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MSCI公布2026年二季度业绩，收入同比增长12.2%、调整后EPS同比增长18.5%
MSCI二季度收入8.67亿美元、调整后EPS 4.94美元，经营数据稳健但相对市场预期只是小幅或混合超预期。
📄 原文MSCI↗ 原文
MSCI Reports Financial Results for Second Quarter and Six Months 2026
Skip to main navigation Investor News MSCI Reports Financial Results for Second Quarter and Six Months 2026 July 21, 20…
不做 MSCI（MSCI.US）
日历型财报事件，实际收入和调整后EPS相对共识仅混合/小幅差异，缺少明确超预期增量或指引上修，盘前不追。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- MSCI提前公告二季度财报将于2026-07-21发布，说明事件本身是市场可预期的财报日历。
- 公司官方发布二季度财报，收入8.67亿美元、调整后EPS 4.94美元。
- MarketBeat列示共识EPS 4.97美元、收入8.6954亿美元，按该口径财报并非明确双 beat。市场反应:页面显示7月20日收盘624.14美元，盘后635.50美元。
关键理由
- MSCI二季度收入8.67亿美元、调整后EPS 4.94美元，经营数据稳健但相对市场预期只是小幅或混合超预期。
- 该财报发布日期和电话会早在4月已公告，属于日历型业绩事件，短线追多需要明确超预期增量。
- 指数业务和资产基础收费增长强，但未披露新的市值级订单、指引上修或足以改变短期估值的新增催化。
主要风险
- 若电话会进一步上修全年增长或披露强于预期的AI产品商业化进展，可能形成新的独立催化。
- 盘前若因业绩解读跳空上涨，日历型财报存在高开低走风险。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-21 · 影响 weakens
不同公开预期口径下结果呈小幅 beat 或小幅 miss，无法支持明确财报追多。
检索:MSCI Q2 2026 earnings adjusted EPS revenue estimates July 21 2026 MSCI 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-04-06 · 影响 weakens
财报发布日期提前数月公开，事件时点没有新鲜度优势。
检索:MSCI announces 2026 quarterly earnings reporting dates Q2 July 21 2026 原文 ↗
原文全文
展开原文 · 7,999 字
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Investor News
MSCI Reports Financial Results for Second Quarter and Six Months 2026
July 21, 2026
PDF Version
NEW YORK --(BUSINESS WIRE)--Jul. 21, 2026--
MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI ), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended June 30, 2026 (“second quarter 2026”) and six months ended June 30, 2026 (“six months 2026”).
Financial and Operational Highlights for Second Quarter 2026
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2025 (“second quarter 2025”) and Run Rate percentage changes are relative to June 30 , 2025).
Operating revenues of $867.0 million , up 12.2%; Organic operating revenue growth of 12.2%
Recurring subscription revenues up 9.0%; Asset-based fees up 26.6%
Operating margin of 56.2%; Adjusted EBITDA margin of 62.1%
Diluted EPS of $4.69 , up 19.6%; Adjusted EPS of $4.94 , up 18.5%
Organic recurring subscription Run Rate growth of 8.1%; Retention Rate of 95.3%
In second quarter 2026 and through July 20, 2026 , a total of $147.2 million or 264,043 shares were repurchased at an average repurchase price of $557.66
Approximately $149.2 million in dividends were paid to shareholders in second quarter 2026; Cash dividend of $2.05 per share declared by MSCI Board of Directors for third quarter 2026
Three Months Ended
Six Months Ended
in millions, except per share data (unaudited)
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues
$
867.0
$
772.7
12.2
%
$
1,717.8
$
1,518.5
13.1
%
Operating income
$
487.5
$
425.3
14.6
%
$
944.4
$
802.3
17.7
%
Operating margin %
56.2
%
55.0
%
55.0
%
52.8
%
Net income
$
342.0
$
303.7
12.6
%
$
748.0
$
592.3
26.3
%
Diluted EPS
$
4.69
$
3.92
19.6
%
$
10.23
$
7.63
34.1
%
Adjusted EPS
$
4.94
$
4.17
18.5
%
$
9.49
$
8.17
16.2
%
Adjusted EBITDA
$
538.5
$
474.4
13.5
%
$
1,043.2
$
900.0
15.9
%
Adjusted EBITDA margin %
62.1
%
61.4
%
60.7
%
59.3
%
“In the second quarter MSCI delivered strong financial results along with a record asset-based-fee run rate and accelerated run-rate growth in Index and Private Capital Solutions. We also achieved strength in recurring net-new sales across key client segments and geographies, including our best quarter ever with hedge funds and our best Q2 with asset owners,” said Henry A. Fernandez , Chairman and CEO of MSCI .
“We are building momentum heading into the back half of 2026, with a strong pipeline of opportunities and exciting AI-fueled innovation. MSCI has already launched twice as many products in 2026 as we did in all of 2024, and we are just starting to see the benefits. AI will allow us to move even faster in building new products, enhancing our existing products, and expanding our capabilities for the world’s largest financial institutions,” Fernandez added.
Second Quarter Consolidated Results
Operating Revenues : Operating revenues were $867.0 million , up 12.2%. Organic operating revenue growth was also 12.2%. The $94.3 million increase was the result of $50.6 million in higher recurring subscription revenues and $49.0 million in higher asset-based fees, partially offset by $5.3 million in lower non-recurring revenues.
Run Rate and Retention Rate : Total Run Rate at June 30, 2026 was $3,479.7 million , up 12.0%. Asset-based fees Run Rate increased by $190.9 million , and recurring subscription Run Rate increased by $182.1 million . Run rate growth was supported by strong performance with asset managers, hedge funds and banking & brokerages client segments, and record ETF AUM linked to MSCI indexes. Organic recurring subscription Run Rate growth was 8.1%. Retention Rate in second quarter 2026 was 95.3%, compared to 94.4% in second quarter 2025.
Expenses : Total operating expenses were $379.5 million , up 9.2%. Adjusted EBITDA expenses were $328.5 million , up 10.1%, primarily reflecting higher non-compensation costs as a result of higher information technology costs, market data, professional fees and occupancy costs as well as the impact of a contingent consideration reversal in prior year. Additionally, we saw higher compensation and benefits costs primarily driven by higher incentive compensation, salaries and stock-based compensation accruals. During the second quarter of 2026 we recognized $3.2 million of Adjusted EBITDA expenses and $1.7 million of intangible asset amortization expense related to the Compass, Vantager and PM Insights acquisitions.
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 8.9% and 9.7%, respectively.
Operating Income : Operating income was $487.5 million , up 14.6%. Operating income margin in second quarter 2026 was 56.2%, compared to 55.0% in second quarter 2025.
Headcount : As of June 30, 2026 , we had 6,327 employees, reflecting a 1.9% increase, with 29% and 71% of employees located in developed market and emerging market locations, respectively.
Other Expense (Income), Net : Other expense (income), net was $70.2 million , up 47.8%, primarily driven by higher interest expense as a result of higher debt levels.
Income Taxes: The effective tax rate decreased to 18.0% in second quarter 2026 compared to 19.6% in second quarter 2025, primarily driven by the impact of US tax law changes and the jurisdictional mix of earnings.
Net Income : As a result of the factors described above, net income was $342.0 million , up 12.6%.
Adjusted EBITDA : Adjusted EBITDA was $538.5 million , up 13.5%. Adjusted EBITDA margin in second quarter 2026 was 62.1%, compared to 61.4% in second quarter 2025.
Index Segment :
Table 1A: Results (unaudited)
Three Months Ended
Six Months Ended
in millions
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues:
Recurring subscriptions
$
263.0
$
235.7
11.6
%
$
517.2
$
469.0
10.3
%
Asset-based fees
233.1
184.1
26.6
%
457.6
361.5
26.6
%
Non-recurring
14.9
15.1
(1.3
)%
32.5
26.1
24.5
%
Total operating revenues
511.0
434.9
17.5
%
1,007.3
856.6
17.6
%
Adjusted EBITDA expenses
113.2
104.7
8.1
%
234.3
214.8
9.1
%
Adjusted EBITDA
$
397.8
$
330.2
20.5
%
$
773.0
$
641.8
20.4
%
Adjusted EBITDA margin %
77.8
%
75.9
%
76.7
%
74.9
%
Index operating revenues were $511.0 million , up 17.5%. The $76.1 million increase was primarily driven by $49.0 million in higher asset-based fees and $27.3 million in higher recurring subscription revenues. Organic operating revenue growth for Index was 17.5%.
Index Run Rate as of June 30, 2026 , was $2.0 billion , up 17.4%. The $301.0 million increase was comprised of a $190.9 million increase in asset-based fees Run Rate and a $110.1 million increase in recurring subscription Run Rate . The increase in asset-based fees Run Rate was primarily driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all client segments, primarily driven by growth from asset managers, banking & brokerages and hedge funds. The increase reflected growth across all regions. Organic recurring subscription Run Rate growth for Index was 11.1%.
Analytics Segment :
Table 1B: Results (unaudited)
Three Months Ended
Six Months Ended
in millions
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues:
Recurring subscriptions
$
185.9
$
169.8
9.5
%
$
369.1
$
339.5
8.7
%
Non-recurring
3.5
7.9
(55.7
)%
10.3
10.4
(1.0
Investor News
MSCI Reports Financial Results for Second Quarter and Six Months 2026
July 21, 2026
PDF Version
NEW YORK --(BUSINESS WIRE)--Jul. 21, 2026--
MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI ), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended June 30, 2026 (“second quarter 2026”) and six months ended June 30, 2026 (“six months 2026”).
Financial and Operational Highlights for Second Quarter 2026
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2025 (“second quarter 2025”) and Run Rate percentage changes are relative to June 30 , 2025).
Operating revenues of $867.0 million , up 12.2%; Organic operating revenue growth of 12.2%
Recurring subscription revenues up 9.0%; Asset-based fees up 26.6%
Operating margin of 56.2%; Adjusted EBITDA margin of 62.1%
Diluted EPS of $4.69 , up 19.6%; Adjusted EPS of $4.94 , up 18.5%
Organic recurring subscription Run Rate growth of 8.1%; Retention Rate of 95.3%
In second quarter 2026 and through July 20, 2026 , a total of $147.2 million or 264,043 shares were repurchased at an average repurchase price of $557.66
Approximately $149.2 million in dividends were paid to shareholders in second quarter 2026; Cash dividend of $2.05 per share declared by MSCI Board of Directors for third quarter 2026
Three Months Ended
Six Months Ended
in millions, except per share data (unaudited)
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues
$
867.0
$
772.7
12.2
%
$
1,717.8
$
1,518.5
13.1
%
Operating income
$
487.5
$
425.3
14.6
%
$
944.4
$
802.3
17.7
%
Operating margin %
56.2
%
55.0
%
55.0
%
52.8
%
Net income
$
342.0
$
303.7
12.6
%
$
748.0
$
592.3
26.3
%
Diluted EPS
$
4.69
$
3.92
19.6
%
$
10.23
$
7.63
34.1
%
Adjusted EPS
$
4.94
$
4.17
18.5
%
$
9.49
$
8.17
16.2
%
Adjusted EBITDA
$
538.5
$
474.4
13.5
%
$
1,043.2
$
900.0
15.9
%
Adjusted EBITDA margin %
62.1
%
61.4
%
60.7
%
59.3
%
“In the second quarter MSCI delivered strong financial results along with a record asset-based-fee run rate and accelerated run-rate growth in Index and Private Capital Solutions. We also achieved strength in recurring net-new sales across key client segments and geographies, including our best quarter ever with hedge funds and our best Q2 with asset owners,” said Henry A. Fernandez , Chairman and CEO of MSCI .
“We are building momentum heading into the back half of 2026, with a strong pipeline of opportunities and exciting AI-fueled innovation. MSCI has already launched twice as many products in 2026 as we did in all of 2024, and we are just starting to see the benefits. AI will allow us to move even faster in building new products, enhancing our existing products, and expanding our capabilities for the world’s largest financial institutions,” Fernandez added.
Second Quarter Consolidated Results
Operating Revenues : Operating revenues were $867.0 million , up 12.2%. Organic operating revenue growth was also 12.2%. The $94.3 million increase was the result of $50.6 million in higher recurring subscription revenues and $49.0 million in higher asset-based fees, partially offset by $5.3 million in lower non-recurring revenues.
Run Rate and Retention Rate : Total Run Rate at June 30, 2026 was $3,479.7 million , up 12.0%. Asset-based fees Run Rate increased by $190.9 million , and recurring subscription Run Rate increased by $182.1 million . Run rate growth was supported by strong performance with asset managers, hedge funds and banking & brokerages client segments, and record ETF AUM linked to MSCI indexes. Organic recurring subscription Run Rate growth was 8.1%. Retention Rate in second quarter 2026 was 95.3%, compared to 94.4% in second quarter 2025.
Expenses : Total operating expenses were $379.5 million , up 9.2%. Adjusted EBITDA expenses were $328.5 million , up 10.1%, primarily reflecting higher non-compensation costs as a result of higher information technology costs, market data, professional fees and occupancy costs as well as the impact of a contingent consideration reversal in prior year. Additionally, we saw higher compensation and benefits costs primarily driven by higher incentive compensation, salaries and stock-based compensation accruals. During the second quarter of 2026 we recognized $3.2 million of Adjusted EBITDA expenses and $1.7 million of intangible asset amortization expense related to the Compass, Vantager and PM Insights acquisitions.
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 8.9% and 9.7%, respectively.
Operating Income : Operating income was $487.5 million , up 14.6%. Operating income margin in second quarter 2026 was 56.2%, compared to 55.0% in second quarter 2025.
Headcount : As of June 30, 2026 , we had 6,327 employees, reflecting a 1.9% increase, with 29% and 71% of employees located in developed market and emerging market locations, respectively.
Other Expense (Income), Net : Other expense (income), net was $70.2 million , up 47.8%, primarily driven by higher interest expense as a result of higher debt levels.
Income Taxes: The effective tax rate decreased to 18.0% in second quarter 2026 compared to 19.6% in second quarter 2025, primarily driven by the impact of US tax law changes and the jurisdictional mix of earnings.
Net Income : As a result of the factors described above, net income was $342.0 million , up 12.6%.
Adjusted EBITDA : Adjusted EBITDA was $538.5 million , up 13.5%. Adjusted EBITDA margin in second quarter 2026 was 62.1%, compared to 61.4% in second quarter 2025.
Index Segment :
Table 1A: Results (unaudited)
Three Months Ended
Six Months Ended
in millions
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues:
Recurring subscriptions
$
263.0
$
235.7
11.6
%
$
517.2
$
469.0
10.3
%
Asset-based fees
233.1
184.1
26.6
%
457.6
361.5
26.6
%
Non-recurring
14.9
15.1
(1.3
)%
32.5
26.1
24.5
%
Total operating revenues
511.0
434.9
17.5
%
1,007.3
856.6
17.6
%
Adjusted EBITDA expenses
113.2
104.7
8.1
%
234.3
214.8
9.1
%
Adjusted EBITDA
$
397.8
$
330.2
20.5
%
$
773.0
$
641.8
20.4
%
Adjusted EBITDA margin %
77.8
%
75.9
%
76.7
%
74.9
%
Index operating revenues were $511.0 million , up 17.5%. The $76.1 million increase was primarily driven by $49.0 million in higher asset-based fees and $27.3 million in higher recurring subscription revenues. Organic operating revenue growth for Index was 17.5%.
Index Run Rate as of June 30, 2026 , was $2.0 billion , up 17.4%. The $301.0 million increase was comprised of a $190.9 million increase in asset-based fees Run Rate and a $110.1 million increase in recurring subscription Run Rate . The increase in asset-based fees Run Rate was primarily driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all client segments, primarily driven by growth from asset managers, banking & brokerages and hedge funds. The increase reflected growth across all regions. Organic recurring subscription Run Rate growth for Index was 11.1%.
Analytics Segment :
Table 1B: Results (unaudited)
Three Months Ended
Six Months Ended
in millions
June 30 ,
2026
June 30 ,
2025
% Change
June 30 ,
2026
June 30 ,
2025
% Change
Operating revenues:
Recurring subscriptions
$
185.9
$
169.8
9.5
%
$
369.1
$
339.5
8.7
%
Non-recurring
3.5
7.9
(55.7
)%
10.3
10.4
(1.0
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