Income StatementBalance SheetCash FlowSegments
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MSCI Business Segments

Business, geographic, and product segment breakdowns

MSCI generates $3.2B in annual revenue across 3 key segments: Asset-based fees ($817.8M), Non-recurring ($95.4M), and Recurring subscriptions ($2.3B). The company-wide operating margin is 55.36%. Based on the Q1 2026 filing.

Asset-based fees (TTM)$817.8MNon-recurring (TTM)$95.4MRecurring subscriptions (TTM)$2.3B
Latest FilingQ1 2026
Report Date2026-04-21
Market Cap$41.6B
P/E Ratio31.49
ROE-70.71%

Products & Services

Operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Recurring subscriptions$543.3M$552.6M$562.8M$579.1M$584.2M$600.2M
Asset-based fees$175.3M$177.4M$184.1M$197.5M$211.7M$224.5M
Non-recurring$24.9M$15.8M$25.8M$16.9M$26.6M$26.1M

Geographic

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$165.4M$169.1M$171.3M$175.4M$182.7M$188.2M
Other$87.3M$86.7M$88.6M$88.3M$93.2M$98.4M

Operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$33.0M$33.7M$36.5M$34.8M$35.6M$36.9M

Business Segments

Acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index$5.6M$0.0$0.0$0.0$0.0$31.1M
All Other - Private Assets$0.0$0.0$0.0$0.0$0.0$11.6M
Analytics$873.0K$0.0$0.0$0.0$0.0$0.0
Sustainability and Climate-$91.3K$0.0$0.0$0.0$0.0$0.0

Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index$323.2M$311.6M$330.2M$350.3M$374.0M$375.2M
Analytics$84.1M$76.0M$92.6M$90.0M$83.9M$82.8M
Sustainability and Climate—$23.8M$31.7M$34.8M—$33.0M
All Other - Private Assets$15.3M$14.2M$19.9M$19.3M$16.0M$13.7M

Foreign exchange translation adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index-$3.5M$1.7M$3.5M-$1.1M$0.0-$2.6M
Sustainability and Climate-$164.0K$1.1M$2.3M-$686.0K$0.0-$700.0K
All Other - Private Assets-$1.4M$596.0K$1.2M-$375.0K$0.0-$500.0K
Analytics$0.0$0.0$0.0$0.0$0.0$0.0

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All Other - Private Assets$1.3B$1.3B$1.3B$1.3B$1.3B$1.3B
Index$1.2B$1.2B$1.2B$1.2B$1.2B$1.3B
Analytics$296.9M$296.9M$296.9M$296.9M$296.9M$296.9M
Sustainability and Climate$83.7M$84.8M$87.1M$86.4M$86.3M$85.6M

Operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index$420.2M$421.7M$434.8M$451.2M$479.1M$496.3M
Analytics$172.8M$172.2M$177.7M$182.2M$182.3M$190.0M
Sustainability and Climate$85.2M$84.6M$88.9M$90.1M$90.3M$91.9M
All Other - Private Assets$65.3M$67.3M$71.2M$70.0M$70.9M$72.6M

Adjusted EBITDA expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index$97.0M$110.2M$104.7M$100.9M$105.1M$121.1M
Analytics$88.6M$96.2M$85.1M$92.1M$98.5M$107.2M
Sustainability and Climate—$60.8M$57.2M$55.3M—$58.9M

Percentage of operating revenues accounted for by major customer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Index0.1%17.8%0.2%0.5%0.2%19.7%

Adjusted EBITDA expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sustainability and Climate$55.5M$56.4M$56.4M$56.4M$56.4M—