MSCI Inc. Goodwill & Intangibles Disclosure
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| (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 | ||||||||||||||||||||||
| 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 | ||||||||||||||
| 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 | ||||||||||||||||||||||||||
| 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 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.