MSCI Inc.
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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FY2025 · Filed Feb 6, 2026
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7. Leases
- LEASES
The components of lease expense (income) of the Company’s operating leases are as follows:
| Years Ended | |||
|---|---|---|---|
| (in thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Operating lease expenses | $31,861 | $31,321 | $29,240 |
| Variable lease costs | 1,687 | 2,132 | 3,876 |
| Short-term lease costs | 507 | 811 | 745 |
| Sublease income | (2,646) | (3,308) | (5,127) |
| Total lease costs | $31,409 | $30,956 | $28,734 |
The Company’s leases have remaining lease terms of up to approximately 10 years. Some of these leases have options to extend which, if exercised, would extend the maximum remaining term to approximately 21 years. Some of the leases also provide for early termination, the exercise of which would shorten the term of those leases by up to 5 years.
Maturities of the Company’s operating lease liabilities, interest and other relevant line items in the Consolidated Statement of Financial Condition as of December 31, 2025 are as follows:
| Maturity of Lease Liabilities(in thousands) | Operating Leases |
|---|---|
| 2026 | $33,616 |
| 2027 | 29,113 |
| 2028 | 28,276 |
| 2029 | 17,862 |
| 2030 | 14,345 |
| Thereafter | 29,070 |
| Total lease payments | $152,282 |
| Less: Interest | (16,162) |
| Present value of lease liabilities | $136,120 |
| Other accrued liabilities | $28,589 |
| Long-term operating lease liabilities | $107,531 |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:
| As of | ||
|---|---|---|
| Lease Term and Discount Rate | December 31, 2025 | December 31, 2024 |
| Weighted-average remaining lease term (years) | 5.49 | 6.27 |
| Weighted-average discount rate | 4.17% | 4.06% |
Other information related to the Company’s operating leases are as follows:
| Years Ended | |||
|---|---|---|---|
| Other Information(in thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Operating cash flows used for operating leases | $34,444 | $31,689 | $31,249 |
| Right of use assets obtained in exchange for new operating lease liabilities | $15,939 | $32,386 | $12,568 |
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