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MSCI

MSCI Q1 2026 Earnings

Reported Apr 21, 2026 at 6:49 AM ET · SEC Source

Q1 26 EPS

$4.55

BEAT +2.13%

Est. $4.46

Q1 26 Revenue

$850.8M

BEAT +1.12%

Est. $841.4M

vs S&P Since Q1 26

-5.7%

TRAILING MARKET

MSCI -2.1% vs S&P +3.5%

Market Reaction

Did MSCI Beat Earnings? Q1 2026 Results

MSCI Inc. Delivered a broad-based beat in the first quarter of 2026, with adjusted EPS of $4.55 topping the $4.46 consensus estimate by 2.13% and marking the company's fourth consecutive quarter of beating expectations. Revenue of $850.80 million cle… Read more MSCI Inc. Delivered a broad-based beat in the first quarter of 2026, with adjusted EPS of $4.55 topping the $4.46 consensus estimate by 2.13% and marking the company's fourth consecutive quarter of beating expectations. Revenue of $850.80 million cleared the $841.35 million consensus by 1.12% and grew 14.1% year-over-year, powered in large part by a 17.7% surge in Index segment revenue to $496.30 million, where asset-based fees climbed 26.6% to $224.50 million as ETF-linked AUM reached $2.40 trillion despite $41.00 billion in market depreciation during the quarter. Operating margin expanded to 53.7% from 50.6%, while total Run Rate grew 12.7% to $3.36 billion, with net new recurring subscription sales up 51.7%, the strongest first quarter since 2022. With record ETF-linked assets continuing to attract institutional demand, MSCI kept its full-year 2026 free cash flow guidance intact at $1.47 to $1.53 billion, reflecting management's confidence that its diversified revenue model can sustain momentum through an uncertain macro environment.

Key Takeaways

  • • Asset-based fees up 26.6% driven by higher AUM in ETFs and non-ETF indexed funds linked to MSCI indexes
  • • Recurring subscription revenues up 8.6% year-over-year
  • • Record Q1 recurring sales in both Index and Analytics segments
  • • Best-ever Q1 recurring net-new sales with hedge funds and banks/broker-dealers
  • • Growth in market cap-weighted and custom Index products
  • • $103 billion in ETF cash inflows during Q1 2026
  • • Discrete tax benefit of $88 million from internal legal entity restructuring reducing effective tax rate to (4.3)%
  • • Operating margin expansion to 53.7% from 50.6%

MSCI Forward Guidance & Outlook

MSCI maintained its full-year 2026 guidance largely unchanged: Operating Expense of $1,490 to $1,530 million; Adjusted EBITDA Expense of $1,305 to $1,335 million; Interest Expense of $274 to $280 million; Depreciation & Amortization Expense updated to $190 to $200 million (from $185 to $195 million); Effective Tax Rate of 18.0% to 20.0% (excluding the $88 million discrete tax benefit from legal entity restructuring); Capital Expenditures of $160 to $170 million; Net Cash Provided by Operating Activities of $1,640 to $1,690 million; and Free Cash Flow of $1,470 to $1,530 million.

24/7 Wall St

MSCI YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

MSCI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“In the first quarter MSCI delivered strong financial and operating metrics, including a record asset-based-fee run rate and our best Q1 of recurring net-new subscription sales since 2022. Among product lines and client segments, we posted record levels of Q1 recurring sales in both Index and Analytics, along with our best-ever Q1 recurring net-new sales with hedge funds and with banks and broker-dealers.”

— Henry A. Fernandez, Q1 2026 Earnings Press Release

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