MSCI Inc. Q3 2026 Earnings Recap

MSCI shares rose 5.0% after earnings, as investors appeared to reward record asset-based fees and strong recurring sales in index, analytics and private capital solutions. The quarter also showed continued pressure in sustainability and climate, which management said is weighing on retention.

Key Takeaways

• Revenue grew 12.4%; adjusted EBITDA rose 12% and adjusted EPS increased 14%.
• Asset-based fee revenue grew 25%, with record AUM-linked inflows of $76 billion and nearly $23 trillion benchmarked to MSCI indices.
• Subscription run rate grew 9% after nearly $55 million in recurring net new sales; retention was 95%, up 30 basis points year over year.
• Recurring net new sales grew 88% year over year in private capital solutions, 63% in analytics and 40% in index.
• Sustainability and climate continued to face retention pressure; MSCI expects its First Street acquisition to help support a return to higher growth in climate.