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MSCI cash flow statement

In fiscal 2025, MSCI's operations generated $1.59bn of cash; it spent $39.3m on capital projects, leaving free cash flow of $1.55bn. It returned $557m in dividends and $2.48bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Nov 20092010Nov 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1311832553473213063214424046137108119361,0951,2361,5021,5881,615
Depreciation and amortisation121719192226313435313030292721172326
Stock-based pay35323225252729323739415155587295111126
Capital spending131323454043413233302922141423343940
Free cash flow1181702323022812632814103715836807899231,0821,2131,4681,5491,575
Free cash flow after stock pay821382002772562362523783345446397388681,0241,1421,3731,4381,449
Dividends paid—————208896120171223246302373441509557583
Share buybacks1814151061124107017751509502927791981,3985048852,4842,043
Shares issued116—————————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from MSCI's SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to MSCI.