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Sep 30, 2025
MSCI Q3 2025 Earnings Report
MSCI reported solid Q3 2025 performance with record recurring sales in Index and Analytics segments and robust asset-based fee growth.
Key Takeaways
MSCI delivered strong Q3 2025 results, highlighted by 9.5% revenue growth, a 17.1% surge in asset-based fees, and a new $3 billion share repurchase authorization. Profitability remained high, with adjusted EBITDA margin at 62.3%.
Revenue reached $793,426,000, driven by higher recurring subscriptions and asset-based fees.
Net income rose to $325,386,000, reflecting strong operational performance.
Record Q3 recurring sales in Index and Analytics; asset-based fees hit new highs.
MSCI announced a new $3 billion share repurchase program.
Revenue by Segment
Forward Guidance
MSCI reaffirmed full-year 2025 guidance, with slightly improved outlooks for free cash flow and net cash from operations.
Positive Outlook
- Operating expense range maintained between $1.415B to $1.445B
- Adjusted EBITDA expense forecast reaffirmed at $1.23B to $1.25B
- Effective tax rate guidance lowered to 16%-18%
- Free cash flow guidance raised slightly to $1.41B–$1.47B
- Net cash provided by operating activities expected between $1.54B–$1.59B
Challenges Ahead
- Higher debt levels led to increased interest expense
- Capital expenditures projected to increase to $120M–$130M
- Elevated severance and IT-related expenses driving up costs
- Revenue growth partially offset by declining non-recurring sales
Historical Earnings Impact
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Avg. Return Before/After Earnings
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