MSCI Inc.MSCI

MSCI Inc. Leases Disclosure

10-KFiled Feb 6, 20262 min read
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 costs1,687 2,132 3,876 
Short-term lease costs507 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 
202729,113 
202828,276 
202917,862 
203014,345 
Thereafter29,070 
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)5.496.27
Weighted-average discount rate4.17 %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 
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Historical Timeline

Fiscal YearFiled
2025Feb 6, 2026Showing above
2024Feb 7, 2025
2023Feb 9, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 12, 2021
2019Feb 18, 2020
2018Feb 22, 2019
2017Feb 26, 2018
2016Feb 24, 2017
2015Feb 26, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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