MSCI Earnings: Mostly as Expected; Solid Retention but Weak New Sales

MSCI’s first-quarter revenue increased 10% to $746 million and adjusted EBITDA increased 11% to $426 million. Its retention rate improved to 95.3% versus 93.7% in 2024, but gross subscription sales of $53 million were down from $57 million last year. MSCI also maintained its 2025 expense outlook.