CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents (includes restricted cash of $3,656 and $3,497 at September 30, 2025 and December 31, 2024, respectively)	$ 400,089	$ 409,351
Accounts receivable (net of allowances of $5,897 and $5,284 at September 30, 2025 and December 31, 2024, respectively)	745,852	820,709
Prepaid income taxes	95,533	48,162
Prepaid and other assets	67,247	65,799
Total current assets	1,308,721	1,344,021
Property, equipment and leasehold improvements, net	82,570	70,885
Right of use assets	116,004	119,435
Goodwill	2,923,468	2,915,167
Intangible assets, net	849,611	907,613
Deferred tax assets	41,541	40,626
Other non-current assets	67,225	47,692
Total assets	5,389,140	5,445,439
Current liabilities:
Accounts payable	16,048	14,517
Income taxes payable	77,236	37,989
Accrued compensation and related benefits	193,707	217,492
Other accrued liabilities	222,584	192,233
Deferred revenue	974,662	1,123,423
Total current liabilities	1,484,237	1,585,654
Long-term debt	5,507,771	4,510,816
Long-term operating lease liabilities	111,742	121,153
Deferred tax liabilities	82,772	47,623
Other non-current liabilities	118,593	120,190
Total liabilities	7,305,115	6,385,436
Commitments and Contingencies (see Note 7)
Shareholders’ equity (deficit):
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)	0	0
Common stock (par value $0.01; 750,000,000 common shares authorized; 134,317,153 and 134,079,855 common shares issued and 75,180,647 and 77,744,588 common shares outstanding at September 30, 2025 and December 31, 2024, respectively)	1,343	1,341
Treasury shares, at cost (59,136,506 and 56,335,267 common shares held at September 30, 2025 and December 31, 2024, respectively)	(8,918,561)	(7,334,291)
Additional paid in capital	1,776,617	1,683,693
Retained earnings	5,278,392	4,780,300
Accumulated other comprehensive loss	(53,766)	(71,040)
Total shareholders’ equity (deficit)	(1,915,975)	(939,997)
Total liabilities and shareholders’ equity (deficit)	$ 5,389,140	$ 5,445,439

MSCI Inc. 10-Q