MSCI Inc 10-Q for FY2025 Q2

MSCI Inc. (MSCI)

10-Q 2025-07-22 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

MSCI Inc filed this 10-Q on July 22, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $772.68M; up 9.1% from $707.95M a year earlier
Net income: $303.65M; up 13.8% from net income of $266.76M a year earlier
Diluted EPS: $3.92; up 16.3% from $3.37 a year earlier

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Delaware						13-4038723
(State or other jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

7 World Trade Center 250 Greenwich Street, 49th Floor New York, New York						10007
(Address of Principal Executive Offices)						(Zip Code)


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o


		Page
	Part I – Financial Information
Item 1.	Financial Statements	4
	Condensed Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 20 24	4
	Condensed Consolidated Statements of Income for the three and s ix months ended June 30 , 202 5 and 20 24	5
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 202 5 and 202 4	6
	Condensed Consolidated Statements of Shareholders' Equity (Deficit) for the three and six months ended June 30, 202 5 and 202 4	7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 20 24	8
	Notes to Condensed Consolidated Financial Statements	9
	1. Introduction and Basis of Presentation	9
	2. Recent Accounting Pronouncements	10
	3. Revenue Recognition	10
	4. Earnings Per Common Share	12
	5. Acquisitions	12
	6. Goodwill and Intangible Assets, Net	13
	7. Debt	14
	8. Leases	15
	9. Shareholders’ Equity (Deficit)	16
	1 0 . Income Taxes	17
	1 1 . Segment Information	18
	1 2 . Subsequent Events	21
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40

	Part II – Other Information
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5.	Other Information	41
Item 6.	Exhibits	42


	As of
	June 30,		December 31,
(unaudited)	2025		2024
ASSETS
Current assets:
Cash and cash equivalents (includes restricted cash of $3,635 and $3,497 at June 30, 2025 and December 31, 2024, respectively)	$	347,318	$	409,351
Accounts receivable (net of allowances of $5,707 and $5,284 at June 30, 2025 and December 31, 2024, respectively)	790,576		820,709
Prepaid income taxes	68,331		48,162
Prepaid and other assets	64,983		65,799
Total current assets	1,271,208		1,344,021

Property, equipment and leasehold improvements, net	85,626		70,885
Right of use assets	117,161		119,435
Goodwill	2,925,600		2,915,167
Intangible assets, net	869,190		907,613
Deferred tax assets	42,486		40,626
Other non-current assets	62,405		47,692
Total assets	$	5,373,676	$	5,445,439


LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	11,761	$	14,517
Income taxes payable	65,141		37,989
Accrued compensation and related benefits	144,802		217,492

Other accrued liabilities	188,144		192,233
Deferred revenue	1,060,335		1,123,423
Total current liabilities	1,470,183		1,585,654

Long-term debt	4,513,028		4,510,816
Long-term operating lease liabilities	115,401		121,153
Deferred tax liabilities	52,387		47,623
Other non-current liabilities	108,885		120,190
Total liabilities	6,259,884		6,385,436


Commitments and Contingencies (see Note 7)

Shareholders’ equity (deficit):
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)	—		—
Common stock (par value $0.01; 750,000,000 common shares authorized; 134,312,034 and 134,079,855 common shares issued and 77,365,235 and 77,744,588 common shares outstanding at June 30, 2025 and December 31, 2024, respectively)	1,343		1,341
Treasury shares, at cost (56,946,799 and 56,335,267 common shares held at June 30, 2025 and December 31, 2024, respectively)	(7,680,426)		(7,334,291)
Additional paid in capital	1,751,826		1,683,693
Retained earnings	5,091,154		4,780,300
Accumulated other comprehensive loss	(50,105)		(71,040)
Total shareholders’ equity (deficit)	(886,208)		(939,997)

Total liabilities and shareholders’ equity (deficit)	$	5,373,676	$	5,445,439


	Three Months Ended June 30,				Six Months Ended June 30,
(unaudited)	2025		2024		2025		2024
Operating revenues	$	772,679	$	707,949	$	1,518,505	$	1,387,914

Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	137,667		128,109		274,457		256,623
Selling and marketing	78,210		71,454		156,917		143,622
Research and development	44,074		41,073		91,665		81,598
General and administrative	38,349		39,706		95,446		96,397
Amortization of intangible assets	43,760		40,773		87,632		79,377
Depreciation and amortization of property, equipment and leasehold improvements	5,385		4,226		10,131		8,307
Total operating expenses	347,445		325,341		716,248		665,924


Operating income	425,234		382,608		802,257		721,990

Interest income	(2,929)		(6,110)		(6,805)		(12,158)
Interest expense	46,184		46,633		92,676		93,307
Other expense (income)	4,139		2,091		7,476		4,954

Other expense (income), net	47,394		42,614		93,347		86,103


Income before provision for income taxes	377,840		339,994		708,910		635,887
Provision for income taxes	74,190		73,236		116,660		113,175
Net income	$	303,650	$	266,758	$	592,250	$	522,712


Earnings per share:
Basic	$	3.92	$	3.37	$	7.64	$	6.60
Diluted	$	3.92	$	3.37	$	7.63	$	6.59

Weighted average shares outstanding:
Basic	77,400		79,085		77,514		79,140
Diluted	77,496		79,245		77,651		79,377


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(unaudited)	Common Stock		Treasury Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance at December 31, 2024	$	1,341	$	(7,334,291)	$	1,683,693	$	4,780,300	$	(71,040)	$	(939,997)
Net income							288,600				288,600
Dividends declared ($1.80 per common share)							(141,392)				(141,392)
Dividends paid in shares					35						35
Other comprehensive income (loss), net of tax									7,372		7,372
Common stock issued	2										2
Shares withheld for tax withholding			(57,735)								(57,735)
Exercise of stock options					394						394
Compensation payable in common stock					40,366						40,366
Common stock repurchased and held in treasury			(156,207)								(156,207)
Common stock issued to Directors and (held in)/released from treasury			(8)								(8)
Balance at March 31, 2025	1,343		(7,548,241)		1,724,488		4,927,508		(63,668)		(958,570)

Net income							303,650				303,650
Dividends declared ($1.80 per common share)							(140,004)				(140,004)
Dividends paid in shares					11						11
Other comprehensive income (loss), net of tax									13,563		13,563
Common stock issued											—
Shares withheld for tax withholding			(74)								(74)
Exercise of stock options					3,915						3,915
Compensation payable in common stock					23,412						23,412
Common stock repurchased and held in treasury			(132,460)								(132,460)
Common stock issued to Directors and (held in)/released from treasury			349								349
Balance at June 30, 2025	$	1,343	$	(7,680,426)	$	1,751,826	$	5,091,154	$	(50,105)	$	(886,208)













Balance at December 31, 2023	$	1,338	$	(6,447,101)	$	1,587,670	$	4,179,681	$	(61,352)	$	(739,764)
Net income							255,954				255,954
Dividends declared ($1.60 per common share)							(129,444)				(129,444)
Dividends paid in shares					74						74
Other comprehensive income (loss), net of tax									(2,205)		(2,205)
Common stock issued	3										3
Shares withheld for tax withholding			(69,991)								(69,991)

Compensation payable in common stock					34,894						34,894
Common stock repurchased and held in treasury											—
Common stock issued to Directors and (held in)/released from treasury			(38)								(38)
Balance at March 31, 2024	1,341		(6,517,130)		1,622,638		4,306,191		(63,557)		(650,517)

Net income							266,758				266,758
Dividends declared ($1.60 per common share)							(127,304)				(127,304)
Dividends paid in shares					40						40
Other comprehensive income (loss), net of tax									(1,278)		(1,278)
Common stock issued											—
Shares withheld for tax withholding			(200)								(200)
Compensation payable in common stock					19,707						19,707
Common stock repurchased and held in treasury			(243,035)								(243,035)
Common stock issued to Directors and (held in)/released from treasury			1,346								1,346
Balance at June 30, 2024	$	1,341	$	(6,759,019)	$	1,642,385	$	4,445,645	$	(64,835)	$	(734,483)


(in thousands)	Amount
Balance as of December 31, 2023	$	3,968
Addition to credit loss expense	3,990
Write-offs, net of recoveries	(2,674)
Balance as of December 31, 2024	$	5,284

Addition to credit loss expense	1,307
Write-offs, net of recoveries	(884)
Balance as of June 30, 2025	$	5,707


	For the Three Months Ended June 30, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	235,647	$	169,781	$	87,027	$	70,313	$	562,768
Asset-based fees	184,072		—		—		—		184,072
Non-recurring	15,114		7,922		1,884		919		25,839
Total	$	434,833	$	177,703	$	88,911	$	71,232	$	772,679


	For the Six Months Ended June 30, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	468,977	$	339,536	$	169,764	$	137,132	$	1,115,409
Asset-based fees	361,487		—		—		—		361,487
Non-recurring	26,112		10,352		3,766		1,379		41,609
Total	$	856,576	$	349,888	$	173,530	$	138,511	$	1,518,505


	For the Three Months Ended June 30, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	217,032	$	162,128	$	78,000	$	64,309	$	521,469
Asset-based fees	163,281		—		—		—		163,281
Non-recurring	16,879		3,867		1,855		598		23,199
Total	$	397,192	$	165,995	$	79,855	$	64,907	$	707,949


	For the Six Months Ended June 30, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	429,984	$	322,679	$	154,418	$	127,443	$	1,034,524
Asset-based fees	313,540		—		—		—		313,540
Non-recurring	27,540		7,282		3,321		1,707		39,850
Total	$	771,064	$	329,961	$	157,739	$	129,150	$	1,387,914


(in thousands)	Accounts receivable, net of allowances		Deferred revenue
Opening (December 31, 2024)	$	820,709	$	1,123,423
Closing (June 30, 2025)	790,576		1,060,335
Increase/(decrease)	$	(30,133)	$	(63,088)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	303,650	$	266,758	$	592,250	$	522,712

Basic weighted average common shares outstanding	77,400		79,085		77,514		79,140
Effect of dilutive securities	96		160		137		237
Diluted weighted average common shares outstanding	77,496		79,245		77,651		79,377


Earnings per common share:
Basic	$	3.92	$	3.37	$	7.64	$	6.60
Diluted	$	3.92	$	3.37	$	7.63	$	6.59


	As of
	June 30,
(in thousands)	2025
First 12-month period	$	983,371
Second 12-month period	620,148
Third 12-month period	285,661
Periods thereafter	195,780
Total	$	2,084,960


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Beginning balance	$	29,116	$	8,269	$	28,647	$	—
Additions of contingent consideration(1)	—		19,094		—		27,240
Change in fair value	(3,775)		383		(3,306)		506
Payments	(9,634)		—		(9,634)		—
Ending Balance	$	15,707	$	27,746	$	15,707	$	27,746


	June 30, 2025						December 31, 2024
(in thousands)	Gross intangible assets		Accumulated amortization		Net intangible assets		Gross intangible assets		Accumulated amortization		Net intangible assets
Customer relationships	$	716,480	$	(397,610)	$	318,870	$	715,020	$	(379,087)	$	335,933
Proprietary data	456,328		(127,695)		328,633		452,813		(104,980)		347,833
Acquired technology and software	258,537		(206,532)		52,005		256,794		(199,090)		57,704
Trademarks	209,090		(186,086)		23,004		209,090		(181,521)		27,569
Internally developed capitalized software	362,201		(215,523)		146,678		316,795		(178,221)		138,574
Total	$	2,002,636	$	(1,133,446)	$	869,190	$	1,950,512	$	(1,042,899)	$	907,613


Years Ending December 31, (in thousands)	Amortization Expense
Remainder of 2025	$	79,803
2026	137,898
2027	106,138
2028	77,034
2029	70,615
Thereafter	397,702
Total	$	869,190


		Principal Amount Outstanding at		Carrying Value at		Carrying Value at		Fair Value at		Fair Value at
(in thousands)	Maturity Date	June 30, 2025		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Debt
4.000% senior unsecured notes due 2029	November 15, 2029	$	1,000,000	$	995,273	$	994,727	$	967,750	$	944,070
3.625% senior unsecured notes due 2030	September 1, 2030	900,000		896,580		896,249		845,253		820,845
3.875% senior unsecured notes due 2031	February 15, 2031	1,000,000		993,802		993,255		943,330		918,400
3.625% senior unsecured notes due 2031	November 1, 2031	600,000		595,838		595,509		553,428		538,350
3.250% senior unsecured notes due 2033	August 15, 2033	700,000		694,535		694,201		614,509		592,046
Variable rate revolving loans (1)	January 26, 2029	337,000		337,000		336,875		333,630		333,506
Total debt		$	4,537,000	$	4,513,028	$	4,510,816	$	4,257,900	$	4,147,217


Maturity of Principal Debt Payments (in thousands)	Amounts
Remainder of 2025	$	—
2026	—
2027	—
2028	—
2029	1,337,000
Thereafter	3,200,000
Total debt	$	4,537,000


Maturity of Lease Liabilities	Operating
(in thousands)	Leases
Remainder of 2025	$	15,597
2026	33,065
2027	26,900
2028	26,018
2029	17,372
Thereafter	41,406
Total lease payments	$	160,358

Less: Interest	(17,877)
Present value of lease liabilities	$	142,481


Other accrued liabilities	$	27,080
Long-term operating lease liabilities	$	115,401


Six months ended (in thousands, except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
June 30, 2025	$	557.70	514	$	286,585
June 30, 2024	$	483.79	499	$	241,518


	Dividends
(in thousands, except per share data)	Per Share		Declared		Distributed		(Released)/Deferred
2025
Three Months Ended March 31,	$	1.80	$	141,392	$	143,820	$	(2,428)
Three Months Ended June 30,	1.80		140,004		139,753		251


Total	$	3.60	$	281,396	$	283,573	$	(2,177)

2024
Three Months Ended March 31,	$	1.60	$	129,444	$	131,378	$	(1,934)
Three Months Ended June 30,	1.60		127,304		126,958		346


Total	$	3.20	$	256,748	$	258,336	$	(1,588)


	Common Stock	Treasury	Common Stock
	Issued	Stock	Outstanding
Balance at December 31, 2024	134,079,855	(56,335,267)	77,744,588
Dividend payable/paid	45	—	45
Common stock issued and exercise of stock options	218,647	—	218,647
Shares withheld for tax withholding	—	(98,463)	(98,463)
Shares repurchased under stock repurchase programs	—	(263,051)	(263,051)
Shares issued to directors	14	(14)	—
Balance at March 31, 2025	134,298,561	(56,696,795)	77,601,766

Dividend payable/paid	—	—	—
Common stock issued and exercise of stock options	11,393	—	11,393
Shares withheld for tax withholding	—	(134)	(134)
Shares repurchased under stock repurchase programs	—	(250,818)	(250,818)
Shares issued to directors	2,080	948	3,028
Balance at June 30, 2025	134,312,034	(56,946,799)	77,365,235


			Page
Overview			22
Critical Accounting Estimates			23
Results of Operations			23
Segment Results			29
Liquidity and Capital Resources			37
Cash Flows			38


	Three Months Ended June 30,				% Change		Six Months Ended June 30,				% Change
(in thousands)	2025		2024				2025		2024
Operating revenues:
Index
Recurring subscriptions	$	235,647	$	217,032	8.6	%	$	468,977	$	429,984	9.1	%
Asset-based fees	184,072		163,281		12.7	%	361,487		313,540		15.3	%
Non-recurring	15,114		16,879		(10.5	%)	26,112		27,540		(5.2	%)
Index total	434,833		397,192		9.5	%	856,576		771,064		11.1	%


Analytics
Recurring subscriptions	169,781		162,128		4.7	%	339,536		322,679		5.2	%
Non-recurring	7,922		3,867		104.9	%	10,352		7,282		42.2	%
Analytics total	177,703		165,995		7.1	%	349,888		329,961		6.0	%


Sustainability and Climate
Recurring subscriptions	87,027		78,000		11.6	%	169,764		154,418		9.9	%
Non-recurring	1,884		1,855		1.6	%	3,766		3,321		13.4	%
Sustainability and Climate total	88,911		79,855		11.3	%	173,530		157,739		10.0	%


All Other - Private Assets
Recurring subscriptions	70,313		64,309		9.3	%	137,132		127,443		7.6	%
Non-recurring	919		598		53.7	%	1,379		1,707		(19.2	%)
All Other - Private Assets total	71,232		64,907		9.7	%	138,511		129,150		7.2	%


Recurring subscriptions total	562,768		521,469		7.9	%	1,115,409		1,034,524		7.8	%


Asset-based fees	184,072		163,281		12.7	%	361,487		313,540		15.3	%
Non-recurring	25,839		23,199		11.4	%	41,609		39,850		4.4	%


Total operating revenues	$	772,679	$	707,949	9.1	%	$	1,518,505	$	1,387,914	9.4	%


	Period Ended
	2024								2025
(in billions)	March 31,		June 30,		September 30,		December 31,		March 31,		June 30,
AUM in ETFs linked to MSCI equity indexes(1) (2)	$	1,582.6	$	1,631.9	$	1,761.8	$	1,724.7	$	1,783.1	$	2,024.6
Sequential Change in Value
Market Appreciation/(Depreciation)	$	92.8	$	21.2	$	111.3	$	(85.3)	$	16.4	$	193.0
Cash Inflows	20.9		28.1		18.6		48.2		42.0		48.5
Total Change	$	113.7	$	49.3	$	129.9	$	(37.1)	$	58.4	$	241.5


	As of
(in thousands)	June 30, 2025		June 30, 2024		Run Rate Growth %		Organic Run Rate Growth %
Index:
Recurring subscriptions	$	968,712	$	891,633	8.6	%	8.6	%
Asset-based fees	757,298		646,811		17.1	%	17.1	%
Index total	1,726,010		1,538,444		12.2	%	12.2	%


Analytics	730,640		674,609		8.3	%	6.8	%

Sustainability and Climate	369,759		333,683		10.8	%	6.5	%

All Other - Private Assets	280,313		260,556		7.6	%	6.0	%

Total Run Rate	$	3,106,722	$	2,807,292	10.7	%	9.6	%


Recurring subscriptions total	$	2,349,424	$	2,160,481	8.7	%	7.4	%
Asset-based fees	757,298		646,811		17.1	%	17.1	%
Total Run Rate	$	3,106,722	$	2,807,292	10.7	%	9.6	%


	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Index
New recurring subscription sales	$	29,274	$	31,297	$	51,698	$	54,810
Subscription cancellations	(9,241)		(10,312)		(17,495)		(25,014)
Net new recurring subscription sales	$	20,033	$	20,985	$	34,203	$	29,796

Non-recurring sales	$	17,473	$	17,993	$	29,847	$	30,804
Total gross sales	$	46,747	$	49,290	$	81,545	$	85,614

Total Index net sales	$	37,506	$	38,978	$	64,050	$	60,600


Analytics
New recurring subscription sales	$	25,744	$	21,269	$	38,962	$	35,357
Subscription cancellations	(10,915)		(6,900)		(18,857)		(17,694)
Net new recurring subscription sales	$	14,829	$	14,369	$	20,105	$	17,663

Non-recurring sales	$	5,839	$	4,057	$	8,041	$	6,519
Total gross sales	$	31,583	$	25,326	$	47,003	$	41,876

Total Analytics net sales	$	20,668	$	18,426	$	28,146	$	24,182



Sustainability and Climate
New recurring subscription sales	$	10,301	$	18,557	$	17,535	$	30,028
Subscription cancellations	(5,332)		(4,570)		(10,026)		(11,921)
Net new recurring subscription sales	$	4,969	$	13,987	$	7,509	$	18,107

Non-recurring sales	$	1,327	$	2,835	$	3,241	$	4,507
Total gross sales	$	11,628	$	21,392	$	20,776	$	34,535

Total Sustainability and Climate net sales	$	6,296	$	16,822	$	10,750	$	22,614


All Other - Private Assets
New recurring subscription sales	$	9,869	$	11,654	$	19,577	$	19,918
Subscription cancellations	(5,858)		(5,580)		(11,498)		(10,502)
Net new recurring subscription sales	$	4,011	$	6,074	$	8,079	$	9,416

Non-recurring sales	$	757	$	752	$	1,818	$	1,841
Total gross sales	$	10,626	$	12,406	$	21,395	$	21,759

Total All Other - Private Assets net sales	$	4,768	$	6,826	$	9,897	$	11,257


Consolidated
New recurring subscription sales	$	75,188	$	82,777	$	127,772	$	140,113
Subscription cancellations	(31,346)		(27,362)		(57,876)		(65,131)
Net new recurring subscription sales	$	43,842	$	55,415	$	69,896	$	74,982

Non-recurring sales	$	25,396	$	25,637	$	42,947	$	43,671
Total gross sales	$	100,584	$	108,414	$	170,719	$	183,784

Total net sales	$	69,238	$	81,052	$	112,843	$	118,653


Six months ended (in thousands except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
June 30, 2025	$	557.70	514	$	286,585
June 30, 2024	$	483.79	499	$	241,518


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)(3)
April 1, 2025 - April 30, 2025	230,271	$	521.08	230,271	$	1,260
May 1, 2025 - May 31, 2025	1,812	$	552.88	—	$	1,260
June 1, 2025 - June 30, 2025	20,547	$	546.31	20,547	$	1,249
Total	252,630	$	523.36	250,818	$	1,249


	Exhibit Number	Description

	3.1	Third Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s Form 10-Q (File No. 001-33812), filed with the SEC on May 4, 2012 and incorporated by reference herein)

	3.2	Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company’s Form 10-K (File No. 001-33812), filed with the SEC on February 9, 2024 and incorporated by reference herein)

*†	10.1	Non-Employee Director Stock Ownership Guidelines

*†	10.2	MSCI Inc. Executive Committee Stock Ownership Guidelines

*†	10.3	MSCI Inc. Annual Incentive Plan

*†	10.4	Form of 2025 Award Agreement for Restricted Stock Units for Non-Employee Directors Under the MSCI Inc. 2025 Omnibus Incentive Plan

*†	10.5	Form of 2025 Award Agreement for Restricted Stock Units for Employees Under the MSCI Inc. 2025 Omnibus Incentive Plan

*†	10.6	Form of 2025 Annual Performance Award Agreement for Performance Stock Units for Managing Directors Under the MSCI Inc. 2025 Omnibus Incentive Plan

*†	10.7	Form of 2025 Non-Qualified Performance Stock Option Award Agreement Under the MSCI Inc. 2025 Omnibus Incentive Plan

*	31.1	Rule 13a-14(a) Certification of the Chief Executive Officer

*	31.2	Rule 13a-14(a) Certification of the Chief Financial Officer

**	32.1	Section 1350 Certification of the Chief Executive Officer and the Chief Financial Officer

*	101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

*	101.SCH	Inline XBRL Taxonomy Extension Schema Document

*	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

*	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

*	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

*	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

*	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			MSCI INC. (Registrant)

			By:			/s/ Andrew C. Wiechmann
						Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer)


Position*			Multiple of Base Salary
Chief Executive Officer			12X
President			12X
Other Management Committee Members			8X
All Other Executive Committee Members			4X


			A.			Shares beneficially owned individually, either directly or indirectly (including Shares held through a broker in individual brokerage accounts and Shares owned indirectly through a trust);
			B.			Shares beneficially owned jointly with, or separately by, immediate family members residing in the same household, either directly or indirectly; and
			C.			Shares underlying unvested RSUs.


Participant:			[●]
Number of RSUs Granted:			[●]
Grant Date:			[●]
Vesting Schedule:			[●]


Participant:			[Name]
Number of RSUs Granted:			[●] RSUs
Grant Date:			[●]
Vesting Schedule:			[●]


Age and Service Requirements	Date on Which Age and Service Requirements Must be Satisfied	Treatment
Legacy Retirement Eligibility (see definition of “Legacy Retirement Eligibility”)	February 7, 2019	A prorated portion of your unvested RSUs will vest as follows: (i) the total number of RSUs granted to you pursuant to this Award Agreement multiplied by (ii) the quotient of (a) the total number of months you were employed with the Company during the Vesting Period (rounding up partial months) divided by (b) 36. The pro-rated RSUs (rounded down to the nearest whole number for this purpose) will vest and convert into Shares on the Vesting Date in accordance with Section 2. Any remaining unvested RSUs shall be forfeited.
Age 55 and 10 years of service (see definition of “55/10 Retirement Eligibility”)	December 31, 2019
Age 62 and 10 years of service (see definition of “62/10 Retirement Eligibility”)	Vesting Date	All of your unvested RSUs will vest and convert into Shares on the Vesting Date in accordance with Section 2.