Msci Inc. · NYSE:MSCI
Msci — Q4 2025 Earnings Presentation
42 slides from Msci's earnings presentation, Jan 28, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation January 28, 2026 © 2026 MSCI Inc. All rights reserved.
Slide 2: Forward-Looking Statements
Introduction → Forward-Looking → This earnings presentation contains forward- looking statements within the meaning of the → Other factors that could materially affect actual results, levels of activity, performance Statements Private Securities Litigation Reform Act of 1995, including without limit
Slide 3: Other Information
Introduction → Other Information → Foreign currency exchange rate fluctuations reflect the difference between the current period → Percentage changes refer to the comparable period in 2024, unless otherwise noted. results as reported compared to the current → All financial figures for the full year
Slide 4: MSCI Fourth Quarter 2025 Earnings Call Participants
Introduction → MSCI Fourth Quarter 2025 Earnings Call Participants Henry Fernandez Baer Pettit Andy Wiechmann Jeremy Ulan Chairman & CEO President Chief Financial Officer Head of IR & Treasurer 4
Slide 5: Financial & Strategic Highlights
Section 01 Financial & Strategic Highlights
Slide 6: 4Q25 Financial Results Snapshot
Financial & Strategic Highlights → 4Q25 Operating 4Q25 Operating As of December 31, As of December 31, Revenues (reported) Revenues (organic) 2025 Subscription Run 2025 Subscription Run 4Q25 Financial Rate Growth (reported) Rate Growth (organic) Results Snapshot +10.6% +10.2% +9.2% +7.7% 4Q25 Adjust
Slide 7: A Global Franchise Serving the World's Largest Investors
Financial & Strategic Highlights → A Global Franchise Serving the 6,268 30+ World’s Largest Investors Employees 1 office locations1 Employee distribution : 29% employees in DMC vs. 71% in EMC locations1 What We Do Provide mission-critical investment data, models, research and technology across asset
Slide 8: 4Q25 Regional Performance
Financial & Strategic Highlights → 4Q25 Regional Performance AMERICAS YoY EMEA YoY APAC YoY 4Q25 Recurring Subscription Run Rate by Region $1,095M +7% $946M +11% $408M +11% ORGANIC YoY ORGANIC YoY ORGANIC YoY $1,094M +7% $913M +7% $408M +10% 4Q25 Recurring Net New AMERICAS YoY EMEA YoY APAC YoY Subs
Slide 9: 4Q25 Operating Highlights
Financial & Strategic Highlights → $3.3B 93.4% 4Q25 Operating Highlights of Total Run Rate across MSCI Quarterly Retention Rate Asset-Based Fees Total Run Rate Run Rate growth of 26%, driven by record AUM in ETF and non-ETF indexed funds US$ in millions +12% Organic +13% +16% Organic $3,302 +16% Ass
Slide 10: Significant Recurring Revenue Model with Global Client Segment
Financial & Strategic Highlights → MSCI Subscription Run Rate as of December 31, 2025 by Geography Significant Recurring Revenue Model with Global Client Segment • Americas 45% Operating Revenues Mix • EMEA 38% Quarter Ended December 31, 2025 • APAC 17% by Product Line by Type 3% Non-recurring 9% 2%
Slide 11: Emerging Growth Opportunities
Financial & Strategic Highlights → Emerging Growth Opportunities Expanding in attractive additional addressable markets 12/31/2024 12/31/2025 Run Rate US$ in millions $473 $434 $292 $267 $169 $146 $162 $115 $136 $87 $98 $104 Sustainability Insurance1 Fixed Income2 Climate3 Wealth Managers4 Private A
Slide 12: 4Q25 Summary Financial Results
Financial & Strategic Highlights → US$ in thousands, For the Three Months Ended 4Q25 Summary except per share data December 31 Financial Results Unaudited 2025 2024 YoY% Change Operating revenues $ 822,528 $ 743,509 10.6 % Operating income $ 463,620 $ 405,194 14.4 % Operating margin % 56.4 % 54.5 %
Slide 13: 4Q25 Operating Revenues
Financial & Strategic Highlights → 4Q25 Operating Revenues US$ in millions Non-Recurring Revenues +14% Organic Asset-Based Fees Revenues +14% Recurring Subscription Revenues +6% Organic $479.1 +6% +3% Organic +7% Organic $21.1 $420.2 +6% $16.4 $182.3 +8% $172.8 $2.7 $211.7 $5.0 $90.3 $175.3 $85.2 $7
Slide 14: 4Q25 Subscription Run Rate
Financial & Strategic Highlights → 4Q25 Subscription Run Rate US$ in millions Non-Market Cap Weighted Multi-Asset Class Analytics Sustainability & Climate Real Assets Custom Indexes Equity Analytics Private Capital Solutions Market Cap Weighted +9% Organic +9% +7% Organic $1,021.6 YoY +8% +5% Organi
Slide 15: Index Segment: Asset-Based Fees Details
Financial & Strategic Highlights → Index Segment: Asset-Based Fees Details US$ in millions US$ in billions US$ in billions US Futures and Options Average AUM EM Non-ETF1 Period-End Basis Point Fee DM ex US ETF1 +36% +21% 2.44 2.43 2.43 2.41 2.41 $2,341 YoY $211.7 YoY $1,725 $567 +18% $14.2 -1% $175.
Slide 16: 4Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Financial & Strategic Highlights → 4Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $62.8 $62.8 EM $18.7 Market Cap Weighted $46.8 DM ex US $2,340.7 Factors $46.8 $5.8 $2,340.7 $36.3 $10.2 $7.8 $(4.5) $10.6 $28.9 $60.8 $31.3 $6.7 Sustain
Slide 17: 4Q25 YoY AUM Drivers: MSCI-Linked Equity ETFs
Financial & Strategic Highlights → 4Q25 YoY AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure US$ in billions $412.3 US $69.6 $2,340.7 DM ex US $216.1 EM $126.6 $72.2 $115.8 $15.7 $1,724.7 Cash inflows / (outflows) $203.7 4Q24 Ending AUM US Developed Markets ex. US Emerging Markets Markets
Slide 18: Market Movement and Momentum in Cash Flows Continues
Financial & Strategic Highlights → Market Movement and Momentum Positive annual cash inflows for all years in ETFs linked to MSCI indexes except 2013 in Cash Flows Continues US$ in billions 9M22: MSCI-linked equity ETF AUM 4Q18: MSCI-linked equity ETF AUM balance declined 26% vs Dec-21 amid balance
Slide 19: Listed Futures & Options Linked to MSCI Indexes
Financial & Strategic Highlights → Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Linked to MSCI Indexes Futures & Options Volume Linked to MSCI Indexes US$ in millions in millions of contracts traded1 25.2 24.9 25.1 $59.5 22.8 23.2 $57.0 $58.2 $56.6 $56.6 4Q2
Slide 20: Adjusted Earnings Per Share Growth Drivers
Financial & Strategic Highlights → Adjusted Earnings Per Share Growth Drivers Strong Business Performance, Higher Share Repurchase Driving Adjusted EPS Growth US$ in per share amounts Business Growth Capital Activities Tax and FX1 +11.5% $0.57 $(0.01) $(0.08) YoY $(0.24) $0.22 $(0.23) $0.81 $(0.07)
Slide 21: Strong Balance Sheet Provides Optionality
Financial & Strategic Highlights → Strong Balance Sheet → In 4Q25, returned $1,041M to shareholders through share repurchases of $906M and quarterly dividends of $135M Provides Optionality → In November 2025, issued $500 million in unsecured senior notes with US$ in millions, unless otherwise noted
Slide 22: Disciplined Approach to Capital Deployment for Shareholders
Financial & Strategic Highlights → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases $555 86 85 83 81 80 79 $509 77 $442 $2,419 $374 $304 $247 $1,285 $221 $172 $810 $727 $121 $459 $102 $140 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 2
Slide 23: Full Year 2026 Guidance
Financial & Strategic Highlights → Guidance Item Guidance for Full-Year 2026 Full Year 2026 Guidance Operating Expense $1,490 to $1,530 million Adjusted EBITDA Expense $1,305 to $1,335 million MSCI's guidance for the year ending December 31, 2026 (“Full-Year 2026”) is based on assumptions about a nu
Slide 24: Q&A
Section 02 Q&A
Slide 25: Additional Information
Section 03 Additional Information
Slide 26: Key Operating Metrics
Additional Information → Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 18% 18% 18% 17% 16% 15% 14% 14% 14% 13% 12% 12% 12% 12% 11% 10% 14% 14% 13% 9% 9% 12% 12% 12% 12% 8% 8% 8%
Slide 27: 4Q20 to 4Q25 YoY Run Rate Growth
Additional Information → 4Q20 to 4Q25 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 45% 49% 37% 27% 25% 26% 17% 15% 13% 14% 15% 16% 16% 15% 13% 17% 17% 12% 12% 12% 12% 11% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% -4% -7%
Slide 28: 4Q20 to 4Q25 YoY Run Rate Growth
Additional Information → 4Q20 to 4Q25 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 44% 42% 36% 37% 46% 47% 30% 42% 44% 26% 39% 41% 25% 34% 20% 33% 33% 15% 16% 29% 14% 10% 10% 11% 10% 24% 22% 8% 16% 13%
Slide 29: Subscription Run Rate by Geography
Additional Information → Subscription Run Rate by Geography 21% 21% 15% 16% 14% 13% 7% 7% 34% 34% 30% 51% 55% 30% 41% 41% 59% 59% 55% 54% Americas 38% 38% EMEA 35% 32% APAC 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Index Analytics Sustainability & Climate All Other – Private Assets (Reportable Segment
Slide 30: Subscription Run Rate by Client Segment
Additional Information → Subscription Run Rate by Client Segment 1% 1% 4% 3% 2% 3% 7% 3% 3% 5% 5% 8% 11% 11% 7% 7% 8% 9% 5% 6% 8% 9% 19% 19% 2% 3% 12% 12% 2% Asset Managers 5% 5% 2% 4% 4% Banks & Brokerages 18% 15% 16% 19% 10% 10% 38% 38% Asset Owners 10% 11% Hedge Fund 19% 19% Managers 8% 7% Wealth
Slide 31: Geographic Market Exposures of MSCI-Linked ETFs
Additional Information → Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time Mix of MSCI linked equity ETF AUM balance by geographic exposure % US DM Ex US EM 22% 26% 26% 26% 25% 30% 29% 29% 30% 27% 27% 33% 32% 44% 44% 45% 46% 47% 58% 51% 46% 43% 49% 50% 51% 47% 53% 43
Slide 32: YoY Growth Across Sustainability and Climate Franchise
Additional Information → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF Climate Subscription +13% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity In
Slide 33: Long-term Targets
Additional Information → Long-term Targets MSCI Revenue Growth Rate1 Low Double Digit MSCI Firmwide Long-term Adjusted EBITDA Expense2 High Single Digit Positive Operating Targets Unchanged Growth Rate to Low Double Digit Leverage Adjusted EBITDA2 Growth Rate Low to Mid Teens 1. Excludes Asset-Based
Slide 34: Appendix
Section 04 Appendix
Slide 35: Use of Operating Metrics
Appendix → Use of Operating Metrics MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Run Rate, Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s Retention Rate, subscription sales, subscr
Slide 36: Use of Non-GAAP Financial Measures
Appendix → Use of Non-GAAP Financial Measures MSCI has presented supplemental non-GAAP financial measures as part of this earnings presentation. Reconciliations are We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI provided in subsequent slides that r
Slide 37: Reconciliation of Net Income to Adjusted EBITDA
Appendix → Three Months Ended Year Ended December 31, December 31, December 31, December 31, Reconciliation In thousands Net income 2025 $ 284,669 2024 $ 305,515 2025 $ 1,202,305 2024 $ 1,109,128 of Net Income Provision for income taxes Other expense (income), net 104,169 74,782 57,830 41,849 291,95
Slide 38: Reconciliation of Net Income and Diluted EPS
Appendix → Three Months Ended Year Ended December 31, December 31, December 31, December 31, Reconciliation In thousands, except per share data Net income 2025 $ 284,669 2024 $ 305,515 2025 $ 1,202,305 2024 $ 1,109,128 of Net Income Plus: Amortization of acquired intangible assets Plus: Acquisition-
Slide 39: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended Year Ended Full-Year December 31, December 31, December 31, December 31, 2026 In thousands 2025 2024 2025 2024 Outlook(1) Total operating expenses $358,908 $338,315 $1,420,892 $1,327,610 $1,490
Slide 40: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Appendix → Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) Three Months Ended Year Ended Full-Year December 31, December 31, December 31, December 31, 2026 Outlook(1) In thousands 2025 2024 2025 2024 Net cash provided by operating activities $501,130 $430,63
Slide 41: Fourth Quarter Reconciliation of Operating Revenue Growth
Appendix → Comparison of the Three Months Ended December 31, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Fourth Quarter Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 14.0 % 7.8 % 20.7 % 28.2 % Impact of f
Slide 42: Full Year 2025 Reconciliation of Operating Revenue Growth
Appendix → Comparison of the Years Ended December 31, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Full Year 2025 Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 11.9 % 8.6 % 17.2 % 3.5 % Impact of foreign c