MSCI (MSCI) Q4 FY2025 earnings: revenue $823 million, up 10.6% on the year

MSCI Inc. (MSCI) reported revenue of $823 million for Q4 FY2025, the quarter ended 31 December 2025, up 10.6% on the same quarter a year earlier. Net income was $285 million, down 6.8% on the year, and diluted earnings per share $3.81. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$823 million

+10.6% on the year · +3.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

56.4%

54.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$285 million

-6.8% on the year · -12.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.81

-2.3% on the year · -10.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Operating revenue rose 10.6%: Quarterly operating revenues were $822.5 million, up 10.6%, with organic growth of 10.2%. Recurring subscriptions and asset-based fees supplied most of the increase.
Asset-based fees drove the increase: Of the $79.0 million revenue increase, $40.9 million came from recurring subscriptions, $36.3 million from asset-based fees and $1.8 million from non-recurring revenues.
Adjusted EPS grew faster than diluted: Diluted EPS was $3.81, down 2.3%, while adjusted EPS was $4.66, up 11.5%. Management cited an 11th straight year of double-digit adjusted EPS growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	823	793	744	+3.7%	+10.6%
Cost of revenue	143	133	132	+8.2%	+9.0%
Gross profit	679	661	612	+2.8%	+11.0%
Gross margin	82.6%	83.3%	82.3%
Research and development	41.1	44.8	38.5	-8.2%	+6.9%
Operating income	464	448	405	+3.6%	+14.4%
Operating margin	56.4%	56.4%	54.5%
Interest expense	63.6	53.6	45.5	+18.6%	+39.7%
Pre-tax income	389	397	363	-1.9%	+7.0%
Income tax	104	71.1	57.8	+46.5%	+80.1%
Effective tax rate	26.8%	17.9%	15.9%
Net income	285	325	306	-12.5%	-6.8%
Net margin	34.6%	41.0%	41.1%
Diluted EPS	$3.81	$4.25	$3.90	-10.4%	-2.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	501	449	431	+11.5%	+16.4%
Capital expenditure	12.4	3.9	14.2	+216.4%	-12.7%
Free cash flow	489	446	416	+9.7%	+17.4%
Free cash flow margin	59.4%	56.2%	56.0%
Cash from investing	-36.5	-26.1	-36.7
Cash from financing	-350	-369	-476
Depreciation and amortisation	7.5	46.7	4.3	-84.0%	+72.2%
Share-based compensation	25.6	22.6	23.0	+13.2%	+11.3%
Buybacks	907	1,226	374	-26.0%	+142.4%
Dividends paid	135	138	125	-2.0%	+8.0%
Dividend per share	$1.80	$1.80	$1.60	0.0%	+12.5%
Diluted shares, weighted	77m	77m	79m	+0.1%	-2.9%
Shares outstanding at period end	74m	75m	78m	-2.2%	-5.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-2,655	-1,916	-940
Debt	6,202	5,508	4,511	+12.6%	+37.5%
Operating lease liabilities	108	112	121	-3.8%	-11.2%
Other liabilities	2,047	1,686	1,753	+21.5%	+16.8%
Total liabilities and equity	5,702	5,389	5,445	+5.8%	+4.7%
Fixed assets	87.3	82.6	70.9	+5.7%	+23.2%
Goodwill	2,923	2,923	2,915	-0.0%	+0.3%
Intangible assets	833	850	908	-2.0%	-8.3%
Cash and equivalents	515	400	409	+28.8%	+25.9%
Other assets	1,344	1,133	1,142	+18.6%	+17.6%
Total assets	5,702	5,389	5,445	+5.8%	+4.7%

Questions

What was MSCI's revenue in Q4 FY2025?

MSCI (MSCI) reported revenue of $823 million for Q4 FY2025, the quarter ended 31 December 2025, up 10.6% on the same quarter a year earlier.

How much did MSCI earn in Q4 FY2025?

Net income for Q4 FY2025 was $285 million, down 6.8% on the year, and diluted earnings per share $3.81.

When did MSCI report Q4 FY2025 results?

MSCI filed its 10-K for the year that ended with the quarter on 6 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	550	560	552	561	576	592	621	625	690	680	708	725	744	746	773	793	823	851	867	892
Cost of revenue	95.9	103	101	98.4	102	109	110	105	123	129	128	126	132	137	138	133	143	142	150	152
Gross profit	454	457	451	462	474	484	511	520	568	551	580	599	612	609	635	661	679	709	717	740
Gross margin	83%	82%	82%	82%	82%	82%	82%	83%	82%	81%	82%	83%	82%	82%	82%	83%	83%	83%	83%	83%
R&D	30.8	28.3	23.9	25.9	29.0	31.3	30.1	31.4	39.2	40.5	41.1	38.6	38.5	47.6	44.1	44.8	41.1	49.6	46.0	47.6
Operating income	281	289	300	310	309	315	346	353	371	339	383	401	405	377	425	448	464	457	488	502
Operating margin	51%	52%	54%	55%	54%	53%	56%	56%	54%	50%	54%	55%	54%	51%	55%	56%	56%	54%	56%	56%
Interest expense	40.3	40.7	41.1	44.2	45.6	46.2	46.6	46.9	47.0	46.7	46.6	46.7	45.5	46.5	46.2	53.6	63.6	69.1	71.0	74.8
Pre-tax income	246	249	260	269	266	276	307	318	468	296	340	357	363	331	378	397	389	389	417	428
Tax rate	21%	8%	19%	20%	19%	14%	20%	18%	14%	13%	22%	21%	16%	13%	20%	18%	27%	-4%	18%	18%
Net income	194	228	211	217	215	239	247	260	403	256	267	281	306	289	304	325	285	406	342	351
Net margin	35%	41%	38%	39%	37%	40%	40%	42%	58%	38%	38%	39%	41%	39%	39%	41%	35%	48%	39%	39%
Diluted EPS	$2.32	$2.78	$2.59	$2.68	$2.67	$2.97	$3.09	$3.27	$5.07	$3.22	$3.37	$3.57	$3.90	$3.71	$3.92	$4.25	$3.81	$5.53	$4.69	$4.86
Operating cash flow	280	244	213	323	315	264	292	291	389	300	349	422	431	302	336	449	501	307	371	436
Capital expenditure	6.4	1.3	3.5	3.3	5.6	6.2	9.2	3.6	3.8	4.3	8.6	6.6	14.2	11.6	11.4	3.9	12.4	2.8	11.0	13.4
Free cash flow	273	243	209	320	310	258	283	288	385	296	341	415	416	290	325	446	489	304	360	423
Buybacks	5.3	878	281	169	70.2	44.0	441	18.7	0.0	70.0	242	200	374	213	138	1,226	907	415	168	553
Dividends paid	86.0	87.8	84.2	101	100	112	110	109	109	131	127	126	125	144	140	138	135	150	150	148
Shares outstanding	82m	81m	80m	80m	80m	80m	79m	79m	79m	79m	79m	78m	78m	78m	77m	75m	74m	73m	73m	72m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 6 February 2026: the filing.