MSCI Inc. (MSCI) Q3 FY2026 earnings

Reported results

• Operating revenues $892.0 million, up 12.4%; Organic operating revenue growth 12.3%
• Diluted EPS $4.86, up 14.4%; Adjusted EPS $5.11, up 14.3%
• Operating margin 56.3%; Adjusted EBITDA margin 62.2%
• Recurring subscription revenues up 7.7%; Asset-based fees up 24.9%
• Total Run Rate $3,571.9 million, up 12.1%; Retention Rate 95.0%
• Net income $351.0 million, up 7.9%; Adjusted EBITDA $554.8 million, up 12.2%

Guidance

• Full-Year 2026 Operating Expense $1,535 to $1,575 million
• Full-Year 2026 Adjusted EBITDA Expense $1,340 to $1,370 million
• Full-Year 2026 Interest Expense (including amortization of financing fees) $288 to $291 million
• Full-Year 2026 Depreciation & Amortization Expense $195 to $205 million
• Full-Year 2026 Effective Tax Rate 18.0% to 19.5%
• Full-Year 2026 Capital Expenditures $160 to $170 million
• Full-Year 2026 Net Cash Provided by Operating Activities $1,655 to $1,705 million
• Full-Year 2026 Free Cash Flow $1,485 to $1,545 million

Notes

On August 3, 2026, MSCI completed the acquisition of First Street Technology, Inc. for an aggregate purchase price of $122.6 million, net of cash acquired. A multi-phase internal legal entity restructuring commenced in Q4 2025 and was completed in Q1 2026; a $88 million tax benefit was recognized in Q1 2026 and excluded from non-GAAP measures. Interest expense guidance updated from prior range of $282 to $286 million to current range of $288 to $291 million. Effective tax rate guidance narrowed from prior range of 18.0% to 20.0% to current range of 18.0% to 19.5%.

Price and volatility reaction

The stock moved +5.0% on the print. No front-expiry chain was on file, so there is no straddle expected move.

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-20 (8-K, Item 2.02). Read the original filing on sec.gov.