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MSCI
MSCI (MSCI) investor relations material
MSCI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved 10.6% year-over-year revenue growth in Q4 2025, with organic growth at 10.2% and adjusted EBITDA margin of 62.2%.
Adjusted EPS rose 11.5% to $4.66, marking eleven consecutive years of double-digit adjusted EPS growth; diluted EPS declined 2.3%.
Free cash flow for Q4 2025 was $465M, with $501M in net cash from operating activities.
Returned over $900M to shareholders in Q4 2025 through share repurchases and $135M in dividends.
Strong performance across all product lines and client segments, with innovation and AI adoption driving momentum.
Financial highlights
Q4 2025 operating revenues were $822.5M, up 10.6% year-over-year; adjusted EBITDA was $512.0M, up 13.2%.
Net income for Q4 2025 was $284.7M, down 6.8% year-over-year; adjusted EPS was $4.66, up 11.5%.
Subscription run rate as of Dec 31, 2025, was $3.3B, up 13% year-over-year; recurring subscription run rate grew 7.7%.
Retention rate for Q4 2025 was 93.4%, with index retention nearly 96% for the year.
Record $67B inflows into equity ETFs linked to indices in Q4; $204B for the year.
Outlook and guidance
2026 operating expense guidance: $1,490M–$1,530M; adjusted EBITDA expense: $1,305M–$1,335M.
Effective tax rate projected at 18.0%–20.0%, with a one-time $88M tax benefit expected in 2026.
Free cash flow guidance for 2026: $1,470M–$1,530M; capex forecasted at $160M–$170M.
Interest expense expected at $274M–$280M; depreciation & amortization: $185M–$195M.
Long-term targets: low double-digit revenue growth (ex-ABF), high single- to low double-digit adjusted EBITDA expense growth, and low to mid-teens adjusted EBITDA growth.
Index segment basis point fee outlook
Effective tax rate normalization post-restructuring
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Next MSCI earnings date
Q1 202621 Apr, 2026
MSCI
Next MSCI earnings date
Q1 202621 Apr, 2026
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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.
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