Filing Flows › MSCI (MSCI) › Q4 2025
MSCI (MSCI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
MSCI (MSCI) reported revenue of $823M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before. Operating margin was 56.4%, net earnings $285M (34.6% of revenue).
MSCI, Q4 2025: revenue $823M (+11% year over year), operating margin 56.4%, net earnings $285M, operating cash flow $501M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $823M | +4% | +11% |
| Operating profit | $464M | +4% | +14% |
| Net earnings | $285M | -12% | -7% |
| Operating cash flow | $501M | +12% | +16% |
| Free cash flow | $489M | +10% | +17% |
What changed
Revenue was $822.6M in Q4 2025, up 11% year over year and up 4% from the previous quarter. Recurring subscriptions was the largest line at 71% of revenue.
Operating profit was $463.7M, a 56.4% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 54% margin then. Total costs grew 6% against revenue growth of 11%. Net earnings were $284.7M, down 7% year over year. The effective tax rate was 26.8%.
Operating cash flow was $501.1M (up 16% year over year), 176% of net earnings. Non-cash charges added back $48.4M of depreciation and amortization and $25.5M of share-based compensation. Working capital and other items added $142.5M. Capital expenditures of $12.4M left free cash flow of $488.7M.
Questions
What was MSCI's revenue in the fourth quarter 2025?
MSCI (MSCI) reported revenue of $823M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before.
Was MSCI profitable in the fourth quarter 2025?
Operating profit was $464M (56.4% of revenue) and net earnings $285M.
Source: MSCI 10-K on SEC EDGAR.