Msci Inc. · NYSE:MSCI
Msci — Q2 2026 Earnings Presentation
39 slides from Msci's earnings presentation, Jul 21, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation July 21, 2026 © 2026 MSCI Inc. All rights reserved.
Slide 2: Forward-Looking Statements
Introduction → Forward-Looking → This earnings presentation contains forward- looking statements within the meaning of the → Other factors that could materially affect actual results, levels of activity, performance Statements Private Securities Litigation Reform Act of 1995, including without limit
Slide 3: Other Information
Introduction → Other Information → Foreign currency exchange rate fluctuations reflect the difference between the current period → Percentage changes refer to the comparable period in 2025, unless otherwise noted. results as reported compared to the current → All financial figures for the three mont
Slide 4: MSCI Second Quarter 2026 Earnings Call Participants
Introduction → MSCI Second Quarter 2026 Earnings Call Participants Henry Fernandez Andy Wiechmann Jeremy Ulan Chairman & CEO Chief Financial Officer Head of IR & Treasurer 4
Slide 5: Financial and Operating Highlights
Section 01 Financial and Operating Highlights 5
Slide 6: Second Quarter 2026 Highlights
Financial and Operating Highlights → Second Quarter 2026 Highlights 1 Adjusted EPS of $4.94, growing 18.5% year-over-year; diluted EPS of $4.69 12.0% Total Run Rate growth, driven by strong performance with asset managers, hedge 2 funds, banking and brokerage client segments, and record ETF AUM link
Slide 7: 2Q26 Financial Results Snapshot
Financial and Operating Highlights → 2Q26 Operating 2Q26 Operating As of June 30, 2026 As of June 30, 2026 Revenues (reported) Revenues (organic) Subscription Run Rate Subscription Run Rate 2Q26 Financial Growth (reported) Growth (organic) Results Snapshot +12.2% +12.2% +7.8% +8.1% 2Q26 Adjusted 2Q2
Slide 8: 2Q26 Operating Revenues
Financial and Operating Highlights → 2Q26 Operating Revenues US$ in millions Non-Recurring Revenues +18% Organic Asset-Based Fees Revenues +18% Recurring Subscription Revenues +7% Organic $511.0 $14.9 +7% +3% Organic +4% Organic $434.9 $15.1 $189.4 +3% +5% $177.7 $3.5 $233.1 $7.9 $88.9 $91.9 $184.1
Slide 9: Adjusted Earnings Per Share Growth Drivers
Financial and Operating Highlights → Adjusted Earnings Per Share Growth Drivers Adjusted EPS Growth supported by Strong Operating Performance Driven by Record ABF Revenue US$ in per share amounts Business Growth Capital Activities Tax and FX1 +18.5% $0.65 $0.05 $0.07 YoY $(0.34) $0.29 $(0.24) $0.09
Slide 10: 2Q26 Total Run Rate
Financial and Operating Highlights → 2Q26 Total Run Rate $3.5B Total Run Rate 95.3% Total Run Rate Quarterly Retention Rate US$ in millions +12% Organic Asset-Based Fees Run Rate growth of 25.2%, +12% driven by record AUM in ETF and non-ETF indexed funds +17% Organic $3,480 +17% Asset-Based Fees $3,
Slide 11: 2Q26 Subscription Run Rate
Financial and Operating Highlights → 2Q26 Subscription Run Rate US$ in millions Non-Market Cap Weighted Equity Analytics Sustainability & Climate Private Capital Solutions Custom Indexes Multi-Asset Class Analytics Real Assets Market Cap Weighted +11% Organic +11% +7% Organic $1,078.8 YoY +6% +3% Or
Slide 12: 2Q26 Regional Performance
Financial and Operating Highlights → MSCI Subscription Run Rate 2Q26 Regional as of June 30, 2026 by Geography Performance • Americas 45% • EMEA 38% • APAC 17% YoY YoY YoY 2Q26 Recurring Subscription Run Rate by Region AMERICAS +8% EMEA +7% APAC +11% $1,130M Organic $971M Organic $430M Organic YoY Y
Slide 13: Index Segment: Asset-Based Fees Details
Financial and Operating Highlights → Index Segment: Asset-Based Fees Details US$ in millions US$ in billions US$ in billions US Futures and Options Average AUM Emerging Markets / All Country Non-ETF1 Period-End Basis Point Fee DM ex US ETF1 +39% +27% 2.43 2.41 2.41 2.35 2.28 $2,818 YoY $233.1 YoY $1
Slide 14: 2Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 2Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $375.8 $375.8 $141.1 $2,818.3 $268.0 $2,818.3 EM / All Country Market Cap Weighted DM ex US $127.8 Factors $37.5 US $106.9 Sustainability & Climate $70
Slide 15: 2Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 2Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $538.3 $538.3 EM / All Country $206.6 $2,818.3 $2,818.3 Market Cap Weighted $398.9 DM ex US $200.7 US Factors $53.5 $131.0 Sustainability & Climate $85
Slide 16: Full Year 2026 Guidance
Financial and Operating Highlights → Current Guidance for Prior Guidance for Guidance Item Full-Year 20263 Full-Year 2026 Full Year 2026 Guidance Operating Expense $1,535 to $1,575 million $1,490 to $1,530 million MSCI is updating its guidance for the year ending December 31, 2026 (“Full-Year 2026”)
Slide 17: Quarterly Highlights
Section 02 Quarterly Highlights 17
Slide 18: Driving Innovation from New and Enhanced Solutions
Quarterly Highlights → Driving Innovation from New and Enhanced Solutions New solutions launched this quarter MSCI Connectors - Enabled AI Delivery → Live integrations with OpenAI (ChatGPT), Anthropic (Claude) and Microsoft Copilot across AI Portfolio Insights, Index span AI-enabled Intel, Private C
Slide 19: Partnerships and Acquisitions
Quarterly Highlights → Partnerships and MSCI & UBS Partnership First Street Acquisition1 Marketing Partnerships Acquisitions AI-Powered Private Markets Platform Physics-Based Climate Risk Models SimCorp, Intapp & GIIA → SimCorp & Intapp → Strategic combination → 2B+ structures covered 2 Key sponsor
Slide 20: Additional Information
Section 03 Additional Information 20
Slide 21: Strong Balance Sheet Provides Optionality
Additional Information → Strong Balance Sheet Provides Optionality US$ in millions Unsecured Debt Maturity Profile as of 6/30/2026 Senior Unsecured Notes → In 2Q26, returned $294M to shareholders through share repurchases Drawn revolver facility1 of $145M and quarterly dividends of $149M Undrawn rev
Slide 22: Disciplined Approach to Capital Deployment for Shareholders
Additional Information → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases $555 86 85 83 $509 81 80 79 77 $442 73 $374 $2,419 $304 $299 $247 $221 $1,285 $172 $121 $727 $810 $459 $544 $102 $140 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2019
Slide 23: Subscription Run Rate by Geography
Additional Information → Subscription Run Rate by Geography 16% 17% 21% 21% 16% 16% 13% 14% 7% 7% 35% 34% 54% 55% 39% 38% 30% 29% 41% 41% 58% 59% 54% 55% 45% 45% Americas 38% 38% EMEA 33% 31% APAC 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 MSCI Index Analytics Sustainability & Climate All Oth
Slide 24: Subscription Run Rate by Client Segment
Additional Information → Subscription Run Rate by Client Segment 1% 1% 4% 4% 4% 4% 2% 2% 7% 3% 2% 5% 4% 8% 11% 4% 4% 12% 7% 7% 7% 7% 9% 9% 5% 6% 8% 10% 19% 21% 2% 10% 10% 3% 12% 11% 2% 1% Asset Managers 5% 5% 13% 13% 4% 4% Banking & Brokerages 19% 16% 16% 10% 10% 19% 37% 39% Asset Owners 16% 17% 11%
Slide 25: Key Operating Metrics
Additional Information → Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 18% 18% 18% 17% 16% 15% 14% 14% 14% 13% 12% 12% 12% 12% 14% 14% 9% 9% 13% 8% 8% 9% 8% 8% 12% 12% 12% 12% 1
Slide 26: 2Q21 to 2Q26 YoY Run Rate Growth
Additional Information → 2Q21 to 2Q26 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 49% 37% 27% 25% 26% 25% 25% 15% 13% 14% 15% 16% 16% 15% 13% 17% 17% 12% 12% 12% 12% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% 11% 11% -4% -7%
Slide 27: 2Q21 to 2Q26 YoY Run Rate Growth
Additional Information → 2Q21 to 2Q26 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 44% 42% 37% 46% 47% 30% 42% 44% 26% 41% 25% 34% 20% 33% 15% 16% 29% 14% 10% 10% 11% 10% 24% 22% 8% 7% 3% 16% 13% 13% 11% 8%
Slide 28: Listed Futures & Options Linked to MSCI Indexes
Additional Information → Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Linked to MSCI Indexes Futures & Options Volume Linked to MSCI Indexes US$ in millions in millions of contracts traded1 $64.8 $64.3 $59.5 29.6 $56.6 $56.6 29.0 25.1 22.8 23.2 2Q25 3Q25 4Q2
Slide 29: YoY Growth Across Sustainability and Climate Franchise
Additional Information → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF Climate Subscription +6% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity Ind
Slide 30: MSCI to Participate in Upcoming Conferences
Additional Information → MSCI to Participate in Upcoming Conferences UBS Financial Services Conference · Kohler · August 4 Wells Fargo Business Services Conference · Boston · August 11 Barclays Global Financial Services Conference · New York · September 14 UBS FinTech Conference · New York · Septemb
Slide 31: Appendix
Section 04 Appendix 31
Slide 32: Use of Operating Metrics
Appendix → Use of Operating Metrics Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Run Rate, Retention Rate, Su
Slide 33: Use of Non-GAAP Financial Measures
Appendix → Use of Non-GAAP Financial Measures MSCI has presented supplemental non-GAAP financial measures as part of this earnings presentation. Reconciliations are We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI provided in subsequent slides that r
Slide 34: Reconciliation of Net Income to Adjusted EBITDA
Appendix → Three Months Ended Six Months Ended Reconciliation in millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 of Net Income Net income $ 342.0 $ 303.7 $ 748.0 $ 592.3 to Adjusted Provision for income taxes 75.3 74.1 58.5 116.6 Other expense (income), net 70.2 47.5 137.9 93.4 EBIT
Slide 35: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and EPS
Appendix → Three Months Ended Six Months Ended Reconciliation in millions, except per share data June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 of Net Income Net income Plus: Amortization of acquired intangible assets $ 342.0 20.9 $ 303.7 24.2 $ 748.0 40.5 $ 592.3 50.0 and Diluted Plus: Acq
Slide 36: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited) Three Months Ended Six Months Ended Full-Year June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 2026 Outlook1 In millions Total operating expenses $379.5 $347.4 $773.4 $716.2 $1,535.0 - $1,575.0 Amortizatio
Slide 37: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Appendix → Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited) Three Months Ended Six Months Ended Full-Year June 30, June 30, June 30, June 30, 2026 Outlook1 in millions 2026 2025 2026 2025 Net cash provided by operating activities $370.8 $336.2 $677.6 $637.9 $
Slide 38: Second Quarter Reconciliation of Operating Revenue Growth
Appendix → Comparison of the Three Months Ended June 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Second Quarter Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 17.5 % 11.6 % 26.6 % (1.3)% Impact of acqu
Slide 39: Six Months Ended June 30, 2026 Reconciliation
Appendix → Comparison of the Six Months Ended June 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Six Months Ended Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 17.6 % 10.3 % 26.6 % 24.5 % Impact of acqu