)
Company Research17 Oct 2025
Beneath the Surface: A Conversation with Epiroc CEO Helena Hedblom
Legacy, innovation, and leading one of Sweden's most influential industrial companies into a new era.
MSCI (MSCI) investor relations material
MSCI Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Operating revenues grew 9.5% year-over-year to $793.4 million, with organic growth of 9% and net income up 15.8% to $325.4 million; adjusted EPS rose 15.8% to $4.47 and diluted EPS increased 19% to $4.25.
Adjusted EBITDA margin reached 62.3%, with operating margin at 56.4% (+100 bps YoY); adjusted EBITDA grew 9.7% to $494.4 million.
Record Q3 recurring sales in Index and Analytics, with strong performance from hedge funds and banks; innovation in AI and product development accelerated, including 25 new AI-powered products.
Repurchased $1.25 billion in shares during Q3, with year-to-date repurchases exceeding $1.5 billion; board authorized a new $3 billion repurchase program.
Completed acquisitions of Fabric RQ and Foxberry Ltd., enhancing Analytics and Index offerings.
Financial highlights
Q3 2025 operating revenues: $793.4 million (+9.5% YoY); net income: $325.4 million (+15.8% YoY); adjusted EBITDA: $494.4 million (+9.7% YoY); free cash flow: $423.3 million (+7.4%).
Total AUM in index-linked investment products reached $6.4 trillion globally, including $2.2 trillion in ETFs and $4.2 trillion in non-ETF products.
Asset-based fees surged 17.1%, representing 24% of operating revenues; recurring subscription revenues increased 7.9%.
Subscription run rate as of September 30, 2025: $3.19 billion, up 10.1% year-over-year.
Retention rate for recurring subscriptions reached 94.7%.
Outlook and guidance
Full-year 2025 operating expense guidance: $1,405–$1,445 million; adjusted EBITDA expense: $1,230–$1,250 million; effective tax rate: 16.0%–18.0%; capex: $120–$130 million.
Net cash from operations forecasted at $1,540–$1,590 million; free cash flow at $1,410–$1,470 million.
Product innovation and AI investments expected to drive future growth, increase margins, and operating leverage.
Management expects continued revenue and profit growth, supported by recurring subscriptions, asset-based fees, and expansion in sustainability and climate solutions.
How does the new $3B share repurchase program align with the debt target?
What factors influenced the Index segment's asset-based fee growth?
What is the strategy behind the 2.2% headcount increase?
What are key elements of MSCI's private credit strategy?
Explain AI's impact on margins and reinvestment.
How do active ETFs avoid cannibalization and monetize?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next MSCI earnings date
Q4 202527 Jan, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research22 Sep 2025
Moody's: Shaping Global Credit
Explore Moody's evolution from publishing manuals to becoming a giant in credit ratings, guiding issuers, investors, and regulators worldwide.
)
Edge30 May 2025
MSCI: Indexing the World
The story of how MSCI has become the backbone of global finance through its indexes, powering decision-making across trillions in assets.
Frequently asked questions
Investment Information Tools
MSCI, an acronym for Morgan Stanley Capital International, is a provider of critical information tools for the global investment community. Founded in the late 1960s, MSCI has evolved into a company offering tools and services to institutional and retail investors worldwide, including indices, portfolio risk, performance analytics, and ESG research. Their flagship product, the MSCI indices, are among the most widely referenced in the world for investors seeking to gauge market performance in various regions, countries, and asset classes. As financial markets have become more sophisticated and interconnected, MSCI's role in providing accurate benchmarks and analytical tools has become even more vital. Through its extensive offerings, MSCI empowers investors, institutions, and other stakeholders with actionable insights for global markets.
Founding and Morgan Stanley’s Divestment
MSCI, originally known as Morgan Stanley Capital International, began as a subsidiary of Morgan Stanley, the renowned global financial services firm. MSCI was co-founded with Capital Group to provide equity indices for global markets, aiding investors in understanding and measuring market performances. Over the years, while the "Morgan Stanley" prefix in its name indicates its historical ties, MSCI has become an independent entity. In 2007, MSCI became fully independent when Morgan Stanley divested its remaining interest, culminating in an initial public offering (IPO). Today, although they share historical roots, MSCI and Morgan Stanley operate as separate, publicly-traded entities with distinct focuses and offerings.
The Indices
MSCI is globally recognized for its indices, which serve as key benchmarks for the investment community. MSCI's indices encompass a broad spectrum, capturing large-, mid-, and small-cap stocks across developed, emerging, and frontier markets. The MSCI World Index and the MSCI Emerging Markets Index are among its most prominent offerings, used by institutional investors worldwide to gauge global equity market performance and guide asset allocation decisions. MSCI's commitment to robust research and methodology has bolstered its reputation, making its indices an essential tool for investors. By providing insights into global market trends and sector movements, MSCI's indices offer a comprehensive snapshot, assisting in investment strategy formulation and risk management. One of the most notable peers to MSCI is Standard & Poors.
Other Services
Beyond its well-known indices, MSCI offers a suite of tools and services designed for the global investment community. This includes analytics software that aids investors in risk management and portfolio optimization. They also offer ESG (Environmental, Social, and Governance) research and ratings, which enables investors to make more informed decisions in line with sustainability objectives. Furthermore, MSCI provides real estate performance analysis, giving a multi-dimensional perspective to investors and enabling holistic portfolio management across various asset classes.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage