v3.26.1
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
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:
For the Three Months Ended June 30, 2026
Segments
(in millions)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$263.0 $185.9 $90.5 $74.0 $613.4 
Asset-based fees233.1 — — — 233.1 
Non-recurring14.9 3.5 1.4 0.7 20.5 
Total$511.0 $189.4 $91.9 $74.7 $867.0 
For the Six Months Ended June 30, 2026
Segments
(in millions)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$517.2 $369.1 $181.4 $145.9 $1,213.6 
Asset-based fees457.6 — — — 457.6 
Non-recurring32.5 10.3 2.4 1.4 46.6 
Total$1,007.3 $379.4 $183.8 $147.3 $1,717.8 
For the Three Months Ended June 30, 2025
Segments
(in millions)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$235.7 $169.8 $87.0 $70.3 $562.8 
Asset-based fees184.1 — — — 184.1 
Non-recurring15.1 7.9 1.9 0.9 25.8 
Total$434.9 $177.7 $88.9 $71.2 $772.7 
For the Six Months Ended June 30, 2025
Segments
(in millions)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$469.0 $339.5 $169.7 $137.1 $1,115.3 
Asset-based fees361.5 — — — 361.5 
Non-recurring26.1 10.4 3.8 1.4 41.7 
Total$856.6 $349.9 $173.5 $138.5 $1,518.5 
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
(in millions) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2025)
$986.7 $1,231.8 
Closing (June 30, 2026)
884.4 1,136.9 
Increase/(decrease)$(102.3)$(94.9)
(in millions) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2024)
$820.7 $1,123.4 
Closing (June 30, 2025)
790.6 1,060.3 
Increase/(decrease)$(30.1)$(63.1)
Deferred revenue primarily represents subscription fees billed in advance of the related performance period. For the three months ended June 30, 2026 and 2025, the Company recognized $381.7 million and $343.4 million, respectively, and for the six months ended June 30, 2026 and 2025, the Company recognized $873.6 million and $790.7 million, respectively, of revenue that was included in the deferred revenue balance as of the beginning of each period. The decrease in the Company’s deferred revenue balance during the period was primarily driven by revenue recognized on existing contracts, partially offset by new billings.
As of June 30, 2026 and December 31, 2025, long-term deferred revenue of $32.6 million and $34.0 million, respectively, was included in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statements 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
June 30,
(in millions)2026
First 12-month period
$1,156.0 
Second 12-month period
734.9 
Third 12-month period
323.4 
Periods thereafter200.1 
Total$2,414.4