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Msci Annual Report, Year Ended Dec 31, 2025

Filing Date
Filed February 6, 2026
Period End
December 31, 2025
Security
MSCI
In the 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. Material agreement8-K · May ’18May ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 10-K filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.

MSCI Inc. reported full-year 2025 operating revenues of $3.13 billiona, up 9.7% from $2.86 billion in 2024, with net income of $1.20 billion, up 8.4%, and Adjusted EBITDA of $1.91 billion, up 11.1%, at a 60.8% Adjusted EBITDA margin.

Growth was led by the Index segment, where operating revenues rose 11.9% to $1.79 billionb, driven by asset-based fees up 17.2% tied to ETFs and indexed funds linked to MSCI equity indexes. Total Run Rate reached $3.30 billion, up 13.0%, and the Retention Rate for the full year was 94.4%. Analytics and Sustainability and Climate grew more modestly, with Sustainability and Climate Run Rate up 10.0% but net new recurring subscription sales down 47.9% for the year.

Balance sheet and capital return activity were significant. Long-term debt rose to $6.20 billionc from $4.51 billion, reflecting the August 2025 issuance of $1.25 billion of 5.25% notes due 2035 and the November 2025 issuance of $500 million of 5.15% notes due 2036, and total shareholders' deficit was $(2.65) billion. The company repurchased $2.48 billion of stock in 2025 (per the cash flow statement) and paid $556.5 million in dividends, with about $2.0 billion of repurchase authorization remaining as of February 5, 2026.

Management reported a Consolidated Leverage Ratio of 2.97 against a 4.25xd covenant maximum. The filing highlights concentration and structural risks. BlackRock accounted for 10.8% of consolidated operating revenues and 18.7% of Index segment revenues.

The filing also notes regulatory developments, including the EU ESG rating regulation effective July 2026, and that Pete Pettit steps down as President and Board member on March 1, 2026. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2025.

02—Key points

Key Highlights

  1. Operating revenues of $3.13 billion rose 9.7% in 2025; net income of $1.20 billion rose 8.4%.
  2. Adjusted EBITDA of $1.91 billion rose 11.1%, with an Adjusted EBITDA margin of 60.8% versus 60.1% in 2024.
  3. Index segment revenues rose 11.9% to $1.79 billion, with asset-based fees up 17.2% to $770.7 million, driven by MSCI equity index-linked ETFs.
  4. Total Run Rate reached $3.30 billion, up 13.0% (11.9% organic); full-year Retention Rate was 94.4%.
  5. Long-term debt increased to $6.20 billion after $1.75 billion of new senior notes issued in 2025; the Consolidated Leverage Ratio was 2.97 versus a 4.25x maximum.
  6. Returned $2.48 billion through share repurchases and $556.5 million in dividends in 2025; a $2.05 per share quarterly dividend was declared for February 2026.
  7. BlackRock accounted for 10.8% of consolidated operating revenues and 18.7% of Index segment revenues, a key concentration risk.

03—One dollar

04—Financials

Financial Highlights

Figures from 10-KFY2025filed February 6, 2026
Revenue$3.13BNet Income$1.20B38.4% Net MarginEPS (Diluted)$15.69Total Assets$5.70BCash & Equivalents$515.30MFree Cash Flow$1.55B

Financial Statements

FY2025 against FY2024

Line itemFY2025FY2024Change
Revenue$3.13B$2.86B+9.7%
R&D Expenses$177.60M$158.65M+11.9%
Operating Expenses$1.42B$1.33B+7.0%
Operating Income$1.71B$1.53B+12.1%
Net Income$1.20B$1.11B+8.4%
EPS (Basic)$15.72$14.09+11.6%
EPS (Diluted)$15.69$14.05+11.7%
Shares Outstanding (Basic)76.50M78.71M−2.8%
Shares Outstanding (Diluted)76.64M78.96M−2.9%

05—Questions

Frequently Asked Questions

  1. How did MSCI's revenue and profitability perform in 2025?

    Operating revenues were $3.13 billion, up 9.7% from $2.86 billion. Operating income rose 12.1% to $1.71 billion, net income rose 8.4% to $1.20 billion, and diluted EPS was $15.69 versus $14.05 in 2024. Operating expenses grew 7.0%, driven mainly by compensation costs and higher severance.

  2. What drove growth in the Index segment?

    Index operating revenues rose 11.9% to $1.79 billion. Asset-based fees grew 17.2%, mainly from ETFs linked to MSCI equity indexes, whose average AUM was up $378.4 billion, or 23.2%, for the year. Recurring subscriptions rose 8.6%, primarily from market cap-weighted index products.

  3. Why did Sustainability and Climate sales decline in 2025?

    Sustainability and Climate new recurring subscription sales fell 27.5% to $40.2 million, and net new recurring subscription sales fell 47.9%. Non-recurring sales declined 44.4%. Revenue still grew 8.4%, and Run Rate rose 10.0%, indicating the sales decline was concentrated in new business rather than the existing base.

  4. How is MSCI's balance sheet and capital allocation positioned?

    Total debt was $6.25 billion principal, including $6.0 billion of senior notes and $0.3 billion drawn under the revolving credit facility, with the facility commitments increased to $1.6 billion. The company's shareholders' deficit was $(2.65) billion as of December 31, 2025, reflecting significant treasury stock purchases. About $2.0 billion of repurchase authorization remained as of February 5, 2026.

06—Continue

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