MSCI Revenue Rises 12.4%, Earnings Per Share Beat Estimates

Key Facts

MSCI said on 20 October 2026 that operating revenue rose 12.4% year on year to $892.0 million for the three months ended 30 September 2026. Revenue exceeded analysts' consensus estimate of $887.82 million, according to Investing.com, which reported the comparison with market expectations for the quarter. Adjusted earnings per share were $5.11, compared with analysts' estimate of $5.02, according to the same website. The company said in its earnings release that adjusted earnings per share rose 14.3% from the year-earlier period. Both revenue and earnings per share therefore grew year on year and exceeded the analyst estimates cited by Investing.com.

Operating revenue also rose from the previous quarter, when the company reported $867.0 million for the second quarter of 2026, according to that period's earnings release. Second-quarter revenue had grown 12.2% year on year, a slower pace than in the third quarter. Adjusted earnings per share in the previous quarter were $4.94, up 18.5% year on year, according to the same release. Adjusted earnings per share thus increased between the quarters, while their year-on-year growth slowed. For the third quarter, the company reported operating income of $502.1 million, an operating margin of 56.3% and net income of $351.0 million.

MSCI's businesses include indexes, analytics tools, data, real estate metrics and sustainability research, according to the company description on its investor relations website. In its third-quarter results, recurring subscription revenue rose 7.7% from the third quarter of 2025, according to the official earnings release. The subscription retention rate was 95.0% during the period, a metric the company reported alongside subscription revenue performance. Asset-based fees rose 24.9% year on year, outpacing recurring subscription revenue growth in the same quarter. Growth in both categories formed part of the results of a company whose products combine indexes, data and analytics tools with real estate metrics and sustainability research.

On cash flow, cash provided by operating activities fell 3.0% year on year to $436.1 million in the third quarter, according to the company's statement. MSCI attributed the decline primarily to "higher cash interest payments," according to the wording in its earnings release. Free cash flow also fell 8.9% to $385.4 million over the same period, a larger year-on-year decline than in operating cash flow. Both cash flow measures declined as the company reported year-on-year growth in operating revenue and adjusted earnings per share for the quarter. Outstanding debt principal stood at about $6.8 billion at the end of September 2026, according to the release, as the company attributed the decline in operating cash flow primarily to increased interest payments.

On capital returns to shareholders, the company said it repurchased shares worth a total of $627.2 million during the third quarter and the subsequent period through 19 October 2026. That total includes purchases during the quarter and the following period through the date specified in the release, extending beyond the financial period ended in September. In trading on the day of the earnings announcement, Investing.com reported that the company's shares rose 4.13% to $586.76. The price cited in that coverage came on the day the company announced earnings that exceeded analysts' estimates for earnings per share, according to the comparison published by the website. Revenue also exceeded the consensus estimate cited by Investing.com, while the company maintained its annual free cash flow guidance range.

For the full year 2026, MSCI maintained free cash flow guidance in a range of $1,485 million to $1,545 million, according to its earnings release. That range remained in place following the reported decline in third-quarter free cash flow, with the drop in operating cash flow attributed primarily to interest payments. The company also declared a cash dividend of $2.05 per share for the fourth quarter of 2026, according to the earnings release published on its investor relations website. The dividend is scheduled to be paid on 27 November 2026, the date specified in the company's announcement to shareholders. MSCI scheduled its fourth-quarter 2026 earnings call for 26 January 2027 at 11:00 a.m. Eastern Standard Time.