MSCI reports Q2 revenue $867.0M, adjusted EPS $4.94 and operating margin 56.2%

MSCI said second-quarter 2026 operating revenues were $867.0 million, up 12.2% year-over-year, with operating income of $487.5 million and operating margin of 56.2%. The company reported net income of $342.0 million and diluted EPS of $4.69; adjusted diluted EPS was $4.94. MSCI also posted an adjusted EBITDA of $538.5 million and reiterated updated full-year 2026 guidance reflecting higher operating and adjusted EBITDA expenses.

Financial Highlights

• Operating revenues: $867.0 million for the three months ended June 30, 2026, up 12.2% vs. prior-year quarter.
• Operating income: $487.5 million; operating margin: 56.2% for Q2 2026.
• Net income: $342.0 million for Q2 2026; diluted EPS: $4.69 (Q2 2025 diluted EPS: $3.92).
• Adjusted diluted EPS: $4.94 for Q2 2026 (up 18.5% vs. Q2 2025).
• Adjusted EBITDA: $538.5 million for Q2 2026; adjusted EBITDA margin: 62.1%.

Business Highlights

• Revenue mix: Recurring subscription revenues increased 9.0% year-over-year; asset-based fees rose 26.6% driven by higher AUM in ETFs and non-ETF indexed funds linked to MSCI indexes.
• Run Rate and retention: Total Run Rate reached $3,479.7 million (up 12.0%); organic recurring subscription Run Rate growth was 8.1%; retention rate was 95.3% (annualized).
• Segment performance: Index segment revenues grew 17.5% with record asset-based-fee Run Rate; Analytics, Sustainability & Climate, and Private Assets all reported Run Rate growth, with Private Capital Solutions contributing to All Other – Private Assets growth.
• Capital allocation: Repurchased $147.2 million (264,043 shares) through July 20, 2026; paid approximately $149.2 million in dividends in Q2 and declared a $2.05 per share quarterly cash dividend for Q3 2026.
• Strategic activity and product development: Announced definitive agreement to acquire First Street (physics-based climate risk analytics) for $120.0 million in cash (subject to adjustments) and highlighted accelerated product launches in 2026 and AI-driven innovation initiatives.

Original SEC Filing: MSCI Inc. [ MSCI ] - 8-K - Jul. 21, 2026