MSCI revenue

MSCI's revenue was $3.13bn in fiscal 2025, up 9.7% on the year before. Since fiscal 2009 ($443m) it has grown at a compound 13.0% a year. Over the last twelve months it was $3.43bn.

Revenue history

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

MSCI: revenue history, annual
Fiscal year	2009Nov 2009	2010Nov 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	443	663	901	827	913	997	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856	3,134	3,432
Growth on the year before	—	+49.7%	+35.9%	−8.2%	+10.4%	+9.1%	+7.9%	+7.0%	+10.7%	+12.5%	+8.6%	+8.8%	+20.5%	+10.0%	+12.5%	+12.9%	+9.7%	—
Gross profit	—	—	—	—	673	720	807	899	1,000	1,147	1,263	1,404	—	—	—	—	—	—
Gross margin	—	—	—	—	73.6%	72.2%	75.1%	78.1%	78.5%	80.0%	81.1%	82.8%	—	—	—	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

MSCI: revenue history, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	744	746	773	793	823	851	867	892
Growth on the same quarter a year before	—	—	—	—	+10.6%	+14.1%	+12.2%	+12.4%

Revenue as reported in the company's 10-K and 10-Q filings (for banks, net interest income plus non-interest income). Growth is left blank when the earlier figure was zero or negative.

Where the revenue comes from

Fiscal year to December 31, 2025

Segments
Line of business	Revenue	Share	YoY
Reportable Segment Aggregation Before Other Operating	$2.9B	91.1%	▲ 9.9%
Index (part of Reportable Segment Aggregation Before Other Operating)	$1.8B	62.6%	▲ 11.9%
Analytics (part of Reportable Segment Aggregation Before Other Operating)	$714M	25.0%	▲ 5.8%
Sustainability and Climate (part of Reportable Segment Aggregation Before Other Operating)	$354M	12.4%	▲ 8.4%
All Other Segments	$279M	8.9%	▲ 8.1%

Products and services
Line of business	Revenue	Share	YoY
Recurring Subscriptions	$2.3B	72.7%	▲ 7.8%
Asset Based Fees	$771M	24.6%	▲ 17.2%
Non Recurring	$85.1M	2.7%	▲ 1.1%

Geography
Region	Revenue	Share	YoY
Americas	$1.4B	44.9%	▲ 8.5%
United States (part of Americas)	$1.3B	90.0%	▲ 8.4%
Other America Countries (part of Americas)	$141M	10.0%	▲ 9.1%
EMEA	$1.2B	39.6%	▲ 11.7%
Other Europe Middle East and Africa Countries (part of EMEA)	$698M	56.2%	▲ 10.5%
United Kingdom (part of EMEA)	$543M	43.8%	▲ 13.3%
Asia and Australia	$484M	15.5%	▲ 8.5%
Other Asia and Australia Countries (part of Asia and Australia)	$357M	73.7%	▲ 7.4%
Japan (part of Asia and Australia)	$128M	26.3%	▲ 11.8%

From MSCI's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Revenue against peers

Financial Exchanges & Data: the closest covered companies by revenue. Last twelve months.

Company	Revenue	Growth	3-year growth a year
MSCI	$3.43bn	12.3%	12.4%
Morningstar, Inc.	$2.62bn	9.4%	9.9%
Factset Research Systems Inc	$2.48bn	6.7%	5.9%
Tradeweb Markets Inc.	$2.28bn	14.4%	21.9%
Cboe Global Markets	$5.28bn	14.3%	11.5%
Coinbase	$5.63bn	-26.6%	26.5%

Compare with peers

Head to head: MORN vs MSCI FDS vs MSCI MSCI vs TW CBOE vs MSCI

More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies

Figures from MSCI's SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to MSCI.