MSCI Inc (NYSE: MSCI) is a financial data and analytics company that provides indexes, portfolio risk and performance analytics, sustainability and climate data, and private asset tools to institutional investors worldwide. Revenue comes primarily from recurring subscriptions tied to annual Client Contracts, with an additional asset-based fee stream from ETFs and other financial products that license MSCI equity indexes as benchmarks. Clients use MSCI products for benchmarking, performance attribution, portfolio construction, risk management, and to support investment strategies spanning sustainability, climate, factor, thematic, and private assets. The average value of assets under management in ETFs linked to MSCI equity indexes was up $378.4 billion, or 23.2%, for the year ended December 31, 2025. Operating segments include Index, Analytics, Sustainability and Climate, Real Assets, and Private Capital Solutions. Run Rate from Analytics products grew 8.4%, Sustainability and Climate products grew 10.0%, and Private Assets grew 9.5%, all for the year ended December 31, 2025. Switching costs are embedded in client workflows, though the filing notes barriers to entry are declining in some markets due to AI, cloud computing, and open-source tools.

Revenue model

Primarily recurring subscription fees from annual Client Contracts covering indexes, analytics, sustainability data, and private asset products. A secondary stream of asset-based fees tied to AUM in ETFs and other financial products that license MSCI equity indexes. Non-recurring fees are also generated but excluded from the Run Rate metric. Changes in recurring revenues typically lag changes in Run Rate.

Products and services

Equity and multi-asset class indexes licensed as benchmarks for ETFs and other investment products. Multi-Asset Class and Equity Analytics tools for portfolio construction and risk management. Sustainability and Climate products including ESG Ratings and Climate data. Real Assets data and analytics. Private Capital Solutions products including Total Plan Manager, Private Capital Transparency Data, and Private Capital Intel.

Customers and end markets

Asset managers, asset owners, insurance companies, wealth managers, and broker-dealers. Clients use products for benchmarking, performance attribution, portfolio construction, risk management, and constructing and managing ETFs and other indexed financial products. Growth in Sustainability and Climate Run Rate was primarily driven by asset manager, insurance, and wealth manager segments as of the year ended December 31, 2025. Growth in Private Assets Run Rate was primarily driven by asset owner and asset manager segments for the same period.

Geographic exposure

Growth in Analytics products reflected growth across all regions for the year ended December 31, 2025. Sustainability and Climate Run Rate growth was primarily attributable to EMEA for the year ended December 31, 2025. Private Capital Solutions growth also reflected all regions for the same period. Specific revenue percentages by geography are not supported by the excerpts provided.

Source: SEC 10-K, filed 2026-02-06

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