$MSCI · MSCI Inc.
MSCI reported Q3 2026 results with operating revenues of $892.0 million, up 12.4% year-over-year, driven by a 24.9% surge in asset-based fees to $246.6 million and 7.7% growth in recurring subscription revenues. Diluted EPS rose 14.4% to $4.86 and adjusted EPS rose 14.3% to $5.11. The company repurchased $552.3 million in shares during the quarter and declared a $2.05 per share Q4 dividend.
- Operating revenues of $892.0M, up 12.4% YoY; organic revenue growth of 12.3%
- Asset-based fees hit $246.6M in Index segment, up 24.9% YoY on record ETF AUM linked to MSCI indexes
- Diluted EPS of $4.86, up 14.4% YoY; adjusted EPS of $5.11, up 14.3% YoY
- Total Run Rate reached $3,571.9M, up 12.1% YoY; retention rate improved to 95.0% from 94.7%
- Share repurchases of $552.3M (1.0M shares) in Q3; $0.9B remaining on buyback authorization
Extended-hours trading shows MSCI at $595.02, up 5.03% vs the regular-session close of $566.55, indicating strong positive reaction to the broad-based beat and record asset-based fees. Regular market has not yet opened to confirm.
MSCI's record asset-based fees and best-ever Q3 Index recurring net-new sales confirm the company is capturing outsized benefit from the structural shift to passive/indexed investing globally.
MSCI's 24.9% asset-based fee growth reflects the ongoing boom in passive/indexed investing and ETF flows. The record Asia-Pacific and asset-owner client segments underscore the global institutional shift toward index-linked strategies.
Interest expense rose 45.2% YoY to $74.2M on higher debt levels ($6.8B total debt, 4.9x net income leverage). Full-year interest expense guidance was raised to $288-$291M from $282-$286M. Asset-based fees are sensitive to AUM fluctuations tied to market conditions.
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