MSCI Inc. (MSCI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 306.8M | 501.13M | 449.44M | 336.14M | 301.74M | 430.63M | 421.61M | 349.25M | 300.14M | 388.95M | 291.13M | 291.8M | 264.14M | 315.43M | 323.07M | 212.69M | 244.18M | 279.66M | 215.89M | 225.06M |
| Operating CF Margin % | 36.06% | 60.93% | 56.65% | 43.5% | 40.46% | 57.92% | 58.18% | 49.33% | 44.14% | 56.36% | 46.55% | 46.98% | 44.6% | 54.74% | 57.63% | 38.54% | 43.61% | 50.86% | 41.75% | 45.18% |
| Operating CF Growth % | 1.68% | 16.37% | 6.6% | -3.75% | 0.53% | 10.72% | 44.82% | 19.69% | 13.63% | 23.31% | -9.89% | 37.2% | 8.17% | 12.79% | 49.64% | -5.5% | 13.33% | 18.54% | 8.06% | -14.3% |
| Net Income | 406M | 284.67M | 325.39M | 303.65M | 288.6M | 305.51M | 280.9M | 266.76M | 255.95M | 403.38M | 259.66M | 246.82M | 238.73M | 214.97M | 216.59M | 210.59M | 228.42M | 193.87M | 169.88M | 165.42M |
| Depreciation & Amortization | 54.6M | 55.6M | 47.29M | 55.33M | 54.55M | 52.74M | 54.02M | 51.02M | 48.5M | 48.28M | 23.38M | 37.16M | 35.91M | 36.24M | 36.57M | 35.14M | 34.55M | 35.33M | 27.04M | 43.42M |
| Stock-Based Compensation | 47.7M | 25.57M | 22.59M | 23.18M | 40M | 22.97M | 18.5M | 19.4M | 34.34M | 16.28M | 18.14M | 16.14M | 21.09M | 11.66M | 12.01M | 11.56M | 22.86M | 11.7M | 12.36M | 11.95M |
| Deferred Taxes | 0 | 13.25M | 30.02M | -1.75M | 3.4M | -17.76M | -10.47M | 50.18M | -7.63M | 15.71M | -19.21M | -9.51M | -2.25M | -22.89M | 82.15M | -9.87M | -12.96M | -9.53M | -93.35M | -9.63M |
| Other Non-Cash Items | -85.9M | 12.06M | 6.3M | 14.13M | 8.63M | -9.33M | 12.29M | 1.74M | -743K | 78.61M | 10.98M | 3.33M | 5.17M | 6.28M | -4.9M | 3.49M | 2.34M | 3.8M | 40.3M | 23.7M |
| Working Capital Changes | -115.6M | 109.97M | 17.85M | -58.4M | -93.45M | 76.5M | 66.37M | -39.84M | -30.28M | -173.31M | -1.82M | -2.14M | -34.5M | 69.16M | -19.35M | -38.23M | -31.02M | 44.5M | 59.67M | -9.8M |
| Change in Receivables | 102.1M | -243.54M | 42.66M | -36.56M | 73.2M | -184.01M | 68.97M | 34.16M | 91.11M | -207.66M | 7.15M | 28.5M | 22.49M | -133.67M | 56.91M | -286K | 70.42M | -168.53M | 205K | 18.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.01M | -60.74M | 0 | 0 | 0 | 0 | 0 | -5.83M | 52.4M | -67.5M |
| Change in Payables | -6.2M | -572K | 4.95M | 2.04M | -5.86M | 6.13M | -3.81M | 601K | 2.04M | 0 | 2.13M | -1.52M | -6.33M | 9.48M | -3.24M | -2.85M | -2.06M | 4.15M | -1.14M | 2.69M |
| Cash from Investing | -70.5M | -36.45M | -26.15M | -34.56M | -32.9M | -36.73M | -28.06M | -47.13M | -32.33M | -749.97M | -20.98M | -26.67M | -21.76M | -26.92M | -18M | -19.1M | -15.31M | -49.83M | -963.56M | -11.96M |
| Capital Expenditures | -28.8M | -12.44M | -3.93M | -11.45M | -32.86M | -35.95M | -27.6M | -27.32M | -24.24M | -21.83M | -20.98M | -26.46M | -21.58M | -20.46M | -18M | -19.1M | -15.34M | -16.6M | -14.79M | -11.05M |
| CapEx % of Revenue | 3.38% | 1.51% | 0.5% | 1.48% | 4.41% | 4.84% | 3.81% | 3.86% | 3.56% | 3.16% | 3.35% | 4.26% | 3.64% | 3.55% | 3.21% | 3.46% | 2.74% | 3.02% | 2.86% | 2.22% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 210.66M | 210.5M | 211.92M | 214.39M | 215.37M | 216.55M | 218.13M | 218.76M | 186.5M | 187.45M |
| Other Investing | 0 | -24.01M | -22.21M | -23.11M | -43K | -778K | -463K | -153K | -276K | -728.14M | 0 | -203K | -186K | -6.46M | 6K | -5K | 28K | -147K | 1K | -911K |
| Cash from Financing | -364.5M | -349.79M | -369.38M | -321.1M | -321.72M | -476.18M | -350.27M | -368.64M | -207.22M | -111.57M | -130.31M | -553.76M | -158.29M | -172.55M | -269.89M | -16.82M | -966.12M | -91.74M | 64.39M | 11.32M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -413.5M | -906.82M | -1.22B | -138.49M | -213.09M | -374.05M | -199.51M | -241.72M | -69.99M | -27K | -18.74M | -441.46M | -43.96M | -70.21M | -168.78M | -280.86M | -877.66M | -5.31M | -5.29M | -620K |
| Dividends Paid | -150.5M | -135.13M | -137.86M | -139.74M | -143.78M | -125.13M | -125.76M | -126.92M | -131.31M | -109.35M | -109.38M | -110.11M | -112.14M | -100.16M | -100.82M | -84.17M | -87.77M | -85.95M | -85.94M | -64.47M |
| Share Repurchases | -414.8M | -906.82M | -1.23B | -138.49M | -213.09M | -374.05M | -199.51M | -241.72M | -69.99M | -27K | -18.74M | -441.46M | -43.96M | -70.21M | -168.78M | -280.86M | -877.66M | -5.31M | -5.29M | -620K |
| Other Financing | -500K | -19.69M | -12.77M | -7.99M | 155K | -2.01M | 0 | 0 | -3.74M | 0 | 0 | 0 | 0 | -1K | -283K | -1.8M | -691K | -477K | -10.82M | -5.35M |
| Net Change in Cash | -130M | 115.24M | 52.77M | -13.35M | -48.68M | -91.63M | 49.58M | -67.91M | 57.62M | -466.86M | 136.22M | -288.28M | 87.04M | 126.45M | 24.81M | 162.99M | -742.13M | 136.78M | -687.34M | 224.85M |
| Free Cash Flow | 278M | 488.69M | 445.51M | 324.69M | 290.24M | 416.39M | 414.98M | 321.92M | 275.9M | 385.14M | 270.15M | 265.34M | 242.56M | 294.97M | 305.07M | 193.59M | 228.85M | 263.07M | 201.1M | 214.01M |
| FCF Margin % | 32.68% | 59.41% | 56.15% | 42.02% | 38.91% | 56% | 57.26% | 45.47% | 40.58% | 55.81% | 43.19% | 42.72% | 40.96% | 51.19% | 54.41% | 35.08% | 40.87% | 47.84% | 38.89% | 42.96% |
| FCF Growth % | -4.22% | 17.36% | 7.36% | 0.86% | 5.2% | 8.11% | 53.61% | 21.33% | 13.74% | 30.57% | -11.45% | 37.06% | 5.99% | 12.13% | 51.7% | -9.54% | 11.58% | 20.1% | 6.93% | -14.76% |
| FCF per Share | 3.79 | 6.32 | 5.76 | 4.19 | 3.73 | 5.31 | 5.27 | 4.06 | 3.47 | 4.84 | 3.40 | 3.32 | 3.01 | 3.67 | 3.77 | 2.38 | 2.78 | 3.15 | 2.41 | 2.57 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.76x | 1.38x | 1.11x | 1.05x | 1.41x | 1.50x | 1.31x | 1.17x | 0.96x | 1.12x | 1.18x | 1.11x | 1.47x | 1.49x | 1.01x | 1.07x | 1.44x | 1.27x | 1.36x |
| Interest Paid | 0 | 51.59M | 32.04M | 56.03M | 33.65M | 54.99M | 34.23M | 56.68M | 34.05M | 57.24M | 34.41M | 56.86M | 33.8M | 57.95M | 28.98M | 50.41M | 27.78M | 49.7M | 24.55M | 57.75M |
| Taxes Paid | 0 | 66.08M | 43.9M | 101.04M | 11.25M | 39.6M | 48.19M | 101.84M | 11.39M | 42.73M | 59.16M | 119.62M | 18.96M | 25.96M | 30.69M | 106.39M | 17.64M | 58.89M | 80.59M | 74.13M |