Ok, since everyone pretty much thinks that he doesn't have emotions, I thought I'd play the devil's advocate and throw this out there.
Kyubey does have emotions.
Throughout the anime I can pick out the following as emotions he projects through tone and body language.
Pleased - He is pleased when he finds new
prey magical girl candidates.
Dissapointed - He is dissapointed whenever Homura stops Madoka from contracting him. Just look at him when Homura shows up after Mami bites it.
Smug - He is smug whenever he gets one over Homura, like when he discovers Homura's ability and when he tells Homura that Kyoko had no way to save Sayaka and she can't defeat Walpulgise nacht alone unless Madoka contracts.
Intelligence and emotion goes hand in hand during evolutions, emotion is part of what motivates a specie to survive and improve themselves. It is possible that
Kyubey just has very little emotion when compared to humans, he doesn't possess anger or sadness, but he does have small amounts of emotion.
Also it's mentioned that there are rare members among his race who has emotions, so it's not physically impossible. Eg. they are not a static programmed race by higher beings.
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Something else I see all the time is that Kyubey doesn't understand emotions because he can't feel them.
Kyubey can understand how emotions and humans work.
The evidence for this is abundant. He understands desperation and contracts girls at their weakest. He doesn't appear to Mami until she was in severe pain and dying. Now when you are in that much pain you are probably praying to god to make it stop. Your brain isn't capable of analysing a wish calmly and logically. So Mami wished for herself to live instead of wishing for her entire family to live, and ended up lonely with survivors guilt.
Lets not forget the numerous times he asks Madoka and Sayaka to make a contract whenever their lives are in danger. He is really very opportunistic.
He deceived Kyoko into thinking that Sayaka might be able to be saved, so that Homura would be alone to fight Walpulgis nacht, in order to make Makoda contract. He understands how grief and hope works. If he told Kyoko flat out that Sayaka couldn't be saved, then things might have turned out differently.
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Anothing thing I sometimes see is that Kyubey never lies. Well, that would totally depend on what your definition of a lie is. Using the dictionary we get.
lie noun, verb, lied, ly·ing.
noun
1. a false statement made with deliberate intent to deceive; an intentional untruth; a falsehood.
2. something intended or serving to convey a false impression; imposture: His flashy car was a lie that deceived no one.
3. an inaccurate or false statement; a falsehood.
4. the charge or accusation of telling a lie: He flung the lie back at his accusers.
verb (used without object)
5. to speak falsely or utter untruth knowingly, as with intent to deceive.
6. to express what is false; convey a false impression.
According to the dictionary,
Kyubey lies, all the time.
He told Sayaka and Madoka that he will be leaving town to look for other magical girls since the two of them couldn't think of a wish. He lied, and stalked Sayaka until she was at her weakest. This fits definition #1.
He told Kyoko that he doesn't know of anyone that managed to save a witch, this fits definition #6. Not an outright lie, but a way of wording things to deceive and convey a false impression, which is still a lie. He tells Homura outright later that Sayaka as a witch could not be saved.
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Lastly, Kyubey says what he is doing is
for the greater good. Eg, saving the universe.
However since he is a manipulative lying thing, we don't know if he is collecting energy to save the universe, or to save his own race, or to just become more powerful. What is evident however, is that he has no interest in benefitting humanity as a whole or saving earth in any form.
Kyubey would be fine if earth exploded, as long as he gets his energy.
He was perfectly fine with Madoka's witch wiping the planet so long as he got his energy quota. This implies that each planet has a quota, and it's possible that there are other Kyubeys on other planets farming other sentinent species.
All that spill about magical girls benefitting humanity is really just a possible side effect, which I don't think is true regardless. Kyubey tells Madoka that if not for magical girls, humanity will
probably be still living naked in caves. This is just another lie. Humanity has already proven that it has intelligence and emotion, so there's no way there would be no development for millions of years. If that was true, Kyubey wouldn't bother to farm humans in the first place.
I also fail to see how creating witches that curses people is in anyway, shape or form conductive to evolution. If anything incubators have held back humanity by making lives worse.
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TL;DR; Kyubey doesn't care about any human, lies and deceives, and understand how emotions work to manipulate people. He's not a nuetral entity at all.
