Friday 30 October 2026 Export MSCI’s income statement to Excel — free account

MSCI Inc

MSCI Financial Financial Data & Stock Exchanges

MSCI Inc’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 9.75% from fiscal 2024. In the quarter to June 2026, revenue grew 12.2%, EPS grew 19.9%, free cash flow grew 8.19% and total debt rose 41.4%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for five; insiders bought in the last twelve months.

624.36 5.81 +0.94%

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Market cap: $44.2B
P/E: 34.1×
Fwd P/E: 31.1×
Dividend yield: 1.60%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Segments Filings

MSCI Inc (MSCI) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Index	1,787	57.01%
Analytics	714	22.79%
Sustainability and Climate	354	11.29%
All Other - Private Assets	279	8.91%
Gross margin		82.44%
Operating margin		54.67%
Pre-tax margin		47.67%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Recurring subscriptions	2,279 72.70%	2,114 74.03%	1,871 74.00%	1,660 73.80%	1,426 69.78%	1,248 73.62%	1,154 74.08%	1,067 74.38%
Asset-based fees	771 24.59%	658 23.02%	558 22.05%	528 23.49%	554 27.11%	400 23.58%	362 23.23%	337 23.47%
Non-recurring	85 2.71%	84 2.95%	100 3.96%	61 2.71%	64 3.11%	47 2.80%	42 2.69%	31 2.15%
Revenue	3,134	2,856	2,529	2,249	2,044	1,695	1,558	1,434

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Index	1,787 57.01%	1,596 55.88%	1,452 57.41%	1,303 57.96%	1,252 61.25%	1,016 59.96%	921 59.12%	835 58.26%	719 56.43%	614 53.32%	559 52.00%	504 50.56%	448 49.09%	—	—	—	—
Analytics	714 22.79%	675 23.64%	616 24.36%	576 25.62%	544 26.64%	514 30.31%	497 31.90%	480 33.47%	458 35.97%	448 38.96%	433 40.32%	414 41.55%	397 43.49%	—	—	—	—
Sustainability and Climate	354 11.29%	327 11.44%	288 11.37%	228 10.15%	166 8.13%	111 6.57%	91 5.82%	—	—	—	—	—	—	—	—	—	—
All Other - Private Assets	279 8.91%	258 9.04%	174 6.86%	141 6.27%	81 3.98%	54 3.17%	49 3.16%	119 8.27%	97 7.61%	89 7.71%	83 7.69%	79 7.90%	68 7.42%	—	—	—	—
Performance And Risk	—	—	—	—	—	—	—	—	—	—	—	—	—	827 100.00%	781 86.73%	604 91.16%	443 100.00%
Governance	—	—	—	—	—	—	—	—	—	—	—	—	—	123 14.89%	120 13.27%	59 8.84%	—
Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	(123) (14.89%)	—	—	—
Total reportable segment operating revenues	2,855	2,598	2,355	2,108	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenue	3,134	2,856	2,529	2,249	2,044	1,695	1,558	1,434	1,274	1,151	1,075	997	913	827	901	663	443

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Performance And Risk	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Governance	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Total Americas	1,408 44.92%	1,298 45.44%	1,156 45.71%	1,030 45.83%	923 45.15%	795 46.91%	764 49.05%	720 50.24%	670 52.60%	602 52.31%	561 52.18%	508 51.00%	452 49.44%	422 51.05%	490 54.36%	353 53.30%	227 51.29%
Total EMEA	1,242 39.62%	1,112 38.93%	977 38.64%	863 38.39%	799 39.11%	627 36.97%	560 35.96%	507 35.39%	444 34.85%	405 35.18%	381 35.46%	364 36.54%	345 37.73%	287 34.67%	287 31.88%	215 32.44%	140 31.64%
Total Asia & Australia	484 15.45%	446 15.63%	396 15.65%	355 15.78%	322 15.74%	273 16.12%	234 14.99%	206 14.37%	160 12.54%	144 12.51%	133 12.36%	124 12.46%	117 12.83%	118 14.28%	124 13.75%	95 14.26%	76 17.07%
Also reported: a second breakdown of the same revenue
United States	1,267 40.43%	1,169 40.93%	1,044 41.28%	934 41.56%	837 40.95%	724 42.70%	698 44.81%	662 46.19%	622 48.83%	557 48.39%	519 48.32%	471 47.27%	417 45.66%	394 47.69%	458 50.79%	330 49.75%	213 48.03%
Other	698 22.28%	632 22.13%	569 22.50%	512 22.77%	454 22.23%	365 21.50%	325 20.88%	293 20.45%	250 19.64%	229 19.90%	215 20.02%	210 21.06%	203 22.19%	180 21.71%	181 20.05%	129 19.45%	84 18.95%
United Kingdom	543 17.34%	480 16.79%	408 16.14%	351 15.62%	345 16.88%	262 15.46%	235 15.08%	214 14.94%	194 15.21%	176 15.27%	166 15.44%	154 15.48%	142 15.54%	107 12.96%	107 11.84%	86 12.99%	56 12.69%
Other	357 11.38%	332 11.63%	295 11.66%	264 11.72%	230 11.27%	193 11.37%	162 10.39%	139 9.69%	105 8.28%	92 7.98%	87 8.13%	78 7.78%	70 7.71%	64 7.79%	66 7.31%	48 7.19%	34 7.63%
Other	141 4.49%	129 4.51%	112 4.43%	96 4.27%	86 4.20%	71 4.21%	66 4.24%	58 4.05%	48 3.78%	45 3.93%	42 3.87%	37 3.73%	35 3.78%	28 3.36%	32 3.57%	24 3.55%	14 3.26%
Japan	128 4.07%	114 4.00%	101 3.99%	91 4.06%	91 4.47%	81 4.75%	72 4.60%	67 4.68%	54 4.27%	52 4.53%	45 4.22%	47 4.68%	47 5.12%	54 6.49%	58 6.44%	47 7.07%	42 9.44%
Revenue	3,134	2,856	2,529	2,249	2,044	1,695	1,558	1,434	1,274	1,151	1,075	997	913	827	901	663	443

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
All Other - Private Assets Run Rate	Q2 FY2026	$302.6M	$280.3M	+7.95%
Analytics Run Rate	Q2 FY2026	$773.3M	$730.6M	+5.84%
ESG and Climate Run Rate	Q2 FY2026	$376.8M	$369.8M	+1.90%
Index Run Rate	Q2 FY2026	$2.0B	$1.7B	+17.44%
Period-End Basis Point Fee	Q3 FY2026	2.28	2.41	−5.39%
Remaining performance obligations	Q3 FY2026	$2.6B	$2.2B	+16.58%
Subscription cancellations	Q2 FY2026	−$29.1M	−$31.3M	+7.17%
Total asset-based fees	Q1 FY2026	$872.0M	$697.2M	+25.07%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
All Other - Private Assets Run Rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Analytics Run Rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
ESG and Climate Run Rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Index Run Rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Period-End Basis Point Fee	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Subscription cancellations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total asset-based fees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.