	$72M
Q1 23	$31M	$41M	$66M
Q2 23	$30M	$36M	$68M
Q3 23	$31M	$37M	$67M
Q4 23	$39M	$40M	$75M
Q1 24	$41M	$57M	$72M
Q2 24	$41M	$40M	$71M
Q3 24	$39M	$42M	$71M
Q4 24	$38M	$44M	$77M
Q1 25	$48M	$57M	$79M
Q2 25	$44M	$38M	$78M
Q3 25	$45M	$42M	$80M
Q4 25	$41M	$43M	$83M
Q1 26	$50M	$69M	$86M

Revenue Segments

Quarter	All Other Segments	Analytics	E S G And Climate Segment	Index
Q2 22	$34M	$142M	$55M	$321M
Q3 22	$36M	$145M	$58M	$322M
Q4 22	$34M	$150M	$64M	$329M
Q1 23	$39M	$147M	$67M	$339M
Q2 23	$38M	$150M	$71M	$362M
Q3 23	$36M	$154M	$73M	$362M
Q4 23	$61M	$165M	$76M	$388M
Q1 24	$64M	$164M	$78M	$374M
Q2 24	$65M	$166M	$80M	$397M
Q3 24	$64M	$172M	$84M	$405M
Q4 24	$65M	$173M	$85M	$420M
Q1 25	$67M	$172M	$85M	$422M
Q2 25	$71M	$178M	$89M	$435M
Q3 25	$70M	$182M	$90M	$451M
Q1 26	$73M	$190M	$92M	$496M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$842M	$0	$842M
Q3 22	$867M	$0	$867M
Q4 22	$993M	$0	$993M
Q1 23	$1.1B	$0	$1.1B
Q2 23	$788M	$0	$788M
Q3 23	$925M	$0	$925M
Q4 23	$458M	$0	$458M
Q1 24	$515M	$0	$515M
Q2 24	$448M	$0	$448M
Q3 24	$497M	$0	$497M
Q4 24	$406M	$0	$406M
Q1 25	$357M	$0	$357M
Q2 25	$344M	$0	$344M
Q3 25	$400M	$0	$400M
Q4 25	$515M	$0	$515M
Q1 26	$385M	$0	$385M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	81M	-1.2%	-2.4%
Q3 22	81M	-0.5%	-3.2%
Q4 22	80M	-0.6%	-3.8%
Q1 23	80M	+0.1%	-2.2%
Q2 23	80M	-0.7%	-1.7%
Q3 23	80M	-0.5%	-1.7%
Q4 23	79M	-0.0%	-1.2%
Q1 24	80M	+0.0%	-1.2%
Q2 24	79M	-0.3%	-0.8%
Q3 24	79M	-0.7%	-1.0%
Q4 24	78M	-0.5%	-1.4%
Q1 25	78M	-0.7%	-2.1%
Q2 25	77M	-0.4%	-2.2%
Q3 25	77M	-0.3%	-1.8%
Q4 25	77M	0.0%	-1.4%
Q1 26	73M	-5.0%	-5.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$128.2K	4K
Q3 22	$130.3K	4K
Q4 22	$121.1K	5K
Q1 23	$124.4K	5K
Q2 23	$130.5K	5K
Q3 23	$131.4K	5K
Q4 23	$119.1K	6K
Q1 24	$117.4K	6K
Q2 24	$122.2K	6K
Q3 24	$125.1K	6K
Q4 24	$121.3K	6K
Q1 25	$121.6K	6K
Q2 25	$126.0K	6K
Q3 25	$129.4K	6K
Q4 25	$131.2K	6K
Q1 26	$135.7K	6K

Revenue / Employee