MSCI Inc.'s Stock Analysis

MSCI Extends ETF Licensing Agreement with BlackRock to 2035

MSCI Inc. and its subsidiary MSCI Limited have amended their Master Index License Agreement with BlackRock Fund Advisors, extending the agreement's term until March 31, 2035. This amendment allows BlackRock to continue using certain MSCI equity indexes for exchange-traded funds, with provisions for auto-renewal every three years unless terminated by either party.

Starting January 1, 2026, the amendment introduces a revised fee structure for licensing based on the assets under management and expense ratios of the funds. Additionally, as of December 31, 2024, BlackRock disclosed it holds 7.3% of MSCI's common stock, indicating a significant investment stake in the company.

Jan 28, 2026 16:32:25

MSCI Reports Fourth Quarter and Full Year 2025 Results

MSCI Inc. reported operating revenues of $822.5 million for the fourth quarter of 2025, reflecting a 10.6% increase compared to the same period in the previous year. The growth was driven by a 7.5% rise in recurring subscription revenues and a 20.7% increase in asset-based fees. The company's operating margin improved to 56.4%, while diluted earnings per share (EPS) decreased by 2.3% to $3.81, with adjusted EPS rising by 11.5% to $4.66. The retention rate for recurring subscriptions was 93.4%, and total share repurchases amounted to approximately $2.47 billion through January 27, 2026.

For the full year 2025, MSCI's total cash and cash equivalents stood at $515.3 million, with outstanding debt of $6.2 billion. The company paid $134.7 million in dividends during the fourth quarter and declared a cash dividend of $2.05 per share for the first quarter of 2026, marking a 13.9% increase. The total debt to adjusted EBITDA ratio was 3.3x, within the company's target range. MSCI's financial results indicate a solid performance across its segments, particularly in Index and Analytics, contributing to a total Run Rate of $3.3 billion as of December 31, 2025.

Jan 28, 2026 06:46:31

MSCI Announces Executive Retirement and Leadership Changes

C.D. Baer Pettit, President and Chief Operating Officer of MSCI, will retire on March 1, 2026, after over 25 years with the company. He will continue to serve as an advisor during a transition period following his retirement. Henry A. Fernandez, the current Chief Executive Officer, will take over the role of President without any changes to his compensation. Additionally, the Board of Directors will reduce its size from twelve to eleven members effective March 1, 2026.

The company has made several senior leadership appointments to support growth and innovation. Alvise Munari will take on additional responsibilities as Head of Client Segments, while Jorge Mina will serve as Chief Operating Officer alongside his current role as Head of Analytics. These changes are expected to enhance MSCI’s operational efficiency and product offerings to better serve new client segments.

Nov 17, 2025 07:02:05

MSCI Updates Interest Expense Guidance Following Notes Offering

MSCI Inc. has revised its outlook for interest expense for the full year 2025, now estimating it to be between $210 million and $213 million, an increase from the previous guidance of $205 million to $209 million. This adjustment is attributed to the recent issuance of senior unsecured notes and changes in expected average debt balances and effective interest rates. The company noted that fluctuations in variable-rate debt and market conditions could further impact interest expenses.

On November 6, 2025, MSCI completed a public offering of $500 million in senior unsecured notes with a 5.150% interest rate, due in 2036. The offering was conducted under an underwriting agreement and the notes were registered with the SEC. The legal opinion regarding the notes' legality has also been filed. The company has not updated any other guidance elements at this time.

Nov 06, 2025 16:11:02

MSCI Reports Q3 2025 Financial Results and Share Repurchase Plan

MSCI Inc. reported operating revenues of $793.4 million for the third quarter of 2025, marking a 9.5% increase from the previous year. Key drivers included a 7.9% rise in recurring subscription revenues and a 17.1% increase in asset-based fees. The company achieved a diluted EPS of $4.25, up 19.0%, and an operating margin of 56.4%. MSCI's retention rate improved to 94.7%, and total cash and cash equivalents stood at $400.1 million as of September 30, 2025.

Additionally, MSCI's Board of Directors authorized a new share repurchase program, allowing for the repurchase of up to $3.0 billion of common stock. During the third quarter, the company repurchased approximately 2.2 million shares for $1.2 billion. The company also declared a cash dividend of $1.80 per share for the fourth quarter of 2025, with a total of $137.4 million paid in dividends during the third quarter. MSCI's total debt as of September 30, 2025, was $5.6 billion, with a debt to adjusted EBITDA ratio of 3.0x.

Oct 28, 2025 06:46:17

MSCI Updates Interest Expense Guidance for 2025

MSCI Inc. announced that its Chief Financial Officer, Andrew Wiechmann, will speak at the Barclays Global Financial Services Conference on September 8, 2025. The company has updated its outlook for full-year 2025 interest expense to approximately $205 to $209 million, an increase from the previous guidance of $182 to $186 million. This adjustment is primarily due to the issuance of $1.25 billion in senior notes in August 2025 and the repayment of borrowings from its revolving credit facility, resulting in a higher expected debt balance.

For the quarter ending September 30, 2025, MSCI anticipates interest expense to be around $54 to $55 million. The company has not made any changes to other components of its previously issued guidance for 2025. The interest expense is influenced by variable-rate debt under its credit facility and fixed-rate senior unsecured notes, with potential variations due to changes in interest rates and debt levels.

Sep 08, 2025 08:00:14

MSCI Increases Credit Facility to $1.60 Billion

MSCI Inc. has entered into a Third Amended and Restated Credit Agreement, which increases its revolving credit commitments from $1.25 billion to $1.60 billion and extends the availability period to August 20, 2030. The company has fully repaid all outstanding borrowings under the previous credit agreement prior to this new facility becoming effective. The new agreement maintains similar pricing and leverage ratios as the previous one, with some modifications regarding the consolidated interest coverage covenant and the elimination of a specific interest rate adjustment.

The obligations under the Credit Agreement are unsecured senior obligations of MSCI and are not guaranteed by any subsidiaries. The proceeds from the revolving loans will be used for general corporate purposes, including working capital and permitted acquisitions. The agreement includes customary covenants and events of default, limiting the ability of the company and its subsidiaries to incur additional debt or create liens on assets.

Aug 20, 2025 16:19:34

MSCI Completes $1.25 Billion Notes Offering Due 2035

On August 8, 2025, MSCI Inc. finalized a public offering of $1.25 billion in senior unsecured notes with a 5.250% interest rate, set to mature in 2035. This offering was conducted under an underwriting agreement with J.P. Morgan Securities LLC and BofA Securities, Inc., and was registered with the Securities and Exchange Commission.

The notes were issued following a prospectus dated March 8, 2024, and a supplement dated August 5, 2025. The issuance was governed by an indenture with Wilmington Trust, National Association, serving as the trustee. Legal counsel Davis Polk & Wardwell LLP provided an opinion on the legality of the notes, which is included in the filing.

Aug 08, 2025 16:26:37

MSCI Reports Second Quarter 2025 Financial Results and Metrics

MSCI Inc. reported its financial results for the second quarter of 2025, with operating revenues reaching $772.7 million, representing a 9.1% increase from the same period last year. The company experienced organic operating revenue growth of 8.3%, with recurring subscription revenues up 7.9% and asset-based fees rising 12.7%. The operating margin stood at 55.0%, while diluted earnings per share (EPS) increased by 16.3% to $3.92. The company also announced a cash dividend of $1.80 per share for the third quarter of 2025, payable on August 29, 2025, to shareholders of record by August 15, 2025.

In terms of operational metrics, MSCI's total Run Rate as of June 30, 2025, was $3.1 billion, an increase of 10.7%, with a retention rate of 94.4%. The company repurchased $131.2 million worth of shares during the quarter, reducing the total shares outstanding to 77.4 million. MSCI's cash and cash equivalents were reported at $347.3 million, while total debt amounted to $4.5 billion, with a total debt to adjusted EBITDA ratio of 2.5x. Overall, MSCI's performance reflects growth across various segments, including Index, Analytics, and Sustainability and Climate.

Jul 22, 2025 06:46:08

MSCI Reports Q1 2025 Financial Results and Dividend Declaration

MSCI Inc. announced its financial results for the first quarter of 2025, reporting operating revenues of $745.8 million, which represents a 9.7% increase compared to the same period in 2024. The company's diluted earnings per share (EPS) rose to $3.71, a 15.2% increase year-over-year. The firm also highlighted a strong retention rate of 95.3% and a total run rate of $2.98 billion, reflecting a 9.3% growth. Additionally, the company repurchased shares worth $275.4 million and paid approximately $139.7 million in dividends during the quarter. The Board of Directors declared a cash dividend of $1.80 per share for the second quarter of 2025, payable on May 30, 2025.

In terms of segment performance, the Index segment led revenue growth with a 12.8% increase, while the Analytics segment saw a 5.0% rise in operating revenues. The Sustainability and Climate segment reported an 8.6% increase in operating revenues. MSCI's total operating expenses were $368.8 million, up 8.3%, mainly due to higher compensation costs. As of March 31, 2025, the company had cash and cash equivalents of $360.7 million and total debt outstanding of $4.6 billion.

Apr 22, 2025 06:45:56