Financial Performance - Operating revenues for Q4 2025 were $822.5 million, an increase of 10.6% compared to Q4 2024[5] - Adjusted EPS for Q4 2025 was $4.66, up 11.5% year-over-year, while diluted EPS decreased by 2.3% to $3.81[5] - Operating income for Q4 2025 was $463.6 million, up 14.4%, with an operating margin of 56.4%[9] - Adjusted EBITDA for Q4 2025 was $512.0 million, a 13.2% increase, with an adjusted EBITDA margin of 62.2%[13] - Net income for Q4 2025 was $284,669,000, a decrease of 6.8% from $305,515,000 in Q4 2024[72] - Total operating revenues for Q4 2025 reached $822,528,000, reflecting a 10.6% increase from $743,509,000 in Q4 2024[74] - Adjusted EBITDA for Q4 2025 was $512,002,000, up 13.2% from $452,254,000 in Q4 2024[74] - Net income for the year ended December 31, 2025, was $1,202,305, compared to $1,109,128 in 2024, reflecting an increase of about 8.4%[70] - Free cash flow for the year ended December 31, 2025, was $1.458585 billion, an increase from $1.386509 billion in 2024, with a forecast of $1.470 billion to $1.530 billion for 2026[87] Revenue Breakdown - Recurring subscription revenues increased by 7.5%, and asset-based fees rose by 20.7% in Q4 2025[5] - New recurring subscription sales grew by 11.7%, with an organic recurring subscription Run Rate growth of 7.7%[5] - Sustainability and Climate segment revenues were $90.3 million, up 5.9%, driven by growth in recurring subscriptions related to Ratings and Climate products[22] - The Index segment's operating revenues reached $479.1 million, a 14.0% increase, with organic operating revenue growth also at 14.0%[15] - Total operating revenues for All Other – Private Assets reached $70.9 million, an increase of 8.4% year-over-year, driven by growth in recurring subscriptions[23] - Recurring subscriptions contributed $70.3 million to operating revenues, up 9.4% from the previous year, with organic operating revenue growth at 6.6%[23] Cash and Debt Management - Cash and cash equivalents stood at $515.3 million, with a target minimum cash balance of $225.0 million to $275.0 million for operational purposes[26] - Total outstanding debt was $6.2 billion, with a total debt to adjusted EBITDA ratio of 3.3x, within the target range of 3.0x to 3.5x[27] - Capital expenditures (Capex) for the quarter were $36.3 million, while net cash provided by operating activities increased by 16.4% to $501.1 million[29] - The company declared a cash dividend of $2.05 per share for Q1 2026, with approximately $134.7 million in dividends paid in Q4 2025[31] Future Guidance - Full-Year 2026 guidance includes operating expenses of $1,490 to $1,530 million and free cash flow of $1,470 to $1,530 million[34] - The company anticipates consolidated adjusted EBITDA expenses for 2026 to be between $1.305 billion and $1.335 billion[85] Customer Metrics - The annualized retention rate is derived by subtracting the cancellation rate from 100%, providing insight into customer loyalty and subscription stability[55] - The total retention rate improved to 93.4% for the three months ended December 31, 2025, up from 93.1% in 2024[79] Asset Management - Total assets as of December 31, 2025, amounted to $5,702,459, an increase from $5,445,439 in 2024, showing a growth of approximately 4.7%[71] - Long-term debt increased to $6,202,286 as of December 31, 2025, compared to $4,510,816 in 2024, indicating a significant rise in leverage[71] - Deferred revenue as of December 31, 2025, was $1,231,776, up from $1,123,423 in 2024, indicating growth in future revenue recognition[71] - Approximately three-fifths of the assets under management (AUM) are invested in securities denominated in currencies other than the U.S. dollar, which may impact revenue due to foreign currency fluctuations[68] Capital Expenditures - Total capital expenditures for the year ended December 31, 2025, were $129.861 million, with capitalized software development costs at $90.542 million[87]

Core Insights - MSCI Inc. reported strong financial results for the fourth quarter and full year 2025, achieving double-digit adjusted EPS growth for the 11th consecutive year and a record asset-based-fee run rate driven by ETF inflows [3][5][12]. Financial Performance - Operating revenues for Q4 2025 were $822.5 million, a 10.6% increase from Q4 2024, with organic operating revenue growth at 10.2% [5][7]. - Operating income rose to $463.6 million, up 14.4%, with an operating margin of 56.4% [9][12]. - Net income decreased by 6.8% to $284.7 million, while diluted EPS was $3.81, down 2.3% [12][67]. - Adjusted EPS increased by 11.5% to $4.66, and adjusted EBITDA was $512.0 million, up 13.2% [12][67]. Revenue Breakdown - Recurring subscription revenues increased by 7.5%, and asset-based fees rose by 20.7% [7][14]. - The Index segment saw operating revenues of $479.1 million, up 14.0%, driven by higher asset-based fees and recurring subscription revenues [13][14]. - The Analytics segment reported operating revenues of $182.3 million, a 5.5% increase, while the Sustainability and Climate segment's revenues were $90.3 million, up 5.9% [17][20]. Run Rate and Retention - Total run rate as of December 31, 2025, was $3,301.6 million, a 13.0% increase, with a retention rate of 93.4% [6][7]. - The Index run rate was $1.9 billion, up 16.2%, while the Analytics run rate was $757.4 million, up 8.4% [16][18]. Expenses and Capital Allocation - Total operating expenses were $358.9 million, up 6.1%, primarily due to higher compensation and benefits costs [7][8]. - Free cash flow for Q4 2025 was $464.8 million, up 17.8% [27]. - The company repurchased $2.47 billion worth of shares and paid $134.7 million in dividends during Q4 2025 [28][29]. Guidance for 2026 - MSCI provided guidance for full-year 2026, projecting operating expenses between $1,490 million and $1,530 million, and free cash flow between $1,470 million and $1,530 million [31][32].

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

周三，明晟公司（MSCI Inc.）对印尼股市的可投资性提出质疑，并警告其或被下调至前沿市场评级，受此消息影响，印尼股市暴跌。 印尼雅加达综合指数在停牌30分钟恢复交易后，跌幅一度扩大至8.8%，最终大幅收跌7.4%，报8,320.56点，创2025年4月8日以来最大单 日跌幅。此次抛售潮的导火索，是明晟宣布将立即暂停多项指数调整举措（包括纳入新成分股），直至印尼监管机构解决上市公司股权 高度集中的相关问题。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 印尼证券交易所运营商周三向记者表示，其正致力于满足明晟对提高市场透明度的要求，并将与明晟协商达成共识。该交易所上市部门 董事伊・格德・尼奥曼・耶特纳（IGede Nyoman Yetna）透露，交易所还计划就合理的流通股比例向市场参与者征求意见。 若印尼未能在5月前在透明度提升方面取得足够进展，明晟将重新评估该国的市场准入评级——此举可能导致印尼所有企业在明晟新兴市 场指数中的权重被下调，甚至可能被直接降级为前沿市场。 在截至1月23日的一周，海外投资者净卖出价值1.92亿美元的印尼本土股票，这是16周以来的首次资金净流出，且抛售潮本周仍在持续。 ...

消息面上，据媒体报道，彭博社报道，MSCI在最新公告中表示，在印尼监管机构解决上市公司股权过于集中的问题之前，将暂停印尼相关指数调整。 MSCI表示，将立即停止新增指数成份股，并冻结增加可供投资者购买的股票数量，理由是持续存在"基本投资可行性问题"，以及投资者对潜在蓄意操纵 价格感到担忧。 报道称，如果印尼在今年5月份之前未能取得足够的透明度改进，MSCI将重新评估该国的市场可投资状况，此举可能导致所有印尼公司在MSCI新兴市场 指数中的权重降低，甚至有可能被降级为前沿市场（frontier-market）。 每经编辑|毕陆名 1月28日，印尼股指大幅跳水，印尼综合指数暴跌8%，一度触发暂停交易30分钟。其中，印尼国有银行、与大型企业集团有关联的公司的权重股都遭遇巨 大的抛售压力。 | < w | | 印尼综指(JKSE) | | Q | | --- | --- | --- | --- | --- | | | | 01-28 13:43:13 | | | | 8261.79 | 昨收 | 8980.23 | 成交额 | 0 | | -718.44 -8.00% | 今开 | 8368.82 | 成交量 | 0 ...

印尼股市突然遭遇"黑天鹅"。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ MSCI表示，将立即停止新增指数成份股，并冻结增加可供投资者购买的股票数量，理由是持续存在"基本投 资可行性问题"，以及投资者对潜在蓄意操纵价格感到担忧。 报道称，如果印尼在今年5月份之前未能取得足够的透明度改进，MSCI将重新评估该国的市场可投资状况， 此举可能导致所有印尼公司在MSCI新兴市场指数中的权重降低，甚至有可能被降级为前沿市场（frontier- market）。 对此，印尼证券交易所表示，印尼金融服务管理局、印尼证交所与印尼中央证券存管机构将继续与MSCI展开 磋商。 当地时间1月28日，印尼股市全线重挫，印尼综合指数（JKSE）暴跌8%，创逾9个月来单日最大跌幅，并触 发暂停交易30分钟。 此次抛售潮源于明晟公司（MSCI）发出的一条措辞严厉的警告，该警告引发了外资对 印尼股票投资价值的新一轮质疑。MSCI表示，鉴于市场对印尼股票自由流通股数量和整体市场准入的持续担 忧，将暂时冻结印尼股票的指数编制。 彭博社数据显示，印尼综合指数中有超过200只成份股的自由流通股比例低于 ...

印尼股市突然遭遇"黑天鹅"。智通财经APP获悉，在指数编制公司MSCI对印尼股市投资可行性提出担忧、并警告所有印尼公司在MSCI新兴市场指数 中的权重可能被降级至前沿市场地位后，印尼股市暴跌并触发交易暂停。截至发稿，印尼雅加达综合指数跌8.67%，创九个多月以来的最大单日跌 幅，导致交易暂停30分钟。跌幅最大的股票包括市场普遍预期将在MSCI下月评估中纳入其指数的几家公司，例如PT Bumi Resources、PT Petrosea和 PT Pantai Indah Kapuk Dua，这些股票均下跌约15%。 印尼监管机构已试图通过计划将最低流通股比例从目前的7.5%提高到10%-15%来缓解担忧，长期目标则是25%，但尚未设定时间表。 这种脱节最明显地体现在印尼雅加达综合指数与MSCI印尼指数之间不断扩大的差距上，前者在去年的表现优于后者的幅度创下纪录。在周三暴跌之 前，印尼股市在今年初期的表现落后于其东南亚同行，当地股指上涨了2.7%，而MSCI东盟指数则飙升了5.3%。 富兰克林邓普顿全球投资的投资组合经理Yiping Liao表示，如果印尼公司被降级，对被动资金流的影响将是巨大的，"由于对宏观经济 ...

这家总部位于纽约的公司表示，对于印尼，它将立即停止对其指数的任何新增，并冻结其对国际投资者 可购买股票数量估值的上调，以 "降低指数周转和可投资性风险"。 北京时间14：43，印尼股市周三暴跌8%，触发市场暂停交易，原因是指数提供商 MSCI 以所有权结构 和自由流通量数据缺乏透明度为由指出了可投资性风险，并提出了下调印尼股市评级的可能性。 据悉，印尼股市交易将于30分钟后恢复。 MSCI表示，如果到5月份印尼股市的透明度仍无明显改善，它将重新评估印尼股市对全球投资者的可投 资性。重新评估可能会降低印尼股票在MSCI新兴市场指数中的权重，甚至将其降级为前沿市场地位。 MSCI还表示，投资者 "担心可能出现破坏正常价格形成的协调交易行为"。与此同时，MSCI 表示不会 对其指数做出任何与印尼有关的调整。 印尼证券交易所（IDX）、证券登记结算机构 （KSEI） 和金融监管机构OJK表示，他们正在与MSCI讨 论此事。 IDX 公司秘书 考萨尔·普里马迪·努拉赫马德（Kautsar Primadi Nurahmad）表示："此前，我们通过在 IDX 网站上发布自由浮动数据公告来提高透明度。但是，如果MSCI认为这 ...

中国基金报记者 泰勒 大家好，先关注一下印尼股市的消息，刚刚崩盘了。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 1月28日，印尼股市崩盘，主要股指跌暴跌8%，触发了熔断机制。 【导读】印尼股市崩盘了 消息面上，指数编制公司MSCI在对印尼证券自由流通股的评估中发现了"根本性的可投资性问题"。 印尼交易所运营方表示，将与MSCI及本地监管机构就数据透明度继续磋商，以达成共识。该机构补充 称，交易所已采取措施提升透明度，例如在交易所网站公布自由流通股（free float）数据。 新加坡Maybank Securities的主经纪业务交易主管Tareck Horchani表示："MSCI的冻结措施只是发出警 告，并非最终判决，市场已经开始为负面结果计入一定概率，这也解释了我们在那些指数权重较高的印 尼股票上看到的压力。" 截至1月23日当周，全球投资者净卖出1.92亿美元的印尼本地股票，结束了此前连续16周的净流入；而 本周迄今他们仍为净卖出。 这一决定也与MSCI先前提出的计划有关：收紧对"自由流通股"的定义——即可供交易的股份数量，也 是决定股票在基准指数中权 ...

责任编辑：王永生 MSCI明晟将就可能将希腊重新归入发达市场征求意见， MSCI明晟将就希腊从新兴市场地位一步到位 重新归类为发达市场地位的可能性征求意见，目标在8月指数评估时实施。 MSCI明晟称，国际机构投 资者最近提供的反馈意见支持针对希腊的情况豁免规模和流动性持续性规则的决定。投资者将欧盟视为 高度整合的经济和金融集团，对希腊市场分类的差别对待显得不一致。 责任编辑：王永生 MSCI明晟将就可能将希腊重新归入发达市场征求意见， MSCI明晟将就希腊从新兴市场地位一步到位 重新归类为发达市场地位的可能性征求意见，目标在8月指数评估时实施。 MSCI明晟称，国际机构投 资者最近提供的反馈意见支持针对希腊的情况豁免规模和流动性持续性规则的决定。投资者将欧盟视为 高度整合的经济和金融集团，对希腊市场分类的差别对待显得不一致。 ...