明晟公司MSCI北欧国家指数涨0.4%，报357.00点，创7月10日以来收盘新高，北欧医疗保健板块领跑。 北欧石油精炼与销售公司耐斯特（Neste Oyj）涨12.8%，领跑一众成分股。 ...

Group 1 - MSCI Nordic Countries Index increased by 1.7%, marking the best single-day performance since May 12, when it rose by 1.8%, closing at 355.32 points [1] - The Nordic healthcare sector led the gains in the index [1] - Volvo Group's Class B shares surged by 6.8%, outperforming other constituents [1]

Core Insights - MSCI reported Q2 FY2025 adjusted earnings per share of $4.17, slightly above analyst estimates, and revenue of $772.7 million, just ahead of expectations [1][2] - Operating margin improved to 55.0%, up one percentage point year-over-year, indicating enhanced profitability [1][2][10] - New recurring subscription sales slowed, particularly in ESG and climate-related products, suggesting caution in certain product lines [1][7] Financial Performance - Adjusted EPS increased by 14.6% year-over-year from $3.64 to $4.17 [2] - Revenue grew by 9.1% from $707.9 million in Q2 2024 to $772.7 million in Q2 2025 [2] - Adjusted EBITDA rose by 10.3% to $474.4 million, while free cash flow decreased by 6.3% to $301.6 million [2][10] Business Segments Overview - The Index segment generated revenue of $434.8 million, a 9.5% increase, with recurring subscriptions up 8.6% and asset-based fees rising 12.7% [5][6] - The Sustainability & Climate segment reported GAAP revenue of $88.9 million, an 11.3% increase, but net new recurring sales dropped 64.5% [7] - The Analytics segment achieved 7.1% revenue growth to $177.7 million, while the Private Assets segment recorded a 9.7% increase to $71.2 million [8] Strategic Focus and Developments - MSCI is enhancing its investment tools, focusing on sustainability and climate offerings, and integrating advanced technology like AI into its services [4] - The company emphasizes index innovation, deep client engagement, and adapting to regulatory developments and investment trends [4] - Strategic partnerships, such as with Moody's for private credit analytics, are aimed at bolstering future growth [9] Operational Metrics - Operating expenses increased by 6.8%, primarily due to higher headcount and compensation [10] - The company maintained a free cash flow of $301.6 million, with share repurchases totaling $131.2 million and a quarterly dividend of $1.80 per share declared for Q3 2025 [10] Future Outlook - Management projects FY2025 operating expenses between $1.41 billion and $1.45 billion, with free cash flow expected to be $1.40–$1.46 billion [11] - Investors are advised to monitor trends in recurring subscription sales and asset-based fee growth, as well as the evolution of sustainability products [12]

Part I – Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements reflect revenue and net income growth, a slight asset decrease, and strong operating cash flow despite significant financing outflows [Condensed Consolidated Statements of Financial Condition](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Total assets slightly decreased to $5.37 billion while the total shareholders' deficit improved, driven by retained earnings growth as of June 30, 2025 Condensed Consolidated Statements of Financial Condition (as of June 30, 2025 vs. Dec 31, 2024) | Account | June 30, 2025 ($ thousands) | Dec 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **5,373,676** | **5,445,439** | | Cash and cash equivalents | 347,318 | 409,351 | | Goodwill | 2,925,600 | 2,915,167 | | **Total Liabilities** | **6,259,884** | **6,385,436** | | Deferred revenue (Current) | 1,060,335 | 1,123,423 | | Long-term debt | 4,513,028 | 4,510,816 | | **Total Shareholders' Equity (Deficit)** | **(886,208)** | **(939,997)** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The company reported year-over-year growth in operating revenues, net income, and diluted EPS for both the second quarter and first half of 2025 Q2 & H1 2025 Financial Performance (YoY) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YoY Change | H1 2025 ($ thousands) | H1 2024 ($ thousands) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenues | 772,679 | 707,949 | +9.1% | 1,518,505 | 1,387,914 | +9.4% | | Operating Income | 425,234 | 382,608 | +11.1% | 802,257 | 721,990 | +11.1% | | Net Income | 303,650 | 266,758 | +13.8% | 592,250 | 522,712 | +13.3% | | Diluted EPS | $3.92 | $3.37 | +16.3% | $7.63 | $6.59 | +15.8% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow remained strong but slightly decreased, while financing activities saw a significant cash outflow due to share repurchases and dividend payments Cash Flow Summary for Six Months Ended June 30 | Cash Flow Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 637,875 | 649,385 | | Net cash used in investing activities | (67,467) | (79,458) | | Net cash used in financing activities | (642,824) | (575,859) | | Net (decrease) in cash | (62,033) | (10,292) | - Major uses of cash in financing activities for H1 2025 included **$351.6 million for share repurchases** and **$283.5 million for dividend payments**[24](index=24&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue recognition, segment information, debt structure, shareholder equity activities, and identify BlackRock as a significant customer - In Q1 2025, the "ESG and Climate" segment was renamed to **"Sustainability and Climate"** to better reflect its offerings, with no change to its composition or historical results[31](index=31&type=chunk) - **BlackRock, Inc.** accounted for **10.3%** of the company's consolidated operating revenues for the six months ended June 30, 2025, up slightly from 10.1% in the prior year period[32](index=32&type=chunk) - The company completed the acquisition of **Fabric RQ, Inc. for $16.1 million** and **Foxberry Ltd. for $42.6 million** in the first half of 2024[44](index=44&type=chunk)[45](index=45&type=chunk) - As of June 30, 2025, the company had **$4.54 billion in total principal debt outstanding**, primarily composed of senior unsecured notes with maturities ranging from 2029 to 2033[52](index=52&type=chunk)[53](index=53&type=chunk) - The company repurchased **514,000 shares for $286.6 million** in the first six months of 2025, with **$1.25 billion remaining** available under the 2024 Repurchase Program as of June 30, 2025[64](index=64&type=chunk)[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights strong revenue growth across all segments, stable operating metrics, and active capital return to shareholders through dividends and buybacks [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q2 2025 saw 9.1% revenue growth driven by recurring subscriptions and asset-based fees, outpacing the 6.8% rise in operating expenses Q2 2025 Revenue by Type (YoY) | Revenue Type | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | % Change | | :--- | :--- | :--- | :--- | | Recurring subscriptions | 562,768 | 521,469 | 7.9% | | Asset-based fees | 184,072 | 163,281 | 12.7% | | Non-recurring | 25,839 | 23,199 | 11.4% | | **Total operating revenues** | **772,679** | **707,949** | **9.1%** | Q2 2025 Operating Expenses by Type (YoY) | Expense Type | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | % Change | | :--- | :--- | :--- | :--- | | Compensation and benefits | 216,927 | 200,618 | 8.1% | | Non-compensation expenses | 81,373 | 79,724 | 2.1% | | Amortization of intangible assets | 43,760 | 40,773 | 7.3% | | Depreciation & amortization | 5,385 | 4,226 | 27.4% | | **Total operating expenses** | **347,445** | **325,341** | **6.8%** | - The effective tax rate for Q2 2025 was **19.6%**, down from 21.5% in Q2 2024, driven by non-taxable adjustments on contingent consideration related to prior acquisitions[121](index=121&type=chunk) [Segment Results](index=36&type=section&id=Segment%20Results) All segments reported revenue growth in Q2 2025, with the Index segment remaining the largest contributor and most segments showing expanded Adjusted EBITDA margins Q2 2025 Segment Performance (YoY) | Segment | Operating Revenues ($ thousands) | YoY Change | Adjusted EBITDA ($ thousands) | YoY Change | Adjusted EBITDA Margin % | | :--- | :--- | :--- | :--- | :--- | :--- | | Index | 434,833 | +9.5% | 330,158 | +7.5% | 75.9% | | Analytics | 177,703 | +7.1% | 92,606 | +13.4% | 52.1% | | Sustainability and Climate | 88,911 | +11.3% | 31,677 | +32.4% | 35.6% | | All Other - Private Assets | 71,232 | +9.7% | 19,938 | +14.8% | 28.0% | - The average value of AUM in ETFs linked to MSCI equity indexes for Q2 2025 was **$1,868.7 billion**, an increase of **17.5%** from Q2 2024, driving growth in asset-based fees[140](index=140&type=chunk) [Operating Metrics](index=39&type=section&id=Operating%20Metrics) Total Run Rate grew 10.7% year-over-year to $3.11 billion, while the company-wide annualized Retention Rate remained strong at 94.4% Run Rate by Segment (as of June 30, 2025) | Segment | Run Rate ($ thousands) | YoY Growth % | Organic Growth % | | :--- | :--- | :--- | :--- | | Index | 1,726,010 | 12.2% | 12.2% | | Analytics | 730,640 | 8.3% | 6.8% | | Sustainability and Climate | 369,759 | 10.8% | 6.5% | | All Other - Private Assets | 280,313 | 7.6% | 6.0% | | **Total** | **3,106,722** | **10.7%** | **9.6%** | Q2 2025 Sales Metrics (vs. Q2 2024) | Metric ($ thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | New recurring subscription sales | 75,188 | 82,777 | | Subscription cancellations | (31,346) | (27,362) | | **Net new recurring subscription sales** | **43,842** | **55,415** | - The total annualized **Retention Rate was 94.4%** for Q2 2025, compared to 94.8% for Q2 2024[176](index=176&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position while actively returning capital to shareholders through significant share repurchases and dividend payments - As of June 30, 2025, the company had **$4.2 billion in senior notes** and **$337.0 million in revolving loans** outstanding[179](index=179&type=chunk) - The company repurchased **514,000 shares** at an average price of $557.70 for a total of **$286.6 million** during the six months ended June 30, 2025[186](index=186&type=chunk) - On July 21, 2025, the Board of Directors declared a quarterly cash dividend of **$1.80 per share** for Q3 2025[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to foreign currency exchange risk, with a significant portion of revenues and expenses denominated in non-U.S. dollar currencies - For H1 2025, **16.6% of revenues** were subject to foreign currency risk, primarily from the Euro (42.2%), British pound (32.6%), and Japanese yen (18.2%)[197](index=197&type=chunk) - For H1 2025, **41.2% of operating expenses** were denominated in foreign currencies, with significant exposure to the British pound, Indian rupee, Euro, Hungarian forint, Mexican peso, and Swiss franc[200](index=200&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[202](index=202&type=chunk) - **No changes** in internal control over financial reporting occurred during Q2 2025 that have materially affected, or are reasonably likely to materially affect, internal controls[203](index=203&type=chunk) Part II – Other Information [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) Management believes that the outcomes of various pending legal and regulatory matters will not materially affect the company's financial condition - MSCI states that while it is subject to various legal proceedings, it does not expect the disposition of currently pending matters to have a **material effect** on its business or financial condition[206](index=206&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - The company reports **no material changes** to the risk factors previously disclosed in its 2024 Annual Report on Form 10-K[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its share repurchase program in Q2 2025, buying back 250,818 shares and leaving $1.25 billion available for future repurchases Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Program | Approx. Value Remaining ($ millions) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 230,271 | $521.08 | 230,271 | $1,260 | | May 2025 | 1,812 | $552.88 | — | $1,260 | | June 2025 | 20,547 | $546.31 | 20,547 | $1,249 | | **Total** | **252,630** | **$523.36** | **250,818** | **$1,249** |

Key Takeaways MSCI's Q2 EPS rose 14.6% Y/Y to $4.17, beating estimates; revenue grew 9.1% to $772.68 million. Recurring subscriptions and asset-based fees rose 7.9% and 12.7% Y/Y, driving MSCI's top-line growth. MSCI's operating margin expanded 100 bps to 55%, while adjusted EBITDA margin reached 61.4%.MSCI’s (MSCI) second-quarter 2025 adjusted earnings of $4.17 per share beat the Zacks Consensus Estimate by 0.24% and increased 14.6% year over year.MSCI's revenues rose 9.1% year over year to $772.68 milli ...

Financial Data and Key Metrics Changes - MSCI reported revenue growth of over 9% in Q2 2025, adjusted EBITDA growth of over 10%, and adjusted earnings per share growth of almost 15% [7] - Free cash flow exceeded $300 million, with $286 million worth of shares repurchased year-to-date at an average price of $557 per share [7] - Total run rate growth was 11%, driven by record AUM levels in ETF products linked to MSCI indices, and asset-based fee run rate growth was 17% [7][8] Business Line Data and Key Metrics Changes - Subscription run rate growth was double-digit across banks, broker-dealers, wealth managers, hedge funds, and asset owners, with notable growth of 10% in banks and broker-dealers, 12% in hedge funds, and 17% in wealth managers [15][17][20] - The index and asset-based fee franchise was highlighted as a key growth engine, with total equity index ETF AUM linked to MSCI indices surpassing $2 trillion for the first time [9] - Private assets saw a run rate growth of nearly 13%, with significant product launches enhancing capabilities in private capital solutions [10][11] Market Data and Key Metrics Changes - MSCI captured more indexed equity ETF cash flows than any other index provider during the quarter, with total index ETF and non-ETF AUM balances tracking MSCI indices reaching $6 trillion [9] - Equity ETFs linked to MSCI indexes experienced $49 billion of inflows, capturing 29% of all inflows into indexed equity ETFs [26] - Subscription run rate growth for sustainability and climate solutions was 11%, with 18% growth in Europe [29] Company Strategy and Development Direction - MSCI is focused on expanding its capabilities in private assets and enhancing its integrated franchise to create powerful network effects for clients [12][14] - The company is adapting its tools to capture new opportunities in sustainability and climate, despite current cyclical slowdowns [13] - There is a strong emphasis on innovation and developing new solutions for diverse client segments, particularly in the fast money segment [8][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the rotation of assets from the U.S. market to international markets, which is expected to boost the asset-based fee business [36] - The company anticipates that the current dynamics in the market will persist for the next several quarters, with a focus on maintaining and enhancing retention rates [32][44] - Management acknowledged challenges in the active asset management industry but emphasized the potential for growth in non-active segments and the wealth management sector [42][65] Other Important Information - MSCI's retention rate for private assets remained stable at slightly over 91% [31] - The company is seeing promising growth potential among insurance companies for products supporting index-linked annuities and climate tools [24] - MSCI's guidance remains unchanged across all categories, indicating confidence in its financial model [32] Q&A Session Summary Question: Potential help from asset flows into international markets - Management noted that the rotation of assets from the U.S. to international markets is a significant boost for the asset-based fee business, with $6 trillion of client assets indexed to MSCI indices [36] Question: Accelerating growth in subscription business - Management indicated that to accelerate total subscription run rate, non-active asset managers need to grow faster, and they are focusing on creating new products and enhancing client engagement [42][44] Question: Impact of consolidation on results - Management acknowledged ongoing consolidation trends but expressed confidence that it would not significantly impact forecasts or pipelines [48] Question: Retention rates in analytics and sustainability - Management explained that retention rates can be lumpy and noted elevated cancels from hedge funds and corporate advisors, but overall retention with asset managers remains solid at around 96% [55] Question: Sales environment and outlook - Management characterized the sales environment as consistent with recent quarters, with a healthy pipeline of products and client engagement [60] Question: Demand for custom indexes - Management remains confident in the growth potential for custom indexes, despite slight fluctuations in quarterly numbers [70] Question: Positioning with active ETFs - Management highlighted significant growth opportunities in active ETFs, with ongoing dialogues with active asset managers and a focus on enhancing product offerings [75]

Financial Data and Key Metrics Changes - MSCI reported revenue growth of over 9% in Q2 2025, adjusted EBITDA growth of over 10%, and adjusted earnings per share growth of almost 15% [6][24] - Free cash flow exceeded $300 million year-to-date, with $286 million worth of shares repurchased at an average price of $557 per share [6][24] - Total run rate growth was 11%, driven by record AUM levels in ETF products linked to MSCI indices, and asset-based fee run rate growth was 17% [6][24] Business Line Data and Key Metrics Changes - Subscription run rate growth was double-digit across various client segments, including 10% for banks and broker dealers, 12% for hedge funds, and 17% for wealth managers [14][19] - The index and asset-based fee franchise was identified as a key growth engine, with strong ABF run rate growth reflecting the importance of MSCI indices in global investing [7][24] - Private assets saw a run rate growth of nearly 13%, with significant product launches enhancing capabilities [10][11] Market Data and Key Metrics Changes - Total equity index ETF AUM linked to MSCI indices surpassed $2 trillion for the first time, driving total AUM balances to $6 trillion [8][24] - Equity ETFs linked to MSCI indexes experienced $49 billion of inflows during Q2, capturing 29% of all inflows into indexed equity ETFs [24] - Indexed equity ETFs linked to MSCI Developed Markets ex U.S. Indexes captured $32 billion, representing over 50% of all flows into DM ex U.S. indexed equity ETFs [24] Company Strategy and Development Direction - MSCI is focused on expanding its capabilities in private capital solutions and enhancing its product offerings to drive adoption across the investment community [10][11] - The company aims to leverage its integrated franchise to create powerful network effects for clients, particularly in sustainability and climate solutions [12][13] - MSCI is adapting its tools to capture new opportunities in the sustainability space despite current cyclical slowdowns [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the company, emphasizing the importance of asset-based fees and the transformation towards non-active asset management client segments [60][62] - The current dynamics in the market are expected to persist for the next several quarters, with a focus on maintaining and enhancing retention rates across client segments [28][51] - Management highlighted the ongoing demand for climate solutions and the need for banks and insurance companies to understand climate risks [92][94] Other Important Information - MSCI's retention rate for private assets remained stable at slightly over 91% [28] - The company completed its largest deal ever for MSCI Wealth Manager during the quarter, indicating strong demand for unified solutions [19][24] - MSCI is seeing promising growth potential among insurance companies, particularly for products supporting index-linked annuities and climate tools [21][22] Q&A Session Summary Question: Potential help from asset flows into international markets - Management noted that the rotation of assets from the U.S. to international markets is a significant boost for the asset-based fee business, with $6 trillion of client assets indexed to MSCI indices [34] Question: Accelerating growth for asset managers - Management indicated that to accelerate total subscription run rate, non-active asset managers need to grow faster, and they are focusing on creating new products and enhancing sales efforts [39][40] Question: Impact of consolidation on results - Management acknowledged ongoing consolidation in the industry but does not expect it to significantly impact results in the near term [45] Question: Retention rates and outlook - Management explained that retention rates can be lumpy, with recent lower retention in analytics and sustainability due to client events and budget pressures [50][51] Question: Sales environment and outlook - Management characterized the sales environment as consistent with recent quarters, with a healthy pipeline of products and sustained favorable market dynamics [55][56] Question: Demand for custom indexes - Management remains confident in the growth opportunity for custom indexes, despite slight fluctuations in quarterly numbers [66] Question: Active ETFs and market positioning - Management highlighted significant growth opportunities in active ETFs, with ongoing dialogues with active asset managers [72][73] Question: Cost guidance and market assumptions - Management reiterated that expense guidance remains unchanged, with AUM levels expected to influence costs towards the middle of the guidance range [78][79] Question: Growth opportunities in fixed income and wealth management - Management expressed confidence in sustaining growth rates in fixed income and wealth management, with ongoing investments in capabilities [82][83] Question: Deceleration in hedge fund subscription growth - Management noted that the hedge fund segment is inherently lumpy, and recent deceleration is not indicative of long-term trends [86][87] Question: Acceleration of non-active subscription growth - Management indicated that significant opportunities exist in the fast money segment and wealth management, with ongoing efforts to prioritize and build up these areas [90][92]

Core Viewpoint - MSCI Nordic Countries Index experienced a slight increase of less than 0.01%, closing at 349.94 points, with the healthcare sector leading the gains in the region [1] Group 1: Index Performance - MSCI Nordic Countries Index rose slightly, closing at 349.94 points [1] - The increase in the index was minimal, recorded at less than 0.01% [1] Group 2: Sector Performance - The healthcare sector in the Nordic region outperformed other sectors [1] - Novo Nordisk led the individual stock performance with a rise of 3.2% [1]

Second Quarter 2025 Earnings Presentation July 22, 2025 © 2025 MSCI Inc. All rights reserved. Introduction → Forward-Looking Statements 2 → This earnings presentation contains forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI's Full-Year 2025 guidance and MSCI's long-term targets. These forward-looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as kn ...

Core Insights - MSCI reported revenue of $772.68 million for the quarter ended June 2025, reflecting a year-over-year increase of 9.1% and an EPS of $4.17, up from $3.64 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate by 0.12%, while the EPS exceeded the consensus estimate by 0.24% [1] Financial Performance Metrics - Period-End AUM in ETFs linked to MSCI equity indexes reached $2.02 billion, surpassing the estimated $1.75 billion [4] - Index Run Rate for recurring subscriptions was $968.71 million, slightly below the average estimate of $971.21 million [4] - Total Run Rate for total recurring subscriptions was $2.35 billion, slightly above the average estimate of $2.34 billion [4] - Total Retention Rate was 94.4%, lower than the estimated 95.3% [4] - Operating Revenues from ESG and Climate were $88.91 million, exceeding the estimate of $88.56 million, marking an 11.3% increase year-over-year [4] - Operating Revenues from Asset-based fees totaled $184.07 million, above the estimate of $181.01 million, representing a 12.7% year-over-year increase [4] - Operating Revenues from Analytics were $177.7 million, slightly above the estimate of $176.9 million, with a year-over-year increase of 7.1% [4] - Operating Revenues from Private Assets were $71.23 million, exceeding the estimate of $70.32 million, reflecting a 9.7% year-over-year increase [4] - Operating Revenues from Index were $434.83 million, slightly below the estimate of $436.41 million, with a year-over-year increase of 9.5% [4] - Non-recurring Operating Revenues from Index were $15.11 million, below the estimate of $17.24 million, representing a 10.5% year-over-year decline [4] - Operating Revenues from Index Asset-based fees were $184.07 million, above the estimate of $181.01 million, with a year-over-year increase of 12.7% [4] - Operating Revenues from Index Recurring subscriptions were $235.65 million, below the estimate of $238.16 million, with a year-over-year increase of 8.6% [4] Stock Performance - MSCI shares returned +4.1% over the past month, compared to the Zacks S&P 500 composite's +5.9% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]