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- **Revenue Growth**: 9% organic growth, driven by 27% Index subscription sales and 16% Analytics expansion.
- **AI Innovation**: $15-20M AI-powered product sales in Q3; targeting 5-15% expense reduction through AI.
- **Private Credit Expansion**: Launching 60+ indices and credit assessments with Moody's to become the private credit data leader.
- **Active ETF Momentum**: $30B AUM growth, 10% QoQ, with no impact on traditional asset management.
- **Margin Outlook**: AI to drive margin expansion via cost savings and new product revenue.

**【CEO Summary Section】**
- **Strong Financial Performance**: Q3 organic revenue growth of 9%, adjusted EBITDA up 10%, and EPS growth of 15%. $1.25 billion in share repurchases year-to-date, with $3 billion authorized for future buybacks.
- **Index Franchise Momentum**: 27% recurring net new subscription sales growth in Index, driven by ETFs linked to MSCI indexes capturing $46 billion in inflows. Asset-based fee run rate growth of 17%.
- **Analytics Expansion**: 16% recurring net new sales growth in Analytics, with hedge funds adopting risk tools. Launched private credit factor model and MSCI PACS taxonomy for private asset classification.
- **AI Integration**: Leveraging AI to enhance products (e.g., geospatial data sets) and reduce costs. AI-powered products contributed $15-20 million in Q3 sales, with potential for 5-15% expense reduction.
- **Client Segment Expansion**: Growing presence in wealth management, private credit, and PCS, with deals in private capital indexes and risk management tools.

**【CFO Financial Commentary】**
- **Index Growth**: Asset-based fee run rate up 17%, ETF AUM at $2.2 trillion. Subscription run rate growth of 9%, with 8% growth among asset managers. New Index products generated $16 million in 12-month sales.
- **Analytics Performance**: 7% subscription run rate growth, 29% increase in Equity Solutions sales. Sustainability & Climate retention rate at 94%, with geospatial tools gaining traction.
- **Private Capital Solutions**: $6 million in new recurring sales, success across wealth, GPs, and endowments. Total plan offering shows momentum.
- **AI Cost Efficiency**: AI reducing operational expenses, with $100 million+ savings potential. Reinvesting savings into innovation to drive growth.

**【Q&A Highlights】**
- **Private Credit Strategy**: Partnering with Moody's for credit assessments, launching 60+ private credit indices. Aiming to become the trusted data source for private credit funds.
- **Active ETFs Growth**: $30 billion AUM in active ETFs, 10% QoQ growth. No cannibalization of traditional asset management; AI-driven index creation enhances offerings.
- **Pipeline Momentum**: Healthy product pipeline in Index, Analytics, and PCS. Sustainability challenges offset by growth in equity and fixed income indices.
- **AI Margin Impact**: AI to boost margins via cost reduction and new product monetization. 2026 target: 5-15% expense reduction through AI adoption.

MSCI Inc. (MSCI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

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Other Items Before Net Income

Net Income

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Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

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Diluted EPS from Discontinued Operations

MSCI

MSCI fundamentals

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