MSCI Inc (MSCI)

MSCI Announces Dates for 2026 Annual Market Classification and Accessibility ReviewsMay 21, 2026 5:43 PM
Business Wire MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that it will release the results of the MSCI 2026 Global Market Accessibility Review on June 18, 2026, and the results of the MSCI 2026 Annual Market Classification Review on June 23, 2026. Both announcements will be made available shortly after 10:30 p.m. Central European Summer Time (CEST) on www.msci.com/market-classification. -Ends- About MSCI MSCI (NYSE: MSCI Inc.) 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. The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s website at: https://www.msci.com/index-regulation. The data, data feeds, databases, reports, text, graphs, charts, images, videos, recordings, models, metrics, analytics, indexes, ratings, scores, cases, estimates, assessments, software, websites, products, services and other information and materials contained herein or delivered in connection with this notice (collectively, the “Information”) are copyrighted, trade secrets (when not publicly available), trademarks and proprietary property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), MSCI’s licensors, direct or indirect suppliers and authorized sources, and/or any third party contributing to the Information (collectively, with MSCI, the “Information Providers”). All rights in the Information are reserved by MSCI and its Information Providers and user(s) shall not, nor assist others to, challenge or assert any rights in the Information. Unless you contact MSCI and receive its prior written permission, you must NOT use the Information, directly or indirectly, in whole or in part (i) for commercial purposes, (ii) in a manner that competes with MSCI or impacts its ability to commercialize the Information or its services, (iii) to provide a service to a third party, (iv) to permit a third party to directly or indirectly access, use or resell the Information, (v) to redistribute or resell the Information in any form, (vi) to include the Information in any materials for public dissemination such as fund factsheets, market presentations, prospectuses, and investor information documents (e.g. KIIDs or KIDs), (vii) to create or as a component of any financial products, whether listed or traded over the counter or on a private placement basis or otherwise, (viii) to create any indexes, ratings or other data products, including in derivative works combined with other indexes or data or as a policy, product or performance benchmarks for active, passive or other financial products, (ix) to populate a database, or (x) to train, use as an input to, or otherwise in connection with any artificial intelligence, machine learning, large language models or similar technologies except as licensed and expressly authorized under MSCI’s AI Contracting Supplement at https://www.msci.com/legal/supplemental-terms-for-client-use-of-artificial-intelligence. The intellectual property rights of MSCI and its Information Providers may not be misappropriated or used in a competitive manner through the use of third-party data or financial products linked to the Information, including by using an MSCI index-linked future or option in a competing third-party index to provide an exposure to the underlying MSCI index or by using an MSCI index-linked ETF to create a financial product that provides an exposure to the underlying MSCI index without obtaining a license from MSCI. The user or recipient of the Information assumes the entire risk of any use it may make, permit or cause to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, SUITABILITY, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall MSCI or any other Information Provider have any liability arising out of or relating to any of the Information, including for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages, even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. The Information, including index construction, ratings, historical data, or analysis, is not a prediction or guarantee of future performance, and must not be relied upon as such. Past performance is not indicative of future results. The Information may contain back tested data. Back-tested performance based on back-tested data is not actual performance but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy. The Information may include “Signals,” defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Signals are inherently backward-looking because of their use of historical data, and they are inherently inaccurate, not intended to predict the future and must not be relied upon as such. The relevance, correlations and accuracy of Signals frequently change materially over time. The Information may include data relating to indicative prices, evaluated pricing or other information based on estimates or evaluations (collectively, “Evaluations”) that are not current and do not reflect real-time traded prices. No evaluation method, including those used by the Information Providers, may consistently generate evaluations or estimates that correspond to actual “traded” prices of any relevant securities or other assets. Evaluations are subject to change at any time without notice and without any duty to update or inform you, may not reflect prices at which actual transactions or collateral calls may occur or have occurred. The market price of securities, financial instruments, and other assets can be determined only if and when executed in the market. There may be no, or may not have been any, secondary trading market for the relevant securities, financial instruments or other assets. Private capital, equity, credit and other assets and their prices may be assessed infrequently, may not be priced on a secondary market, and shall not be relied upon as an explicit or implicit valuation of a particular instrument. Any reliance on fair value estimates and non-market inputs introduces potential biases and subjectivity. Internal Rate of Return metrics are not fully representative without full disclosure of fund cash flows, assumptions, and time horizons. The Information does not constitute, and must not be relied upon as, investment advice, credit ratings, or proxy advisory or voting services. None of the Information Providers, their products or services, are fiduciaries or make any recommendation, endorsement, or approval of any investment decision or asset allocation. Likewise, the Information does not represent an offer to sell, a solicitation to buy, or an endorsement of any security, financial product, instrument, investment vehicle, or trading strategy, whether or not linked to or in any way based on any MSCI index, rating, subcomponent, or other Information (collectively, “Linked Investments”).The Information should not be relied on and is not a substitute for the skill, judgment and experience of any user when making investment and other business decisions. MSCI is not responsible for any user’s compliance with applicable laws and regulations. All Information is impersonal, not tailored to the needs of any person, entity or group of persons, not objectively verifiable in every respect, and may not be based on information that is important to any user. It is not possible to invest in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI makes no assurance that any Linked Investments will accurately track index performance or provide positive investment returns. Index returns do not represent results of actual trading of investible assets/securities. MSCI maintains and calculates indexes but does not manage assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase securities underlying the index or Linked Investments. The imposition of these fees and charges would cause the performance of a Linked Investment to be different than the MSCI index performance. Information provided by MSCI Solutions LLC and certain related entities (“MSCI Solutions”), including materials utilized in MSCI sustainability and climate products, have not been submitted to, nor received approval from any regulatory body. MSCI sustainability and climate offerings, research and data are produced by, and ratings are solely the opinion of MSCI Solutions. Other MSCI products and services may utilize information from MSCI Solutions, Barra LLC or other affiliates. More information can be found in the relevant methodologies on www.msci.com. MSCI Indexes are administered by MSCI Limited (UK) and MSCI Deutschland GmbH. No regulated use of any MSCI private real assets indexes in any jurisdiction is permitted without MSCI’s express written authorization. The process for applying for MSCI’s express written authorization can be found at: https://www.msci.com/index-regulation. MSCI receives compensation in connection with licensing its indexes and other Information to third parties. MSCI Inc.’s revenue includes fees based on assets in Linked Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com. Issuers mentioned in MSCI Solutions materials or their affiliates may purchase research or other products or services from one or more MSCI affiliates, manage financial products such as mutual funds or ETFs rated by MSCI Solutions or its affiliates or are based on MSCI Indexes. Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Constituents in MSCI Inc. equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. MSCI Solutions has taken steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. MIFID2/MIFIR notice: MSCI Solutions does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI product or service supports, promotes or is intended to support or promote any such activity. MSCI Solutions is an independent provider of sustainability and climate data. All use of indicative prices for carbon credits must comply with any rules specified by MSCI. All transactions in carbon credits must be traded “over-the-counter” (i.e. not on a regulated market, trading venue or platform that performs a similar function to a trading venue) and result in physical delivery of the carbon credits. You may not remove, alter, or obscure any attribution to MSCI or notices or disclaimers that apply to the Information. MSCI, Barra, RiskMetrics, and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Dow Jones Indices. Terms such as including, includes, for example, such as and similar terms used herein are without limitation. MSCI and its Information Providers may use automated technologies and artificial intelligence to help generate content and output incorporated in the Information. Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at: https://www.msci.com/privacy-pledge. For copyright infringement claims contact us at dmca@msci.com. This notice is governed by the laws of the State of New York without regard to conflict of laws principles. © 2026 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document. msci.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260521883330/en/ Media Inquiries
PR@msci.com
Melanie Blanco +1 212 981 1049
Konstantinos Makrygiannis +44 77 6893 0056
Tina Tan +852 2844 9320 MSCI Global Client Service
EMEA Client Service + 44 20 7618 2222
Americas Client Service +1 888 588 4567
Asia Pacific Client Service + 852 2844 9333 Original: MSCI Announces Dates for 2026 Annual Market Classification and Accessibility Reviews

MSCI Equity Indexes May 2026 Index ReviewMay 12, 2026 7:00 PM
Business Wire MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support tools and services for the global investment community, announced the results of the May 2026 Index Review for the MSCI Equity Indexes. All changes will be implemented as of the close of May 29, 2026. Highlights include: MSCI Global Standard Indexes: Forty-nine securities will be added to and 101 securities will be deleted from the MSCI ACWI Index. The three largest additions to the MSCI World Index measured by full company market capitalization will be Medline A (USA), MasTec (USA) and TechnipFMC (USA). The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalization will be Itau Unibanco On (Brazil), Yangtze Optical Fibre and Cable Joint Stock Limited Company A (HK-C) (China) and Sichuan Biokin Pharmaceutical A (HK-C) (China). MSCI Global Small Cap Indexes: There will be 246 additions to and 195 deletions from the MSCI ACWI Small Cap Index. MSCI Global Investable Market Indexes: There will be 208 additions to and 209 deletions from the MSCI ACWI Investable Market Index (IMI). MSCI Global All Cap Indexes: There will be 144 additions to and 81 deletions from the MSCI World All Cap Index. MSCI Frontier Markets Indexes: There will be five additions to and eight deletions from the MSCI Frontier Markets Index. The three largest additions to the MSCI Frontier Markets Index measured by full company market capitalization will be Ho Chi Minh City Development Joint Stock Commercial Bank (Vietnam), Binh Son Refining and Petrochemical Joint Stock Company (Vietnam) and Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire (Ivory Coast). There will be 25 additions to and 19 deletions from the MSCI Frontier Markets Small Cap Index. In light of currently observed market accessibility issues, MSCI will continue to not implement changes as part of this Index Review for any securities classified in Bangladesh for the MSCI Bangladesh Indexes or impacted composite indexes. These changes, along with other changes across MSCI Equity Indexes including the MSCI US Equity Indexes, MSCI US REIT Index, MSCI China A Onshore Indexes and China All Shares Indexes are available on MSCI's "Index Review" web page: www.msci.com/index-review. -Ends- About MSCI MSCI (NYSE: MSCI Inc.) 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. The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s website at: https://www.msci.com/index-regulation. The data, data feeds, databases, reports, text, graphs, charts, images, videos, recordings, models, metrics, analytics, indexes, ratings, scores, cases, estimates, assessments, software, websites, products, services and other information and materials contained herein or delivered in connection with this notice (collectively, the “Information”) are copyrighted, trade secrets (when not publicly available), trademarks and proprietary property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), MSCI’s licensors, direct or indirect suppliers and authorized sources, and/or any third party contributing to the Information (collectively, with MSCI, the “Information Providers”). All rights in the Information are reserved by MSCI and its Information Providers and user(s) shall not, nor assist others to, challenge or assert any rights in the Information. Unless you contact MSCI and receive its prior written permission, you must NOT use the Information, directly or indirectly, in whole or in part (i) for commercial purposes, (ii) in a manner that competes with MSCI or impacts its ability to commercialize the Information or its services, (iii) to provide a service to a third party, (iv) to permit a third party to directly or indirectly access, use or resell the Information, (v) to redistribute or resell the Information in any form, (vi) to include the Information in any materials for public dissemination such as fund factsheets, market presentations, prospectuses, and investor information documents (e.g. KIIDs or KIDs), (vii) to create or as a component of any financial products, whether listed or traded over the counter or on a private placement basis or otherwise, (viii) to create any indexes, ratings or other data products, including in derivative works combined with other indexes or data or as a policy, product or performance benchmarks for active, passive or other financial products, (ix) to populate a database, or (x) to train, use as an input to, or otherwise in connection with any artificial intelligence, machine learning, large language models or similar technologies except as licensed and expressly authorized under MSCI’s AI Contracting Supplement at https://www.msci.com/legal/supplemental-terms-for-client-use-of-artificial-intelligence. The intellectual property rights of MSCI and its Information Providers may not be misappropriated or used in a competitive manner through the use of third-party data or financial products linked to the Information, including by using an MSCI index-linked future or option in a competing third-party index to provide an exposure to the underlying MSCI index or by using an MSCI index-linked ETF to create a financial product that provides an exposure to the underlying MSCI index without obtaining a license from MSCI. The user or recipient of the Information assumes the entire risk of any use it may make, permit or cause to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, SUITABILITY, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall MSCI or any other Information Provider have any liability arising out of or relating to any of the Information, including for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages, even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. The Information, including index construction, ratings, historical data, or analysis, is not a prediction or guarantee of future performance, and must not be relied upon as such. Past performance is not indicative of future results. The Information may contain back tested data. Back-tested performance based on back-tested data is not actual performance but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy. The Information may include “Signals,” defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Signals are inherently backward-looking because of their use of historical data, and they are inherently inaccurate, not intended to predict the future and must not be relied upon as such. The relevance, correlations and accuracy of Signals frequently change materially over time. The Information may include data relating to indicative prices, evaluated pricing or other information based on estimates or evaluations (collectively, “Evaluations”) that are not current and do not reflect real-time traded prices. No evaluation method, including those used by the Information Providers, may consistently generate evaluations or estimates that correspond to actual “traded” prices of any relevant securities or other assets. Evaluations are subject to change at any time without notice and without any duty to update or inform you, may not reflect prices at which actual transactions or collateral calls may occur or have occurred. The market price of securities, financial instruments, and other assets can be determined only if and when executed in the market. There may be no, or may not have been any, secondary trading market for the relevant securities, financial instruments or other assets. Private capital, equity, credit and other assets and their prices may be assessed infrequently, may not be priced on a secondary market, and shall not be relied upon as an explicit or implicit valuation of a particular instrument. Any reliance on fair value estimates and non-market inputs introduces potential biases and subjectivity. Internal Rate of Return metrics are not fully representative without full disclosure of fund cash flows, assumptions, and time horizons. The Information does not constitute, and must not be relied upon as, investment advice, credit ratings, or proxy advisory or voting services. None of the Information Providers, their products or services, are fiduciaries or make any recommendation, endorsement, or approval of any investment decision or asset allocation. Likewise, the Information does not represent an offer to sell, a solicitation to buy, or an endorsement of any security, financial product, instrument, investment vehicle, or trading strategy, whether or not linked to or in any way based on any MSCI index, rating, subcomponent, or other Information (collectively, “Linked Investments”).The Information should not be relied on and is not a substitute for the skill, judgment and experience of any user when making investment and other business decisions. MSCI is not responsible for any user’s compliance with applicable laws and regulations. All Information is impersonal, not tailored to the needs of any person, entity or group of persons, not objectively verifiable in every respect, and may not be based on information that is important to any user. It is not possible to invest in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI makes no assurance that any Linked Investments will accurately track index performance or provide positive investment returns. Index returns do not represent results of actual trading of investible assets/securities. MSCI maintains and calculates indexes but does not manage assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase securities underlying the index or Linked Investments. The imposition of these fees and charges would cause the performance of a Linked Investment to be different than the MSCI index performance. Information provided by MSCI Solutions LLC and certain related entities (“MSCI Solutions”), including materials utilized in MSCI sustainability and climate products, have not been submitted to, nor received approval from any regulatory body. MSCI sustainability and climate offerings, research and data are produced by, and ratings are solely the opinion of MSCI Solutions. Other MSCI products and services may utilize information from MSCI Solutions, Barra LLC or other affiliates. More information can be found in the relevant methodologies on www.msci.com. MSCI Indexes are administered by MSCI Limited (UK) and MSCI Deutschland GmbH. No regulated use of any MSCI private real assets indexes in any jurisdiction is permitted without MSCI’s express written authorization. The process for applying for MSCI’s express written authorization can be found at: https://www.msci.com/index-regulation. MSCI receives compensation in connection with licensing its indexes and other Information to third parties. MSCI Inc.’s revenue includes fees based on assets in Linked Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com. Issuers mentioned in MSCI Solutions materials or their affiliates may purchase research or other products or services from one or more MSCI affiliates, manage financial products such as mutual funds or ETFs rated by MSCI Solutions or its affiliates or are based on MSCI Indexes. Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Constituents in MSCI Inc. equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. MSCI Solutions has taken steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. MIFID2/MIFIR notice: MSCI Solutions does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI product or service supports, promotes or is intended to support or promote any such activity. MSCI Solutions is an independent provider of sustainability and climate data. All use of indicative prices for carbon credits must comply with any rules specified by MSCI. All transactions in carbon credits must be traded “over-the-counter” (i.e. not on a regulated market, trading venue or platform that performs a similar function to a trading venue) and result in physical delivery of the carbon credits. You may not remove, alter, or obscure any attribution to MSCI or notices or disclaimers that apply to the Information. MSCI, Barra, RiskMetrics, and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Dow Jones Indices. Terms such as including, includes, for example, such as and similar terms used herein are without limitation. MSCI and its Information Providers may use automated technologies and artificial intelligence to help generate content and output incorporated in the Information. Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at: https://www.msci.com/privacy-pledge. For copyright infringement claims contact us at dmca@msci.com. This notice is governed by the laws of the State of New York without regard to conflict of laws principles. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512311750/en/ Media Inquiries
PR@msci.com
Melanie Blanco +1 212 981 1049
Konstantinos Makrygiannis +44 77 6893 0056
Tina Tan +852 2844 9320 MSCI Global Client Service
EMEA Client Service + 44 20 7618 2222
Americas Client Service +1 888 588 4567
Asia Pacific Client Service + 852 2844 9333 Original: MSCI Equity Indexes May 2026 Index Review

MSCI May Index Review Announcement Scheduled for May 12, 2026May 5, 2026 6:45 PM
Business Wire MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support tools and services for the global investment community, will announce the results of the May 2026 Index Review for the MSCI Equity Indexes - including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets, and MSCI Frontier Markets Small Cap Indexes, the MSCI US Equity Indexes, the MSCI US REIT Index, the MSCI China A Onshore indexes and the MSCI China All Shares Indexes. All changes will be made as of the close of May 29, 2026. MSCI will post the list of additions to and deletions from the indexes for the May 2026 Index Review on its web site, www.msci.com, shortly after 11:00 p.m. Central European Summer Time (CEST) on May 12, 2026. A summary of the announcement will be made available shortly thereafter on Bloomberg page MSCN, and Reuters public page MSCIA. Additionally, MSCI will make detailed rebalancing information available to clients beginning immediately after the summary announcement appears on Bloomberg and/or Reuters. Clients can access the subscriber section of each index at: www.msci.com/index-review-subscribers For the MSCI US Equity Indexes and the MSCI US REIT Index, a summary of the announcement will be made available at www.msci.com. For more information, please visit at www.msci.com. -Ends- About MSCI MSCI (NYSE: MSCI Inc.) 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. The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s website at: https://www.msci.com/index-regulation. The data, data feeds, databases, reports, text, graphs, charts, images, videos, recordings, models, metrics, analytics, indexes, ratings, scores, cases, estimates, assessments, software, websites, products, services and other information and materials contained herein or delivered in connection with this notice (collectively, the “Information”) are copyrighted, trade secrets (when not publicly available), trademarks and proprietary property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), MSCI’s licensors, direct or indirect suppliers and authorized sources, and/or any third party contributing to the Information (collectively, with MSCI, the “Information Providers”). All rights in the Information are reserved by MSCI and its Information Providers and user(s) shall not, nor assist others to, challenge or assert any rights in the Information. Unless you contact MSCI and receive its prior written permission, you must NOT use the Information, directly or indirectly, in whole or in part (i) for commercial purposes, (ii) in a manner that competes with MSCI or impacts its ability to commercialize the Information or its services, (iii) to provide a service to a third party, (iv) to permit a third party to directly or indirectly access, use or resell the Information, (v) to redistribute or resell the Information in any form, (vi) to include the Information in any materials for public dissemination such as fund factsheets, market presentations, prospectuses, and investor information documents (e.g. KIIDs or KIDs), (vii) to create or as a component of any financial products, whether listed or traded over the counter or on a private placement basis or otherwise, (viii) to create any indexes, ratings or other data products, including in derivative works combined with other indexes or data or as a policy, product or performance benchmarks for active, passive or other financial products, (ix) to populate a database, or (x) to train, use as an input to, or otherwise in connection with any artificial intelligence, machine learning, large language models or similar technologies except as licensed and expressly authorized under MSCI’s AI Contracting Supplement at https://www.msci.com/legal/supplemental-terms-for-client-use-of-artificial-intelligence. The intellectual property rights of MSCI and its Information Providers may not be misappropriated or used in a competitive manner through the use of third-party data or financial products linked to the Information, including by using an MSCI index-linked future or option in a competing third-party index to provide an exposure to the underlying MSCI index or by using an MSCI index-linked ETF to create a financial product that provides an exposure to the underlying MSCI index without obtaining a license from MSCI. The user or recipient of the Information assumes the entire risk of any use it may make, permit or cause to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, SUITABILITY, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall MSCI or any other Information Provider have any liability arising out of or relating to any of the Information, including for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages, even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. The Information, including index construction, ratings, historical data, or analysis, is not a prediction or guarantee of future performance, and must not be relied upon as such. Past performance is not indicative of future results. The Information may contain back tested data. Back-tested performance based on back-tested data is not actual performance but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy. The Information may include “Signals,” defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Signals are inherently backward-looking because of their use of historical data, and they are inherently inaccurate, not intended to predict the future and must not be relied upon as such. The relevance, correlations and accuracy of Signals frequently change materially over time. The Information may include data relating to indicative prices, evaluated pricing or other information based on estimates or evaluations (collectively, “Evaluations”) that are not current and do not reflect real-time traded prices. No evaluation method, including those used by the Information Providers, may consistently generate evaluations or estimates that correspond to actual “traded” prices of any relevant securities or other assets. Evaluations are subject to change at any time without notice and without any duty to update or inform you, may not reflect prices at which actual transactions or collateral calls may occur or have occurred. The market price of securities, financial instruments, and other assets can be determined only if and when executed in the market. There may be no, or may not have been any, secondary trading market for the relevant securities, financial instruments or other assets. Private capital, equity, credit and other assets and their prices may be assessed infrequently, may not be priced on a secondary market, and shall not be relied upon as an explicit or implicit valuation of a particular instrument. Any reliance on fair value estimates and non-market inputs introduces potential biases and subjectivity. Internal Rate of Return metrics are not fully representative without full disclosure of fund cash flows, assumptions, and time horizons. The Information does not constitute, and must not be relied upon as, investment advice, credit ratings, or proxy advisory or voting services. None of the Information Providers, their products or services, are fiduciaries or make any recommendation, endorsement, or approval of any investment decision or asset allocation. Likewise, the Information does not represent an offer to sell, a solicitation to buy, or an endorsement of any security, financial product, instrument, investment vehicle, or trading strategy, whether or not linked to or in any way based on any MSCI index, rating, subcomponent, or other Information (collectively, “Linked Investments”).The Information should not be relied on and is not a substitute for the skill, judgment and experience of any user when making investment and other business decisions. MSCI is not responsible for any user’s compliance with applicable laws and regulations. All Information is impersonal, not tailored to the needs of any person, entity or group of persons, not objectively verifiable in every respect, and may not be based on information that is important to any user. It is not possible to invest in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI makes no assurance that any Linked Investments will accurately track index performance or provide positive investment returns. Index returns do not represent results of actual trading of investible assets/securities. MSCI maintains and calculates indexes but does not manage assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase securities underlying the index or Linked Investments. The imposition of these fees and charges would cause the performance of a Linked Investment to be different than the MSCI index performance. Information provided by MSCI Solutions LLC and certain related entities (“MSCI Solutions”), including materials utilized in MSCI sustainability and climate products, have not been submitted to, nor received approval from any regulatory body. MSCI sustainability and climate offerings, research and data are produced by, and ratings are solely the opinion of MSCI Solutions. Other MSCI products and services may utilize information from MSCI Solutions, Barra LLC or other affiliates. More information can be found in the relevant methodologies on www.msci.com. MSCI Indexes are administered by MSCI Limited (UK) and MSCI Deutschland GmbH. No regulated use of any MSCI private real assets indexes in any jurisdiction is permitted without MSCI’s express written authorization. The process for applying for MSCI’s express written authorization can be found at: https://www.msci.com/index-regulation. 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MIFID2/MIFIR notice: MSCI Solutions does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI product or service supports, promotes or is intended to support or promote any such activity. MSCI Solutions is an independent provider of sustainability and climate data. All use of indicative prices for carbon credits must comply with any rules specified by MSCI. All transactions in carbon credits must be traded “over-the-counter” (i.e. not on a regulated market, trading venue or platform that performs a similar function to a trading venue) and result in physical delivery of the carbon credits. You may not remove, alter, or obscure any attribution to MSCI or notices or disclaimers that apply to the Information. MSCI, Barra, RiskMetrics, and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Dow Jones Indices. Terms such as including, includes, for example, such as and similar terms used herein are without limitation. MSCI and its Information Providers may use automated technologies and artificial intelligence to help generate content and output incorporated in the Information. Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at: https://www.msci.com/privacy-pledge. For copyright infringement claims contact us at dmca@msci.com. This notice is governed by the laws of the State of New York without regard to conflict of laws principles. © 2026 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505722250/en/ Media Inquiries
PR@msci.com
Melanie Blanco +1 212 981 1049
Konstantinos Makrygiannis +44 77 6893 0056
Tina Tan +852 2844 9320 MSCI Global Client Service
EMEA Client Service + 44 20 7618 2222
Americas Client Service +1 888 588 4567
Asia Pacific Client Service + 852 2844 9333 Original: MSCI May Index Review Announcement Scheduled for May 12, 2026

MSCI Reports Financial Results for First Quarter 2026April 21, 2026 6:45 AM
Business Wire
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 March 31, 2026 (“first quarter 2026”).


Financial and Operational Highlights for First Quarter 2026

(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended March 31, 2025 (“first quarter 2025”) and Run Rate percentage changes are relative to March 31, 2025).



Operating revenues of $850.8 million, up 14.1%; Organic operating revenue growth of 13.3%



Recurring subscription revenues up 8.6%; Asset-based fees up 26.6%



Operating margin of 53.7%; Adjusted EBITDA margin of 59.3%



Diluted EPS of $5.53, up 49.1%; Adjusted EPS of $4.55, up 13.8%



Organic recurring subscription Run Rate growth of 8.2%; Retention Rate of 95.4%



In first quarter 2026 and through April 20, 2026, a total of $464 million or 835,591 shares were repurchased at an average repurchase price of $555.61



Approximately $150 million in dividends were paid to shareholders in first quarter 2026; Cash dividend of $2.05 per share declared by MSCI Board of Directors for second quarter 2026





 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






 








In millions, except per share data (unaudited)






 






 






2026






 






 






 






2025






 






 






% Change








Operating revenues






 






$






850.8






 






 






$






745.8






 






 






14.1






%








Operating income






 






$






456.9






 






 






$






377.0






 






 






21.2






%








Operating margin %






 






 






53.7






%






 






 






50.6






%






 






 








 






 






 






 






 






 






 








Net income






 






$






406.0






 






 






$






288.6






 






 






40.7






%








 






 






 






 






 






 






 








Diluted EPS






 






$






5.53






 






 






$






3.71






 






 






49.1






%








Adjusted EPS






 






$






4.55






 






 






$






4.00






 






 






13.8






%








 






 






 






 






 






 






 








Adjusted EBITDA






 






$






504.7






 






 






$






425.6






 






 






18.6






%








Adjusted EBITDA margin %






 






 






59.3






%






 






 






57.1






%






 






 







“In the first quarter MSCI delivered strong financial and operating metrics, including a record asset-based-fee run rate and our best Q1 of recurring net-new subscription sales since 2022. Among product lines and client segments, we posted record levels of Q1 recurring sales in both Index and Analytics, along with our best-ever Q1 recurring net-new sales with hedge funds and with banks and broker-dealers,” said Henry A. Fernandez, Chairman and CEO of MSCI.


“These results affirmed MSCI’s foundational, mission-critical role in global capital markets, which is also reflected in the growing liquidity and scale of the investment ecosystem linked to our indexes and IP. The sales momentum we have achieved cuts across regions, product lines, client segments and asset classes, and we are building on it through relentless, AI-fueled product innovation,” Fernandez added.


First Quarter Consolidated Results


Operating Revenues: Operating revenues were $850.8 million, up 14.1%. Organic operating revenue growth was 13.3%. The $105.0 million increase was the result of a $47.6 million increase in recurring subscription revenues and a $47.1 million increase in asset-based fees, as well as a $10.3 million increase in non-recurring revenues.


Run Rate and Retention Rate: Total Run Rate at March 31, 2026 was $3,357.3 million, up 12.7%. Recurring subscription Run Rate increased by $203.3 million, and asset-based fees Run Rate increased by $174.8 million. Organic recurring subscription Run Rate growth was 8.2%. Retention Rate in first quarter 2026 was 95.4%, compared to 95.3% in first quarter 2025.


Expenses: Total operating expenses were $393.9 million, up 6.8%. Adjusted EBITDA expenses were $346.1 million, up 8.1%, primarily reflecting higher compensation and benefits costs as a result of increased headcount costs partially offset by lower severance costs. The increase was also driven by non-compensation costs, primarily reflecting higher professional fees, market data costs and information technology costs.


Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 4.4% and 5.4%, respectively.


Operating Income: Operating income was $456.9 million, up 21.2%. Operating income margin in first quarter 2026 was 53.7%, compared to 50.6% in first quarter 2025.


Headcount: As of March 31, 2026, we had 6,319 employees, reflecting a 2.2% 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 $67.7 million, up 47.5%, primarily driven by higher interest expense as a result of higher debt levels.


Income Taxes: The effective tax rate decreased to (4.3)% in first quarter 2026 compared to 12.8% in first quarter 2025. As previously disclosed, in the fourth quarter 2025, the Company commenced a multi-phase internal legal entity restructuring. In connection with the completion of the subsequent phase of this restructuring in the first quarter 2026, the Company recognized an $88 million discrete tax benefit which resulted in a decrease in the effective tax rate.


Net Income: As a result of the factors described above, net income was $406.0 million, up 40.7%.


Adjusted EBITDA: Adjusted EBITDA was $504.7 million, up 18.6%. Adjusted EBITDA margin in first quarter 2026 was 59.3%, compared to 57.1% in first quarter 2025.


Index Segment:


Table 1A: Results (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






 








In millions






 






 






2026






 






 






 






2025






 






 






% Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






254.2






 






 






$






233.3






 






 






9.0






%








Asset-based fees






 






 






224.5






 






 






 






177.4






 






 






26.6






%








Non-recurring






 






 






17.6






 






 






 






11.0






 






 






60.0






%








Total operating revenues






 






 






496.3






 






 






 






421.7






 






 






17.7






%








Adjusted EBITDA expenses






 






 






121.1






 






 






 






110.1






 






 






10.0






%








Adjusted EBITDA






 






$






375.2






 






 






$






311.6






 






 






20.4






%








Adjusted EBITDA margin %






 






 






75.6






%






 






 






73.9






%






 






 







Index operating revenues were $496.3 million, up 17.7%. The $74.6 million increase was primarily driven by $47.1 million in higher asset-based fees and $20.9 million in higher recurring subscription revenues. Organic operating revenue growth for Index was 17.6%.


Index Run Rate as of March 31, 2026, was $1.9 billion, up 16.8%. The $276.2 million increase was comprised of a $174.8 million increase in asset-based fees Run Rate and a $101.4 million increase in recurring subscription Run Rate. The increase in asset-based fees Run Rate was 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 regions. Organic recurring subscription Run Rate growth for Index was 10.4%.


Analytics Segment:


Table 1B: Results (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






 








In millions






 






 






2026






 






 






 






2025






 






 






% Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






183.2






 






 






$






169.8






 






 






7.9






%








Non-recurring






 






 






6.8






 






 






 






2.4






 






 






183.3






%








Total operating revenues






 






 






190.0






 






 






 






172.2






 






 






10.3






%








Adjusted EBITDA expenses






 






 






107.2






 






 






 






96.2






 






 






11.4






%








Adjusted EBITDA






 






$






82.8






 






 






$






76.0






 






 






8.9






%








Adjusted EBITDA margin %






 






 






43.6






%






 






 






44.2






%






 






 







Analytics operating revenues were $190.0 million, up 10.3%. Organic operating revenue growth for Analytics was 10.5%.


Analytics Run Rate as of March 31, 2026, was $763.4 million, up 7.9%. The increase of $55.6 million was driven by growth in both Multi-Asset Class and Equity Analytics products, and reflected growth across all regions, primarily led by hedge fund managers, banking and brokerages and asset managers client segments. Organic recurring subscription Run Rate growth for Analytics was 7.4%.


Sustainability and Climate Segment:


Table 1C: Results (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






 








In millions






 






 






2026






 






 






 






2025






 






 






% Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






90.9






 






 






$






82.7






 






 






9.9






%








Non-recurring






 






 






1.0






 






 






 






1.9






 






 






(47.4






)%








Total operating revenues






 






 






91.9






 






 






 






84.6






 






 






8.6






%








Adjusted EBITDA expenses






 






 






58.9






 






 






 






60.8






 






 






(3.1






)%








Adjusted EBITDA






 






$






33.0






 






 






$






23.8






 






 






38.7






%








Adjusted EBITDA margin %






 






 






35.9






%






 






 






28.2






%






 






 







Sustainability and Climate operating revenues were $91.9 million, up 8.6%. Organic operating revenue growth for Sustainability and Climate was 3.7%.


Sustainability and Climate Run Rate as of March 31, 2026, was $375.7 million, up 6.6%. The $23.4 million increase was driven by growth from Ratings, Climate and Screening products, primarily attributable to EMEA. Organic recurring subscription Run Rate growth for Sustainability and Climate was 4.2%.


All Other – Private Assets:


Table 1D: Results (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






 








In millions






 






 






2026






 






 






 






2025






 






 






% Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






71.9






 






 






$






66.8






 






 






7.6






%








Non-recurring






 






 






0.7






 






 






 






0.5






 






 






40.0






%








Total operating revenues






 






 






72.6






 






 






 






67.3






 






 






7.9






%








Adjusted EBITDA expenses






 






 






58.9






 






 






 






53.1






 






 






10.9






%








Adjusted EBITDA






 






$






13.7






 






 






$






14.2






 






 






(3.5






)%








Adjusted EBITDA margin %






 






 






18.9






%






 






 






21.1






%






 






 







All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were $72.6 million, up 7.9%. Organic operating revenue growth for All Other – Private Assets was 5.3%.


All Other – Private Assets Run Rate was $296.4 million as of March 31, 2026, up 8.4%. The increase in Run Rate was primarily driven by Private Capital Solutions related to Private Capital Transparency Data, Total Plan Manager and Private Capital Intel products. The increase reflected growth across all regions and was primarily driven by asset owner and asset manager client segments. Organic recurring subscription Run Rate growth for All Other – Private Assets was 7.8%.


Select Balance Sheet Items and Capital Allocation


Cash Balances and Outstanding Debt: Cash and cash equivalents was $385.3 million as of March 31, 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 amount of debt outstanding as of March 31, 2026, was $6.5 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 $28.8 million, and net cash provided by operating activities increased by 1.7% to $306.8 million, primarily reflecting higher cash collections from customers, partially offset by higher cash expenses, interest expense and income taxes paid in the quarter. Free cash flow for first quarter 2026 was up 3.4% year-over-year to $278.0 million.


Share Count and Share Repurchases: Weighted average diluted shares outstanding were 73.4 million in first quarter 2026, down 5.7% year-over-year. Total shares outstanding as of March 31, 2026 were 72.9 million. As of April 20, 2026, a total of approximately $1.7 billion remains available on the outstanding share repurchase authorization.


Dividends: Approximately $150.1 million in dividends were paid to shareholders in first quarter 2026. On April 20, 2026, the MSCI Board of Directors declared a cash dividend of $2.05 per share for second quarter 2026, payable on May 29, 2026 to shareholders of record as of the close of trading on May 15, 2026.


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






$1,490 to $1,530 million






$1,490 to $1,530 million








Adjusted EBITDA Expense






$1,305 to $1,335 million






$1,305 to $1,335 million








Interest Expense




(including amortization of financing fees)1






$274 to $280 million






$274 to $280 million








Depreciation & Amortization Expense






$190 to $200 million






$185 to $195 million








Effective Tax Rate2






18.0% to 20.0%






18.0% to 20.0%








Capital Expenditures






$160 to $170 million






$160 to $170 million








Net Cash Provided by Operating Activities






$1,640 to $1,690 million






$1,640 to $1,690 million








Free Cash Flow






$1,470 to $1,530 million






$1,470 to $1,530 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 funding 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 first quarter 2026 results on Tuesday, April 21, 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 13 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 and transaction 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 and transaction 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 and transaction 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








 






 






Mar. 31,






 






Mar. 31,








In millions, except per share data






 






 






2026






 






 






 






2025






 








Operating revenues






 






$






850.8






 






 






$






745.8






 








Operating expenses:






 






 






 






 








Cost of revenues (exclusive of depreciation and amortization)






 






 






141.8






 






 






 






136.8






 








Selling and marketing






 






 






85.7






 






 






 






78.7






 








Research and development






 






 






49.6






 






 






 






47.6






 








General and administrative






 






 






69.0






 






 






 






57.1






 








Amortization of intangible assets






 






 






41.9






 






 






 






43.9






 








Depreciation and amortization of property, equipment and leasehold improvements






 






 






5.9






 






 






 






4.7






 








Total operating expenses1






 






 






393.9






 






 






 






368.8






 








 






 






 






 






 








Operating income






 






 






456.9






 






 






 






377.0






 








 






 






 






 






 








Interest income






 






 






(2.8






)






 






 






(3.9






)








Interest expense






 






 






69.1






 






 






 






46.5






 








Other expense (income)






 






 






1.4






 






 






 






3.3






 








Other expense (income), net






 






 






67.7






 






 






 






45.9






 








 






 






 






 






 








Income before provision for income taxes






 






 






389.2






 






 






 






331.1






 








Provision for income taxes






 






 






(16.8






)






 






 






42.5






 








Net income






 






$






406.0






 






 






$






288.6






 








 






 






 






 






 








Earnings per share:






 






 






 






 








Basic






 






$






5.54






 






 






$






3.72






 








Diluted






 






$






5.53






 






 






$






3.71






 








 






 






 






 






 








Weighted average shares outstanding used in computing earnings per share:






 






 






 






 








Basic






 






 






73.3






 






 






 






77.6






 








Diluted






 






 






73.4






 






 






 






77.8






 








 






 






 






 






 








1 Includes stock-based compensation expense of $47.7 million and $40.1 million for the three months ended March 31, 2026 and 2025, respectively.







Table 3: Condensed Consolidated Balance Sheets (unaudited)




 






 






As of








 






 






Mar. 31,






 






Dec. 31,








In millions






 






 






2026






 






 






 






2025






 








ASSETS






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






385.3






 






 






$






515.3






 








Accounts receivable






 






 






883.2






 






 






 






986.7






 








Other current assets






 






 






125.6






 






 






 






142.8






 








Total current assets






 






 






1,394.1






 






 






 






1,644.8






 








Property, equipment and leasehold improvements, net






 






 






87.3






 






 






 






87.3






 








Right of use assets






 






 






146.8






 






 






 






112.9






 








Goodwill






 






 






2,962.3






 






 






 






2,923.4






 








Intangible assets, net






 






 






851.0






 






 






 






832.5






 








Other non-current assets






 






 






103.8






 






 






 






101.6






 








Total assets






 






$






5,545.3






 






 






$






5,702.5






 








 






 






 






 






 








LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)






 






 






 






 








Current liabilities:






 






 






 






 








Deferred revenue






 






$






1,184.0






 






 






$






1,231.8






 








Other current liabilities






 






 






429.2






 






 






 






598.0






 








Total current liabilities






 






 






1,613.2






 






 






 






1,829.8






 








Long-term debt






 






 






6,403.8






 






 






 






6,202.3






 








Long-term operating lease liabilities






 






 






143.9






 






 






 






107.5






 








Other non-current liabilities






 






 






158.5






 






 






 






217.4






 








Total liabilities






 






 






8,319.4






 






 






 






8,357.0






 








 






 






 






 






 








Total shareholders' equity (deficit)






 






 






(2,774.1






)






 






 






(2,654.5






)








Total liabilities and shareholders' equity (deficit)






 






$






5,545.3






 






 






$






5,702.5






 







Table 4: Condensed Consolidated Statements of Cash Flows (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,








In millions






 






 






2026






 






 






 






2025






 








Cash flows from operating activities






 






 






 






 








Net income






 






$






406.0






 






 






$






288.6






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 








Amortization of intangible assets






 






 






41.9






 






 






 






43.9






 








Stock-based compensation expense






 






 






47.7






 






 






 






40.0






 








Depreciation and amortization of property, equipment and leasehold improvements






 






 






5.9






 






 






 






4.7






 








Amortization of right of use assets






 






 






6.8






 






 






 






5.9






 








Other adjustments






 






 






(85.9






)






 






 






12.0






 








Net changes in other operating assets and liabilities






 






 






(115.6






)






 






 






(93.4






)








Net cash provided by operating activities






 






 






306.8






 






 






 






301.7






 








 






 






 






 






 








Cash flows from investing activities






 






 






 






 








Capitalized software development costs






 






 






(26.0






)






 






 






(21.3






)








Capital expenditures






 






 






(2.8






)






 






 






(11.6






)








Business acquisitions, net of cash acquired1






 






 






(41.7






)






 






 






—






 








Net cash used in investing activities






 






 






(70.5






)






 






 






(32.9






)








 






 






 






 






 








Cash flows from financing activities






 






 






 






 








Repurchase of common stock held in treasury






 






 






(414.8






)






 






 






(213.1






)








Payment of dividends






 






 






(150.5






)






 






 






(143.8






)








Repayment of borrowings






 






 






(175.0






)






 






 






(65.0






)








Proceeds from borrowings






 






 






375.0






 






 






 






100.0






 








Proceeds from exercise of stock options






 






 






1.3






 






 






 






0.4






 








Payment of contingent consideration and deferred purchase price from acquisitions






 






 






(0.5






)






 






 






(0.2






)








Net cash used in financing activities






 






 






(364.5






)






 






 






(321.7






)








 






 






 






 






 








Effect of exchange rate changes






 






 






(1.8






)






 






 






4.2






 








 






 






 






 






 








Net increase (decrease) in cash, cash equivalents and restricted cash






 






 






(130.0






)






 






 






(48.7






)








Cash, cash equivalents and restricted cash, beginning of period






 






 






515.3






 






 






 






409.4






 








Cash, cash equivalents and restricted cash, end of period






 






$






385.3






 






 






$






360.7






 








1Includes cash paid for the acquisitions of Compass Financial Technologies and Vantager.






 






 






 






 







Table 5: Operating Results (unaudited)




Index






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






254.2






 






 






$






233.3






 






 






9.0






%








Asset-based fees






 






 






224.5






 






 






 






177.4






 






 






26.6






%








Non-recurring






 






 






17.6






 






 






 






11.0






 






 






60.0






%








Total operating revenues






 






 






496.3






 






 






 






421.7






 






 






17.7






%








Adjusted EBITDA expenses






 






 






121.1






 






 






 






110.1






 






 






10.0






%








Adjusted EBITDA






 






$






375.2






 






 






$






311.6






 






 






20.4






%








Adjusted EBITDA margin %






 






 






75.6






%






 






 






73.9






%






 






 








 






 






 






 






 






 






 








Analytics






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






183.2






 






 






$






169.8






 






 






7.9






%








Non-recurring






 






 






6.8






 






 






 






2.4






 






 






183.3






%








Total operating revenues






 






 






190.0






 






 






 






172.2






 






 






10.3






%








Adjusted EBITDA expenses






 






 






107.2






 






 






 






96.2






 






 






11.4






%








Adjusted EBITDA






 






$






82.8






 






 






$






76.0






 






 






8.9






%








Adjusted EBITDA margin %






 






 






43.6






%






 






 






44.2






%






 






 








 






 






 






 






 






 






 








Sustainability and Climate






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






90.9






 






 






$






82.7






 






 






9.9






%








Non-recurring






 






 






1.0






 






 






 






1.9






 






 






(47.4






)%








Total operating revenues






 






 






91.9






 






 






 






84.6






 






 






8.6






%








Adjusted EBITDA expenses






 






 






58.9






 






 






 






60.8






 






 






(3.1






)%








Adjusted EBITDA






 






$






33.0






 






 






$






23.8






 






 






38.7






%








Adjusted EBITDA margin %






 






 






35.9






%






 






 






28.2






%






 






 








 






 






 






 






 






 






 








All Other - Private Assets






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






71.9






 






 






$






66.8






 






 






7.6






%








Non-recurring






 






 






0.7






 






 






 






0.5






 






 






40.0






%








Total operating revenues






 






 






72.6






 






 






 






67.3






 






 






7.9






%








Adjusted EBITDA expenses






 






 






58.9






 






 






 






53.1






 






 






10.9






%








Adjusted EBITDA






 






$






13.7






 






 






$






14.2






 






 






(3.5






)%








Adjusted EBITDA margin %






 






 






18.9






%






 






 






21.1






%






 






 








 






 






 






 






 






 






 








Consolidated






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Operating revenues:






 






 






 






 






 






 








Recurring subscriptions






 






$






600.2






 






 






$






552.6






 






 






8.6






%








Asset-based fees






 






 






224.5






 






 






 






177.4






 






 






26.6






%








Non-recurring






 






 






26.1






 






 






 






15.8






 






 






65.2






%








Operating revenues total






 






 






850.8






 






 






 






745.8






 






 






14.1






%








Adjusted EBITDA expenses






 






 






346.1






 






 






 






320.2






 






 






8.1






%








Adjusted EBITDA






 






$






504.7






 






 






$






425.6






 






 






18.6






%








Operating margin %






 






 






53.7






%






 






 






50.6






%






 






 








Adjusted EBITDA margin %






 






 






59.3






%






 






 






57.1






%






 






 







Table 6: Sales and Retention Rate (unaudited)1




 






 






Three Months Ended






 






 








 






 






Mar. 31,






 






Mar. 31,






 






%








In millions






 






 






2026






 






 






 






2025






 






 






Change








Index






 






 






 






 






 






 








New recurring subscription sales






 






$






32.8






 






 






$






22.5






 






 






45.8






%








Subscription cancellations






 






 






(8.0






)






 






 






(8.3






)






 






(3.6






)%








Net new recurring subscription sales






 






$






24.8






 






 






$






14.2






 






 






74.6






%








Non-recurring sales






 






$






16.7






 






 






$






12.4






 






 






34.7






%








Total gross sales






 






$






49.5






 






 






$






34.9






 






 






41.8






%








Total Index net sales






 






$






41.5






 






 






$






26.6






 






 






56.0






%








 






 






 






 






 






 






 








Index Retention Rate






 






 






96.9






%






 






 






96.5






%






 






 








 






 






 






 






 






 






 








Analytics






 






 






 






 






 






 








New recurring subscription sales






 






$






17.1






 






 






$






13.2






 






 






29.5






%








Subscription cancellations






 






 






(8.9






)






 






 






(7.9






)






 






12.7






%








Net new recurring subscription sales






 






$






8.2






 






 






$






5.3






 






 






54.7






%








Non-recurring sales






 






$






2.7






 






 






$






2.2






 






 






22.7






%








Total gross sales






 






$






19.8






 






 






$






15.4






 






 






28.6






%








Total Analytics net sales






 






$






10.9






 






 






$






7.5






 






 






45.3






%








 






 






 






 






 






 






 








Analytics Retention Rate






 






 






95.3






%






 






 






95.5






%






 






 








 






 






 






 






 






 






 








Sustainability and Climate






 






 






 






 






 






 








New recurring subscription sales






 






$






7.5






 






 






$






7.2






 






 






4.2






%








Subscription cancellations






 






 






(6.6






)






 






 






(4.7






)






 






40.4






%








Net new recurring subscription sales






 






$






0.9






 






 






$






2.5






 






 






(64.0






)%








Non-recurring sales






 






$






1.0






 






 






$






1.9






 






 






(47.4






)%








Total gross sales






 






$






8.5






 






 






$






9.1






 






 






(6.6






)%








Total Sustainability and Climate net sales






 






$






1.9






 






 






$






4.4






 






 






(56.8






)%








 






 






 






 






 






 






 








Sustainability and Climate Retention Rate






 






 






93.0






%






 






 






94.5






%






 






 








 






 






 






 






 






 






 








All Other - Private Assets






 






 






 






 






 






 








New recurring subscription sales






 






$






10.2






 






 






$






9.7






 






 






5.2






%








Subscription cancellations






 






 






(4.5






)






 






 






(5.6






)






 






(19.6






)%








Net new recurring subscription sales






 






$






5.7






 






 






$






4.1






 






 






39.0






%








Non-recurring sales






 






$






0.8






 






 






$






1.1






 






 






(27.3






)%








Total gross sales






 






$






11.0






 






 






$






10.8






 






 






1.9






%








Total All Other - Private Assets net sales






 






$






6.5






 






 






$






5.2






 






 






25.0






%








 






 






 






 






 






 






 








All Other - Private Assets Retention Rate






 






 






93.8






%






 






 






91.5






%






 






 








 






 






 






 






 






 






 








Consolidated






 






 






 






 






 






 








New recurring subscription sales






 






$






67.6






 






 






$






52.6






 






 






28.5






%








Subscription cancellations






 






 






(28.0






)






 






 






(26.5






)






 






5.7






%








Net new recurring subscription sales






 






$






39.6






 






 






$






26.1






 






 






51.7






%








Non-recurring sales






 






$






21.2






 






 






$






17.6






 






 






20.5






%








Total gross sales






 






$






88.8






 






 






$






70.2






 






 






26.5






%








Total net sales






 






$






60.8






 






 






$






43.7






 






 






39.1






%








 






 






 






 






 






 






 








Total Retention Rate






 






 






95.4






%






 






 






95.3






%






 






 








 






 






 






 






 






 






 








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








 






 






Mar. 31






 






Jun. 30






 






Sep. 30






 






Dec. 31






 






Mar. 31








In billions






 






2025






 






2025






 






2025






 






2025






 






 






2026






 








Beginning Period AUM in ETFs linked to MSCI equity indexes






 






$






1,725






 






$






1,783






 






$






2,025






 






$






2,211






 






$






2,341






 








Market Appreciation/(Depreciation)






 






 






16






 






 






193






 






 






140






 






 






63






 






 






(41






)








Cash Inflows






 






 






42






 






 






49






 






 






46






 






 






67






 






 






103






 








Period-End AUM in ETFs linked to MSCI equity indexes






 






$






1,783






 






$






2,025






 






$






2,211






 






$






2,341






 






$






2,403






 








 






 






 






 






 






 






 






 






 






 






 








Period Average AUM in ETFs linked to MSCI equity indexes






 






$






1,794






 






$






1,869






 






$






2,108






 






$






2,274






 






$






2,471






 








 






 






 






 






 






 






 






 






 






 






 








Period-End Basis Point Fee3






 






 






2.43






 






 






2.43






 






 






2.41






 






 






2.41






 






 






2.35






 








 






 






 






 






 






 






 






 






 






 






 








 








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 http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report furnished or 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






 






Mar. 31,

2026






 






Mar. 31,

2025






 






%

Run Rate

Growth






 






%

Organic Run

Rate Growth







 

Index






 






 






 






 






 






 






 






 







 

Recurring subscriptions






 






$






1,049.8






 






$






948.4






 






10.7






%






 






10.4






%







 

Asset-based fees






 






 






872.0






 






 






697.2






 






25.1






%






 






24.9






%







 

Index Run Rate






 






 






1,921.8






 






 






1,645.6






 






16.8






%






 






16.6






%







 

 






 






 






 






 






 






 






 






 







 

Analytics Run Rate






 






 






763.4






 






 






707.8






 






7.9






%






 






7.4






%







 

 






 






 






 






 






 






 






 






 







 

Sustainability and Climate Run Rate






 






 






375.7






 






 






352.3






 






6.6






%






 






4.2






%







 

 






 






 






 






 






 






 






 






 







 

All Other - Private Assets Run Rate






 






 






296.4






 






 






273.5






 






8.4






%






 






7.8






%







 

 






 






 






 






 






 






 






 






 







 

Total Run Rate






 






$






3,357.3






 






$






2,979.2






 






12.7






%






 






12.1






%







 

 






 






 






 






 






 






 






 






 







 

Total recurring subscriptions






 






$






2,485.3






 






$






2,282.0






 






8.9






%






 






8.2






%







 

Total asset-based fees






 






 






872.0






 






 






697.2






 






25.1






%






 






24.9






%







 

Total Run Rate






 






$






3,357.3






 






$






2,979.2






 






12.7






%






 






12.1






%







 

 






 






 






 






 






 






 






 






 







 

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








 






 






Mar. 31,






 






Mar. 31,








In millions






 






 






2026






 






 






2025








Net income






 






$






406.0






 






 






$






288.6








Provision for income taxes






 






 






(16.8






)






 






 






42.5








Other expense (income), net






 






 






67.7






 






 






 






45.9








Operating income






 






 






456.9






 






 






 






377.0








Amortization of intangible assets






 






 






41.9






 






 






 






43.9








Depreciation and amortization of property, equipment and leasehold improvements






 






 






5.9






 






 






 






4.7








Consolidated adjusted EBITDA






 






$






504.7






 






 






$






425.6








 






 






 






 






 








Index adjusted EBITDA






 






$






375.2






 






 






$






311.6








Analytics adjusted EBITDA






 






 






82.8






 






 






 






76.0








Sustainability and Climate adjusted EBITDA






 






 






33.0






 






 






 






23.8








All Other - Private Assets adjusted EBITDA






 






 






13.7






 






 






 






14.2








Consolidated adjusted EBITDA






 






$






504.7






 






 






$






425.6







Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)




 






 






Three Months Ended








 






 






Mar. 31,






 






Mar. 31,








In millions, except per share data






 






 






2026






 






 






 






2025






 








Net income






 






$






406.0






 






 






$






288.6






 








Plus: Amortization of acquired intangible assets






 






 






19.6






 






 






 






25.8






 








Less: Tax impact of internal legal entity restructuring1






 






 






(88.0






)






 






 






—






 








Less: Income tax effect2






 






 






(3.6






)






 






 






(3.3






)








Adjusted net income






 






$






334.0






 






 






$






311.1






 








 






 






 






 






 








Diluted EPS






 






$






5.53






 






 






$






3.71






 








Plus: Amortization of acquired intangible assets






 






 






0.27






 






 






 






0.33






 








Less: Tax impact of internal legal entity restructuring1






 






 






(1.20






)






 






 






—






 








Less: Income tax effect2






 






 






(0.05






)






 






 






(0.04






)








Adjusted EPS






 






$






4.55






 






 






$






4.00






 








 






 






 






 






 








Diluted weighted average common shares outstanding






 






 






73.4






 






 






 






77.8






 








 






 






 






 






 








1 This adjustment reflects discrete income tax expense 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 phases 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.








2 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






 






Full-Year








 






 






Mar. 31,






 






Mar. 31,






 






2026








In millions






 






2026






 






2025






 






Guidance1








Total operating expenses






 






$






393.9






 






$






368.8






 






$1,490 - $1,530








Amortization of intangible assets






 






 






41.9






 






 






43.9






 






 








Depreciation and amortization of property, equipment and leasehold improvements






 






 






5.9






 






 






4.7






 






$190 - $200








Consolidated adjusted EBITDA expenses






 






$






346.1






 






$






320.2






 






$1,305 - $1,335








 






 






 






 






 






 






 








Index adjusted EBITDA expenses






 






$






121.1






 






$






110.1






 






 








Analytics adjusted EBITDA expenses






 






 






107.2






 






 






96.2






 






 








Sustainability and Climate adjusted EBITDA expenses






 






 






58.9






 






 






60.8






 






 








All Other - Private Assets adjusted EBITDA expenses






 






 






58.9






 






 






53.1






 






 








Consolidated adjusted EBITDA expenses






 






$






346.1






 






$






320.2






 






$1,305 - $1,335








 






 






 






 






 






 






 








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.







Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)




 






 






Three Months Ended






 






Full-Year








 






 






Mar. 31,






 






Mar. 31,






 






2026








In millions






 






 






2026






 






 






 






2025






 






 






Guidance1








Net cash provided by operating activities






 






$






306.8






 






 






$






301.7






 






 






$1,640 - $1,690








Capital expenditures






 






 






(2.8






)






 






 






(11.6






)






 






 








Capitalized software development costs






 






 






(26.0






)






 






 






(21.3






)






 






 








Capex






 






 






(28.8






)






 






 






(32.9






)






 






($160 - $170)








Free cash flow






 






$






278.0






 






 






$






268.8






 






 






$1,470 - $1,530








 






 






 






 






 






 






 








1 We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities 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.







Table 13: First Quarter 2026 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)




 






Comparison of the Three Months Ended March 31, 2026 and 2025








 






Total






 






Recurring Subscription






 






Asset-Based Fees






 






Non-Recurring Revenues








Index






Change Percentage






 






Change Percentage






 






Change Percentage






 






Change Percentage








Operating revenue growth






17.7






%






 






9.0






%






 






26.6






%






 






60.0






%








Impact of acquisitions and divestitures






(0.1






)%






 






(0.1






)%






 






(0.1






)%






 






—






%








Impact of foreign currency exchange rate fluctuations






—






%






 






0.1






%






 






(0.1






)%






 






—






%








Organic operating revenue growth






17.6






%






 






9.0






%






 






26.4






%






 






60.0






%








 






 






 






 






 






 






 






 








 






Total






 






Recurring Subscription






 






Asset-Based Fees






 






Non-Recurring Revenues








Analytics






Change Percentage






 






Change Percentage






 






Change Percentage






 






Change Percentage








Operating revenue growth






10.3






%






 






7.9






%






 






—






%






 






183.3






%








Impact of acquisitions and divestitures






—






%






 






—






%






 






—






%






 






—






%








Impact of foreign currency exchange rate fluctuations






0.2






%






 






0.1






%






 






—






%






 






8.4






%








Organic operating revenue growth






10.5






%






 






8.0






%






 






—






%






 






191.7






%








 






 






 






 






 






 






 






 








 






Total






 






Recurring Subscription






 






Asset-Based Fees






 






Non-Recurring Revenues








Sustainability and Climate






Change Percentage






 






Change Percentage






 






Change Percentage






 






Change Percentage








Operating revenue growth






8.6






%






 






9.9






%






 






—






%






 






(47.4






)%








Impact of acquisitions and divestitures






—






%






 






—






%






 






—






%






 






—






%








Impact of foreign currency exchange rate fluctuations






(4.9






)%






 






(4.9






)%






 






—






%






 






(5.2






)%








Organic operating revenue growth






3.7






%






 






5.0






%






 






—






%






 






(52.6






)%








 






 






 






 






 






 






 






 








 






Total






 






Recurring Subscription






 






Asset-Based Fees






 






Non-Recurring Revenues








All Other - Private Assets






Change Percentage






 






Change Percentage






 






Change Percentage






 






Change Percentage








Operating revenue growth






7.9






%






 






7.6






%






 






—






%






 






40.0






%








Impact of acquisitions and divestitures






—






%






 






—






%






 






—






%






 






—






%








Impact of foreign currency exchange rate fluctuations






(2.6






)%






 






(2.5






)%






 






—






%






 






—






%








Organic operating revenue growth






5.3






%






 






5.1






%






 






—






%






 






40.0






%








 






 






 






 






 






 






 






 








 






Total






 






Recurring Subscription






 






Asset-Based Fees






 






Non-Recurring Revenues








Consolidated






Change Percentage






 






Change Percentage






 






Change Percentage






 






Change Percentage








Operating revenue growth






14.1






%






 






8.6






%






 






26.6






%






 






65.2






%








Impact of acquisitions and divestitures






(0.1






)%






 






—






%






 






(0.1






)%






 






—






%








Impact of foreign currency exchange rate fluctuations






(0.7






)%






 






(1.0






)%






 






(0.1






)%






 






—






%








Organic operating revenue growth






13.3






%






 






7.6






%






 






26.4






%






 






65.2






%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421877853/en/
MSCI Inc. Contacts



Investor Inquiries

jeremy.ulan@msci.com

Jeremy Ulan +1 646 778 4184

jisoo.suh@msci.com

Jisoo Suh +1 917 825 7111
Media Inquiries

PR@msci.com

Melanie Blanco +1 212 981 1049

Konstantinos Makrygiannis +44 (0)7768 930056

Tina Tan +852 2844 9320


Original: MSCI Reports Financial Results for First Quarter 2026