MSCI Inc. (MSCI) Income Statement
MSCI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMSCI revenue and net income
Where MSCI's revenue goes
2025Each bar shows an amount and its share of revenue. MSCI kept 38.4% of revenue as net income.
MSCI profit margins
MSCI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.7% | +11.7% | +13.1% | +11.3% |
| Gross profit | +10.3% | +11.9% | +13.0% | +12.3% |
| Operating income | +12.1% | +12.4% | +14.1% | +15.5% |
| Net income | +8.4% | +11.4% | +14.8% | +18.3% |
| EPS (diluted) | +13.8% | +14.7% | +17.2% | +22.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MSCI quarterly EPS vs estimates
MSCI beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 20, 2026 (estimate $4.98).
MSCI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.13B | $2.86B | $2.53B | $2.25B | $2.04B | $1.70B | $1.56B | $1.43B | $1.27B | $1.15B |
| Cost of revenue | $550.4M | $514.4M | $446.6M | $404.3M | $358.7M | $291.7M | $295.0M | $287.3M | $273.9M | $252.1M |
| Gross profit | $2.58B | $2.34B | $2.08B | $1.84B | $1.68B | $1.40B | $1.26B | $1.15B | $1.00B | $898.6M |
| Research & development | $177.6M | $158.7M | $132.1M | $107.2M | $111.6M | $101.1M | $98.3M | $81.4M | $75.9M | $75.2M |
| Sales, general & admin | $500.0M | $473.6M | $430.2M | $411.4M | $391.1M | $331.1M | $329.4M | $292.8M | $265.2M | $253.9M |
| Total operating expenses | $870.5M | $813.2M | $697.7M | $636.6M | $612.1M | $518.9M | $507.1M | $459.8M | $421.1M | $410.5M |
| Operating income | $1.71B | $1.53B | $1.38B | $1.21B | $1.07B | $884.8M | $755.7M | $686.9M | $579.8M | $488.1M |
| Interest income | $16.0M | $21.3M | $37.7M | $11.8M | $1.5M | $5.0M | $16.4M | $19.7M | $6.3M | $2.9M |
| Interest expense | $209.9M | $185.5M | $186.7M | $171.6M | $159.6M | $156.3M | $148.0M | $133.1M | $116.1M | $101.7M |
| Income before taxes | $1.49B | $1.36B | $1.37B | $1.04B | $858.1M | $686.2M | $603.3M | $629.9M | $466.9M | $385.9M |
| Income taxes | $292.0M | $247.0M | $220.5M | $173.3M | $132.2M | $84.4M | $39.7M | $122.0M | $162.9M | $125.1M |
| Net income | $1.20B | $1.11B | $1.15B | $870.6M | $726.0M | $601.8M | $563.6M | $507.9M | $304.0M | $260.9M |
| EBITDA | $1.93B | $1.75B | $1.71B | $1.36B | $1.15B | $953.3M | $853.3M | $848.5M | $661.1M | $568.9M |
| EPS (diluted) | $17.30 | $15.20 | $13.53 | $11.45 | $9.95 | $7.83 | $6.44 | $5.27 | $3.98 | $3.03 |
| Gross margin | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% | 82.8% | 81.1% | 80.0% | 78.5% | 78.1% |
| Operating margin | 54.7% | 53.5% | 54.8% | 53.7% | 52.5% | 52.2% | 48.5% | 47.9% | 45.5% | 42.4% |
| Net margin | 38.4% | 38.8% | 45.4% | 38.7% | 35.5% | 35.5% | 36.2% | 35.4% | 23.9% | 22.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $867.0M | $850.8M | $822.5M | $793.4M | $772.7M | $745.8M | $743.5M | $724.7M | $707.9M | $680.0M | $690.1M | $625.4M |
| Cost of revenue | $149.9M | $141.8M | $143.4M | $132.5M | $137.7M | $136.8M | $131.6M | $126.2M | $128.1M | $128.5M | $122.6M | $105.3M |
| Gross profit | $717.1M | $709.0M | $679.1M | $660.9M | $635.0M | $609.0M | $611.9M | $598.5M | $579.8M | $551.5M | $567.5M | $520.1M |
| Research & development | $46.0M | $49.6M | $41.1M | $44.8M | $44.1M | $47.6M | $38.5M | $38.6M | $41.1M | $40.5M | $39.2M | $31.4M |
| Sales, general & admin | $133.6M | $154.7M | $126.0M | $121.7M | $116.6M | $135.8M | $121.2M | $112.3M | $111.2M | $128.9M | $115.6M | $103.4M |
| Total operating expenses | $229.6M | $252.1M | $215.5M | $213.2M | $209.8M | $232.0M | $206.7M | $197.2M | $197.2M | $212.1M | $196.8M | $166.8M |
| Operating income | $487.5M | $456.9M | $463.6M | $447.7M | $425.2M | $377.0M | $405.2M | $401.3M | $382.6M | $339.4M | $370.7M | $353.3M |
| Interest income | $2.5M | $2.8M | $4.1M | $5.1M | $2.9M | $3.9M | $3.9M | $5.2M | $6.1M | $6.0M | $3.4M | $10.3M |
| Interest expense | $71.0M | $69.1M | $63.6M | $53.6M | $46.2M | $46.5M | $45.5M | $46.7M | $46.6M | $46.7M | $47.0M | $46.9M |
| Income before taxes | $417.3M | $389.2M | $388.8M | $396.5M | $377.8M | $331.1M | $363.3M | $356.9M | $340.0M | $295.9M | $467.9M | $317.7M |
| Income taxes | $75.3M | −$16.8M | $104.2M | $71.1M | $74.2M | $42.5M | $57.8M | $76.0M | $73.2M | $39.9M | $64.5M | $58.0M |
| Net income | $342.0M | $406.0M | $284.7M | $325.4M | $303.6M | $288.6M | $305.5M | $280.9M | $266.8M | $256.0M | $403.4M | $259.7M |
| EBITDA | $545.0M | $512.9M | $508.0M | $503.3M | $479.4M | $432.1M | $461.6M | $457.6M | $437.6M | $389.4M | $563.1M | $402.4M |
| EPS (diluted) | $4.94 | $4.55 | $4.66 | $4.47 | $4.17 | $4.00 | $4.18 | $3.86 | $3.64 | $3.52 | $3.68 | $3.45 |
| Gross margin | 82.7% | 83.3% | 82.6% | 83.3% | 82.2% | 81.7% | 82.3% | 82.6% | 81.9% | 81.1% | 82.2% | 83.2% |
| Operating margin | 56.2% | 53.7% | 56.4% | 56.4% | 55.0% | 50.6% | 54.5% | 55.4% | 54.0% | 49.9% | 53.7% | 56.5% |
| Net margin | 39.4% | 47.7% | 34.6% | 41.0% | 39.3% | 38.7% | 41.1% | 38.8% | 37.7% | 37.6% | 58.5% | 41.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MSCI's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MSCI financial results
In fiscal year 2025 (ended December 31, 2025), MSCI reported revenue of $3.1 billion, up 9.7% from the year before. It had net income of $1.2 billion (up 8.4%), a net profit margin of 38.4%. Diluted earnings per share came to $17.30. Over five years revenue grew at an average rate of 13.1% a year.
See the MSCI stock overview for the latest quote and news, or the MSCI chart for price history and technical indicators.
MSCI income statement FAQ
What is MSCI's annual revenue?
MSCI reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.7% from $2.9 billion the previous year.
Is MSCI profitable?
Yes. MSCI reported net income of $1.2 billion in fiscal 2025, a net profit margin of 38.4%; its operating margin was 54.7%.
What is MSCI's gross margin?
MSCI's gross margin was 82.4% in fiscal 2025: for every $100 of revenue, MSCI kept $82 after the direct cost of its products and services.
How much does MSCI spend on research and development?
MSCI spent $177.6 million on research and development in fiscal 2025, 5.7% of revenue.
How fast is MSCI growing?
Revenue grew 13.1% a year on average over the last five fiscal years, from $1.7 billion to $3.1 billion.
What are MSCI's earnings per share?
MSCI earned $17.30 per diluted share in fiscal 2025, compared with $15.20 a year earlier.
When will MSCI report its next earnings?
MSCI is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 before the market opens.
When does MSCI's fiscal year end?
MSCI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.