MSCI Q3 EPS与营收小幅超预期、2026核心指引基本维持，盘前已涨6.4%

MSCI ( MSCI ) stock rose 6.4%  in Tuesday premarket trading after the company delivered solid beats in Q3 earnings and revenue and essentially reaffirmed its 2026 expense and cash flow guidance. The index provider raised its guidance for interest expense but lowered the top end of its range for income taxes, resulting in its adjusted EBITDA expense and free cash flow outlooks remaining unchanged from its previous guidance. Q3 non-GAAP EPS of $5.11 , exceeding the $5.03 consensus estimate, rose from $4.94 in Q2 and $4.47 in Q3 2025. Q3 operating revenue of $892.0M, topping the $888.6M consensus, grew from $867.0M in the prior quarter and $793.4M in the year-ago period. Index segment operating revenue of $532.6M rose 18%  Y/Y, with recurring subscription revenue of $269.5M increasing 11% Y/Y and asset-based fees of $246.6M jumping 25%. Analytics segment operating revenue of $191.0M increased 4.8% Y/Y. "We entered Q4 with solid momentum and strong client engagement across our franchise," said Chairman and CEO Henry A. Fernandez. "Notably, we have seen robust demand for both our traditional and newer solutions." Total operating expenses of $389.9M vs. $379.5M in Q2 and $345.8M in the year-ago quarter. MSCI's operating margin of 58.3% improved from 56.2% in Q2 and 56.4% in last year's Q3. Adjusted EBITDA of $554.8M climbed from $538.5M in the previous quarter and $494.4M a year ago. Adjusted EBITDA margin was 62.2% compared with 62.1% in Q2 and 62.3% in last year's Q3. MSCI ( MSCI ) now expects 2026 interest expense of $288M-$291M, up from its previous guidance of $282M-$286M. Its effective tax rate guidance was revised to 18.0%-19.5% from 18.0%-20.0% previously. Its adjusted EBITDA expense outlook remained at $1.340B-$1.370B, and its free cash flow guidance held at $1.485B-$1.545B.