MSCI Inc. reported a total operating revenue of $3.134 billion for the fiscal year ending December 31, 2025, marking a 9.7% increase from $2.856 billion in 2024. The growth was primarily driven by a $164.3 million rise in recurring subscription revenues and a $113.2 million increase in asset-based fees, which accounted for 25% of total revenues. The company’s net income also rose by 8.4% to $1.202 billion, compared to $1.109 billion in the previous year. The increase in profitability was attributed to higher revenues and effective cost management, despite a 7.0% rise in total operating expenses, which reached $1.421 billion.
In terms of strategic developments, MSCI completed the acquisition of The Burgiss Group, LLC in October 2023, which was previously a related party. This acquisition, valued at $696.8 million, is expected to enhance MSCI's offerings in private capital solutions. The company also rebranded its "ESG and Climate" segment to "Sustainability and Climate" to better reflect its product range. As of December 31, 2025, MSCI served approximately 6,800 clients across more than 100 countries, with BlackRock being the largest client, contributing 10.8% of total operating revenues.
Operationally, MSCI's employee headcount increased to 6,268, up from 6,132 in 2024, reflecting a 2.2% growth. The company reported a retention rate of 94.4% for its subscription services, indicating strong client loyalty. The Run Rate, which estimates the annualized value of recurring contracts, increased by 13.0% to $3.302 billion, driven by growth in both recurring subscriptions and asset-based fees. The company also noted a significant increase in average assets under management (AUM) in ETFs linked to MSCI equity indexes, which rose by 23.2% year-over-year.
Looking ahead, MSCI anticipates continued growth driven by the increasing complexity of investment strategies and the demand for integrated solutions that address sustainability and climate risks. The company is focused on expanding its product offerings and enhancing client relationships, particularly in emerging markets. However, it also faces challenges from market volatility and competitive pressures that could impact its pricing and client retention strategies. The company remains committed to leveraging advanced technologies, including artificial intelligence, to improve its data analytics and client services.
About MSCI Inc.
MSCI Inc. provides essential investment decision support tools, including indexes, risk management, performance analytics, and ESG/climate data. Serving asset managers, owners, banks, and wealth managers globally, it enables clients to analyze risk, construct portfolios, and incorporate sustainability factors. Leveraging proprietary research, advanced technology, and AI, MSCI offers innovative, scalable solutions that enhance transparency, customization, and industry insights across diverse asset classes.
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