MSCI beats third quarter 2026 expectations as record asset-based fees drive 12.4% revenue growth

MSCI Inc. reported third quarter 2026 financial results that exceeded analyst estimates for both top and bottom-line performance. The growth was spearheaded by a record quarter for asset-based fees and strong recurring net-new sales across core segments. The company maintained its adjusted EBITDA expense and free cash flow guidance for the full year while slightly raising its interest expense projections.

Key Highlights

• Asset-based fees surged 24.9% to $246.6 million, driven by record AUM in ETFs linked to MSCI indexes.
• Adjusted EPS of $5.11 beat the $5.02 estimate, supported by a 12.4% increase in total operating revenues.
• Index segment revenue grew 18.1% to $532.6 million, fueled by double-digit growth in both recurring subscriptions and fees.
• Retention Rate improved to 95.0% from 94.7% in the prior-year period, demonstrating continued platform stickiness.
• MSCI continued aggressive capital return, repurchasing approximately $627 million in shares during the quarter and through mid-October.