MSCI Inc. reported a notable increase in its financial performance for the third quarter of 2025, with operating revenues reaching $793.4 million, a 9.5% increase from $724.7 million in the same period last year. For the nine months ending September 30, 2025, total revenues amounted to $2.31 billion, up 9.4% from $2.11 billion in 2024. The company's net income also saw a significant rise, climbing 15.8% to $325.4 million for the quarter, compared to $280.9 million in the prior year, and increasing 14.2% to $917.6 million for the nine-month period.
The company experienced growth across its key segments, with the Index segment generating $451.2 million in revenues, an 11.4% increase year-over-year. The Analytics segment reported revenues of $182.2 million, up 5.7%, while the Sustainability and Climate segment saw a 7.7% increase to $90.1 million. The All Other - Private Assets segment also contributed with a 9.7% rise in revenues to $70.0 million. The growth in revenues was attributed to increased recurring subscriptions and asset-based fees, particularly in the Index segment, which benefited from higher assets under management in ETFs linked to MSCI equity indexes.
In terms of operational metrics, MSCI's customer base expanded to approximately 6,900 clients across more than 95 countries. The company reported a 10.1% increase in its total Run Rate, driven by an 8.0% rise in recurring subscriptions and a 17.0% increase in asset-based fees. The retention rate for subscriptions improved to 94.7%, reflecting the stability of its recurring revenue base. The company also reported a 2.2% increase in employee headcount, bringing the total to 6,253 as of September 30, 2025.
Strategically, MSCI completed two acquisitions in early 2024, acquiring Fabric RQ, Inc. and Foxberry Ltd., which are expected to enhance its analytics and index capabilities. The company has also initiated a new stock repurchase program, authorizing the buyback of up to $3.0 billion in shares, which follows a previous program that was nearing completion. This move is part of MSCI's ongoing strategy to return capital to shareholders while maintaining a strong balance sheet, with total liabilities reported at $7.3 billion as of September 30, 2025.
Looking ahead, MSCI remains optimistic about its growth trajectory, focusing on expanding its product offerings and enhancing client relationships. The company anticipates continued revenue growth driven by its strategic initiatives and the increasing demand for its investment solutions, particularly in the areas of sustainability and climate analytics.
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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