Jun 2026 (Q2 FY26) — Jul 21, 2026
MSCI Inc. Q2 FY26 — Strong Growth in Index and Private Assets, AI-Fueled Innovation
Read the full callMSCI (MSCI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MSCI earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 867 | +12.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 56.2 | +1.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 342 | +12.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Analytics segment revenue growth — Q2 FY26 | roughly 5% | Mar 2026 | Analytics organic revenue growth was 7% tracking with run rate growth. | Achieved |
| Effective tax rate — Q2 FY26 | 18% to 20% | Mar 2026 | Pending |
16 of MSCI Inc.'s 18 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 16 more targets are in the full ledger.
Claimed
- Organic revenue growth of over 12% in Q2 FY26.
- Adjusted EPS growth of nearly 19% in Q2 FY26.
- Total run rate growth of 12%, fueled by ABF run rate of $948 million, growing 25%.
- Index subscription run rate growth accelerated to over 11%, with recurring net new sales up nearly 41% year-over-year to over $28 million.
- Private Assets achieved 57% recurring net new sales growth.
Qualified
- Sustainability and Climate segment expects recurring net new sales to be roughly 0 to slightly negative for the combined segment across the next two quarters due to cancels, particularly in the Americas.
- Fee compression in asset-based fees due to mix shift towards lower-fee products, though overall ABF run rate grew 25%.
Price
$563.49 −0.98% · −$5.59
Performance +5.5% 1Y
1Y: $534.35 on 17 Oct 2025 → $563.49. High $643.83 (1 Jun 2026), low $511.84 (11 Feb 2026).
- Previous close
- $569.08
- 52-week range
- $511.84 – $643.83
- One year
- +4.99%
Overview
- Symbol
- MSCI
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Analytics segment revenue growth — Q2 FY26 | roughly 5% | Mar 2026 | Analytics organic revenue growth was 7% tracking with run rate growth. | Achieved |
| Effective tax rate — Q2 FY26 | 18% to 20% | Mar 2026 | Pending |
Claimed
- Organic revenue growth of over 12% in Q2 FY26.
- Adjusted EPS growth of nearly 19% in Q2 FY26.
- Total run rate growth of 12%, fueled by ABF run rate of $948 million, growing 25%.
- Index subscription run rate growth accelerated to over 11%, with recurring net new sales up nearly 41% year-over-year to over $28 million.
- Private Assets achieved 57% recurring net new sales growth.
Qualified
- Sustainability and Climate segment expects recurring net new sales to be roughly 0 to slightly negative for the combined segment across the next two quarters due to cancels, particularly in the Americas.
- Fee compression in asset-based fees due to mix shift towards lower-fee products, though overall ABF run rate grew 25%.
The full ledger
Open MSCI Inc.’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
MSCI Q1 FY26 — Strong Organic Growth and AI-Driven Momentum
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
MSCI Q4 FY25 — Strong Momentum Across Product Lines and Client Segments
Read the full callEvery analysed call
MSCI earnings calls (MSCI)
Financials
What the filings say
Net profit, year on year: +13% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 725 | 744 | 746 | 773 | 793 | 823 | 851 | 867 |
| Expenses | 323 | 338 | 369 | 347 | 346 | 359 | 394 | 380 |
| Operating profit | 401 | 405 | 377 | 425 | 448 | 464 | 457 | 488 |
| Operating margin | 55.4% | 54.5% | 50.5% | 55.0% | 56.4% | 56.4% | 53.7% | 56.2% |
| Other income | -44 | -42 | -46 | -47 | -51 | -75 | -68 | -70 |
| Interest | 47 | 46 | 47 | 46 | 54 | 64 | 69 | 71 |
| Profit before tax | 357 | 363 | 331 | 378 | 397 | 389 | 389 | 417 |
| Tax rate | 21.3% | 15.9% | 12.8% | 19.6% | 17.9% | 26.8% | −4.3% | 18.0% |
| Net profit | 281 | 306 | 289 | 304 | 325 | 285 | 406 | 342 |
| EPS ($ per share) | 3.58 | — | 3.72 | 3.92 | 4.26 | — | 5.54 | 4.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,857 | 2,199 | 2,554 | 2,977 | 3,473 | 4,180 | 4,780 | 5,428 |
| Total liabilities | 3,554 | 4,281 | 4,642 | 5,670 | 6,005 | 6,258 | 6,385 | 8,357 |
| Fixed assets | 91 | 91 | 80 | 67 | 54 | 56 | 71 | 87 |
| Total assets | 3,388 | 4,204 | 4,199 | 5,507 | 4,998 | 5,518 | 5,445 | 5,703 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 613 | 710 | 811 | 936 | 1,095 | 1,236 | 1,502 | 1,588 |
| Cash from investing | 35 | -72 | -242 | -1,036 | -79 | -819 | -144 | -130 |
| Cash from financing | -626 | -37 | -779 | 230 | -1,425 | -954 | -1,402 | -1,362 |
| Net cash flow | 15 | 602 | -206 | 121 | -428 | -532 | -52 | 106 |
| Capital expenditure | -30 | -29 | -22 | -14 | -14 | -23 | -34 | -39 |
| Free cash flow | 583 | 680 | 789 | 923 | 1,082 | 1,213 | 1,468 | 1,549 |
MSCI revenue by segment
Index grew from 56% to 59% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Index | 56% | 57% | 57% | 56% | 57% | 58% | 58% | 59% | +17.5% |
| Analytics | 24% | 23% | 23% | 23% | 23% | 22% | 22% | 22% | +6.6% |
| Sustainability and Climate | — | — | 11% | 12% | 11% | 11% | 11% | 11% | +3.4% |
| All Other Segments | — | — | 9% | — | — | — | 9% | 9% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MSCI operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Retention rate | 93%In the fourth quarter, our operating metrics included organic subscription run rate growth of 8%, excluding FX headwinds and 7% on a reported basis, asset-based fee run rate growth of 15% and a retention rate of 93%.Source: earnings call transcript | 95%+More specifically, MSCI delivered a retention rate of over 95%, organic subscription run rate growth of 8% and asset-based fee gross revenue growth of 18%.Source: earnings call transcript | — | — | — | 95%+MSCI achieved organic subscription run rate growth of over 8% with a retention rate of over 95%.Source: earnings call transcript | — |
| Assets under management (AUM) Direct indexing | <$130BWe also saw direct indexing AUM based on MSCI Indices increased by 31% to nearly $130 billion.Source: earnings call transcript | $131B+Meanwhile, direct indexing AUM based on MSCI indexes increased by 30% to more than $131 billion.Source: earnings call transcript | — | — | — | — | — |
| Retention rate Asset managers | — | 96%We achieved a retention rate of 96% with asset managers in Q1, up from 95% a year earlier.Source: earnings call transcript | ~97%But generally, overall, we're seeing quite stable results, and we are also pretty encouraged by the solid retention rate with asset managers, which is about 97% across the company in the third quarter.Source: earnings call transcript | — | — | — | — |
| Retention rate Index | 95%An overall retention rate and index was 95%, with a retention rate of almost 96% with asset managers.Source: earnings call transcript | 96.5%So within Index, it was 96.5% and within Analytics, 95.5%.Source: earnings call transcript | <96%And the Index retention rate remained durable at nearly 96%.Source: earnings call transcript | 95%Index retention remained strong at nearly 96% for the full year and 95% for the quarter.Source: earnings call transcript | <97%Index retention was nearly 97% for the quarter, further improving from last year's levels.Source: earnings call transcript | 97%+In index, we delivered 41% growth in recurring net new sales, 17% growth in total run rate more than 11% growth in subscription run rate and a retention rate of more than 97%.Source: earnings call transcript | — |
| Retention rate ESG and Climate | 93%+Our retention rate for the segment was over 93% with most of the cancels reflecting client down sales and not outright terminations.Source: earnings call transcript | 94.5%The retention rate of 94.5% for the segment highlights that our Sustainability and Climate tools remain mission-critical.Source: earnings call transcript | <94%The Sustainability and Climate retention rate was almost 94%, slightly higher than last year's level of 93% and reflecting the must-have nature of our tools.Source: earnings call transcript | — | — | — | — |
| Assets under management (AUM) Fixed Income ETF | — | $76B+Fixed Income ETF AUM linked to MSCI and partner indexes is now over $76 billion, growing 20% from a year ago.Source: earnings call transcript | ~$90BOn the fixed income side, the AUM and ETFs linked to fixed income indexes or fixed income indexes and partnership indexes is around $90 billion.Source: earnings call transcript | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Americas 44% ↓ 1 pt
- EMEA 41% ↑ 2 pt
- US 40% ↓ 1 pt
- Other Europe Middle East and Africa Countries 23% ↑ 1 pt
- GB 18% ↑ 1 pt
- Asia and Australia 15% ↓ 1 pt
- Other Asia and Australia Countries 11% ↓ 1 pt
- Other America Countries 5%
- JP 4%
As MSCI cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
78 filings between Nov 24, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
$15.51M
32 purchases by 3 insiders
Sales
$7.30M
7 sales by 3 insiders
57% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 30
- Award — granted as compensation
- 5
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fernandez Henry A | $12.51M | — | May 15, 2026 |
| Munari Alvise J. | — | $5.92M | Apr 24, 2026 |
| Ashe Robert G. | $2.00M | — | Feb 18, 2026 |
| Wiechmann Andrew C. | — | $1.03M | Oct 12, 2026 |
| Taneja Rajat | $1.00M | — | Sep 2, 2026 |
| Gutowski Robert J. | — | $348.5K | Nov 24, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Wiechmann Andrew C. Chief Financial Officer | Sale 10b5-1 plan | 450 | $256.5K |
| Sep 2, 2026 | Taneja Rajat Director | Purchase | 1,786 | $1.00M |
| Aug 28, 2026 | Yang June Director | Award | 2 | $0 |
| Aug 28, 2026 | Matlock Robin Director | Award | 6 | $0 |
| Aug 28, 2026 | RIEFLER LINDA H Director | Award | 8 | $0 |
| Jun 10, 2026 | Wiechmann Andrew C. Chief Financial Officer | Sale 10b5-1 plan | 450 | $272.1K |
| Jun 2, 2026 | Taneja Rajat Director | Award | 42 | $0 |
| May 29, 2026 | Yang June Director | Award | 2 | $0 |
| May 29, 2026 | Matlock Robin Director | Award | 6 | $0 |
| May 29, 2026 | RIEFLER LINDA H Director | Award | 7 | $0 |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 120 | $67.1K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 240 | $134.5K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 400 | $225.8K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 800 | $450.7K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 1,122 | $631.1K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 1,238 | $695.2K |
| May 15, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 80 | $45.2K |
| May 1, 2026 | Ashe Robert G. Director | Award | 202 | $0 |
| May 1, 2026 | Ashe Robert G. Director | Award | 490 | $0 |
| May 1, 2026 | Yang June Director | Award | 388 | $0 |
| May 1, 2026 | RIEFLER LINDA H Director | Award | 388 | $0 |
| May 1, 2026 | Volent Paula Director | Award | 388 | $0 |
| May 1, 2026 | Rattray Sandy C. Director | Award | 388 | $0 |
| May 1, 2026 | Rattray Sandy C. Director | Tax withheld | 32 | $0 |
| May 1, 2026 | Matlock Robin Director | Award | 388 | $0 |
| May 1, 2026 | Seitz Michelle Director | Award | 388 | $0 |
| May 1, 2026 | Smith Marcus L. Director | Award | 388 | $0 |
| May 1, 2026 | Perold Jacques P Director | Award | 388 | $0 |
| May 1, 2026 | Taneja Rajat Director | Award | 388 | $0 |
| May 1, 2026 | Taneja Rajat Director | Award | 177 | $0 |
| Apr 28, 2026 | Fernandez Henry A Chairman and CEO | Gift | 75,707 | $0 |
| Apr 28, 2026 | Fernandez Henry A Chairman and CEO | Gift | 75,707 | $0 |
| Apr 24, 2026 | Munari Alvise J. Chief Product Officer | Sale | 40 | $23.7K |
| Apr 24, 2026 | Munari Alvise J. Chief Product Officer | Sale | 9,960 | $5.90M |
| Mar 17, 2026 | Wiechmann Andrew C. Chief Financial Officer | Sale 10b5-1 plan | 450 | $252.0K |
| Feb 27, 2026 | RIEFLER LINDA H Director | Award | 6 | $0 |
| Feb 27, 2026 | Yang June Director | Award | 1 | $0 |
| Feb 27, 2026 | Matlock Robin Director | Award | 5 | $0 |
| Feb 18, 2026 | Ashe Robert G. Director | Purchase | 3,681 | $2.00M |
| Feb 17, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 200 | $104.0K |
| Feb 17, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 360 | $187.0K |
| Feb 17, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 240 | $124.2K |
| Feb 13, 2026 | Fernandez Henry A Chairman and CEO | Purchase | 6,000 | $3.15M |
| Feb 2, 2026 | Crum Scott A Chief Human Resources Officer | Tax withheld | 548 | $342.4K |
| Feb 2, 2026 | Wiechmann Andrew C. Chief Financial Officer | Tax withheld | 470 | $293.6K |
| Feb 2, 2026 | Munari Alvise J. Chief Product Officer | Tax withheld | 438 | $273.6K |
| Feb 2, 2026 | Gutowski Robert J. General Counsel | Tax withheld | 276 | $172.4K |
| Jan 30, 2026 | Crum Scott A Chief Human Resources Officer | Award | 1,554 | $0 |
| Jan 30, 2026 | Munari Alvise J. Chief Product Officer | Award | 3,158 | $0 |
| Jan 30, 2026 | Gutowski Robert J. General Counsel | Award | 1,086 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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