$MSCI · MSCI Inc.
MSCI filed its 10-Q for Q3 2026, reporting operating revenues of $892M (+12.4% YoY), net income of $351M, and diluted EPS of $4.86. Asset-based fees were the standout at $246.6M (+24.9% YoY), while recurring subscriptions grew 7.7% to $623.6M. The company repurchased $557.7M in shares during the quarter and carries $6.72B in long-term debt.
- Q3 revenue $892M, +12.4% YoY, driven by $246.6M in asset-based fees (+24.9% YoY)
- Diluted EPS $4.86 vs $4.25 prior year; operating margin 56.3%
- Index segment revenue $532.6M (+18.1% YoY), the dominant growth engine
- Share buybacks totaled $557.7M in Q3 alone; $1.1B over nine months
- Long-term debt rose to $6.72B from $6.20B at year-end 2025
Stock up +4.56% to $589.16 in the regular session, adding ~$1.9B in market cap on the $42.83B company. The market is rewarding the 24.9% surge in high-margin asset-based fees and aggressive capital return.
MSCI's asset-based fee engine is firing at nearly 25% growth, confirming the ETF/indexing megatrend while the company aggressively returns capital via buybacks.
MSCI's asset-based fee growth (+24.9%) outpaces peers, reflecting AUM tailwinds in ETFs linked to MSCI indexes. The 56.3% operating margin remains among the highest in financial data and analytics.
Goodwill of $3.05B concentrated in Index and Private Capital Solutions segments; a sustained stock decline or business underperformance could trigger impairment. Interest expense jumped 39.5% YoY to $74.8M in Q3 on higher debt load.
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