Cash Flow Statement

Operating Cash Flow

+45%

+96%

10Y

Currency: USD

	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Feb-2010	May-2010	Aug-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	78	99	81	77	76	74	68	67	68	70	82	93	97	86	14	6	28	67	173	184	176	174	184	199	223	230	223	244	291	287	284	248	196	209	224	240	251	252	261	273	288	308	304	346	382	420	508	571	580	593	564	534	523	568	602	651	701	688	726	758	803	849	871	881	917	960	1 149	1 166	1 186	1 207	1 109	1 142	1 179	1 223	1 202
Depreciation & Amortization	29	36	28	29	29	31	33	35	37	38	38	36	34	46	7	14	28	28	85	84	83	82	82	81	80	80	81	81	79	76	75	73	76	78	78	79	79	80	81	81	81	81	80	79	86	85	86	86	78	79	79	81	83	85	87	88	104	103	109	116	107	117	118	120	122	124	135	148	162	176	181	187	191	192	193
Change in Deffered Taxes	(3)	(7)	(23)	(20)	(27)	(23)	(7)	(8)	(11)	(15)	(14)	(12)	(8)	6	3	14	9	(18)	6	(12)	(16)	(5)	(30)	(30)	(9)	(9)	(15)	(36)	(15)	(12)	(5)	25	(12)	(12)	(10)	(17)	(12)	(12)	(17)	(15)	(19)	(21)	(19)	(18)	(16)	(17)	(1)	(8)	(2)	(2)	(21)	(18)	(25)	(16)	(56)	(49)	(54)	(153)	(111)	(125)	(126)	50	36	47	47	(54)	(15)	(21)	39	48	14	25	(27)	16	0
Stock-Based Compensation	0	0	3	8	15	21	30	33	35	38	35	33	29	33	0	26	29	24	32	29	27	27	25	26	26	25	25	23	25	26	27	29	29	27	29	28	29	32	32	34	35	36	37	36	36	37	39	39	41	41	41	47	50	51	51	55	53	54	55	59	58	58	58	56	61	67	72	85	88	89	95	101	105	109	111
Other Non-Cash Items	(1)	(1)	1	6	12	18	37	42	45	48	31	26	26	32	3	5	4	(2)	33	30	47	46	48	47	29	27	26	25	(59)	(57)	(49)	(45)	30	21	29	24	35	43	36	42	43	46	41	41	29	29	(19)	(13)	6	13	86	102	142	143	126	123	108	148	152	154	133	88	90	90	94	102	(35)	(28)	(26)	(8)	124	140	156	145	217
Cash Taxes Paid	6	6	49	58	65	95	64	59	70	55	61	63	72	63	1	7	16	29	94	86	99	114	134	137	139	142	129	140	138	130	120	113	127	111	130	127	123	107	98	100	97	129	129	124	131	139	143	152	125	98	73	61	37	81	114	117	177	204	223	231	264	214	181	182	195	224	240	233	215	204	201	201	200	196	0
Cash Interest Paid	1	2	9	17	23	27	26	22	20	19	18	17	17	28	0	10	21	17	53	50	44	40	37	31	26	23	20	20	19	20	17	13	29	24	42	65	66	89	89	101	101	113	113	113	113	113	126	126	139	139	141	147	162	146	163	142	150	155	151	160	152	157	165	171	178	183	182	183	182	182	180	180	179	177	0
Change in Working Capital	30	32	23	29	59	54	23	21	5	23	(5)	(48)	(33)	(39)	16	(51)	(43)	(22)	(42)	65	76	70	63	51	(9)	(43)	6	(40)	(37)	2	1	46	12	33	1	(38)	27	31	81	65	58	(8)	(2)	8	60	65	39	(23)	(68)	(44)	2	35	85	37	52	102	18	106	60	63	35	(44)	(19)	(23)	13	31	2	7	(31)	37	73	10	(9)	(57)	(24)
Cash from Operating Activities	132 N/A	159 +20%	110 -30%	121 +10%	150 +24%	153 +3%	155 +1%	157 +1%	144 -8%	164 +15%	131 -20%	94 -28%	117 +25%	131 +12%	43 -67%	(11) N/A	25 N/A	54 +114%	255 +375%	350 +37%	365 +4%	368 +1%	347 -6%	349 +0%	314 -10%	285 -9%	320 +12%	275 -14%	258 -6%	296 +15%	306 +3%	347 +14%	302 -13%	329 +9%	321 -2%	288 -10%	381 +32%	394 +3%	442 +12%	446 +1%	451 +1%	406 -10%	404 -1%	456 +13%	541 +19%	583 +8%	613 +5%	612 0%	594 -3%	639 +8%	710 +11%	734 +4%	808 +10%	819 +1%	811 -1%	914 +13%	876 -4%	892 +2%	936 +5%	965 +3%	952 -1%	1 060 +11%	1 095 +3%	1 115 +2%	1 194 +7%	1 163 -3%	1 236 +6%	1 272 +3%	1 329 +5%	1 460 +10%	1 502 +3%	1 503 +0%	1 490 -1%	1 518 +2%	1 588 +5%
Investing Cash Flow
Capital Expenditures	(2)	(3)	(1)	(1)	(6)	(19)	(26)	(31)	(29)	(18)	(13)	(11)	(9)	(9)	(2)	(1)	(2)	(10)	(23)	(24)	(36)	(44)	(45)	(45)	(33)	(30)	(44)	(49)	(57)	(63)	(51)	(47)	(47)	(39)	(49)	(48)	(49)	(51)	(43)	(47)	(41)	(39)	(49)	(45)	(45)	(47)	(49)	(51)	(56)	(58)	(54)	(56)	(56)	(53)	(51)	(51)	(50)	(53)	(60)	(65)	(73)	(77)	(73)	(79)	(87)	(89)	(91)	(94)	(94)	(101)	(115)	(124)	(131)	(130)	(130)
Other Items	(129)	187	193	177	164	52	138	164	(41)	(250)	(295)	(357)	184	(893)	1	85	(273)	778	(68)	(144)	25	49	(49)	52	(56)	(49)	48	(0)	363	348	348	348	(15)	0	0	0	0	1	1	0	1	1	1	0	21	21	84	84	63	63	(18)	(209)	(209)	(209)	(191)	0	(1)	(950)	(975)	(975)	(974)	(26)	(6)	(7)	(7)	(7)	(729)	(736)	(756)	(756)	(29)	(21)	(1)	(1)	(0)
Cash from Investing Activities	(131) N/A	184 N/A	192 +4%	175 -9%	158 -10%	33 -79%	112 +238%	133 +19%	(71) N/A	(267) -278%	(308) -15%	(368) -19%	176 N/A	(902) N/A	(1) +100%	84 N/A	(275) N/A	768 N/A	(91) N/A	(167) -85%	(11) +93%	5 N/A	(94) N/A	6 N/A	(89) N/A	(78) +13%	4 N/A	(49) N/A	306 N/A	285 -7%	297 +4%	301 +1%	(62) N/A	(39) +37%	(49) -25%	(48) +2%	(49) -2%	(50) -2%	(42) +16%	(46) -10%	(39) +14%	(38) +4%	(48) -27%	(44) +8%	(24) +45%	(26) -6%	35 N/A	33 -6%	6 -80%	5 -26%	(72) N/A	(265) -269%	(265) +0%	(262) +1%	(242) +8%	(51) +79%	(51) -1%	(1 003) -1 869%	(1 036) -3%	(1 041) 0%	(1 048) -1%	(102) +90%	(79) +22%	(86) -8%	(93) -9%	(96) -3%	(819) -751%	(830) -1%	(850) -2%	(857) -1%	(144) +83%	(145) 0%	(132) +9%	(130) +1%	(130) +0%
Financing Cash Flow
Net Issuance of Common Stock	0	0	265	265	264	264	(1)	(1)	(1)	(1)	98	98	98	109	(2)	4	10	1	2	(1)	(3)	(1)	(93)	(99)	(101)	(201)	(100)	(200)	(201)	(400)	(400)	(304)	(392)	(442)	(697)	(1 032)	(1 065)	(750)	(770)	(525)	(446)	(423)	(148)	(139)	(255)	(292)	(949)	(1 142)	(987)	(942)	(289)	(378)	(409)	(617)	(779)	(593)	(562)	(358)	(198)	(889)	(1 169)	(1 333)	(1 398)	(564)	(724)	(574)	(504)	(530)	(330)	(511)	(885)	(1 028)	(921)	(1 945)	(2 477)
Net Issuance of Debt	0	626	424	418	413	(219)	(22)	(22)	(22)	(22)	(22)	(27)	(321)	879	0	(133)	163	(1 034)	(187)	(46)	(246)	(254)	(227)	(251)	(59)	(59)	(48)	(27)	(21)	(15)	(10)	0	0	805	800	0	0	500	500	0	0	0	0	0	500	500	500	0	0	0	487	584	749	749	263	669	586	752	752	248	516	350	348	346	(7)	(9)	(9)	(9)	(7)	(29)	(2)	35	0	1 030	1 704
Cash Paid for Dividends	0	(973)	(973)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(20)	(41)	(61)	(85)	(88)	(89)	(90)	(93)	(96)	(100)	(104)	(112)	(120)	(129)	(138)	(155)	(171)	(194)	(209)	(215)	(223)	(224)	(232)	(240)	(246)	(253)	(261)	(281)	(302)	(324)	(344)	(359)	(373)	(397)	(423)	(432)	(441)	(460)	(477)	(493)	(509)	(522)	(534)	(547)	(557)
Other	0	0	(8)	0	0	(8)	(0)	0	(0)	0	7	8	8	(132)	0	1	2	143	7	6	1	1	(3)	(3)	1	1	3	3	4	4	(12)	(10)	(2)	(12)	(10)	(10)	(19)	(14)	(7)	0	0	(6)	0	0	(6)	(6)	(6)	0	0	0	(12)	(17)	(28)	(28)	(17)	(17)	(10)	(21)	(22)	(17)	(14)	(3)	(3)	(2)	(0)	(0)	0	(4)	(4)	(4)	(6)	(2)	(14)	(27)	(32)
Cash from Financing Activities	0 N/A	(347) N/A	(292) +16%	(298) -2%	(304) -2%	38 N/A	(23) N/A	(23) 0%	(23) +0%	(23) 0%	83 N/A	79 -5%	(214) N/A	856 N/A	(1) N/A	(128) -9 023%	175 N/A	(890) N/A	(178) +80%	(41) +77%	(248) -498%	(255) -3%	(323) -27%	(353) -9%	(159) +55%	(259) -63%	(146) +44%	(225) -54%	(218) +3%	(411) -88%	(442) -8%	(360) +19%	(455) -26%	266 N/A	5 -98%	(330) N/A	(374) -13%	(357) +5%	(373) -5%	(136) +64%	(62) +54%	(541) -776%	(268) +51%	(268) 0%	101 N/A	47 -54%	(626) N/A	(842) -34%	(1 196) -42%	(1 157) +3%	(37) +97%	(35) +4%	80 N/A	(136) N/A	(779) -474%	(193) +75%	(247) -28%	92 N/A	230 +150%	(982) N/A	(1 010) -3%	(1 345) -33%	(1 425) -6%	(618) +57%	(1 154) -87%	(1 015) +12%	(954) +6%	(1 003) -5%	(818) +18%	(1 038) -27%	(1 402) -35%	(1 517) -8%	(1 469) +3%	(1 488) -1%	(1 362) +8%
Change in Cash
Effect of Foreign Exchange Rates	5	2	(1)	(1)	(1)	1	(10)	(12)	(9)	(9)	3	3	1	1	2	4	5	(1)	(4)	(3)	(8)	1	1	(5)	(4)	(5)	(4)	1	3	(5)	(10)	(15)	(14)	(10)	(8)	(2)	(8)	(7)	(13)	(12)	(4)	(2)	9	10	(1)	(5)	(6)	(10)	(1)	(4)	1	(10)	(9)	0	4	10	9	1	(9)	(10)	(24)	(30)	(19)	(11)	3	10	5	(1)	(2)	8	(7)	(0)	7	(0)	10
Net Change in Cash	6 N/A	(2) N/A	9 N/A	(3) N/A	2 N/A	225 +9 497%	234 +4%	255 +9%	40 -84%	(135) N/A	(92) +32%	(193) -109%	79 N/A	86 +8%	43 -50%	(50) N/A	(70) -39%	(70) +0%	(17) +75%	138 N/A	97 -30%	119 +22%	(69) N/A	(3) +96%	61 N/A	(57) N/A	175 N/A	2 -99%	349 +18 956%	164 -53%	150 -9%	273 +81%	(228) N/A	545 N/A	269 -51%	(93) N/A	(50) +46%	(19) +61%	14 N/A	252 +1 683%	346 +37%	(175) N/A	98 N/A	153 +57%	617 +304%	599 -3%	15 -98%	(207) N/A	(596) -188%	(517) +13%	602 N/A	424 -30%	614 +45%	422 -31%	(206) N/A	680 N/A	587 -14%	(18) N/A	121 N/A	(1 068) N/A	(1 130) -6%	(418) +63%	(428) -2%	401 N/A	(50) N/A	61 N/A	(532) N/A	(561) -6%	(341) +39%	(428) -25%	(52) +88%	(159) -203%	(104) +34%	(101) +3%	106 N/A
Free Cash Flow
Free Cash Flow	130 N/A	156 +20%	110 -30%	119 +9%	144 +20%	135 -6%	130 -4%	126 -3%	114 -9%	147 +28%	118 -20%	83 -29%	108 +30%	122 +13%	41 -66%	(12) N/A	23 N/A	44 +90%	232 +428%	327 +41%	328 +1%	323 -2%	302 -7%	303 +0%	280 -8%	256 -9%	277 +8%	226 -18%	201 -11%	233 +16%	255 +9%	300 +18%	255 -15%	290 +13%	272 -6%	239 -12%	331 +39%	343 +3%	400 +17%	400 0%	411 +3%	368 -10%	355 -3%	411 +16%	495 +21%	536 +8%	564 +5%	561 -1%	538 -4%	581 +8%	656 +13%	678 +3%	752 +11%	766 +2%	760 -1%	863 +14%	826 -4%	839 +2%	876 +4%	899 +3%	879 -2%	983 +12%	1 022 +4%	1 036 +1%	1 108 +7%	1 073 -3%	1 145 +7%	1 179 +3%	1 235 +5%	1 359 +10%	1 387 +2%	1 379 -1%	1 359 -1%	1 388 +2%	1 459 +5%

Income Statement Balance Sheet Cash Flow Statement

MSCI Inc
NYSE:MSCI

Cash Flow Statement

Cash Flow Statement
MSCI Inc

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