MSCI三季度营收8.92亿美元同比+12.4%、调整后EPS 5.11美元，Run Rate创新高但全年指引基本维持

NEW YORK
--(BUSINESS WIRE)--Oct. 20, 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
September 30, 2026
(“third quarter 2026”) and nine months ended
September 30, 2026
(“nine months 2026”).
Financial and Operational Highlights for Third Quarter 2026
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended
September 30, 2025
(“third quarter 2025”) and
Run Rate
percentage changes are relative to
September 30
, 2025).
Operating revenues of
$892.0 million
, up 12.4%; Organic operating revenue growth of 12.3%
Recurring subscription revenues up 7.7%; Asset-based fees up 24.9%
Operating margin of 56.3%; Adjusted EBITDA margin of 62.2%
Diluted EPS of
$4.86
, up 14.4%; Adjusted EPS of
$5.11
, up 14.3%
Organic recurring subscription
Run Rate
growth of 8.7%; Retention Rate of 95.0%
In third quarter 2026 and through
October 19, 2026
, a total of
$627.2 million
or 1,116,460 shares were repurchased at an average repurchase price of
$561.81
Approximately
$147.5 million
in dividends were paid to shareholders in third quarter 2026; Cash dividend of
$2.05
per share declared by
MSCI
Board of Directors for fourth quarter 2026
Three Months Ended
Nine Months Ended
in millions, except per share data
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
(unaudited)
2026
2025
% Change
2026
2025
% Change
Operating revenues
$
892.0
$
793.4
12.4
%
$
2,609.8
$
2,311.9
12.9
%
Operating income
$
502.1
$
447.6
12.2
%
$
1,446.5
$
1,249.9
15.7
%
Operating margin %
56.3
%
56.4
%
55.4
%
54.1
%
Net income
$
351.0
$
325.3
7.9
%
$
1,099.0
$
917.6
19.8
%
Diluted EPS
$
4.86
$
4.25
14.4
%
$
15.09
$
11.87
27.1
%
Adjusted EPS
$
5.11
$
4.47
14.3
%
$
14.59
$
12.63
15.5
%
Adjusted EBITDA
$
554.8
$
494.4
12.2
%
$
1,598.0
$
1,394.4
14.6
%
Adjusted EBITDA margin %
62.2
%
62.3
%
61.2
%
60.3
%
“In the third quarter
MSCI
delivered strong financial and operating metrics, including our best-ever recurring net-new sales in Analytics and Private Capital Solutions, our best-ever Q3 recurring net-new sales in Index, and another record quarter for asset-based fees. Among client segments and regions, we achieved our best-ever quarter both with asset owners and in Asia-Pacific,” said
Henry A. Fernandez
, Chairman and CEO of
MSCI
.
“Thanks to these results, we entered Q4 with solid momentum and strong client engagement across our franchise. Notably, we have seen robust demand for both our traditional and newer solutions. All of this shows that
MSCI
is expanding our foundational, mission-critical role in global investing even as we transform our business for today’s AI-first world,” Fernandez added.
Third Quarter Consolidated Results
Operating Revenues
:
Operating revenues were
$892.0 million
, up 12.4%. Organic operating revenue growth was 12.3%. The
$98.6 million
increase was the result of
$49.1 million
in higher asset-based fees,
$44.5 million
in higher recurring subscription revenues and
$5.0 million
in higher non-recurring revenues.
Run Rate
and Retention Rate
:
Total
Run Rate
at
September 30, 2026
was
$3,571.9 million
, up 12.1%. Recurring subscription
Run Rate
increased by
$209.5 million
, and asset-based fees
Run Rate
increased by
$175.9 million
. Recurring subscription
Run Rate
growth was primarily driven by asset managers, hedge funds and banking & brokerages client segments, and record ETF AUM linked to
MSCI
indexes. Organic recurring subscription
Run Rate
growth was 8.7%. Retention Rate in third quarter 2026 was 95.0%, compared to 94.7% in third quarter 2025.
Expenses
:
Total operating expenses were
$389.9 million
, up 12.8%. Adjusted EBITDA expenses were
$337.2 million
, up 12.8%, primarily reflecting higher non-compensation costs as a result of higher information technology costs, professional fees and market data costs. Additionally, we saw higher compensation and benefits costs primarily driven by higher incentive compensation and salaries, partially offset by increased capitalization of costs related to internally developed software projects. During the third quarter of 2026 we recognized
$6.1 million
of Adjusted EBITDA expenses and
$1.9 million
of intangible asset amortization expense related to the Compass, Vantager, PM Insights and
First Street
acquisitions.
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 13.2% and 13.4%, respectively.
Operating Income
:
Operating income was
$502.1 million
, up 12.2%. Operating income margin in third quarter 2026 was 56.3%, compared to 56.4% in third quarter 2025.
Headcount
:
As of
September 30, 2026
, we had 6,259 employees, reflecting a 0.1% 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
$74.2 million
, up 45.2%, primarily driven by higher interest expense as a result of higher debt levels.
Income Taxes:
The effective tax rate was 18.0% in third quarter 2026 compared to 17.9% in third quarter 2025. The increase was primarily driven by a lower operating tax rate in the current year that was offset by smaller net discrete tax benefits compared to the prior year.
Net Income
:
As a result of the factors described above, net income was
$351.0 million
, up 7.9%.
Adjusted EBITDA
:
Adjusted EBITDA was
$554.8 million
, up 12.2%. Adjusted EBITDA margin in third quarter 2026 was 62.2%, compared to 62.3% in third quarter 2025.
Index Segment
:
Table 1A: Results (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
% Change
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
269.5
$
242.5
11.1
%
$
786.7
$
711.5
10.6
%
Asset-based fees
246.6
197.5
24.9
%
704.2
559.0
26.0
%
Non-recurring
16.5
11.1
48.6
%
49.0
37.2
31.7
%
Total operating revenues
532.6
451.1
18.1
%
1,539.9
1,307.7
17.8
%
Adjusted EBITDA expenses
120.2
100.9
19.1
%
354.5
315.7
12.3
%
Adjusted EBITDA
$
412.4
$
350.2
17.8
%
$
1,185.4
$
992.0
19.5
%
Adjusted EBITDA margin %
77.4
%
77.6
%
77.0
%
75.9
%
Index operating revenues were
$532.6 million
, up 18.1%. The
$81.5 million
increase was primarily driven by
$49.1 million
in higher asset-based fees and
$27.0 million
in higher recurring subscription revenues. Organic operating revenue growth for Index was 18.0%.
Index
Run Rate
as of
September 30, 2026
, was
$2.1 billion
, up 16.5%. The
$294.8 million
increase was comprised of a
$175.9 million
increase in asset-based fees
Run Rate
and a
$118.9 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 also reflected growth across all regions. Organic recurring subscription
Run Rate
growth for Index was 11.7%.
Analytics Segment
:
Table 1B: Results (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
% Change
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
188.1
$
178.3
5.5
%
$
557.2
$
517.8
7.6
%
Non-recurring
2.9
3.9
(25.6
)%
13.2
14.3
(7.7
)%
Total operating revenues
191.0
182.2
4.8
%
570.4
532.1
7.2
%
Adjusted EBITDA expenses
105.3
92.1
14.3
%
313.9
273.4
14.8
%
Adjusted EBITDA
$
85.7
$
90.1
(4.9
)%
$
256.5
$
258.7
(0.9
)%
Adjusted EBITDA margin %
44.9
%
49.4
%
45.0
%
48.6
%
Analytics operating revenues were
$191.0 million
, up 4.8%. Organic operating revenue growth for Analytics was 5.2%.
Analytics
Run Rate
as of
September 30, 2026
, was
$793.5 million
, up 6.9%. The increase of
$51.1 million
was primarily driven by growth in both Equity Analytics and Multi-Asset Class products, and reflected growth across all regions. The increase primarily reflected growth in the hedge funds, asset owners and asset managers client segments. Organic recurring subscription
Run Rate
growth for Analytics was 7.5%.
Sustainability and Climate Segment
:
Table 1C: Results (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
% Change
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
92.2
$
88.7
3.9
%
$
273.6
$
258.4
5.9
%
Non-recurring
1.5
1.4
7.1
%
3.9
5.2
(25.0
)%
Total operating revenues
93.7
90.1
4.0
%
277.5
263.6
5.3
%
Adjusted EBITDA expenses
55.5
55.4
0.2
%
170.7
173.4
(1.6
)%
Adjusted EBITDA
$
38.2
$
34.7
10.1
%
$
106.8
$
90.2
18.4
%
Adjusted EBITDA margin %
40.8
%
38.6
%
38.5
%
34.3
%
Sustainability and Climate operating revenues were
$93.7 million
, up 4.0%. Organic operating revenue growth for Sustainability and Climate was 2.2%.
Sustainability and Climate
Run Rate
as of
September 30, 2026
, was
$384.8 million
, up 3.8%. The
$14.0 million
increase primarily reflects growth in Climate products with contributions primarily from
Americas
and EMEA, partially offset by cancellations. Organic recurring subscription
Run Rate
growth for Sustainability and Climate was 2.4%.
All Other – Private Assets
:
Table 1D: Results (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
% Change
2026
2025
% Change
Operating revenues:
Recurring subscriptions
$
73.8
$
69.6
6.0
%
$
219.7
$
206.7
6.3
%
Non-recurring
0.9
0.4
125.0
%
2.3
1.8
27.8
%
Total operating revenues
74.7
70.0
6.7
%
222.0
208.5
6.5
%
Adjusted EBITDA expenses
56.2
50.6
11.1
%
172.7
155.0
11.4
%
Adjusted EBITDA
$
18.5
$
19.4
(4.6
)%
$
49.3
$
53.5
(7.9
)%
Adjusted EBITDA margin %
24.8
%
27.6
%
22.2
%
25.7
%
All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were
$74.7 million
, up 6.7%. Organic operating revenue growth for All Other – Private Assets was 6.7%.
All Other – Private Assets
Run Rate
was
$310.9 million
as of
September 30, 2026
, up 8.9%. The
$25.5 million
increase was primarily driven by Private Capital Solutions related to Total Plan Manager, Private Capital Transparency Data and Private Capital Intel products. The increase reflected growth across all regions and was primarily driven by the asset owners and asset managers client segments. Organic recurring subscription
Run Rate
growth for All Other – Private Assets was 9.2%.
Select Balance Sheet Items and Capital Allocation
Cash Balances and Outstanding Debt
:
Cash and cash equivalents were
$261.0 million
as of
September 30, 2026
.
MSCI
typically seeks to maintain minimum cash balances globally of approximately
$225.0 million
to
$275.0 million
for general operating purposes.
Total principal amounts of debt outstanding as of
September 30, 2026
, were
$6.8 billion
. The total debt to net income ratio (based on trailing twelve months net income) was 4.9x. The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 3.2x.
MSCI
seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.
Capex and Cash Flow
:
Capex was
$50.7 million
, and net cash provided by operating activities decreased by 3.0% to
$436.1 million
, primarily reflecting higher cash paid for interest, partially offset by higher cash collections from customers. Free cash flow (non-GAAP) for third quarter 2026 was down 8.9% to
$385.4 million
.
Share Count and Share Repurchases
:
Weighted average diluted shares outstanding were 72.3 million in third quarter 2026, down 5.6% year-over-year. Total share repurchases during the quarter were
$552.3 million
or 1.0 million shares at an average repurchase price of
$562.92
. Total shares outstanding as of
September 30, 2026
were 71.7 million. As of
October 19, 2026
, a total of approximately
$0.9 billion
remains available on the outstanding share repurchase authorization.
Dividends
:
Approximately
$147.5 million
in dividends were paid to shareholders in third quarter 2026. On
October 19, 2026
, the
MSCI
Board of Directors declared a cash dividend of
$2.05
per share for fourth quarter 2026, payable on
November 27, 2026
to shareholders of record as of the close of trading on
November 13, 2026
.
First Street Acquisition
:
On
August 3, 2026
,
MSCI
completed the acquisition of
First Street Technology, Inc.
(“First Street”), a provider of physics-based physical climate risk data and analytics. The aggregate purchase price was
$122.6 million
, net of cash acquired. The total consideration includes the fair value of potential additional cash payments during the two years following closing, contingent upon the achievement of specified revenue thresholds. First Street’s financial results are reported within the Sustainability and Climate operating segment.
Full-Year 2026 Guidance
MSCI’s guidance for the year ending
December 31, 2026
(“Full-Year 2026”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the
SEC
. See “Forward-Looking Statements” below.
Guidance Item
Current Guidance for Full-Year 2026
Prior Guidance for Full-Year 2026
Operating Expense
$1,535
to
$1,575 million
$1,535
to
$1,575 million
Adjusted EBITDA Expense
$1,340
to
$1,370 million
$1,340
to
$1,370 million
Interest Expense
(including amortization of financing fees)
1
$288
to
$291 million
$282
to
$286 million
Depreciation & Amortization Expense
$195
to
$205 million
$195
to
$205 million
Effective Tax Rate
2
18.0% to 19.5%
18.0% to 20.0%
Capital Expenditures
$160
to
$170 million
$160
to
$170 million
Net Cash Provided by Operating Activities
$1,655
to
$1,705 million
$1,655
to
$1,705 million
Free Cash Flow
$1,485
to
$1,545 million
$1,485
to
$1,545 million
1
A portion of our annual interest expense is from our variable rate indebtedness under our revolving credit facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight financing rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.
2
Excludes the impact of a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in the first quarter 2026. In connection with the completion of the subsequent phase of the restructuring in first quarter 2026, we recognized a tax benefit of
$88 million
, which is excluded from applicable non-GAAP measures when presented.
Conference Call Information
MSCI’s senior management will review the third quarter 2026 results on
Tuesday, October 20, 2026
at
11:00 AM Eastern Time
. To listen to the live event via webcast, visit the events and presentations section of MSCI’s Investor Relations website,
https://ir.msci.com/events-and-presentations
. Participants who wish to join via telephone should click
here
to register in advance. Registered participants will receive an email confirmation with a unique PIN to access the conference call. The earnings call webcast will include an accompanying slide presentation that can be accessed through MSCI’s Investor Relations website.
About
MSCI Inc.
MSCI Inc.
(NYSE:
MSCI
) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit
www.msci.com
. MSCI#IR
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2026 guidance. These forward-looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2025
filed with the Securities and Exchange Commission (“SEC”) on
February 6, 2026
and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the
SEC
. If any of these risks, uncertainties or other matters materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what
MSCI
projected. Any forward-looking statement in this earnings release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity.
MSCI
assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
Website and Social Media Disclosure
MSCI
uses its investor relations website
ir.msci.com
and social media outlets, such as LinkedIn or X (@MSCI_Inc), as channels of distribution of company information. The information
MSCI
posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following MSCI’s press releases,
SEC
filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about
MSCI
when you enroll your email address by visiting the “Email Alerts” section of MSCI’s Investor Relations homepage at
http://ir.msci.com/email-alerts
. The contents of MSCI’s website, including its quarterly updates, blog, podcasts and social media channels are not, however, incorporated by reference into this earnings release.
Notes Regarding the Use of Operating Metrics
MSCI
has presented supplemental key operating metrics as part of this earnings release, including
Run Rate
, Retention Rate, subscription sales, subscription cancellations and non-recurring sales.
A substantial portion of MSCI’s operating revenues is derived from recurring subscriptions or licenses for products and services that are ongoing in nature and provided over contractually agreed periods, which are subject to renewal or cancellation upon the expiration of the then-current term. In addition, we generate non-recurring revenues from one-time sales and other transactions or services that are discrete in nature or that have a defined life. The operating metrics defined below help management assess the stability and growth of this recurring-revenue base and track non-recurring revenues. There have been no changes to the methodologies used to compute these metrics compared with prior periods.
Run Rate
estimates, at a specific point in time, the annualized value of the recurring portion of executed client contracts (“Client Contracts”) expected to generate revenues over the next 12 months, assuming that all such Client Contracts are renewed and using fixed foreign exchange rates.
Run Rate
includes new Client Contracts upon execution, even if the license start date and related revenue recognition occur later.
For Client Contracts where fees are linked to an investment product’s assets or trading volume or fees (referred to as “Asset-based Fees”), the Run Rate calculation is based on:
For exchange-traded funds (“ETFs”): assets under management as of the last trading day of the period;
For non-ETF products: the most recent client-reported assets under management; and
For listed futures and options contracts: the most recent quarterly volumes and/or reported exchange fees.
Run Rate
excludes fees associated with one-time or other non-recurring transactions.
We remove from
Run Rate
the annualized fee value associated with products or services under any Client Contracts when (i) we have received a notice of termination, reduction in fees, non-renewal or other clear indication that the client does not intend to continue its subscription at then current fees; and (ii) management has determined that such notice or indication reflects the client’s final decision to terminate, not renew or renew at a lower fee the applicable products or services, even if such termination or non-renewal is not yet effective (each such event, a “Subscription Cancellation”).
In general, when a client reduces the fees paid to
MSCI
associated with a reduction in the number of products or services to which it subscribes within a segment, or a switch between products or services within a segment, unless the client switches to a product or service that management considers a replacement, such reduction or switch is treated as a Subscription Cancellation, including for purposes of calculating MSCI’s Retention Rate (as detailed below). In the cases where the client switches products or services to a replacement service, only the net decrease, if any, is reported as a cancellation.
In the Analytics and Sustainability and Climate operating segments, substantially all such product or service switches are treated as replacements and are netted accordingly.
In contrast, in the Index, Real Assets, and Private Capital Solutions operating segments, such netting treatment is applied only in limited circumstances.
Organic recurring subscription
Run Rate
growth is defined as the period-over-period growth in
Run Rate
, excluding:
The impact of changes in foreign currency exchange rates;
The impact of acquisitions during the first 12 months following the transaction date; and
The impact of divestitures, where
Run Rate
from divested businesses are excluded from prior period
Run Rates
.
Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. Subscription cancellations reduce
Run Rate
and, over time, lower future operating revenues.
For full-year periods, Retention Rate is calculated as the retained subscription
Run Rate
, which is defined as the subscription
Run Rate
at the beginning of the fiscal year minus actual subscription cancellations during the fiscal year, expressed as a percentage of the subscription
Run Rate
at the beginning of the fiscal year.
For interim (non-annual) periods, Retention Rate is presented on an annualized basis. The annualized Retention Rate is calculated by:
Dividing annualized subscription cancellations in the period by the subscription
Run Rate
at the beginning of the fiscal year, to determine a cancellation rate; and
Subtracting that rate from 100%, to derive the annualized Retention Rate.
Retention Rate is calculated by operating segment and is based on an individual product or service level within each segment. We do not calculate Retention Rate for the portion of
Run Rate
attributable to Asset-based Fees.
Sales represents the annualized value of products and services that clients have committed to purchase from
MSCI
and that are expected to result in additional operating revenues.
Non-recurring sales represent the aggregate value of client agreements entered into during the period that generate non-recurring fees and are not included in
Run Rate
(as defined elsewhere herein), even if such agreements span multiple periods or years.
New recurring subscription sales represent the annualized value of additional client commitments entered into during the period - such as new Client Contracts, expansions of existing Client Contracts or price increases - that contribute to
Run Rate
.
Net new recurring subscription sales represent new recurring subscription sales minus the impact of Subscription Cancellations, capturing the net impact to
Run Rate
for the period.
Total gross sales is the sum of new recurring subscription sales and non-recurring sales.
Total net sales is total gross sales minus the impact of Subscription Cancellations.
Notes Regarding the Use of Non-GAAP Financial Measures
MSCI
has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 14 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.
“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration, transaction and earn-out costs.
“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration, transaction and earn-out costs.
“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.
“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration, transaction and earn-out costs, the impact related to the write-off of deferred fees on debt extinguishment, the impact related to certain gains or losses on investees, and the impact of certain discrete tax items.
“Capex” is defined as capital expenditures plus capitalized software development costs.
“Free cash flow” is defined as net cash provided by operating activities, less Capex.
“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.
Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).
We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of
MSCI
because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.
We believe adjusted net income and adjusted EPS are meaningful measures of the performance of
MSCI
because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.
We believe that free cash flow is useful to investors because it relates the operating cash flow of
MSCI
to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.
We believe organic operating revenue growth is a meaningful measure of the operating performance of
MSCI
because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.
We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.
Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.
Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations
Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the
U.S
. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances.
Table 2: Condensed Consolidated Statements of Income (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions, except per share data
2026
2025
2026
2025
Operating revenues
$
892.0
$
793.4
$
2,609.8
$
2,311.9
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)
152.2
132.5
443.9
407.0
Selling and marketing
90.2
79.9
263.3
236.8
Research and development
47.6
44.8
143.2
136.5
General and administrative
48.2
41.8
163.4
137.2
Amortization of intangible assets
45.2
41.0
130.9
128.6
Depreciation and amortization of property, equipment and leasehold improvements
6.5
5.8
18.6
15.9
Total operating expenses
1
389.9
345.8
1,163.3
1,062.0
Operating income
502.1
447.6
1,446.5
1,249.9
Interest income
(2.9
)
(5.1
)
(8.2
)
(11.9
)
Interest expense
74.8
53.6
214.9
146.3
Other expense (income)
2.3
2.6
5.4
10.1
Other expense (income), net
74.2
51.1
212.1
144.5
Income before provision for income taxes
427.9
396.5
1,234.4
1,105.4
Provision for income taxes
76.9
71.2
135.4
187.8
Net income
$
351.0
$
325.3
$
1,099.0
$
917.6
Earnings per share:
Basic
$
4.87
$
4.26
$
15.11
$
11.89
Diluted
$
4.86
$
4.25
$
15.09
$
11.87
Weighted average shares outstanding used in computing earnings per share:
Basic
72.1
76.5
72.7
77.2
Diluted
72.3
76.6
72.8
77.3
1
Includes stock-based compensation of
$27.5 million
and
$22.8 million
for the three months ended
Sep. 30, 2026
and 2025, respectively, and
$100.6 million
and
$86.2 million
for the nine months ended
Sep. 30, 2026
and 2025, respectively.
Table 3: Condensed Consolidated Balance Sheets (unaudited)
As of
Sep. 30
,
Dec. 31
,
in millions
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
261.0
$
515.3
Accounts receivable
860.1
986.7
Other current assets
177.8
142.8
Total current assets
1,298.9
1,644.8
Property, equipment and leasehold improvements, net
99.1
87.3
Right of use assets
151.4
112.9
Goodwill
3,047.8
2,923.4
Intangible assets, net
899.1
832.5
Other non-current assets
99.0
101.6
Total assets
$
5,595.3
$
5,702.5
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Deferred revenue
$
1,036.7
$
1,231.8
Other current liabilities
538.2
598.0
Total current liabilities
1,574.9
1,829.8
Long-term debt
6,716.9
6,202.3
Long-term operating lease liabilities
149.2
107.5
Other non-current liabilities
170.7
217.4
Total liabilities
8,611.7
8,357.0
Total shareholders’ equity (deficit)
(3,016.4
)
(2,654.5
)
Total liabilities and shareholders’ equity (deficit)
$
5,595.3
$
5,702.5
Table 4: Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
2026
2025
Cash flows from operating activities
Net income
$
351.0
$
325.3
$
1,099.0
$
917.6
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
45.2
41.0
130.9
128.6
Stock-based compensation expense
27.5
22.6
100.6
85.8
Depreciation and amortization of property, equipment and leasehold improvements
6.5
5.8
18.6
15.9
Amortization of right of use assets
7.7
6.4
22.0
18.5
Other adjustment
2.6
30.5
(76.9
)
54.9
Net changes in other operating assets and liabilities
(4.4
)
17.8
(180.5
)
(134.0
)
Net cash provided by operating activities
436.1
449.4
1,113.7
1,087.3
Cash flows from investing activities
Capitalized software development costs
(37.3
)
(22.2
)
(96.7
)
(66.7
)
Capital expenditures
(13.4
)
(4.0
)
(27.2
)
(26.9
)
Business acquisitions, net of cash acquired
1
(115.9
)
—
(174.7
)
—
Other
—
0.1
—
—
Net cash used in investing activities
(166.6
)
(26.1
)
(298.6
)
(93.6
)
Cash flows from financing activities
Repurchase of common stock held in treasury
(552.6
)
(1,225.9
)
(1,135.8
)
(1,577.5
)
Payment of dividends
(147.8
)
(137.9
)
(447.8
)
(421.4
)
Repayment of borrowings
(340.0
)
(712.0
)
(740.0
)
(926.9
)
Proceeds from borrowings, net of discount
675.0
1,716.9
1,250.0
1,931.9
Payment of debt issuance costs
—
(12.8
)
—
(12.8
)
Payment of contingent consideration and deferred purchase price from acquisitions
(1.4
)
—
(10.9
)
(12.1
)
Proceeds from exercise of stock options
2.0
2.3
15.8
6.6
Net cash (used in) financing activities
(364.8
)
(369.4
)
(1,068.7
)
(1,012.2
)
Effect of exchange rate changes
(0.1
)
(1.1
)
(0.7
)
9.2
Net increase (decrease) in cash, cash equivalents and restricted cash
(95.4
)
52.8
(254.3
)
(9.3
)
Cash, cash equivalents and restricted cash, beginning of period
356.4
347.3
515.3
409.4
Cash, cash equivalents and restricted cash, end of period
$
261.0
$
400.1
$
261.0
$
400.1
1
Includes cash paid for the acquisitions of
Compass Financial Technologies
, Vantager, PM Insights and First Street.
Table 5: Operating Results (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
%
Sep. 30
,
Sep. 30
,
%
in millions
2026
2025
Change
2026
2025
Change
Index
Operating revenues:
Recurring subscriptions
$
269.5
$
242.5
11.1
%
$
786.7
$
711.5
10.6
%
Asset-based fees
246.6
197.5
24.9
%
704.2
559.0
26.0
%
Non-recurring
16.5
11.1
48.6
%
49.0
37.2
31.7
%
Total operating revenues
532.6
451.1
18.1
%
1,539.9
1,307.7
17.8
%
Adjusted EBITDA expenses
120.2
100.9
19.1
%
354.5
315.7
12.3
%
Adjusted EBITDA
$
412.4
$
350.2
17.8
%
$
1,185.4
$
992.0
19.5
%
Adjusted EBITDA margin %
77.4
%
77.6
%
77.0
%
75.9
%
Analytics
Operating revenues:
Recurring subscriptions
$
188.1
$
178.3
5.5
%
$
557.2
$
517.8
7.6
%
Non-recurring
2.9
3.9
(25.6
)%
13.2
14.3
(7.7
)%
Total operating revenues
191.0
182.2
4.8
%
570.4
532.1
7.2
%
Adjusted EBITDA expenses
105.3
92.1
14.3
%
313.9
273.4
14.8
%
Adjusted EBITDA
$
85.7
$
90.1
(4.9
)%
$
256.5
$
258.7
(0.9
)%
Adjusted EBITDA margin %
44.9
%
49.4
%
45.0
%
48.6
%
Sustainability and Climate
Operating revenues:
Recurring subscriptions
$
92.2
$
88.7
3.9
%
$
273.6
$
258.4
5.9
%
Non-recurring
1.5
1.4
7.1
%
3.9
5.2
(25.0
)%
Total operating revenues
93.7
90.1
4.0
%
277.5
263.6
5.3
%
Adjusted EBITDA expenses
55.5
55.4
0.2
%
170.7
173.4
(1.6
)%
Adjusted EBITDA
$
38.2
$
34.7
10.1
%
$
106.8
$
90.2
18.4
%
Adjusted EBITDA margin %
40.8
%
38.6
%
38.5
%
34.3
%
All Other - Private Assets
Operating revenues:
Recurring subscriptions
$
73.8
$
69.6
6.0
%
$
219.7
$
206.7
6.3
%
Non-recurring
0.9
0.4
125.0
%
2.3
1.8
27.8
%
Total operating revenues
74.7
70.0
6.7
%
222.0
208.5
6.5
%
Adjusted EBITDA expenses
56.2
50.6
11.1
%
172.7
155.0
11.4
%
Adjusted EBITDA
$
18.5
$
19.4
(4.6
)%
$
49.3
$
53.5
(7.9
)%
Adjusted EBITDA margin %
24.8
%
27.6
%
22.2
%
25.7
%
Consolidated
Operating revenues:
Recurring subscriptions
$
623.6
$
579.1
7.7
%
$
1,837.2
$
1,694.4
8.4
%
Asset-based fees
246.6
197.5
24.9
%
704.2
559.0
26.0
%
Non-recurring
21.8
16.8
29.8
%
68.4
58.5
16.9
%
Operating revenues total
892.0
793.4
12.4
%
2,609.8
2,311.9
12.9
%
Adjusted EBITDA expenses
337.2
299.0
12.8
%
1,011.8
917.5
10.3
%
Adjusted EBITDA
$
554.8
$
494.4
12.2
%
$
1,598.0
$
1,394.4
14.6
%
Operating margin %
56.3
%
56.4
%
55.4
%
54.1
%
Adjusted EBITDA margin %
62.2
%
62.3
%
61.2
%
60.3
%
Table 6: Sales and Retention Rate (unaudited)
1
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
%
Sep. 30
,
Sep. 30
,
%
in millions
2026
2025
Change
2026
2025
Change
Index
New recurring subscription sales
$
34.7
$
29.4
18.0
%
$
101.9
$
81.1
25.6
%
Subscription cancellations
(7.3
)
(9.9
)
(26.3
)%
(21.6
)
(27.4
)
(21.2
)%
Net new recurring subscription sales
$
27.4
$
19.5
40.5
%
$
80.3
$
53.7
49.5
%
Non-recurring sales
$
14.3
$
12.6
13.5
%
$
45.9
$
42.5
8.0
%
Total gross sales
$
49.0
$
42.0
16.7
%
$
147.8
$
123.6
19.6
%
Total Index net sales
$
41.7
$
32.1
29.9
%
$
126.2
$
96.2
31.2
%
Index Retention Rate
97.1
%
95.8
%
97.2
%
96.1
%
Analytics
New recurring subscription sales
$
30.5
$
21.9
39.3
%
$
69.7
$
60.9
14.4
%
Subscription cancellations
(10.7
)
(9.8
)
9.2
%
(30.5
)
(28.7
)
6.3
%
Net new recurring subscription sales
$
19.8
$
12.1
63.6
%
$
39.2
$
32.2
21.7
%
Non-recurring sales
$
5.9
$
3.5
68.6
%
$
11.6
$
11.5
0.9
%
Total gross sales
$
36.4
$
25.4
43.3
%
$
81.3
$
72.4
12.3
%
Total Analytics net sales
$
25.7
$
15.6
64.7
%
$
50.8
$
43.7
16.2
%
Analytics Retention Rate
94.3
%
94.4
%
94.6
%
94.5
%
Sustainability and Climate
New recurring subscription sales
$
7.6
$
7.5
1.3
%
$
24.4
$
25.0
(2.4
)%
Subscription cancellations
(8.7
)
(5.5
)
58.2
%
(22.7
)
(15.5
)
46.5
%
Net new recurring subscription sales
$
(1.1
)
$
2.0
(155.0
)%
$
1.7
$
9.5
(82.1
)%
Non-recurring sales
$
0.8
$
0.7
14.3
%
$
4.0
$
3.9
2.6
%
Total gross sales
$
8.4
$
8.2
2.4
%
$
28.4
$
28.9
(1.7
)%
Total Sustainability and Climate net sales
$
(0.3
)
$
2.7
(111.1
)%
$
5.7
$
13.4
(57.5
)%
Sustainability and Climate Retention Rate
91.0
%
93.6
%
92.2
%
94.0
%
All Other - Private Assets
New recurring subscription sales
$
13.0
$
9.7
34.0
%
$
34.0
$
29.3
16.0
%
Subscription cancellations
(4.3
)
(4.5
)
(4.4
)%
(13.3
)
(16.0
)
(16.9
)%
Net new recurring subscription sales
$
8.7
$
5.2
67.3
%
$
20.7
$
13.3
55.6
%
Non-recurring sales
$
0.6
$
1.0
(40.0
)%
$
1.9
$
2.8
(32.1
)%
Total gross sales
$
13.6
$
10.7
27.1
%
$
35.9
$
32.1
11.8
%
Total All Other - Private Assets net sales
$
9.3
$
6.2
50.0
%
$
22.6
$
16.1
40.4
%
All Other - Private Assets Retention Rate
94.2
%
93.3
%
93.9
%
92.0
%
Consolidated
New recurring subscription sales
$
85.8
$
68.5
25.3
%
$
230.0
$
196.3
17.2
%
Subscription cancellations
(31.0
)
(29.7
)
4.4
%
(88.1
)
(87.6
)
0.6
%
Net new recurring subscription sales
$
54.8
$
38.8
41.2
%
$
141.9
$
108.7
30.5
%
Non-recurring sales
$
21.6
$
17.8
21.3
%
$
63.4
$
60.7
4.4
%
Total gross sales
$
107.4
$
86.3
24.4
%
$
293.4
$
257.0
14.2
%
Total net sales
$
76.4
$
56.6
35.0
%
$
205.3
$
169.4
21.2
%
Total Retention Rate
95.0
%
94.7
%
95.2
%
94.8
%
1
See “Notes Regarding the Use of Operating Metrics” for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.
Table 7: AUM in ETFs Linked to
MSCI
Equity Indexes (unaudited)
1,2
Three Months Ended
Nine Months Ended
Sep. 30
,
Dec. 31
,
Mar. 31
,
June 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
In billions
2025
2025
2026
2026
2026
2025
2026
Beginning Period AUM in ETFs linked to
MSCI
equity indexes
$
2,025
$
2,211
$
2,341
$
2,403
$
2,818
$
1,725
$
2,341
Market Appreciation/(Depreciation)
140
63
(41
)
376
11
349
346
Cash Inflows
46
67
103
39
76
137
218
Period-End AUM in ETFs linked to
MSCI
equity indexes
$
2,211
$
2,341
$
2,403
$
2,818
$
2,905
$
2,211
$
2,905
Period Average AUM in ETFs linked to
MSCI
equity indexes
$
2,108
$
2,274
$
2,471
$
2,706
$
2,878
$
1,924
$
2,685
Period-End Basis Point Fee
3
2.41
2.41
2.35
2.28
2.28
2.41
2.28
1
The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to
MSCI
Equity Indexes” on our Investor Relations homepage at
https://ir.msci.com
. Information contained on our website is not incorporated by reference into this Press Release or any other report filed with the
SEC
. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.
2
The value of AUM in ETFs linked to
MSCI
equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.
3
Based on period-end
Run Rate
for ETFs linked to
MSCI
equity indexes using period-end AUM.
Table 8:
Run Rate
(unaudited)
1
As of
in millions
Sep. 30
,
2026
Sep. 30
,
2025
%
Run Rate
Growth
%
Organic Run
Rate
Growth
Index
Recurring subscriptions
$
1,107.1
$
988.2
12.0
%
11.7
%
Asset-based fees
975.6
799.7
22.0
%
21.9
%
Index
Run Rate
2,082.7
1,787.9
16.5
%
16.3
%
Analytics
Run Rate
793.5
742.4
6.9
%
7.5
%
Sustainability and Climate
Run Rate
384.8
370.8
3.8
%
2.4
%
All Other - Private Assets
Run Rate
310.9
285.4
8.9
%
9.2
%
Total
Run Rate
$
3,571.9
$
3,186.5
12.1
%
12.0
%
Total recurring subscriptions
$
2,596.3
$
2,386.8
8.8
%
8.7
%
Total asset-based fees
975.6
799.7
22.0
%
21.9
%
Total
Run Rate
$
3,571.9
$
3,186.5
12.1
%
12.0
%
1
See “Notes Regarding the Use of Operating Metrics” for details regarding the definition of
Run Rate
.
Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions
2026
2025
2026
2025
Net income
$
351.0
$
325.3
$
1,099.0
$
917.6
Provision for income taxes
76.9
71.2
135.4
187.8
Other expense (income), net
74.2
51.1
212.1
144.5
Operating income
502.1
447.6
1,446.5
1,249.9
Amortization of intangible assets
45.2
41.0
130.9
128.6
Depreciation and amortization of property, equipment and leasehold improvements
6.5
5.8
18.6
15.9
Acquisition-related integration and transaction costs
1
1.0
—
2.0
—
Consolidated adjusted EBITDA
$
554.8
$
494.4
$
1,598.0
$
1,394.4
Index adjusted EBITDA
$
412.4
$
350.2
$
1,185.4
$
992.0
Analytics adjusted EBITDA
85.7
90.1
256.5
258.7
Sustainability and Climate adjusted EBITDA
38.2
34.7
106.8
90.2
All Other - Private Assets adjusted EBITDA
18.5
19.4
49.3
53.5
Consolidated adjusted EBITDA
$
554.8
$
494.4
$
1,598.0
$
1,394.4
1
Represents transaction expenses and other costs directly related to certain announced or completed acquisitions and the integration of such acquisitions, including professional fees, severance expenses and regulatory filing fees, in each case only to the extent incurred no later than 12 months following the closing of the relevant acquisition. Also includes amounts arising under earn-out and other contingent consideration arrangements related to such acquisitions, including gains and losses from changes in their estimated fair value, which are included for the contractual term of the applicable arrangement.
Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)
Three Months Ended
Nine Months Ended
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
in millions, except per share data
2026
2025
2026
2025
Net income
$
351.0
$
325.3
$
1,099.0
$
917.6
Plus: Amortization of acquired intangible assets
21.0
20.8
61.5
70.8
Plus: Acquisition-related integration and transaction costs
1
1.0
—
2.0
—
Less: Tax impact of internal legal entity restructuring
2
—
—
(88.0
)
—
Less: Income tax effect
3
(4.0
)
(3.8
)
(11.5
)
(12.0
)
Adjusted net income
$
369.0
$
342.3
$
1,063.0
$
976.4
Diluted EPS
$
4.86
$
4.25
$
15.09
$
11.87
Plus: Amortization of acquired intangible assets
0.29
0.27
0.84
0.92
Plus: Acquisition-related integration and transaction costs
1
0.01
—
0.03
—
Less: Tax impact of internal legal entity restructuring
2
—
—
(1.21
)
—
Less: Income tax effect
3
(0.05
)
(0.05
)
(0.16
)
(0.16
)
Adjusted EPS
$
5.11
$
4.47
$
14.59
$
12.63
Diluted weighted average common shares outstanding
72.3
76.6
72.8
77.3
1
Represents transaction expenses and other costs directly related to certain announced or completed acquisitions and the integration of such acquisitions, including professional fees, severance expenses and regulatory filing fees, in each case only to the extent incurred no later than 12 months following the closing of the relevant acquisition. Also includes amounts arising under earn-out and other contingent consideration arrangements related to such acquisitions, including gains and losses from changes in their estimated fair value, which are included for the contractual term of the applicable arrangement.
2
This adjustment reflects income tax effects recognized in connection with a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in first quarter 2026. In fourth quarter 2025, the Company recognized discrete tax expense of
$38 million
related to the first phase and recognized a discrete tax benefit of approximately
$88 million
in first quarter 2026 related to the subsequent phase of this internal legal entity restructuring. Management excludes these discrete tax effects from non-GAAP results because they are not indicative of ongoing operating performance or the Company’s underlying tax profile.
3
Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.
Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)
Three Months Ended
Nine Months Ended
Full-Year
Sep. 30
,
Sep. 30
,
Sep. 30
,
Sep. 30
,
2026
in millions
2026
2025
2026
2025
Guidance
1
Total operating expenses
$
389.9
$
345.8
$
1,163.3
$
1,062.0
$1,535.0
-
$1,575.0
Amortization of intangible assets
45.2
41.0
130.9
128.6
Depreciation and amortization of property, equipment and leasehold improvements
6.5
5.8
18.6
15.9
$195.0
-
$205.0
Acquisition-related integration and transaction costs
2
1.0
—
2.0
—
Consolidated adjusted EBITDA expenses
$
337.2
$
299.0
$
1,011.8
$
917.5
$1,340.0
-
$1,370.0
Index adjusted EBITDA expenses
$
120.2
$
100.9
$
354.5
$
315.7
Analytics adjusted EBITDA expenses
105.3
92.1
313.9
273.4
Sustainability and Climate adjusted EBITDA expenses
55.5
55.4
170.7
173.4
All Other - Private Assets adjusted EBITDA expenses
56.2
50.6
172.7
155.0
Consolidated adjusted EBITDA expenses
$
337.2
$
299.0
$
1,011.8
$
917.5
$1,340.0
-
$1,370.0
1
We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
2
Re