---
title: "MSCI: Business Model & Revenue Engine"
description: "MSCI revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/msci/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# MSCI: Business Model & Revenue Engine

## Direct Answer

MSCI reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Index is the largest, with $1.8 billion of revenue (57% of the total), followed by Analytics at $714 million (23%). 40% of revenue came from the United States.

## How Does MSCI Make Money?

No single line supplies a majority of revenue: the largest, Index, is 57%, which spreads MSCI's exposure across several demand drivers. Between fiscal 2024 and 2025, Index grew fastest (+11.9%) and Analytics slowest (+5.8%), so the revenue mix tilts toward Index while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Index | $1.8 billion | $1.6 billion | 57.0% | 11.9% |
| Analytics | $714 million | $675 million | 22.8% | 5.8% |
| Sustainability and Climate | $354 million | $327 million | 11.3% | 8.4% |
| All Other | $279 million | $258 million | 8.9% | 8.1% |

![Bar chart of MSCI revenue by segment for fiscal 2025: Index 57.0%, Analytics 22.8%, Sustainability and Climate 11.3%, All Other 8.9%.](https://www.getswoopr.com/images/charts/msci-business-model-segment-mix.webp)
*MSCI revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does MSCI Sell?

MSCI also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Recurring Subscriptions | $2.3 billion | $2.1 billion | 72.7% | 7.8% |
| Asset Based Fees | $771 million | $658 million | 24.6% | 17.2% |
| Non Recurring | $85 million | $84 million | 2.7% | 1.1% |

## Where Does MSCI's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $1.3 billion | $1.2 billion | 40.4% | 8.4% |
| Other Europe Middle East and Africa Countries | $698 million | $632 million | 22.3% | 10.5% |
| United Kingdom | $543 million | $480 million | 17.3% | 13.3% |
| Other Asia and Australia Countries | $357 million | $332 million | 11.4% | 7.4% |
| Other America Countries | $141 million | $129 million | 4.5% | 9.1% |
| Japan | $128 million | $114 million | 4.1% | 11.8% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of MSCI's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value MSCI reported in the segment note and revenue disclosures of its Form 10-K filed February 6, 2026 (accession 0001408198-26-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are MSCI's business segments?

In its fiscal 2025 Form 10-K, MSCI reports revenue for Index, Analytics, Sustainability and Climate and All Other.

### Which part of MSCI brings in the most revenue?

Index, with $1.8 billion of revenue in fiscal 2025, or 57% of the total.

### How much of MSCI's revenue comes from outside the United States?

60% in fiscal 2025, by the geographic breakdown MSCI reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: MSCI Inc. Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/1408198/000140819826000011/msci-20251231.htm)
- [SEC EDGAR: MSCI Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1408198&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [MSCI company dossier](https://www.getswoopr.com/stocks/companies/msci/)
- [MSCI financial metrics](https://www.getswoopr.com/stocks/companies/msci/metrics/)
- [MSCI financial risk indicators](https://www.getswoopr.com/stocks/companies/msci/risks/)
- [MSCI peer comparison](https://www.getswoopr.com/stocks/companies/msci/competitors/)
- [MSCI business model and revenue mix](https://www.getswoopr.com/stocks/companies/msci/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).