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MSCI

MSCI · Financials

Last earnings Oct 20, 2026

Key results

Operating revenuequarter

$793.4 million

Operating revenues of $793.4 million, up 9.5% Organic operating revenue growth of 9.0% Recurring subscription

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Revenuequarter

9.5%

Operating revenues of $793.4 million, up 9.5% Organic operating revenue growth of 9.0% Recurring subscription

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

revenues up 7.9% Asset-based fees up 17.1%

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Operating marginquarter

56.4%

Operating margin of 56.4% Adjusted EBITDA margin of 62.3%

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

EPSquarter

$4.25

Diluted EPS of $4.25, up 19.0% Adjusted EPS of $4.47, up 15.8% Organic recurring subscription Run Rate growth of 7.4% Retention Rate of 94.7% In third quarter 2025 and through October 27, 2025

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Growthquarter

up 15.8%

Diluted EPS of $4.25, up 19.0% Adjusted EPS of $4.47, up 15.8% Organic recurring subscription Run Rate growth of 7.4% Retention Rate of 94.7% In third quarter 2025 and through October 27, 2025

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

1 Third Quarter Consolidated Results Operating Revenues Operating revenues were $793.4 million, up 9.5%.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Organic operating revenue growth was 9.0%.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Operating incomequarter

$447.7 million

Operating Income Operating income was $447.7 million, up 11.6%.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Operating income margin in third quarter 2025 was 56.4%, compared to 55.4% in third quarter 2024.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

AI analysis

Q3 2025 · reported Oct 28, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

EPS · Q3 2025
$4.25
EX-99 · Oct 28, 2025
Operating income · Q3 2025
$447.7M
EX-99 · Oct 28, 2025
Operating revenue · Q3 2025
$793.4M
EX-99 · Oct 28, 2025
Operating margin · Q3 2025
56.4%
EX-99 · Oct 28, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Operating revenue$793.4 million——
Revenue9.5%——
Operating margin56.4%——
EPS$4.25——
Growthup 15.8%——
Operating income$447.7 million——

EX-99 · Oct 28, 2025

Guidance · company-stated

Adjusted EBITDA

“Expense $1,230 to $1,250 million $1,220”

Effective Tax Rate

“16.0% to 18.0% 17.5% to 20.0%”

Capital Expenditures

“$120 to $130 million $115”

Free Cash Flow

“$1,410 to $1,470 million $1,400”

Guidance stated in the release's Business Outlook table for Full-Year 2025; no direction stated — figures as stated in the table.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Operating margin56.4%

Capital allocation

Other Expense (Income), Net Other expense (income), net was $51.2 million, up 15.3% , primarily driven by higher interest expenses reflecting higher debt levels.

Select Balance Sheet Items and Capital Allocation Cash Balances and Outstanding Debt Cash and cash equivalents was $400.1 million as of September 30, 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

MSCI Reports Financial Results for Third Quarter and Nine Months 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Adjusted EBITDA: “Adjusted EBITDA Expense $1,230 to $1,250 million $1,220”

Effective Tax Rate: “Effective Tax Rate 16.0% to 18.0% 17.5% to 20.0%”

Capital Expenditures: “Capital Expenditures $120 to $130 million $115”

Free Cash Flow: “Free Cash Flow $1,410 to $1,470 million $1,400”

Adjusted EBITDA (“Full-Year 2025”)
“Adjusted EBITDA Expense $1,230 to $1,250 million $1,220”

Effective Tax Rate (“Full-Year 2025”)
“Effective Tax Rate 16.0% to 18.0% 17.5% to 20.0%”

Capital Expenditures (“Full-Year 2025”)
“Capital Expenditures $120 to $130 million $115”

Free Cash Flow (“Full-Year 2025”)
“Free Cash Flow $1,410 to $1,470 million $1,400”

Guidance stated in the release's Business Outlook table for Full-Year 2025; no direction stated — figures as stated in the table.

Capital allocation

Other Expense (Income), Net Other expense (income), net was $51.2 million, up 15.3% , primarily driven by higher interest expenses reflecting higher debt levels.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Select Balance Sheet Items and Capital Allocation Cash Balances and Outstanding Debt Cash and cash equivalents was $400.1 million as of September 30, 2025.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Total principal amounts of debt outstanding as of September 30, 2025, were $5.6 billion.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

The total debt to net income ratio (based on trailing twelve months net income) was 4.5x.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 3.0x.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

MSCI seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Strategy & priorities

Meanwhile, our expansion with newer client segments highlights the benefits of our relentless innovation.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

By enhancing our focus on individual segments, we will further accelerate innovation across product lines and asset classes, Fernandez added.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Any forward-looking statement in this earnings release reflects MSCI s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI s operations, results of operations, growth strategy and liquidity.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements.

SEC original ↗MSCI — 10-Q Quarterly report10-QOct 20, 2026

Risks & headwinds

These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

These forward-looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI s control and that could materially affect actual results, levels of activity, performance or achievements.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

If any of these risks, uncertainties or other matters materialize, or if MSCI s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Any forward-looking statement in this earnings release reflects MSCI s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI s operations, results of operations, growth strategy and liquidity.

SEC original ↗MSCI — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Legal Proceedings 43 Item 1A.

SEC original ↗MSCI — 10-Q Quarterly report10-QOct 20, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsCoinbase (COIN) Financials
Documents

Filings

61 documents

Earnings releases

17 documents

Presentations

0 documents

No presentations for MSCI are held in this edition of the library.

Transcripts

0 documents

No transcripts for MSCI are held in this edition of the library.

Mentioned by

13 companies

Other tracked companies whose held documents mention MSCI by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.