Msci (MSCI) Operating Expenses (2010 - 2026)
Msci (MSCI) recorded Operating Expenses of $379.5 million in Q2 2026, up 9.2% from $347.4 million a year earlier but down 3.7% from the prior quarter.
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Analysis
Msci (MSCI) Operating Expenses (2010 - 2026) Analysis & Trends
On a TTM basis, Msci's Operating Expenses came in at $1.48 billion as of Jun 30, 2026, up 7.3% year-over-year; for FY2025, it was $1.42 billion, up 7.0% from FY2024.
- Annual Operating Expenses has increased for nine straight years, with a five-year compound annual growth rate of 11.9% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $1.33 billion in FY2024 (+16.0%), $1.14 billion in FY2023 (+9.9%), $1.04 billion in FY2022 (+7.2%) and $970.82 million in FY2021 (+19.8%).
- Quarterly Operating Expenses has ranged from $236.87 million in Q3 2021 to $393.9 million in Q1 2026 over the past five years.
- On a year-over-year basis, Operating Expenses has increased for 14 consecutive quarters, with growth averaging 8.6% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 28.5% in Q4 2021, against a decline of 0.7% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $393.9 million (Q1 2026), $358.91 million (Q4 2025) and $345.74 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 130.92 Bn | 121.51 Bn | 2.98 Bn | 2.35 Bn |
| 2 | Moodys | 83.50 Bn | 75.78 Bn | 1.67 Bn | 1.14 Bn |
| 3 | Msci | 43.53 Bn | 42.01 Bn | 739.80 Mn | 389.90 Mn |
| 4 | Verisk Analytics | 25.14 Bn | 19.78 Bn | 572.90 Mn | 442.60 Mn |
| 5 | Equifax | 20.60 Bn | 19.88 Bn | 940.10 Mn | 1.34 Bn |
| 6 | TransUnion | 15.19 Bn | 12.02 Bn | - | 1.05 Bn |
| 7 | Factset Research Systems | 11.67 Bn | 10.52 Bn | 308.40 Mn | 478.07 Mn |
| 8 | Morningstar | 8.10 Bn | 6.00 Bn | 423.90 Mn | 509.40 Mn |
| 9 | Mastercard | 548.82 Bn | 508.75 Bn | - | 3.69 Bn |
| 10 | Cme | 106.61 Bn | 94.70 Bn | - | 599.10 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 389.90 Mn |
| Jun 30, 2026 | 379.50 Mn |
| Mar 31, 2026 | 393.90 Mn |
| Dec 31, 2025 | 358.91 Mn |
| Sep 30, 2025 | 345.74 Mn |
| Jun 30, 2025 | 347.40 Mn |
| Mar 31, 2025 | 368.80 Mn |
| Dec 31, 2024 | 338.32 Mn |
| Sep 30, 2024 | 323.37 Mn |
| Jun 30, 2024 | 325.34 Mn |
| Mar 31, 2024 | 340.58 Mn |
| Dec 31, 2023 | 319.36 Mn |
| Sep 30, 2023 | 272.13 Mn |
| Jun 30, 2023 | 275.20 Mn |
| Mar 31, 2023 | 277.62 Mn |
| Dec 31, 2022 | 267.46 Mn |
| Sep 30, 2022 | 251.11 Mn |
| Jun 30, 2022 | 251.43 Mn |
| Mar 31, 2022 | 270.97 Mn |
| Dec 31, 2021 | 269.26 Mn |
API Access
Msci Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MSCI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MSCI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MSCI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();