Company file · MSCI
MSCI
Asset Based Fees was MSCI's fastest-growing product or service in FY2025, up 17.2%
Revenue rose 9.7% to $3.1B in FY2025, from $2.9B in FY2024. Net income rose 8.4% to $1.2B. Recurring Subscriptions was the largest product or service, at 73% of revenue.
Key facts
MSCI (NYSE: MSCI) reported revenue of $3.1B for fiscal 2025, the year ended Dec 31, 2025, up 9.7% from fiscal 2024. Net income was $1.2B, up 8.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $892M, up 12.4% from the same quarter a year earlier, and net income was $351M. The largest piece by product or service was Recurring Subscriptions, at 73% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
Source: 10-Q filed Apr 21, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 20, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Recurring Subscriptions$2.3B73%+7.8%
- Asset Based Fees$771M25%+17.2%
- Non Recurring$85M3%+1.1%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Recurring Subscriptions (73%), Asset Based Fees (25%) and Non Recurring (3%), as shares of total revenue. Total revenue was $3.1B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: MSCI 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
By product or service
Source: MSCI 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.7% in FY2025 to $3.1B, from $2.9B a year earlier. 10-K, FY2025
- Net income rose 8.4% in FY2025 to $1.2B, from $1.1B. 10-K, FY2025
- Diluted shares fell 2.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $892M, up 12.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
MSCI is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Services-Business Services, Nec.
The full description of MSCI's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the financial exchanges & data industry. They are not a summary of MSCI’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Revenue recognition (ASC 606)
- Risk factors (Item 1A)
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Rule 10b5-1 trading plans
- Discontinued operations
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- MSCI's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 20, 2026 | Sep 30, 2026 |
| 10-Q | Jul 21, 2026 | Jun 30, 2026 |
| 10-Q | Apr 21, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 11, 2026 | Apr 21, 2026 |
| 10-K | Feb 6, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about MSCI
How does MSCI make money?
MSCI's revenue was $3.1B in fiscal 2025. By product or service in FY2025: Recurring Subscriptions (73%), Asset Based Fees (25%) and Non Recurring (3%), as shares of total revenue. Total revenue was $3.1B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was MSCI's revenue in fiscal 2025?
$3.1B of revenue for the fiscal year ended Dec 31, 2025, up 9.7% from $2.9B in fiscal 2024. Fiscal 2023 was $2.5B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is MSCI profitable?
MSCI reported net income of $1.2B for fiscal 2025, up 8.4% from $1.1B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $351M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did MSCI report in its latest quarterly filing?
Revenue was $892M in the quarter ended Sep 30, 2026, up 12.4% from $793M a year earlier. Net income was $351M, up 7.9% from $325M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026.
What are the main risks MSCI faces?
MSCI's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these MSCI numbers come from?
From MSCI's own SEC filings: the 10-K for fiscal 2025 (filed Feb 6, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning MSCI
- Viking Global Investors: 1,160,687 shares, reported value $650.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 741,928 shares, reported value $415.5M at Jun 30, 2026 (+21.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 769,514 shares, reported value $414.5M at Sep 30, 2026 (−3.4% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Polen Capital Management: 671,797 shares, reported value $376.2M at Jun 30, 2026 (−27.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.
- Citadel Advisors: 460,566 shares, reported value $257.9M at Jun 30, 2026 (−39.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 330,314 shares, reported value $185.0M at Jun 30, 2026 (−43.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 275,651 shares, reported value $154.4M at Jun 30, 2026 (+514.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 142,850 shares, reported value $76.9M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Fundsmith: 53,580 shares, reported value $30.0M at Jun 30, 2026 (−17.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 17,418 shares, reported value $9.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in MSCI
- The editor holds no position in MSCI (MSCI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell MSCI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 6, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MSCI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| MSCI | FY2025 | $3.1B | +9.7% | $1.2B |
| S&P GlobalSPGI | FY2025 | $15.3B | +7.9% | $4.5B |
| CME GroupCME | FY2025 | $6.5B | +6.4% | $4.1B |
| Intercontinental ExchangeICE | FY2025 | $12.6B | +7.5% | $3.3B |
| Moody'sMCO | FY2025 | $7.7B | +8.9% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.