MSCI (MSCI) FY2024 results: revenue $2.9 billion, up 12.9% on the year

MSCI Inc. (MSCI) reported revenue of $2.9 billion for fiscal 2024, the year ended 31 December 2024, up 12.9% on the year before. Net income was $1.1 billion, down 3.4%, and diluted earnings per share $14.05. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2025.

Revenue

$2.9 billion

+12.9% on the year

FY2017FY2024

Operating margin

53.5%

54.8% a year earlier

FY2017FY2024

Net income

$1.1 billion

-3.4% on the year

FY2017FY2024

Diluted EPS

$14.05

-2.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,856	2,529	2,249	+12.9%
Cost of revenue	514	447	404	+15.2%
Gross profit	2,342	2,082	1,844	+12.5%
Gross margin	82.0%	82.3%	82.0%
Research and development	159	132	107	+20.1%
Operating income	1,529	1,385	1,208	+10.4%
Operating margin	53.5%	54.8%	53.7%
Interest expense	186	187	172	-0.6%
Pre-tax income	1,356	1,369	1,044	-0.9%
Income tax	247	220	173	+12.1%
Effective tax rate	18.2%	16.1%	16.6%
Net income	1,109	1,149	871	-3.4%
Net margin	38.8%	45.4%	38.7%
Diluted EPS	$14.05	$14.39	$10.72	-2.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,502	1,236	1,095	+21.5%
Capital expenditure	33.8	22.8	13.6	+48.4%
Free cash flow	1,468	1,213	1,082	+21.0%
Free cash flow margin	51.4%	48.0%	48.1%
Cash from investing	-144	-819	-79.3
Cash from financing	-1,402	-954	-1,425
Depreciation and amortisation	17.0	21.0	26.9	-19.2%
Share-based compensation	95.2	71.7	58.1	+32.9%
Buybacks	885	504	1,398	+75.6%
Dividends paid	509	441	373	+15.4%
Dividend per share	$6.40	$5.52	$4.58	+15.9%
Diluted shares, weighted	79m	80m	81m	-1.1%
Shares outstanding at period end	78m	79m	80m	-1.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	-940	-740	-1,008
Debt	4,511	4,508	4,512	+0.1%
Operating lease liabilities	121	120	132	+0.8%
Other liabilities	1,753	1,630	1,362	+7.6%
Total liabilities and equity	5,445	5,518	4,998	-1.3%
Fixed assets	70.9	55.9	53.9	+26.8%
Goodwill	2,915	2,888	2,230	+1.0%
Intangible assets	908	956	559	-5.1%
Cash and equivalents	409	462	994	-11.3%
Receivables	n/a	n/a	663
Other assets	1,142	1,157	499	-1.2%
Total assets	5,445	5,518	4,998	-1.3%

10-K for the year ended 31 December 2024, filed 7 February 2025: the filing.