MSCI Inc. has reported its financial results for the fourth quarter and full year ended December 31, 2025. Here's a breakdown of the key metrics and changes compared to the same periods in 2024:
Operating revenues for the fourth quarter of 2025 were $822.5 million, representing a 10.6% increase from the fourth quarter of 2024. For the full year 2025, operating revenues were $3,134.5 million, up 9.7% compared to 2024.
Recurring subscription revenues saw an increase of 7.5% in the fourth quarter of 2025, reaching $246.4 million. For the full year 2025, recurring subscriptions amounted to $957.9 million, marking an 8.6% increase from 2024.
Asset-based fees in the fourth quarter of 2025 were up by 20.7% at $211.7 million. Over the full year, asset-based fees totaled $770.7 million, reflecting a 17.2% increase from 2024.
Operating income for the fourth quarter of 2025 amounted to $463.6 million, showing a 14.4% increase from the same period in 2024. The full-year operating income was $1,713.6 million, up 12.1% from 2024.
Net income for the fourth quarter of 2025 was $284.7 million, representing a 6.8% decrease from the fourth quarter of 2024. However, the full-year net income increased by 8.4% to reach $1,202.3 million.
Diluted earnings per share (EPS) for the fourth quarter of 2025 was $3.81, down 2.3% from the same period in 2024. Full-year diluted EPS was $15.69, reflecting an 11.7% increase from 2024.
Adjusted EPS for the fourth quarter of 2025 showed a significant growth of 11.5%, reaching $4.66. For the full year 2025, adjusted EPS was $17.28, up by 13.7% from 2024.
The company reported adjusted EBITDA of $512.0 million for the fourth quarter of 2025, marking a 13.2% increase from the fourth quarter of 2024. Full-year adjusted EBITDA was $1,906.5 million, up 11.1% from 2024.
The press release also highlighted various segment results, including index, analytics, sustainability and climate, and all other * private assets, showing revenue and adjusted EBITDA changes for each segment.
Additionally, the company provided information on its cash balances, outstanding debt, capital allocation, capex, cash flow, share count and share repurchases, and dividends paid to shareholders.
MSCI also issued a guidance for the full year ending December 31, 2026, based on assumptions about macroeconomic factors and capital markets.
These results demonstrate MSCI's growth in operating revenues, recurring subscription revenues, asset-based fees, operating income, and adjusted EBITDA, albeit with some fluctuations in net income and EPS. Today the company's shares have moved 0.88% to a price of $602.58. Check out the company's full 8-K submission here.
