MSCI (MSCI) Q4 2025 Earnings
How Did MSCI Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −1.30%.
Did MSCI Beat Earnings? Q4 2025 Results
Yes. MSCI reported Q4 2025 earnings of $4.66 a share on Jan 28, 2026, beating the $4.59 consensus estimate by 1.6%. Revenue was $822.5M against a $823.6M estimate.
MSCI closed out fiscal 2025 on a confident note, delivering a mixed but broadly positive fourth quarter in which adjusted earnings per share of $4.66 beat the $4.55 consensus estimate by 2.42%, even as revenue of $822.53 million fell just fractionally short of the $824.28 million Wall Street expected, missing by 0.21%. The top line still expanded 10.6% year over year, marking MSCI's 11th consecutive year of double-digit adjusted EPS growth, with the Index segment doing much of the heavy lifting, as revenues there climbed 14.0% to $479.07 million on record asset-based fee run rates and ETF assets under management linked to MSCI equity indexes reaching $2.34 trillion. Total Run Rate grew 13.0% to $3.30 billion, and free cash flow rose 17.8% to $464.84 million in the quarter. Analysts currently hold a "Moderate Buy" consensus on the stock, reflecting confidence in the company's capital return story, which includes a freshly raised quarterly dividend of $2.05 per share. Looking ahead, MSCI guided full-year 2026 free cash flow of $1.47 billion to $1.53 billion.
- Record asset-based-fee run rate driven by record inflows into ETF products linked to MSCI indexes
- Best-ever quarter for recurring sales in Index segment
- Growth from market-cap weighted Index products driving recurring subscription revenue increases
- ETF AUM linked to MSCI equity indexes reached $2.3 trillion with $66.9 billion in Q4 cash inflows
- 11th consecutive year of double-digit adjusted EPS growth
- Recurring subscription revenues up 7.5% and asset-based fees up 20.7%
- Total Run Rate growth of 13.0% to $3.3 billion
- New recurring subscription sales up 11.7%
- Retention Rate of 93.4%
“In the fourth quarter, MSCI delivered strong results while achieving a number of key milestones, including our 11th straight year of double-digit adjusted EPS growth, a record asset-based-fee run rate driven by record inflows into ETF products linked to our indexes, and our best-ever quarter for recurring sales in Index.”
MSCI CEO, on the earnings call
What Was MSCI's Outlook in Q4 2025?
For Full-Year 2026, MSCI guided: Operating expenses of $1,490–$1,530 million; Adjusted EBITDA expenses of $1,305–$1,335 million; Interest expense of $274–$280 million; Depreciation & amortization of $185–$195 million; Effective tax rate of 18.0%–20.0% (excluding ~$88 million expected discrete tax benefit from internal legal entity restructuring); Capital expenditures of $160–$170 million; Net cash provided by operating activities of $1,640–$1,690 million; Free cash flow of $1,470–$1,530 million.
MSCI YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $822.5M | $743.5M | +10.6% |
| Operating Income | $463.6M | $405.2M | +14.4% |
| Net Income | $284.7M | $305.5M | −6.8% |
MSCI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.