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Dec 31, 2025
MSCI Q4 2025 Earnings Report
MSCI reported strong Q4 2025 results with solid revenue growth and robust margins, despite a dip in net income.
Key Takeaways
MSCI delivered a 10.6% year-over-year revenue increase in Q4 2025, driven by record inflows into ETFs and strong performance in its Index segment. Adjusted EPS rose by 11.5%, while net income declined due to tax restructuring impacts.
Revenue by Segment
Forward Guidance
MSCI expects stable growth in 2026, supported by solid demand across segments and benefits from internal tax restructuring.
Positive Outlook
- Expected free cash flow between $1.47B and $1.53B.
- Net cash from operations guided between $1.64B and $1.69B.
- Adjusted EBITDA expenses forecasted in a controlled range of $1.305B to $1.335B.
- Capex forecasted at manageable levels between $160M and $170M.
- Effective tax rate expected to decrease to 18–20%.
Challenges Ahead
- Higher interest expenses guided at $274M to $280M.
- Ongoing macroeconomic uncertainty could impact capital markets.
- No revenue guidance provided, creating visibility gap.
- Limited detail on potential headwinds from FX or global volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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