MSCI (MSCI)
Licenses global indexes, portfolio analytics, sustainability data, and private-asset intelligence.
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MSCI sells the rulebooks, data and software that large investors use to build funds, measure risk and compare results. Index licensing still brings in most of the revenue, while analytics and climate tools deepen the same customer relationships. Private-market data is the smaller growth push, but the business remains shaped by public-market activity.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 19 more below
Index
This is the main engine: $1.787 billion in FY2025 revenue, with 43.1% of it moving with money in linked funds and trading. Watch markets, money moving into or out of funds, and clients building their own indexes.
Competes with FTSE Global Equity Index Series (FTSE Russell/LSEG) · S&P Global BMI (S&P Dow Jones Indices) · Index services (Solactive)
In plain English
An index is a rulebook for picking and weighting a group of investments. A fund company can use MSCI's rulebook to build a fund, while retirement-plan managers and exchanges use the same yardstick to compare results or create contracts people can trade.
Customers pay for permission to use the names, rules, membership lists and calculations. Some pay steady subscriptions; others pay more when more investor money sits in funds tied to MSCI's indexes or when trading rises. That makes this both a repeat-license business and a business that swells with markets.
BlackRock ETF Index License
This long-running license lets BlackRock's iShares funds use MSCI indexes through at least March 2035. The contract term is long, but the fee base still rises and falls with markets.
Competes with FTSE Global Equity Index Series (FTSE Russell/LSEG) · S&P Global BMI (S&P Dow Jones Indices)
In plain English
One relationship matters enough to see on its own. BlackRock uses MSCI index names and rules across iShares exchange-traded funds — baskets of investments that people buy and sell like a stock.
BlackRock pays MSCI mostly according to how much investor money sits in those funds. The agreement stretches into the next decade and renews automatically, but the cash it produces can change without either company selling a new product: markets move, investors add or withdraw money, and MSCI's fee changes with them.
Analytics
Analytics brought $714.4 million in FY2025, and 97.6% came from repeat subscriptions and services. Watch whether large financial firms keep adding tools after Q2 2026 revenue eased slightly from the prior quarter.
Competes with PORT Enterprise (Bloomberg) · Axioma Risk (SimCorp)
In plain English
Think of this as the instrument panel for people responsible for enormous pools of money. The software tests what could go wrong, compares results and helps decide how to spread money across investments.
Banks, investment firms and retirement funds pay ongoing fees for the models, data and software because the tools become woven into daily reviews and required controls. MSCI can also feed the calculations straight into a client's own systems or run parts of the process for them. Growth depends on winning slow, expensive organization-wide decisions, not casual monthly sign-ups.
Sustainability and Climate
A $353.9 million FY2025 business selling environmental and corporate-behavior data. In July 2026, MSCI expected repeat-business gains to be roughly zero or slightly negative for two quarters, so renewed demand is the watchpoint.
Competes with ESG Risk Ratings (Morningstar Sustainalytics) · ESG Scores and Raw Data (S&P Global Sustainable1)
In plain English
Here the question is how a company, building or investment might be hurt by a hotter climate, new environmental rules or poor business conduct. MSCI collects evidence, scores those risks and sells tools that trace them down to individual properties.
Investment firms, banks and companies subscribe because they must screen holdings, explain risks and prepare for changing rules. The data can also be folded into MSCI indexes and analytics tools, so one research set gets sold through several doors. Demand has cooled as buyers narrow their spending; the new First Street property models widen the physical-climate offering, but start from a small base.
Real Assets
In Q2 2026, subscriptions were running at $164.0 million a year, up just 2%. Watch whether more property deals restore fresh data and urgency for buyers.
Competes with Sale Comps (CoStar Group) · Data & Analytics (Green Street)
In plain English
A quiet property sale becomes useful raw material here. MSCI gathers transaction details, turns them into comparable property values and performance measures, and lets owners see how an office, shop or warehouse stacks up against similar buildings.
Property investors, managers and lenders pay recurring fees for the database, comparison yardsticks and software that monitor their holdings. More transactions make the picture fresher; thin markets leave fewer clues and less reason to upgrade. The service still earns from its accumulated history, much like a house-price guide built for professional landlords rather than home buyers.
Private Capital Solutions
In Q2 2026, subscriptions were running at $138.6 million a year, up 16% from a small base. Watch whether the UBS collaboration and new tools for checking funds turn broader coverage into paying use.
Competes with Preqin Pro and Benchmarks (BlackRock) · Funds Data and Benchmarks (PitchBook)
In plain English
Private markets are investments in companies and funds that do not trade openly on a stock exchange. Their numbers arrive slowly and in mismatched formats, so comparing one fund with another can feel like sorting unlabeled boxes.
MSCI standardizes those records and sells software for finding funds, checking managers, seeing what lies inside holdings and viewing public and private investments together. Pension funds, endowments and fund managers pay subscriptions because clean comparisons save work and support big decisions about where to put money. The UBS collaboration may improve the product, but its launch timing and what either side will pay have not been disclosed.
IndexThis is the main engine: $1.787 billion in FY2025 revenue, with 43.1% of it moving with money in linked funds and trading. Watch markets, money moving into or out of funds, and clients building their own indexes.This is the main engine: $1.787 billion in FY2025 revenue, with 43.1% of it moving with money in linked funds and trading. Watch markets, money moving into or out of funds, and clients building their own indexes.
In plain English
An index is a rulebook for picking and weighting a group of investments. A fund company can use MSCI's rulebook to build a fund, while retirement-plan managers and exchanges use the same yardstick to compare results or create contracts people can trade.
Customers pay for permission to use the names, rules, membership lists and calculations. Some pay steady subscriptions; others pay more when more investor money sits in funds tied to MSCI's indexes or when trading rises. That makes this both a repeat-license business and a business that swells with markets.
Competes with FTSE Global Equity Index Series (FTSE Russell/LSEG) · S&P Global BMI (S&P Dow Jones Indices) · Index services (Solactive)
BlackRock ETF Index LicenseThis long-running license lets BlackRock's iShares funds use MSCI indexes through at least March 2035. The contract term is long, but the fee base still rises and falls with markets.This long-running license lets BlackRock's iShares funds use MSCI indexes through at least March 2035. The contract term is long, but the fee base still rises and falls with markets.
In plain English
One relationship matters enough to see on its own. BlackRock uses MSCI index names and rules across iShares exchange-traded funds — baskets of investments that people buy and sell like a stock.
BlackRock pays MSCI mostly according to how much investor money sits in those funds. The agreement stretches into the next decade and renews automatically, but the cash it produces can change without either company selling a new product: markets move, investors add or withdraw money, and MSCI's fee changes with them.
Competes with FTSE Global Equity Index Series (FTSE Russell/LSEG) · S&P Global BMI (S&P Dow Jones Indices)
AnalyticsAnalytics brought $714.4 million in FY2025, and 97.6% came from repeat subscriptions and services. Watch whether large financial firms keep adding tools after Q2 2026 revenue eased slightly from the prior quarter.Analytics brought $714.4 million in FY2025, and 97.6% came from repeat subscriptions and services. Watch whether large financial firms keep adding tools after Q2 2026 revenue eased slightly from the prior quarter.
In plain English
Think of this as the instrument panel for people responsible for enormous pools of money. The software tests what could go wrong, compares results and helps decide how to spread money across investments.
Banks, investment firms and retirement funds pay ongoing fees for the models, data and software because the tools become woven into daily reviews and required controls. MSCI can also feed the calculations straight into a client's own systems or run parts of the process for them. Growth depends on winning slow, expensive organization-wide decisions, not casual monthly sign-ups.
Competes with PORT Enterprise (Bloomberg) · Axioma Risk (SimCorp)
Sustainability and ClimateA $353.9 million FY2025 business selling environmental and corporate-behavior data. In July 2026, MSCI expected repeat-business gains to be roughly zero or slightly negative for two quarters, so renewed demand is the watchpoint.A $353.9 million FY2025 business selling environmental and corporate-behavior data. In July 2026, MSCI expected repeat-business gains to be roughly zero or slightly negative for two quarters, so renewed demand is the watchpoint.
In plain English
Here the question is how a company, building or investment might be hurt by a hotter climate, new environmental rules or poor business conduct. MSCI collects evidence, scores those risks and sells tools that trace them down to individual properties.
Investment firms, banks and companies subscribe because they must screen holdings, explain risks and prepare for changing rules. The data can also be folded into MSCI indexes and analytics tools, so one research set gets sold through several doors. Demand has cooled as buyers narrow their spending; the new First Street property models widen the physical-climate offering, but start from a small base.
Competes with ESG Risk Ratings (Morningstar Sustainalytics) · ESG Scores and Raw Data (S&P Global Sustainable1)
Real AssetsIn Q2 2026, subscriptions were running at $164.0 million a year, up just 2%. Watch whether more property deals restore fresh data and urgency for buyers.In Q2 2026, subscriptions were running at $164.0 million a year, up just 2%. Watch whether more property deals restore fresh data and urgency for buyers.
In plain English
A quiet property sale becomes useful raw material here. MSCI gathers transaction details, turns them into comparable property values and performance measures, and lets owners see how an office, shop or warehouse stacks up against similar buildings.
Property investors, managers and lenders pay recurring fees for the database, comparison yardsticks and software that monitor their holdings. More transactions make the picture fresher; thin markets leave fewer clues and less reason to upgrade. The service still earns from its accumulated history, much like a house-price guide built for professional landlords rather than home buyers.
Competes with Sale Comps (CoStar Group) · Data & Analytics (Green Street)
Private Capital SolutionsIn Q2 2026, subscriptions were running at $138.6 million a year, up 16% from a small base. Watch whether the UBS collaboration and new tools for checking funds turn broader coverage into paying use.In Q2 2026, subscriptions were running at $138.6 million a year, up 16% from a small base. Watch whether the UBS collaboration and new tools for checking funds turn broader coverage into paying use.
In plain English
Private markets are investments in companies and funds that do not trade openly on a stock exchange. Their numbers arrive slowly and in mismatched formats, so comparing one fund with another can feel like sorting unlabeled boxes.
MSCI standardizes those records and sells software for finding funds, checking managers, seeing what lies inside holdings and viewing public and private investments together. Pension funds, endowments and fund managers pay subscriptions because clean comparisons save work and support big decisions about where to put money. The UBS collaboration may improve the product, but its launch timing and what either side will pay have not been disclosed.
Competes with Preqin Pro and Benchmarks (BlackRock) · Funds Data and Benchmarks (PitchBook)
Named in filings, launches and programs
- MSCI Market Cap IndexesProduct lineStandard global, regional and country stock-market yardsticks sold inside the Index business.
- MSCI Custom IndexesProduct lineClient-designed index rules whose yearly subscription pace grew 25% in FY2026 Q2.
- GICS DirectProductIndustry-classification data and tools licensed within the Index business.
- RiskMetrics RiskManagerPlatformSoftware for measuring and reporting risk across many kinds of investments.
- BarraOnePlatformCompany-wide software for investment risk, performance and deciding how to spread money.
- AI Portfolio InsightsProductAn AI chat-style tool for exploring groups of investments inside Analytics.
- MSCI Wealth ManagerPlatformFormerly Fabric; software that helps wealth managers analyze and manage client investments.
- MSCI ESG RatingsProductResearch that scores how environmental and business-conduct risks may affect companies.
- MSCI Climate SolutionsProduct lineData and models for emissions, the shift away from carbon and physical climate damage.
- GeoSpatial Asset IntelligenceProductMaps buildings and other physical assets to environmental and climate hazards.
- Real Capital AnalyticsPlatformA database of commercial-property sales and market activity inside Real Assets.
- Portfolio Performance InsightsProductCompares private-property investment results with peer groups and wider markets.
- Index IntelProductProperty comparison yardsticks and tools within Real Assets.
- Total Plan ManagerPlatformCombines publicly traded and private investments into one view for pension funds and other large investors.
- Private Capital TransparencyProductCleans and standardizes private-fund holdings so clients can see what they ultimately own.
- Private Capital IntelProductResearch and comparison data for private funds.
- First StreetBrandAcquired in August 2026, bringing climate models for roughly two billion structures; expected subscriptions were only about $10 million a year.
- UBS Private Markets PartnershipCustomer program · AnnouncedA collaboration to help clients find and compare private-market funds; timing, contract terms and revenue remain undisclosed.
- MSCI ConnectorsEcosystem · RampingLinks MSCI data to ChatGPT, Claude and Microsoft Copilot; Google Gemini support was planned as of FY2026 Q2.
MSCI Market Cap IndexesProduct line
Standard global, regional and country stock-market yardsticks sold inside the Index business.
MSCI Custom IndexesProduct line
Client-designed index rules whose yearly subscription pace grew 25% in FY2026 Q2.
GICS DirectProduct
Industry-classification data and tools licensed within the Index business.
RiskMetrics RiskManagerPlatform
Software for measuring and reporting risk across many kinds of investments.
BarraOnePlatform
Company-wide software for investment risk, performance and deciding how to spread money.
AI Portfolio InsightsProduct
An AI chat-style tool for exploring groups of investments inside Analytics.
MSCI Wealth ManagerPlatform
Formerly Fabric; software that helps wealth managers analyze and manage client investments.
MSCI ESG RatingsProduct
Research that scores how environmental and business-conduct risks may affect companies.
MSCI Climate SolutionsProduct line
Data and models for emissions, the shift away from carbon and physical climate damage.
GeoSpatial Asset IntelligenceProduct
Maps buildings and other physical assets to environmental and climate hazards.
Real Capital AnalyticsPlatform
A database of commercial-property sales and market activity inside Real Assets.
Portfolio Performance InsightsProduct
Compares private-property investment results with peer groups and wider markets.
Index IntelProduct
Property comparison yardsticks and tools within Real Assets.
Total Plan ManagerPlatform
Combines publicly traded and private investments into one view for pension funds and other large investors.
Private Capital TransparencyProduct
Cleans and standardizes private-fund holdings so clients can see what they ultimately own.
Private Capital IntelProduct
Research and comparison data for private funds.
First StreetBrand
Acquired in August 2026, bringing climate models for roughly two billion structures; expected subscriptions were only about $10 million a year.
UBS Private Markets PartnershipCustomer program · Announced
A collaboration to help clients find and compare private-market funds; timing, contract terms and revenue remain undisclosed.
MSCI ConnectorsEcosystem · Ramping
Links MSCI data to ChatGPT, Claude and Microsoft Copilot; Google Gemini support was planned as of FY2026 Q2.