MSCI Inc. (MSCI) Earnings
MSCI Inc. is expected to report next earnings on July 21, 2026 (in NaN days), with a consensus EPS estimate of $4.82. MSCI has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +1.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $4.44 | $4.55 | +2.5% | $851M | +1.5% |
| Jan 28, 2026 | $4.60 | $4.66 | +1.3% | $823M | +0.0% |
| Oct 28, 2025 | $4.38 | $4.47 | +2.1% | $793M | -0.5% |
| Jul 22, 2025 | $4.15 | $4.17 | +0.5% | $773M | +0.3% |
| Jan 29, 2025 | $3.95 | $4.18 | +5.8% | $744M | -0.3% |
| Jul 23, 2024 | $3.55 | $3.64 | +2.5% | $708M | +1.7% |
| Jan 30, 2024 | $3.29 | $3.68 | +11.9% | $690M | +4.1% |
| Jul 25, 2023 | $3.11 | $3.26 | +4.8% | $621M | +3.1% |
| Jan 31, 2023 | $2.76 | $2.84 | +2.9% | $576M | +1.3% |
| Jul 26, 2022 | $2.68 | $2.78 | +3.7% | $552M | -1.3% |
| Jan 27, 2022 | $2.49 | $2.51 | +0.8% | $550M | +1.9% |
| Jul 27, 2021 | $2.30 | $2.45 | +6.5% | $498M | -1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- MSCI's first quarter results affirm its mission-critical role in global investing and diversified business. Key financial metrics included organic revenue growth over 13%, adjusted EPS growth nearly 14%, and adjusted EBITDA growth almost 19%. - The company remains committed to maximizing value creation through disciplined deployment of excess capital, having repurchased over $464 million of shares and completed strategic acquisitions. - Drove momentum across geographic regions, product lines, client segments, and asset classes, with Asia Pacific being a standout in Q1 for recurring sales. - AI is integrated into various aspects of the business, from data capture to product launch and employee work, with new index AI insights connector and acquisitions like Compass and Vantager enhancing capabilities. - Demonstrated strong performance in different client segments such as hedge funds, banks, asset owners, and asset managers, with specific growth in areas like custom indexes and private capital solutions.
Guidance
- Updated full year outlook on DNA by $5 million to incorporate acquisition intangibles. - Trending to be in the top half of expense guidance range due to strong ABF performance and gradual market appreciation assumption. - Effective tax rate outlook for 2026 unchanged, with Q2 effective tax rate expected between 18 - 20%. - Free cash flow outlook for full year unchanged, though Q2 is seasonally the highest quarter for cash tax payments.
Segment performance
MSCI's first quarter results showed organic revenue growth of over 13%, adjusted EPS growth of nearly 14%, and adjusted EBITDA growth of almost 19%. In index, organic subscription run rate growth reaccelerated to low double-digit levels. In private capital solutions, subscription run rate growth accelerated to nearly 16%. In analytics, recurrent net new subscription sales of $8.2 million were driven by large wins and renewals of equity offerings and enterprise risk tools. Among client segments, hedge funds had subscription run rate growth of 17%, banks and broker-dealers had nearly 11% subscription run rate growth, asset owners had nearly 10% subscription run rate growth, and asset managers had subscription run rate growth of over 6%.
Risks & headwinds
- Market volatility in March and potential impacts on sales momentum in certain regions like the Arabian Gulf. - Uncertainties related to the Iran war and its effects on client behavior and business operations. - Potential headwinds in sustainability and climate due to client focus on critical priorities leading to down sales.
Analyst Q&A
Q: Alex Graham from UBS asked about sales momentum in Q1 with market volatility in March and Q2 sales outlook, especially in index analytics.
A: Except for a slowdown in the Arabian Gulf, no effect of the Iran war on other regions, clients operating as usual.
Q: Mena Petnik from Barclays asked about taking share and product areas growth.
A: Strong execution in selling current products, accelerating new product launches, and adopting AI tools has helped increase penetration and take market share.
Q: Tony Kaplan from Morgan Stanley asked about AI-related revenue and expense savings.
A: Every new product has an AI component, significant early efficiencies in AI use across data, software development, and model development, and clients interested in licensing AI-driven content.
Q: Owen Lau from Clear Street asked about analytics revenue outlook and correlation with index business.
A: Analytics had over 10% year-over-year growth with a large implementation driving non-recurring revenues, Q2 expected mid-single digit growth, and some correlation between index and analytics.
Q: Aziz Sabadra from RBC Capital Markets asked about asset manager segment growth moderation.
A: There are various factors at play, with continued efforts and execution driving growth in index and analytics for asset managers.
Q: Craig Huber from Huber Research Partners asked about sustainability and climate momentum.
A: Differentiating sustainability and climate, with competitive win in climate risk tools for the European Central Bank system and focus on physical risk.
Q: Alexander Hess from JP Morgan asked about active ETF business.
A: Active ETF business is a growth area with significant expansion potential, client recognition of MSCI data sets, and potential for additional sales through benchmark use and content licensing.
Q: Fraiza Awe from Deutsche Bank asked about custom indexes growth sustainability.
A: Strong end market demand for non-market cap systematic investing, ramping up of capabilities including workflow application, production environment, and AI acceleration.
Q: George Tong from Goldman Sachs asked about international ETF inflows and trends.
A: Unique franchise in ex-US markets with sustained inflows, strong position in European listed ETFs, and acquisition of Compass to penetrate other asset classes.
Q: Scott Wurzel from Wolf Research asked about hedge fund growth context.
A: Strong growth in the trading ecosystem including hedge funds, traders, and broker-dealers, driven by innovation and enterprise-wide partnership.
Q: Kurt Nagel from Bank of America asked about net new sales disaggregation.
A: Notable pickup in new products launched and sales from new products, driven by product development and go-to-market efforts.
Q: David Milkmaiden from Evercore ISI asked about Index AI Insights monetization.
A: Consistent economics regardless of access method, increasing value to clients and potential for upsell and additional sales.
Q: Jason Haas from Wells Fargo asked about private credit impact on PCS business.
A: Private credit market volatility is a tailwind for PCS business due to increased interest in transparency tools.
Q: Kelsey Zill from Autonomous asked about AI's impact on analytics competition.
A: No intense competition seen yet, with focus on product creation, efficiencies, and changing client content consumption business model