MSCI demonstrates consistent revenue expansion and structural efficiency, maintaining gross margins above 81% and operating margins between 50% and 56% throughout the 2024-2026 period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 |
|---|
| Sales/Revenue | 3.24B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.68B | 2.58B | 2.34B | 2.08B | 1.84B | 1.68B | 1.4B | 1.26B | 1.15B | 1B | 898.56M | 807.32M | 688.11M | 707.36M | 662.07M | 623.79M | 464.27M | 324.28M | 306.29M | 248.18M | 195.27M | 171.88M |
| Gross Margin % | 82.86% | 82.44% | 81.99% | 82.34% | 82.02% | 82.45% | 82.79% | 81.07% | 79.96% | 78.5% | 78.09% | 75.1% | 69.04% | 68.3% | 69.68% | 69.24% | 70.04% | 73.21% | 71.07% | 67.09% | 62.85% | 61.72% |
| Gross Profit Growth % | - | 10.35% | 12.46% | 12.91% | 9.46% | 20.03% | 11.15% | 10.13% | 14.64% | 11.32% | 11.3% | 17.32% | -2.72% | 6.84% | 6.14% | 34.36% | 43.17% | 5.87% | 23.42% | 27.09% | 13.61% | - |
| Operating Expenses | 890.61M | 870.53M | 813.23M | 697.73M | 636.62M | 612.13M | 518.92M | 507.13M | 459.75M | 421.07M | 410.46M | 403.42M | 350.94M | 335.85M | 315.18M | 298.2M | 249.26M | 173.29M | 170.5M | 118.83M | 111.98M | 98.25M |
| OpEx % of Revenue | - | 27.77% | 28.47% | 27.59% | 28.31% | 29.95% | 30.61% | 32.55% | 32.06% | 33.05% | 35.67% | 37.53% | 35.21% | 32.43% | 33.17% | 33.1% | 37.6% | 39.12% | 39.56% | 32.13% | 36.04% | 35.28% |
| Selling, General & Admin | 518.94M | 500.05M | 473.56M | 430.17M | 411.44M | 391.08M | 331.12M | 329.39M | 292.81M | 265.2M | 253.9M | 248.3M | 240.21M | 206.15M | 233.18M | 212.97M | 190.24M | 135.78M | 142M | 92.48M | 85.82M | 70.22M |
| SG&A % of Revenue | - | 15.95% | 16.58% | 17.01% | 18.3% | 19.14% | 19.53% | 21.14% | 20.42% | 20.81% | 22.07% | 23.1% | 24.1% | 19.91% | 24.54% | 23.64% | 28.7% | 30.65% | 32.95% | 25% | 27.62% | 25.22% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.79B | 1.71B | 1.53B | 1.38B | 1.21B | 1.07B | 884.76M | 755.7M | 686.9M | 579.77M | 488.1M | 403.9M | 337.17M | 371.51M | 346.94M | 322M | 206.12M | 150.99M | 135.79M | 129.34M | 83.3M | 73.63M |
| Operating Margin % | 55.36% | 54.67% | 53.52% | 54.75% | 53.71% | 52.49% | 52.19% | 48.51% | 47.9% | 45.5% | 42.42% | 37.57% | 33.83% | 35.87% | 36.51% | 35.74% | 31.09% | 34.09% | 31.51% | 34.97% | 26.81% | 26.44% |
| Operating Income Growth % | - | 12.11% | 10.39% | 14.65% | 12.58% | 21.24% | 17.08% | 10.02% | 18.48% | 18.78% | 20.85% | 19.79% | -9.24% | 7.08% | 7.74% | 56.22% | 36.51% | 11.2% | 4.98% | 55.28% | 13.14% | - |
| EBITDA | 2B | 1.93B | 1.73B | 1.54B | 1.35B | 1.21B | 995.56M | 857.6M | 772.43M | 659.76M | 569.46M | 481.7M | 408.75M | 452.01M | 428.93M | 407.23M | 265.13M | 188.5M | 169.26M | 157.17M | 112.95M | 105.7M |
| EBITDA Margin % | 61.68% | 61.64% | 60.74% | 61.05% | 60.04% | 59.06% | 58.72% | 55.05% | 53.87% | 51.78% | 49.49% | 44.81% | 41.01% | 43.64% | 45.14% | 45.2% | 40% | 42.56% | 39.27% | 42.49% | 36.35% | 37.96% |
| EBITDA Growth % | 12.35% | 11.38% | 12.37% | 14.35% | 11.87% | 21.22% | 16.09% | 11.03% | 17.08% | 15.86% | 18.22% | 17.85% | -9.57% | 5.38% | 5.33% | 53.59% | 40.65% | 11.37% | 7.69% | 39.15% | 6.86% | - |
| D&A (Non-Cash Add-back) | 204.6M | 218.57M | 206.28M | 159.22M | 142.5M | 134.13M | 110.8M | 101.9M | 85.53M | 79.99M | 81.35M | 77.8M | 71.59M | 80.5M | 82M | 85.23M | 59.01M | 37.51M | 33.47M | 27.83M | 29.66M | 32.08M |
| EBIT | 1.78B | 1.7B | 1.54B | 1.56B | 1.22B | 1.02B | 842.55M | 751.36M | 763.01M | 579.77M | 488.1M | 403.9M | 340.16M | 339.08M | 317.2M | 319.23M | 204.83M | 151.4M | 136.57M | 129.96M | 83.3M | 73.63M |
| Net Interest Income | -217.56M | -193.88M | -164.22M | -152.2M | -159.8M | -158.12M | -151.29M | -131.64M | -113.44M | -109.78M | -98.75M | -61.22M | -30.97M | -25.37M | -55.7M | -54.97M | -50.34M | -18.63M | -18.79M | 0 | 0 | 0 |
| Interest Income | 14.94M | 16.01M | 21.28M | 34.48M | 11.77M | 1.5M | 5.03M | 16.4M | 19.67M | 6.31M | 2.91M | 1.17M | 851K | 1.03M | 954K | 848K | 993K | 1.05M | 8.14M | 0 | 0 | 0 |
| Interest Expense | 232.5M | 209.89M | 185.5M | 186.68M | 171.57M | 159.61M | 156.32M | 148.04M | 133.11M | 116.1M | 101.65M | 62.39M | 31.82M | 26.27M | 56.43M | 55.82M | 51.34M | 19.68M | 26.93M | 9.59M | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.55B | 1.49B | 1.36B | 1.37B | 1.04B | 858.14M | 686.23M | 603.32M | 629.9M | 466.9M | 385.94M | 349.55M | 308.34M | 345.62M | 289.41M | 263.41M | 153.49M | 131.72M | 109.64M | 133.29M | 99.47M | 80.9M |
| Pretax Margin % | 47.92% | 47.67% | 47.48% | 54.14% | 46.42% | 41.99% | 40.48% | 38.73% | 43.93% | 36.64% | 33.54% | 32.52% | 30.94% | 33.37% | 30.46% | 29.24% | 23.15% | 29.74% | 25.44% | 36.04% | 32.01% | 29.05% |
| Income Tax | 232.68M | 291.95M | 247.04M | 220.47M | 173.27M | 132.15M | 84.4M | 39.67M | 122.01M | 162.93M | 125.08M | 119.52M | 109.4M | 123.06M | 105.17M | 89.96M | 61.32M | 49.92M | 41.38M | 52.18M | 36.1M | 30.45M |
| Effective Tax Rate % | 14.99% | 19.54% | 18.22% | 16.1% | 16.6% | 15.4% | 12.3% | 6.58% | 19.37% | 34.9% | 32.41% | 34.19% | 35.48% | 35.61% | 36.34% | 34.15% | 39.95% | 37.9% | 37.74% | 39.15% | 36.29% | 37.64% |
| Net Income | 1.32B | 1.2B | 1.11B | 1.15B | 870.57M | 725.98M | 601.82M | 563.65M | 507.88M | 303.97M | 260.86M | 223.65M | 284.11M | 222.56M | 184.24M | 173.45M | 92.17M | 81.8M | 68.27M | 81.11M | 71.44M | 54.55M |
| Net Margin % | 40.74% | 38.36% | 38.83% | 45.42% | 38.72% | 35.53% | 35.5% | 36.18% | 35.42% | 23.86% | 22.67% | 20.8% | 28.51% | 21.49% | 19.39% | 19.25% | 13.9% | 18.47% | 15.84% | 21.93% | 22.99% | 19.59% |
| Net Income Growth % | 15.58% | 8.4% | -3.44% | 31.94% | 19.92% | 20.63% | 6.77% | 10.98% | 67.08% | 16.53% | 16.64% | -21.28% | 27.66% | 20.8% | 6.22% | 88.19% | 12.68% | 19.82% | -15.83% | 13.53% | 30.96% | - |
| Net Income (Continuing) | 1.32B | 1.2B | 1.11B | 1.15B | 870.57M | 725.98M | 601.82M | 563.65M | 507.88M | 303.97M | 260.86M | 230.04M | 198.94M | 222.56M | 184.24M | 173.45M | 92.17M | 81.8M | 68.27M | 81.11M | 63.37M | 50.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.98 | 15.56 | 14.05 | 14.39 | 10.72 | 8.70 | 7.12 | 6.59 | 5.66 | 3.31 | 2.70 | 2.03 | 2.43 | 1.84 | 1.50 | 1.42 | 0.81 | 0.80 | 0.67 | 0.96 | 0.85 | 0.65 |
| EPS Growth % | 19.38% | 10.75% | -2.36% | 34.24% | 23.22% | 22.19% | 8.04% | 16.43% | 71% | 22.59% | 33% | -16.46% | 32.07% | 22.67% | 5.63% | 75.31% | 1.25% | 19.4% | -30.21% | 12.94% | 30.77% | - |
| EPS (Basic) | - | 15.58 | 14.09 | 14.45 | 10.78 | 8.80 | 7.19 | 6.66 | 5.83 | 3.36 | 2.72 | 2.05 | 2.45 | 1.85 | 1.51 | 1.44 | 0.82 | 0.81 | 0.68 | 0.96 | 0.85 | 0.65 |
| Diluted Shares Outstanding | 73.4M | 77.29M | 78.96M | 79.84M | 81.22M | 83.48M | 84.52M | 85.54M | 89.7M | 91.91M | 96.54M | 109.93M | 116.71M | 121.07M | 123.2M | 122.28M | 113.36M | 102.48M | 101.19M | 84.62M | 83.9M | 83.9M |
| Basic Shares Outstanding | 73.3M | 77.16M | 78.71M | 79.46M | 80.75M | 82.51M | 83.72M | 84.64M | 87.18M | 90.34M | 95.99M | 109.12M | 115.74M | 120.1M | 122.02M | 120.72M | 112.07M | 100.61M | 100.04M | 84.61M | 83.9M | 83.9M |
| Dividend Payout Ratio | - | 46.29% | 45.9% | 38.39% | 42.84% | 41.66% | 40.95% | 39.55% | 33.66% | 39.38% | 36.88% | 39.23% | 7.18% | - | - | - | - | - | - | 1199.59% | 7% | - |
Regulatory ESG methodology scrutiny
As reported in recent financial statements, MSCI has demonstrated a steady upward revenue trajectory, climbing from $680.0M in 2024Q1 to $850.8M by 2026Q1, reflecting the firm's ability to capture institutional demand for index-linked products despite broader market fluctuations and shifting global capital allocation patterns.
The consistent top-line growth appears to be driven by the structural shift toward passive investment vehicles, which provides a durable, recurring revenue base. Investors should monitor whether this growth remains resilient if market appreciation slows, as a significant portion of these fees are inherently linked to AUM levels.
Based on the provided income statement data, MSCI maintains a robust gross margin profile consistently exceeding 81%, which suggests that the company's intellectual property-heavy business model benefits from significant operating leverage as it scales its index and analytics offerings across a global institutional client base.
The ability to sustain gross margins above 80% indicates substantial pricing power and a low marginal cost of service delivery. This efficiency appears to be a core competitive advantage, allowing the firm to reinvest in high-growth areas like ESG and private assets without eroding overall profitability.
According to the quarterly income statement, MSCI has successfully managed its operating expenses, with operating margins consistently hovering between 50% and 56%, indicating that the company is effectively scaling its revenue base without a commensurate, inefficient expansion in its underlying administrative or overhead cost structure.
The firm's ability to maintain high operating margins while growing revenue suggests that its core infrastructure is well-positioned to absorb additional volume. This operational discipline appears to be a key factor in the company's ability to generate significant free cash flow for capital allocation.
Analysis of the reported figures reveals that stock-based compensation remains a notable component of the cost structure, reaching $47.7M in 2026Q1, which warrants careful scrutiny by investors to ensure that non-cash expenses do not mask underlying trends in cash-based operational productivity and long-term shareholder value creation.
While the company shows strong net income figures, the variability in quarterly EPS suggests that non-operating items and compensation adjustments can create noise in the bottom line. Investors should focus on normalized earnings metrics to better understand the true cash-generating capacity of the business.
While MSCI's current profitability is impressive, the potential for margin compression remains a valid concern, as increased regulatory scrutiny of ESG methodologies and the integration costs of recent acquisitions like Burgiss may necessitate higher headcount and compliance spending, potentially challenging the current 54% operating margin.
Short-term margin pressure could arise if the company is forced to pivot its ESG strategy or if the private assets segment fails to achieve the same operating leverage as the core index business. This warrants further investigation into whether the current cost structure is truly scalable for these newer, more complex product lines.
Quick answers to the most common questions about buying MSCI stock.
MSCI Inc. (MSCI) is profitable, generating $1.20B in net income for the fiscal year ending 2025 with a net profit margin of 38.4%.
MSCI Inc. (MSCI) reported an operating income of $1.71B, resulting in an operating profit margin of 54.7%. This margin reflects the operational efficiency of the business before interest and taxes.
MSCI Inc. (MSCI) generated $2.58B in gross profit for the year, representing a gross profit margin of 82.4%. This demonstrates the company's core pricing power and production efficiency.