Filing Flows › MSCI (MSCI) › Q3 2025
MSCI (MSCI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
MSCI (MSCI) reported revenue of $793M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 56.4%, net earnings $325M (41.0% of revenue).
MSCI, Q3 2025: revenue $793M (+10% year over year), operating margin 56.4%, net earnings $325M, operating cash flow $449M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $793M | +3% | +9% |
| Operating profit | $448M | +5% | +12% |
| Net earnings | $325M | +7% | +16% |
| Operating cash flow | $449M | +34% | +7% |
| Free cash flow | $445M | +37% | +7% |
What changed
Revenue was $793.4M in Q3 2025, up 9% year over year and up 3% from the previous quarter.
Operating profit was $447.6M, a 56.4% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 55% margin then. Total costs grew 7% against revenue growth of 9%. The fastest-growing cost line was Research & development (+16%). Net earnings were $325.3M, up 16% year over year. The effective tax rate was 18.0%.
Operating cash flow was $449.4M (up 7% year over year), 138% of net earnings. Non-cash charges added back $46.8M of depreciation and amortization and $22.6M of share-based compensation. Working capital and other items added $54.7M. Capital expenditures of $4.0M left free cash flow of $445.4M.
Questions
What was MSCI's revenue in the third quarter 2025?
MSCI (MSCI) reported revenue of $793M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before.
Was MSCI profitable in the third quarter 2025?
Operating profit was $448M (56.4% of revenue) and net earnings $325M.
Source: MSCI 10-Q on SEC EDGAR.