How did MSCI perform in the second quarter of 2026?

Operating revenues were $867.0 million, up 12.2%, and operating income was $487.5 million, up 14.6%. Net income was $342.0 million, up 12.6%, and diluted EPS was $4.69, up 19.6%.

What changed in MSCI's full-year 2026 guidance?

Operating expense guidance rose to $1,535 to $1,575 million from $1,490 to $1,530 million, and adjusted EBITDA expense guidance rose to $1,340 to $1,370 million from $1,305 to $1,335 million. Interest expense, D&A, net cash from operating activities and free cash flow guidance were also raised, while capital expenditure and effective tax rate guidance were unchanged. The company attributes the expense increase to acquisitions, including First Street, and to higher incentive compensation from stronger business performance.

What is the First Street acquisition?

On June 24, 2026, MSCI agreed to acquire First Street Technology, Inc., a provider of physics-based physical climate risk data and analytics. The consideration is $120.0 million in cash at closing, plus potential additional cash payments over two years contingent on specified revenue thresholds. The deal is expected to close in Q3 2026, subject to regulatory approvals, and its results will be reported in the Sustainability and Climate segment.

How is MSCI's balance sheet and capital return positioned?

Cash and cash equivalents were $356.4 million at June 30, 2026, and total debt principal was $6.4 billion. The debt-to-adjusted-EBITDA ratio was 3.1x, within the company's 3.0x to 3.5x target range. About $1.6 billion remained on the share repurchase authorization as of July 20, 2026, and the Board declared a $2.05 per share dividend for Q3 2026.

Which segments drove growth?

Index was the main driver, with operating revenues of $511.0 million, up 17.5%, and Index Run Rate of $2.0 billion, up 17.4%. Analytics revenues rose 6.6%, Sustainability and Climate rose 3.4%, and All Other - Private Assets rose 4.9%. Adjusted EBITDA margin for Analytics fell to 46.5% from 52.1%, and Private Assets margin fell to 22.9% from 28.0%.

MSCI 8-K: Earnings & Results

01—Abstract

Summary

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

MSCI Inc. (NYSE: MSCI) reported second quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K dated July 21, 2026.

Operating revenues were $867.0 million^a, up 12.2%, with organic operating revenue growth also at 12.2%. Operating income was $487.5 million, up 14.6%, and the operating margin was 56.2%. Net income was $342.0 million, up 12.6%, and diluted EPS was $4.69, up 19.6%.

Adjusted EPS was $4.94^b, up 18.5%, and adjusted EBITDA was $538.5 million, up 13.5%, at a 62.1% margin. Asset-based fees rose 26.6%, and the total Run Rate reached $3,479.7 million, up 12.0%. Organic recurring subscription Run Rate growth was 8.1%, and the Retention Rate was 95.3%, compared with 94.4% a year earlier.

The company also updated its full-year 2026 guidance. Operating expense guidance rose to $1,535 to $1,575 million^c from $1,490 to $1,530 million, and adjusted EBITDA expense guidance rose to $1,340 to $1,370 million from $1,305 to $1,335 million. The filing attributes the higher expense outlook to recent acquisitions, including First Street, and to stronger topline momentum that increases incentive compensation accruals.

Free cash flow guidance was raised to $1,485 to $1,545 million^d from $1,470 to $1,530 million. Total debt principal was $6.4 billion, the debt-to-adjusted-EBITDA ratio was 3.1x against a target range of 3.0x to 3.5x, and the Board declared a $2.05 per share dividend for third quarter 2026. MSCI also agreed on June 24, 2026 to acquire First Street Technology, Inc. for $120.0 million in cash at closing, plus potential contingent payments over two years tied to revenue thresholds.

The deal is expected to close in the third quarter of 2026, subject to regulatory approvals. The filing notes that the guidance assumes this closing.

02—Key points

Key Highlights

Operating revenues of $867.0 million rose 12.2%, with asset-based fees up 26.6% and recurring subscription revenues up 9.0%.
Diluted EPS of $4.69 rose 19.6%, and adjusted EPS of $4.94 rose 18.5%.
Total Run Rate reached $3,479.7 million, up 12.0%, with organic recurring subscription Run Rate growth of 8.1%.
Full-year 2026 operating expense and adjusted EBITDA expense guidance were raised, citing acquisitions and higher incentive compensation from stronger business performance.
Full-year 2026 free cash flow guidance was raised to $1,485 to $1,545 million from $1,470 to $1,530 million.
The company agreed to acquire First Street Technology for $120.0 million in cash at closing plus potential earn-out payments, with closing expected in Q3 2026.
The Board declared a $2.05 per share cash dividend for Q3 2026, and the company repurchased $147.2 million of shares through July 20, 2026.

03—Questions

Frequently Asked Questions

How did MSCI perform in the second quarter of 2026?
Operating revenues were $867.0 million, up 12.2%, and operating income was $487.5 million, up 14.6%. Net income was $342.0 million, up 12.6%, and diluted EPS was $4.69, up 19.6%.
What changed in MSCI's full-year 2026 guidance?
Operating expense guidance rose to $1,535 to $1,575 million from $1,490 to $1,530 million, and adjusted EBITDA expense guidance rose to $1,340 to $1,370 million from $1,305 to $1,335 million. Interest expense, D&A, net cash from operating activities and free cash flow guidance were also raised, while capital expenditure and effective tax rate guidance were unchanged. The company attributes the expense increase to acquisitions, including First Street, and to higher incentive compensation from stronger business performance.
What is the First Street acquisition?
On June 24, 2026, MSCI agreed to acquire First Street Technology, Inc., a provider of physics-based physical climate risk data and analytics. The consideration is $120.0 million in cash at closing, plus potential additional cash payments over two years contingent on specified revenue thresholds. The deal is expected to close in Q3 2026, subject to regulatory approvals, and its results will be reported in the Sustainability and Climate segment.
How is MSCI's balance sheet and capital return positioned?
Cash and cash equivalents were $356.4 million at June 30, 2026, and total debt principal was $6.4 billion. The debt-to-adjusted-EBITDA ratio was 3.1x, within the company's 3.0x to 3.5x target range. About $1.6 billion remained on the share repurchase authorization as of July 20, 2026, and the Board declared a $2.05 per share dividend for Q3 2026.
Which segments drove growth?
Index was the main driver, with operating revenues of $511.0 million, up 17.5%, and Index Run Rate of $2.0 billion, up 17.4%. Analytics revenues rose 6.6%, Sustainability and Climate rose 3.4%, and All Other - Private Assets rose 4.9%. Adjusted EBITDA margin for Analytics fell to 46.5% from 52.1%, and Private Assets margin fell to 22.9% from 28.0%.

04—Continue

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