U.S. COMPANY FILING
MSCI Inc. — Form 10-K filed 2026-02-06
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MSCI reported 2025 revenue of $3.13 billion, up 9.7% YoY; net income of $1.20 billion, up 8.4%. Adjusted EBITDA rose 11.1% to $1.91 billion. Share repurchases reduced shares outstanding by 5.4%. Largest client BlackRock accounted for 10.8% of revenue. Risks include client concentration, debt, and tax changes.
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