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 Private Assets. The Index segment provides indexes for use in various areas of the investment process, including indexed product creation, such as ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives; performance benchmarking; portfolio construction and rebalancing; and asset allocation, as well as licenses GICS and GICS Direct. The Analytics segment offers risk management, performance attribution and portfolio management content, application, and service that provides an integrated view of risk and return, and an analysis of market, credit, liquidity, and counterparty risk across asset classes; managed services, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting; and HedgePlatform to measure, evaluate, and monitor the risk of hedge fund investments. The ESG and Climate segment provides products and services that help institutional investors understand how ESG factors impact the long-term risk and return of their portfolio and individual security-level investments; and data, ratings, research, and tools to help investors navigate increasing regulation. The All Other Private Assets segment includes real estate market and transaction data, benchmarks, return-analytics, climate assessments and market insights for funds, investors, and managers; business intelligence to real estate owners, managers, developers, and brokers; and offers investment decision support tools for private capital. It serves asset owners and managers, financial intermediaries, wealth managers, real estate professionals, and corporates. MSCI Inc. was incorporated in 1998 and is headquartered in New York, New York.

MSCI Inc.

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Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	1,518.5	1,468.2	1,387.9	1,315.5	1,213.4	1,136.8
Total Revenues %Chg	9.4%	11.6%	14.4%	15.7%	9.1%	6.6%
Operating Revenues
Cost of Sales	274.5	257.8	256.6	227.9	218.7	200.8
Cost of Revenues (Exclusive of Depreciation and Amortization)
Gross Profit	1,244	1,210.5	1,131.3	1,087.7	994.7	936
Gross Profit Margin	81.9%	82.4%	81.5%	82.7%	82%	82.3%
Selling, General & Administrative Expenses	252.4	233.5	240	219	211.2	202
Selling and Marketing
General and Administrative
Depreciation & Amortization Expenses	97.8	93.3	87.7	74	61.5	60.8
Amortization of Intangible Assets
Depreciation and Amortization of Property, Equipment and Leasehold Improvements
Research & Development Expenses	91.7	77.1	81.6	70.7	61.5	55
Research and Development
Operating Profit	802.3	806.5	722	724.1	660.6	618.3
Operating Income
Operating Margin	52.8%	54.9%	52%	55%	54.4%	54.4%
Interest and Investment Income	6.8	9.1	12.2	156.7	20.8	10.5
Interest Income
Gain on Remeasurement of Equity Method Investment
Interest Expense	-92.7	-92.2	-93.3	-93.9	-92.8	-89.8
Interest Expense
Non-Operating Income	-100.8	-89.4	-91.1	60.1	-82	-87.6
Other Expense
Other Expense, Net
Total Non-Operating Income	-186.7	-172.5	-172.2	123	-154.1	-166.8
Income Before Provision for Income Taxes	708.9	720.3	635.9	785.5	583.5	534.9
Income Before Provision for Income Taxes
Provision for Income Taxes	116.7	133.9	113.2	122.5	98	103.3
Provision for Income Taxes
Consolidated Net Income	592.3	586.4	522.7	663	485.6	431.6
Net Income Attributable to Discontinued Operations	—	—	—	—	—	—
Income from Discontinued Operations, Net of Income Taxes
Net Income Attributable to Common Shareholders	592.3	586.4	522.7	663	485.6	431.6
Net Income
Basic EPS	7.6	7.5	6.6	8.4	6.1	5.4
Diluted EPS	7.6	7.5	6.6	8.3	6.1	5.4
Basic Weighted Average Shares Outstanding	77.5	78.3	79.1	79.1	79.8	80.2
Total Shares Outstanding	77.4	77.7	78.7	79.1	79.1	80
Diluted Weighted Average Shares Outstanding	77.7	78.5	79.4	79.5	80.2	80.6
EBITDA	912.1	913.3	821.5	810.2	733.6	691.1
Effective Tax Rate	16.5%	18.6%	17.8%	15.6%	16.8%	19.3%