MSCI MSCI · USD

SEGMENT INFORMATIONASC 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. Through November 2025, MSCI’s Chief Executive Officer and its President and Chief Operating Officer together served as the CODM. Following the leadership transition announced in November 2025, under which the President and Chief Operating Officer roles were separated, our Chief Executive Officer serves as the sole CODM. This transition did not affect how 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 management's compensation. The CODM also uses Adjusted EBITDA for competitive analysis, benchmarking MSCI's 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, at times, certain other transactions or adjustments. These may include impairments related to sublease of leased property and certain acquisition-related integration and transaction costs that the CODM does not consider when allocating resources among segments or assessing segment performance. While these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are reflected in the reconciliation provided below.Operating revenues and expenses directly associated with each segment are included in determining that segment’s operating results.

REVENUE RECOGNITIONMSCI’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:For the Year Ended December 31, 2025Segments(in thousands)IndexAnalyticsSustainability and ClimateAll Other – Private AssetsTotalOperating Revenue TypesRecurring subscriptions$957,897 $697,488 $346,401 $276,918 $2,278,704 Asset-based fees770,670 — — — 770,670 Non-recurring58,241 16,909 7,514 2,421 85,085 Total$1,786,808 $714,397 $353,915 $279,339 $3,134,459 For the Year Ended December 31, 2024Segments(in thousands)IndexAnalyticsSustainability and ClimateAll Other – Private AssetsTotalOperating Revenue TypesRecurring subscriptions$882,367 $658,610 $318,835 $254,633 $2,114,445 Asset-based fees657,501 — — — 657,501 Non-recurring56,277 16,479 7,766 3,660 84,182 Total$1,596,145 $675,089 $326,601 $258,293 $2,856,128 For the Year Ended December 31, 2023Segments(in thousands)IndexAnalyticsSustainability and ClimateAll Other – Private AssetsTotalOperating Revenues TypesRecurring subscriptions$814,582 $603,291 $282,351 $171,066 $1,871,290 Asset-based fees557,502 — — — 557,502 Non-recurring79,731 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 allowancesDeferred revenueOpening (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 allowancesDeferred revenueOpening (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.

DEBT As of December 31, 2025, the Company had outstanding an aggregate of $6.0 billion in senior unsecured notes (collectively, the “Senior Notes”) and $0.3 billion under the Revolving Credit Facility (as defined below) as presented in the table below:(in thousands)Maturity DatePrincipalamountoutstanding at December 31, 2025Carryingvalue atDecember 31, 2025Carryingvalue atDecember 31, 2024FairValue at December 31, 2025FairValue at December 31, 2024Debt4.000% senior unsecured notes due 2029November 15, 2029$1,000,000 $995,818 $994,727 $980,000 $944,070 3.625% senior unsecured notes due 2030September 1, 2030900,000 896,911 896,249 861,300 820,845 3.875% senior unsecured notes due 2031February 15, 20311,000,000 994,348 993,255 963,000 918,400 3.625% senior unsecured notes due 2031November 1, 2031600,000 596,167 595,509 564,600 538,350 3.250% senior unsecured notes due 2033August 15, 2033700,000 694,870 694,201 630,000 592,046 5.250% senior unsecured notes due 2035September 1, 20351,250,000 1,230,856 — 1,262,500 — 5.150% senior unsecured notes due 2036March 15, 2036500,000 493,149 — 499,500 — Variable rate revolving loans(1)August 20, 2030300,000 300,000 336,875 297,000 333,506 Total debt$6,250,000 $6,202,119 $4,510,816 $6,057,900 $4,147,217 __________________________(1)As of December 31, 2025, there were $5.6 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility (“Revolving Loan Commitments”) of which $1.2 million is included in “Prepaid and other assets,” and $4.4 million is included in “Other non-current assets” on the Consolidated Statement of Financial Condition.Maturities of the Company’s principal debt payments as of December 31, 2025 are as follows:Maturity of Principal Debt Payments(in thousands)Amounts2026$— 2027— 2028— 20291,000,000 20301,200,000 Thereafter4,050,000 Total debt$6,250,000 Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table: Interest payment frequencyFirst interestpayment dateSenior Notes and Revolving Loan Commitments4.000% senior unsecured notes due 2029Semi-AnnualMay 153.625% senior unsecured notes due 2030Semi-AnnualMarch 13.875% senior unsecured notes due 2031Semi-AnnualJune 13.625% senior unsecured notes due 2031Semi-AnnualMay 13.250% senior unsecured notes due 2033Semi-AnnualFebruary 155.250% senior unsecured notes due 2035(1)Semi-AnnualMarch 15.

INCOME TAXESThe following table presents the components of income before provision for income taxes by domestic and foreign operations for the periods indicated: Years Ended(in thousands)December 31, 2025December 31, 2024December 31, 2023Domestic$818,443 $859,706 $643,492 Foreign(1)675,813 496,462 725,569 Total income before provision for income taxes$1,494,256 $1,356,168 $1,369,061 ______________________________(1)Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S., which includes income from foreign branches of U.S. companies.The components of provision for (benefit from) income taxes consisted of: Years Ended(in thousands)December 31, 2025December 31, 2024December 31, 2023CurrentU.S. federal$95,326 $115,012 $93,475 U.S. state and local14,758 17,534 40,567 Non U.S.135,193 98,581 101,685 Total current tax provision/(benefit)245,277 231,127 235,727 DeferredU.S. federal42,268 14,002 (1,985)U.S. state and local8,942 3,504 (558)Non U.S.(4,536)(1,593)(12,715)Total deferred tax provision/(benefit)46,674 15,913 (15,258)Provision for income taxes$291,951 $247,040 $220,469 The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate: Years EndedDecember 31, 2025December 31, 2024December 31, 2023(in thousands)$ Amount%$ Amount%$ Amount%U.S. federal statutory income tax rate$313,794 21.0%$284,795 21.0%$287,503 21.0%State and local income taxes, net of federal income tax effect(1)(3,708)(0.3%)16,638 1.2%31,643 2.3%Foreign tax effectsSwitzerlandStatutory tax rate differential(29,465)(2.0%)(17,433)(1.3%)(32,999)(2.4%)Recognition of tax basis intangibles— —%— —%(14,979)(1.1%)Other4,177 0.3%3,908 0.3%(2,268)(0.2%)Cayman IslandsStatutory tax rate differential— —%— —%(18,433)(1.3%)Other foreign jurisdictions15,717 1.0%15,890 1.1%3,969 0.3%Effect of changes in tax laws or rates enacted in the current period— —%— —%— —%Effects of cross-border tax lawsForeign-derived intangible income(33,522)(2.2%)(36,966)(2.7%)(12,245)(0.9%)General basket foreign tax credits(27,472)(1.8%)(21,488)(1.6%)— —%Other1,952 0.1%6,321 0.3%7,857 0.6%Tax creditsResearch and development credits(7,912)(0.5%)(3,195)(0.2%)(7,276)(0.5%)Changes in valuation allowances(3,496)(0.2%)3,496 0.3%— —%Nontaxable or nondeductible items6,447 0.4%6,469 0.5%1,109 0.1%Changes in unrecognized tax benefits25,274 1.7%(545)—%4,483 0.3%Other adjustmentsImpact of internal legal entity restructuring33,359 2.

LEASESThe components of lease expense (income) of the Company’s operating leases are as follows: Years Ended(in thousands)December 31, 2025December 31, 2024December 31, 2023Operating lease expenses$31,861 $31,321 $29,240 Variable lease costs1,687 2,132 3,876 Short-term lease costs507 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 202729,113 202828,276 202917,862 203014,345 Thereafter29,070 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 RateDecember 31, 2025December 31, 2024Weighted-average remaining lease term (years)5.496.27Weighted-average discount rate4.17 %4.

ACQUISITIONSOn January 2, 2024, MSCI completed the acquisition of Fabric RQ, Inc. (“Fabric”), a wealth technology platform specializing in portfolio design, customization and analytics for wealth managers and advisors. Fabric is a part of the Analytics operating segment. The aggregate purchase price for Fabric was $16.1 million and resulted in the recognition of $5.9 million of goodwill.On April 16, 2024, MSCI completed the acquisition of Foxberry Ltd. (“Foxberry”), a front-office index technology platform. Foxberry is a part of the Index operating segment. The aggregate purchase price for Foxberry was $42.6 million and resulted in the recognition of $23.9 million of goodwill.The Fabric and Foxberry acquisitions each included contingent consideration as a component of the aggregate purchase price. The fair values of the contingent consideration were determined based on management estimates and assumptions which primarily included forecasted product sales, probability of achievement of certain integration targets and discount rates. The Company classifies these liabilities as Level 3 within the fair value hierarchy, as the measurement is based on inputs that are not observable in the market. As of December 31, 2025, the fair value of the contingent consideration was $14.6 million, of which $9.6 million is included in “Other accrued liabilities” and $5.0 million is included in “Other non-current liabilities” on the Consolidated Statement of Financial Condition.Changes in the Company’s Level 3 financial liabilities for the periods indicated were as follows:Years Ended(in thousands)December 31, 2025December 31, 2024December 31, 2023Beginning balance$28,647 $— $— Additions of contingent consideration(1)— 27,240 — Change in fair value(4,437)1,407 — Payments(9,634)— — Ending Balance$14,576 $28,647 $— ___________________________(1)Reflects balance of contingent consideration at acquisition date fair value.

We recognize the importance of identifying, assessing and managing material cybersecurity risks, including, among other things, damage to our operations; intellectual property theft; fraud; extortion; violation of data privacy or cybersecurity laws; legal and regulatory actions; and reputational damage. We have an enterprise-wide information security program designed to secure our technology infrastructure, networks, data, products and services, and we have implemented several processes, technologies and controls to aid in our efforts to identify, assess and manage related risks. Our Chief Information Security Officer (“CISO”) manages this program, in collaboration with our business and corporate teams.Cybersecurity risks are integrated into our enterprise risk management (“ERM”) program, which evaluates cybersecurity risks alongside other company risks as part of a quarterly and ongoing process designed to identify, assess and manage risk exposures over the short-, intermediate- and long-term. In addition, our management-level Information and Technology Risk Oversight Committee (“ITROC”), led by our CISO, and including senior leaders such as our COO, CFO and General Counsel, provides oversight relating to cybersecurity and technology-related risks that may present significant impacts to our operations, clients, reputation and financial position, and the considerations of the ITROC are fully incorporated into our overall ERM framework. Our CISO also provides updates to our Disclosure Committee on material cybersecurity incidents.We also have cybersecurity-specific policies, standards and procedures, and our cybersecurity program aligns with industry standards, including the U.S. National Institute of Standards and Technology (“NIST”) cybersecurity framework and International Organization for Standardization (“ISO”) information security standard. Our information security management system has achieved ISO 27001:2022 certification.

EMPLOYEE BENEFITSThe Company sponsors a 401(k) plan for eligible U.S. employees and defined contribution and defined benefit pension plans that cover substantially all of its non-U.S. employees. Eligible employees may participate in the MSCI 401(k) plan (or any other regional defined contribution plan sponsored by MSCI) immediately upon hire. Eligible employees receive 401(k) and other defined contribution plan matching contributions, which are subject to vesting and certain other limitations.The following table reflects the employee benefits expense by cost, type and location in the Statement of Income for the periods indicated:Years Ended(in thousands)December 31, 2025December 31, 2024December 31, 2023Employee benefit cost type401(k) and other defined contribution plans$40,009 $38,431 $33,416 Pension related net period benefit expense10,255 7,275 5,323 Total$50,264 $45,706 $38,739 Location in the Statement of IncomeCost of revenues$18,955 $18,596 $15,504 Selling and marketing12,527 11,854 11,081 Research and development11,486 10,577 8,435 General and administrative3,817 3,391 2,949 Other expense (income)3,479 1,288 770 Total$50,264 $45,706 $38,739 The Company uses a measurement date of December 31 to calculate obligations under its pension and postretirement plans. As of December 31, 2025 and 2024, the Company carried a net liability of $40.1 million and $37.3 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition related to its future pension obligations. The fair value of the defined benefit plan assets was $22.8 million and $31.4 million at December 31, 2025 and 2024, respectively.The Company’s retiree benefit plans include defined benefit plans for employees in Switzerland, as well as other countries where MSCI maintains an operating presence.Our Switzerland plans are government-mandated retirement funds that provide employees with a minimum investment return, which is determined annually by the Swiss government and was 1.3%, 1.3% and 1.0%, in the years ended December 31, 2025, 2024 and 2023, respectively. Under the Switzerland plans, the Company and our employees are required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. Employee contributions are based on the respective employee’s age, salary and chosen contribution scale.