MSCI Crushes Q4 with $822.5M Revenue Surge – Up 10.6% as Index Giant Powers On

Another quarter, another beat. The market index behemoth just posted numbers that remind everyone who sets the benchmarks.

The Engine Room

Revenue didn't just grow—it accelerated. Hitting $822.5 million for the quarter, that 10.6% jump isn't a fluke. It's the sound of institutional mandates flowing in and assets getting tagged with MSCI's stamp. The firm doesn't just track markets; it defines the playing field for trillions in global capital.

Beyond the Tape

This isn't about stock prices moving up or down. It's about the relentless, fee-generating machinery of data, analytics, and ESG scores. While active managers sweat over alpha, MSCI collects tolls on the financial highway—rain or shine, bull market or bear.

So, while traders chase the next hot ticker, the real money might just be in selling the picks and shovels. A cynic might say it's the perfect business: charge everyone for the map, regardless of whether they find the treasure.

Revenue climbs across index, analytics, climate, and private assets

The Index segment brought in $479.1 million, a 14% gain. Asset-based fees hit $211.7 million, up 20.7%, and recurring subscriptions reached $246.4 million, up 7.8%.

MSCI’s Index Run Rate ROSE to $1.9 billion, an increase of 16.2%, with organic recurring subscription Run Rate up 9.3%. Adjusted EBITDA for the segment totaled $374 million, with a margin of 78.1%.

The Analytics segment reported revenue of $182.3 million, a 5.5% increase. Subscriptions made up $179.7 million of that, mostly from equity and multi-asset class tools. Run Rate increased to $757.4 million, up 8.4%, with organic growth at 7.0%. EBITDA stayed flat at $83.9 million, with the margin dropping slightly to 46.0%.

The Private Assets segment, which includes Real Assets and Private Capital Solutions, brought in $70.9 million, up 8.4%. Recurring subscriptions increased 9.4%, and Run Rate climbed to $292 million, up 9.5%. Adjusted EBITDA rose to $16 million, with a margin of 22.5%.

MSCI expands buybacks, raises dividend, and gives 2026 outlook

MSCI repurchased 4.4 million shares during 2025 and early 2026, spending $2.47 billion at an average of $559.85 per share. There’s still $2.1 billion remaining under its current repurchase program. The board approved a $2.05 per share cash dividend for the first quarter of 2026, which is 13.9% higher than the prior payout. The dividend will be paid on February 27.

Total operating expenses rose 6.1% to $358.9 million, while adjusted EBITDA expenses hit $310.5 million, up 6.6%. Headcount grew 2.2% to 6,268, split between developed and emerging markets. Higher tech and office costs also pushed expenses higher.

Net income fell 6.8% to $284.7 million due to higher tax expenses and other charges. The effective tax rate spiked to 26.8%, up from 15.9%, driven by a restructuring. MSCI said it expects an $88 million tax benefit in 2026 from that same internal move.

Cash on hand was $515.3 million, and debt stood at $6.2 billion. The company aims to keep its debt-to-adjusted EBITDA ratio between 3.0x and 3.5x, which currently sits at 3.3x.

In November, MSCI issued $500 million of senior notes due in 2036, carrying a 5.15% rate.

Cash from operations rose 16.4% to $501.1 million, and free cash Flow was up 17.8% to $464.8 million. Capex totaled $36.3 million.

For 2026, MSCI is forecasting $1.49 billion to $1.53 billion in operating expenses. Adjusted EBITDA expenses are expected to range from $1.305 billion to $1.335 billion.

The company sees capital spending between $160 million and $170 million, and free cash flow reaching up to $1.53 billion. Interest costs may climb to $280 million, and it projects an effective tax rate of 18% to 20%.

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