Msci Inc. · NYSE:MSCI
Msci — Q3 2026 Earnings Presentation
38 slides from Msci's earnings presentation, Oct 20, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation October 20, 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 Third Quarter 2026 Earnings Call Participants
Introduction → MSCI Third Quarter 2026 Earnings Call Participants Henry Fernandez Andy Wiechmann Alvise Munari Jeremy Ulan Chairman & CEO Chief Financial Officer Chief Product Officer & Head of IR & Treasurer Head of Client Segments 4
Slide 5: Financial and Operating Highlights
Section 01 Financial and Operating Highlights 5
Slide 6: Third Quarter 2026 Highlights
Financial and Operating Highlights → Third Quarter 2026 Highlights Adjusted EPS of $5.11, growing 14.3% year-over-year; diluted EPS of $4.86, growing 14.4% 1 year-over-year 12.1% Total Run Rate growth, driven by strong performance with Asset Owners and Hedge 2 Funds client segments, and record ETF A
Slide 7: 3Q26 Financial Results Snapshot
Financial and Operating Highlights → 3Q26 Operating 3Q26 Operating As of September 30, As of September 30, Revenues (reported) Revenues (organic) 2026 Subscription Run 2026 Subscription Run Rate Growth (reported) Rate Growth (organic) 3Q26 Financial Results Snapshot +12.4% +12.3% +8.8% +8.7% 3Q26 Ad
Slide 8: 3Q26 Operating Revenues
Financial and Operating Highlights → 3Q26 Operating Revenues US$ in millions +18% Organic Non-Recurring Revenues Asset-Based Fees Revenues +18% Recurring Subscription Revenues +5% Organic $532.6 +5% $16.5 +2% Organic $451.1 +7% Organic $191.0 $11.1 $182.2 $2.9 +4% $246.6 $3.9 +7% $197.5 $93.7 $90.1
Slide 9: Adjusted Earnings Per Share Growth Drivers
Financial and Operating Highlights → Adjusted Earnings Per Share Growth Drivers Adjusted EPS Growth supported by Strong Operating Performance Driven by Record ABF Revenue US$ in per share amounts Business Growth Capital Activities Tax and FX1 +14.3% $0.60 $0.04 $0.00 YoY $(0.48) $0.29 $(0.25) $0.00
Slide 10: 3Q26 Total Run Rate
Financial and Operating Highlights → 3Q26 Total Run Rate $3.6B Total Run Rate 95.0% Total Run Rate Quarterly Retention Rate US$ in millions +12% Organic Asset-Based Fees Run Rate growth of 22.0%, +12% driven by record AUM in ETF and non-ETF indexed funds +16% Organic $3,572 +17% Asset-Based Fees $3,
Slide 11: 3Q26 Subscription Run Rate
Financial and Operating Highlights → 3Q26 Subscription Run Rate US$ in millions Non-Market Cap Weighted Equity Analytics Sustainability & Climate Private Capital Solutions Custom Indexes Multi-Asset Class Analytics Real Assets Market Cap Weighted +12% Organic +12% +8% Organic $1,107.0 YoY +2% Organi
Slide 12: 3Q26 Regional Performance
Financial and Operating Highlights → MSCI Subscription Run Rate 3Q26 Regional as of September 30, 2026 by Geography Performance • Americas 45% • EMEA 38% • APAC 17% YoY YoY YoY 3Q26 Recurring Subscription Run Rate by Region AMERICAS +9% EMEA +7% APAC +12% $1,165M Organic $988M Organic $443M Organic
Slide 13: Index Segment: Asset-Based Fees Details
Financial and Operating Highlights → Index Segment: Asset-Based Fees Details US$ 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 +31% 2.41 2.41 2.35 +25% 2.28 2.28 YoY $2,905 YoY $246.6 $6
Slide 14: 3Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 3Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $11.3 $11.3 EM / All Country $(5.7) $2,905.5 Market Cap Weighted $10.2 $2,905.5 DM ex US $10.2 Factors $(1.2) Sustainability & Climate $2.3 US $6.8 $10
Slide 15: 3Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 3Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $409.5 $409.5 EM / All Country $154.5 $2,905.5 $2,905.5 Market Cap Weighted $302.4 DM ex US $155.5 Factors $40.6 US $99.5 Sustainability & Climate $66.
Slide 16: Full Year 2026 Guidance
Financial and Operating Highlights → Current Guidance for Prior Guidance for Guidance Item Full-Year 2026 Full-Year 2026 Full Year 2026 Guidance Operating Expense $1,535 to $1,575 million $1,535 to $1,575 million MSCI is updating its interest rate and effective tax rate guidance for the year Adjuste
Slide 17: Quarterly Highlights
Section 02 Quarterly Highlights 17
Slide 18: Driving Innovation from New and Enhanced Solutions, Partnerships & Collaborations
Quarterly Highlights → Driving Innovation from New and Enhanced Solutions, Partnerships & Collaborations New solutions and Partnership with CUSIP Global MSCI SignalLab Launches Services → Central platform for investment signals across multiple collaborations → Private Asset collaboration expands CGS
Slide 19: Additional Information
Section 03 Additional Information 19
Slide 20: Strong Balance Sheet Provides Optionality
Additional Information → Strong Balance Sheet Provides Optionality US$ in millions Unsecured Debt Maturity Profile as of 9/30/2026 Senior Unsecured Notes → In 3Q26, returned $700M to shareholders through share repurchases Drawn revolver facility1 of $552M and quarterly dividends of $148M Undrawn rev
Slide 21: Disciplined Approach to Capital Deployment for Shareholders
Additional Information → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases $555 86 85 83 $509 81 80 79 77 $442 $447 73 $374 $2,419 $304 $247 $221 $1,285 $172 $1,097 $121 $727 $810 $459 $102 $140 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 20
Slide 22: Subscription Run Rate by Geography
Additional Information → Subscription Run Rate by Geography 16% 17% 21% 21% 16% 17% 13% 13% 7% 7% 35% 34% 54% 54% 39% 38% 30% 29% 41% 41% 58% 59% 54% 54% 45% 45% Americas 38% 38% EMEA 33% 33% APAC 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 MSCI Index Analytics Sustainability & Climate All Oth
Slide 23: Subscription Run Rate by Client Segment
Additional Information → Subscription Run Rate by Client Segment 1% 1% 4% 4% 4% 4% 2% 2% 7% 3% 3% 5% 4% 8% 11% 4% 4% 12% 7% 6% 7% 7% 9% 9% 5% 6% 8% 10% 20% 21% 2% 3% 10% 11% 12% 11% 2% 2% Asset Managers 5% 5% 13% 13% 4% 4% Banking & Brokerages 19% 15% 16% 10% 10% 19% 37% 39% Asset Owners 16% 17% 11%
Slide 24: 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% 14% 14% 9% 9% 13% 8% 8% 9% 8% 9% 12% 12% 12% 12% 8% 11
Slide 25: 3Q21 to 3Q26 YoY Run Rate Growth
Additional Information → 3Q21 to 3Q26 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 37% 27% 25% 26% 25% 25% 22% 15% 14% 15% 16% 16% 15% 17% 17% 12% 13% 12% 12% 12% 13% 11% 12% 12% 11% 11% 9% 9% 9% 9% 9% 9% 9% 11% 11% 12% 7% 8% -4% -7%
Slide 26: 3Q21 to 3Q26 YoY Run Rate Growth
Additional Information → 3Q21 to 3Q26 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 37% 46% 47% 30% 44% 26% 41% 25% 34% 20% 33% 15% 16% 29% 14% 10% 10% 11% 10% 24% 22% 8% 7% 3% 2% 16% 13% 13% 11% 8% 10%
Slide 27: 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 $56.6 $56.6 29.0 29.6 24.6 22.8 23.2 3Q25 4Q25 1Q2
Slide 28: YoY Growth Across Sustainability and Climate Franchise
Additional Information → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF +6% Organic Climate Subscription +7% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climat
Slide 29: MSCI to Participate in Upcoming Conferences
Additional Information → MSCI to Participate in Upcoming Conferences JPM Ultimate Services Conference · New York · November 17 RBC TMT Conference · New York · November 18 UBS Global Tech and AI Conference · Scottsdale · November 30 Goldman Sachs US Financials Conference · New York · December 8 29
Slide 30: Appendix
Section 04 Appendix 30
Slide 31: 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 32: 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 33: Reconciliation of Net Income to Adjusted EBITDA
Appendix → Three Months Ended Nine Months Ended Reconciliation in millions September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 of Net Income Net income $ 351.0 $ 325.3 $ 1,099.0 $ 917.6 to Adjusted Provision for income taxes 76.9 71.2 135.4 187.8 Other expense (income), net 7
Slide 34: Reconciliation of Net Income and Diluted EPS to Adjusted EPS
Appendix → Three Months Ended Nine Months Ended Reconciliation in millions, except per share data September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 of Net Income Net income Plus: Amortization of acquired intangible assets $ 351.0 21.0 $ 325.3 20.8 $ 1,099.0 61.5 $ 917.6 70.
Slide 35: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited) Three Months Ended Nine Months Ended Full-Year September 30, September 30, September 30, September 30, 2026 Outlook1 In millions 2026 2025 2026 2025 Total operating expenses $389.9 $345.8 $1,163.3 $1,062.0 $1,535
Slide 36: 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 Nine Months Ended Full-Year September 30, September 30, September 30, September 30, 2026 Outlook1 in millions 2026 2025 2026 2025 Net cash provided by operating activities $436.1 $
Slide 37: Third Quarter 2026 Reconciliation of Operating Revenue Growth
Appendix → Comparison of the Three Months Ended September 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Third Quarter Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 18.1 % 11.1 % 24.9 % 48.6 % Impact of
Slide 38: Nine Months Ended September 30, 2026 Reconciliation of Operating Revenue Growth
Appendix → Comparison of the Nine Months Ended September 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Nine Months Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 17.8 % 10.6 % 26.0 % 31.7 % Impact of acq