MSCI Inc. Reports Q3 2026 Results: Operating Revenues Up 12.4% to $892M, Adjusted EPS Up 14.3% to $5.11

Executive Summary

On October 20, 2026, MSCI Inc. filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), announcing financial results for the third quarter and nine months ended September 30, 2026.

Third Quarter 2026 Financial Highlights

• Operating Revenues: $892.0 million, representing a 12.4% year-over-year increase compared to $793.4 million in Q3 2025. Organic operating revenue growth was 12.3%.
  • Recurring Subscriptions: $269.5 million in Index, recurring subscription revenues overall up 7.7%.
  • Asset-Based Fees: Up 24.9% year-over-year.
• Operating Income: $502.1 million, an increase of 12.2% compared to $447.6 million in Q3 2025.
  • Operating Margin: 56.3%, compared to 56.4% in the prior-year period.
• Net Income: $351.0 million, up 7.9% compared to $325.3 million in Q3 2025.
• Adjusted EBITDA: $554.8 million, up 12.2% from $494.4 million in Q3 2025.
  • Adjusted EBITDA Margin: 62.2%, compared to 62.3% in Q3 2025.
• Diluted EPS: $4.86, up 14.4% year-over-year.
• Adjusted EPS: $5.11, up 14.3% year-over-year.

Operational Metrics & Run Rate

• Total Run Rate: Reached $3,571.9 million as of September 30, 2026, up 12.1% year-over-year.
  • Recurring subscription Run Rate rose by $209.5 million (organic growth of 8.7%).
  • Asset-based fees Run Rate increased by $175.9 million.
• Retention Rate: 95.0% for Q3 2026, improving from 94.7% in Q3 2025.
• Headcount: 6,259 employees as of September 30, 2026 (29% in developed markets, 71% in emerging markets).

Capital Allocation & Shareholder Returns

• Share Repurchases: In Q3 2026 through October 19, 2026, MSCI repurchased 1,116,460 shares for an aggregate cost of $627.2 million at an average price of $561.81 per share.
• Dividends: Paid approximately $147.5 million in shareholder dividends during Q3 2026. The Board of Directors declared a fourth-quarter 2026 cash dividend of $2.05 per share.