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% |
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.