Risk Sleuth
MSCI · 10-K filed 6 Feb 2026 · year to 31 Dec 2025

MSCI

33 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

BlackRock

earns from · 10.8% of our consolidated operating revenuesnamed as a risk
For the fiscal year ended December 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues.Risk factors (Item 1A)

Partners and platforms

Cloud service providers

depends onnamed as a risk
Certain Vendor Products are concentrated among a small number of suppliers, and we also rely on major cloud and infrastructure providers to host and deliver certain products and services, so an adverse negotiation, dispute or renewal outcome with, or our inability to replace, a key supplier or to obtain comparable data or services on acceptable terms could affect our costs or ability to deliver products and services.Risk factors (Item 1A)

Also named by ALLY, BAC, BX, C, EFX, HLT, IDXX, LNC and 5 more

S&P Dow Jones Indices

Our Index segment also includes revenues from licenses of GICS Direct, the global industry classification standard jointly developed and maintained by MSCI and S&P Dow Jones Indices, a division of S&P Global Inc.Business (Item 1)

Also named by CBOE

Other companies

Revolving Credit Facility (JPMorgan Chase Bank)

depends on · $300.0 million outstandingnamed as a risk
As of December 31, 2025, there was $300.0 million outstanding under the Revolving Credit Facility.Risk factors (Item 1A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

Competitors

FTSE Russell

competes with
Among our Index competitors are S&P Dow Jones Indices LLC (a joint venture of S&P Global Inc. and CME Group Inc.); FTSE Russell, a subsidiary of the London Stock Exchange Group plc; Nasdaq Inc; Bloomberg Finance L.P. (“Bloomberg”); and Solactive AG.Business (Item 1)

Also named by CBOE, CME, TW

S&P Dow Jones Indices

competes with
Among our Index competitors are S&P Dow Jones Indices LLC (a joint venture of S&P Global Inc. and CME Group Inc.); FTSE Russell, a subsidiary of the London Stock Exchange Group plc; Nasdaq Inc; Bloomberg Finance L.P. (“Bloomberg”); and Solactive AG.Business (Item 1)

Also named by CBOE

Bloomberg

competes with
Our Analytics offerings compete with those from a range of competitors, including Axioma (part of SimCorp), BlackRock Solutions, Bloomberg, and FactSet Research Systems Inc.Business (Item 1)

Also named by TW

FactSet Research Systems

competes with
Our Analytics offerings compete with those from a range of competitors, including Axioma (part of SimCorp), BlackRock Solutions, Bloomberg, and FactSet Research Systems Inc.Business (Item 1)

Sustainalytics (Morningstar)

competes with
Our Sustainability and Climate offerings compete with a range of companies that issue sustainability and climate data, ratings or research, including Sustainalytics Holding B.V. (a part of Morningstar, Inc.), Institutional Shareholder Services Inc. (majority owned by Deutsche Börse AG), S&P Global Inc., Refinitiv (a London Stock Exchange Group business) and Bloomberg.Business (Item 1)

Places

Asia Pacific

operates in · 51% of MSCI employees
As of December 31, 2025, we employed 6,268 people, of which 51% of MSCI employees were located in the Asia Pacific region, 24% in Europe, Middle East and Africa, 16% in the U.S. and Canada, and 9% in Mexico and Brazil.Business (Item 1)

Also named by AIG, AVY, BLK, BNY, CCK, CL, COHR, DCI and 17 more

United States

concentrated innamed as a risk
A portion of our revenues are from asset-based fees or fees based on trading volumes and some of these revenue streams are concentrated in some of our largest clients, including BlackRock, and in our largest market, the U.S.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China

named as a risk
Views expressed by the media, politicians, other government officials or representatives, regulators, NGOs and other advocacy groups, industry associations or other third parties regarding our company, our industry or our role in the investment process—including allegations or suggestions that we have biases, lack independence or encourage investment in, or divestment from, certain companies, countries or regions or in support of certain causes or trends—and the impact of political and geopolitical tensions relating to countries, industries, companies or issues relevant to our products and services, such as the inclusion of certain Chinese companies in our indexes or the focus on ESG or sustainable investing and climate considerations, could negatively impact our reputation and credibility.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Commodities and inputs

Euro

exposed to its price · 43% was in Eurosnamed as a risk
Of the 16% of non-U.S. dollar exposure for the year ended December 31, 2025, 43% was in Euros, 32% was in British pounds sterling and 18% was in Japanese yen.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound sterling

exposed to its price · 32% was in British pounds sterlingnamed as a risk
Of the 16% of non-U.S. dollar exposure for the year ended December 31, 2025, 43% was in Euros, 32% was in British pounds sterling and 18% was in Japanese yen.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Japanese yen

exposed to its price · 18% was in Japanese yennamed as a risk
Of the 16% of non-U.S. dollar exposure for the year ended December 31, 2025, 43% was in Euros, 32% was in British pounds sterling and 18% was in Japanese yen.Market risk (Item 7A)

Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more

Indian rupee

exposed to its price · Approximately 42% and 41% of our operating expensesnamed as a risk
Approximately 42% and 41% of our operating expenses for the years ended December 31, 2025 and 2024, respectively, were denominated in foreign currencies, the significant majority of which were denominated in British pounds sterling, Indian rupees, Euros, Hungarian forints and Mexican pesos.Market risk (Item 7A)

Also named by ACN, ADBE, AJG, AVY, BEN, CIEN, CTSH, EEFT and 11 more

Secured Overnight Financing Rate (SOFR)

exposed to its pricenamed as a risk
Any borrowings under the Revolving Credit Facility under our Credit Agreement are primarily based on the Secured Overnight Financing Rate (“SOFR”), and certain factors may impact SOFR, including factors causing SOFR to cease to exist, new methods of calculating SOFR to be established, or the use of alternative reference rates.Risk factors (Item 1A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

Stock exchange data

depends onnamed as a risk
For example, we require certain stock exchange data to construct equity indexes.Business (Item 1)

Regulators

European Securities and Markets Authority (ESMA)

subject tonamed as a risk
In the European Union, MSCI Deutschland GmbH (a subsidiary of MSCI Inc.) is authorized by Germany’s Federal Financial Supervisory Authority (BaFin) and by the European Securities and Markets Authority (ESMA) as a benchmark administrator for applicable MSCI indexes.Business (Item 1)

Also named by MCO, SPGI

Financial Conduct Authority (FCA)

subject to
In the United Kingdom, MSCI Limited (a subsidiary of MSCI Inc.) is authorized by the Financial Conduct Authority (FCA) as a benchmark administrator for applicable MSCI indexes.Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

BaFin

subject to
In the European Union, MSCI Deutschland GmbH (a subsidiary of MSCI Inc.) is authorized by Germany’s Federal Financial Supervisory Authority (BaFin) and by the European Securities and Markets Authority (ESMA) as a benchmark administrator for applicable MSCI indexes.Business (Item 1)

Also named by BR, EVR, MKL, RJF

Cyberspace Administration of China

subject to
MSCI Limited is registered with Cyberspace Administration of China as a foreign institution supplying financial information services in China.Business (Item 1)

Also named by GTLB, MU, WMT

Securities and Exchange Board of India (SEBI)

subject to
MSCI ESG Ratings and Research Private Limited (a subsidiary of MSCI Inc.) is in the process of surrendering its certificate of registration with the Securities and Exchange Board of India (SEBI) as an ESG Ratings Provider, following a strategic review by the Company.Business (Item 1)

Laws and programs

OECD BEPS Pillar 2

subject to · 15% global minimum taxnamed as a risk
Changes in tax laws, including the implementation of a 15% global minimum tax under OECD BEPS Pillar 2, uncertainty regarding its application to U.S.-based companies, potential state-level divergence from federal tax legislation in the U.S. and abroad and potential corporate tax rate increases in the U.S. and abroad could materially affect our tax liabilities, effective tax rate and compliance costs.Risk factors (Item 1A)

Inflation Reduction Act of 2022

subject tonamed as a risk
Additionally, the Inflation Reduction Act of 2022 introduced an excise tax on share repurchases, which has increased our cost of share repurchases.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

EU Artificial Intelligence Act

subject tonamed as a risk
Emerging AI regulations, such as the European Union’s Artificial Intelligence Act, impose requirements for transparency, fairness and oversight of AI systems.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

Investment Advisers Act

subject tonamed as a risk
For instance, in the United States, the SEC has previously sought public comment on the role of index providers and whether they are acting as investment advisers under the Investment Advisers Act.Risk factors (Item 1A)

Also named by APO, NLY

EU Benchmark Regulation (EU BMR)

subject tonamed as a risk
For indexes that remain subject to EU regulation, ESMA’s supervision may result in additional compliance obligations for our business.Risk factors (Item 1A)

Also named by SPGI

UK Benchmarks Regulation (UK BMR)

subject tonamed as a risk
Depending on the outcome, these changes could affect the regulatory status of certain of our benchmarks, alter our compliance obligations or impact our ability to offer certain products to UK-regulated clients.Risk factors (Item 1A)

EU ESG Ratings Regulation (EU) 2024/3005

subject tonamed as a risk
We may incur significant costs to achieve and maintain authorization, modify our operations or product offerings and comply with ongoing supervisory requirements.Risk factors (Item 1A)

UK ESG ratings legislation

subject tonamed as a risk
The UK has adopted separate legislation to regulate ESG ratings providers beginning in June 2028, the requirements of which are still being developed.Risk factors (Item 1A)

ESMA Guidelines on ETFs and other UCITS Issues

subject tonamed as a risk
These requirements could increase the compliance obligations for benchmark administrators, affect the eligibility of certain indexes for use in UCITS funds and influence the demand for specific products.Risk factors (Item 1A)

U.S. Executive Order on Chinese company securities

subject tonamed as a risk
For example, a U.S. Executive Order prohibiting many of our clients from transacting in the securities of certain Chinese companies resulted in our decision to remove these companies from relevant indexes to support our clients’ needs for indexes to be replicable in investment portfolios.Risk factors (Item 1A)