REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Operating Revenue

The tables that follow present the disaggregated operating revenues for the periods indicated:


	For the Three Months Ended September 30, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	242,569	$	178,292	$	88,676	$	69,524	$	579,061
Asset-based fees	197,515		—		—		—		197,515
Non-recurring	11,076		3,878		1,449		447		16,850
Total	$	451,160	$	182,170	$	90,125	$	69,971	$	793,426


	For the Nine Months Ended September 30, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	711,546	$	517,828	$	258,440	$	206,656	$	1,694,470
Asset-based fees	559,002		—		—		—		559,002
Non-recurring	37,188		14,230		5,215		1,826		58,459
Total	$	1,307,736	$	532,058	$	263,655	$	208,482	$	2,311,931


	For the Three Months Ended September 30, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	223,945	$	168,150	$	81,536	$	62,991	$	536,622
Asset-based fees	168,622		—		—		—		168,622
Non-recurring	12,315		4,226		2,107		813		19,461
Total	$	404,882	$	172,376	$	83,643	$	63,804	$	724,705


	For the Nine Months Ended September 30, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	653,929	$	490,829	$	235,954	$	190,434	$	1,571,146
Asset-based fees	482,162		—		—		—		482,162
Non-recurring	39,855		11,508		5,428		2,520		59,311
Total	$	1,175,946	$	502,337	$	241,382	$	192,954	$	2,112,619

Schedule of Change in Accounts Receivable and Current Deferred Revenue

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 allowances		Deferred revenue
Opening (December 31, 2024)	$	820,709	$	1,123,423
Closing (September 30, 2025)	745,852		974,662
Increase/(decrease)	$	(74,857)	$	(148,761)


(in thousands)	Accounts receivable, net of allowances		Deferred revenue
Opening (December 31, 2023)	$	839,555	$	1,083,864
Closing (September 30, 2024)	643,807		942,840
Increase/(decrease)	$	(195,748)	$	(141,024)

Schedule of Remaining Performance Obligations

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
	September 30,
(in thousands)	2025
First 12-month period	$	1,027,715
Second 12-month period	653,406
Third 12-month period	321,332
Periods thereafter	215,898
Total	$	2,218,351

MSCI Inc. 10-Q