10-Q · July 21, 2026
MSCI delivered Q2 revenue of $867.0 million, up 12.2% YoY and 1.9% sequentially, with GAAP operating margin expanding to 56.2% and diluted EPS rising 19.6% YoY to $4.69. Index was the clear growth engine, supported by a…
Earnings analysis · 10-Q
MSCI earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
MSCI reported $892.0 million of revenue, up 2.9% sequentially and 12.5% year over year, while adjusted EPS of $5.11 exceeded the $5.01 consensus estimate. The supplied filing excerpt does not provide current gross…
Read full summary
MSCI reported $892.0 million of revenue, up 2.9% sequentially and 12.5% year over year, while adjusted EPS of $5.11 exceeded the $5.01 consensus estimate. The supplied filing excerpt does not provide current gross margin, operating margin, segment results, operating cash flow, or free cash flow, limiting assessment of underlying quarterly operating leverage and cash conversion. Key disclosed exposures include $810.0 million of floating-rate debt, $4.1 million of annual interest sensitivity per 50 basis points, and foreign-currency losses of $4.7 million for the first nine months. The company reported no material changes to its previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue increased sequentially and year over year
Revenue was $892.0 million, up $25.0 million, or 2.9%, from $867 million in 2026 Q2 and up $99.0 million, or 12.5%, from $793 million in 2025 Q3.
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Adjusted EPS exceeded consensus
Adjusted EPS was $5.11 versus consensus of $5.01, a $0.10 beat. It increased from $4.69 in 2026 Q2 and $4.25 in 2025 Q3, although the supplied historical figures are diluted EPS rather than adjusted EPS.
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Asset-based fee mix increased
Asset-based fees represented 27% of operating revenue for the nine months ended September 30, 2026, compared with 24% in the comparable 2025 period, indicating increased exposure to market-asset levels and investment-product flows.
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Foreign revenue exposure moderated
Foreign-currency exposure declined modestly: 16% of revenue was subject to foreign-exchange risk in the first nine months of 2026 versus 17% in the prior-year period.
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Share repurchases remained substantial
The company repurchased 981,061 shares under announced programs during the quarter at an average price of $562.96, leaving $1,020 million available under the authorization.
What to watch
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Floating-rate debt creates interest risk
The company had $810.0 million of floating-rate debt outstanding at September 30, 2026; a hypothetical 50-basis-point rate move would change annual interest expense by approximately $4.1 million.
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Foreign exchange remains material
Approximately 42% of operating expenses were denominated in foreign currencies, while 16% of revenue was subject to foreign-currency risk. The company recognized foreign-currency exchange losses of $4.7 million in the first nine months of 2026.
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Asset-based fees exposed to markets
Asset-based fees represented 27% of operating revenue, and approximately three-fifths of the underlying investment-product assets were invested in non-U.S.-dollar securities; currency declines could reduce fees and contribute to fund outflows.
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No formal risk-factor changes reported
Management stated that there were no material changes to the risk factors disclosed in the 2025 Form 10-K. Separately, pending legal and regulatory matters could materially affect a period, although the company said currently pending matters are not expected to have a material aggregate effect based on available facts.
Management's outlook
The supplied 10-Q excerpt does not include MD&A quantitative guidance. The prior 8-K reported 2026 free-cash-flow guidance of $1,485 million-$1,545 million, capital expenditures of $160 million-$170 million, and operating expenses of $1,535 million-$1,575 million, but those figures are not repeated in the provided 10-Q text.
Earlier filings 4
10-Q · April 21, 2026
MSCI reported Q1 revenue of $850.8M (up $105.0M or ~14.1% YoY) and diluted EPS of $5.53 (up $1.82 or ~49.1% YoY). Operating income expanded to $456.9M with margin expansion versus prior year, driven by revenue growth,…
10-Q · October 28, 2025
MSCI reported Q3 operating revenues of $793,426,000 (three months ended September 30, 2025), up 9.5% versus Q3 2024 ($724,705,000) and contributing to nine‑month revenue of $2,311,931,000. Profitability expanded: gross…
10-K · February 7, 2025
MSCI positions itself as a research-driven, technology-enabled provider of indexes, analytics and ESG/climate solutions with a recurring revenue model and strong cash generation. For the year ended December 31, 2024 the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.