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MsciMSCI

Legal name
Msci Inc.
Sector
Other
Industry
Services-Business Services, NEC
Exchange
NYSE

Stock Price $MSCI

Latest filings

You are here#49 of 92 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K133

MSCI filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $3.13B
YoY changeLargest recent move+20.5%in FY21Latest +9.7%

2 older moves run past ±25% (largest +49.7%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MSCI Financial Metrics64 metrics

Income Statement18

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Msci Financial Overview 2021–2025

Updated Nov 4, 2026

MSCI repurchased $2.48 billiona of stock in FY2025, more than double its $1.20 billion of net income. That gap is the story. The company is a high-margin index franchise that now returns more cash than it earns, and it is borrowing to close the difference. The result is a $(2.65) billion shareholders' deficit.

The operating engine justifies the confidence. Revenue grew from $2.04 billion in FY2021 to $3.13 billionb in FY2025, while Adjusted EBITDA margin widened from 58.6% to 60.8%. In FY2025, revenue rose 9.7%, Index revenue climbed 11.9% to $1.79 billion, and Total Run Rate reached $3.30 billion, up 13.0%. Retention held at 94.4%. Concentration is the catch: BlackRock supplied 10.8% of total revenue and 18.7% of Index revenue.

The buyback pace has a visible cost. Long-term debt rose to $6.20 billionc from $4.51 billion after $1.75 billion of new senior notes. The Consolidated Leverage Ratio was 2.97x, against a 4.25x covenant maximum. Dividends added another $556.5 million of cash out the door. The market paid up for this compounding. At the close of FY2025 (December 30, 2025), shares traded at $573.73, or 36.6x earnings, for a market cap of $42.2 billion.

Recent Developments (Q2 and Q3 2026)

Index drove Q2 2026 and Q3 2026. Index asset-based fees rose 26.6% and 24.9%, and Q3 Index revenue climbed 18.1% to $532.6 milliond. Total revenue reached $892.0 million in Q3 2026, up 12.4%, with diluted EPS of $4.86, up 14.4%. Run Rate hit $3.57 billion, up 12.1%. Analytics lagged: adjusted EBITDA fell 4.9% to $85.7 million. Interest expense rose 39.6% to $74.8 million in Q3 2026. Debt reached $6.76 billion, and the deficit widened to $3.02 billion. The company closed four acquisitions, including First Street Technology, and raised 2026 free cash flow guidance. The controller role is interim after the Chief Accounting Officer left.

Bulls point to 95.0% retention and AUM-linked fees compounding. Bears point to rising interest costs, Analytics weakness, and a 37.7x P/E as of the October 19, 2026 report date, not today.

What to watch: Analytics margin recovery; permanent accounting chief appointment

03—Filings

Recent SEC Filings

  1. 8-KMsci 8-K Report, Financial Results (Oct 20, 2026)MSCI Inc. (NYSE: MSCI) reported third-quarter 2026 results on October 20, 2026, furnishing its press release as Exhibit 99.1. Operating revenues were $892.0 million, up 12.4%, with organic operating revenue growth of 12.3%. Operating margin was 56.3% and adjusted EBITDA margin was 62.2%. Diluted EPS was $4.86, up 14.4%, and adjusted EPS was $5.11, up 14.3%. Net income was $351.0 million, up 7.9%. Asset-based fees rose 24.9% and recurring subscription revenues rose 7.7%. Total Run Rate reached $3.57 billion, up 12.1%, and the retention rate was 95.0%, compared with 94.7% a year earlier. Growth was led by the Index segment, where operating revenues rose 18.1% to $532.6 million, driven by asset-based fees. Analytics revenue grew 4.8%, but its adjusted EBITDA declined 4.9%. Sustainability and Climate revenue rose 4.0%, and All Other – Private Assets revenue rose 6.7%. Other expense, net increased 45.2% to $74.2 million, mainly due to higher interest expense from higher debt levels. Total debt principal was $6.8 billion, and the debt-to-adjusted EBITDA ratio was 3.2x against a target range of 3.0x to 3.5x. Capital returns remained active: $627.2 million was repurchased in the third quarter through October 19, 2026, and about $0.9 billion remains on the authorization. The Board declared a $2.05 per share dividend for fourth quarter 2026, payable November 27, 2026. Full-year 2026 guidance was largely unchanged, except that the interest expense range was raised to $288 to $291 million from $282 to $286 million and the effective tax rate range narrowed to 18.0% to 19.5% from 18.0% to 20.0%.
  2. 8-KMsci 8-K Report, Executive Changes (Aug 7, 2026)MSCI Inc. filed an Item 5.02 Form 8-K on August 7, 2026 announcing leadership changes in its finance and accounting function. The filing relates to the previously disclosed departure of the Company's Global Controller and Chief Accounting Officer, referenced in an 8-K filed March 31, 2026. The Board appointed Andrew C. Wiechmann, the Company's Chief Financial Officer, as interim principal accounting officer, effective August 10, 2026, until a successor is designated. Mr. Wiechmann will continue as CFO and principal financial officer. In a related move, also effective August 10, 2026, Kristine Johnson was appointed interim Global Controller, reporting to Mr. Wiechmann. Ms. Johnson has been Commercial Controller and Head of Revenue Operations since April 2025, and previously served as Head of External Reporting from August 2022 to April 2025. The filing states that no new compensatory arrangements will be entered into with Mr. Wiechmann for his interim principal accounting officer role, and it discloses no related-person transactions or family relationships requiring disclosure. The changes are interim, so investors should watch for a permanent successor designation.
  3. 8-KMsci 8-K Report, Financial Results (Jul 21, 2026)MSCI Inc. (NYSE: MSCI) reported second quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K dated July 21, 2026. Operating revenues were $867.0 million, up 12.2%, with organic operating revenue growth also at 12.2%. Operating income was $487.5 million, up 14.6%, and the operating margin was 56.2%. Net income was $342.0 million, up 12.6%, and diluted EPS was $4.69, up 19.6%. Adjusted EPS was $4.94, up 18.5%, and adjusted EBITDA was $538.5 million, up 13.5%, at a 62.1% margin. Asset-based fees rose 26.6%, and the total Run Rate reached $3,479.7 million, up 12.0%. Organic recurring subscription Run Rate growth was 8.1%, and the Retention Rate was 95.3%, compared with 94.4% a year earlier. The company also updated its full-year 2026 guidance. Operating expense guidance rose to $1,535 to $1,575 million from $1,490 to $1,530 million, and adjusted EBITDA expense guidance rose to $1,340 to $1,370 million from $1,305 to $1,335 million. The filing attributes the higher expense outlook to recent acquisitions, including First Street, and to stronger topline momentum that increases incentive compensation accruals. Free cash flow guidance was raised to $1,485 to $1,545 million from $1,470 to $1,530 million. Total debt principal was $6.4 billion, the debt-to-adjusted-EBITDA ratio was 3.1x against a target range of 3.0x to 3.5x, and the Board declared a $2.05 per share dividend for third quarter 2026. MSCI also agreed on June 24, 2026 to acquire First Street Technology, Inc. for $120.0 million in cash at closing, plus potential contingent payments over two years tied to revenue thresholds. The deal is expected to close in the third quarter of 2026, subject to regulatory approvals. The filing notes that the guidance assumes this closing.
  4. 8-KMsci 8-K Report, Shareholder Vote Results (Apr 23, 2026)MSCI Inc. held its annual meeting of stockholders on April 21, 2026, as a virtual meeting. Of the 73,120,206 shares of common stock outstanding and entitled to vote, stockholders acted on three proposals. All eleven director nominees were elected, each receiving a majority of the votes cast "for" or "against" them, though several nominees drew sizable opposition, with Henry A. Fernandez receiving 2,909,009 votes against and Linda H. Riefler receiving 2,520,089 votes against. Stockholders approved, on an advisory basis, the Company's executive compensation, with 59,076,413 votes for, 4,061,619 against, 106,659 abstaining, and 3,158,970 broker non-votes. Stockholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent auditor for fiscal year 2026, with 65,169,698 votes for, 1,132,416 against, and 101,547 abstaining. The filing reports only the voting results of these matters and does not describe any other corporate actions, financial results, or strategic developments.
  5. 8-KMsci 8-K Report, Financial Results (Apr 21, 2026)MSCI Inc. (NYSE: MSCI) reported first quarter 2026 results on April 21, 2026, as furnished in Exhibit 99.1 (press release) under Item 2.02. Operating revenues were $850.8 million, up 14.1% (organic operating revenue growth of 13.3%), driven by recurring subscription revenues up 8.6% and asset-based fees up 26.6%. Operating margin was 53.7% versus 50.6% a year earlier, and diluted EPS was $5.53, up 49.1%. Adjusted EPS was $4.55, up 13.8%. Net income was $406.0 million, up 40.7%, though the effective tax rate fell to (4.3)% because of an $88 million discrete tax benefit tied to the completion of a multi-phase internal legal entity restructuring. Excluding that benefit, adjusted EPS would be the key comparable profitability measure the company highlights. Operating metrics were strong. Total Run Rate reached $3,357.3 million, up 12.7%, and organic recurring subscription Run Rate growth was 8.2%. Retention Rate was 95.4%, compared with 95.3% in the prior-year quarter. Management cited a record asset-based fee Run Rate and the best first-quarter recurring net-new subscription sales since 2022. Other expense rose 47.5% to $67.7 million, primarily due to higher interest expense from higher debt levels. Total debt principal was $6.5 billion, with a debt-to-adjusted-EBITDA ratio of 3.2x against a target range of 3.0x to 3.5x. Capital allocation remained active. Through April 20, 2026, the company repurchased $464 million of shares, and about $1.7 billion remained on the repurchase authorization. The Board declared a $2.05 per share quarterly dividend for the second quarter of 2026. Full-year 2026 guidance was reaffirmed, with operating expense of $1,490 to $1,530 million, adjusted EBITDA expense of $1,305 to $1,335 million, free cash flow of $1,470 to $1,530 million, and an effective tax rate of 18.0% to 20.0%. Depreciation and amortization guidance was raised to $190 to $200 million from $185 to $195 million.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.