MSCI (MSCI) Q3 2026 Earnings
How Did MSCI Stock React to Q3 2026 Earnings?
Did MSCI Beat Earnings? Q3 2026 Results
Yes. MSCI reported Q3 2026 earnings of $5.11 a share on Oct 20, 2026, beating the $5.03 consensus estimate by 1.7%. Revenue was $892.0M against a $888.0M estimate.
MSCI Inc. posted a clean beat across the board in the third quarter of 2026, with adjusted EPS of $5.11 topping the $5.03 consensus estimate by 1.68% and revenue of $892.00 million edging past expectations by 0.45% while growing 12.4% year over year. The standout driver was a 24.9% surge in asset-based fees to $246.60 million, fueled by record ETF assets under management linked to MSCI indexes reaching $2.90 trillion at quarter end, a figure that underscores the durable demand for MSCI's index franchise. The Index segment led all divisions with $532.60 million in revenue, up 18.1%, while recurring subscription revenues across the company grew 7.7% to $623.60 million. Adjusted EBITDA margin held firm at 62.2%, even as operating expenses rose 12.8% and interest expense climbed to $74.80 million on $6.80 billion in total debt. Management largely reiterated full-year 2026 guidance, nudging interest expense estimates modestly higher and narrowing the effective tax rate range to 18.0%-19.5%, signaling steady confidence in the company's trajectory heading into the fourth quarter.
- Asset-based fees surged 24.9% driven by record ETF AUM linked to MSCI indexes reaching $2,905 billion at period end
- Recurring subscription revenues grew 7.7% driven by asset managers, hedge funds, and banking & brokerage client segments
- Index recurring subscription Run Rate organic growth of 11.7% driven by market cap-weighted and custom Index products
- Best-ever recurring net-new sales in Analytics and Private Capital Solutions
- Best-ever Q3 recurring net-new sales in Index
- Best-ever quarter with asset owners and in Asia-Pacific region
- Retention Rate improved to 95.0% from 94.7% year-over-year
- Share repurchases reduced weighted average diluted shares by 5.6% year-over-year
“In the third quarter MSCI delivered strong financial and operating metrics, including our best-ever recurring net-new sales in Analytics and Private Capital Solutions, our best-ever Q3 recurring net-new sales in Index, and another record quarter for asset-based fees. Among client segments and regions, we achieved our best-ever quarter both with asset owners and in Asia-Pacific.”
MSCI CEO, on the earnings call
What Is MSCI's Outlook?
MSCI reiterated most of its Full-Year 2026 guidance: Operating Expense of $1,535–$1,575 million, Adjusted EBITDA Expense of $1,340–$1,370 million, D&A Expense of $195–$205 million, Capital Expenditures of $160–$170 million, Net Cash from Operating Activities of $1,655–$1,705 million, and Free Cash Flow of $1,485–$1,545 million. Interest Expense guidance was raised to $288–$291 million (from $282–$286 million). The Effective Tax Rate range was narrowed to 18.0%–19.5% (from 18.0%–20.0%). The company entered Q4 with solid momentum and strong client engagement across its franchise.
MSCI YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $892.0M | $793.5M | +12.4% |
| Operating Income | $502.1M | $447.7M | +12.2% |
| Net Income | $351.0M | $325.4M | +7.9% |
MSCI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.