Every material Form 8-K MSCI has filed with the SEC since December 17, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
MSCI reported third-quarter 2026 operating revenues of $892.0 million, up 12.4%, and diluted EPS of $4.86, up 14.4%, though net income rose a smaller 7.9% to $351.0 million. The company raised its full-year 2026 interest expense guidance to $288 million to $291 million, while keeping most other guidance unchanged, and declared a $2.05 per share dividend.
Q3 2026 operating revenues were $892.0 million, up 12.4%; net income was $351.0 million, up 7.9%.
Diluted EPS was $4.86, up 14.4%; adjusted EPS was $5.11, up 14.3%.
Full-year 2026 interest expense guidance was raised to $288 million to $291 million from $282 million to $286 million.
Board declared a cash dividend of $2.05 per share, payable November 27, 2026, to holders of record as of November 13, 2026.
MSCI's board appointed Chief Financial Officer Andrew C. Wiechmann as interim principal accounting officer, effective August 10, 2026, following the previously disclosed departure of its Global Controller and Chief Accounting Officer. Kristine Johnson was named interim Global Controller on the same date, reporting to Wiechmann. The filing describes these as interim arrangements until a successor is designated, and no new compensation arrangements were entered into for Wiechmann in this role.
Andrew C. Wiechmann, CFO, becomes interim principal accounting officer effective August 10, 2026, while remaining CFO and principal financial officer
Kristine Johnson appointed interim Global Controller effective August 10, 2026, reporting to Wiechmann
Johnson has been Commercial Controller and Head of Revenue Operations since April 2025; previously Head of External Reporting from August 2022 to April 2025
No new compensatory arrangements for Wiechmann tied to the interim role
MSCI reported second-quarter 2026 operating revenues of $867.0 million, up 12.2%, and diluted EPS of $4.69, up 19.6%. The company raised its full-year 2026 operating expense and adjusted EBITDA expense guidance, citing the First Street acquisition and higher incentive compensation accruals, so shareholders will see higher projected costs alongside faster revenue growth.
Operating revenues were $867.0 million, up 12.2%; net income was $342.0 million, up 12.6%; diluted EPS was $4.69, up 19.6%.
Full-year 2026 operating expense guidance was raised to $1,535 to $1,575 million from $1,490 to $1,530 million.
Asset-based fees rose 26.6% to $233.1 million in the Index segment, while Analytics adjusted EBITDA margin fell to 46.5% from 52.1%.
Share repurchases totaled $145.0 million during the quarter, and a $2.05 per share dividend was declared for payment on August 28, 2026.
MSCI reported first-quarter 2026 operating revenues of $850.8 million, up 14.1%, and net income of $406.0 million, up 40.7%. Net income includes an $88 million discrete tax benefit tied to an internal legal entity restructuring, and adjusted EPS rose a smaller 13.8% to $4.55. Full-year 2026 guidance was left unchanged except for depreciation and amortization expense, which was raised to $190 million to $200 million from $185 million to $195 million.
Operating revenues were $850.8 million, up 14.1%, with organic growth of 13.3%.
Diluted EPS was $5.53, up 49.1%; adjusted EPS was $4.55, up 13.8%.
An $88 million discrete tax benefit from a restructuring lowered the effective tax rate to (4.3)% from 12.8%.
Full-year 2026 depreciation and amortization guidance rose to $190 million to $200 million; other guidance items were unchanged.
MSCI said its Global Controller and Chief Accounting Officer, C. Jack Read, plans to resign to pursue another opportunity. He will stay in the role and as principal accounting officer until August 9, 2026, and the company says his decision was not due to any disagreement on financial statements, internal controls, operations, policies or practices. MSCI has started a search for a successor, so shareholders will see a leadership change in a key finance role but no financial results are reported in this filing.
C. Jack Read informed MSCI on March 27, 2026 of his intention to resign as Global Controller and Chief Accounting Officer.
Read will remain in his roles and as principal accounting officer until August 9, 2026.
The company states the resignation was not due to any disagreement on financial statements, internal controls, operations, policies or practices.
MSCI has initiated a process to identify a successor.
MSCI and its subsidiary MSCI Limited amended their index license agreements with BlackRock Fund Advisors for exchange-traded funds, extending the term to March 31, 2035, with auto-renewals of three years thereafter unless notice is given. The amendment revises license fees for certain funds starting January 1, 2026, with further changes effective January 1, 2027, and the filing says it does not otherwise make material changes to the existing fee structure.
Amendment dated January 27, 2026 extends the Existing ETF Agreements to March 31, 2035
After 2035, each agreement auto-renews for successive three-year periods unless either party gives written notice of termination before the term ends
License fees for certain funds change starting January 1, 2026, with additional changes effective January 1, 2027, based on each fund's expense ratio and assets under management
MSCI reported fourth-quarter 2025 operating revenues of $822.5 million, up 10.6%, and full-year 2025 revenues of $3,134.5 million, up 9.7%. Fourth-quarter diluted EPS fell 2.3% to $3.81 and net income fell 6.8%, while adjusted EPS rose 11.5% to $4.66, and the company gave 2026 guidance for operating expenses, free cash flow and other items.
Q4 2025 operating revenues were $822.5 million, up 10.6%, and operating income was $463.6 million, up 14.4%.
Q4 diluted EPS was $3.81, down 2.3%, and net income was $284.7 million, down 6.8%; the company cited higher interest expense and an $11.8 million loss on a minority investee write-off.
Full-year 2025 diluted EPS was $15.69, up 11.7%, and the board declared a $2.05 quarterly dividend for Q1 2026, up 13.9%.
Full-year 2026 guidance includes free cash flow of $1,470 to $1,530 million and adjusted EBITDA expense of $1,305 to $1,335 million.
MSCI said President and COO C.D. Baer Pettit will retire. He stepped down as COO effective November 12, 2025, and remains President and a board member until March 1, 2026, when he will also leave the board and advise the company through the third quarter of 2026. Chairman and CEO Henry Fernandez will take the President title, with no change to his compensation, and the board will shrink from twelve to eleven directors.
Pettit ceased serving as COO effective November 12, 2025, and will leave the President role and board on March 1, 2026.
Henry A. Fernandez, Chairman and CEO, becomes President effective March 1, 2026, with no change to his compensation.
The board size is reduced from twelve to eleven directors effective March 1, 2026.
Alvise Munari was named Head of Client Segments in addition to Chief Product Officer; Jorge Mina was named Chief Operating Officer in addition to Head of Analytics.
MSCI reported third-quarter 2025 operating revenues of $793.4 million, up 9.5%, and diluted EPS of $4.25, up 19.0%, with an operating margin of 56.4%. The Board also authorized a new $3.0 billion share repurchase program on October 25, 2025, which replaces the program authorized on October 28, 2024. Full-year 2025 operating expense guidance was narrowed upward at the low end to $1,415 to $1,445 million, and the cash dividend was set at $1.80 per share.
Operating revenues of $793.4 million, up 9.5%; diluted EPS of $4.25 versus $3.57 a year earlier
New share repurchase authorization of up to $3.0 billion approved October 25, 2025
Full-year 2025 operating expense guidance of $1,415 to $1,445 million, versus $1,405 to $1,445 million previously
Cash dividend of $1.80 per share declared October 27, 2025, payable November 28, 2025
On August 20, 2025, MSCI Inc. entered into a Third Amended and Restated Credit Agreement that increases its aggregate revolving commitments to $1.60 billion from $1.25 billion and extends the availability period to August 20, 2030. The company used proceeds from its August 2025 senior notes offering to repay all outstanding borrowings under the prior facility, so no revolving loans were outstanding when the new facility took effect. The filing describes the terms as largely unchanged, with a few covenant and pricing modifications, and the larger, longer-dated facility gives the company more borrowing capacity.
Aggregate revolving commitments increased to $1.60 billion from $1.25 billion
Availability period extended to August 20, 2030
Prior borrowings fully repaid using proceeds of August 2025 senior notes offering; no revolving loans outstanding at effectiveness
Eliminates the 0.10% Term SOFR adjustment and converts interest coverage covenant to quarter-end testing only if the company loses investment-grade ratings from at least two of Moody's, S&P or Fitch
MSCI reported second-quarter 2025 operating revenues of $772.7 million, up 9.1%, and diluted EPS of $3.92, up 16.3%, from a year earlier. Operating margin rose to 55.0% from 54.0%, while the Retention Rate slipped to 94.4% from 94.8%. The company also gave full-year 2025 guidance in ranges, including free cash flow of $1,400 to $1,460 million, and declared a $1.80 per share dividend for the third quarter.
Operating revenues of $772.7 million, up 9.1%; organic growth of 8.3%
Diluted EPS of $3.92, up 16.3%; adjusted EPS of $4.17, up 14.6%
Retention Rate of 94.4%, compared with 94.8% in second quarter 2024
Board declared a $1.80 per share dividend for Q3 2025, payable August 29, 2025
MSCI reported first-quarter 2025 results on April 22, 2025, with operating revenues of $745.8 million, up 9.7%, and diluted EPS of $3.71, up 15.2%. The company also issued full-year 2025 guidance, including operating expenses of $1,405 to $1,445 million and free cash flow of $1,400 to $1,460 million, and declared a $1.80 per share dividend for the second quarter. For shareholders, the headline revenue and profit measures improved, although the filing does not compare the new guidance with any prior guidance.
Operating revenues of $745.8 million, up 9.7%; organic operating revenue growth of 9.9%
Diluted EPS of $3.71, up 15.2%; adjusted EPS of $4.00, up 13.6%
Operating margin of 50.6% versus 49.9%; net income of $288.6 million, up 12.8%
Cash dividend of $1.80 per share declared April 21, 2025, payable May 30, 2025
MSCI director Wayne Edmunds, a board member since 2015, told the company on February 23, 2025 that he will retire and not stand for re-election at the 2025 Annual Meeting of Shareholders. The filing says his decision is not due to any disagreement with management or the board about operations, policies or practices, and the board intends to shrink from thirteen to twelve members at that meeting.
Wayne Edmunds notified MSCI of his retirement decision on February 23, 2025.
He has served on the board since 2015 and sits on the Audit and Risk Committee and the Compensation, Talent and Culture Committee.
The board intends to reduce its size from thirteen to twelve members at the 2025 Annual Meeting of Shareholders.
MSCI's board committee approved a one-time $15.0 million stock option award for Chairman and CEO Henry Fernandez, with three tranches whose exercise prices of $1,000, $1,100 and $1,200 sit well above the $590.73 closing price on January 30, 2025. The committee also raised his annual long-term equity incentive pay from $11.6 million to $14.6 million, effective January 27, 2025, which matters to shareholders because it sets how CEO pay is tied to share price and performance.
One-time option award with a $15.0 million grant-date value, split equally across three tranches with exercise prices of $1,000, $1,100 and $1,200
Hurdles represent premiums of about 69.3%, 86.2% and 103.1% over the January 30, 2025 closing price of $590.73
Options vest on the fifth anniversary of the grant date, which is on or around January 31, 2025, and have a ten-year term
Annual long-term equity incentive pay rose from $11.6 million to $14.6 million, effective January 27, 2025
MSCI reported fourth-quarter 2024 operating revenues of $743.5 million, up 7.7%, and adjusted EPS of $4.18, up 13.6%. Diluted EPS fell 23.1% to $3.90 as net income declined 24.3%, which the company attributed in part to a $143.0 million one-time gain on its Burgiss investment in the prior-year quarter. The company also gave full-year 2025 guidance and declared a first-quarter 2025 dividend of $1.80 per share, up 12.5%.
Q4 2024 operating revenues $743.5 million, up 7.7%; net income $305.5 million, down 24.3%
Diluted EPS $3.90, down 23.1%; adjusted EPS $4.18, up 13.6%
Full-year 2025 guidance includes adjusted EBITDA expense of $1,220 to $1,250 million and free cash flow of $1,400 to $1,460 million
Quarterly dividend of $1.80 per share declared, up 12.5%, payable February 28, 2025
MSCI Inc. appointed June Yang as an independent director, effective December 17, 2024, which brings the Board to thirteen directors. Ms. Yang previously held senior cloud and AI roles at Google Cloud and is a director at NetApp and UiPath, and the filing says she has never been employed by MSCI.
Board appointment made December 16, 2024; effective December 17, 2024; Board will have thirteen directors
Annual cash or stock retainer of $90,000, plus restricted stock units with an aggregate fair market value of $210,000, prorated from her start date
Initial RSU award is scheduled to vest May 1, 2025
Previously Vice President, Cloud AI and Industry Solutions at Google Cloud Inc. (October 2021 to December 2023); director of NetApp, Inc. since September 2024 and UiPath, Inc. since February 2024
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