How did MSCI perform in the third quarter of 2025?

Operating revenues were $793.4 million, up 9.5%, and operating income was $447.7 million, up 11.6%. Net income was $325.4 million, up 15.8%, and adjusted EBITDA was $494.4 million, up 9.7%, with an adjusted EBITDA margin of 62.3%.

What share repurchase activity did MSCI disclose?

In the third quarter of 2025 and through October 27, 2025, MSCI repurchased $1,248.9 million, or 2,230,397 shares, at an average price of $559.95. On October 25, 2025, the Board authorized a new program for up to $3.0 billion of common stock, superseding the October 28, 2024 program. The timing and amount of repurchases depend on market conditions and other factors, and the authorization may be modified, suspended, or terminated at any time.

How did MSCI's full-year 2025 guidance change?

The effective tax rate range narrowed to 16.0% to 18.0% from 17.5% to 20.0%. Capital expenditures were raised to $120 to $130 million from $115 to $125 million, and net cash provided by operating activities was raised to $1,540 to $1,590 million from $1,525 to $1,575 million. Free cash flow was raised to $1,410 to $1,470 million from $1,400 to $1,460 million, and operating expense guidance was adjusted to $1,415 to $1,445 million from $1,405 to $1,445 million.

What is MSCI's debt position?

Total principal amounts of debt outstanding were $5.6 billion as of September 30, 2025. The total debt to adjusted EBITDA ratio, based on trailing twelve months adjusted EBITDA, was 3.0x, and MSCI seeks to maintain this ratio in a target range of 3.0x to 3.5x. In August 2025 the company issued $1.25 billion of 5.25% Senior Unsecured Notes due 2035 and upsized its revolving credit facility to $1.6 billion.

What drove revenue growth in the Index segment?

Index operating revenues were $451.2 million, up 11.4%, driven by $28.9 million in higher asset-based fees and $18.6 million in higher recurring subscription revenues. Asset-based fee growth was primarily due to higher average AUM, partially offset by a decrease in average basis point fees.

MSCI 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed October 28, 2025. Cited figures are marked; the original filing is the authoritative source.

MSCI Inc. (NYSE: MSCI) reported third quarter 2025 results on October 28, 2025, with operating revenues of $793.4 million^a, up 9.5% (organic growth of 9.0%), and operating income of $447.7 million, up 11.6%.

Diluted EPS was $4.25^b, up 19.0%, and adjusted EPS was $4.47, up 15.8%. Adjusted EBITDA was $494.4 million, up 9.7%, with an adjusted EBITDA margin of 62.3%. Asset-based fees rose 17.1% to $197.5 million, and total Run Rate reached $3,186.5 million, up 10.1%, with organic recurring subscription Run Rate growth of 7.4% and a Retention Rate of 94.7%.

Capital allocation was a major theme. Through October 27, 2025, the company had repurchased $1,248.9 million^c of stock in the third quarter and through that date. On October 25, 2025, the Board authorized a new share repurchase program of up to $3.0 billion, superseding the program authorized on October 28, 2024.

The Board also declared a fourth-quarter 2025 cash dividend of $1.80^d per share. Total principal debt outstanding was $5.6 billion at September 30, 2025, with a total debt to adjusted EBITDA ratio of 3.0x against a stated target range of 3.0x to 3.5x. Full-year 2025 guidance was updated: the effective tax rate range narrowed to 16.0% to 18.0% (from 17.5% to 20.0%), capital expenditures were raised to $120 to $130 million, net cash provided by operating activities was guided to $1,540 to $1,590 million, and free cash flow to $1,410 to $1,470 million.

Operating expense guidance was adjusted to $1,415 to $1,445 million. The results and guidance are furnished in Exhibit 99.1 and are not deemed filed under Section 18 of the Exchange Act.

02—Key points

Key Highlights

Third quarter 2025 operating revenues of $793.4 million, up 9.5%, with organic growth of 9.0%.
Diluted EPS of $4.25, up 19.0%; adjusted EPS of $4.47, up 15.8%.
Asset-based fees rose 17.1% to $197.5 million, with Index Run Rate up 12.4% to $1.8 billion.
Total Run Rate of $3,186.5 million, up 10.1%; Retention Rate of 94.7%, compared with 94.2% a year earlier.
New $3.0 billion share repurchase program authorized October 25, 2025, superseding the October 28, 2024 program.
Quarterly cash dividend of $1.80 per share declared for fourth quarter 2025.
Full-year 2025 guidance raised for capital expenditures and operating cash flow, and the effective tax rate range narrowed to 16.0% to 18.0%.

03—Questions

Frequently Asked Questions

How did MSCI perform in the third quarter of 2025?
Operating revenues were $793.4 million, up 9.5%, and operating income was $447.7 million, up 11.6%. Net income was $325.4 million, up 15.8%, and adjusted EBITDA was $494.4 million, up 9.7%, with an adjusted EBITDA margin of 62.3%.
What share repurchase activity did MSCI disclose?
In the third quarter of 2025 and through October 27, 2025, MSCI repurchased $1,248.9 million, or 2,230,397 shares, at an average price of $559.95. On October 25, 2025, the Board authorized a new program for up to $3.0 billion of common stock, superseding the October 28, 2024 program. The timing and amount of repurchases depend on market conditions and other factors, and the authorization may be modified, suspended, or terminated at any time.
How did MSCI's full-year 2025 guidance change?
The effective tax rate range narrowed to 16.0% to 18.0% from 17.5% to 20.0%. Capital expenditures were raised to $120 to $130 million from $115 to $125 million, and net cash provided by operating activities was raised to $1,540 to $1,590 million from $1,525 to $1,575 million. Free cash flow was raised to $1,410 to $1,470 million from $1,400 to $1,460 million, and operating expense guidance was adjusted to $1,415 to $1,445 million from $1,405 to $1,445 million.
What is MSCI's debt position?
Total principal amounts of debt outstanding were $5.6 billion as of September 30, 2025. The total debt to adjusted EBITDA ratio, based on trailing twelve months adjusted EBITDA, was 3.0x, and MSCI seeks to maintain this ratio in a target range of 3.0x to 3.5x. In August 2025 the company issued $1.25 billion of 5.25% Senior Unsecured Notes due 2035 and upsized its revolving credit facility to $1.6 billion.
What drove revenue growth in the Index segment?
Index operating revenues were $451.2 million, up 11.4%, driven by $28.9 million in higher asset-based fees and $18.6 million in higher recurring subscription revenues. Asset-based fee growth was primarily due to higher average AUM, partially offset by a decrease in average basis point fees.

04—Continue

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