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Msci 8-K Report, Financial Results (Apr 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 21, 2026
Period End
April 21, 2026
Security
MSCI
In the record · 2016–202610-K1110-Q338-K133

MSCI filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed April 21, 2026. Cited figures are marked; the original filing is the authoritative source.

MSCI Inc. (NYSE: MSCI) reported first quarter 2026 results on April 21, 2026, as furnished in Exhibit 99.1 (press release) under Item 2.02.

Operating revenues were $850.8 milliona, up 14.1% (organic operating revenue growth of 13.3%), driven by recurring subscription revenues up 8.6% and asset-based fees up 26.6%. Operating margin was 53.7% versus 50.6% a year earlier, and diluted EPS was $5.53, up 49.1%. Adjusted EPS was $4.55, up 13.8%.

Net income was $406.0 millionb, up 40.7%, though the effective tax rate fell to (4.3)% because of an $88 million discrete tax benefit tied to the completion of a multi-phase internal legal entity restructuring. Excluding that benefit, adjusted EPS would be the key comparable profitability measure the company highlights. Operating metrics were strong.

Total Run Rate reached $3,357.3 millionc, up 12.7%, and organic recurring subscription Run Rate growth was 8.2%. Retention Rate was 95.4%, compared with 95.3% in the prior-year quarter. Management cited a record asset-based fee Run Rate and the best first-quarter recurring net-new subscription sales since 2022.

Other expense rose 47.5% to $67.7 milliond, primarily due to higher interest expense from higher debt levels. Total debt principal was $6.5 billion, with a debt-to-adjusted-EBITDA ratio of 3.2x against a target range of 3.0x to 3.5x. Capital allocation remained active.

Through April 20, 2026, the company repurchased $464 million of shares, and about $1.7 billion remained on the repurchase authorization. The Board declared a $2.05 per share quarterly dividend for the second quarter of 2026.

Full-year 2026 guidance was reaffirmed, with operating expense of $1,490 to $1,530 million, adjusted EBITDA expense of $1,305 to $1,335 million, free cash flow of $1,470 to $1,530 million, and an effective tax rate of 18.0% to 20.0%. Depreciation and amortization guidance was raised to $190 to $200 million from $185 to $195 million.

02—Key points

Key Highlights

  1. Operating revenues of $850.8 million, up 14.1%, with organic growth of 13.3%
  2. Operating margin of 53.7% (vs. 50.6%) and adjusted EBITDA margin of 59.3% (vs. 57.1%)
  3. Diluted EPS of $5.53, up 49.1%; adjusted EPS of $4.55, up 13.8%, excluding an $88 million discrete tax benefit from a legal entity restructuring
  4. Total Run Rate of $3,357.3 million, up 12.7%; organic recurring subscription Run Rate growth of 8.2%
  5. Retention Rate of 95.4%, compared with 95.3% in the prior-year quarter
  6. Repurchased $464 million of shares through April 20, 2026; about $1.7 billion remains on the authorization
  7. Full-year 2026 guidance unchanged except depreciation and amortization expense, now $190 to $200 million (previously $185 to $195 million)

03—Questions

Frequently Asked Questions

  1. Why did the effective tax rate turn negative in the first quarter of 2026?

    The effective tax rate was (4.3)% in the first quarter of 2026, compared with 12.8% a year earlier. The company recognized an $88 million discrete tax benefit when it completed a subsequent phase of a multi-phase internal legal entity restructuring that began in the fourth quarter of 2025. The company excludes this benefit from its non-GAAP measures.

  2. How did asset-based fees contribute to growth?

    Asset-based fees rose 26.6% to $224.5 million, adding $47.1 million to operating revenues. Management cited higher AUM in ETFs linked to MSCI equity indexes and in non-ETF indexed funds. The asset-based fee Run Rate reached $872.0 million, up 25.1%.

  3. What drove the increase in interest expense and other expense?

    Other expense (income), net rose 47.5% to $67.7 million, primarily because of higher interest expense from higher debt levels. Interest expense was $69.1 million, compared with $46.5 million in the prior-year quarter. Total debt principal was $6.5 billion as of March 31, 2026.

  4. What is the company's capital return outlook?

    The company repurchased $464 million of shares, or 835,591 shares at an average price of $555.61, from the start of the first quarter through April 20, 2026. About $1.7 billion remained on the authorization as of April 20, 2026. The Board declared a $2.05 per share dividend for the second quarter of 2026, payable May 29, 2026.

04—Continue

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