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MSCI cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$423M in Q3 2026 · $1.6B over twelve months

Operating cash flow$436M
Capital spending−$13.4M
Free cash flow+$423M
Cash / net income1.2×
Cash conversion cycle83 days

Analysis

In Q3 2026, MSCI generated $436M of operating cash flow and spent $13.4M on capital projects, leaving free cash flow of $423M. That is $22.7M less than in Q3 2025 ($445M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were buybacks ($2.0B), dividends ($583M), acquisitions ($175M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), shares issued ($16.2M); the cash balance fell by $139M.

Operating cash flow was $436M against net income of $351M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue −$106M, employee-related liabilities +$61.6M, depreciation & amortization +$51.7M.

Its cash conversion cycle was 83 days (receivables 90 + inventory 0 − payables 7).

Free cash flow

MSCI: free cash flow by quarterMSCI: free cash flow by quarter$416MQ4 2024$290MQ1 2025$325MQ2 2025$445MQ3 2025$489MQ4 2025$304MQ1 2026$360MQ2 2026$423MQ3 2026
Operating cash flow less capital spending.
MSCI: operating cash flow against capital spendingMSCI: operating cash flow against capital spendingOperating cash flowCapital spending$431M$14.2MQ4 2024$302M$11.6MQ1 2025$336M$11.3MQ2 2025$449M$4.0MQ3 2025$501M$12.4MQ4 2025$307M$2.8MQ1 2026$371M$11.0MQ2 2026$436M$13.4MQ3 2026
Latest (Q3 2026): Operating cash flow $436M, Capital spending $13.4M.

Capital allocation, year by year

MSCI: where the cash came from (up) and went (down), by fiscal yearMSCI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $936MFY2021: Net borrowing $752MFY2021: Capital spending −$13.5MFY2021: Acquisitions −$949MFY2021: Buybacks −$198MFY2021: Dividends −$302M$1.7BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing $348MFY2022: Capital spending −$13.6MFY2022: Buybacks −$1.4BFY2022: Dividends −$373M$1.4BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing −$8.8MFY2023: Capital spending −$22.8MFY2023: Acquisitions −$727MFY2023: Buybacks −$504MFY2023: Dividends −$441M$1.2BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing −$2.2MFY2024: Capital spending −$33.8MFY2024: Acquisitions −$27.5MFY2024: Buybacks −$885MFY2024: Dividends −$509M$1.5BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing $1.7BFY2025: Shares issued $7.0MFY2025: Capital spending −$39.3MFY2025: Buybacks −$2.5BFY2025: Dividends −$557M$3.3BFY2025
Over these 5 years operating cash flow totalled $6.4B; the largest uses were buybacks ($5.5B) and dividends ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$261M
Debt$6.7B
Net debt$6.5B

MSCI funds itself: free cash flow was $1.6B over the last twelve months, and $261M of cash and investments stands against $6.7B of debt.

MSCI: debt maturities by year (FY2025)MSCI: debt maturities by year (FY2025)$1.0BYear 4$1.2BYear 5$4.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $261M of cash and investments now.

Where the cash came from and went

MSCI: sources (+) and uses (−) of cash, Q3 2026MSCI: sources (+) and uses (−) of cash, Q3 2026Buybacks−$553MOperating cash flow$436MNet borrowing (+) / repaid (−)$335MDividends−$148MAcquisitions−$116MCash drawn (+) / kept (−)$95.4MOther investing−$37.3MCapital spending−$13.4MShares issued$2.0MOther financing−$1.4MExchange rates−$100K
MSCI: sources (+) and uses (−) of cash, TTM to Q3 2026MSCI: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$2.0BOperating cash flow$1.6BNet borrowing (+) / repaid (−)$1.2BDividends−$583MAcquisitions−$175MCash drawn (+) / kept (−)$139MOther investing−$121MCapital spending−$39.6MOther financing−$18.2MShares issued$16.2MExchange rates−$311K

From profit to cash

MSCI: net income to operating cash flow, Q3 2026MSCI: net income to operating cash flow, Q3 2026Net income$351MDepreciation & amortization$51.7MStock-based pay$27.5MDeferred taxes$500KOther non-cash$200KReceivables$27.1MPayables−$4.7MAccrued liabilities−$14.5MEmployee-related liabilities$61.6MDeferred revenue−$106MPrepaid and other assets$2.7MOther liabilities$1.7MIncome taxes payable$19.0MOther operating capital−$300K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202690—783
Q2 202693—884
Q1 202699—891
Q4 202597—1087
Q3 202589—1079
Q2 202591—783
Q1 202595—886
Q4 202491—882

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$436M−$13.4M−$116M−$553M−$148M$335M$2.0M$95.4M$423M
Q2 2026$371M−$11.0M−$17.1M−$168M−$150M−$25.0M$12.5M$28.9M$360M
Q1 2026$307M−$2.8M−$41.7M−$415M−$150M$200M$1.3M$130M$304M
Q4 2025$501M−$12.4M—−$907M−$135M$699M$375K−$115M$489M
Q3 2025$449M−$4.0M—−$1.2B−$138M$1.0B$2.3M−$52.7M$445M
Q2 2025$336M−$11.3M—−$138M−$140M−$34.9M$3.9M$13.3M$325M
Q1 2025$302M−$11.6M—−$213M−$144M$35.0M$400K$48.7M$290M
Q4 2024$431M−$14.2M—−$374M−$125M$25.0M—$91.6M$416M

MSCI: income statement and cash flow

MSCI, Q3 2026: revenue $892M (+12% year over year), operating margin 56.3%. The chart follows the revenue to costs, profit and cash.

MSCI: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.