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MSCI Reports Financial Results for First Quarter 2026April 21, 2026 6:45 AM
Business Wire
MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended March 31, 2026 (“first quarter 2026”).
Financial and Operational Highlights for First Quarter 2026
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended March 31, 2025 (“first quarter 2025”) and Run Rate percentage changes are relative to March 31, 2025).
Operating revenues of $850.8 million, up 14.1%; Organic operating revenue growth of 13.3%
Recurring subscription revenues up 8.6%; Asset-based fees up 26.6%
Operating margin of 53.7%; Adjusted EBITDA margin of 59.3%
Diluted EPS of $5.53, up 49.1%; Adjusted EPS of $4.55, up 13.8%
Organic recurring subscription Run Rate growth of 8.2%; Retention Rate of 95.4%
In first quarter 2026 and through April 20, 2026, a total of $464 million or 835,591 shares were repurchased at an average repurchase price of $555.61
Approximately $150 million in dividends were paid to shareholders in first quarter 2026; Cash dividend of $2.05 per share declared by MSCI Board of Directors for second quarter 2026
Three Months Ended
Mar. 31,
Mar. 31,
In millions, except per share data (unaudited)
2026
2025
% Change
Operating revenues
$
850.8
$
745.8
14.1
%
Operating income
$
456.9
$
377.0
21.2
%
Operating margin %
53.7
%
50.6
%
Net income
$
406.0
$
288.6
40.7
%
Diluted EPS
$
5.53
$
3.71
49.1
%
Adjusted EPS
$
4.55
$
4.00
13.8
%
Adjusted EBITDA
$
504.7
$
425.6
18.6
%
Adjusted EBITDA margin %
59.3
%
57.1
%
“In the first quarter MSCI delivered strong financial and operating metrics, including a record asset-based-fee run rate and our best Q1 of recurring net-new subscription sales since 2022. Among product lines and client segments, we posted record levels of Q1 recurring sales in both Index and Analytics, along with our best-ever Q1 recurring net-new sales with hedge funds and with banks and broker-dealers,” said Henry A. Fernandez, Chairman and CEO of MSCI.
“These results affirmed MSCI’s foundational, mission-critical role in global capital markets, which is also reflected in the growing liquidity and scale of the investment ecosystem linked to our indexes and IP. The sales momentum we have achieved cuts across regions, product lines, client segments and asset classes, and we are building on it through relentless, AI-fueled product innovation,” Fernandez added.
First Quarter Consolidated Results
Operating Revenues: Operating revenues were $850.8 million, up 14.1%. Organic operating revenue growth was 13.3%. The $105.0 million increase was the result of a $47.6 million increase in recurring subscription revenues and a $47.1 million increase in asset-based fees, as well as a $10.3 million increase in non-recurring revenues.
Run Rate and Retention Rate: Total Run Rate at March 31, 2026 was $3,357.3 million, up 12.7%. Recurring subscription Run Rate increased by $203.3 million, and asset-based fees Run Rate increased by $174.8 million. Organic recurring subscription Run Rate growth was 8.2%. Retention Rate in first quarter 2026 was 95.4%, compared to 95.3% in first quarter 2025.
Expenses: Total operating expenses were $393.9 million, up 6.8%. Adjusted EBITDA expenses were $346.1 million, up 8.1%, primarily reflecting higher compensation and benefits costs as a result of increased headcount costs partially offset by lower severance costs. The increase was also driven by non-compensation costs, primarily reflecting higher professional fees, market data costs and information technology costs.
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 4.4% and 5.4%, respectively.
Operating Income: Operating income was $456.9 million, up 21.2%. Operating income margin in first quarter 2026 was 53.7%, compared to 50.6% in first quarter 2025.
Headcount: As of March 31, 2026, we had 6,319 employees, reflecting a 2.2% increase, with 29% and 71% of employees located in developed market and emerging market locations, respectively.
Other Expense (Income), Net: Other expense (income), net was $67.7 million, up 47.5%, primarily driven by higher interest expense as a result of higher debt levels.
Income Taxes: The effective tax rate decreased to (4.3)% in first quarter 2026 compared to 12.8% in first quarter 2025. As previously disclosed, in the fourth quarter 2025, the Company commenced a multi-phase internal legal entity restructuring. In connection with the completion of the subsequent phase of this restructuring in the first quarter 2026, the Company recognized an $88 million discrete tax benefit which resulted in a decrease in the effective tax rate.
Net Income: As a result of the factors described above, net income was $406.0 million, up 40.7%.
Adjusted EBITDA: Adjusted EBITDA was $504.7 million, up 18.6%. Adjusted EBITDA margin in first quarter 2026 was 59.3%, compared to 57.1% in first quarter 2025.
Index Segment:
Table 1A: Results (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
254.2
$
233.3
9.0
%
Asset-based fees
224.5
177.4
26.6
%
Non-recurring
17.6
11.0
60.0
%
Total operating revenues
496.3
421.7
17.7
%
Adjusted EBITDA expenses
121.1
110.1
10.0
%
Adjusted EBITDA
$
375.2
$
311.6
20.4
%
Adjusted EBITDA margin %
75.6
%
73.9
%
Index operating revenues were $496.3 million, up 17.7%. The $74.6 million increase was primarily driven by $47.1 million in higher asset-based fees and $20.9 million in higher recurring subscription revenues. Organic operating revenue growth for Index was 17.6%.
Index Run Rate as of March 31, 2026, was $1.9 billion, up 16.8%. The $276.2 million increase was comprised of a $174.8 million increase in asset-based fees Run Rate and a $101.4 million increase in recurring subscription Run Rate. The increase in asset-based fees Run Rate was driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all regions. Organic recurring subscription Run Rate growth for Index was 10.4%.
Analytics Segment:
Table 1B: Results (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
183.2
$
169.8
7.9
%
Non-recurring
6.8
2.4
183.3
%
Total operating revenues
190.0
172.2
10.3
%
Adjusted EBITDA expenses
107.2
96.2
11.4
%
Adjusted EBITDA
$
82.8
$
76.0
8.9
%
Adjusted EBITDA margin %
43.6
%
44.2
%
Analytics operating revenues were $190.0 million, up 10.3%. Organic operating revenue growth for Analytics was 10.5%.
Analytics Run Rate as of March 31, 2026, was $763.4 million, up 7.9%. The increase of $55.6 million was driven by growth in both Multi-Asset Class and Equity Analytics products, and reflected growth across all regions, primarily led by hedge fund managers, banking and brokerages and asset managers client segments. Organic recurring subscription Run Rate growth for Analytics was 7.4%.
Sustainability and Climate Segment:
Table 1C: Results (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
90.9
$
82.7
9.9
%
Non-recurring
1.0
1.9
(47.4
)%
Total operating revenues
91.9
84.6
8.6
%
Adjusted EBITDA expenses
58.9
60.8
(3.1
)%
Adjusted EBITDA
$
33.0
$
23.8
38.7
%
Adjusted EBITDA margin %
35.9
%
28.2
%
Sustainability and Climate operating revenues were $91.9 million, up 8.6%. Organic operating revenue growth for Sustainability and Climate was 3.7%.
Sustainability and Climate Run Rate as of March 31, 2026, was $375.7 million, up 6.6%. The $23.4 million increase was driven by growth from Ratings, Climate and Screening products, primarily attributable to EMEA. Organic recurring subscription Run Rate growth for Sustainability and Climate was 4.2%.
All Other – Private Assets:
Table 1D: Results (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
71.9
$
66.8
7.6
%
Non-recurring
0.7
0.5
40.0
%
Total operating revenues
72.6
67.3
7.9
%
Adjusted EBITDA expenses
58.9
53.1
10.9
%
Adjusted EBITDA
$
13.7
$
14.2
(3.5
)%
Adjusted EBITDA margin %
18.9
%
21.1
%
All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were $72.6 million, up 7.9%. Organic operating revenue growth for All Other – Private Assets was 5.3%.
All Other – Private Assets Run Rate was $296.4 million as of March 31, 2026, up 8.4%. The increase in Run Rate was primarily driven by Private Capital Solutions related to Private Capital Transparency Data, Total Plan Manager and Private Capital Intel products. The increase reflected growth across all regions and was primarily driven by asset owner and asset manager client segments. Organic recurring subscription Run Rate growth for All Other – Private Assets was 7.8%.
Select Balance Sheet Items and Capital Allocation
Cash Balances and Outstanding Debt: Cash and cash equivalents was $385.3 million as of March 31, 2026. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes.
Total principal amount of debt outstanding as of March 31, 2026, was $6.5 billion. The total debt to net income ratio (based on trailing twelve months net income) was 4.9x. The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 3.2x.
MSCI seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.
Capex and Cash Flow: Capex was $28.8 million, and net cash provided by operating activities increased by 1.7% to $306.8 million, primarily reflecting higher cash collections from customers, partially offset by higher cash expenses, interest expense and income taxes paid in the quarter. Free cash flow for first quarter 2026 was up 3.4% year-over-year to $278.0 million.
Share Count and Share Repurchases: Weighted average diluted shares outstanding were 73.4 million in first quarter 2026, down 5.7% year-over-year. Total shares outstanding as of March 31, 2026 were 72.9 million. As of April 20, 2026, a total of approximately $1.7 billion remains available on the outstanding share repurchase authorization.
Dividends: Approximately $150.1 million in dividends were paid to shareholders in first quarter 2026. On April 20, 2026, the MSCI Board of Directors declared a cash dividend of $2.05 per share for second quarter 2026, payable on May 29, 2026 to shareholders of record as of the close of trading on May 15, 2026.
Full-Year 2026 Guidance
MSCI’s guidance for the year ending December 31, 2026 (“Full-Year 2026”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. 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. See “Forward-Looking Statements” below.
Guidance Item
Current Guidance for Full-Year 2026
Prior Guidance for Full-Year 2026
Operating Expense
$1,490 to $1,530 million
$1,490 to $1,530 million
Adjusted EBITDA Expense
$1,305 to $1,335 million
$1,305 to $1,335 million
Interest Expense
(including amortization of financing fees)1
$274 to $280 million
$274 to $280 million
Depreciation & Amortization Expense
$190 to $200 million
$185 to $195 million
Effective Tax Rate2
18.0% to 20.0%
18.0% to 20.0%
Capital Expenditures
$160 to $170 million
$160 to $170 million
Net Cash Provided by Operating Activities
$1,640 to $1,690 million
$1,640 to $1,690 million
Free Cash Flow
$1,470 to $1,530 million
$1,470 to $1,530 million
1 A portion of our annual interest expense is from our variable rate indebtedness under our revolving credit facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.
2 Excludes the impact of a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in the first quarter 2026. In connection with the completion of the subsequent phase of the restructuring in first quarter 2026, we recognized a tax benefit of $88 million, which is excluded from applicable non-GAAP measures when presented.
Conference Call Information
MSCI’s senior management will review the first quarter 2026 results on Tuesday, April 21, 2026 at 11:00 AM Eastern Time. To listen to the live event via webcast, visit the events and presentations section of MSCI’s Investor Relations website, https://ir.msci.com/events-and-presentations. Participants who wish to join via telephone should click here to register in advance. Registered participants will receive an email confirmation with a unique PIN to access the conference call. The earnings call webcast will include an accompanying slide presentation that can be accessed through MSCI’s Investor Relations website.
About MSCI Inc.
MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com. MSCI#IR
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2026 guidance. 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. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. 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.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 6, 2026 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. 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. 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. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
Website and Social Media Disclosure
MSCI uses its investor relations website ir.msci.com and social media outlets, such as LinkedIn or X (@MSCI_Inc), as channels of distribution of company information. The information MSCI posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following MSCI’s press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about MSCI when you enroll your email address by visiting the “Email Alerts” section of MSCI’s Investor Relations homepage at http://ir.msci.com/email-alerts. The contents of MSCI’s website, including its quarterly updates, blog, podcasts and social media channels are not, however, incorporated by reference into this earnings release.
Notes Regarding the Use of Operating Metrics
MSCI has presented supplemental key operating metrics as part of this earnings release, including Run Rate, Retention Rate, subscription sales, subscription cancellations and non-recurring sales.
A substantial portion of MSCI’s operating revenues is derived from recurring subscriptions or licenses for products and services that are ongoing in nature and provided over contractually agreed periods, which are subject to renewal or cancellation upon the expiration of the then-current term. In addition, we generate non-recurring revenues from one-time sales and other transactions or services that are discrete in nature or that have a defined life. The operating metrics defined below help management assess the stability and growth of this recurring-revenue base and track non-recurring revenues. There have been no changes to the methodologies used to compute these metrics compared with prior periods.
Run Rate estimates, at a specific point in time, the annualized value of the recurring portion of executed client contracts (“Client Contracts”) expected to generate revenues over the next 12 months, assuming that all such Client Contracts are renewed and using fixed foreign exchange rates. Run Rate includes new Client Contracts upon execution, even if the license start date and related revenue recognition occur later.
For Client Contracts where fees are linked to an investment product’s assets or trading volume or fees (referred to as “Asset-based Fees”), the Run Rate calculation is based on:
For exchange-traded funds (“ETFs”): assets under management as of the last trading day of the period;
For non-ETF products: the most recent client-reported assets under management; and
For listed futures and options contracts: the most recent quarterly volumes and/or reported exchange fees.
Run Rate excludes fees associated with one-time or other non-recurring transactions. We remove from Run Rate the annualized fee value associated with products or services under any Client Contracts when (i) we have received a notice of termination, reduction in fees, non-renewal or other clear indication that the client does not intend to continue its subscription at then current fees; and (ii) management has determined that such notice or indication reflects the client’s final decision to terminate, not renew or renew at a lower fee the applicable products or services, even if such termination or non-renewal is not yet effective (each such event, a “Subscription Cancellation”).
In general, when a client reduces the fees paid to MSCI associated with a reduction in the number of products or services to which it subscribes within a segment, or a switch between products or services within a segment, unless the client switches to a product or service that management considers a replacement, such reduction or switch is treated as a Subscription Cancellation, including for purposes of calculating MSCI’s Retention Rate (as detailed below). In the cases where the client switches products or services to a replacement service, only the net decrease, if any, is reported as a cancellation.
In the Analytics and Sustainability and Climate operating segments, substantially all such product or service switches are treated as replacements and are netted accordingly.
In contrast, in the Index, Real Assets, and Private Capital Solutions operating segments, such netting treatment is applied only in limited circumstances.
Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, excluding:
The impact of changes in foreign currency exchange rates;
The impact of acquisitions during the first 12 months following the transaction date; and
The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates.
Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. Subscription cancellations reduce Run Rate and, over time, lower future operating revenues.
For full-year periods, Retention Rate is calculated as the retained subscription Run Rate, which is defined as the subscription Run Rate at the beginning of the fiscal year minus actual subscription cancellations during the fiscal year, expressed as a percentage of the subscription Run Rate at the beginning of the fiscal year.
For interim (non-annual) periods, Retention Rate is presented on an annualized basis. The annualized Retention Rate is calculated by:
Dividing annualized subscription cancellations in the period by the subscription Run Rate at the beginning of the fiscal year, to determine a cancellation rate; and
Subtracting that rate from 100%, to derive the annualized Retention Rate.
Retention Rate is calculated by operating segment and is based on an individual product or service level within each segment. We do not calculate Retention Rate for the portion of Run Rate attributable to Asset-based Fees.
Sales represents the annualized value of products and services that clients have committed to purchase from MSCI and that are expected to result in additional operating revenues.
Non-recurring sales represent the aggregate value of client agreements entered into during the period that generate non-recurring fees and are not included in Run Rate (as defined elsewhere herein), even if such agreements span multiple periods or years.
New recurring subscription sales represent the annualized value of additional client commitments entered into during the period – such as new Client Contracts, expansions of existing Client Contracts or price increases – that contribute to Run Rate.
Net new recurring subscription sales represent new recurring subscription sales minus the impact of Subscription Cancellations, capturing the net impact to Run Rate for the period.
Total gross sales is the sum of new recurring subscription sales and non-recurring sales.
Total net sales is total gross sales minus the impact of Subscription Cancellations.
Notes Regarding the Use of Non-GAAP Financial Measures
MSCI has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 13 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.
“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.
“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to the write-off of deferred fees on debt extinguishment, the impact related to certain gains or losses on investees, and the impact of certain discrete tax items.
“Capex” is defined as capital expenditures plus capitalized software development costs.
“Free cash flow” is defined as net cash provided by operating activities, less Capex.
“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.
Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).
We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.
We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.
We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.
We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.
We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.
Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. 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. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.
Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations
Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances.
Table 2: Condensed Consolidated Statements of Income (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions, except per share data
2026
2025
Operating revenues
$
850.8
$
745.8
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)
141.8
136.8
Selling and marketing
85.7
78.7
Research and development
49.6
47.6
General and administrative
69.0
57.1
Amortization of intangible assets
41.9
43.9
Depreciation and amortization of property, equipment and leasehold improvements
5.9
4.7
Total operating expenses1
393.9
368.8
Operating income
456.9
377.0
Interest income
(2.8
)
(3.9
)
Interest expense
69.1
46.5
Other expense (income)
1.4
3.3
Other expense (income), net
67.7
45.9
Income before provision for income taxes
389.2
331.1
Provision for income taxes
(16.8
)
42.5
Net income
$
406.0
$
288.6
Earnings per share:
Basic
$
5.54
$
3.72
Diluted
$
5.53
$
3.71
Weighted average shares outstanding used in computing earnings per share:
Basic
73.3
77.6
Diluted
73.4
77.8
1 Includes stock-based compensation expense of $47.7 million and $40.1 million for the three months ended March 31, 2026 and 2025, respectively.
Table 3: Condensed Consolidated Balance Sheets (unaudited)
As of
Mar. 31,
Dec. 31,
In millions
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
385.3
$
515.3
Accounts receivable
883.2
986.7
Other current assets
125.6
142.8
Total current assets
1,394.1
1,644.8
Property, equipment and leasehold improvements, net
87.3
87.3
Right of use assets
146.8
112.9
Goodwill
2,962.3
2,923.4
Intangible assets, net
851.0
832.5
Other non-current assets
103.8
101.6
Total assets
$
5,545.3
$
5,702.5
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Deferred revenue
$
1,184.0
$
1,231.8
Other current liabilities
429.2
598.0
Total current liabilities
1,613.2
1,829.8
Long-term debt
6,403.8
6,202.3
Long-term operating lease liabilities
143.9
107.5
Other non-current liabilities
158.5
217.4
Total liabilities
8,319.4
8,357.0
Total shareholders' equity (deficit)
(2,774.1
)
(2,654.5
)
Total liabilities and shareholders' equity (deficit)
$
5,545.3
$
5,702.5
Table 4: Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
Cash flows from operating activities
Net income
$
406.0
$
288.6
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
41.9
43.9
Stock-based compensation expense
47.7
40.0
Depreciation and amortization of property, equipment and leasehold improvements
5.9
4.7
Amortization of right of use assets
6.8
5.9
Other adjustments
(85.9
)
12.0
Net changes in other operating assets and liabilities
(115.6
)
(93.4
)
Net cash provided by operating activities
306.8
301.7
Cash flows from investing activities
Capitalized software development costs
(26.0
)
(21.3
)
Capital expenditures
(2.8
)
(11.6
)
Business acquisitions, net of cash acquired1
(41.7
)
—
Net cash used in investing activities
(70.5
)
(32.9
)
Cash flows from financing activities
Repurchase of common stock held in treasury
(414.8
)
(213.1
)
Payment of dividends
(150.5
)
(143.8
)
Repayment of borrowings
(175.0
)
(65.0
)
Proceeds from borrowings
375.0
100.0
Proceeds from exercise of stock options
1.3
0.4
Payment of contingent consideration and deferred purchase price from acquisitions
(0.5
)
(0.2
)
Net cash used in financing activities
(364.5
)
(321.7
)
Effect of exchange rate changes
(1.8
)
4.2
Net increase (decrease) in cash, cash equivalents and restricted cash
(130.0
)
(48.7
)
Cash, cash equivalents and restricted cash, beginning of period
515.3
409.4
Cash, cash equivalents and restricted cash, end of period
$
385.3
$
360.7
1Includes cash paid for the acquisitions of Compass Financial Technologies and Vantager.
Table 5: Operating Results (unaudited)
Index
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Operating revenues:
Recurring subscriptions
$
254.2
$
233.3
9.0
%
Asset-based fees
224.5
177.4
26.6
%
Non-recurring
17.6
11.0
60.0
%
Total operating revenues
496.3
421.7
17.7
%
Adjusted EBITDA expenses
121.1
110.1
10.0
%
Adjusted EBITDA
$
375.2
$
311.6
20.4
%
Adjusted EBITDA margin %
75.6
%
73.9
%
Analytics
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Operating revenues:
Recurring subscriptions
$
183.2
$
169.8
7.9
%
Non-recurring
6.8
2.4
183.3
%
Total operating revenues
190.0
172.2
10.3
%
Adjusted EBITDA expenses
107.2
96.2
11.4
%
Adjusted EBITDA
$
82.8
$
76.0
8.9
%
Adjusted EBITDA margin %
43.6
%
44.2
%
Sustainability and Climate
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Operating revenues:
Recurring subscriptions
$
90.9
$
82.7
9.9
%
Non-recurring
1.0
1.9
(47.4
)%
Total operating revenues
91.9
84.6
8.6
%
Adjusted EBITDA expenses
58.9
60.8
(3.1
)%
Adjusted EBITDA
$
33.0
$
23.8
38.7
%
Adjusted EBITDA margin %
35.9
%
28.2
%
All Other - Private Assets
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Operating revenues:
Recurring subscriptions
$
71.9
$
66.8
7.6
%
Non-recurring
0.7
0.5
40.0
%
Total operating revenues
72.6
67.3
7.9
%
Adjusted EBITDA expenses
58.9
53.1
10.9
%
Adjusted EBITDA
$
13.7
$
14.2
(3.5
)%
Adjusted EBITDA margin %
18.9
%
21.1
%
Consolidated
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Operating revenues:
Recurring subscriptions
$
600.2
$
552.6
8.6
%
Asset-based fees
224.5
177.4
26.6
%
Non-recurring
26.1
15.8
65.2
%
Operating revenues total
850.8
745.8
14.1
%
Adjusted EBITDA expenses
346.1
320.2
8.1
%
Adjusted EBITDA
$
504.7
$
425.6
18.6
%
Operating margin %
53.7
%
50.6
%
Adjusted EBITDA margin %
59.3
%
57.1
%
Table 6: Sales and Retention Rate (unaudited)1
Three Months Ended
Mar. 31,
Mar. 31,
%
In millions
2026
2025
Change
Index
New recurring subscription sales
$
32.8
$
22.5
45.8
%
Subscription cancellations
(8.0
)
(8.3
)
(3.6
)%
Net new recurring subscription sales
$
24.8
$
14.2
74.6
%
Non-recurring sales
$
16.7
$
12.4
34.7
%
Total gross sales
$
49.5
$
34.9
41.8
%
Total Index net sales
$
41.5
$
26.6
56.0
%
Index Retention Rate
96.9
%
96.5
%
Analytics
New recurring subscription sales
$
17.1
$
13.2
29.5
%
Subscription cancellations
(8.9
)
(7.9
)
12.7
%
Net new recurring subscription sales
$
8.2
$
5.3
54.7
%
Non-recurring sales
$
2.7
$
2.2
22.7
%
Total gross sales
$
19.8
$
15.4
28.6
%
Total Analytics net sales
$
10.9
$
7.5
45.3
%
Analytics Retention Rate
95.3
%
95.5
%
Sustainability and Climate
New recurring subscription sales
$
7.5
$
7.2
4.2
%
Subscription cancellations
(6.6
)
(4.7
)
40.4
%
Net new recurring subscription sales
$
0.9
$
2.5
(64.0
)%
Non-recurring sales
$
1.0
$
1.9
(47.4
)%
Total gross sales
$
8.5
$
9.1
(6.6
)%
Total Sustainability and Climate net sales
$
1.9
$
4.4
(56.8
)%
Sustainability and Climate Retention Rate
93.0
%
94.5
%
All Other - Private Assets
New recurring subscription sales
$
10.2
$
9.7
5.2
%
Subscription cancellations
(4.5
)
(5.6
)
(19.6
)%
Net new recurring subscription sales
$
5.7
$
4.1
39.0
%
Non-recurring sales
$
0.8
$
1.1
(27.3
)%
Total gross sales
$
11.0
$
10.8
1.9
%
Total All Other - Private Assets net sales
$
6.5
$
5.2
25.0
%
All Other - Private Assets Retention Rate
93.8
%
91.5
%
Consolidated
New recurring subscription sales
$
67.6
$
52.6
28.5
%
Subscription cancellations
(28.0
)
(26.5
)
5.7
%
Net new recurring subscription sales
$
39.6
$
26.1
51.7
%
Non-recurring sales
$
21.2
$
17.6
20.5
%
Total gross sales
$
88.8
$
70.2
26.5
%
Total net sales
$
60.8
$
43.7
39.1
%
Total Retention Rate
95.4
%
95.3
%
1 See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.
Table 7: AUM in ETFs Linked to MSCI Equity Indexes (unaudited)1,2
Three Months Ended
Mar. 31
Jun. 30
Sep. 30
Dec. 31
Mar. 31
In billions
2025
2025
2025
2025
2026
Beginning Period AUM in ETFs linked to MSCI equity indexes
$
1,725
$
1,783
$
2,025
$
2,211
$
2,341
Market Appreciation/(Depreciation)
16
193
140
63
(41
)
Cash Inflows
42
49
46
67
103
Period-End AUM in ETFs linked to MSCI equity indexes
$
1,783
$
2,025
$
2,211
$
2,341
$
2,403
Period Average AUM in ETFs linked to MSCI equity indexes
$
1,794
$
1,869
$
2,108
$
2,274
$
2,471
Period-End Basis Point Fee3
2.43
2.43
2.41
2.41
2.35
1 The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report furnished or filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.
2 The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.
3 Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM.
Table 8: Run Rate (unaudited)1
As of
In millions
Mar. 31,
2026
Mar. 31,
2025
%
Run Rate
Growth
%
Organic Run
Rate Growth
Index
Recurring subscriptions
$
1,049.8
$
948.4
10.7
%
10.4
%
Asset-based fees
872.0
697.2
25.1
%
24.9
%
Index Run Rate
1,921.8
1,645.6
16.8
%
16.6
%
Analytics Run Rate
763.4
707.8
7.9
%
7.4
%
Sustainability and Climate Run Rate
375.7
352.3
6.6
%
4.2
%
All Other - Private Assets Run Rate
296.4
273.5
8.4
%
7.8
%
Total Run Rate
$
3,357.3
$
2,979.2
12.7
%
12.1
%
Total recurring subscriptions
$
2,485.3
$
2,282.0
8.9
%
8.2
%
Total asset-based fees
872.0
697.2
25.1
%
24.9
%
Total Run Rate
$
3,357.3
$
2,979.2
12.7
%
12.1
%
1 See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of Run Rate.
Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions
2026
2025
Net income
$
406.0
$
288.6
Provision for income taxes
(16.8
)
42.5
Other expense (income), net
67.7
45.9
Operating income
456.9
377.0
Amortization of intangible assets
41.9
43.9
Depreciation and amortization of property, equipment and leasehold improvements
5.9
4.7
Consolidated adjusted EBITDA
$
504.7
$
425.6
Index adjusted EBITDA
$
375.2
$
311.6
Analytics adjusted EBITDA
82.8
76.0
Sustainability and Climate adjusted EBITDA
33.0
23.8
All Other - Private Assets adjusted EBITDA
13.7
14.2
Consolidated adjusted EBITDA
$
504.7
$
425.6
Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)
Three Months Ended
Mar. 31,
Mar. 31,
In millions, except per share data
2026
2025
Net income
$
406.0
$
288.6
Plus: Amortization of acquired intangible assets
19.6
25.8
Less: Tax impact of internal legal entity restructuring1
(88.0
)
—
Less: Income tax effect2
(3.6
)
(3.3
)
Adjusted net income
$
334.0
$
311.1
Diluted EPS
$
5.53
$
3.71
Plus: Amortization of acquired intangible assets
0.27
0.33
Less: Tax impact of internal legal entity restructuring1
(1.20
)
—
Less: Income tax effect2
(0.05
)
(0.04
)
Adjusted EPS
$
4.55
$
4.00
Diluted weighted average common shares outstanding
73.4
77.8
1 This adjustment reflects discrete income tax expense recognized in connection with a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in first quarter 2026. In fourth quarter 2025, the Company recognized discrete tax expense of $38 million related to the first phase and recognized a discrete tax benefit of approximately $88 million in first quarter 2026 related to the subsequent phases of this internal legal entity restructuring. Management excludes these discrete tax effects from non-GAAP results because they are not indicative of ongoing operating performance or the Company’s underlying tax profile.
2 Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.
Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)
Three Months Ended
Full-Year
Mar. 31,
Mar. 31,
2026
In millions
2026
2025
Guidance1
Total operating expenses
$
393.9
$
368.8
$1,490 - $1,530
Amortization of intangible assets
41.9
43.9
Depreciation and amortization of property, equipment and leasehold improvements
5.9
4.7
$190 - $200
Consolidated adjusted EBITDA expenses
$
346.1
$
320.2
$1,305 - $1,335
Index adjusted EBITDA expenses
$
121.1
$
110.1
Analytics adjusted EBITDA expenses
107.2
96.2
Sustainability and Climate adjusted EBITDA expenses
58.9
60.8
All Other - Private Assets adjusted EBITDA expenses
58.9
53.1
Consolidated adjusted EBITDA expenses
$
346.1
$
320.2
$1,305 - $1,335
1 We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)
Three Months Ended
Full-Year
Mar. 31,
Mar. 31,
2026
In millions
2026
2025
Guidance1
Net cash provided by operating activities
$
306.8
$
301.7
$1,640 - $1,690
Capital expenditures
(2.8
)
(11.6
)
Capitalized software development costs
(26.0
)
(21.3
)
Capex
(28.8
)
(32.9
)
($160 - $170)
Free cash flow
$
278.0
$
268.8
$1,470 - $1,530
1 We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
Table 13: First Quarter 2026 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)
Comparison of the Three Months Ended March 31, 2026 and 2025
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Index
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
17.7
%
9.0
%
26.6
%
60.0
%
Impact of acquisitions and divestitures
(0.1
)%
(0.1
)%
(0.1
)%
—
%
Impact of foreign currency exchange rate fluctuations
—
%
0.1
%
(0.1
)%
—
%
Organic operating revenue growth
17.6
%
9.0
%
26.4
%
60.0
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Analytics
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
10.3
%
7.9
%
—
%
183.3
%
Impact of acquisitions and divestitures
—
%
—
%
—
%
—
%
Impact of foreign currency exchange rate fluctuations
0.2
%
0.1
%
—
%
8.4
%
Organic operating revenue growth
10.5
%
8.0
%
—
%
191.7
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Sustainability and Climate
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
8.6
%
9.9
%
—
%
(47.4
)%
Impact of acquisitions and divestitures
—
%
—
%
—
%
—
%
Impact of foreign currency exchange rate fluctuations
(4.9
)%
(4.9
)%
—
%
(5.2
)%
Organic operating revenue growth
3.7
%
5.0
%
—
%
(52.6
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
All Other - Private Assets
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
7.9
%
7.6
%
—
%
40.0
%
Impact of acquisitions and divestitures
—
%
—
%
—
%
—
%
Impact of foreign currency exchange rate fluctuations
(2.6
)%
(2.5
)%
—
%
—
%
Organic operating revenue growth
5.3
%
5.1
%
—
%
40.0
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Consolidated
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
14.1
%
8.6
%
26.6
%
65.2
%
Impact of acquisitions and divestitures
(0.1
)%
—
%
(0.1
)%
—
%
Impact of foreign currency exchange rate fluctuations
(0.7
)%
(1.0
)%
(0.1
)%
—
%
Organic operating revenue growth
13.3
%
7.6
%
26.4
%
65.2
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421877853/en/
MSCI Inc. Contacts
Investor Inquiries
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Original: MSCI Reports Financial Results for First Quarter 2026
US Market News
5月前
MSCI Reports Financial Results for Fourth Quarter and Full Year 2025January 28, 2026 11:45 AM
Business Wire
MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), announced its financial results for the three months ended December 31, 2025 (“fourth quarter 2025”) and full year ended December 31, 2025 (“full year 2025”).
Financial and Operational Highlights for Fourth Quarter 2025
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended December 31, 2024 (“fourth quarter 2024”) and Run Rate percentage changes are relative to December 31, 2024).
Operating revenues of $822.5 million, up 10.6%; Organic operating revenue growth of 10.2%
Recurring subscription revenues up 7.5%; Asset-based fees up 20.7%
Operating margin of 56.4%; Adjusted EBITDA margin of 62.2%
Diluted EPS of $3.81, down 2.3%; Adjusted EPS of $4.66, up 11.5%
New recurring subscription sales up by 11.7%; Organic recurring subscription Run Rate growth of 7.7%; Retention Rate of 93.4%
In full year 2025 and through January 27, 2026, a total of $2,470.0 million or 4,411,907 shares were repurchased at an average repurchase price of $559.85
In fourth quarter 2025, dividends of $134.7 million were paid to shareholders; Cash dividend of $2.05 per share declared by MSCI Board of Directors for first quarter 2026, an increase of 13.9%
Three Months Ended
Year Ended
In thousands, except per share data (unaudited)
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2025
2024
% Change
2025
2024
% Change
Operating revenues
$
822,528
$
743,509
10.6
%
$
3,134,459
$
2,856,128
9.7
%
Operating income
$
463,620
$
405,194
14.4
%
$
1,713,567
$
1,528,518
12.1
%
Operating margin %
56.4
%
54.5
%
54.7
%
53.5
%
Net income
$
284,669
$
305,515
(6.8
)%
$
1,202,305
$
1,109,128
8.4
%
Diluted EPS
$
3.81
$
3.90
(2.3
)%
$
15.69
$
14.05
11.7
%
Adjusted EPS
$
4.66
$
4.18
11.5
%
$
17.28
$
15.20
13.7
%
Adjusted EBITDA
$
512,002
$
452,254
13.2
%
$
1,906,452
$
1,716,484
11.1
%
Adjusted EBITDA margin %
62.2
%
60.8
%
60.8
%
60.1
%
“In the fourth quarter, MSCI delivered strong results while achieving a number of key milestones, including our 11th straight year of double-digit adjusted EPS growth, a record asset-based-fee run rate driven by record inflows into ETF products linked to our indexes, and our best-ever quarter for recurring sales in Index,” said Henry A. Fernandez, Chairman and CEO of MSCI.
“MSCI’s deep-rooted competitive advantages have helped us build momentum across product lines and client segments. With emerging client segments, in particular, we are doubling down on key opportunities while reinforcing our role as the essential intelligence layer of global investing. As a result, MSCI is well positioned to benefit from AI and use it to increase the value of our solutions,” Fernandez added.
Fourth Quarter Consolidated Results
Operating Revenues: Operating revenues were $822.5 million, up 10.6%. Organic operating revenue growth was 10.2%. The $79.0 million increase was driven by $40.9 million in higher recurring subscription revenues, $36.3 million in higher asset-based fees and a $1.8 million increase in non-recurring revenues.
Run Rate and Retention Rate: Total Run Rate at December 31, 2025 was $3,301.6 million, up 13.0%. Recurring subscription Run Rate increased by $206.0 million and asset-based fees Run Rate increased by $173.9 million. Organic recurring subscription Run Rate growth was 7.7%. Retention Rate in fourth quarter 2025 was 93.4%, compared to 93.1% in fourth quarter 2024.
Expenses: Total operating expenses were $358.9 million, up 6.1%. Adjusted EBITDA expenses were $310.5 million, up 6.6%, primarily reflecting higher compensation and benefits costs as a result of increased headcount costs as well as higher severance costs. The increase was also driven by higher non-compensation costs, primarily reflecting higher information technology and occupancy costs.
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 4.7% and 5.1%, respectively.
Operating Income: Operating income was $463.6 million, up 14.4%. Operating income margin in fourth quarter 2025 was 56.4%, compared to 54.5% in fourth quarter 2024.
Headcount: As of December 31, 2025, we had 6,268 employees, reflecting a 2.2% increase, with 29% and 71% of employees located in developed market and emerging market locations, respectively.
Other Expense (Income), Net: Other expense (income), net was $74.8 million in fourth quarter 2025, as compared to $41.8 million for the fourth quarter 2024, primarily driven by higher interest expenses reflecting higher debt levels and an $11.8 million loss resulting from the full write-off of the investment in a minority investee.
Income Taxes: In the fourth quarter 2025, the effective tax rate was 26.8% compared to 15.9% in the fourth quarter 2024. The increase was primarily driven by a 9.6% impact from the recognition of a deferred intercompany gain related to an internal legal entity restructuring completed on January 4, 2026. The Company expects to recognize a discrete tax benefit of approximately $88 million in 2026 related to the subsequent phases of the internal legal entity restructuring subject to adjustment pending finalization of tax calculations.
Net Income: As a result of the factors described above, net income was $284.7 million, down 6.8%.
Adjusted EBITDA: Adjusted EBITDA was $512.0 million, up 13.2%. Adjusted EBITDA margin in fourth quarter 2025 was 62.2%, compared to 60.8% in fourth quarter 2024.
Index Segment:
Table 1A: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
% Change
2025
2024
% Change
Operating revenues:
Recurring subscriptions
$
246,351
$
228,438
7.8
%
$
957,897
$
882,367
8.6
%
Asset-based fees
211,668
175,339
20.7
%
770,670
657,501
17.2
%
Non-recurring
21,053
16,422
28.2
%
58,241
56,277
3.5
%
Total operating revenues
479,072
420,199
14.0
%
1,786,808
1,596,145
11.9
%
Adjusted EBITDA expenses
105,056
97,043
8.3
%
420,800
374,091
12.5
%
Adjusted EBITDA
$
374,016
$
323,156
15.7
%
$
1,366,008
$
1,222,054
11.8
%
Adjusted EBITDA margin %
78.1
%
76.9
%
76.4
%
76.6
%
Index operating revenues were $479.1 million, up 14.0%. The $58.9 million increase was driven by $36.3 million in higher asset-based fees, $17.9 million in higher recurring subscription revenues and a $4.6 million increase in non-recurring revenues. Organic operating revenue growth for Index was 14.0%.
The growth in recurring subscription revenues was primarily driven by growth from market-cap weighted Index products.
The growth in revenues attributed to asset-based fees were primarily driven by ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes, primarily due to an increase in average AUM, partially offset by a decrease in average basis point fees.
Index Run Rate as of December 31, 2025 was $1.9 billion, up 16.2%. The $261.3 million increase was comprised of a $173.9 million increase in asset-based fees and a $87.4 million increase in recurring subscription Run Rate. The increase in asset-based fees Run Rate was primarily driven by higher AUM in ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all regions and client segments. Organic recurring subscription Run Rate growth for Index was 9.3%.
Analytics Segment:
Table 1B: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
% Change
2025
2024
% Change
Operating revenues:
Recurring subscriptions
$
179,660
$
167,781
7.1
%
$
697,488
$
658,610
5.9
%
Non-recurring
2,679
4,971
(46.1
)%
16,909
16,479
2.6
%
Total operating revenues
182,339
172,752
5.5
%
714,397
675,089
5.8
%
Adjusted EBITDA expenses
98,483
88,628
11.1
%
371,867
346,794
7.2
%
Adjusted EBITDA
$
83,856
$
84,124
(0.3
)%
$
342,530
$
328,295
4.3
%
Adjusted EBITDA margin %
46.0
%
48.7
%
47.9
%
48.6
%
Analytics operating revenues were $182.3 million, up 5.5%. The $9.6 million increase was driven by growth from recurring subscriptions related to both Equity and Multi-Asset Class Analytics products. Organic operating revenue growth for Analytics was 5.5%.
Analytics Run Rate as of December 31, 2025, was $757.4 million, up 8.4%. The increase of $59.0 million was driven by growth in both Multi-Asset Class and Equity Analytics products, reflecting growth across all regions and client segments. Organic recurring subscription Run Rate growth for Analytics was 7.0%.
Sustainability and Climate Segment:
Table 1C: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
% Change
2025
2024
% Change
Operating revenues:
Recurring subscriptions
$
87,961
$
82,881
6.1
%
$
346,401
$
318,835
8.6
%
Non-recurring
2,299
2,338
(1.7
)%
7,514
7,766
(3.2
)%
Total operating revenues
90,260
85,219
5.9
%
353,915
326,601
8.4
%
Adjusted EBITDA expenses
52,087
55,521
(6.2
)%
225,438
221,893
1.6
%
Adjusted EBITDA
$
38,173
$
29,698
28.5
%
$
128,477
$
104,708
22.7
%
Adjusted EBITDA margin %
42.3
%
34.8
%
36.3
%
32.1
%
Sustainability and Climate operating revenues were $90.3 million, up 5.9%. The $5.0 million increase was primarily driven by growth from recurring subscriptions related to Ratings and Climate products, with growth primarily attributable to EMEA. Organic operating revenue growth for Sustainability and Climate was 3.1%.
Sustainability and Climate Run Rate as of December 31, 2025, was $378.1 million, up 10.0%. The $34.4 million increase primarily reflected growth in Ratings and Climate products, with growth primarily attributable to EMEA. The increase was primarily driven by growth in the asset manager, insurance and wealth manager client segments. Organic recurring subscription Run Rate growth for Sustainability and Climate was 4.9%.
All Other – Private Assets:
Table 1D: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
% Change
2025
2024
% Change
Operating revenues:
Recurring subscriptions
$
70,262
$
64,199
9.4
%
$
276,918
$
254,633
8.8
%
Non-recurring
595
1,140
(47.8
)%
2,421
3,660
(33.9
)%
Total operating revenues
70,857
65,339
8.4
%
279,339
258,293
8.1
%
Adjusted EBITDA expenses
54,900
50,063
9.7
%
209,902
196,866
6.6
%
Adjusted EBITDA
$
15,957
$
15,276
4.5
%
$
69,437
$
61,427
13.0
%
Adjusted EBITDA margin %
22.5
%
23.4
%
24.9
%
23.8
%
All Other – Private Assets operating revenues, which reflect the Real Assets and the Private Capital Solutions operating segments, were $70.9 million, up 8.4%. The growth in revenue is primarily driven by growth from recurring subscriptions in Private Capital Solutions related to Private Capital Intel and Total Plan Manager products, as well as growth from recurring subscriptions in Real Assets related to Portfolio Performance Insights product. Organic operating revenue growth for All Other – Private Assets was 6.6%.
All Other – Private Assets Run Rate, which reflects the Real Assets and the Private Capital Solutions operating segments, was $292.0 million as of December 31, 2025, up 9.5%. The increase primarily reflected growth from Private Capital Solutions related to Total Plan Manager, Private Capital Transparency Data and Private Capital Intel products, and reflected growth across all regions. The increase was primarily driven by growth in asset owner and asset manager client segments. Organic recurring subscription Run Rate growth for All Other – Private Assets was 7.4%.
Select Balance Sheet Items and Capital Allocation
Cash Balances and Outstanding Debt: Cash and cash equivalents was $515.3 million as of December 31, 2025. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes.
Total principal amount of debt outstanding as of December 31, 2025 was $6.2 billion. The total debt to net income ratio (based on trailing twelve months net income) was 5.2x. The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 3.3x.
MSCI seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.
On November 6, 2025, the Company issued $500.0 million aggregate principal amount of 5.15% Senior Unsecured Notes due 2036 (the “2036 Senior Notes”) in a registered public offering. The 2036 Senior Notes mature on March 15, 2036.
Capex and Cash Flow: Capex was $36.3 million, and net cash provided by operating activities increased by 16.4% to $501.1 million, primarily reflecting higher cash collections from customers, partially offset by higher cash expenses and income taxes paid in the quarter. Free cash flow (non-GAAP) for fourth quarter 2025 was up 17.8% to $464.8 million.
Share Count and Share Repurchases: Weighted average diluted shares outstanding were 74.7 million in fourth quarter 2025, down 4.7% year-over-year. Total shares outstanding as of December 31, 2025 were 73.6 million. A total of $2.1 billion remains on the outstanding share repurchase authorization as of January 27, 2026.
Dividends: Approximately $134.7 million in dividends were paid to shareholders in fourth quarter 2025. On January 27, 2026, the MSCI Board of Directors declared a cash dividend of $2.05 per share for first quarter 2026, payable on February 27, 2026 to shareholders of record as of the close of trading on February 13, 2026.
Full-Year 2026 Guidance
MSCI's guidance for the year ending December 31, 2026 (“Full-Year 2026”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. 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. See “Forward-Looking Statements” below.
Guidance Item
Guidance for Full-Year 2026
Operating Expense
$1,490 to $1,530 million
Adjusted EBITDA Expense
$1,305 to $1,335 million
Interest Expense
(including amortization of financing fees)(1)
$274 to $280 million
Depreciation & Amortization Expense
$185 to $195 million
Effective Tax Rate(2)
18.0% to 20.0%
Capital Expenditures
$160 to $170 million
Net Cash Provided by Operating Activities
$1,640 to $1,690 million
Free Cash Flow
$1,470 to $1,530 million
(1) A portion of our annual interest expense is from our variable rate indebtedness under our revolving credit facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.
(2) Excludes the impact of a multi-phase internal legal entity restructuring that commenced in 2025 and was completed on January 4, 2026. We expect to recognize a tax benefit of approximately $88 million in 2026, subject to adjustment pending finalization of tax calculations, which will be excluded from applicable non-GAAP measures when presented.
Conference Call Information
MSCI’s senior management will review the fourth quarter and full year 2025 results on Wednesday, January 28, 2026 at 11:00 AM Eastern Time. To listen to the live event via webcast, visit the events and presentations section of MSCI’s Investor Relations website, https://ir.msci.com/events-and-presentations. Participants who wish to join via telephone should click here to register in advance. Registered participants will receive an email confirmation with a unique PIN to access the conference call. The earnings call webcast will include an accompanying slide presentation that can be accessed through MSCI’s Investor Relations website.
About MSCI Inc.
MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com. MSCI#IR
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2026 guidance. 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. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. 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.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 7, 2025 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. 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. 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. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
Website and Social Media Disclosure
MSCI uses its investor relations website ir.msci.com and social media outlets, such as LinkedIn or X (@MSCI_Inc), as channels of distribution of company information. The information MSCI posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following MSCI’s press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about MSCI when you enroll your email address by visiting the “Email Alerts” section of MSCI’s Investor Relations homepage at http://ir.msci.com/email-alerts. The contents of MSCI’s website, including its quarterly updates, blog, podcasts and social media channels are not, however, incorporated by reference into this earnings release.
Notes Regarding the Use of Operating Metrics
MSCI has presented supplemental key operating metrics as part of this earnings release, including Run Rate, Retention Rate, subscription sales, subscription cancellations and non-recurring sales.
A substantial portion of MSCI’s operating revenues is derived from recurring subscriptions or licenses for products and services that are ongoing in nature and provided over contractually agreed periods, which are subject to renewal or cancellation upon the expiration of the then-current term. In addition, we generate non-recurring revenues from one-time sales and other transactions or services that are discrete in nature or that have a defined life. The operating metrics defined below help management assess the stability and growth of this recurring-revenue base and track non-recurring revenues. There have been no changes to the methodologies used to compute these metrics compared with prior periods.
Run Rate estimates, at a specific point in time, the annualized value of the recurring portion of executed client contracts (“Client Contracts”) expected to generate revenues over the next 12 months, assuming that all such Client Contracts are renewed and using fixed foreign exchange rates. Run Rate includes new Client Contracts upon execution, even if the license start date and related revenue recognition occur later.
For Client Contracts where fees are linked to an investment product’s assets or trading volume or fees (referred to as “Asset-based Fees”), the Run Rate calculation is based on:
For exchange-traded funds (“ETFs”): assets under management as of the last trading day of the period;
For non-ETF products: the most recent client-reported assets under management; and
For listed futures and options contracts: the most recent quarterly volumes and/or reported exchange fees.
Run Rate excludes fees associated with one-time or other non-recurring transactions.
We remove from Run Rate the annualized fee value associated with products or services under any Client Contracts when (i) we have received a notice of termination, reduction in fees, non-renewal or other clear indication that the client does not intend to continue its subscription at then current fees; and (ii) management has determined that such notice or indication reflects the client’s final decision to terminate, not renew or renew at a lower fee the applicable products or services, even if such termination or non-renewal is not yet effective (each such event, a “Subscription Cancellation”).
In general, when a client reduces the fees paid to MSCI associated with a reduction in the number of products or services to which it subscribes within a segment, or a switch between products or services within a segment, unless the client switches to a product or service that management considers a replacement, such reduction or switch is treated as a Subscription Cancellation, including for purposes of calculating MSCI’s Retention Rate (as detailed below). In the cases where the client switches products or services to a replacement service, only the net decrease, if any, is reported as a cancellation.
In the Analytics and Sustainability and Climate operating segments, substantially all such product or service switches are treated as replacements and are netted accordingly.
In contrast, in the Index, Real Assets, and Private Capital Solutions operating segments, such netting treatment is applied only in limited circumstances.
Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, excluding:
The impact of changes in foreign currency exchange rates;
The impact of acquisitions during the first 12 months following the transaction date; and
The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates.
Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. Subscription cancellations reduce Run Rate and, over time, lower future operating revenues.
For full-year periods, Retention Rate is calculated as the retained subscription Run Rate, which is defined as the subscription Run Rate at the beginning of the fiscal year minus actual subscription cancellations during the fiscal year, expressed as a percentage of the subscription Run Rate at the beginning of the fiscal year.
For interim (non-annual) periods, Retention Rate is presented on an annualized basis. The annualized Retention Rate is calculated by:
Dividing annualized subscription cancellations in the period by the subscription Run Rate at the beginning of the fiscal year, to determine a cancellation rate; and
Subtracting that rate from 100%, to derive the annualized Retention Rate.
Retention Rate is calculated by operating segment and is based on an individual product or service level within each segment. We do not calculate Retention Rate for the portion of Run Rate attributable to Asset-based Fees.
Sales represents the annualized value of products and services that clients have committed to purchase from MSCI and that are expected to result in additional operating revenues.
Non-recurring sales represent the aggregate value of client agreements entered into during the period that generate non-recurring fees and are not included in Run Rate (as defined elsewhere herein), even if such agreements span multiple periods or years.
New recurring subscription sales represent the annualized value of additional client commitments entered into during the period - such as new Client Contracts, expansions of existing Client Contracts or price increases - that contribute to Run Rate.
Net new recurring subscription sales represent new recurring subscription sales minus the impact of Subscription Cancellations, capturing the net impact to Run Rate for the period.
Total gross sales is the sum of new recurring subscription sales and non-recurring sales.
Total net sales is total gross sales minus the impact of Subscription Cancellations.
Starting from third quarter 2025, MSCI updated the presentation of certain client segments to align with our client-servicing and go-to-market approaches. The commentary regarding Run Rate in this earnings release reflects these updated client segments. These changes are presentation updates only and do not impact MSCI’s GAAP operating segments, reported revenues, or consolidated Subscription Run Rate for any period presented.
Notes Regarding the Use of Non-GAAP Financial Measures
MSCI has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 14 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.
“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.
“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to the write-off of deferred fees on debt extinguishment, the impact related to certain gains or losses on investees, and the impact of certain discrete tax items.
“Capex” is defined as capital expenditures plus capitalized software development costs.
“Free cash flow” is defined as net cash provided by operating activities, less Capex.
“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.
Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).
We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.
We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.
We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.
We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.
We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.
Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. 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. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.
Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations
Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances.
Table 2: Condensed Consolidated Statements of Income (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands, except per share data
2025
2024
2025
2024
Operating revenues
$
822,528
$
743,509
$
3,134,459
$
2,856,128
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)
143,381
131,567
550,366
514,382
Selling and marketing
83,056
76,835
319,829
291,220
Research and development
41,124
38,471
177,596
158,653
General and administrative
42,965
44,382
180,216
182,340
Amortization of intangible assets
40,911
42,721
169,480
164,037
Depreciation and amortization of property, equipment and leasehold improvements
7,471
4,339
23,405
16,978
Total operating expenses(1)
358,908
338,315
1,420,892
1,327,610
Operating income
463,620
405,194
1,713,567
1,528,518
Interest income
(4,098
)
(3,902
)
(16,012
)
(21,277
)
Interest expense
63,593
45,505
209,889
185,500
Other expense (income)
15,287
246
25,434
8,127
Other expense (income), net
74,782
41,849
219,311
172,350
Income before provision for income taxes
388,838
363,345
1,494,256
1,356,168
Provision for income taxes
104,169
57,830
291,951
247,040
Net income
284,669
305,515
1,202,305
1,109,128
Earnings per basic common share
$
3.82
$
3.91
$
15.72
$
14.09
Earnings per diluted common share
$
3.81
$
3.90
$
15.69
$
14.05
Weighted average shares outstanding used in computing earnings per share:
Basic
74,561
78,070
76,504
78,710
Diluted
74,697
78,365
76,636
78,960
(1) Includes stock-based compensation expense of $25.6 million and $23.3 million for the three months ended Dec. 31, 2025 and Dec. 31, 2024, respectively. Includes stock-based compensation expense of $111.8 million and $96.4 million for the year ended Dec. 31, 2025 and Dec. 31, 2024, respectively.
Table 3: Condensed Consolidated Balance Sheet (unaudited)
As of
Dec. 31,
Dec. 31,
In thousands
2025
2024
ASSETS
Current assets:
Cash and cash equivalents (includes restricted cash of $3,667 and $3,497 at December 31, 2025 and December 31, 2024, respectively)
$
515,332
$
409,351
Accounts receivable (net of allowances of $6,421 and $5,284 at December 31, 2025 and December 31, 2024, respectively)
986,712
820,709
Other current assets
142,725
113,961
Total current assets
1,644,769
1,344,021
Property, equipment and leasehold improvements, net
87,299
70,885
Right of use assets
112,873
119,435
Goodwill
2,923,362
2,915,167
Intangible assets, net
832,513
907,613
Other non-current assets
101,643
88,318
Total assets
$
5,702,459
$
5,445,439
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Deferred revenue
$
1,231,776
$
1,123,423
Other current liabilities
597,937
462,231
Total current liabilities
1,829,713
1,585,654
Long-term debt
6,202,286
4,510,816
Long-term operating lease liabilities
107,531
121,153
Other non-current liabilities
217,469
167,813
Total liabilities
8,356,999
6,385,436
Total shareholders' equity (deficit)
(2,654,540
)
(939,997
)
Total liabilities and shareholders' equity (deficit)
$
5,702,459
$
5,445,439
Table 4: Condensed Consolidated Statement of Cash Flow (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
2025
2024
Cash flows from operating activities
Net income
$
284,669
$
305,515
$
1,202,305
$
1,109,128
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
40,911
42,721
169,480
164,037
Stock-based compensation expense
25,571
22,969
111,343
95,204
Depreciation and amortization of property, equipment and leasehold improvements
7,471
4,339
23,405
16,978
Amortization of right of use assets
7,217
5,678
25,685
25,260
Loss on extinguishment of debt
—
—
—
1,510
Loss on investment in investee
11,768
—
11,768
—
Other adjustments
13,551
(27,089
)
68,483
16,767
Net changes in other operating assets and liabilities
109,972
76,500
(24,023
)
72,743
Net cash provided by operating activities
501,130
430,633
1,588,446
1,501,627
Cash flows from investing activities
Acquisition of a business, net of cash acquired
—
—
—
(27,467
)
Capitalized software development costs
(23,851
)
(21,708
)
(90,542
)
(81,356
)
Capital expenditures
(12,439
)
(14,247
)
(39,319
)
(33,762
)
Other
(160
)
(778
)
(203
)
(1,670
)
Net cash used in investing activities
(36,450
)
(36,733
)
(130,064
)
(144,255
)
Cash flows from financing activities
Repurchase of common stock held in treasury
(906,822
)
(374,048
)
(2,484,305
)
(885,266
)
Payment of dividends
(135,135
)
(125,129
)
(556,521
)
(509,109
)
Repayment of borrowings
(175,000
)
(195,000
)
(1,101,875
)
(559,063
)
Proceeds from borrowings, net of discount
874,088
220,000
2,805,963
556,875
Payment of debt issuance costs
(7,311
)
—
(20,082
)
(3,739
)
Payment of contingent consideration and deferred purchase price from acquisitions
—
(2,006
)
(12,145
)
(2,006
)
Proceeds from exercise of stock options
390
—
6,975
—
Net cash used in financing activities
(349,790
)
(476,183
)
(1,361,990
)
(1,402,308
)
Effect of exchange rate changes
353
(9,345
)
9,589
(7,406
)
Net increase (decrease) in cash, cash equivalents and restricted cash
115,243
(91,628
)
105,981
(52,342
)
Cash, cash equivalents and restricted cash, beginning of period
400,089
500,979
409,351
461,693
Cash, cash equivalent and restricted cash, end of period
$
515,332
$
409,351
$
515,332
$
409,351
Table 5: Operating Results (unaudited)
Index
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Operating revenues:
Recurring subscriptions
$
246,351
$
228,438
7.8
%
$
957,897
$
882,367
8.6
%
Asset-based fees
211,668
175,339
20.7
%
770,670
657,501
17.2
%
Non-recurring
21,053
16,422
28.2
%
58,241
56,277
3.5
%
Total operating revenues
479,072
420,199
14.0
%
1,786,808
1,596,145
11.9
%
Adjusted EBITDA expenses
105,056
97,043
8.3
%
420,800
374,091
12.5
%
Adjusted EBITDA
$
374,016
$
323,156
15.7
%
$
1,366,008
$
1,222,054
11.8
%
Adjusted EBITDA margin %
78.1
%
76.9
%
76.4
%
76.6
%
Analytics
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Operating revenues:
Recurring subscriptions
$
179,660
$
167,781
7.1
%
$
697,488
$
658,610
5.9
%
Non-recurring
2,679
4,971
(46.1
)%
16,909
16,479
2.6
%
Total operating revenues
182,339
172,752
5.5
%
714,397
675,089
5.8
%
Adjusted EBITDA expenses
98,483
88,628
11.1
%
371,867
346,794
7.2
%
Adjusted EBITDA
$
83,856
$
84,124
(0.3
)%
$
342,530
$
328,295
4.3
%
Adjusted EBITDA margin %
46.0
%
48.7
%
47.9
%
48.6
%
Sustainability and Climate
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Operating revenues:
Recurring subscriptions
$
87,961
$
82,881
6.1
%
$
346,401
$
318,835
8.6
%
Non-recurring
2,299
2,338
(1.7
)%
7,514
7,766
(3.2
)%
Total operating revenues
90,260
85,219
5.9
%
353,915
326,601
8.4
%
Adjusted EBITDA expenses
52,087
55,521
(6.2
)%
225,438
221,893
1.6
%
Adjusted EBITDA
$
38,173
$
29,698
28.5
%
$
128,477
$
104,708
22.7
%
Adjusted EBITDA margin %
42.3
%
34.8
%
36.3
%
32.1
%
All Other - Private Assets
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Operating revenues:
Recurring subscriptions
$
70,262
$
64,199
9.4
%
$
276,918
$
254,633
8.8
%
Non-recurring
595
1,140
(47.8
)%
2,421
3,660
(33.9
)%
Total operating revenues
70,857
65,339
8.4
%
279,339
258,293
8.1
%
Adjusted EBITDA expenses
54,900
50,063
9.7
%
209,902
196,866
6.6
%
Adjusted EBITDA
$
15,957
$
15,276
4.5
%
$
69,437
$
61,427
13.0
%
Adjusted EBITDA margin %
22.5
%
23.4
%
24.9
%
23.8
%
Consolidated
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Operating revenues:
Recurring subscriptions
$
584,234
$
543,299
7.5
%
$
2,278,704
$
2,114,445
7.8
%
Asset-based fees
211,668
175,339
20.7
%
770,670
657,501
17.2
%
Non-recurring
26,626
24,871
7.1
%
85,085
84,182
1.1
%
Operating revenues total
822,528
743,509
10.6
%
3,134,459
2,856,128
9.7
%
Adjusted EBITDA expenses
310,526
291,255
6.6
%
1,228,007
1,139,644
7.8
%
Adjusted EBITDA
$
512,002
$
452,254
13.2
%
$
1,906,452
$
1,716,484
11.1
%
Operating margin %
56.4
%
54.5
%
54.7
%
53.5
%
Adjusted EBITDA margin %
62.2
%
60.8
%
60.8
%
60.1
%
Table 6: Sales and Retention Rate (unaudited)(1)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
%
Dec. 31,
Dec. 31,
%
In thousands
2025
2024
Change
2025
2024
Change
Index
New recurring subscription sales
$
45,557
$
38,110
19.5
%
$
126,698
$
118,191
7.2
%
Subscription cancellations
(10,873
)
(10,854
)
0.2
%
(38,279
)
(45,730
)
(16.3
)%
Net new recurring subscription sales
$
34,684
$
27,256
27.3
%
$
88,419
$
72,461
22.0
%
Non-recurring sales
$
23,518
$
18,153
29.6
%
$
66,022
$
62,840
5.1
%
Total gross sales
$
69,075
$
56,263
22.8
%
$
192,720
$
181,031
6.5
%
Total Index net sales
$
58,202
$
45,409
28.2
%
$
154,441
$
135,301
14.1
%
Index Retention Rate
95.3
%
95.0
%
95.9
%
94.7
%
Analytics
New recurring subscription sales
$
27,728
$
26,282
5.5
%
$
88,651
$
82,419
7.6
%
Subscription cancellations
(11,077
)
(11,105
)
(0.3
)%
(39,787
)
(39,106
)
1.7
%
Net new recurring subscription sales
$
16,651
$
15,177
9.7
%
$
48,864
$
43,313
12.8
%
Non-recurring sales
$
5,070
$
2,556
98.4
%
$
16,619
$
16,368
1.5
%
Total gross sales
$
32,798
$
28,838
13.7
%
$
105,270
$
98,787
6.6
%
Total Analytics net sales
$
21,721
$
17,733
22.5
%
$
65,483
$
59,681
9.7
%
Analytics Retention Rate
93.7
%
93.3
%
94.3
%
94.1
%
Sustainability and Climate
New recurring subscription sales
$
15,227
$
16,036
(5.0
)%
$
40,186
$
55,397
(27.5
)%
Subscription cancellations
(7,766
)
(5,493
)
41.4
%
(23,301
)
(22,989
)
1.4
%
Net new recurring subscription sales
$
7,461
$
10,543
(29.2
)%
$
16,885
$
32,408
(47.9
)%
Non-recurring sales
$
1,041
$
2,163
(51.9
)%
$
5,016
$
9,015
(44.4
)%
Total gross sales
$
16,268
$
18,199
(10.6
)%
$
45,202
$
64,412
(29.8
)%
Total Sustainability and Climate net sales
$
8,502
$
12,706
(33.1
)%
$
21,901
$
41,423
(47.1
)%
Sustainability and Climate Retention Rate
91.0
%
93.1
%
93.2
%
92.8
%
All Other - Private Assets
New recurring subscription sales
$
13,502
$
10,881
24.1
%
$
42,772
$
40,758
4.9
%
Subscription cancellations
(7,185
)
(8,573
)
(16.2
)%
(23,141
)
(23,685
)
(2.3
)%
Net new recurring subscription sales
$
6,317
$
2,308
173.7
%
$
19,631
$
17,073
15.0
%
Non-recurring sales
$
1,547
$
1,517
2.0
%
$
4,304
$
3,878
11.0
%
Total gross sales
$
15,049
$
12,398
21.4
%
$
47,076
$
44,636
5.5
%
Total All Other - Private Assets net sales
$
7,864
$
3,825
105.6
%
$
23,935
$
20,951
14.2
%
All Other - Private Assets Retention Rate
89.2
%
86.4
%
91.3
%
90.6
%
Consolidated
New recurring subscription sales
$
102,014
$
91,309
11.7
%
$
298,307
$
296,765
0.5
%
Subscription cancellations
(36,901
)
(36,025
)
2.4
%
(124,508
)
(131,510
)
(5.3
)%
Net new recurring subscription sales
$
65,113
$
55,284
17.8
%
$
173,799
$
165,255
5.2
%
Non-recurring sales
$
31,176
$
24,389
27.8
%
$
91,961
$
92,101
(0.2
)%
Total gross sales
$
133,190
$
115,698
15.1
%
$
390,268
$
388,866
0.4
%
Total net sales
$
96,289
$
79,673
20.9
%
$
265,760
$
257,356
3.3
%
Total Retention Rate
93.4
%
93.1
%
94.4
%
93.7
%
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.
Table 7: AUM in ETFs Linked to MSCI Equity Indexes (unaudited)(1)(2)
Three Months Ended
Year Ended
Dec. 31,
Mar. 31,
June 30,
Sep. 30,
Dec. 31,
Dec. 31,
Dec. 31,
In billions
2024
2025
2025
2025
2025
2024
2025
Beginning Period AUM in ETFs linked to MSCI equity indexes
$
1,761.8
$
1,724.7
$
1,783.1
$
2,024.6
$
2,211.0
$
1,468.9
$
1,724.7
Market Appreciation/(Depreciation)
(85.3
)
16.4
193.0
140.0
62.8
140.0
412.2
Cash Inflows
48.2
42.0
48.5
46.4
66.9
115.8
203.8
Period-End AUM in ETFs linked to MSCI equity indexes
$
1,724.7
$
1,783.1
$
2,024.6
$
2,211.0
$
2,340.7
$
1,724.7
$
2,340.7
Period Average AUM in ETFs linked to MSCI equity indexes
$
1,755.4
$
1,793.7
$
1,868.7
$
2,108.4
$
2,274.5
$
1,632.9
$
2,011.3
Period-End Basis Point Fee(3)
2.44
2.43
2.43
2.41
2.41
2.44
2.41
(1) The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report filed or furnished with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.
(2) The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.
(3) Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM.
Table 8: Run Rate (unaudited)(1)
As of
Dec. 31,
Dec. 31,
%
%
In thousands
2025
2024
Run Rate Growth
Organic Run Rate Growth
Index
Recurring subscriptions
$
1,021,651
$
934,251
9.4
%
9.3
%
Asset-based fees
852,464
678,599
25.6
%
25.6
%
Index Run Rate
1,874,115
1,612,850
16.2
%
16.2
%
Analytics Run Rate
757,366
698,377
8.4
%
7.0
%
Sustainability and Climate Run Rate
378,102
343,741
10.0
%
4.9
%
All Other - Private Assets Run Rate
291,993
266,719
9.5
%
7.4
%
Total Run Rate
$
3,301,576
$
2,921,687
13.0
%
11.9
%
Total recurring subscriptions
$
2,449,112
$
2,243,088
9.2
%
7.7
%
Total asset-based fees
852,464
678,599
25.6
%
25.6
%
Total Run Rate
$
3,301,576
$
2,921,687
13.0
%
11.9
%
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of Run Rate.
Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2025
2024
2025
2024
Net income
$
284,669
$
305,515
$
1,202,305
$
1,109,128
Provision for income taxes
104,169
57,830
291,951
247,040
Other expense (income), net
74,782
41,849
219,311
172,350
Operating income
463,620
405,194
1,713,567
1,528,518
Amortization of intangible assets
40,911
42,721
169,480
164,037
Depreciation and amortization of property, equipment and leasehold improvements
7,471
4,339
23,405
16,978
Acquisition-related integration and transaction costs(1)
—
—
—
6,951
Consolidated adjusted EBITDA
$
512,002
$
452,254
$
1,906,452
$
1,716,484
Index adjusted EBITDA
$
374,016
$
323,156
$
1,366,008
$
1,222,054
Analytics adjusted EBITDA
83,856
84,124
342,530
328,295
Sustainability and Climate adjusted EBITDA
38,173
29,698
128,477
104,708
All Other - Private Assets adjusted EBITDA
15,957
15,276
69,437
61,427
Consolidated adjusted EBITDA
$
512,002
$
452,254
$
1,906,452
$
1,716,484
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands, except per share data
2025
2024
2025
2024
Net income
$
284,669
$
305,515
$
1,202,305
$
1,109,128
Plus: Amortization of acquired intangible assets
19,808
25,815
90,606
103,041
Plus: Acquisition-related integration and transaction costs(1)
—
—
—
6,994
Plus: Write-off of deferred fees on debt extinguishment
—
—
—
1,510
Plus: Tax impact of internal legal entity restructuring(2)
38,124
—
38,124
—
Plus: Loss on investment in investee
11,768
—
11,768
—
Plus/(Less): Income tax effect(3)
(6,200
)
(3,983
)
(18,227
)
(20,415
)
Adjusted net income
$
348,169
$
327,347
$
1,324,576
$
1,200,258
Diluted EPS
$
3.81
$
3.90
$
15.69
$
14.05
Plus: Amortization of acquired intangible assets
0.27
0.33
1.18
1.30
Plus: Acquisition-related integration and transaction costs(1)
—
—
—
0.09
Plus: Write-off of deferred fees on debt extinguishment
—
—
—
0.02
Plus: Tax impact of internal legal entity restructuring(2)
0.51
—
0.50
—
Plus: Loss on investment in investee
0.16
—
0.15
—
Plus/(Less): Income tax effect(3)
(0.09
)
(0.05
)
(0.24
)
(0.26
)
Adjusted EPS
$
4.66
$
4.18
$
17.28
$
15.20
Diluted weighted average common shares outstanding
74,697
78,365
76,636
78,960
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
(2) This adjustment reflects discrete income tax expense recognized in connection with a multi-phase internal legal entity restructuring that commenced in Q4 2025 and was completed on January 4, 2026. In Q4 2025, the Company recognized discrete tax expense of $38 million related to the first phase, and expects to recognize a discrete tax benefit of approximately $88 million in 2026 related to the subsequent phases of this internal legal entity restructuring. Management excludes these discrete tax effects from non-GAAP results because they are not indicative of ongoing operating performance or the Company’s underlying tax profile. Amounts relating to 2026 tax impacts are preliminary and subject to adjustment pending finalization of tax calculations related to the restructuring.
(3) Adjustments relate to the tax effect of non-GAAP adjustments, other than the tax impact of internal legal entity restructuring which is reflected above, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.
Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)
Three Months Ended
Year Ended
Full-Year
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2026
In thousands
2025
2024
2025
2024
Outlook(1)
Total operating expenses
$
358,908
$
338,315
$
1,420,892
$
1,327,610
$1,490,000 - $1,530,000
Amortization of intangible assets
40,911
42,721
169,480
164,037
Depreciation and amortization of property, equipment and leasehold improvements
7,471
4,339
23,405
16,978
$185,000 - $195,000
Acquisition-related integration and transaction costs(2)
—
—
—
6,951
Consolidated adjusted EBITDA expenses
$
310,526
$
291,255
$
1,228,007
$
1,139,644
$1,305,000 - $1,335,000
Index adjusted EBITDA expenses
$
105,056
$
97,043
$
420,800
$
374,091
Analytics adjusted EBITDA expenses
98,483
88,628
371,867
346,794
Sustainability and Climate adjusted EBITDA expenses
52,087
55,521
225,438
221,893
All Other - Private Assets adjusted EBITDA expenses
54,900
50,063
209,902
196,866
Consolidated adjusted EBITDA expenses
$
310,526
$
291,255
$
1,228,007
$
1,139,644
$1,305,000 - $1,335,000
(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)
Three Months Ended
Year Ended
Full-Year
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2026
In thousands
2025
2024
2025
2024
Outlook(1)
Net cash provided by operating activities
$
501,130
$
430,633
$
1,588,446
$
1,501,627
$1,640,000 - $1,690,000
Capital expenditures
(12,439
)
(14,247
)
(39,319
)
(33,762
)
Capitalized software development costs
(23,851
)
(21,708
)
(90,542
)
(81,356
)
Capex
(36,290
)
(35,955
)
(129,861
)
(115,118
)
($160,000 - $170,000)
Free cash flow
$
464,840
$
394,678
$
1,458,585
$
1,386,509
$1,470,000 - $1,530,000
(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
Table 13: Fourth Quarter 2025 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)
Comparison of the Three Months Ended December 31, 2025 and 2024
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Index
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
14.0
%
7.8
%
20.7
%
28.2
%
Impact of foreign currency exchange rate fluctuations
—
%
0.1
%
—
%
—
%
Organic operating revenue growth
14.0
%
7.9
%
20.7
%
28.2
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Analytics
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
5.5
%
7.1
%
—
%
(46.1
)%
Impact of foreign currency exchange rate fluctuations
—
%
—
%
—
%
(0.6
)%
Organic operating revenue growth
5.5
%
7.1
%
—
%
(46.7
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Sustainability and Climate
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
5.9
%
6.1
%
—
%
(1.7
)%
Impact of foreign currency exchange rate fluctuations
(2.8
)%
(2.7
)%
—
%
(4.8
)%
Organic operating revenue growth
3.1
%
3.4
%
—
%
(6.5
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
All Other - Private Assets
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
8.4
%
9.4
%
—
%
(47.8
)%
Impact of foreign currency exchange rate fluctuations
(1.8
)%
(1.8
)%
—
%
(0.3
)%
Organic operating revenue growth
6.6
%
7.6
%
—
%
(48.1
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Consolidated
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
10.6
%
7.5
%
20.7
%
7.1
%
Impact of foreign currency exchange rate fluctuations
(0.4
)%
(0.6
)%
—
%
(0.6
)%
Organic operating revenue growth
10.2
%
6.9
%
20.7
%
6.5
%
Table 14: Full-Year 2025 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)
Comparison of the Years Ended December 31, 2025 and 2024
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Index
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
11.9
%
8.6
%
17.2
%
3.5
%
Impact of foreign currency exchange rate fluctuations
—
%
(0.1
)%
—
%
—
%
Organic operating revenue growth
11.9
%
8.5
%
17.2
%
3.5
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Analytics
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
5.8
%
5.9
%
—
%
2.6
%
Impact of foreign currency exchange rate fluctuations
(0.1
)%
(0.1
)%
—
%
(1.3
)%
Organic operating revenue growth
5.7
%
5.8
%
—
%
1.3
%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Sustainability and Climate
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
8.4
%
8.6
%
—
%
(3.2
)%
Impact of foreign currency exchange rate fluctuations
(2.4
)%
(2.3
)%
—
%
(2.6
)%
Organic operating revenue growth
6.0
%
6.3
%
—
%
(5.8
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
All Other - Private Assets
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
8.1
%
8.8
%
—
%
(33.9
)%
Impact of foreign currency exchange rate fluctuations
(1.0
)%
(1.1
)%
—
%
(0.4
)%
Organic operating revenue growth
7.1
%
7.7
%
—
%
(34.3
)%
Total
Recurring Subscription
Asset-Based Fees
Non-Recurring Revenues
Consolidated
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
9.7
%
7.8
%
17.2
%
1.1
%
Impact of foreign currency exchange rate fluctuations
(0.4
)%
(0.6
)%
—
%
(0.5
)%
Organic operating revenue growth
9.3
%
7.2
%
17.2
%
0.6
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260128006461/en/
MSCI Inc. Contacts
Investor Inquiries
jeremy.ulan@msci.com
Jeremy Ulan +1 646 778 4184
jisoo.suh@msci.com
Jisoo Suh + 1 917 825 7111
Media Inquiries
PR@msci.com
Melanie Blanco +1 212 981 1049
Konstantinos Makrygiannis + 44 (0)7768 930056
Tina Tan +852 2844 9320
Original: MSCI Reports Financial Results for Fourth Quarter and Full Year 2025
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