0001408198-26-000011 | 10-K | XBRL Viewer

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EMPLOYEE BENEFITS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, non-current liability	$ 40,100	$ 37,300
Fair value of the defined benefit plan assets	22,800	31,400
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit expense	$ 10,255	$ 7,275	$ 5,323
Foreign Plan \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Minimum investment return rate	1.30%	1.30%	1.00%
Defined benefit plan, net pension liability	$ 22,000	$ 31,100
Defined benefit plan, assets	18,100	25,900
Net periodic benefit expense	$ 1,700	$ 400	$ 300
Discount rate	1.30%	1.00%

INTRODUCTION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses from December 31, 2022 to December 31, 2025 were as follows:


(in thousands)	Amount
Balance as of December 31, 2022	$	2,652
Addition to credit loss expense	2,196
Write-offs, net of recoveries	(880)
Balance as of December 31, 2023	$	3,968

Addition to credit loss expense	3,990
Write-offs, net of recoveries	(2,674)
Balance as of December 31, 2024	$	5,284

Addition to credit loss expense	4,017
Write-offs, net of recoveries	(2,880)
Balance as of December 31, 2025	$	6,421

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. The amendments in ASU 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 was adopted by the Company and is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods. The adoption of ASU 2023-07 expanded certain disclosures but did not have a material impact on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. The amendments in ASU 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 was adopted by the Company and is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The retrospective adoption of ASU 2023-09 expanded our disclosures but did not have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” or ASU 2024-03. The amendments in ASU 2024-03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027 and interim period reporting beginning in fiscal 2028 on a prospective basis. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In July 2025, the FASB issued Accounting Standards Update No. 2025-05 “Financial Instruments—Credit Losses (Topic 326)” or ASU 2025-05. The amendments in ASU 2025-05 permit entities to elect a practical expedient when estimating expected credit losses on accounts receivable and contract assets. Under this election, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of accounts receivable and contract assets when developing forecasts as part of estimating expected credit losses. ASU 2025-05 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2026 and interim period reporting beginning in 2026 on a prospective basis. The Company is currently evaluating the impact that adoption of this standard will have on its consolidated financial statements. In September 2025, the FASB issued Accounting Standards Update No. 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)” or ASU 2025-06. The amendments in ASU 2025-06 remove references to prescriptive and sequential software development stages. The amendments also require entities to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2028 and interim period reporting beginning in 2028, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or on a modified prospective transition method. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2025, the FASB issued Accounting Standards Update No. 2025-09 “Derivatives and Hedging (Topic 815)” or ASU 2025-09. The amendments in ASU 2025-09 clarify aspects of the guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative. ASU 2025-09 is effective for the Company’s Annual Report on Form 10-K and interim periods for the year ended December 31, 2027, with early adoption permitted. The amendments must be applied prospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2025, the FASB issued Accounting Standards Update No. 2025-11 “Interim Reporting (Topic 270)” or ASU 2025-11. The amendments in ASU 2025-11 improve guidance in Topic 270 and clarify disclosure requirements for interim reporting periods without changing the fundamental nature of interim reporting. ASU 2025-11 is effective for the Company’s interim reporting periods for the year ended December 31, 2028, with early adoption permitted. The amendments can be applied prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Change to Company's Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 2,915,167	$ 2,887,692
Acquisitions	0	28,902
Foreign exchange translation adjustment	8,195	(1,427)
Goodwill, Ending balance	2,923,362	2,915,167
Index
Goodwill [Roll Forward]
Goodwill, Beginning balance	1,226,956	1,203,435
Acquisitions	0	23,945
Foreign exchange translation adjustment	4,118	(424)
Goodwill, Ending balance	1,231,074	1,226,956
Analytics
Goodwill [Roll Forward]
Goodwill, Beginning balance	296,880	290,976
Acquisitions	0	5,904
Foreign exchange translation adjustment	0	0
Goodwill, Ending balance	296,880	296,880
Sustainability and Climate
Goodwill [Roll Forward]
Goodwill, Beginning balance	83,703	84,724
Acquisitions	0	(365)
Foreign exchange translation adjustment	2,637	(656)
Goodwill, Ending balance	86,340	83,703
All Other – Private Assets
Goodwill [Roll Forward]
Goodwill, Beginning balance	1,307,628	1,308,557
Acquisitions	0	(582)
Foreign exchange translation adjustment	1,440	(347)
Goodwill, Ending balance	$ 1,309,068	$ 1,307,628

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33812
Entity Registrant Name	MSCI INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4038723
Entity Address, Address Line One	7 World Trade Center
Entity Address, Address Line Two	250 Greenwich Street, 49th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10007
City Area Code	212
Local Phone Number	804-3900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MSCI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 43,149,826,814
Entity Common Stock, Shares Outstanding		73,474,042
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for its 2026 Annual Meeting of Stockholders, to be filed within 120 days of the end of the fiscal year ended December 31, 2025, are incorporated herein by reference into Part III of this Form 10-K.
Entity Central Index Key	0001408198
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

REVENUE RECOGNITION - Schedule of Disaggregation of Operating Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 3,134,459	$ 2,856,128	$ 2,528,920
Index
Disaggregation Of Revenue [Line Items]
Operating revenues	1,786,808	1,596,145	1,451,815
Analytics
Disaggregation Of Revenue [Line Items]
Operating revenues	714,397	675,089	615,956
Sustainability and Climate
Disaggregation Of Revenue [Line Items]
Operating revenues	353,915	326,601	287,568
All Other – Private Assets
Disaggregation Of Revenue [Line Items]
Operating revenues	279,339	258,293	173,581
Recurring subscriptions
Disaggregation Of Revenue [Line Items]
Operating revenues	2,278,704	2,114,445	1,871,290
Recurring subscriptions \| Index
Disaggregation Of Revenue [Line Items]
Operating revenues	957,897	882,367	814,582
Recurring subscriptions \| Analytics
Disaggregation Of Revenue [Line Items]
Operating revenues	697,488	658,610	603,291
Recurring subscriptions \| Sustainability and Climate
Disaggregation Of Revenue [Line Items]
Operating revenues	346,401	318,835	282,351
Recurring subscriptions \| All Other – Private Assets
Disaggregation Of Revenue [Line Items]
Operating revenues	276,918	254,633	171,066
Asset-based fees
Disaggregation Of Revenue [Line Items]
Operating revenues	770,670	657,501	557,502
Asset-based fees \| Index
Disaggregation Of Revenue [Line Items]
Operating revenues	770,670	657,501	557,502
Asset-based fees \| Analytics
Disaggregation Of Revenue [Line Items]
Operating revenues	0	0	0
Asset-based fees \| Sustainability and Climate
Disaggregation Of Revenue [Line Items]
Operating revenues	0	0	0
Asset-based fees \| All Other – Private Assets
Disaggregation Of Revenue [Line Items]
Operating revenues	0	0	0
Non-recurring
Disaggregation Of Revenue [Line Items]
Operating revenues	85,085	84,182	100,128
Non-recurring \| Index
Disaggregation Of Revenue [Line Items]
Operating revenues	58,241	56,277	79,731
Non-recurring \| Analytics
Disaggregation Of Revenue [Line Items]
Operating revenues	16,909	16,479	12,665
Non-recurring \| Sustainability and Climate
Disaggregation Of Revenue [Line Items]
Operating revenues	7,514	7,766	5,217
Non-recurring \| All Other – Private Assets
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 2,421	$ 3,660	$ 2,515

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 23,405	$ 16,978	$ 21,009

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended													12 Months Ended
	Jan. 27, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividend declared per common share (in USD per share)			$ 1.80	$ 1.80	$ 1.80	$ 1.80	$ 1.60	$ 1.60	$ 1.60	$ 1.60	$ 1.38	$ 1.38	$ 1.38	$ 1.38	$ 7.20	$ 6.40	$ 5.52
Tax benefit															$ (46,674)	$ (15,913)	$ 15,258
Forecast \| Internal Legal Restructuring
Subsequent Event [Line Items]
Tax benefit		$ 88,000
Forecast \| Internal Legal Restructuring \| Capitalized Expenses
Subsequent Event [Line Items]
Deferred tax assets, increase amount		88,000
Forecast \| Internal Legal Restructuring \| Deferred Intercompany Gains
Subsequent Event [Line Items]
Deferred tax liabilities, decrease amount		$ 38,000
Subsequent Event
Subsequent Event [Line Items]
Dividend declared per common share (in USD per share)	$ 2.05

SHAREHOLDERS' EQUITY (DEFICIT) - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 06, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 25, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Windfall tax benefits for share-based compensation expense related to share-based awards and stock options		$ 7,200,000	$ 15,700,000	$ 11,400,000
Compensation cost related to unvested share-based awards not yet recognized		$ 115,500,000
Number of shares available for future grants (in shares)		6,000,000.0
Total fair value of Share-Based Awards converted or vested to common stock		$ 133,300,000	$ 159,300,000	$ 107,800,000
Remaining stock options outstanding exercisable (in shares)		97,000	0	0
Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares grants in period (in shares)	300,000
Aggregate fair value	$ 125,000,000
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to unvested share-based awards not yet recognized, period for recognition		1 year
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to unvested share-based awards not yet recognized, period for recognition		3 years
RSUs \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of awards	3 years
Requisite service period of awards	3 years
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		0.00%
Risk free interest rate		4.20%	4.08%	3.75%
Historical stock price volatility		32.24%	32.57%	41.10%
Term (in years)		3 years	3 years	3 years
PSUs \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of awards	3 years
Post-vesting restriction period	1 year
Minimum performance period	3 years
Requisite service period of awards	3 years
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		1.22%	1.07%	1.00%
Risk free interest rate		4.34%	3.94%	3.44%
Historical stock price volatility		34.59%	33.96%	32.81%
Term (in years)		6 years 6 months	6 years 6 months	6 years 6 months
PSOs \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of awards	3 years
Requisite service period of awards	3 years
PPOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		1.22%
Risk free interest rate		4.47%
Historical stock price volatility		30.41%
Term (in years)		8 years 3 months 18 days
2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 2,100,000,000
2025 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Repurchase program authorizing the purchase of shares (in shares)					$ 3,000,000,000

INTRODUCTION AND BASIS OF PRESENTATION - Schedule of Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 5,284	$ 3,968	$ 2,652
Addition to credit loss expense	4,017	3,990	2,196
Write-offs, net of recoveries	(2,880)	(2,674)	(880)
Balance at ending of year	$ 6,421	$ 5,284	$ 3,968

SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Cash Dividends Declared and Distributed Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Dividend declared per common share (in USD per share)	$ 1.80	$ 1.80	$ 1.80	$ 1.80	$ 1.60	$ 1.60	$ 1.60	$ 1.60	$ 1.38	$ 1.38	$ 1.38	$ 1.38	$ 7.20	$ 6.40	$ 5.52
Cash dividends declared	$ 135,461	$ 138,148	$ 140,004	$ 141,392	$ 125,576	$ 126,185	$ 127,304	$ 129,444	$ 109,887	$ 109,847	$ 110,383	$ 111,986	$ 555,005	$ 508,509	$ 442,103
Cash dividends distributed	135,171	137,865	139,753	143,820	125,163	125,763	126,958	131,378	109,399	109,408	110,147	112,189	556,609	509,262	441,143
Cash dividends (released)/deferred	$ 290	$ 283	$ 251	$ (2,428)	$ 413	$ 422	$ 346	$ (1,934)	$ 488	$ 439	$ 236	$ (203)	$ (1,604)	$ (753)	$ 960

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, stock options, restricted stock units, performance stock units, and performance stock options.

The following table presents the computation of basic and diluted EPS:


	Years Ended
(in thousands, except per share data)	December 31, 2025		December 31, 2024		December 31, 2023
Net income	$	1,202,305	$	1,109,128	$	1,148,592

Basic weighted average common shares outstanding	76,504		78,710		79,462
Effect of dilutive securities:	132		250		381
Diluted weighted average common shares outstanding	76,636		78,960		79,843


Earnings per common share:
Basic	$	15.72	$	14.09	$	14.45
Diluted	$	15.69	$	14.05	$	14.39

INCOME TAXES - Schedule of Components of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 818,443	$ 859,706	$ 643,492
Foreign	675,813	496,462	725,569
Income before provision for income taxes	$ 1,494,256	$ 1,356,168	$ 1,369,061

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The components of lease expense (income) of the Company’s operating leases are as follows:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease expenses	$	31,861	$	31,321	$	29,240
Variable lease costs	1,687		2,132		3,876
Short-term lease costs	507		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
2027	29,113
2028	28,276
2029	17,862
2030	14,345
Thereafter	29,070
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 Rate	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	5.49		6.27
Weighted-average discount rate	4.17	%	4.06	%

Other information related to the Company’s operating leases are as follows:


	Years Ended
Other Information (in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flows used for operating leases	$	34,444	$	31,689	$	31,249
Right of use assets obtained in exchange for new operating lease liabilities	$	15,939	$	32,386	$	12,568

INTRODUCTION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INTRODUCTION AND BASIS OF PRESENTATION

Organization

Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. Our products and services include indexes; portfolio construction and risk management tools; sustainability and climate solutions; and private asset data and analytics.

In the first quarter of 2025, we renamed our “ESG and Climate” operating and reportable segment to “Sustainability and Climate” to reflect the breadth of our product offerings. There were no changes to the composition of our operating or reportable segments, the financial information reviewed by our chief operating decision maker (“CODM”), or our historical segment operating results.

Basis of Presentation

The consolidated financial statements and accompanying notes to financial statements, which include the accounts of MSCI Inc. and its wholly owned subsidiaries, are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.

On October 2, 2023, the Company acquired the remaining 66.4% interest in The Burgiss Group, LLC (“Burgiss”) for $696.8 million in cash. Prior to the acquisition, Burgiss was a related party and its results were included in the Company’s Burgiss operating segment as an equity method investment based on the Company’s 33.6% ownership. The Company’s existing 33.6% interest had a fair value of $353.2 million at the date of acquisition. This resulted in a non-taxable, one-time gain on the remeasurement of our equity method investment in Burgiss of $143.0 million in the fourth quarter of 2023. During the year ended December 31, 2023, the Company renamed the Burgiss operating segment to Private Capital Solutions. Burgiss’ consolidated results were included in the Company’s All Other – Private Assets category following the acquisition.

Significant Accounting Policies

Basis of Financial Statements and Use of Estimates

The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.

Revenue Recognition

Performance Obligations and Transaction Price

The Company recognizes revenues for products and services when performance obligations are satisfied. For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct. A product or service is distinct if a client can benefit from it either on its own or together with other resources that are readily available to the client, and the Company’s promise to transfer the product or service to the client is separately identifiable from other promises in the contract. If both criteria are not met, the promised products or services are accounted for as a combined performance obligation.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring products or services to the client. The Company allocates the transaction price to each performance obligation identified in the contract based on the best estimate of a relative standalone selling price of each distinct product or service in the contract. To allocate the transaction price to each performance obligation on a relative standalone selling price basis, at contract inception the Company determines the standalone selling prices of the distinct products or services underlying each performance obligation in proportion to the total transaction price. This standalone selling price may be the contract price but is more often than not the best estimate of the price the Company would receive for selling the product or service separately in similar circumstances and to other similar customers.

A client can receive a discount for purchasing a bundle of products or services if the sum of the standalone selling price of those promised products or services in the contract exceeds the promised consideration in the contract.

For services where the transaction price is variable such as based upon assets under management (“AUM”), volume of trades or fee levels, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period.

Revenue is recognized when a client obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Determining when control has transferred can sometimes require management’s judgment, which could affect the timing of revenue recognition. Revenue is recognized exclusive of any applicable sales or other indirect taxes.

Disaggregation of Revenue

Revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. We also group our revenues by segment.

Revenues By Type

Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms.

Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes and fee levels. Asset-based fees are generally variable based upon AUM or the volume of trades or fee levels and are generally billed quarterly in arrears.

Non-recurring revenues primarily represent fees earned on products and services where we typically do not have renewal clauses within the contract. Examples of such products and services include one-time license fees, certain derivative financial products, certain implementation services, historical data sets and, occasionally, fees for unlicensed usage of our content in historical periods. Based on the nature of the services provided, non-recurring revenues are generally billed either in advance or after delivery and recognized point in time or over the service period.

Revenues By Segment and All Other – Private Assets

Index segment operating revenues consist of fees earned primarily for licenses of index data subscriptions, performance obligations to deliver the data are satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create indexed investment products, such as exchange-traded funds (“ETFs”), passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is primarily measured based on AUM, volume of trades or fee levels. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client.

Analytics segment operating revenues are recognized as MSCI satisfies performance obligations, through providing access to its proprietary models or hosted applications and, in some cases, managed services including implementation and other related services. These performance obligations are typically satisfied over time, and operating revenues are recognized ratably over the term of the service period.

Sustainability and Climate segment operating revenues are recognized as MSCI’s performance obligations to provide data to or update data for clients are satisfied. The majority of these performance obligations are satisfied over the term of the license period, with operating revenues recognized ratably. For custom Sustainability research data, the performance obligation is typically satisfied, and revenue is recognized, at the point in time when the data is updated and available to the client.

All Other – Private Assets operating revenues are recognized as MSCI's performance obligations to provide analysis, insights and data to clients are satisfied. The majority of these performance obligations are satisfied over the term of the license period, with operating revenues recognized ratably.

Share-Based Compensation

Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “Compensation—Stock Compensation.”

Stock-based compensation awards include restricted stock units (“RSUs”), performance stock units (“PSUs”), performance stock options (“PSOs”) and premium priced options (“PPOs”). PPOs are stock options with an exercise price set above MSCI’s market price on the grant date.

The fair value of RSUs at grant date is measured using the price of MSCI’s common stock. PSUs are subject to market conditions based on the achievement of multi-year total shareholder return targets and PSOs are subject to performance conditions based on the cumulative results of financial targets. The fair value of PSUs at grant date is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. The fair value of PSOs at grant date is determined using the Black-Scholes option pricing model. For PSOs, the grant-date fair value is adjusted for any changes in the probability of achievement of (i) a cumulative revenue performance goal and (ii) a cumulative adjusted EPS performance goal (each weighted at 50%). The fair value of PPOs at grant date is determined using a lattice model. A lattice model derives the expected term based on an assumption that the likelihood of exercise will increase when the share price reaches a defined multiple of the strike price.

Research and Development

The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “Research and Development.” ASC Subtopic 730-10 requires that research and development costs generally be expensed as incurred. The majority of the Company’s research and development costs are incurred in developing, reviewing and enhancing the methodologies and data models offered within its product portfolio by monitoring investment trends and drivers globally, as well as analyzing product-specific needs in areas such as capitalization-weighted, factor and specialized indexes, and instrument valuation, risk modeling, portfolio construction, asset allocation and value-at-risk simulation.

Internal Use Software

The Company applies the provisions of ASC Subtopic 350-40, “Internal Use Software,” and accounts for the cost of computer software developed for internal use by capitalizing qualifying costs, which are substantially incurred during the application development stage. The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in Intangible Assets on the Consolidated Statement of Financial Condition and include external direct costs of services used in developing internal-use software and payroll and payroll-related costs of employees directly associated with the development activities. Additionally, costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software.

Capitalized software development costs are typically amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service.

Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred.

Income Taxes

Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income.

The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters

will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs.

Deferred Revenue

Deferred revenues represent both cash received and the amounts billed to clients for products and services in advance of satisfying performance obligations. Deferred revenue generally results in ratable recognition of operating revenues over the license or subscription period, as the performance obligations are satisfied.

Accounts Receivable and Allowance for Credit Losses

The Company’s clients generally pay subscription fees annually in advance. MSCI’s policy is to record to a receivable when a client is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition.

The Company recognizes an allowance for credit losses at the time invoices are sent to clients by applying an estimate of the uncollectable amount based on client profiles, credit considerations and historical write-offs. The Company does not require collateral from clients to mitigate credit risk.

Changes in the allowance for credit losses from December 31, 2022 to December 31, 2025 were as follows:


(in thousands)	Amount
Balance as of December 31, 2022	$	2,652
Addition to credit loss expense	2,196
Write-offs, net of recoveries	(880)
Balance as of December 31, 2023	$	3,968

Addition to credit loss expense	3,990
Write-offs, net of recoveries	(2,674)
Balance as of December 31, 2024	$	5,284

Addition to credit loss expense	4,017
Write-offs, net of recoveries	(2,880)
Balance as of December 31, 2025	$	6,421

Goodwill

Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the acquired net tangible and separately identifiable intangible assets. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “Intangibles—Goodwill and Other.”

The Company tests goodwill for impairment on an annual basis on July 1st and on an interim basis when certain events and circumstances exist. The test for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit.

The Company completed its annual goodwill impairment test as of July 1, 2025 on its Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions (“PCS”) reporting units, which were also the Company’s operating segments. See Note 13, “Segment Information,” for further descriptions of the operating segments.

As of July 1, 2025, the Company had selected to bypass the optional qualitative assessment for the Real Assets and PCS reporting units. This decision was based on the relatively low excess of fair value over carrying value observed in the prior year’s analysis. Therefore, a quantitative goodwill impairment test was performed for both Real Assets and PCS. For the Index, Analytics, and Sustainability and Climate reporting units, the Company performed a qualitative assessment. The quantitative test for impairment

used an equal weighting of the income approach and the market approach to estimate the fair value of the Real Assets and PCS reporting units.

Based on the results of the annual goodwill impairment testing performed and given there were no impairment triggers identified as part of interim assessments, no impairment of goodwill was recorded during the years ended December 31, 2025, 2024 and 2023.

Intangible Assets

The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a periodic basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. There were no events or changes in circumstances that would indicate that the carrying value of the definite-lived intangible assets may not be recoverable during the years ended December 31, 2025 and 2024.

The Company had no indefinite-lived intangible assets other than goodwill during the years ended December 31, 2025 and 2024.

Foreign Currency Translation

Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income.

Leases

MSCI leases office space, data centers and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company does not currently have any financing lease arrangements.

Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right of use assets are recognized on the commencement date based on the present value of lease payments over the lease term adjusted for initial direct costs and lease incentives received or deemed probable of being received. MSCI uses its incremental borrowing rate based on the information available on the commencement date of the lease in determining the present value of lease payments. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

Right of use assets and associated leasehold improvements are tested for impairment when there is a trigger for impairment testing at the appropriate asset group level. When a trigger exists, the asset group is tested for recoverability by comparing the estimated undiscounted cash flows to the asset group’s carrying value. If the asset group fails the recoverability test, the Company will measure impairment loss as the difference between the fair value and carrying value of the asset group.

Lease expense is recognized on a straight-line basis over the lease term and is included in “Operating expenses” in the Consolidated Statement of Income. In situations where a right of use asset has been impaired, the subsequent amortization of the right of use asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost.

Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability. The Company also subleases a small portion of its leased office space to third parties and thereby applies sublessor accounting. Sublease income is presented in “Operating expenses” as an offset.

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of furniture and fixtures, and computer and communications equipment are accounted for using the straight-line method over the estimated useful life, and for leasehold improvements, over the shorter of the estimated useful life or the lease term.

Treasury Stock

The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit).

Accrued Compensation

A significant portion of the Company’s employee incentive compensation programs are discretionary. The Company makes estimates in determining its accrued compensation and benefits expenses. Accrued cash incentive estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly.

Concentrations

For the years ended December 31, 2025, 2024 and 2023, BlackRock, Inc. accounted for 10.8%, 10.2%, and 9.8% of the Company’s consolidated operating revenues, respectively. For the years ended December 31, 2025, 2024 and 2023, BlackRock, Inc. accounted for 18.7%, 17.9% and 16.8% of the Index segment’s operating revenues, respectively. No single customer accounted for 10.0% or more of operating revenues within Analytics, Sustainability and Climate or All Other – Private Assets for the years ended December 31, 2025, 2024 and 2023.

Cash and Cash Equivalents

Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits.

Restricted Cash

Restricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 27, 2026, the Board of Directors of the Company declared a quarterly dividend of $2.05 per share of common stock to be paid on February 27, 2026 to shareholders of record as of the close of trading on February 13, 2026. Subsequent to December 31, 2025, the Company completed a multi-phase internal legal entity restructuring that commenced in 2025. As a result of the completion of the restructuring, the Company recognized a tax benefit of approximately $88 million in the first quarter of 2026. Accordingly, the Company will recognize a reduction to its net deferred tax liabilities in the first quarter of 2026 on the Statement of Financial Condition. The change to net deferred taxes is primarily comprised of an increase in deferred tax assets related to capitalized expenses of approximately $88 million and a decrease in deferred tax liabilities with respect to deferred intercompany gains recognized in 2025 of approximately $38 million. These estimates are subject to adjustment pending finalization of tax calculations.

LEASES - Schedule of Maturities of Operating Lease Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturity of Lease Liabilities
2026	$ 33,616
2027	29,113
2028	28,276
2029	17,862
2030	14,345
Thereafter	29,070
Total lease payments	152,282
Less: Interest	(16,162)
Present value of lease liabilities	136,120
Other accrued liabilities	$ 28,589
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities
Long-term operating lease liabilities	$ 107,531	$ 121,153

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Profitability and Reconciliation to Net Income

The following table presents operating revenues, Adjusted EBITDA expenses and segment profitability and a reconciliation to net income for the periods indicated:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating revenues
Index	$	1,786,808	$	1,596,145	$	1,451,815
Analytics	714,397		675,089		615,956
Sustainability and Climate	353,915		326,601		287,568
Total reportable segment operating revenues	2,855,120		2,597,835		2,355,339

All Other – Private Assets	279,339		258,293		173,581
Total operating revenues	3,134,459		2,856,128		2,528,920


Adjusted EBITDA expense
Index	420,800		374,091		344,842
Analytics	371,867		346,794		341,081
Sustainability and Climate	225,438		221,893		195,890
Total reportable segment Adjusted EBITDA expense	1,018,105		942,778		881,813


Adjusted EBITDA
Index Adjusted EBITDA	1,366,008		1,222,054		1,106,973
Analytics Adjusted EBITDA	342,530		328,295		274,875
Sustainability and Climate Adjusted EBITDA	128,477		104,708		91,678
Total reportable segment profitability	1,837,015		1,655,057		1,473,526


Plus:
All Other – Private Assets(1)	69,437		61,427		49,425
Less:
Amortization of intangible assets	169,480		164,037		114,429
Depreciation and amortization of property, equipment and leasehold improvements	23,405		16,978		21,009
Impairment related to sublease of leased property	—		—		477
Acquisition-related integration and transaction costs(2)	—		6,951		2,427
Operating income	1,713,567		1,528,518		1,384,609

Other expense (income), net	219,311		172,350		15,548
Income before provision for income taxes	1,494,256		1,356,168		1,369,061
Provision for income taxes	291,951		247,040		220,469
Net income	$	1,202,305	$	1,109,128	$	1,148,592

______________________________

(1)Revenue less segment expenses from segments below the segment reporting thresholds are attributable to Private Capital Solutions and Real Assets operating segments. Private Capital Solutions and Real Assets operating segments do not meet any of the segment reporting thresholds for determining reportable segments.

(2)Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

Schedule of Operating Revenues by Geographic Area

Operating revenues by geography are primarily based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating revenues
Americas:
United States	$	1,267,406	$	1,168,998	$	1,044,016
Other	140,702		128,950		111,965
Total Americas	1,408,108		1,297,948		1,155,981

Europe, the Middle East and Africa (“EMEA”):
United Kingdom	543,481		479,674		408,087
Other	698,498		632,133		569,032
Total EMEA	1,241,979		1,111,807		977,119

Asia & Australia:
Japan	127,611		114,157		100,823
Other	356,761		332,216		294,997
Total Asia & Australia	484,372		446,373		395,820

Total	$	3,134,459	$	2,856,128	$	2,528,920

Schedule of Long-Lived Assets by Geographic Area

Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated:


	As of
(in thousands)	December 31, 2025		December 31, 2024
Long-lived assets
Americas:
United States	$	270,984	$	253,072
Other	6,576		7,558
Total Americas	277,560		260,630

EMEA:
United Kingdom	20,491		17,632
Other	24,235		22,157
Total EMEA	44,726		39,789

Asia & Australia:
Japan	413		874
Other	28,802		27,601
Total Asia & Australia	29,215		28,475

Total	$	351,501	$	328,894

EMPLOYEE BENEFITS - Schedule of Employee Benefit Expense by Cost, Type and Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Total	$ 50,264	$ 45,706	$ 38,739
Cost of revenues
Defined Benefit Plan Disclosure [Line Items]
Total	18,955	18,596	15,504
Selling and marketing
Defined Benefit Plan Disclosure [Line Items]
Total	12,527	11,854	11,081
Research and development
Defined Benefit Plan Disclosure [Line Items]
Total	11,486	10,577	8,435
General and administrative
Defined Benefit Plan Disclosure [Line Items]
Total	3,817	3,391	2,949
Other expense (income)
Defined Benefit Plan Disclosure [Line Items]
Total	3,479	1,288	770
401(k) and other defined contribution plans
Defined Benefit Plan Disclosure [Line Items]
401(k) and other defined contribution plans	40,009	38,431	33,416
Pension related net period benefit expense
Defined Benefit Plan Disclosure [Line Items]
Pension related net period benefit expense	$ 10,255	$ 7,275	$ 5,323

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Operating revenues	$ 3,134,459	$ 2,856,128	$ 2,528,920
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	550,366	514,382	446,581
Selling and marketing	319,829	291,220	276,204
Research and development	177,596	158,653	132,121
General and administrative	180,216	182,340	153,967
Amortization of intangible assets	169,480	164,037	114,429
Depreciation and amortization of property, equipment and leasehold improvements	23,405	16,978	21,009
Total operating expenses	1,420,892	1,327,610	1,144,311
Operating income	1,713,567	1,528,518	1,384,609
Interest income	(16,012)	(21,277)	(34,479)
Interest expense	209,889	185,500	186,679
Gain on remeasurement of equity method investment	0	0	(143,029)
Other expense (income)	25,434	8,127	6,377
Other expense (income), net	219,311	172,350	15,548
Income before provision for income taxes	1,494,256	1,356,168	1,369,061
Provision for income taxes	291,951	247,040	220,469
Net income	$ 1,202,305	$ 1,109,128	$ 1,148,592
Earnings per share:
Basic (in USD per share)	$ 15.72	$ 14.09	$ 14.45
Diluted (in USD per share)	$ 15.69	$ 14.05	$ 14.39
Weighted average shares outstanding:
Basic (in USD per share)	76,504	78,710	79,462
Diluted (in USD per share)	76,636	78,960	79,843

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Notes

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 Date	Principal amount outstanding at December 31, 2025		Carrying value at December 31, 2025		Carrying value at December 31, 2024		Fair Value at December 31, 2025		Fair Value at December 31, 2024
Debt
4.000% senior unsecured notes due 2029	November 15, 2029	$	1,000,000	$	995,818	$	994,727	$	980,000	$	944,070
3.625% senior unsecured notes due 2030	September 1, 2030	900,000		896,911		896,249		861,300		820,845
3.875% senior unsecured notes due 2031	February 15, 2031	1,000,000		994,348		993,255		963,000		918,400
3.625% senior unsecured notes due 2031	November 1, 2031	600,000		596,167		595,509		564,600		538,350
3.250% senior unsecured notes due 2033	August 15, 2033	700,000		694,870		694,201		630,000		592,046
5.250% senior unsecured notes due 2035	September 1, 2035	1,250,000		1,230,856		—		1,262,500		—
5.150% senior unsecured notes due 2036	March 15, 2036	500,000		493,149		—		499,500		—
Variable rate revolving loans(1)	August 20, 2030	300,000		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.

Schedule of Maturities of Long-Term Debt

Maturities of the Company’s principal debt payments as of December 31, 2025 are as follows:


Maturity of Principal Debt Payments (in thousands)	Amounts
2026	$	—
2027	—
2028	—
2029	1,000,000
2030	1,200,000
Thereafter	4,050,000
Total debt	$	6,250,000

Schedule of Interest Payments Due Attributable to Outstanding Indebtedness

Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:

Interest payment frequency

First interest
payment date

Senior Notes and Revolving Loan Commitments

4.000% senior unsecured notes due 2029

Semi-Annual

May 15

3.625% senior unsecured notes due 2030

Semi-Annual

March 1

3.875% senior unsecured notes due 2031

Semi-Annual

June 1

3.625% senior unsecured notes due 2031

Semi-Annual

May 1

3.250% senior unsecured notes due 2033

Semi-Annual

February 15

5.250% senior unsecured notes due 2035(1)

Semi-Annual

March 1

5.150% senior unsecured notes due 2036(2)

Semi-Annual

March 15

Variable rate revolving loans (3)

Variable

October 22

______________________________

(1)The first payment will occur on March 1, 2026.

(2)The first payment will occur on March 15, 2026.

(3)The first payment occurred on October 22, 2025.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

INTRODUCTION AND BASIS OF PRESENTATION - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Oct. 02, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Introduction And Basis Of Presentation [Line Items]
Gain on remeasurement of equity method investment			$ 0	$ 0	$ 143,029,000
Cumulative revenue performance goal weight			50.00%
Cumulative adjusted EPS performance goal weight			50.00%
Impairment of goodwill			$ 0	0	$ 0
Indefinite-lived intangible assets			$ 0	$ 0
Blackrock Inc \| Revenue from Contract with Customer, Product and Service Benchmark \| Customer Concentration Risk
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer			10.80%	10.20%	9.80%
Blackrock Inc \| Revenue from Contract with Customer, Segment Benchmark \| Customer Concentration Risk \| Index
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer			18.70%	17.90%	16.80%
Computer Software, Intangible Asset \| Minimum
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives			3 years
Computer Software, Intangible Asset \| Maximum
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives			5 years
Burgiss Group Limited Liability Company
Introduction And Basis Of Presentation [Line Items]
Business acquisition, percentage of voting interests acquired (as percent)	66.40%
Payments to acquire businesses	$ 696,800,000
Existing interest in acquiree, percentage (as percent)	33.60%
Acquired equity interests (as percent)	33.60%
Fair value at acquisition date	$ 353,200,000
Gain on remeasurement of equity method investment		$ 143,000,000

INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Employee compensation and benefit plans	$ 48,305	$ 37,351
Tax credit carryforwards	41,770	28,075
Capitalized expenses	30,331	70,920
Lease liabilities	29,881	32,330
Loss carryforwards	8,176	7,059
Other	32,682	11,856
Gross deferred tax assets	191,145	187,591
Less: valuation allowance	(1,382)	(4,880)
Total deferred tax assets	189,763	182,711
Deferred tax liabilities:
Intangible assets	(116,164)	(115,877)
Property, equipment and leasehold improvements, net	(44,848)	(37,542)
Deferred gain	(38,124)	0
Right of use assets	(23,596)	(25,247)
Other	(14,074)	(5,147)
Unremitted foreign earnings	(8,724)	(5,895)
Total deferred tax liabilities	(245,530)	(189,708)
Net deferred tax assets/(liabilities)	$ (55,767)	$ (6,997)

ACQUISITIONS - Schedule of Changes in the Company’s Level 3 Financial Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 28,647	$ 0	$ 0
Additions of contingent consideration	0	27,240	0
Change in fair value	$ (4,437)	$ 1,407	0
Fair value recurring basis unobservable input reconciliation liability gain loss statement of income extensible list not disclosed flag [Extensible Enumeration]	Change in fair value	Change in fair value
Payments	$ (9,634)	$ 0	0
Ending Balance	$ 14,576	$ 28,647	$ 0

SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Stock Options Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Option Awards
Vested and unvested stock option awards at beginning of period (in shares)	370,000
Granted (in shares)	282,000
Exercised (in shares)	(13,000)
Canceled or forfeited (in shares)	(24,000)
Vested and unvested stock option awards at end of period (in shares)	615,000
Exercisable stock option awards (in shares)	97,000	0	0
Unvested stock option awards expected to vest (in shares)	577,000
Weighted Average Exercise Price
Vested and unvested stock option awards at beginning of period (in USD per share)	$ 570.19
Granted (in USD per share)	814.90
Exercised (in USD per share)	549.83
Canceled or forfeited (in USD per share)	582.05
Vested and unvested stock option awards at ending of period (in USD per share)	682.32
Exercisable weighted average exercise price (in USD per share)	549.83
Unvested stock option awards expected to vest (in USD per share)	$ 665.73
Weighted Average Remaining Life (Years)
Vested and unvested stock option awards at December 31, 2025	8 years
Exercisable stock option awards at December 31, 2025	6 years 1 month 6 days
Unvested stock option awards expected to vest	8 years 4 months 24 days
Aggregate Intrinsic Value
Vested and unvested stock option awards at December 31, 2025	$ 5,471
Exercisable stock option awards at December 31, 2025	2,317
Unvested stock option awards expected to vest	$ 5,463

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared per common share (in USD per share)	$ 1.80	$ 1.80	$ 1.80	$ 1.80	$ 1.60	$ 1.60	$ 1.60	$ 1.60	$ 1.38	$ 1.38	$ 1.38	$ 1.38	$ 7.20	$ 6.40	$ 5.52

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2025
Lessee Lease Description [Line Items]
Operating lease, options to extend	Some of these leases have options to extend which, if exercised, would extend the maximum remaining term to approximately 21 years.
Operating lease, options to terminate	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.
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	10 years
Operating lease, extended term	21 years
Operating lease, early termination term	5 years

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

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)	Amortization Expense
2026	$	152,961
2027	121,204
2028	90,014
2029	70,743
2030	66,376
Thereafter	331,215
Total	$	832,513

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Restricted cash, current	$ 3,667	$ 3,497
Accounts receivable, allowance for credit loss, current	$ 6,421	$ 5,284
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	134,319,833	134,079,855
Common stock, shares outstanding (in shares)	73,563,183	77,744,588
Common shares held (in shares)	60,756,650	56,335,267

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change to Company's Goodwill

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.

Schedule of Amortization Expense Related to Intangible Assets by Category

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

Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets

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

Schedule of Estimated Amortization Expense for Remainder Succeeding Years

Estimated amortization expense for succeeding years is presented below:


Years Ending December 31, (in thousands)	Amortization Expense
2026	$	152,961
2027	121,204
2028	90,014
2029	70,743
2030	66,376
Thereafter	331,215
Total	$	832,513

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

ACQUISITIONS

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

ACQUISITIONS

On 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, 2025		December 31, 2024		December 31, 2023
Beginning 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.

- Definition

The entire disclosure for business combination.

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

Property, equipment and leasehold improvements, net at December 31, 2025 and 2024 consisted of the following:


	As of
(in thousands)	Estimated Useful Lives	December 31, 2025		December 31, 2024
Computer & related equipment	2 to 7 years	$	192,650	$	177,346
Furniture & fixtures	7 years	16,220		15,489
Leasehold improvements	1 to 21 years	53,647		56,413
Work-in-process	—	5,779		1,542
Subtotal		268,296		250,790

Accumulated depreciation and amortization		(180,997)		(179,905)
Property, equipment and leasehold improvements, net		$	87,299	$	70,885

Depreciation and amortization expense of property, equipment and leasehold improvements was $23.4 million, $17.0 million and $21.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

The following table presents the computation of basic and diluted EPS:


	Years Ended
(in thousands, except per share data)	December 31, 2025		December 31, 2024		December 31, 2023
Net income	$	1,202,305	$	1,109,128	$	1,148,592

Basic weighted average common shares outstanding	76,504		78,710		79,462
Effect of dilutive securities:	132		250		381
Diluted weighted average common shares outstanding	76,636		78,960		79,843


Earnings per common share:
Basic	$	15.72	$	14.09	$	14.45
Diluted	$	15.69	$	14.05	$	14.39

INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 32,313	$ 33,801	$ 32,523
Increases based on tax positions related to the current period	4,601	3,068	5,028
Increases based on tax positions related to prior periods	23,400	5,363	1,961
Decreases based on tax positions related to prior periods	(34)	(427)	0
Decreases related to settlements with taxing authorities	(310)	(8,940)	(5,711)
Decreases related to a lapse of applicable statute of limitations	(466)	(552)	0
Ending balance	$ 59,504	$ 32,313	$ 33,801

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

DEBT - Schedule of Interest Payments Due Attributable to Outstanding Indebtedness (Detail)	12 Months Ended
	Dec. 31, 2025	Nov. 06, 2025	Aug. 08, 2025
4.000% senior unsecured notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	4.00%
Interest payment frequency	Semi-Annual
First interest payment date	--05-15
3.625% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	3.625%
Interest payment frequency	Semi-Annual
First interest payment date	--03-01
3.875% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	3.875%
Interest payment frequency	Semi-Annual
First interest payment date	--06-01
3.625% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	3.625%
Interest payment frequency	Semi-Annual
First interest payment date	--05-01
3.250% senior unsecured notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	3.25%
Interest payment frequency	Semi-Annual
First interest payment date	--02-15
5.250% senior unsecured notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.25%		5.25%
Interest payment frequency	Semi-Annual
First interest payment date	--03-01
5.150% senior unsecured notes due 2036 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.15%	5.15%
Interest payment frequency	Semi-Annual
First interest payment date	--03-15
Variable rate Revolving Loan Commitments \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest payment frequency	Variable
First interest payment date	--10-22

REVENUE RECOGNITION - Schedule of Change in Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, net of allowances
Opening	$ 820,709	$ 839,555
Closing	986,712	820,709
Increase/(decrease)	166,003	(18,846)
Deferred revenue
Opening	1,123,423	1,083,864
Closing	1,231,776	1,123,423
Increase/(decrease)	$ 108,353	$ 39,559

SHAREHOLDERS' EQUITY (DEFICIT) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Company's Common Stock Repurchases Made on Open Market

The following table provides information with respect to repurchases of the Company’s common stock made on the open market:


Year Ended (in thousands, except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
December 31, 2025	$	559.54	4,322	$	2,418,512
December 31, 2024	$	537.72	1,507	$	810,176
December 31, 2023	$	468.26	980	$	458,721

_____________________________

(1)The values in this column exclude the 1% excise tax incurred on share repurchases pursuant to the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Consolidated Statements of Shareholders’ Equity (Deficit).

Schedule of Cash Dividends Declared and Distributed Per Common Share

The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated


	Dividends
(in thousands, except per share data)	Per Share		Declared		Distributed		(Released)/ Deferred
2025
Three Months Ended March 31,	$	1.80	$	141,392	$	143,820	$	(2,428)
Three Months Ended June 30,	1.80		140,004		139,753		251
Three Months Ended September 30,	1.80		138,148		137,865		283
Three Months Ended December 31,	1.80		135,461		135,171		290
Year Ended December 31,	$	7.20	$	555,005	$	556,609	$	(1,604)

2024
Three Months Ended March 31,	$	1.60	$	129,444	$	131,378	$	(1,934)
Three Months Ended June 30,	1.60		127,304		126,958		346
Three Months Ended September 30,	1.60		126,185		125,763		422
Three Months Ended December 31,	1.60		125,576		125,163		413
Year Ended December 31,	$	6.40	$	508,509	$	509,262	$	(753)

2023
Three Months Ended March 31,	$	1.38	$	111,986	$	112,189	$	(203)
Three Months Ended June 30,	1.38		110,383		110,147		236
Three Months Ended September 30,	1.38		109,847		109,408		439
Three Months Ended December 31,	1.38		109,887		109,399		488
Year Ended December 31,	$	5.52	$	442,103	$	441,143	$	960

Summary of Activity Related to Shares of Common Stock Issued and Repurchased

The following table presents activity related to shares of common stock issued and repurchased for the periods indicated:


	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Balance At December 31, 2022	133,623,005	(53,663,016)	79,959,989
Dividend payable/paid	46	—	46
Common stock issued	188,798	—	188,798
Shares withheld for tax withholding	—	(81,789)	(81,789)
Shares repurchased under stock repurchase programs	—	(979,623)	(979,623)
Shares issued to Directors	5,483	(1,692)	3,791
Balance At December 31, 2023	133,817,332	(54,726,120)	79,091,212

Dividend payable/paid	104	—	104
Common stock issued	257,385	—	257,385
Shares withheld for tax withholding	—	(121,871)	(121,871)
Shares repurchased under stock repurchase programs	—	(1,506,682)	(1,506,682)
Shares issued to Directors	5,034	19,406	24,440
Balance At December 31, 2024	134,079,855	(56,335,267)	77,744,588

Dividend payable/paid	87	—	87
Common stock issued	237,775	—	237,775
Shares withheld for tax withholding	—	(99,973)	(99,973)
Shares repurchased under stock repurchase programs	—	(4,322,322)	(4,322,322)
Shares issued to Directors	2,116	912	3,028
Balance At December 31, 2025	134,319,833	(60,756,650)	73,563,183

Summary of Share-based Compensation Expense

The following table presents the amount of share-based compensation expense by category for the periods indicated:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Cost of revenues	$	32,242	$	27,518	$	19,447
Selling and marketing	25,948		20,863		17,392
Research and development	15,105		15,049		9,625
General and administrative	38,542		32,935		26,233
Other expense (income)	—		—		346
Total share-based compensation expense	$	111,837	$	96,365	$	73,043

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of the PSUs on the award dates were estimated under the Monte Carlo method using the following weighted average assumptions:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Risk free interest rate	4.20	%	4.08	%	3.75	%
Historical stock price volatility	32.24	%	32.57	%	41.10	%
Term (in years)	3.0		3.0		3.0
Discount of Lack of Marketability	7.0	%	7.2	%	9.0	%

The estimated fair value of PSOs were calculated using the following weighted average assumptions:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Risk-free interest rate	4.34	%	3.94	%	3.44	%
Expected stock volatility	34.59	%	33.96	%	32.81	%
Expected life (in years)	6.5		6.5		6.5
Expected dividend yield	1.22	%	1.07	%	1.00	%

Summary of Vested and Unvested Share-Based Awards Activity

The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated:


For the Year Ended December 31, 2025 (in thousands, except fair value data)	Number of Shares	Weighted Average Grant Date Fair Value
Vested and unvested Share-based Awards at December 31, 2024	485	$	444.51
Granted	207	$	440.32
Vested	(259)	$	291.39
Canceled	(23)	$	558.45
Vested and unvested Share-based Awards at December 31, 2025	410	$	532.62

Vested and unvested Share-based Awards expected to vest	387	$	530.25

Schedule of Stock Options Roll Forward

The following table presents activity concerning the Company’s unvested PSOs, unvested PPOs and exercisable options, related to its employees (share data in thousands):


For the Year Ended December 31, 2025 (in thousands, except fair value data)	Number of Option Awards	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value(1)
Vested and unvested stock option awards at December 31, 2024	370	$	570.19
Granted	282	$	814.90
Exercised	(13)	$	549.83
Canceled or forfeited	(24)	$	582.05
Vested and unvested stock option awards at December 31, 2025	615	$	682.32	8.0	$	5,471


Exercisable stock option awards at December 31, 2025	97	$	549.83	6.1	$	2,317

Unvested stock option awards expected to vest	577	$	665.73	8.4	$	5,463

_____________________________

(1)Calculated using the closing stock price on the last trading day of fiscal 2025, less the option exercise price, multiplied by the number of vested and unvested stock options and for unvested PSOs multiplied by the expected payout %.

DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	0
2028	0
2029	1,000,000
2030	1,200,000
Thereafter	4,050,000
Total debt	$ 6,250,000

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	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. To help ensure the resilience of critical data and systems, maintain regulatory compliance, manage material cybersecurity risks, and protect against, detect and respond to cybersecurity incidents, we regularly undertake the following activities: •24x7x365 security operations monitoring of our systems, networks and services to detect and act on weaknesses and potential intrusions; •Regular internal and external security audits and penetration tests; •Assessment of new products and services to identify potential security vulnerabilities before release; •Regular network and endpoint monitoring; •Periodic red- and purple-team assessments; •Business resiliency planning with IT disaster recovery and business continuity testing; •Role-based access controls to identify, authenticate and authorize individuals to access systems based on their job responsibilities; •Protection, including encryption, for the secure communication of sensitive data; •Monitoring of emerging data protection laws and implementation of changes to our processes designed to comply therewith; •Regular review of policies and standards related to cybersecurity; •At least annual security awareness training and testing of our employees; •Regular review of critical third-party security practices; •Tabletop exercises to simulate a response to a cybersecurity incident and to use the findings to improve our processes and technologies; •A cross-functional approach to addressing cybersecurity risk, with participation from Technology, Operations, Risk, Finance, Legal, Compliance, Privacy and Internal Audit functions; and •Cybersecurity risk insurance to provide protection against potential losses arising from a cybersecurity incident. Our IT risk program also includes an incident response plan for how we detect, respond to and recover from cybersecurity incidents, including processes designed to triage, assess severity, escalate, contain, investigate and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate damage to our brand and reputation. We periodically conduct cross‑functional tabletop exercises, and lessons learned are incorporated into our playbooks and controls. As part of the above processes, we regularly engage with assessors, consultants, auditors and other third parties, including by annually having a third-party review our cybersecurity program to help identify areas for continued focus, improvement and compliance. Our processes also address cybersecurity risks associated with our use of third-party service providers, including those in our supply chain or who have access to our client or employee data or our systems. Cybersecurity considerations affect the selection and oversight of our third-party service providers. Although we perform diligence on third parties and monitor cybersecurity risks identified through such diligence, we cannot guarantee that we can prevent or mitigate the risk of any compromise or failure in the information systems, software, networks and other assets owned or controlled by third parties. In the last three fiscal years and based on information known to date, we have not identified any material cybersecurity incidents and have not identified any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition, and the expenses we have incurred from any cybersecurity incidents over the last three fiscal years were immaterial. Furthermore, we have not been penalized or paid any amount under an information security breach settlement in the last three fiscal years. There can be no guarantee that we will not experience such an incident or incur such expenses in the future. For more information on our cybersecurity risks, see “Technology Risks” included as part of our risk factor disclosures in Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	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.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an important part of our risk management processes and an area of focus for our Board of Directors (“Board”) and management. The Audit and Risk Committee (the “Audit Committee”) of our Board is responsible for the oversight of risks from cybersecurity threats. On a quarterly basis, our CISO updates the Audit Committee on the Company’s IT security program, including an overview of risks and trends, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat developments, as well as the steps management has taken to respond to these topics. This quarterly update is also made available to the full Board, and the Chair of the Audit Committee informs the Board of any key updates during quarterly reports to the Board. Material cybersecurity risks are also considered during Board and Audit Committee discussions of matters such as enterprise risk management, operational and strategic planning, business continuity planning, mergers and acquisitions, reputation management and other relevant matters. The Board periodically conducts education sessions on cybersecurity trends and risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee (the “Audit Committee”) of our Board is responsible for the oversight of risks from cybersecurity threats. On a quarterly basis, our CISO updates the Audit Committee on the Company’s IT security program, including an overview of risks and trends, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat developments, as well as the steps management has taken to respond to these topics. This quarterly update is also made available to the full Board, and the Chair of the Audit Committee informs the Board of any key updates during quarterly reports to the Board. Material cybersecurity risks are also considered during Board and Audit Committee discussions of matters such as enterprise risk management, operational and strategic planning, business continuity planning, mergers and acquisitions, reputation management and other relevant matters. The Board periodically conducts education sessions on cybersecurity trends and risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee (the “Audit Committee”) of our Board is responsible for the oversight of risks from cybersecurity threats. On a quarterly basis, our CISO updates the Audit Committee on the Company’s IT security program, including an overview of risks and trends, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat developments, as well as the steps management has taken to respond to these topics. This quarterly update is also made available to the full Board, and the Chair of the Audit Committee informs the Board of any key updates during quarterly reports to the Board. Material cybersecurity risks are also considered during Board and Audit Committee discussions of matters such as enterprise risk management, operational and strategic planning, business continuity planning, mergers and acquisitions, reputation management and other relevant matters. The Board periodically conducts education sessions on cybersecurity trends and risks.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management processes, which are discussed in greater detail above, are led by our CISO, who has over 20 years of work experience relating to cybersecurity, including at major financial institutions and consulting firms, involving the management of information security and the development of cybersecurity strategy, as well as relevant degrees and certifications, including holding a Bachelor of Science degree in Electrical and Computer Engineering. Our CISO oversees a team of approximately 50 professionals charged with the ongoing management of our cybersecurity risk and strategy. These employees monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents, including through the operation of our ITROC, incident response plan and other processes. Our cybersecurity team includes managers that have expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degrees or other cybersecurity experience.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit and Risk Committee (the “Audit Committee”) of our Board is responsible for the oversight of risks from cybersecurity threats. On a quarterly basis, our CISO updates the Audit Committee on the Company’s IT security program, including an overview of risks and trends, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat developments, as well as the steps management has taken to respond to these topics. This quarterly update is also made available to the full Board, and the Chair of the Audit Committee informs the Board of any key updates during quarterly reports to the Board. Material cybersecurity risks are also considered during Board and Audit Committee discussions of matters such as enterprise risk management, operational and strategic planning, business continuity planning, mergers and acquisitions, reputation management and other relevant matters. The Board periodically conducts education sessions on cybersecurity trends and risks. Our cybersecurity risk management processes, which are discussed in greater detail above, are led by our CISO, who has over 20 years of work experience relating to cybersecurity, including at major financial institutions and consulting firms, involving the management of information security and the development of cybersecurity strategy, as well as relevant degrees and certifications, including holding a Bachelor of Science degree in Electrical and Computer Engineering. Our CISO oversees a team of approximately 50 professionals charged with the ongoing management of our cybersecurity risk and strategy. These employees monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents, including through the operation of our ITROC, incident response plan and other processes. Our cybersecurity team includes managers that have expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degrees or other cybersecurity experience.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk management processes, which are discussed in greater detail above, are led by our CISO, who has over 20 years of work experience relating to cybersecurity, including at major financial institutions and consulting firms, involving the management of information security and the development of cybersecurity strategy, as well as relevant degrees and certifications, including holding a Bachelor of Science degree in Electrical and Computer Engineering. Our CISO oversees a team of approximately 50 professionals charged with the ongoing management of our cybersecurity risk and strategy. These employees monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents, including through the operation of our ITROC, incident response plan and other processes. Our cybersecurity team includes managers that have expertise with cybersecurity, as demonstrated by prior work experience, possession of a cybersecurity certification or degrees or other cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	On a quarterly basis, our CISO updates the Audit Committee on the Company’s IT security program, including an overview of risks and trends, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat developments, as well as the steps management has taken to respond to these topics. This quarterly update is also made available to the full Board, and the Chair of the Audit Committee informs the Board of any key updates during quarterly reports to the Board. Material cybersecurity risks are also considered during Board and Audit Committee discussions of matters such as enterprise risk management, operational and strategic planning, business continuity planning, mergers and acquisitions, reputation management and other relevant matters. The Board periodically conducts education sessions on cybersecurity trends and risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	3

DEBT - Narrative (Details) - USD ($)					12 Months Ended
DEBT - Narrative (Details) - USD ($)	Dec. 31, 2025	Nov. 06, 2025	Aug. 20, 2025	Aug. 08, 2025	Dec. 31, 2025	Aug. 19, 2025
Debt Instrument [Line Items]
Debt instrument principal amount	$ 6,250,000,000				$ 6,250,000,000
Deferred financing fees and premium remain unamortized	53,300,000				53,300,000
Long-Term Debt
Debt Instrument [Line Items]
Deferred financing fees and premium remain unamortized	47,700,000				47,700,000
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	6,000,000,000				6,000,000,000
Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount	$ 300,000,000				$ 300,000,000
Debt instrument maturity			Aug. 20, 2030		Aug. 20, 2030
Line of credit facility, maximum borrowing capacity			$ 1,600,000,000			$ 1,250,000,000
Interest rate on the revolving loans (as percent)	5.30%				5.30%
Deferred financing fees and premium remain unamortized	$ 5,600,000				$ 5,600,000
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Prepaid and Other Assets
Debt Instrument [Line Items]
Deferred financing fees and premium remain unamortized	1,200,000				1,200,000
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Other Non-Current Assets
Debt Instrument [Line Items]
Deferred financing fees and premium remain unamortized	$ 4,400,000				4,400,000
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Base Rate Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
5.250% senior unsecured notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 1,250,000,000				$ 1,250,000,000
Debt instrument interest rate	5.25%			5.25%	5.25%
Debt instrument maturity				Sep. 01, 2035	Sep. 01, 2035
Face amount				$ 1,250,000,000
5.250% senior unsecured notes due 2035 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price				100.00%
5.250% senior unsecured notes due 2035 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price				100.00%
4.000% senior unsecured notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 1,000,000,000				$ 1,000,000,000
Debt instrument interest rate	4.00%				4.00%
Debt instrument maturity					Nov. 15, 2029
3.625% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 900,000,000				$ 900,000,000
Debt instrument interest rate	3.625%				3.625%
Debt instrument maturity					Sep. 01, 2030
3.875% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 1,000,000,000				$ 1,000,000,000
Debt instrument interest rate	3.875%				3.875%
Debt instrument maturity					Feb. 15, 2031
3.625% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 600,000,000				$ 600,000,000
Debt instrument interest rate	3.625%				3.625%
Debt instrument maturity					Nov. 01, 2031
Redemption price					100.00%
3.250% senior unsecured notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 700,000,000				$ 700,000,000
Debt instrument interest rate	3.25%				3.25%
Debt instrument maturity					Aug. 15, 2033
Redemption price					100.00%
5.150% senior unsecured notes due 2036 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument principal amount	$ 500,000,000				$ 500,000,000
Debt instrument interest rate	5.15%	5.15%			5.15%
Debt instrument maturity		Mar. 15, 2036			Mar. 15, 2036
Face amount		$ 500,000,000.0
5.150% senior unsecured notes due 2036 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price		100.00%
5.150% senior unsecured notes due 2036 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price		100.00%

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 29.8	$ 28.4
Net operating loss carryforwards, tax value	8.2	7.1
Unrecognized tax benefits, tax penalties and interest expense	3.7	0.0	$ 3.4
Amount of accrued interest and penalties	$ 7.3	$ 3.6	$ 3.8

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 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 Year Ended December 31, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	957,897	$	697,488	$	346,401	$	276,918	$	2,278,704
Asset-based fees	770,670		—		—		—		770,670
Non-recurring	58,241		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, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	882,367	$	658,610	$	318,835	$	254,633	$	2,114,445
Asset-based fees	657,501		—		—		—		657,501
Non-recurring	56,277		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, 2023
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenues Types
Recurring subscriptions	$	814,582	$	603,291	$	282,351	$	171,066	$	1,871,290
Asset-based fees	557,502		—		—		—		557,502
Non-recurring	79,731		12,665		5,217		2,515		100,128
Total	$	1,451,815	$	615,956	$	287,568	$	173,581	$	2,528,920

Schedule of Change in Accounts Receivable and 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 (December 31, 2025)	986,712		1,231,776
Increase/(decrease)	$	166,003	$	108,353


(in thousands)	Accounts receivable, net of allowances		Deferred revenue
Opening (December 31, 2023)	$	839,555	$	1,083,864
Closing (December 31, 2024)	820,709		1,123,423
Increase/(decrease)	$	(18,846)	$	39,559

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
(in thousands)	December 31, 2025
First 12-month period	$	1,134,928
Second 12-month period	736,751
Third 12-month period	367,405
Periods thereafter	239,134
Total	$	2,478,218

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Amortization Expense for Remainder Succeeding Years (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 152,961
2027	121,204
2028	90,014
2029	70,743
2030	66,376
Thereafter	331,215
Net intangible assets:	$ 832,513	$ 907,613

SEGMENT INFORMATION - Schedule of Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 351,501	$ 328,894
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	270,984	253,072
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	6,576	7,558
Total Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	277,560	260,630
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	20,491	17,632
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	24,235	22,157
Total EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	44,726	39,789
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	413	874
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	28,802	27,601
Total Asia & Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 29,215	$ 28,475

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense (Income), Weighted-Average Remaining Lease Term and Discount Rate, and Other Information Related to the Company's Operating Leases

The components of lease expense (income) of the Company’s operating leases are as follows:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease expenses	$	31,861	$	31,321	$	29,240
Variable lease costs	1,687		2,132		3,876
Short-term lease costs	507		811		745
Sublease income	(2,646)		(3,308)		(5,127)
Total lease costs	$	31,409	$	30,956	$	28,734

Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:


	As of
Lease Term and Discount Rate	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (years)	5.49		6.27
Weighted-average discount rate	4.17	%	4.06	%

Other information related to the Company’s operating leases are as follows:


	Years Ended
Other Information (in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flows used for operating leases	$	34,444	$	31,689	$	31,249
Right of use assets obtained in exchange for new operating lease liabilities	$	15,939	$	32,386	$	12,568

Schedule of Maturities of Operating Lease Liability

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
2027	29,113
2028	28,276
2029	17,862
2030	14,345
Thereafter	29,070
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

INTRODUCTION AND BASIS OF PRESENTATION (Policies)	12 Months Ended
INTRODUCTION AND BASIS OF PRESENTATION (Policies)	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes to financial statements, which include the accounts of MSCI Inc. and its wholly owned subsidiaries, are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Basis of Financial Statements and Use of Estimates	Basis of Financial Statements and Use of Estimates The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
Revenue Recognition and Deferred Revenue	Revenue Recognition Performance Obligations and Transaction Price The Company recognizes revenues for products and services when performance obligations are satisfied. For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct. A product or service is distinct if a client can benefit from it either on its own or together with other resources that are readily available to the client, and the Company’s promise to transfer the product or service to the client is separately identifiable from other promises in the contract. If both criteria are not met, the promised products or services are accounted for as a combined performance obligation. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring products or services to the client. The Company allocates the transaction price to each performance obligation identified in the contract based on the best estimate of a relative standalone selling price of each distinct product or service in the contract. To allocate the transaction price to each performance obligation on a relative standalone selling price basis, at contract inception the Company determines the standalone selling prices of the distinct products or services underlying each performance obligation in proportion to the total transaction price. This standalone selling price may be the contract price but is more often than not the best estimate of the price the Company would receive for selling the product or service separately in similar circumstances and to other similar customers. A client can receive a discount for purchasing a bundle of products or services if the sum of the standalone selling price of those promised products or services in the contract exceeds the promised consideration in the contract. For services where the transaction price is variable such as based upon assets under management (“AUM”), volume of trades or fee levels, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period. Revenue is recognized when a client obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Determining when control has transferred can sometimes require management’s judgment, which could affect the timing of revenue recognition. Revenue is recognized exclusive of any applicable sales or other indirect taxes. Disaggregation of Revenue Revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. We also group our revenues by segment. Revenues By Type Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms. Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes and fee levels. Asset-based fees are generally variable based upon AUM or the volume of trades or fee levels and are generally billed quarterly in arrears. Non-recurring revenues primarily represent fees earned on products and services where we typically do not have renewal clauses within the contract. Examples of such products and services include one-time license fees, certain derivative financial products, certain implementation services, historical data sets and, occasionally, fees for unlicensed usage of our content in historical periods. Based on the nature of the services provided, non-recurring revenues are generally billed either in advance or after delivery and recognized point in time or over the service period. Revenues By Segment and All Other – Private Assets Index segment operating revenues consist of fees earned primarily for licenses of index data subscriptions, performance obligations to deliver the data are satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create indexed investment products, such as exchange-traded funds (“ETFs”), passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is primarily measured based on AUM, volume of trades or fee levels. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client. Analytics segment operating revenues are recognized as MSCI satisfies performance obligations, through providing access to its proprietary models or hosted applications and, in some cases, managed services including implementation and other related services. These performance obligations are typically satisfied over time, and operating revenues are recognized ratably over the term of the service period. Sustainability and Climate segment operating revenues are recognized as MSCI’s performance obligations to provide data to or update data for clients are satisfied. The majority of these performance obligations are satisfied over the term of the license period, with operating revenues recognized ratably. For custom Sustainability research data, the performance obligation is typically satisfied, and revenue is recognized, at the point in time when the data is updated and available to the client. All Other – Private Assets operating revenues are recognized as MSCI's performance obligations to provide analysis, insights and data to clients are satisfied. The majority of these performance obligations are satisfied over the term of the license period, with operating revenues recognized ratably. Deferred Revenue Deferred revenues represent both cash received and the amounts billed to clients for products and services in advance of satisfying performance obligations. Deferred revenue generally results in ratable recognition of operating revenues over the license or subscription period, as the performance obligations are satisfied.
Share-Based Compensation	Share-Based Compensation Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “Compensation—Stock Compensation.” Stock-based compensation awards include restricted stock units (“RSUs”), performance stock units (“PSUs”), performance stock options (“PSOs”) and premium priced options (“PPOs”). PPOs are stock options with an exercise price set above MSCI’s market price on the grant date. The fair value of RSUs at grant date is measured using the price of MSCI’s common stock. PSUs are subject to market conditions based on the achievement of multi-year total shareholder return targets and PSOs are subject to performance conditions based on the cumulative results of financial targets. The fair value of PSUs at grant date is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. The fair value of PSOs at grant date is determined using the Black-Scholes option pricing model. For PSOs, the grant-date fair value is adjusted for any changes in the probability of achievement of (i) a cumulative revenue performance goal and (ii) a cumulative adjusted EPS performance goal (each weighted at 50%). The fair value of PPOs at grant date is determined using a lattice model. A lattice model derives the expected term based on an assumption that the likelihood of exercise will increase when the share price reaches a defined multiple of the strike price.
Research and Development	Research and Development The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “Research and Development.” ASC Subtopic 730-10 requires that research and development costs generally be expensed as incurred. The majority of the Company’s research and development costs are incurred in developing, reviewing and enhancing the methodologies and data models offered within its product portfolio by monitoring investment trends and drivers globally, as well as analyzing product-specific needs in areas such as capitalization-weighted, factor and specialized indexes, and instrument valuation, risk modeling, portfolio construction, asset allocation and value-at-risk simulation.
Internal Use Software	Internal Use Software The Company applies the provisions of ASC Subtopic 350-40, “Internal Use Software,” and accounts for the cost of computer software developed for internal use by capitalizing qualifying costs, which are substantially incurred during the application development stage. The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in Intangible Assets on the Consolidated Statement of Financial Condition and include external direct costs of services used in developing internal-use software and payroll and payroll-related costs of employees directly associated with the development activities. Additionally, costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. Capitalized software development costs are typically amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred.
Income Taxes	Income Taxes Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income. The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses The Company’s clients generally pay subscription fees annually in advance. MSCI’s policy is to record to a receivable when a client is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition. The Company recognizes an allowance for credit losses at the time invoices are sent to clients by applying an estimate of the uncollectable amount based on client profiles, credit considerations and historical write-offs. The Company does not require collateral from clients to mitigate credit risk.
Goodwill	Goodwill Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the acquired net tangible and separately identifiable intangible assets. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “Intangibles—Goodwill and Other.” The Company tests goodwill for impairment on an annual basis on July 1st and on an interim basis when certain events and circumstances exist. The test for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit.
Intangible Assets	Intangible Assets The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a periodic basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. There were no events or changes in circumstances that would indicate that the carrying value of the definite-lived intangible assets may not be recoverable during the years ended December 31, 2025 and 2024.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income.
Leases	Leases MSCI leases office space, data centers and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company does not currently have any financing lease arrangements. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right of use assets are recognized on the commencement date based on the present value of lease payments over the lease term adjusted for initial direct costs and lease incentives received or deemed probable of being received. MSCI uses its incremental borrowing rate based on the information available on the commencement date of the lease in determining the present value of lease payments. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right of use assets and associated leasehold improvements are tested for impairment when there is a trigger for impairment testing at the appropriate asset group level. When a trigger exists, the asset group is tested for recoverability by comparing the estimated undiscounted cash flows to the asset group’s carrying value. If the asset group fails the recoverability test, the Company will measure impairment loss as the difference between the fair value and carrying value of the asset group. Lease expense is recognized on a straight-line basis over the lease term and is included in “Operating expenses” in the Consolidated Statement of Income. In situations where a right of use asset has been impaired, the subsequent amortization of the right of use asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost. Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability. The Company also subleases a small portion of its leased office space to third parties and thereby applies sublessor accounting. Sublease income is presented in “Operating expenses” as an offset.
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of furniture and fixtures, and computer and communications equipment are accounted for using the straight-line method over the estimated useful life, and for leasehold improvements, over the shorter of the estimated useful life or the lease term.
Treasury Stock	Treasury Stock The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit).
Accrued Compensation	Accrued Compensation A significant portion of the Company’s employee incentive compensation programs are discretionary. The Company makes estimates in determining its accrued compensation and benefits expenses. Accrued cash incentive estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly.
Concentrations	Concentrations For the years ended December 31, 2025, 2024 and 2023, BlackRock, Inc. accounted for 10.8%, 10.2%, and 9.8% of the Company’s consolidated operating revenues, respectively. For the years ended December 31, 2025, 2024 and 2023, BlackRock, Inc. accounted for 18.7%, 17.9% and 16.8% of the Index segment’s operating revenues, respectively. No single customer accounted for 10.0% or more of operating revenues within Analytics, Sustainability and Climate or All Other – Private Assets for the years ended December 31, 2025, 2024 and 2023.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits.
Restricted Cash	Restricted Cash Restricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations
Recent Accounting Pronouncements	In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. The amendments in ASU 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 was adopted by the Company and is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods. The adoption of ASU 2023-07 expanded certain disclosures but did not have a material impact on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. The amendments in ASU 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 was adopted by the Company and is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The retrospective adoption of ASU 2023-09 expanded our disclosures but did not have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” or ASU 2024-03. The amendments in ASU 2024-03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027 and interim period reporting beginning in fiscal 2028 on a prospective basis. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In July 2025, the FASB issued Accounting Standards Update No. 2025-05 “Financial Instruments—Credit Losses (Topic 326)” or ASU 2025-05. The amendments in ASU 2025-05 permit entities to elect a practical expedient when estimating expected credit losses on accounts receivable and contract assets. Under this election, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of accounts receivable and contract assets when developing forecasts as part of estimating expected credit losses. ASU 2025-05 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2026 and interim period reporting beginning in 2026 on a prospective basis. The Company is currently evaluating the impact that adoption of this standard will have on its consolidated financial statements. In September 2025, the FASB issued Accounting Standards Update No. 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)” or ASU 2025-06. The amendments in ASU 2025-06 remove references to prescriptive and sequential software development stages. The amendments also require entities to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2028 and interim period reporting beginning in 2028, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or on a modified prospective transition method. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2025, the FASB issued Accounting Standards Update No. 2025-09 “Derivatives and Hedging (Topic 815)” or ASU 2025-09. The amendments in ASU 2025-09 clarify aspects of the guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative. ASU 2025-09 is effective for the Company’s Annual Report on Form 10-K and interim periods for the year ended December 31, 2027, with early adoption permitted. The amendments must be applied prospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2025, the FASB issued Accounting Standards Update No. 2025-11 “Interim Reporting (Topic 270)” or ASU 2025-11. The amendments in ASU 2025-11 improve guidance in Topic 270 and clarify disclosure requirements for interim reporting periods without changing the fundamental nature of interim reporting. ASU 2025-11 is effective for the Company’s interim reporting periods for the year ended December 31, 2028, with early adoption permitted. The amendments can be applied prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

ASC 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. Expenses not directly attributable to a specific segment are allocated using methodologies, such as time estimates, revenue,

headcount, sales targets, data center consumption and other relevant usage measures. Given the integrated structure of MSCI’s business, certain costs incurred by one segment may benefit other segments. Additionally, a segment may utilize content and data produced by another segment without incurring an intersegment charge. Within Adjusted EBITDA expenses by operating segment, there are no categories of expenses regularly provided to the CODM.

The CODM does not receive information about total assets on an operating segment basis. Operating segments do not record intersegment revenues; therefore, none are reported. The accounting policies used for segment reporting are consistent with those applied to MSCI as a whole.

MSCI has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions. These are presented as three reportable segments: Index, Analytics and Sustainability and Climate. The operating segments Real Assets and Private Capital Solutions do not individually meet the segment reporting thresholds and have been combined into All Other – Private Assets.

Prior to the step acquisition of Burgiss on October 2, 2023, the Company’s ownership interest in Burgiss was classified as an equity-method investment. Therefore, All Other – Private Assets did not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of the income or loss from its equity-method investment in Burgiss was not a component of Adjusted EBITDA as it was reported as a component of other (expense) income, net. Following the acquisition, the consolidated results of Burgiss were included in the Company’s Private Capital Solutions operating segment.

The Index reportable segment provides equity and fixed income indexes. The indexes are used across the investment process, including the development of indexed financial products (e.g., ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, asset allocation and creating custom indexes.

The Analytics reportable segment offers risk management, performance attribution, and portfolio management content, applications and services. These offerings provide clients with an integrated view of risk and return and tools for analyzing market, credit, liquidity, counterparty and climate risks across all major asset classes, including public and private securities, spanning short, medium and long term horizons. Clients can access Analytics tools and content through MSCI’s proprietary applications and application programming interfaces (APIs), third-party applications or directly via their own platforms.

We continue to develop new and improved tools and capabilities in response to the evolving needs of our clients. In addition, our analytics capabilities are helping fuel growth in key areas across our business, such as our factor indexes, climate risk reporting solutions and factor risk analytics on private assets.

The Sustainability and Climate reportable segment offers products and services that help institutional investors understand how sustainability considerations can impact the long-term risk and return of their portfolio and individual security-level investments. This segment also provides data, ratings, research and tools to assist investors navigate increasing regulation, meet new client demands and better integrate sustainability and climate considerations into their investment processes.

The Real Assets operating segment offers data, benchmarks, return-analytics, climate assessments and market insights for tangible assets such as real estate and infrastructure. Its performance and risk analytics services range from enterprise-wide assessments to property-specific analysis. Additionally, the operating segment offers business intelligence products for real estate owners, managers, developers and brokers worldwide.

The Private Capital Solutions operating segment provides a suite of tools to support investors in overseeing investment portfolios across public and private assets. These include sourcing terms and conditions, evaluating operating performance of underlying portfolio companies, managing risk and other activities related to private capital investing.

The following table presents operating revenues, Adjusted EBITDA expenses and segment profitability and a reconciliation to net income for the periods indicated:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating revenues
Index	$	1,786,808	$	1,596,145	$	1,451,815
Analytics	714,397		675,089		615,956
Sustainability and Climate	353,915		326,601		287,568
Total reportable segment operating revenues	2,855,120		2,597,835		2,355,339

All Other – Private Assets	279,339		258,293		173,581
Total operating revenues	3,134,459		2,856,128		2,528,920


Adjusted EBITDA expense
Index	420,800		374,091		344,842
Analytics	371,867		346,794		341,081
Sustainability and Climate	225,438		221,893		195,890
Total reportable segment Adjusted EBITDA expense	1,018,105		942,778		881,813


Adjusted EBITDA
Index Adjusted EBITDA	1,366,008		1,222,054		1,106,973
Analytics Adjusted EBITDA	342,530		328,295		274,875
Sustainability and Climate Adjusted EBITDA	128,477		104,708		91,678
Total reportable segment profitability	1,837,015		1,655,057		1,473,526


Plus:
All Other – Private Assets(1)	69,437		61,427		49,425
Less:
Amortization of intangible assets	169,480		164,037		114,429
Depreciation and amortization of property, equipment and leasehold improvements	23,405		16,978		21,009
Impairment related to sublease of leased property	—		—		477
Acquisition-related integration and transaction costs(2)	—		6,951		2,427
Operating income	1,713,567		1,528,518		1,384,609

Other expense (income), net	219,311		172,350		15,548
Income before provision for income taxes	1,494,256		1,356,168		1,369,061
Provision for income taxes	291,951		247,040		220,469
Net income	$	1,202,305	$	1,109,128	$	1,148,592

______________________________


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating revenues
Americas:
United States	$	1,267,406	$	1,168,998	$	1,044,016
Other	140,702		128,950		111,965
Total Americas	1,408,108		1,297,948		1,155,981

Europe, the Middle East and Africa (“EMEA”):
United Kingdom	543,481		479,674		408,087
Other	698,498		632,133		569,032
Total EMEA	1,241,979		1,111,807		977,119

Asia & Australia:
Japan	127,611		114,157		100,823
Other	356,761		332,216		294,997
Total Asia & Australia	484,372		446,373		395,820

Total	$	3,134,459	$	2,856,128	$	2,528,920


	As of
(in thousands)	December 31, 2025		December 31, 2024
Long-lived assets
Americas:
United States	$	270,984	$	253,072
Other	6,576		7,558
Total Americas	277,560		260,630

EMEA:
United Kingdom	20,491		17,632
Other	24,235		22,157
Total EMEA	44,726		39,789

Asia & Australia:
Japan	413		874
Other	28,802		27,601
Total Asia & Australia	29,215		28,475

Total	$	351,501	$	328,894

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SEGMENT INFORMATION - Schedule of Segment Profitability and Reconciliation to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 3,134,459	$ 2,856,128	$ 2,528,920
Amortization of intangible assets	169,480	164,037	114,429
Depreciation and amortization of property, equipment and leasehold improvements	23,405	16,978	21,009
Impairment related to sublease of leased property	0	0	477
Acquisition-related integration and transaction costs	0	6,951	2,427
Operating income	1,713,567	1,528,518	1,384,609
Other expense (income), net	219,311	172,350	15,548
Income before provision for income taxes	1,494,256	1,356,168	1,369,061
Provision for income taxes	291,951	247,040	220,469
Net income	1,202,305	1,109,128	1,148,592
Total reportable segment operating revenues
Segment Reporting Information [Line Items]
Operating revenues	2,855,120	2,597,835	2,355,339
Adjusted EBITDA expense	1,018,105	942,778	881,813
Adjusted EBITDA	1,837,015	1,655,057	1,473,526
Index
Segment Reporting Information [Line Items]
Operating revenues	1,786,808	1,596,145	1,451,815
Adjusted EBITDA expense	420,800	374,091	344,842
Adjusted EBITDA	1,366,008	1,222,054	1,106,973
Analytics
Segment Reporting Information [Line Items]
Operating revenues	714,397	675,089	615,956
Adjusted EBITDA expense	371,867	346,794	341,081
Adjusted EBITDA	342,530	328,295	274,875
Sustainability and Climate
Segment Reporting Information [Line Items]
Adjusted EBITDA expense	225,438	221,893	195,890
Adjusted EBITDA	128,477	104,708	91,678
All Other – Private Assets
Segment Reporting Information [Line Items]
Operating revenues	279,339	258,293	173,581
Adjusted EBITDA	$ 69,437	$ 61,427	$ 49,425

SEGMENT INFORMATION - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 3,134,459	$ 2,856,128	$ 2,528,920
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	1,267,406	1,168,998	1,044,016
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	140,702	128,950	111,965
Total Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	1,408,108	1,297,948	1,155,981
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	543,481	479,674	408,087
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	698,498	632,133	569,032
Total EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	1,241,979	1,111,807	977,119
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	127,611	114,157	100,823
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	356,761	332,216	294,997
Total Asia & Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 484,372	$ 446,373	$ 395,820

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,202,305	$ 1,109,128	$ 1,148,592
Other comprehensive income (loss):
Foreign currency translation adjustments	17,059	(7,590)	7,319
Income tax effect	(1,836)	749	(1,451)
Foreign currency translation adjustments, net	15,223	(6,841)	5,868
Pension and other post-retirement adjustments	5,764	(3,671)	(8,832)
Income tax effect	(1,516)	824	1,823
Pension and other post-retirement adjustments, net	4,248	(2,847)	(7,009)
Other comprehensive income (loss), net of tax	19,471	(9,688)	(1,141)
Comprehensive income	$ 1,221,776	$ 1,099,440	$ 1,147,451

SHAREHOLDERS' EQUITY (DEFICIT) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement In Equity Shares [Roll Forward]
Beginning balance (in shares)	134,079,855	133,817,332	133,623,005
Beginning balance (in shares)	(56,335,267)	(54,726,120)	(53,663,016)
Beginning balance (in shares)	77,744,588	79,091,212	79,959,989
Ending balance (in shares)	134,319,833	134,079,855	133,817,332
Ending balance (in shares)	(60,756,650)	(56,335,267)	(54,726,120)
Ending balance (in shares)	73,563,183	77,744,588	79,091,212
Common Stock Issued
Movement In Equity Shares [Roll Forward]
Dividends payable/paid (in shares)	87	104	46
Common stock issued (in shares)	237,775	257,385	188,798
Shares issued to Directors (in shares)	2,116	5,034	5,483
Treasury Stock
Movement In Equity Shares [Roll Forward]
Shares withheld for tax withholding (in shares)	(99,973)	(121,871)	(81,789)
Shares repurchased under stock repurchase programs (in shares)	(4,322,322)	(1,506,682)	(979,623)
Shares issued to Directors (in shares)	(912)	(19,406)	1,692
Common Stock Outstanding
Movement In Equity Shares [Roll Forward]
Dividends payable/paid (in shares)	87	104	46
Common stock issued (in shares)	237,775	257,385	188,798
Shares withheld for tax withholding (in shares)	(99,973)	(121,871)	(81,789)
Shares repurchased under stock repurchase programs (in shares)	(4,322,322)	(1,506,682)	(979,623)
Shares issued to Directors (in shares)	3,028	24,440	3,791

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents (includes restricted cash of $3,667 and $3,497 at December 31, 2025 and December 31, 2024, respectively)	$ 515,332	$ 409,351
Accounts receivable (net of allowances of $6,421 and $5,284 at December 31, 2025 and December 31, 2024, respectively)	986,712	820,709
Prepaid income taxes	69,281	48,162
Prepaid and other assets	73,444	65,799
Total current assets	1,644,769	1,344,021
Property, equipment and leasehold improvements, net	87,299	70,885
Right of use assets	112,873	119,435
Goodwill	2,923,362	2,915,167
Intangible assets, net	832,513	907,613
Deferred tax assets	45,875	40,626
Other non-current assets	55,768	47,692
Total assets	5,702,459	5,445,439
Current liabilities:
Accounts payable	15,339	14,517
Income taxes payable	74,401	37,989
Accrued compensation and related benefits	242,947	217,492
Other accrued liabilities	265,250	192,233
Deferred revenue	1,231,776	1,123,423
Total current liabilities	1,829,713	1,585,654
Long-term debt	6,202,286	4,510,816
Long-term operating lease liabilities	107,531	121,153
Deferred tax liabilities	101,642	47,623
Other non-current liabilities	115,827	120,190
Total liabilities	8,356,999	6,385,436
Commitments and Contingencies (see Note 6 and Note 10)
Shareholders' equity (deficit):
Preferred Stock (par value $0.01, 100,000,000 shares authorized, 0 shares issued)	0	0
Common stock (par value $0.01; 750,000,000 common shares authorized; 134,319,833 and 134,079,855 common shares issued and 73,563,183 and 77,744,588 common shares outstanding at December 31, 2025 and December 31, 2024, respectively)	1,343	1,341
Treasury shares, at cost (60,756,650 and 56,335,267 common shares held at December 31, 2025 and December 31, 2024, respectively)	(9,834,442)	(7,334,291)
Additional paid in capital	1,802,528	1,683,693
Retained earnings	5,427,600	4,780,300
Accumulated other comprehensive loss	(51,569)	(71,040)
Total shareholders' equity (deficit)	(2,654,540)	(939,997)
Total liabilities and shareholders' equity (deficit)	$ 5,702,459	$ 5,445,439

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

EMPLOYEE BENEFITS

The 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, 2025		December 31, 2024		December 31, 2023
Employee benefit cost type
401(k) and other defined contribution plans	$	40,009	$	38,431	$	33,416
Pension related net period benefit expense	10,255		7,275		5,323
Total	$	50,264	$	45,706	$	38,739


Location in the Statement of Income
Cost of revenues	$	18,955	$	18,596	$	15,504
Selling and marketing	12,527		11,854		11,081
Research and development	11,486		10,577		8,435
General and administrative	3,817		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. As of December 31, 2025 and 2024, the Switzerland defined benefit plans had a gross pension liability of $22.0 million and $31.1 million, respectively, and plan assets that totaled $18.1 million and $25.9 million, respectively. In the years ended December 31, 2025, 2024 and 2023, we recognized net periodic benefit expense of $1.7 million, $0.4 million and $0.3 million, respectively, related to our Switzerland plans. The discount rate for the Switzerland defined benefit pension plan was 1.30% and 1.00%, respectively, as of December 31, 2025 and 2024.

The investment strategies of the non-U.S. defined benefit plans vary according to the plan provisions and local laws. The majority of the assets in the non-U.S. plans are in the Switzerland plans. The Switzerland plans are associated with an insured collective retirement foundation, whereby assets are held in trust and the assets are commingled with those of other participating companies. Investment decisions are made by a board of the collective retirement foundation, comprised of participating company representatives and representatives from the insurer. The overall strategy is to manage risk while maximizing total returns.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT


(in thousands)	Maturity Date	Principal amount outstanding at December 31, 2025		Carrying value at December 31, 2025		Carrying value at December 31, 2024		Fair Value at December 31, 2025		Fair Value at December 31, 2024
Debt
4.000% senior unsecured notes due 2029	November 15, 2029	$	1,000,000	$	995,818	$	994,727	$	980,000	$	944,070
3.625% senior unsecured notes due 2030	September 1, 2030	900,000		896,911		896,249		861,300		820,845
3.875% senior unsecured notes due 2031	February 15, 2031	1,000,000		994,348		993,255		963,000		918,400
3.625% senior unsecured notes due 2031	November 1, 2031	600,000		596,167		595,509		564,600		538,350
3.250% senior unsecured notes due 2033	August 15, 2033	700,000		694,870		694,201		630,000		592,046
5.250% senior unsecured notes due 2035	September 1, 2035	1,250,000		1,230,856		—		1,262,500		—
5.150% senior unsecured notes due 2036	March 15, 2036	500,000		493,149		—		499,500		—
Variable rate revolving loans(1)	August 20, 2030	300,000		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

__________________________

Maturities of the Company’s principal debt payments as of December 31, 2025 are as follows:


Maturity of Principal Debt Payments (in thousands)	Amounts
2026	$	—
2027	—
2028	—
2029	1,000,000
2030	1,200,000
Thereafter	4,050,000
Total debt	$	6,250,000

Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:

Interest payment frequency

First interest
payment date

Senior Notes and Revolving Loan Commitments

4.000% senior unsecured notes due 2029

Semi-Annual

May 15

3.625% senior unsecured notes due 2030

Semi-Annual

March 1

3.875% senior unsecured notes due 2031

Semi-Annual

June 1

3.625% senior unsecured notes due 2031

Semi-Annual

May 1

3.250% senior unsecured notes due 2033

Semi-Annual

February 15

5.250% senior unsecured notes due 2035(1)

Semi-Annual

March 1

5.150% senior unsecured notes due 2036(2)

Semi-Annual

March 15

Variable rate revolving loans (3)

Variable

October 22

______________________________

(1)The first payment will occur on March 1, 2026.

(2)The first payment will occur on March 15, 2026.

(3)The first payment occurred on October 22, 2025.

The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.

Senior Notes. The $1,000.0 million aggregate principal amount of 4.000% senior unsecured notes due 2029 (the “2029 Senior Notes”) are scheduled to mature on November 15, 2029. The Company may redeem all or part of the 2029 Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2029 Senior Notes.

The $900.0 million aggregate principal amount of 3.625% senior unsecured notes due 2030 (the “2030 Senior Notes”) are scheduled to mature on September 1, 2030. The Company may redeem all or part of the 2030 Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2030 Senior Notes.

The $1,000.0 million aggregate principal amount of 3.875% senior unsecured notes due 2031 (the “2031A Senior Notes”) are scheduled to mature on February 15, 2031. The Company may redeem all or part of the 2031A Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2031A Senior Notes.

The $600.0 million aggregate principal amount of 3.625% Senior Unsecured Notes due 2031 (the “2031B Senior Notes”) are scheduled to mature on November 1, 2031. At any time prior to November 1, 2026, the Company may redeem all or part of the 2031B Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2031B Senior Notes, together with accrued and unpaid interest, on or after November 1, 2026, at redemption prices set forth in the indenture governing the 2031B Senior Notes.

The $700.0 million aggregate principal amount of 3.250% Senior Unsecured Notes due 2033 (the “2033 Senior Notes”) are scheduled to mature on August 15, 2033. At any time prior to August 15, 2027, the Company may redeem all or part of the 2033 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In

addition, the Company may redeem all or part of the 2033 Senior Notes, together with accrued and unpaid interest, on or after August 15, 2027, at redemption prices set forth in the indenture governing the 2033 Senior Notes.

On August 8, 2025, the Company issued $1,250.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2035 (the “2035 Senior Notes”) in a registered public offering. The 2035 Senior Notes are scheduled to mature on September 1, 2035. At any time prior to June 1, 2035, the Company may redeem all or part of the 2035 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. On or after June 1, 2035, the 2035 Senior Notes are redeemable at 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date.

On November 6, 2025, the Company issued $500.0 million aggregate principal amount of 5.150% Senior Unsecured Notes due 2036 (the “2036 Senior Notes”) in a registered public offering. The 2036 Senior Notes are scheduled to mature on March 15, 2036. At any time prior to December 15, 2035, the Company may redeem all or part of the 2036 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. On or after December 15, 2035, the 2036 Senior Notes are redeemable at 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date.

Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On August 20, 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) amending and restating in its entirety the Company’s prior Second Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $1.6 billion (from $1.25 billion under the Prior Credit Agreement) under a revolving credit facility (the “ Revolving Credit Facility”) and extends the availability period until August 20, 2030. Prior to entering into the Credit Agreement, the Company applied part of the proceeds of its offering of the 2035 Senior Notes to repay in full all outstanding borrowings under the Prior Credit Agreement. The obligations under the Credit Agreement are unsecured senior obligations of the Company.

As of December 31, 2025, the Company had $300.0 million of revolving loans outstanding under the Revolving Credit Facility. The Company may use the Revolving Credit Facility for general corporate purposes (including, working capital and acquisitions and other transactions permitted under the Credit Agreement).

Interest on the revolving loans under the Credit Agreement accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin determined based on the credit ratings of the Company’s senior, unsecured long-term debt. As of December 31, 2025, the applicable margin is 0.50% for Base Rate loans, and 1.50% for SOFR loans. At December 31, 2025, the interest rate on the revolving loans under the Revolving Credit Facility was 5.3%.

In connection with the closings of the Senior Notes offerings, entry into the Prior Credit Agreement and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At December 31, 2025, $53.3 million of the deferred financing fees and premium remain unamortized, $1.2 million of which is included in “Prepaid and other assets,” $4.4 million of which is included in “Other non-current assets” and $47.7 million of which is included in “Long-term debt” on the Consolidated Statement of Financial Condition.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate	4.20%	4.08%	3.75%
Historical stock price volatility	32.24%	32.57%	41.10%
Term (in years)	3 years	3 years	3 years
Discount of Lack of Marketability	7.00%	7.20%	9.00%
Expected dividend yield	0.00%
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate	4.34%	3.94%	3.44%
Historical stock price volatility	34.59%	33.96%	32.81%
Term (in years)	6 years 6 months	6 years 6 months	6 years 6 months
Expected dividend yield	1.22%	1.07%	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT - Schedule of Senior Unsecured Notes (Detail) - USD ($) $ in Thousands				12 Months Ended
	Nov. 06, 2025	Aug. 20, 2025	Aug. 08, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal amount outstanding				$ 6,250,000
Carrying value				6,202,119	$ 4,510,816
Fair Value				6,057,900	4,147,217
Deferred financing fees and premium remain unamortized				$ 53,300
4.000% senior unsecured notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				4.00%
Maturity Date				Nov. 15, 2029
Principal amount outstanding				$ 1,000,000
Carrying value				995,818	994,727
Fair Value				$ 980,000	944,070
3.625% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				3.625%
Maturity Date				Sep. 01, 2030
Principal amount outstanding				$ 900,000
Carrying value				896,911	896,249
Fair Value				$ 861,300	820,845
3.875% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				3.875%
Maturity Date				Feb. 15, 2031
Principal amount outstanding				$ 1,000,000
Carrying value				994,348	993,255
Fair Value				$ 963,000	918,400
3.625% senior unsecured notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				3.625%
Maturity Date				Nov. 01, 2031
Principal amount outstanding				$ 600,000
Carrying value				596,167	595,509
Fair Value				$ 564,600	538,350
3.250% senior unsecured notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				3.25%
Maturity Date				Aug. 15, 2033
Principal amount outstanding				$ 700,000
Carrying value				694,870	694,201
Fair Value				$ 630,000	592,046
5.250% senior unsecured notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate			5.25%	5.25%
Maturity Date			Sep. 01, 2035	Sep. 01, 2035
Principal amount outstanding				$ 1,250,000
Carrying value				1,230,856	0
Fair Value				$ 1,262,500	0
5.150% senior unsecured notes due 2036 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.15%			5.15%
Maturity Date	Mar. 15, 2036			Mar. 15, 2036
Principal amount outstanding				$ 500,000
Carrying value				493,149	0
Fair Value				$ 499,500	0
Variable rate Revolving Loan Commitments \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maturity Date		Aug. 20, 2030		Aug. 20, 2030
Principal amount outstanding				$ 300,000
Carrying value				300,000	336,875
Fair Value				297,000	$ 333,506
Deferred financing fees and premium remain unamortized				5,600
Variable rate Revolving Loan Commitments \| Line of Credit \| Revolving Credit Facility \| Prepaid and Other Assets
Debt Instrument [Line Items]
Deferred financing fees and premium remain unamortized				1,200
Variable rate Revolving Loan Commitments \| Line of Credit \| Revolving Credit Facility \| Other Non-Current Assets
Debt Instrument [Line Items]
Deferred financing fees and premium remain unamortized				$ 4,400

LEASES - Schedule of Weighted-Average Remaining Lease Term and Discount Rate Under Operating Leases (Detail)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (years)	5 years 5 months 26 days	6 years 3 months 7 days
Weighted-average discount rate	4.17%	4.06%

INCOME TAXES - Schedule of Cash Flow, Supplemental (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Federal	$ 101,122	$ 97,857	$ 116,720
Total	222,268	201,028	240,479
New York City
Income Tax Examination [Line Items]
State and local	3,070	10,622	11,654
Other
Income Tax Examination [Line Items]
State and local	18,685	19,301	29,215
Switzerland
Income Tax Examination [Line Items]
Foreign	36,328	30,235	49,846
United Kingdom
Income Tax Examination [Line Items]
Foreign	32,952	19,105	19,105
Other
Income Tax Examination [Line Items]
Foreign	$ 30,111	$ 23,908	$ 13,939

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 1,202,305	$ 1,109,128	$ 1,148,592
Basic weighted average common shares outstanding (in shares)	76,504	78,710	79,462
Effect of dilutive securities (in shares)	132	250	381
Diluted weighted average common shares outstanding (in USD per share)	76,636	78,960	79,843
Earnings per common share:
Basic (in USD per share)	$ 15.72	$ 14.09	$ 14.45
Diluted (in USD per share)	$ 15.69	$ 14.05	$ 14.39

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Section 55
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 65
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

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 Year Ended December 31, 2025
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	957,897	$	697,488	$	346,401	$	276,918	$	2,278,704
Asset-based fees	770,670		—		—		—		770,670
Non-recurring	58,241		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, 2024
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	882,367	$	658,610	$	318,835	$	254,633	$	2,114,445
Asset-based fees	657,501		—		—		—		657,501
Non-recurring	56,277		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, 2023
	Segments
(in thousands)	Index		Analytics		Sustainability and Climate		All Other – Private Assets		Total
Operating Revenues Types
Recurring subscriptions	$	814,582	$	603,291	$	282,351	$	171,066	$	1,871,290
Asset-based fees	557,502		—		—		—		557,502
Non-recurring	79,731		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 allowances		Deferred revenue
Opening (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 allowances		Deferred revenue
Opening (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. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of December 31, 2025, 2024 and 2023, the Company carried a long-term deferred revenue balance of $34.0 million, $32.2 million and $28.8 million, respectively, in “Other non-current liabilities” on the Consolidated Statement 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
(in thousands)	December 31, 2025
First 12-month period	$	1,134,928
Second 12-month period	736,751
Third 12-month period	367,405
Periods thereafter	239,134
Total	$	2,478,218

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 1,202,305	$ 1,109,128	$ 1,148,592
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on remeasurement of equity method investment	0	0	(143,029)
Amortization of intangible assets	169,480	164,037	114,429
Stock-based compensation expense	111,343	95,204	71,653
Depreciation and amortization of property, equipment and leasehold improvements	23,405	16,978	21,009
Amortization of right of use assets	25,685	25,260	23,781
Loss on impairment of right of use assets, net	0	0	477
Amortization of debt origination fees	5,876	5,143	5,055
Loss on extinguishment of debt	0	1,510	0
Loss on investment in investee	11,768	0	0
Deferred taxes	46,675	14,328	(15,258)
Other adjustments	15,932	(2,704)	6,863
Changes in assets and liabilities:
Accounts receivable	(164,236)	10,226	(149,529)
Prepaid income taxes	(20,849)	10,721	(21,931)
Prepaid and other assets	(7,591)	(9,622)	1,564
Other non-current assets	(15,560)	402	(8,102)
Accounts payable	559	4,963	(6,044)
Income taxes payable	28,609	16,183	14,721
Accrued compensation and related benefits	20,612	6,445	23,218
Other accrued liabilities	61,599	9,589	3,536
Deferred revenue	96,426	46,060	171,968
Long-term operating lease liabilities	(28,392)	(26,063)	(24,062)
Other non-current liabilities	5,862	3,703	(6,538)
Other	(1,062)	136	3,656
Net cash provided by operating activities	1,588,446	1,501,627	1,236,029
Cash flows from investing activities
Acquisition of a business, net of cash acquired	0	(27,467)	(727,342)
Capital expenditures	(39,319)	(33,762)	(22,757)
Capitalized software development costs	(90,542)	(81,356)	(68,094)
Other	(203)	(1,670)	(1,185)
Net cash used in investing activities	(130,064)	(144,255)	(819,378)
Cash flows from financing activities
Repurchase of common stock held in treasury	(2,484,305)	(885,266)	(504,188)
Payment of dividends	(556,521)	(509,109)	(440,993)
Repayment of borrowings	(1,101,875)	(559,063)	(8,750)
Proceeds from borrowings, net of discount	2,805,963	556,875	0
Payment of debt issuance costs	(20,082)	(3,739)	0
Payment of contingent consideration and deferred purchase price from acquisitions	(12,145)	(2,006)	0
Proceeds from exercise of stock options	6,975	0	0
Net cash used in financing activities	(1,361,990)	(1,402,308)	(953,931)
Effect of exchange rate changes	9,589	(7,406)	5,409
Net increase (decrease) in cash, cash equivalents and restricted cash	105,981	(52,342)	(531,871)
Cash, cash equivalents and restricted cash, beginning of period	409,351	461,693	993,564
Cash, cash equivalent and restricted cash, end of period	515,332	409,351	461,693
Supplemental disclosure of cash flow information:
Cash paid for interest	173,312	179,952	182,313
Cash paid for income taxes, net of refunds received	222,268	201,028	240,479
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements in other accrued liabilities	$ 2,375	$ 2,629	$ 2,738

INCOME TAXES - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 02, 2023
Amount
U.S. federal statutory income tax rate	$ 313,794	$ 284,795	$ 287,503
State and local income taxes, net of federal income tax effect	(3,708)	16,638	31,643
Effect of changes in tax laws or rates enacted in the current period	0	0	0
Foreign-derived intangible income	(33,522)	(36,966)	(12,245)
General basket foreign tax credits	(27,472)	(21,488)	0
Other effects of cross-border tax laws	1,952	6,321	7,857
Research and development credits	(7,912)	(3,195)	(7,276)
Changes in valuation allowances	(3,496)	3,496	0
Nontaxable or nondeductible items	6,447	6,469	1,109
Changes in unrecognized tax benefits	25,274	(545)	4,483
Impact of internal legal entity restructuring	33,359	0	0
Impact of Burgiss step acquisition	0	(1,132)	(21,631)
Excess share-based compensation	(3,194)	(9,718)	(6,264)
Provision for income taxes	$ 291,951	$ 247,040	$ 220,469
Percent
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	(0.30%)	1.20%	2.30%
Effect of changes in tax laws or rates enacted in the current period	0.00%	0.00%	0.00%
Foreign-derived intangible income	(2.20%)	(2.70%)	(0.90%)
General basket foreign tax credits	(1.80%)	(1.60%)	0.00%
Other effects of cross-border tax laws	0.10%	0.30%	0.60%
Research and development credits	(0.50%)	(0.20%)	(0.50%)
Changes in valuation allowances	(0.20%)	0.30%	0.00%
Nontaxable or nondeductible items	0.40%	0.50%	0.10%
Changes in unrecognized tax benefits	1.70%	0.00%	0.30%
Impact of internal legal entity restructuring	2.20%	0.00%	0.00%
Impact of Burgiss step acquisition	0.00%	0.00%	(1.60%)
Excess share-based compensation	(0.20%)	(0.70%)	(0.50%)
Effective income tax rate	19.50%	18.20%	16.10%
Burgiss Group Limited Liability Company
Percent
Business acquisition, percentage of voting interests acquired (as percent)				66.40%
Switzerland
Amount
Statutory tax rate differential	$ (29,465)	$ (17,433)	$ (32,999)
Recognition of tax basis intangibles	0	0	(14,979)
Other adjustments	$ 4,177	$ 3,908	$ (2,268)
Percent
Foreign tax effects	(2.00%)	(1.30%)	(2.40%)
Recognition of tax basis intangibles	0.00%	0.00%	(1.10%)
Other adjustments	0.30%	0.30%	(0.20%)
Cayman Islands
Amount
Statutory tax rate differential	$ 0	$ 0	$ (18,433)
Percent
Foreign tax effects	0.00%	0.00%	(1.30%)
Other foreign jurisdictions
Amount
Statutory tax rate differential	$ 15,717	$ 15,890	$ 3,969
Percent
Foreign tax effects	1.00%	1.10%	0.30%

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The 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, 2025		December 31, 2024		December 31, 2023
Domestic	$	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, 2025		December 31, 2024		December 31, 2023
Current
U.S. federal	$	95,326	$	115,012	$	93,475
U.S. state and local	14,758		17,534		40,567
Non U.S.	135,193		98,581		101,685
Total current tax provision/(benefit)	245,277		231,127		235,727

Deferred
U.S. federal	42,268		14,002		(1,985)
U.S. state and local	8,942		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 Ended
	December 31, 2025				December 31, 2024				December 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 effects
Switzerland
Statutory tax rate differential	(29,465)		(2.0	%)	(17,433)		(1.3	%)	(32,999)		(2.4	%)
Recognition of tax basis intangibles	—		—	%	—		—	%	(14,979)		(1.1	%)
Other	4,177		0.3	%	3,908		0.3	%	(2,268)		(0.2	%)
Cayman Islands
Statutory tax rate differential	—		—	%	—		—	%	(18,433)		(1.3	%)
Other foreign jurisdictions	15,717		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 laws
Foreign-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	%)	—		—	%
Other	1,952		0.1	%	6,321		0.3	%	7,857		0.6	%
Tax credits
Research 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 items	6,447		0.4	%	6,469		0.5	%	1,109		0.1	%
Changes in unrecognized tax benefits	25,274		1.7	%	(545)		—	%	4,483		0.3	%
Other adjustments
Impact of internal legal entity restructuring	33,359		2.2	%	—		—	%	—		—	%
Impact of Burgiss step acquisition(2)	—		—	%	(1,132)		—	%	(21,631)		(1.6	%)
Excess share-based compensation	(3,194)		(0.2	%)	(9,718)		(0.7	%)	(6,264)		(0.5	%)
Effective income tax rate	$	291,951	19.5	%	$	247,040	18.2	%	$	220,469	16.1	%

_____________________________

(1)State taxes in New York, New York City, California and Illinois make up the majority (greater than 50 percent) of the tax effect in this category. In 2025, the Company recognized the benefit of prior year refund claims.

(2)On October 2, 2023, the Company acquired the remaining 66.4% interest in Burgiss (the “step acquisition”).

The amount of income taxes paid by the Company consisted of:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Federal	$	101,122	$	97,857	$	116,720
State and local
New York City	3,070		10,622		11,654
Other	18,685		19,301		29,215
Foreign
Switzerland	36,328		30,235		49,846
United Kingdom	32,952		19,105		19,105
Other	30,111		23,908		13,939
Total	$	222,268	$	201,028	$	240,479

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows:


	As of
(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Employee compensation and benefit plans	$	48,305	$	37,351
Tax credit carryforwards	41,770		28,075
Capitalized expenses	30,331		70,920
Lease liabilities	29,881		32,330
Loss carryforwards	8,176		7,059
Other	32,682		11,856
Gross deferred tax assets	191,145		187,591

Less: valuation allowance	(1,382)		(4,880)
Total deferred tax assets	$	189,763	$	182,711

Deferred tax liabilities:
Intangible assets	$	(116,164)	$	(115,877)
Property, equipment and leasehold improvements, net	(44,848)		(37,542)
Deferred gain	(38,124)		—
Right of use assets	(23,596)		(25,247)
Other	(14,074)		(5,147)
Unremitted foreign earnings	(8,724)		(5,895)
Total deferred tax liabilities	$	(245,530)	$	(189,708)

Net deferred tax assets/(liabilities)	$	(55,767)	$	(6,997)

The Company believes the majority of the deferred tax assets at December 31, 2025 are more likely than not to be realized based on expectations as to future taxable income in the jurisdictions in which it operates. Valuation allowances have been provided where tax attributes do not meet recognition criteria.

The Company has tax credit carryforwards, primarily comprised of U.S. Corporate Alternative Minimum Tax (CAMT) and foreign tax credits. Net operating loss carryforwards were $29.8 million with a tax value of $8.2 million and $28.4 million with a tax value of $7.1 million as of December 31, 2025 and 2024, respectively. The majority of tax attributes may be utilized over an indefinite life.

As of December 31, 2025, the Company has provided for applicable state income and foreign withholding taxes on all undistributed earnings of its foreign subsidiaries.

The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments.

The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2025, 2024 and 2023:


	Years Ended
Gross unrecognized tax benefits (in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning balance	$	32,313	$	33,801	$	32,523
Increases based on tax positions related to the current period	4,601		3,068		5,028
Increases based on tax positions related to prior periods	23,400		5,363		1,961
Decreases based on tax positions related to prior periods	(34)		(427)		—
Decreases related to settlements with taxing authorities	(310)		(8,940)		(5,711)
Decreases related to a lapse of applicable statute of limitations	(466)		(552)		—
Ending balance	$	59,504	$	32,313	$	33,801

The Company recognized $3.7 million, $0.0 million and $3.4 million of net interest and penalties in the Consolidated Statement of Income with respect to unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023, respectively. The amount of accrued interest and penalties, which includes interest and penalties related to uncertain tax positions and accrued income tax expense, recorded on the Consolidated Statement of Financial Condition was $7.3 million, $3.6 million and $3.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company is under or open to examination by the IRS and other tax authorities in certain jurisdictions, including U.S. federal, states in which the Company has significant operations (such as New York and California), and foreign jurisdictions (such as Switzerland and India). The tax years currently under or open to examination vary by jurisdiction but include years ranging from 2008 onwards.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized during period included in deferred revenue	$ 1,123.4	$ 1,022.9	$ 836.7
Long-term deferred revenue	$ 34.0	$ 32.2	$ 28.8
Disclosure of remaining performance policy	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.

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Apr. 16, 2024	Jan. 02, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill			$ 2,923,362	$ 2,915,167	$ 2,887,692
Contingent consideration, liability			14,600
Contingent consideration liability current			9,600
Contingent consideration liability noncurrent			$ 5,000
Fabric
Business Combination [Line Items]
Aggregate purchase price		$ 16,100
Goodwill		$ 5,900
Foxberry
Business Combination [Line Items]
Aggregate purchase price	$ 42,600
Goodwill	$ 23,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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SHAREHOLDERS' EQUITY (DEFICIT) - Summary of Vested and Unvested Share-Based Awards Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Vested and unvested Share-based Awards at the beginning of period (in shares) \| shares	485
Granted (in shares) \| shares	207
Vested (in shares) \| shares	(259)
Canceled (in shares) \| shares	(23)
Vested and unvested Share-based Awards at the end of period (in shares) \| shares	410
Share-based Awards , vested or expected to vest (in shares) \| shares	387
Weighted Average Grant Date Fair Value
Vested and unvested Share-based Awards (in USD per share) \| $ / shares	$ 444.51
Granted (in USD per share) \| $ / shares	440.32
Vested (in USD per share) \| $ / shares	291.39
Canceled (in USD per share) \| $ / shares	558.45
Vested and unvested Share-based Awards (in USD per share) \| $ / shares	532.62
Share-based Awards , vested or expected to vest, weighted average price (in USD per share) \| $ / shares	$ 530.25

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ (1,007,925)	$ 1,336	$ (5,938,116)	$ 1,515,874	$ 3,473,192	$ (60,211)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,148,592				1,148,592
Dividends declared	(442,103)				(442,103)
Dividends paid in shares	152			152
Other comprehensive income (loss), net of tax	(1,141)					(1,141)
Shares withheld for tax withholding	(45,469)		(45,469)
Common stock issued	2	2
Compensation payable in common stock	71,644			71,644
Common stock repurchased and held in treasury	(462,693)		(462,693)
Common stock issued to Directors and (held in)/released from treasury	(823)		(823)
Ending balance at Dec. 31, 2023	(739,764)	1,338	(6,447,101)	1,587,670	4,179,681	(61,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,109,128				1,109,128
Dividends declared	(508,509)				(508,509)
Dividends paid in shares	156			156
Other comprehensive income (loss), net of tax	(9,688)					(9,688)
Shares withheld for tax withholding	(71,116)		(71,116)
Common stock issued	3	3
Compensation payable in common stock	95,867			95,867
Common stock repurchased and held in treasury	(817,366)		(817,366)
Common stock issued to Directors and (held in)/released from treasury	1,292		1,292
Ending balance at Dec. 31, 2024	(939,997)	1,341	(7,334,291)	1,683,693	4,780,300	(71,040)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,202,305				1,202,305
Dividends declared	(555,005)				(555,005)
Dividends paid in shares	82			82
Other comprehensive income (loss), net of tax	19,471					19,471
Shares withheld for tax withholding	(58,603)		(58,603)
Common stock issued	2	2
Exercise of stock options	6,975			6,975
Compensation payable in common stock	111,778			111,778
Common stock repurchased and held in treasury	(2,441,877)		(2,441,877)
Common stock issued to Directors and (held in)/released from treasury	329		329
Ending balance at Dec. 31, 2025	$ (2,654,540)	$ 1,343	$ (9,834,442)	$ 1,802,528	$ 5,427,600	$ (51,569)

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Schedule of Changes in the Company’s Level 3 Financial Liabilities

Changes in the Company’s Level 3 financial liabilities for the periods indicated were as follows:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning 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.

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Amortization Expense Related to Intangible Assets by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 169,480	$ 164,037	$ 114,429
Amortization expense of acquired intangible assets
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	90,606	103,041	72,303
Amortization expense of internally developed capitalized software
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 78,874	$ 60,996	$ 42,126

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Schedule of Property, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Computer & related equipment	$ 192,650	$ 177,346
Furniture & fixtures	16,220	15,489
Leasehold improvements	53,647	56,413
Work-in-process	5,779	1,542
Subtotal	268,296	250,790
Accumulated depreciation and amortization	(180,997)	(179,905)
Property, equipment and leasehold improvements, net	$ 87,299	$ 70,885
Computer & related equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Computer & related equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Furniture & fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	21 years

SHAREHOLDERS' EQUITY (DEFICIT)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS’ EQUITY (DEFICIT)

This note reflects the share repurchases and related activity as well as share-based compensation activity recognized by the Company, for all periods referenced.

Stock Repurchase Program

On October 25, 2025, the Board of Directors authorized a new stock repurchase program (the “2025 Repurchase Program”) for the repurchase of up to an aggregate of $3.0 billion worth of shares of MSCI’s common stock, which supersedes and replaces the previously existing share repurchase program.

Share repurchases made pursuant to the 2025 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice.

As of December 31, 2025, there was $2.1 billion of available authorization remaining under the 2025 Repurchase Program.

Common Stock Dividends

The following table provides information with respect to repurchases of the Company’s common stock made on the open market:


Year Ended (in thousands, except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
December 31, 2025	$	559.54	4,322	$	2,418,512
December 31, 2024	$	537.72	1,507	$	810,176
December 31, 2023	$	468.26	980	$	458,721

_____________________________

The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated


	Dividends
(in thousands, except per share data)	Per Share		Declared		Distributed		(Released)/ Deferred
2025
Three Months Ended March 31,	$	1.80	$	141,392	$	143,820	$	(2,428)
Three Months Ended June 30,	1.80		140,004		139,753		251
Three Months Ended September 30,	1.80		138,148		137,865		283
Three Months Ended December 31,	1.80		135,461		135,171		290
Year Ended December 31,	$	7.20	$	555,005	$	556,609	$	(1,604)

2024
Three Months Ended March 31,	$	1.60	$	129,444	$	131,378	$	(1,934)
Three Months Ended June 30,	1.60		127,304		126,958		346
Three Months Ended September 30,	1.60		126,185		125,763		422
Three Months Ended December 31,	1.60		125,576		125,163		413
Year Ended December 31,	$	6.40	$	508,509	$	509,262	$	(753)

2023
Three Months Ended March 31,	$	1.38	$	111,986	$	112,189	$	(203)
Three Months Ended June 30,	1.38		110,383		110,147		236
Three Months Ended September 30,	1.38		109,847		109,408		439
Three Months Ended December 31,	1.38		109,887		109,399		488
Year Ended December 31,	$	5.52	$	442,103	$	441,143	$	960

Common Stock

The following table presents activity related to shares of common stock issued and repurchased for the periods indicated:


	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Balance At December 31, 2022	133,623,005	(53,663,016)	79,959,989
Dividend payable/paid	46	—	46
Common stock issued	188,798	—	188,798
Shares withheld for tax withholding	—	(81,789)	(81,789)
Shares repurchased under stock repurchase programs	—	(979,623)	(979,623)
Shares issued to Directors	5,483	(1,692)	3,791
Balance At December 31, 2023	133,817,332	(54,726,120)	79,091,212

Dividend payable/paid	104	—	104
Common stock issued	257,385	—	257,385
Shares withheld for tax withholding	—	(121,871)	(121,871)
Shares repurchased under stock repurchase programs	—	(1,506,682)	(1,506,682)
Shares issued to Directors	5,034	19,406	24,440
Balance At December 31, 2024	134,079,855	(56,335,267)	77,744,588

Dividend payable/paid	87	—	87
Common stock issued	237,775	—	237,775
Shares withheld for tax withholding	—	(99,973)	(99,973)
Shares repurchased under stock repurchase programs	—	(4,322,322)	(4,322,322)
Shares issued to Directors	2,116	912	3,028
Balance At December 31, 2025	134,319,833	(60,756,650)	73,563,183

Share-based Compensation

The Company regularly issues share-based compensation to its employees and directors who are not employees of the Company. The accounting guidance for share-based compensation requires measurement of compensation cost for share-based awards at fair value and recognition of compensation cost over the service period, net of estimated forfeitures. In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to use newly issued shares or certain shares of common stock held in treasury.

Subsequent to December 31, 2025, the Company granted approximately 0.3 million awards to a portion of its employees in the form of RSUs, PSUs and PSOs. The aggregate fair value of the awards was approximately $125 million. The RSUs granted in 2026 primarily vest at the end of a three-year service period and primarily all are subject to a performance condition based on the level of achievement of a net new recurring subscription sales performance goal, measured over a one-year period. The PSUs granted in 2026 vest at the end of a three-year service period, are subject to a one-year sale restriction and are also subject to a market condition based on the achievement of an absolute total shareholder return compounded annual growth rate, measured over a three-year period. The PSOs granted in 2026 vest and become exercisable at the end of a three-year service period and are subject to a performance condition based on the combined level of achievement of a cumulative revenue performance goal and a cumulative adjusted EPS performance goal, each measured over a three-year period.

The following table presents the amount of share-based compensation expense by category for the periods indicated:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Cost of revenues	$	32,242	$	27,518	$	19,447
Selling and marketing	25,948		20,863		17,392
Research and development	15,105		15,049		9,625
General and administrative	38,542		32,935		26,233
Other expense (income)	—		—		346
Total share-based compensation expense	$	111,837	$	96,365	$	73,043

The windfall tax benefits for share-based compensation expense related to RSUs, PSUs and exercised options (together, the “Share-based Awards”) granted to Company employees and to directors who are not employees of the Company were $7.2 million, $15.7 million and $11.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, $115.5 million of compensation cost related to MSCI unvested share-based awards granted to the Company’s employees and to directors who are not employees of the Company had not yet been recognized. The unrecognized compensation cost relating to unvested stock-based awards expected to vest will be recognized primarily over the next one to three years.

In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to issue shares of common stock. As of December 31, 2025, 6.0 million shares of common stock were available for future grants under these plans.

Share-based Awards

Certain Company employees have been granted Share-based Awards pursuant to a share-based compensation plan. Outstanding Share-based Awards include RSUs and PSUs. Recipients of Share-based Awards generally have rights to receive dividend equivalents that are subject to vesting.

The Company reports the target number of PSUs granted unless it has determined, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case the Company reports the amount of shares employees are likely to receive.

The fair value of the PSUs on the award dates were estimated under the Monte Carlo method using the following weighted average assumptions:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Risk free interest rate	4.20	%	4.08	%	3.75	%
Historical stock price volatility	32.24	%	32.57	%	41.10	%
Term (in years)	3.0		3.0		3.0
Discount of Lack of Marketability	7.0	%	7.2	%	9.0	%

The risk-free interest rate was determined based on the U.S. Constant Maturity Treasury yield curve as of the valuation dates with a maturity commensurate with the terms. The expected stock price volatility was determined using historical volatility. Since the PSU awards are dividend-protected, the assumed dividend yield applied in the valuation was 0.0%.

The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated:


For the Year Ended December 31, 2025 (in thousands, except fair value data)	Number of Shares	Weighted Average Grant Date Fair Value
Vested and unvested Share-based Awards at December 31, 2024	485	$	444.51
Granted	207	$	440.32
Vested	(259)	$	291.39
Canceled	(23)	$	558.45
Vested and unvested Share-based Awards at December 31, 2025	410	$	532.62

Vested and unvested Share-based Awards expected to vest	387	$	530.25

The total fair value of Share-based Awards held by the Company’s employees that converted to MSCI common stock during the years ended December 31, 2025, 2024 and 2023 was $133.3 million, $159.3 million and $107.8 million, respectively.

Stock Option Awards

Certain Company employees have also been granted stock option awards pursuant to a share-based compensation plan. Outstanding stock option awards include PSOs and PPOs. On the award date, the fair value of PSOs were estimated using the Black-Scholes pricing model, while the fair value of PPOs were estimated using a lattice model. We utilized a different model for PPOs because they did not meet the criteria to qualify for the simplified method provided by the SEC to estimate expected life. The estimated fair value of PSOs were calculated using the following weighted average assumptions:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Risk-free interest rate	4.34	%	3.94	%	3.44	%
Expected stock volatility	34.59	%	33.96	%	32.81	%
Expected life (in years)	6.5		6.5		6.5
Expected dividend yield	1.22	%	1.07	%	1.00	%

The estimated fair value of PPOs were calculated using the following weighted average assumptions: risk-free interest rate of 4.47%, expected stock volatility of 30.41%, expected life of 8.3 years, and expected dividend yield of 1.22%.

The determination of inputs for PSOs and PPOs was consistent, with the exception of the estimate of expected life. The risk-free interest rate was determined based on the U.S. Constant Maturity Treasury yield curve as of the valuation date with a term commensurate with the expected life of the stock option award. The expected stock price volatility was calculated using historical volatility. For PSOs, because the Company does not have sufficient historical exercise data, we utilized the simplified method provided by the SEC to calculate the expected life as the average of the contractual term and vesting period. For PPOs, the expected life was derived from the output of an option valuation model. The expected dividend yield was calculated by annualizing the most recent cash dividend declared by the Company’s Board of Directors at grant date and dividing by the closing stock price on the grant date.

The following table presents activity concerning the Company’s unvested PSOs, unvested PPOs and exercisable options, related to its employees (share data in thousands):


For the Year Ended December 31, 2025 (in thousands, except fair value data)	Number of Option Awards	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value(1)
Vested and unvested stock option awards at December 31, 2024	370	$	570.19
Granted	282	$	814.90
Exercised	(13)	$	549.83
Canceled or forfeited	(24)	$	582.05
Vested and unvested stock option awards at December 31, 2025	615	$	682.32	8.0	$	5,471


Exercisable stock option awards at December 31, 2025	97	$	549.83	6.1	$	2,317

Unvested stock option awards expected to vest	577	$	665.73	8.4	$	5,463

_____________________________

There were no exercisable stock options during the years ended December 31,

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

LEASES - Schedule of Other Information Under Operating Lease (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows used for operating leases	$ 34,444	$ 31,689	$ 31,249
Right of use assets obtained in exchange for new operating lease liabilities	$ 15,939	$ 32,386	$ 12,568

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Provision for Income Taxes

The 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, 2025		December 31, 2024		December 31, 2023
Domestic	$	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.

Schedule of Components of Provision for (Benefit from) Income Taxes

The components of provision for (benefit from) income taxes consisted of:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current
U.S. federal	$	95,326	$	115,012	$	93,475
U.S. state and local	14,758		17,534		40,567
Non U.S.	135,193		98,581		101,685
Total current tax provision/(benefit)	245,277		231,127		235,727

Deferred
U.S. federal	42,268		14,002		(1,985)
U.S. state and local	8,942		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

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate

The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate:


	Years Ended
	December 31, 2025				December 31, 2024				December 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 effects
Switzerland
Statutory tax rate differential	(29,465)		(2.0	%)	(17,433)		(1.3	%)	(32,999)		(2.4	%)
Recognition of tax basis intangibles	—		—	%	—		—	%	(14,979)		(1.1	%)
Other	4,177		0.3	%	3,908		0.3	%	(2,268)		(0.2	%)
Cayman Islands
Statutory tax rate differential	—		—	%	—		—	%	(18,433)		(1.3	%)
Other foreign jurisdictions	15,717		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 laws
Foreign-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	%)	—		—	%
Other	1,952		0.1	%	6,321		0.3	%	7,857		0.6	%
Tax credits
Research 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 items	6,447		0.4	%	6,469		0.5	%	1,109		0.1	%
Changes in unrecognized tax benefits	25,274		1.7	%	(545)		—	%	4,483		0.3	%
Other adjustments
Impact of internal legal entity restructuring	33,359		2.2	%	—		—	%	—		—	%
Impact of Burgiss step acquisition(2)	—		—	%	(1,132)		—	%	(21,631)		(1.6	%)
Excess share-based compensation	(3,194)		(0.2	%)	(9,718)		(0.7	%)	(6,264)		(0.5	%)
Effective income tax rate	$	291,951	19.5	%	$	247,040	18.2	%	$	220,469	16.1	%

_____________________________

(2)On October 2, 2023, the Company acquired the remaining 66.4% interest in Burgiss (the “step acquisition”)

Schedule of Cash Flow, Supplemental

The amount of income taxes paid by the Company consisted of:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Federal	$	101,122	$	97,857	$	116,720
State and local
New York City	3,070		10,622		11,654
Other	18,685		19,301		29,215
Foreign
Switzerland	36,328		30,235		49,846
United Kingdom	32,952		19,105		19,105
Other	30,111		23,908		13,939
Total	$	222,268	$	201,028	$	240,479

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, were as follows:


	As of
(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:
Employee compensation and benefit plans	$	48,305	$	37,351
Tax credit carryforwards	41,770		28,075
Capitalized expenses	30,331		70,920
Lease liabilities	29,881		32,330
Loss carryforwards	8,176		7,059
Other	32,682		11,856
Gross deferred tax assets	191,145		187,591

Less: valuation allowance	(1,382)		(4,880)
Total deferred tax assets	$	189,763	$	182,711

Deferred tax liabilities:
Intangible assets	$	(116,164)	$	(115,877)
Property, equipment and leasehold improvements, net	(44,848)		(37,542)
Deferred gain	(38,124)		—
Right of use assets	(23,596)		(25,247)
Other	(14,074)		(5,147)
Unremitted foreign earnings	(8,724)		(5,895)
Total deferred tax liabilities	$	(245,530)	$	(189,708)

Net deferred tax assets/(liabilities)	$	(55,767)	$	(6,997)

Reconciliation of Unrecognized Tax Benefits


	Years Ended
Gross unrecognized tax benefits (in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning balance	$	32,313	$	33,801	$	32,523
Increases based on tax positions related to the current period	4,601		3,068		5,028
Increases based on tax positions related to prior periods	23,400		5,363		1,961
Decreases based on tax positions related to prior periods	(34)		(427)		—
Decreases related to settlements with taxing authorities	(310)		(8,940)		(5,711)
Decreases related to a lapse of applicable statute of limitations	(466)		(552)		—
Ending balance	$	59,504	$	32,313	$	33,801

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	$ 2,046,791	$ 1,950,512
Accumulated amortization:	(1,214,278)	(1,042,899)
Net intangible assets:	832,513	907,613
Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	716,167	715,020
Accumulated amortization:	(406,712)	(379,087)
Net intangible assets:	309,455	335,933
Proprietary data
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	455,574	452,813
Accumulated amortization:	(147,537)	(104,980)
Net intangible assets:	308,037	347,833
Acquired technology and software
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	258,163	256,794
Accumulated amortization:	(213,706)	(199,090)
Net intangible assets:	44,457	57,704
Trademarks
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	209,090	209,090
Accumulated amortization:	(189,855)	(181,521)
Net intangible assets:	19,235	27,569
Internally developed capitalized software
Acquired Finite Lived Intangible Assets [Line Items]
Gross intangible assets:	407,797	316,795
Accumulated amortization:	(256,468)	(178,221)
Net intangible assets:	$ 151,329	$ 138,574

SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Company's Common Stock Repurchases Made on Open Market (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 2,441,877	$ 817,366	$ 462,693
Excise tax percentage	1.00%
Open Market Purchases of Common Stock
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share (USD per Share)	$ 559.54	$ 537.72	$ 468.26
Total Number of Shares Repurchased (in shares)	4,322	1,507	980
Dollar Value of Shares Repurchased	$ 2,418,512	$ 810,176	$ 458,721

EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Employee Benefit Expense by Cost, Type and Location

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, 2025		December 31, 2024		December 31, 2023
Employee benefit cost type
401(k) and other defined contribution plans	$	40,009	$	38,431	$	33,416
Pension related net period benefit expense	10,255		7,275		5,323
Total	$	50,264	$	45,706	$	38,739


Location in the Statement of Income
Cost of revenues	$	18,955	$	18,596	$	15,504
Selling and marketing	12,527		11,854		11,081
Research and development	11,486		10,577		8,435
General and administrative	3,817		3,391		2,949
Other expense (income)	3,479		1,288		770
Total	$	50,264	$	45,706	$	38,739

SHAREHOLDERS' EQUITY (DEFICIT) - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 111,837	$ 96,365	$ 73,043
Cost of revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	32,242	27,518	19,447
Selling and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	25,948	20,863	17,392
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	15,105	15,049	9,625
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	38,542	32,935	26,233
Other expense (income)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ 346

INCOME TAXES - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
U.S. federal	$ 95,326	$ 115,012	$ 93,475
U.S. state and local	14,758	17,534	40,567
Non U.S.	135,193	98,581	101,685
Total current tax provision/(benefit)	245,277	231,127	235,727
Deferred
U.S. federal	42,268	14,002	(1,985)
U.S. state and local	8,942	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

LEASES - Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease, Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expenses	$ 31,861	$ 31,321	$ 29,240
Variable lease costs	1,687	2,132	3,876
Short-term lease costs	507	811	745
Sublease income	(2,646)	(3,308)	(5,127)
Total lease costs	$ 31,409	$ 30,956	$ 28,734

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvements, Net

Property, equipment and leasehold improvements, net at December 31, 2025 and 2024 consisted of the following:


	As of
(in thousands)	Estimated Useful Lives	December 31, 2025		December 31, 2024
Computer & related equipment	2 to 7 years	$	192,650	$	177,346
Furniture & fixtures	7 years	16,220		15,489
Leasehold improvements	1 to 21 years	53,647		56,413
Work-in-process	—	5,779		1,542
Subtotal		268,296		250,790

Accumulated depreciation and amortization		(180,997)		(179,905)
Property, equipment and leasehold improvements, net		$	87,299	$	70,885

REVENUE RECOGNITION - Schedule of Remaining Performance Obligations (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue Recognition [Line Items]
Remaining performance obligations	$ 2,478,218
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 1,134,928
Remaining performance obligations, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 736,751
Remaining performance obligations, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 367,405
Remaining performance obligations, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 239,134
Remaining performance obligations, expected timing of satisfaction, period