Companies /Financial Services

MSCI Inc

NYSE: MSCI Financial Data & Stock Exchanges
$554.61
▲ $7.01 (+1.28%) today
Markets closed · 10:33pm ET

Q2 2026 Earnings

Reported Jul 21, 2026, 6:46am ET · SEC source
$4.94
Miss −0.51%
EPS · est. $4.97
$867.0M
Miss −0.21%
Revenue · est. $868.8M
−0.7%
Trailing market
MSCI vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−5%0+5%Jul 21Jul 22report 6:46am ETearnings+0.5%−5.6%
−5%0+5%Jul 21Jul 22earnings+0.5%−5.6%
MSCI −5.6%S&P 500 +0.5%
−5%0+5%Jul 21Jul 22report 6:46am ETearnings+0.4%−5.6%
−5%0+5%Jul 21Jul 22earnings+0.4%−5.6%
MSCI −5.6%NASDAQ +0.4%
−5%0+5%Jul 20Jul 29report 6:46am ETearnings−0.5%−1.6%
−5%0+5%Jul 20Jul 29earnings−0.5%−1.6%
MSCI −1.6%S&P 500 −0.5%
−5%0+5%Jul 20Jul 29report 6:46am ETearnings−3.9%−1.6%
−5%0+5%Jul 20Jul 29earnings−3.9%−1.6%
MSCI −1.6%NASDAQ −3.9%
−10.14%
Day of report
+1.64%
Next session
+3.14%
One week
+1.25%
30 days

S&P 500 over the same 30 days: +1.91%.

Did MSCI Beat Earnings? Q2 2026 Results

MSCI Inc. posted a narrow earnings miss in the second quarter of 2026, with adjusted EPS of $4.94 falling just 0.51% short of the $4.97 consensus estimate, snapping a five-quarter streak of beating EPS expectations, while revenue of $867.00 million trailed the $868.81 million forecast by 0.21%. Despite the slight shortfall against estimates, the underlying business showed genuine momentum, with revenue climbing 12.2% year over year as a 26.6% surge in asset-based fees and record ETF assets under management linked to MSCI indexes reaching $2.82 trillion at quarter-end drove the Index segment to $511.00 million in revenue, up 17.5%. Operating margin widened to 56.2% from 55.0% a year ago, reflecting the company's asset-light model and strong recurring subscription retention rate of 95.3%. Looking ahead, MSCI raised its full-year free cash flow guidance to $1.49 billion to $1.55 billion and lifted expense guidance to reflect the pending $120.00 million acquisition of climate risk data provider First Street Technology, expected to close in Q3 2026.

Key Takeaways
  • Asset-based fees up 26.6% driven by record ETF AUM linked to MSCI indexes
  • Recurring subscription revenues up 9.0%
  • Organic operating revenue growth of 12.2%
  • Index recurring subscription Run Rate organic growth of 11.1%
  • Retention Rate improved to 95.3% from 94.4%
  • Strong performance with asset managers, hedge funds, and banking & brokerages client segments
  • Effective tax rate decreased to 18.0% from 19.6% due to US tax law changes
  • Weighted average diluted shares outstanding down 5.9% year-over-year

“In the second quarter MSCI delivered strong financial results along with a record asset-based-fee run rate and accelerated run-rate growth in Index and Private Capital Solutions. We also achieved strength in recurring net-new sales across key client segments and geographies, including our best quarter ever with hedge funds and our best Q2 with asset owners.”

MSCI CEO, on the earnings call

Forward Guidance & Outlook

MSCI updated its full-year 2026 guidance: Operating Expense of $1,535M–$1,575M (up from $1,490M–$1,530M); Adjusted EBITDA Expense of $1,340M–$1,370M (up from $1,305M–$1,335M); Interest Expense of $282M–$286M (up from $274M–$280M); D&A Expense of $195M–$205M (up from $190M–$200M); Effective Tax Rate of 18.0%–20.0% (unchanged); Capital Expenditures of $160M–$170M (unchanged); Net Cash from Operating Activities of $1,655M–$1,705M (up from $1,640M–$1,690M); Free Cash Flow of $1,485M–$1,545M (up from $1,470M–$1,530M). The higher expense guidance reflects the impact of recent acquisitions including First Street, stronger-than-expected AUM-driven topline momentum, higher incentive compensation accruals, and additional growth investments. The updated guidance assumes the First Street acquisition closes in Q3 2026.

MSCI YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$900.0M$772.7M$867.0MRevenue$425.2M$487.5MOperating Income$303.6M$342.0MNet Income
$0$300.0M$600.0M$900.0MRevenueOperating IncomeNet Income

MSCI Revenue by Segment

Index$511.0M+17.5%
Analytics$189.4M+6.6%
Sustainability and Climate$91.9M+3.4%
All Other - Private Assets$74.7M+4.9%
Private Assets

Figures from SEC filings and company reports. Not investment advice.