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MSCI10-K: Major contract win

BlackRock remains largest client, accounting for 10.8% of total revenue in 2025

What happened

MSCI's largest client, BlackRock, represents a significant revenue concentration at 10.8% of 2025 operating revenues. This dependency underscores the critical importance of the relationship, with 96.5% of that revenue tied to asset-based fees from BlackRock's ETFs.

Source

SEC EDGARFeb 6, 2026

Annual report (Form 10-K)

MSCI 10-K for FY2025

Filing excerpt

For the year ended December 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues, with 96.5% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETF products that are based on our indexes.

sec.gov/Archives/edgar/data/1408198/000140819826000011/msci-20251231.htmRead the full source

Other signals in this filing (11)

Extracted by Autobound

From the Signal API record
Signal
10-K: Major contract win

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 6, 2026

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The full record

From the Signal API record

Numbers

Percent
10.8% (of consolidated operating revenues from largest client, BlackRock)

Details

CIK
1408198
Accession number
0001408198-26-000011
Timeframe
Current year
Filing year
2026
Why it matters
Scaling needs
Signal category
Revenue

Extraction

Confidence
High
Relevance
90%
Sentiment
Neutral
Detected
Feb 10, 2026
signal_type
sec-10k
signal_subtype
majorContractWin

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/92e697bf-5fa7-414d-9477-312047193f74 returns this record as JSON. POST /v1/companies/enrich returns every signal for msci.com.

{
  "signal_id": "92e697bf-5fa7-414d-9477-312047193f74",
  "signal_type": "sec-10k",
  "signal_subtype": "majorContractWin",
  "detected_at": "2026-02-10T07:49:57.816+00:00",
  "company": {
    "name": "MSCI",
    "domain": "msci.com"
  },
  "data": {
    "detail": "MSCI's largest client, BlackRock, represents a significant revenue concentration at 10.8% of 2025 operating revenues. This dependency underscores the critical importance of the relationship, with 96.5% of that revenue tied to asset-based fees from BlackRock's ETFs.",
    "metrics": {
      "pct": 0.108,
      "timeframe": "current_year",
      "pct_context": "of consolidated operating revenues from largest client, BlackRock"
    },
    "summary": "BlackRock remains largest client, accounting for 10.8% of total revenue in 2025",
    "excerpts": "For the year ended December 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues, with 96.5% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETF products that are based on our indexes.",
    "relevance": 0.9,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/1408198/000140819826000011/msci-20251231.htm",
    "filing_date": "2026-02-06",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Scaling needs",
    "signal_category": "revenue"
  }
}

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