MSCI (MSCI) Q3 2026 earnings summary

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.