MSCI Inc.

For the period ended Dec 31, 2025. Filed Feb 6, 2026.

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FY2025 · Filed Feb 6, 2026

MSCI$646.45+0.8%Stored close · as of Nov 9, 2026

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Contents

3. Revenue Recognition

REVENUE RECOGNITION

MSCI’s operating revenues are reported by product type and each product type may have different timing for recognizing revenue. The Company’s 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:

	Segments
(in thousands)	Index	Analytics	Sustainability and Climate	All Other – Private Assets	Total
Operating Revenue Types
Recurring subscriptions	$957,897	$697,488	$346,401	$276,918	$2,278,704
Asset-based fees	770,670	—	—	—	770,670
Non-recurring	58,241	16,909	7,514	2,421	85,085
Total	$1,786,808	$714,397	$353,915	$279,339	$3,134,459

	Segments
(in thousands)	Index	Analytics	Sustainability and Climate	All Other – Private Assets	Total
Operating Revenue Types
Recurring subscriptions	$882,367	$658,610	$318,835	$254,633	$2,114,445
Asset-based fees	657,501	—	—	—	657,501
Non-recurring	56,277	16,479	7,766	3,660	84,182
Total	$1,596,145	$675,089	$326,601	$258,293	$2,856,128

	Segments
(in thousands)	Index	Analytics	Sustainability and Climate	All Other – Private Assets	Total
Operating Revenues Types
Recurring subscriptions	$814,582	$603,291	$282,351	$171,066	$1,871,290
Asset-based fees	557,502	—	—	—	557,502
Non-recurring	79,731	12,665	5,217	2,515	100,128
Total	$1,451,815	$615,956	$287,568	$173,581	$2,528,920

The tables that follow present the change in accounts receivable, net of allowances and current deferred revenue between the dates indicated:

(in thousands)	Accounts receivable, net of allowances	Deferred revenue
Opening (December 31, 2024)	$820,709	$1,123,423
Closing (December 31, 2025)	986,712	1,231,776
Increase/(decrease)	$166,003	$108,353

(in thousands)	Accounts receivable, net of allowances	Deferred revenue
Opening (December 31, 2023)	$839,555	$1,083,864
Closing (December 31, 2024)	820,709	1,123,423
Increase/(decrease)	$(18,846)	$39,559

The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $1,123.4 million, $1,022.9 million and $836.7 million for the years ended December 31, 2025, 2024 and 2023 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of December 31, 2025, 2024 and 2023, the Company carried a long-term deferred revenue balance of $34.0 million, $32.2 million and $28.8 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition.

For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:

	As of
(in thousands)	December 31, 2025
First 12-month period	$1,134,928
Second 12-month period	736,751
Third 12-month period	367,405
Periods thereafter	239,134
Total	$2,478,218

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