MSCI (NYSE:MSCI) reported a strong finish to 2025 on Wednesday, as record-breaking inflows into ETFs linked to its indexes propelled the company to double-digit adjusted earnings growth.
The New York-based financial data leader posted fourth-quarter operating revenues of $822.5 million, a 10.6% increase over the prior year, driven primarily by a massive 20.7% surge in asset-based fees.
The quarter highlighted MSCI’s status as the "toll booth" of global investing.
While recurring subscription revenue grew at a steady 7.5%, the real excitement came from the Index segment, where a record run rate was fueled by unprecedented investor appetite for equity ETFs.
Despite a slight 2.3% dip in GAAP diluted EPS to $3.81—impacted by higher tax provisions and restructuring costs—adjusted EPS rose 11.5% to $4.66, meeting the high end of market expectations.
"Our results demonstrate the enduring strength of our all-weather franchise," said Henry A. Fernandez, Chairman and CEO of MSCI.
"We achieved our eleventh consecutive year of double-digit adjusted EPS growth, powered by the incredible momentum in our index business and our ability to leverage AI to drive operational efficiencies."