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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9. Goodwill and Intangible Assets, Net
- GOODWILL AND INTANGIBLE ASSETS, NET
The following table shows the changes in our goodwill balances from December 31, 2023 to December 31, 2025:
| Segments | |||||
|---|---|---|---|---|---|
| (in thousands) | Index | Analytics | Sustainability and Climate | All Other – Private Assets | Total |
| Goodwill at December 31, 2023 | $1,203,435 | $290,976 | $84,724 | $1,308,557 | $2,887,692 |
| Acquisitions⁽1⁾ | 23,945 | 5,904 | (365) | (582) | 28,902 |
| Foreign exchange translation adjustment | (424) | — | (656) | (347) | (1,427) |
| Goodwill at December 31, 2024 | $1,226,956 | $296,880 | $83,703 | $1,307,628 | $2,915,167 |
| Acquisitions | — | — | — | — | — |
| Foreign exchange translation adjustment | 4,118 | — | 2,637 | 1,440 | 8,195 |
| Goodwill at December 31, 2025 | $1,231,074 | $296,880 | $86,340 | $1,309,068 | $2,923,362 |
(1)Reflects the opening balance sheet and measurement period adjustment impacts of the acquisitions of Foxberry, Fabric, Trove and Burgiss.
Intangible Assets, Net
The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated:
| Years Ended | |||
|---|---|---|---|
| (in thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Amortization expense of acquired intangible assets | $90,606 | $103,041 | $72,303 |
| Amortization expense of internally developed capitalized software | 78,874 | 60,996 | 42,126 |
| Total amortization of intangible assets expense | $169,480 | $164,037 | $114,429 |
The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows:
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| (in thousands) | Gross intangible assets: | Accumulated amortization: | Net intangible assets: | Gross intangible assets: | Accumulated amortization: | Net intangible assets: |
| Customer relationships | $716,167 | $(406,712) | $309,455 | $715,020 | $(379,087) | $335,933 |
| Proprietary data | 455,574 | (147,537) | 308,037 | 452,813 | (104,980) | 347,833 |
| Acquired technology and software | 258,163 | (213,706) | 44,457 | 256,794 | (199,090) | 57,704 |
| Trademarks | 209,090 | (189,855) | 19,235 | 209,090 | (181,521) | 27,569 |
| Internally developed capitalized software | 407,797 | (256,468) | 151,329 | 316,795 | (178,221) | 138,574 |
| Total | $2,046,791 | $(1,214,278) | $832,513 | $1,950,512 | $(1,042,899) | $907,613 |
Estimated amortization expense for succeeding years is presented below:
| Years Ending December 31,(in thousands) | AmortizationExpense |
|---|---|
| 2026 | $152,961 |
| 2027 | 121,204 |
| 2028 | 90,014 |
| 2029 | 70,743 |
| 2030 | 66,376 |
| Thereafter | 331,215 |
| Total | $832,513 |
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