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MSCI

MSCI Q2 2025 Earnings

Reported Jul 22, 2025 at 6:46 AM ET · SEC Source

Q2 25 EPS

$4.17

BEAT +1.53%

Est. $4.11

Q2 25 Revenue

$772.7M

BEAT +1.10%

Est. $764.3M

vs S&P Since Q2 25

-18.2%

TRAILING MARKET

MSCI -1.4% vs S&P +16.8%

Market Reaction

Did MSCI Beat Earnings? Q2 2025 Results

MSCI posted a clean beat to open the second half of 2025, reporting second-quarter adjusted EPS of $4.17, ahead of the $4.11 consensus estimate by 1.53%, while revenue climbed 9.1% year-over-year to $772.68 million, edging past the $764.28 million Wa… Read more MSCI posted a clean beat to open the second half of 2025, reporting second-quarter adjusted EPS of $4.17, ahead of the $4.11 consensus estimate by 1.53%, while revenue climbed 9.1% year-over-year to $772.68 million, edging past the $764.28 million Wall Street expected by 1.10%. The key engine behind the quarter was a record $2.02 trillion in AUM held in ETFs linked to MSCI equity indexes, which fueled a 12.7% surge in asset-based fees and helped the Index segment grow 9.5% to $434.83 million in revenue; notably, MSCI captured more than $48.50 billion in ETF cash inflows during the quarter, more than any competing index provider. Operating margins expanded to 55.0% from 54.0%, and total Run Rate reached $3.11 billion, up 10.7%, underscoring the durability of the company's recurring revenue model. Looking ahead, MSCI reiterated full-year free cash flow guidance of $1.40 billion to $1.46 billion, though management flagged that the outlook remains subject to broader macroeconomic and capital markets uncertainty.

Key Takeaways

  • • Record AUM levels in ETFs linked to MSCI equity indexes driving asset-based fee growth of 12.7%
  • • Recurring subscription revenue growth of 7.9% driven by market-cap weighted Index products
  • • More cash flows into equity ETFs tied to MSCI indexes than any other index provider
  • • Double-digit subscription run-rate growth with banks and broker-dealers, wealth managers, hedge funds, and asset owners
  • • Operating margin expansion to 55.0% from 54.0% and adjusted EBITDA margin to 61.4% from 60.7%
  • • Lower effective tax rate of 19.6% vs 21.5% driven by non-taxable contingent consideration adjustment related to Fabric acquisition
  • • Period-end AUM in ETFs linked to MSCI equity indexes of $2,024.6 billion with $48.5 billion in Q2 cash inflows
24/7 Wall St

MSCI YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

MSCI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“MSCI delivered another quarter of strong financial performance, along with 17 percent asset-based-fee (ABF) run-rate growth fueled by record AUM levels in ETF products linked to our indexes. In fact, we saw more cash flows into equity ETFs tied to our indexes than any other index provider. Among client segments, we posted double-digit subscription run-rate growth with banks and broker-dealers, wealth managers, hedge funds, and asset owners, plus steady growth and high retention with asset managers.”

— Henry A. Fernandez, Q2 2025 Earnings Press Release

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