MSCI said first-quarter 2026 operating revenue rose 14.1% to $850.8 million from $745.8 million a year earlier, with organic operating revenue up 13.3%.
Operating income increased 21.2% to $456.9 million, lifting operating margin to 53.7% from 50.6%. Net income climbed 40.7% to $406.0 million, while diluted earnings per share jumped 49.1% to $5.53 from $3.71. Adjusted EPS rose 13.8% to $4.55.
Adjusted EBITDA increased 18.6% to $504.7 million, and the margin widened to 59.3% from 57.1%. Total operating expenses rose 6.8% to $393.9 million.
Recurring subscription revenue grew 8.6% to $600.2 million, while asset-based fees climbed 26.6% to $224.5 million. Non-recurring revenue increased to $20.1 million from $15.8 million.
MSCI’s total run rate reached $3.357 billion, up 12.7% from a year earlier. Recurring subscription run rate grew $203.3 million, and asset-based fee run rate increased $174.8 million. Organic recurring subscription run rate growth was 8.2%, and retention was 95.4%, up from 95.3%.
By segment, index revenue rose 17.7% to $496.3 million, with asset-based fees up 26.6% to $224.5 million and recurring subscriptions up 9.0% to $254.2 million. Index adjusted EBITDA increased 20.4% to $375.2 million, and margin improved to 75.6% from 73.9%. Index run rate rose 16.8% to $1.9 billion.
Analytics revenue increased 10.3% to $190.0 million, with recurring subscriptions up 7.9% to $183.2 million. Adjusted EBITDA rose 8.9% to $82.8 million, though margin slipped to 43.6% from 44.2%. Analytics run rate grew 7.9% to $763.4 million.
Sustainability and climate revenue rose 8.6% to $91.9 million, with recurring subscriptions up 9.9% to $90.9 million. Adjusted EBITDA jumped 38.7% to $33.0 million, and margin expanded to 35.9% from 28.2%. Run rate increased 6.6% to $375.7 million.
All other private assets revenue increased 7.9% to $72.6 million. Adjusted EBITDA fell 3.5% to $13.7 million, and margin narrowed to 18.9% from 21.1%. Run rate rose 8.4% to $296.4 million.
Cash and cash equivalents stood at $385.3 million at March 31. Debt outstanding was $6.5 billion. Net cash provided by operating activities rose 1.7% to $306.8 million, and free cash flow increased 3.4% to $278.0 million.
MSCI repurchased $464 million of stock in the quarter and through April 20, equal to 835,591 shares at an average price of $555.61. Dividends paid totaled about $150.1 million, and the board declared a second-quarter dividend of $2.05 per share. The market has reacted to these announcements by moving the company's shares 0.69% to a price of $534.68. For more information, read the company's full 8-K submission here.
