MSCI Inc.

NYSE-MSCI

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	325.4	303.7	288.6	305.5	280.9	266.8
Net Income
Depreciation & Amortization	53.1	55.3	54.5	52.7	54	51
Amortization of Intangible Assets
Depreciation and Amortization of Property, Equipment and Leasehold Improvements
Amortization of Right of Use Assets
Share-Based Compensation Expense	22.6	23.2	40	23	18.5	19.4
Stock-Based Compensation Expense
Other Adjustments	61	24.8	12	-43.6	3.6	103.8
Gain on Remeasurement of Equity Method Investment
Income on Impairment of Right of Use Assets, Net
Amortization of Debt Origination Fees
Loss on Extinguishment of Debt
Gain on Divestitures, Net of Costs
Other Adjustment
Deferred Taxes
Excess Tax Benefits from Share-Based Compensation
Other Adjustments
Other Adjustment
Changes in Trade Receivables	42.7	-36.6	73.2	-184	69	34.2
Accounts Receivable
Changes in Accounts Payable	5	2	-5.9	6.1	-3.8	0.6
Accounts Payable
Changes in Accrued Expenses	70.3	46.7	-118.1	33.8	63.9	47.5
Accrued Compensation and Related Benefits
Other Accrued Liabilities
Changes in Income Taxes Payable	11.9	-12.7	32.8	2.1	11.9	-20
Income Taxes Payable
Changes in Unearned Revenue	-82.6	-32.9	-46.9	192.4	-86.2	-34.2
Deferred Revenue
Changes in Other Operating Activities	-11.5	-83.4	-28.6	102.5	78	-107.8
Net Changes in Other Operating Assets and Liabilities
Prepaid Income Taxes
Prepaid and Other Assets
Other Non-Current Assets
Long-Term Operating Lease Liabilities
Other Non-Current Liabilities
Other
Cash from Operating Activities	449.4	336.1	301.7	430.6	421.6	349.2
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-3.9	-11.4	-11.5	-14.2	-6.6	-8.6
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from the Sale of Capital Equipment
Purchases of Intangible Assets	-22.2	-23.1	-21.4	-21.7	-21	-18.7
Capitalized Software Development Costs
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sales of Investments
Payments for Business Acquisitions	—	—	—	—	—	-19.6
Cash Paid for Acquisitions, Net of Cash Acquired
Acquisition of Assets, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Divestitures
Other Investing Activities	—	—	-0	-0.8	-0.5	-0.2
Other
Acquisition of Equity Method Investment
Cash from Investing Activities	-26.1	-34.6	-32.9	-36.7	-28.1	-47.1
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	1,716.9	115	100	220	—	—
Proceeds from Borrowings, Net of Discount
Repayments of Long-Term Debt	-712	-149.9	-65	-195	-25	—
Repayment of Borrowings
Net Issuance / (Repayments) of Long-Term Debt	1,004.9	-34.9	35	25	-25	—
Issuance of Common Shares	2.3	3.9	0.4	—	—	—
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	-1,225.9	-138.5	-213.1	-374	-199.5	-241.7
Repurchase of Common Stock Held in Treasury
Net Issuance / (Repurchases) of Common Shares	-1,223.6	-134.6	-212.7	-374	-199.5	-241.7
Common Share Dividends Paid	-137.9	-139.7	-143.8	-125.1	-125.8	-126.9
Payment of Dividends
Other Financing Activities	-12.8	-11.9	-0.2	-2	—	—
Excess Tax Benefits from Share-Based Compensation
Payment of Debt Issuance Costs
Payment of Contingent Consideration and Deferred Purchase Price from Acquisitions
Cash from Financing Activities	-369.4	-321.1	-321.7	-476.2	-350.3	-368.6
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	445.5	324.7	290.2	416.4	415	340.6
NOPAT	367.4	341.7	328.7	340.7	315.8	300.2
Levered Free Cash Flow	1,372.5	232.4	200	706	367.1	195.3
Unlevered Free Cash Flow	409.6	305.4	205.1	716.2	427	228.8
Net Change in Cash	53.9	-19.5	-52.9	-82.3	43.3	-66.5