MSCI Reports Record Q4 Earnings with Strong Growth Across Segments

MSCI delivered a robust fourth-quarter performance, with revenue climbing 10.6% to $822.5 million. Operating income surged 14.4% to $463.6 million, pushing the operating margin to 56.4%. Adjusted EBITDA ROSE 13.2% to $512 million, achieving a 62.2% margin—marking the firm's 11th consecutive year of double-digit adjusted EPS growth.

The Index segment led the charge with $479.1 million in revenue, a 14% increase, driven by record inflows and recurring sales. Asset-based fees jumped 20.7% to $211.7 million, while recurring subscriptions grew 7.8%. CEO Henry Fernandez highlighted strategic focus areas, including AI and expanding client segments, as key drivers for sustained momentum.

Analytics revenue grew 5.5% to $182.3 million, though EBITDA margins dipped slightly. Private Assets posted an 8.4% revenue gain, underscoring diversification strength. The results reflect MSCI's dominance in institutional data solutions and its ability to capitalize on structural demand for index-linked products.