MSCI Q4 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
- Oct 1 – Dec 31, 2025
- Reported
- Feb 6, 2026
Revenue$0.82B
+11% year over year
Gross profit$0.68B
83% margin
Operating profit$0.46B
56% margin
Net profit$0.29B
35% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 0.82 | 100% | +11% |
| Recurring subscriptions | 0.58 | 71% | +8% |
| Asset based fees | 0.21 | 26% | +21% |
| Non recurring | 0.03 | 3% | +7% |
| Cost of revenue | −0.14 | 17% | |
| Gross profit | 0.68 | 83% margin | +0pp |
| R&D | −0.04 | 5% | +0pp |
| Sales & marketing | −0.08 | 10% | +0pp |
| G&A | −0.04 | 5% | −1pp |
| Other | −0.05 | 6% | +0pp |
| Operating profit | 0.46 | 56% margin | +2pp |
| Interest & other costs | −0.08 | ||
| Tax | −0.10 | ||
| Net profit | 0.29 | 35% margin | −6pp |
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