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Msci 8-K Report, Financial Results (Jul 22, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 22, 2025
Period End
July 22, 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. Leadership change8-K · Mar ’18Mar ’18
  2. Material agreement8-K · May ’20May ’20
  3. Material agreement8-K · Jun ’22Jun ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 22, 2025. Cited figures are marked; the original filing is the authoritative source.

MSCI Inc. reported financial results for the second quarter and six months ended June 30, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K.

Second-quarter operating revenues were $772.7 milliona, up 9.1% (organic growth of 8.3%), and operating margin was 55.0%. Diluted EPS was $3.92, up 16.3%, and adjusted EPS was $4.17, up 14.6%. Asset-based fees rose 12.7%, recurring subscription revenues rose 7.9%, and total Run Rate reached $3,106.7 million, up 10.7%.

Retention Rate was 94.4%, compared with 94.8% a year earlier. Cash flow and capital returns were also prominent. Net cash provided by operating activities was $336.1 millionb, down 3.8%, and free cash flow (non-GAAP) was $301.6 million, down 6.3%.

In the quarter, MSCI repurchased $131.2 millionc of shares and paid about $139.3 million in dividends. The Board declared a $1.80 per share dividend for third quarter 2025, and about $1.2 billion remained on the repurchase authorization as of July 21, 2025. Total principal debt outstanding was $4.5 billion, equal to 2.5x trailing adjusted EBITDA against a stated target range of 3.0x to 3.5x.

The company issued full-year 2025 guidance, including operating expenses of $1,405 to $1,445 milliond, adjusted EBITDA expenses of $1,220 to $1,250 million, an effective tax rate of 17.5% to 20.0%, and free cash flow of $1,400 to $1,460 million. The filing notes that results could differ materially from this guidance, citing macroeconomic and capital markets assumptions.

02—Key points

Key Highlights

  1. Operating revenues of $772.7 million, up 9.1% (organic growth 8.3%); Index segment revenues of $434.8 million, up 9.5%.
  2. Diluted EPS of $3.92, up 16.3%; adjusted EPS of $4.17, up 14.6%; operating margin 55.0% versus 54.0% a year earlier.
  3. Total Run Rate of $3,106.7 million, up 10.7% (organic 9.6%); asset-based fees Run Rate up 17.1% to $757.3 million.
  4. Retention Rate of 94.4% in the quarter, versus 94.8% in second quarter 2024.
  5. Free cash flow of $301.6 million, down 6.3%, with operating cash flow down 3.8% to $336.1 million.
  6. Returned capital through $131.2 million of share repurchases and about $139.3 million of dividends; quarterly dividend of $1.80 per share declared for third quarter 2025.
  7. Full-year 2025 guidance: adjusted EBITDA expenses of $1,220 to $1,250 million and free cash flow of $1,400 to $1,460 million.

03—Questions

Frequently Asked Questions

  1. How did MSCI perform in the second quarter of 2025?

    Operating revenues rose 9.1% to $772.7 million, operating income rose 11.1% to $425.2 million, and net income rose 13.8% to $303.7 million. Adjusted EBITDA was $474.4 million, up 10.3%, with an adjusted EBITDA margin of 61.4%.

  2. What drove the growth in asset-based fees and Run Rate?

    The filing attributes the Index segment's asset-based fee growth primarily to higher average AUM in ETFs linked to MSCI equity indexes and in non-ETF indexed funds. Equity ETF AUM linked to MSCI indexes reached $2,024.6 billion at June 30, 2025, and asset-based fees Run Rate rose 17.1%.

  3. Did client retention change?

    Total Retention Rate was 94.4% in the second quarter of 2025, compared with 94.8% in the second quarter of 2024. Analytics retention fell to 93.7% from 95.8%, while Index retention improved to 96.0% from 95.2%.

  4. What is MSCI's capital return and leverage position?

    MSCI repurchased $131.2 million of shares in the quarter at an average price of $523.20 and paid about $139.3 million in dividends. About $1.2 billion remained on the repurchase authorization as of July 21, 2025. Total debt principal was $4.5 billion, or 2.5x trailing adjusted EBITDA, below the company's stated 3.0x to 3.5x target range.

  5. What is the full-year 2025 outlook?

    Guidance calls for operating expenses of $1,405 to $1,445 million, adjusted EBITDA expenses of $1,220 to $1,250 million, capital expenditures of $115 to $125 million, net cash provided by operating activities of $1,525 to $1,575 million, and free cash flow of $1,400 to $1,460 million. The company notes that actual results could differ materially because of macroeconomic and capital markets factors.

04—Continue

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