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Beneath the Surface: A Conversation with Epiroc CEO Helena Hedblom
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MSCI
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MSCI Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Oct, 2026
Executive summary
Q3 revenue rose 12.4% to $892.0M, with 12.3% organic growth; adjusted EPS increased 14.3% to $5.11.
Record recurring net new sales in Index, Analytics and PCS, plus record asset-based fees, supported momentum entering Q4.
Growth was supported by product innovation and broader client demand, while Sustainability & Climate remained under pressure.
Financial highlights
Q3 operating income increased 12.2% to $502.1M; net income rose 7.9% to $351.0M and diluted EPS increased 14.4% to $4.86.
Adjusted EBITDA was $554.8M, up 12.2%, with a 62.2% margin; Q3 operating margin was 56.3%.
9M revenue rose 12.9% to $2.61B; net income increased 19.8% to $1.10B, including an $88.0M Q1 tax benefit.
Q3 operating cash flow was $436.1M and free cash flow was $385.4M.
Outlook and guidance
FY26 operating expense guidance remains $1.535B–$1.575B and adjusted EBITDA expense guidance $1.340B–$1.370B; management expects to land at the top end of expense ranges.
FY26 interest expense guidance increased to $288M–$291M from $282M–$286M; effective tax-rate guidance narrowed to 18.0%–19.5%.
FY26 guidance: operating cash flow $1.655B–$1.705B, free cash flow $1.485B–$1.545B and capex $160M–$170M.
Sustainability and Climate recurring net new sales expected roughly flat to slightly positive in Q4; broader pipeline described as robust into Q4 and next year.
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Latest events from MSCI
- Recurring net new sales up 24%-25% YTD, driven by innovation, AI, and private asset growth.MSCI
Barclays 24th Annual Global Financial Services Conference - Q2 2026 delivered 12% revenue growth, 18.5% EPS gain, and record asset-based fees.MSCIQ2 2026
- Custom index growth, cross-selling, and innovation in analytics and ESG fuel future expansion.MSCIBernstein 41st Annual Strategic Decisions Conference 2025
- AI-powered analytics and unified benchmarks drive transparency and growth in private markets.MSCIInvestor update
- Strong recurring revenue and segment growth drive robust financial performance in 1Q26.MSCIInvestor presentation
- Recurring revenue model drives double-digit growth and strong shareholder returns.MSCIInvestor presentation
- AI-driven innovation and systematic investing fuel growth across custom indexes, analytics, and private assets.MSCIBernstein 42nd Annual Strategic Decisions Conference
- Q2 2025 delivered double-digit net income growth, record margins, and strong capital returns.MSCIQ2 2025
- Strong 2024 growth, record ETF inflows, and high retention rates support positive 2025 outlook.MSCIQ4 2024
Next MSCI earnings date
Q4 202626 Jan, 2027
MSCI
Next MSCI earnings date
Q4 202626 Jan, 2027
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Frequently asked questions
Investment Information Tools
MSCI, an acronym for Morgan Stanley Capital International, is a provider of critical information tools for the global investment community. Founded in the late 1960s, MSCI has evolved into a company offering tools and services to institutional and retail investors worldwide, including indices, portfolio risk, performance analytics, and ESG research. Their flagship product, the MSCI indices, are among the most widely referenced in the world for investors seeking to gauge market performance in various regions, countries, and asset classes. As financial markets have become more sophisticated and interconnected, MSCI's role in providing accurate benchmarks and analytical tools has become even more vital. Through its extensive offerings, MSCI empowers investors, institutions, and other stakeholders with actionable insights for global markets.
Founding and Morgan Stanley’s Divestment
MSCI, originally known as Morgan Stanley Capital International, began as a subsidiary of Morgan Stanley, the renowned global financial services firm. MSCI was co-founded with Capital Group to provide equity indices for global markets, aiding investors in understanding and measuring market performances. Over the years, while the "Morgan Stanley" prefix in its name indicates its historical ties, MSCI has become an independent entity. In 2007, MSCI became fully independent when Morgan Stanley divested its remaining interest, culminating in an initial public offering (IPO). Today, although they share historical roots, MSCI and Morgan Stanley operate as separate, publicly-traded entities with distinct focuses and offerings.
The Indices
MSCI is globally recognized for its indices, which serve as key benchmarks for the investment community. MSCI's indices encompass a broad spectrum, capturing large-, mid-, and small-cap stocks across developed, emerging, and frontier markets. The MSCI World Index and the MSCI Emerging Markets Index are among its most prominent offerings, used by institutional investors worldwide to gauge global equity market performance and guide asset allocation decisions. MSCI's commitment to robust research and methodology has bolstered its reputation, making its indices an essential tool for investors. By providing insights into global market trends and sector movements, MSCI's indices offer a comprehensive snapshot, assisting in investment strategy formulation and risk management. One of the most notable peers to MSCI is Standard & Poors.
Other Services
Beyond its well-known indices, MSCI offers a suite of tools and services designed for the global investment community. This includes analytics software that aids investors in risk management and portfolio optimization. They also offer ESG (Environmental, Social, and Governance) research and ratings, which enables investors to make more informed decisions in line with sustainability objectives. Furthermore, MSCI provides real estate performance analysis, giving a multi-dimensional perspective to investors and enabling holistic portfolio management across various asset classes.