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MSCI

MSCI Q2 2026 Earnings

Reported Jul 21, 2026 at 6:46 AM ET · SEC Source

Q2 26 EPS

$4.94

MISS 0.51%

Est. $4.97

Q2 26 Revenue

$867.0M

MISS 0.21%

Est. $868.8M

Market Reaction

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 t… Read more 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

MSCI 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.

24/7 Wall St

MSCI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MSCI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“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.”

— Henry A. Fernandez, Q2 2026 Earnings Press Release

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