Financial Analysis

ACQUISITIONS On February 27, 2026, MSCI completed the acquisition of Vantager, Inc. (Vantager), an AI-enabled platform that supports pre-investment due diligence, data extraction and reporting for private markets investors. Vantager is a part of the Private Capital Solutions operating segment. On March 2, 2026, MSCI completed the acquisition of Compass Financial Technologies (Compass), an index services provider that supports the calculation and development of multi-asset and alternative asset class indexes. Compass is a part of the Index operating segment. On April 6, 2026, MSCI completed the acquisition of ApeVue, Inc. (PM Insights), a specialist private markets data and analytics firm that provides daily secondary market reference data, including pricing, valuation, transaction and liquidity data, for private company securities. PM Insights data is expected to support the development of new private markets indexes and related products. PM Insights is a part of the Index operating segment. On June 24, 2026, MSCI entered into a definitive agreement to acquire First Street Technology, Inc. (First Street), a provider of physics-based physical climate risk data and analytics. Consideration consists of a cash payment of $120.0 million at closing, subject to customary closing adjustments, together with the potential for additional cash payments during the two years following closing contingent upon the achievement of specified revenue thresholds. The transaction is expected to cl …

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DEBT As of June 30, 2026, the Company had outstanding an aggregate of $6.0 billion in senior unsecured notes (collectively, the Senior Notes) and $475.0 million of revolving loans under the Revolving Credit Facility (as defined below) as presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at (in millions) Maturity Date June 30, 2026 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Debt 4.000% senior unsecured notes due 2029 November 15, 2029 $ 1,000.0 $ 996.4 $ 995.8 $ 969.0 $ 980.0 3.625% senior unsecured notes due 2030 September 1, 2030 900.0 897.3 896.9 852.3 861.3 3.875% senior unsecured notes due 2031 February 15, 2031 1,000.0 994.9 994.3 949.0 963.0 3.625% senior unsecured notes due 2031 November 1, 2031 600.0 596.5 596.2 558.9 564.6 3.250% senior unsecured notes due 2033 August 15, 2033 700.0 695.2 694.9 612.5 630.0 5.250% senior unsecured notes due 2035 September 1, 2035 1,250.0 1,231.6 1,231.0 1,228.8 1,262.5 5.150% senior unsecured notes due 2036 March 15, 2036 500.0 493.5 493.2 485.5 499.5 Variable rate revolving loans 1 August 20, 2030 475.0 475.0 300.0 470.3 297.0 Total debt $ 6,425.0 $ 6,380.4 $ 6,202.3 $ 6,126.3 $ 6,057.9 ___________________________ 1 As of June 30, 2026, there were $5.0 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility of which $1.2 million is included in Prepaid and …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The tables that follow present the disaggregated operating revenues for the periods indicated: For the Three Months Ended June 30, 2026 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 263.0 $ 185.9 $ 90.5 $ 74.0 $ 613.4 Asset-based fees 233.1 233.1 Non-recurring 14.9 3.5 1.4 0.7 20.5 Total $ 511.0 $ 189.4 $ 91.9 $ 74.7 $ 867.0 For the Six Months Ended June 30, 2026 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 517.2 $ 369.1 $ 181.4 $ 145.9 $ 1,213.6 Asset-based fees 457.6 457.6 Non-recurring 32.5 10.3 2.4 1.4 46.6 Total $ 1,007.3 $ 379.4 $ 183.8 $ 147.3 $ 1,717.8 For the Three Months Ended June 30, 2025 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 235.7 $ 169.8 $ 87.0 $ 70.3 $ 562.8 Asset-based fees 184.1 184.1 Non-recurring 15.1 7.9 1.9 0.9 25.8 Total $ 434.9 $ 177.7 $ 88.9 $ 71.2 $ 772.7 For the Six Months Ended June 30, 2025 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 469.0 $ 339.5 $ 169.7 $ 137.1 $ 1,115.3 Asset-based fees 361.5 361.5 Non-recurring 26.1 10.4 3.8 1.4 41.7 Total $ 856.6 $ 349.9 $ 173.5 $ 138.5 $ 1,518.5 …

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GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table shows the changes in our goodwill balances from December 31, 2025 to June 30, 2026: (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Goodwill at December 31, 2025 $ 1,231.1 $ 296.9 $ 86.3 $ 1,309.1 $ 2,923.4 Acquisitions 1 42.4 11.6 54.0 Foreign exchange translation adjustment (2.3) (0.5) (0.4) (3.2) Goodwill at June 30, 2026 $ 1,271.2 $ 296.9 $ 85.8 $ 1,320.3 $ 2,974.2 ___________________________ 1 Reflects the opening balance sheet impacts of the acquisitions of Vantager, Compass and PM Insights. Intangible Assets, Net The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Amortization expense of acquired intangible assets $ 20.9 $ 24.2 $ 40.5 $ 50.0 Amortization expense of internally developed capitalized software 22.9 19.5 45.2 37.6 Total amortization of intangible assets expense $ 43.8 $ 43.7 $ 85.7 $ 87.6 The gross carrying and accumulated amortization amounts related to the Companys intangible assets were as follows: June 30, 2026 December 31, 2025 (in millions) Gross intangible assets Accumulated amortization Net intangible assets Gross intangible assets Accumulated amortization Net intangible assets Customer relationships $ 723.0 $ (416.1) $ 306.9 $ 716.2 $ (406.7) $ 309.5 Proprietary data 470.2 (167. …

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INCOME TAXES The effective tax rate for the three months ended June 30, 2026 and 2025 was 18.0% and 19.6% respectively. The decrease in the tax rate was primarily driven by US tax law changes and the jurisdictional mix of earnings. The effective tax rate for the six months ended June 30, 2026 and 2025 was 7.3% and 16.5% respectively. The decrease in the effective tax rate was primarily driven by an $88.0 million discrete tax benefit recognized upon the completion of a multi-phased internal legal entity restructuring that was completed during the three months ended March 31, 2026.

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LEASES The components of lease expense (income) of the Companys operating leases are as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Operating lease expenses $ 9.4 $ 7.8 $ 17.6 $ 15.2 Variable lease costs 1.1 0.3 2.1 0.5 Short-term lease costs 0.3 0.1 0.5 0.2 Sublease income (0.6) (0.7) (1.3) (1.3) Total lease costs $ 10.2 $ 7.5 $ 18.9 $ 14.6 Maturities of the Companys operating lease liabilities as of June 30, 2026 are as follows: Maturity of Lease Liabilities Operating (in millions) Leases Remainder of 2026 $ 15.9 2027 30.6 2028 35.1 2029 25.1 2030 21.4 Thereafter 61.5 Total lease payments $ 189.6 Less: Interest (25.8) Present value of lease liabilities $ 163.8 Other accrued liabilities $ 24.9 Long-term operating lease liabilities $ 138.9 Weighted-average remaining lease term and discount rate for the Companys operating leases are as follows: As of June 30, December 31, Lease Term and Discount Rate 2026 2025 Weighted-average remaining lease term (years) 6.2 5.5 Weighted-average discount rate 4.4 % 4.2 % Other information related to the Companys operating leases are as follows: Other Information Six Months Ended June 30, (in millions) 2026 2025 Operating cash flows used for operating leases $ 18.0 $ 16.7 Right of use assets obtained for new operating lease liabilities $ 44.3 $ 7.1 …

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In November 2024, the FASB issued Accounting Standards Update No. 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) or ASU 2024-03. The amendments in ASU 2024-03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for the Companys Annual Report on Form 10-K for the year ended December 31, 2027 and interim period reporting beginning in 2028 on a prospective basis. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In July 2025, the FASB issued Accounting Standards Update No. 2025-05 Financial InstrumentsCredit Losses (Topic 326) or ASU 2025-05. The amendments in ASU 2025-05 permit entities to elect a practical expedient when estimating expected credit losses on accounts receivable and contract assets. Under this election, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of accounts receivable and contract assets when developing forecasts as part of estimating expected credit losses. The Company adopted ASU 2025-05 effective January 1, 2026. The adoption did not have a material effect on the Companys consolidated financial statements. In September 2025, the FASB issued Accounting Standards Update N …

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REVENUE RECOGNITION MSCIs operating revenues are reported by product type and each product type may have different timing for recognizing revenue. The Companys operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment. The tables that follow present the disaggregated operating revenues for the periods indicated: For the Three Months Ended June 30, 2026 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 263.0 $ 185.9 $ 90.5 $ 74.0 $ 613.4 Asset-based fees 233.1 233.1 Non-recurring 14.9 3.5 1.4 0.7 20.5 Total $ 511.0 $ 189.4 $ 91.9 $ 74.7 $ 867.0 For the Six Months Ended June 30, 2026 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 517.2 $ 369.1 $ 181.4 $ 145.9 $ 1,213.6 Asset-based fees 457.6 457.6 Non-recurring 32.5 10.3 2.4 1.4 46.6 Total $ 1,007.3 $ 379.4 $ 183.8 $ 147.3 $ 1,717.8 For the Three Months Ended June 30, 2025 Segments (in millions) Index Analytics Sustainability and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 235.7 $ 169.8 $ 87.0 $ 70.3 $ 562.8 Asset-based fees 184.1 184.1 Non-recurring 15.1 7.9 1.9 0.9 25.8 Total $ 434.9 $ 177.7 $ 88.9 $ 71.2 $ 772.7 For the Six Months Ended June 30, 2025 Segments (in millions) Index Ana …

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SEGMENT INFORMATION ASC Subtopic 280-10, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. This information is regularly evaluated by the Chief Operating Decision Maker (CODM) to allocate resources and assess performance. MSCIs Chief Executive Officer, who serves as the CODM, reviews financial information on an operating segment basis to make operational decisions and assess financial performance. The CODM measures and evaluates operating segments based on segment operating revenues and Adjusted EBITDA. Adjusted EBITDA is used to assess segment performance and guide resource allocation, including decisions related to capital allocations and acquisitions. Additionally, Adjusted EBITDA is used to monitor actual performance against budget and to establish managements compensation. The CODM also uses Adjusted EBITDA for competitive analysis, benchmarking MSCIs performance against its competitors to evaluate segment performance. Adjusted EBITDA for each segment is calculated by subtracting segment Adjusted EBITDA expenses from segment operating revenues. MSCI excludes the following items from segment Adjusted EBITDA and Adjusted EBITDA expenses: provision for income taxes; other expense (income), net; depreciation and amortization of property, equipment and leasehold improvements; amortization of intangible assets; and, a …

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SHAREHOLDERS EQUITY (DEFICIT) This note reflects the share repurchases and related activity as well as share-based compensation activity recognized by the Company for all periods referenced. Stock Repurchase Program On October 25, 2025, the Board of Directors authorized a new stock repurchase program (the 2025 Repurchase Program) for the repurchase of up to an aggregate of $3.0 billion worth of shares of MSCIs common stock, which superseded and replaced the previously existing share repurchase program. Share repurchases made pursuant to the 2025 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2026, there was $1.6 billion of available authorization remaining under the 2025 Repurchase Program. The following table provides information with respect to repurchases of the Companys common stock made on the open market: Six months ended (in millions, except per share data) Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased 1 June 30, 2026 $ 558 1.0 $ 544.3 June 30, 2025 $ 558 0.5 $ 286.6 __________________________ 1 The values in this column exclude the 1% excise tax incurred on share repurchases pursuant to the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost of the shar …

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SUBSEQUENT EVENTS On July 20, 2026, the Board of Directors declared a quarterly cash dividend of $2.05 per share for the three months ending September 30, 2026 (third quarter 2026). The third quarter 2026 dividend is payable on August 28, 2026 to shareholders of record as of the close of trading on August 14, 2026. …

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