01—Abstract
Summary
Summary of the 10-Q filed October 28, 2025. Cited figures are marked; the original filing is the authoritative source.
MSCI Inc. reported third-quarter 2025 operating revenues of $793.4 milliona, up 9.5% from $724.7 million a year earlier, and net income of $325.4 million, up 15.8%.
Diluted EPS was $4.25b versus $3.57. For the nine months, operating revenues were $2.31 billion (up 9.4%) and net income was $917.6 million (up 14.2%). Adjusted EBITDA for the quarter was $494.4 million, a 62.3% margin, and total Run Rate reached $3.19 billion, up 10.1%, with organic Run Rate growth of 9.7%.
Balance sheet leverage increased during the period. Long-term debt rose to $5.51 billionc from $4.51 billion at year-end 2024, following the August 2025 issuance of $1.25 billion of 5.25% senior notes due 2035 and an expanded $1.6 billion revolving credit facility. Shareholders' deficit widened to $(1.92) billion, reflecting $1.58 billion of nine-month share repurchases and $421.4 million of dividend payments.
The company stated its Consolidated Leverage Ratio was 2.70:1.00 against a 4.25:1.00 covenant maximum. Subsequent to quarter-end, on October 25, 2025, the Board authorized a new $3.0 billiond share repurchase program superseding the 2024 program, which had less than $0.1 billion remaining. The Board also declared a fourth-quarter 2025 dividend of $1.80 per share, payable November 28, 2025.
02—Key points
Key Highlights
- Q3 2025 operating revenues of $793.4 million, up 9.5% year over year; nine-month operating revenues of $2.31 billion, up 9.4%.
- Q3 2025 net income of $325.4 million, up 15.8%; diluted EPS of $4.25 versus $3.57 in Q3 2024.
- Q3 2025 Adjusted EBITDA of $494.4 million with a 62.3% margin; operating income of $447.7 million.
- Total Run Rate of $3.19 billion as of September 30, 2025, up 10.1% (9.7% organic); Index asset-based fee Run Rate up 17.0%.
- Total long-term debt increased to $5.51 billion from $4.51 billion at December 31, 2024, after issuing $1.25 billion of 5.25% senior notes due 2035.
- Shareholders' deficit of $(1.92) billion at September 30, 2025, versus $(0.94) billion at year-end 2024, driven by share repurchases and dividends.
- Subsequent events: new $3.0 billion share repurchase program authorized October 25, 2025, and a $1.80 quarterly dividend declared October 27, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 28, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $793.40M$724.71M | +9.5% |
| R&D Expenses | $44.80M$38.58M | +16.1% |
| Operating Expenses | $345.80M$323.37M | +6.9% |
| Operating Income | $447.60M$401.33M | +11.5% |
| Net Income | $325.30M$280.90M | +15.8% |
| EPS (Basic) | $4.26$3.58 | +19.0% |
| EPS (Diluted) | $4.25$3.57 | +19.0% |
| Shares Outstanding (Basic) | 76.50M78.50M | −2.5% |
| Shares Outstanding (Diluted) | 76.60M78.73M | −2.7% |
05—Questions
Frequently Asked Questions
How did MSCI perform financially in the third quarter of 2025?
Operating revenues were $793.4 million, up 9.5% from $724.7 million, and net income was $325.4 million, up 15.8% from $280.9 million. Operating income was $447.7 million, compared with $401.3 million a year earlier. Diluted EPS was $4.25, compared with $3.57.
What drove revenue growth?
Index segment operating revenues rose 11.4% to $451.2 million, led by asset-based fees, which increased 17.1% to $197.5 million on higher AUM in ETFs linked to MSCI equity indexes. Recurring subscriptions grew 7.9% company-wide, and Analytics, Sustainability and Climate, and All Other – Private Assets also grew.
How did the company's debt and leverage change?
Long-term debt was $5.51 billion at September 30, 2025, compared with $4.51 billion at December 31, 2024. The company issued $1.25 billion of 5.25% senior unsecured notes due 2035 in August 2025 and increased its revolving credit commitments to $1.6 billion. The Consolidated Leverage Ratio was 2.70:1.00, compared with a maximum of 4.25:1.00 under the Credit Agreement.
What are MSCI's capital return plans?
Through September 30, 2025, the company repurchased shares for $1.58 billion in cash and paid $421.4 million in dividends. On October 25, 2025, the Board authorized a new $3.0 billion repurchase program that replaces the 2024 program, which had less than $0.1 billion remaining. A quarterly dividend of $1.80 per share was declared on October 27, 2025, payable November 28, 2025.
Is there any material legal or regulatory exposure disclosed?
The filing states that various lawsuits, claims, and regulatory matters arise in the ordinary course of business and that management cannot currently reasonably estimate the possible loss or range of loss. Management believes the disposition of pending matters will not have a material effect on the company's business, results, financial condition or cash flows.
06—Continue