MSCI Q2 2026: Record ETF AUM Fuels 17.5% Index Revenue Growth
As seen on the 24/7 Wall St. homepage on July 21, 2026.
MSCI snapped a five-quarter earnings beat streak with a hair-miss on Q2 EPS, but the real story is the 26.6% surge in asset-based fees from record $2.82 trillion in ETF assets under management, driving Index segment revenue up 17.5% and pushing full-year free cash flow guidance higher to $1.49 billion to $1.55 billion.
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MSCI reported Q2 2026 EPS of $4.94 against an estimate of $4.97, snapping a five-quarter streak of earnings beats by the slimmest of margins — less than half a percent. Revenue came in at $867 million, just a hair under the $868.8 million consensus, continuing a streak of steady top-line growth that has seen quarterly revenue climb from $707.9 million in Q2 2024.
The headline EPS figure obscures a genuinely strong operational quarter. Asset-based fees surged 26.6%, powered by a record $2.82 trillion in ETF assets under management linked to MSCI indexes. That momentum drove Index segment revenue up 17.5%, underscoring how closely MSCI's fortunes are tied to the continued growth of passive investing worldwide.
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Management responded to the strength by lifting full-year free cash flow guidance to a range of $1.49 billion to $1.55 billion. For investors, the key thing to watch going forward is whether ETF AUM can hold at or above that record level — since asset-based fees move directly with market values, any sustained equity market pullback would pressure that line even as subscription revenues remain more stable.
Mentioned: MSCI