‹ MSCI
Ch 1 · The Scoreboard of the Markets
Chapter 1 · Growth
It keeps the scoreboard of investing.
MSCI builds the indexes that funds benchmark against and the risk tools they manage money with — sold by subscription.
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✦ The bottom line
MSCI earned $3.13B last year — up 9% — almost all of it from subscriptions and fees tied to its indexes.
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✦ Teach me
Money coming in
MSCI's revenue is mostly recurring: funds pay yearly to use its indexes and risk software. Some fees also rise as more money tracks MSCI indexes — so revenue grows even when MSCI does nothing new.
Wall Street calls this
Revenue / recurring subscriptions
Revenue that renews and rises on its own is the most prized kind.
Revenue · fiscal year 2025
$3.13
B
Up from $2.86B a year earlier — +9%. Steady growth from fees the world's funds keep paying.
Source · 10-K · Consolidated Statements of Income · FY2025 · Filed Feb 6, 2026
Subscription retention rate · FY2025
93
%
More than 9 in 10 subscription dollars renew each year. Clients embed MSCI's data and rarely leave.
Source · 10-K · MD&A — Key Operating Metrics · FY2025 · Filed Feb 6, 2026
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Sticky grower
Mid-single to high-single-digit growth from recurring fees that renew over 90% of the time.
You just finished
Chapter 1 · GROWTH
The Scoreboard of the Markets
you now read: money coming in (revenue)
Up next
Then
Chapter 3 · MOAT
Written Into the Contracts
Chapter 4 · MANAGEMENT
The Chairman Stepped In
Chapter 5 · BEHIND THE NUMBERS
A Toll Booth on Investing
Chapter 6 · RISK
When the Market Turns