MSCI Q3 FY25: where the revenue came from and where it went
The whole income statement of MSCI for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jul 1 – Sep 30, 2025
- Reported
- Oct 28, 2025
Revenue$0.79B
+9% year over year
Gross profit$0.66B
83% margin
Operating profit$0.45B
56% margin
Net profit$0.33B
41% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 0.79 | 100% | +9% |
| Recurring subscriptions | 0.58 | 73% | +8% |
| Asset based fees | 0.20 | 25% | +17% |
| Non recurring | 0.02 | 2% | −13% |
| Cost of revenue | −0.13 | 17% | |
| Gross profit | 0.66 | 83% margin | +1pp |
| R&D | −0.05 | 6% | +0pp |
| Sales & marketing | −0.08 | 10% | +0pp |
| G&A | −0.04 | 5% | +0pp |
| Other | −0.05 | 6% | +0pp |
| Operating profit | 0.45 | 56% margin | +1pp |
| Interest & other costs | −0.05 | ||
| Tax | −0.07 | ||
| Net profit | 0.33 | 41% margin | +2pp |
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