Q3 25 EPS
$4.47
BEAT +2.33%
Est. $4.37
Q3 25 Revenue
$793.4M
MISS 0.55%
Est. $797.8M
vs S&P Since Q3 25
-10.7%
TRAILING MARKET
MSCI -3.9% vs S&P +6.9%
Market Reaction
Did MSCI Beat Earnings? Q3 2025 Results
MSCI delivered a largely solid third quarter for fiscal 2025, posting adjusted EPS of $4.47 against a consensus estimate of $4.37, a 2.33% beat, even as revenue of $793.43 million edged just 0.55% below the $797.83 million analysts had expected. The … Read more MSCI delivered a largely solid third quarter for fiscal 2025, posting adjusted EPS of $4.47 against a consensus estimate of $4.37, a 2.33% beat, even as revenue of $793.43 million edged just 0.55% below the $797.83 million analysts had expected. The top line still grew 9.5% year-over-year, carried by the company's standout Index segment, which generated $451.16 million in revenue, up 11.4%, as record ETF-linked AUM of roughly $2.21 trillion powered asset-based fees to an all-time quarterly run rate. A sharply lower effective tax rate of 17.9%, down from 21.3% a year earlier, amplified the earnings momentum, lifting net income growth to 15.8% and diluted EPS growth to 19.0%. MSCI also moved aggressively on capital returns, repurchasing $1.23 billion of stock during the quarter and receiving board approval for a fresh $3.00 billion buyback program, a move that sent shares up roughly 8.5% in the days following the print. Looking ahead, the company raised its full-year free cash flow guidance to $1.41 billion to $1.47 billion, underscoring management's confidence in sustained operating momentum.
Key Takeaways
- • Record Q3 recurring sales in Index and Analytics product lines
- • Record asset-based-fee run rate driven by 17% growth and record AUM of ~$6.4 trillion
- • Growth in market-cap weighted Index products driving recurring subscription revenue increases
- • Higher AUM in ETFs and non-ETF indexed funds linked to MSCI indexes
- • Favorable effective tax rate of 17.9% vs. 21.3% in prior year quarter
- • Expansion with hedge fund and bank client segments
- • Growth in EMEA for Sustainability and Climate Ratings and Climate products
- • Private Capital Solutions growth driven by Total Plan Portfolio Management and Private Capital Intel products
MSCI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MSCI Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter, MSCI delivered strong financial and sales performance, including record Q3 recurring sales in our two largest product lines — Index and Analytics — and also with hedge funds and banks. In addition, we achieved a record asset-based-fee run rate driven by 17 percent growth, which reflected record AUM levels of about $6.4 trillion combined in ETF and non-ETF products linked to our indexes.”
— Henry A. Fernandez, Q3 2025 Earnings Press Release
MSCI Earnings Trends
MSCI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MSCI EPS Trend
Earnings per share: estimate vs actual
MSCI Revenue Trend
Quarterly revenue: estimate vs actual
MSCI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $4.46 | $4.55 | +2.13% | $850.8M | +1.12% |
| Q4 25 BEAT FY | $4.59 | $4.66 | +1.56% | $822.5M | -0.13% |
| FY Full Year | $17.20 | $17.28 | +0.47% | $3.13B | -0.06% |
| Q3 25 BEAT | $4.37 | $4.47 | +2.33% | $793.4M | -0.55% |
| Q2 25 BEAT | $4.11 | $4.17 | +1.53% | $772.7M | +1.10% |
| Q1 25 BEAT | $3.90 | $4.00 | +2.46% | $745.8M | +0.18% |