MSCI: revenue, profit and dividends

In fiscal 2025, MSCI had revenue of $3.13B, up 11.3% a year on average since 2015, and net income of $1.2B (38.4% of revenue). Its dividend per share has gone up 11 years in a row, to $7.20. It has 30% fewer shares than in 2015.

Revenue, fiscal 2025

$3.13B+11.3% a year

average annual revenue growth since 2015 · +9.7% vs 2024

Net income, 2025

$1.2B

38.4% of revenue

Diluted EPS, 2025

$15.69

22.7% a year since 2015

Dividend per share, 2025

$7.20

raised 11 years in a row

Revenue growth, 5 years

13.1% a year

since 2020

Shares, 2025

76.6M

−30.3% since 2015

Free cash flow, 2025

$1.55B

$1.59B from operations − $39.3M capex

Ticker: MSCI · NYSE
Sector: Financials
Sub-industry: Financial Exchanges & Data
Headquarters: New York City, New York
Founded: 1969
In the S&P 500 since: April 4, 2018
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: MSCI Inc. · CIK 0001408198

Revenue and net income

Revenue went from $431M in 2008 to $3.13B in 2025.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from $0.66 in 2008 to $15.69 in 2025. Ten-year growth: 22.7% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Dividends per share

Raised 11 years in a row, every year from 2015 to 2025. Ten-year growth: 24.6% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

30.3% fewer shares in 2025 than in 2015 (110M → 76.6M): buybacks outweighed new shares.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $1.55B in 2025, 49.4% of revenue.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Dividend	Shares	Operating cash flow	Capex	Free cash flow
2025	$3.13B	$1.2B	38.4%	$15.69	$7.20	76.6M	$1.59B	$39.3M	$1.55B
2024	$2.86B	$1.11B	38.8%	$14.05	$6.40	79M	$1.5B	$33.8M	$1.47B
2023	$2.53B	$1.15B	45.4%	$14.39	$5.52	79.8M	$1.24B	$22.8M	$1.21B
2022	$2.25B	$871M	38.7%	$10.72	$4.58	81.2M	$1.1B	$13.6M	$1.08B
2021	$2.04B	$726M	35.5%	$8.70	$3.64	83.5M	$936M	$13.5M	$923M
2020	$1.7B	$602M	35.5%	$7.12	$2.92	84.5M	$811M	$21.8M	$789M
2019	$1.56B	$564M	36.2%	$6.59	$2.52	85.5M	$710M	$29.1M	$680M
2018	$1.43B	$508M	35.4%	$5.66	$1.92	89.7M	$613M	$30.3M	$583M
2017	$1.27B	$304M	23.9%	$3.31	$1.32	91.9M	$404M	$33.2M	$371M
2016	$1.15B	$261M	22.7%	$2.70	$1.00	96.5M	$442M	$32.3M	$410M
2015	$1.08B	$224M	20.8%	$2.03	$0.80	110M	$321M	$40.7M	$281M
2014	$997M	$284M	28.5%	$2.43	$0.18	117M	$306M	$42.7M	$263M
2013	$913M	$223M	24.4%	$1.83	—	121M	$321M	$40.3M	$281M
2012	$827M	$184M	22.3%	$1.48	—	123M	$347M	$44.9M	$302M
2011	$901M	$173M	19.3%	$1.41	—	122M	$255M	$23.1M	$232M
2010	$663M	$92.2M	13.9%	$0.81	—	113M	$183M	$13.2M	$170M
2009	$443M	$81.8M	18.5%	$0.80	—	101M	$131M	$13.4M	$118M
2008	$431M	$68.3M	15.8%	$0.66	—	100M	$155M	$25.6M	$130M