Core Insights - MSCI reported strong financial performance for Q3 2025, with record recurring sales in its Index and Analytics product lines, and a significant increase in asset-based fees driven by growth in assets under management (AUM) [3][4][6] Financial Highlights - Operating revenues reached $793.4 million, a 9.5% increase year-over-year, with organic operating revenue growth of 9.0% [4][6] - Operating income was $447.7 million, up 11.6%, resulting in an operating margin of 56.4% [4][9] - Net income increased by 15.8% to $325.4 million, with diluted EPS rising 19.0% to $4.25 [4][11] - Adjusted EBITDA was $494.4 million, reflecting a 9.7% increase, with an adjusted EBITDA margin of 62.3% [4][12] Revenue Breakdown - Recurring subscription revenues grew by 7.9%, while asset-based fees surged by 17.1% [4][6] - The Index segment saw operating revenues of $451.2 million, an 11.4% increase, driven by higher asset-based fees and recurring subscription revenues [14][15] - The Analytics segment reported operating revenues of $182.2 million, up 5.7%, primarily from recurring subscriptions [17][18] - Sustainability and Climate segment revenues increased by 7.7% to $90.1 million, driven by growth in recurring subscriptions [20][21] Client Metrics - The total Run Rate as of September 30, 2025, was $3,186.5 million, up 10.1%, with a retention rate of 94.7% [7][4] - Organic recurring subscription Run Rate growth was 7.4% [7] Capital Allocation - MSCI repurchased $1,248.9 million worth of shares, with an average repurchase price of $559.95 [4][28] - Approximately $137.4 million in dividends were paid to shareholders, with a cash dividend of $1.80 per share declared for Q4 2025 [4][29] Guidance - MSCI provided guidance for Full-Year 2025, projecting operating expenses between $1,415 million and $1,445 million, and net cash provided by operating activities between $1,540 million and $1,590 million [31][30]