MSCI's first quarter 2026 revenue grew 14%, beating estimates on strong asset-based fee growth.

MSCI reported first quarter 2026 operating revenues of $850.8 million, an increase of 14.1% year-over-year, and Adjusted EPS of $4.55, up 13.8%. The performance was driven by significant growth in asset-based fees and steady growth in recurring subscriptions, accompanied by an expansion in operating margins.

Key Highlights

• Revenue growth was driven by a 26.6% increase in asset-based fees and an 8.6% rise in recurring subscription revenues.
• The Index segment was the primary growth engine, with revenues increasing 17.7% to $496.3 million, led by higher AUM in ETFs and non-ETF indexed funds.
• Adjusted EBITDA margin expanded to 59.3% from 57.1% in the prior-year period, reflecting strong revenue growth and controlled expense increases.
• Organic recurring subscription Run Rate grew 8.2%, while the consolidated client retention rate remained stable at 95.4%.