MSCI has recently released its latest 10-Q report. MSCI Inc., together with its subsidiaries, provides research-based data, analytics, and indexes to investors worldwide, with operations organized into five segments that are reported as Index, Analytics, Sustainability and Climate, and a combined All Other – Private Assets category. The company was incorporated in 1998 and is based in New York.
For the nine months ended September 30, 2026, MSCI said it served about 6,900 clients in more than 100 countries. Its business model is built largely on annual recurring subscriptions, with fees generally paid in advance for Index, Analytics, Sustainability and Climate, and private assets products, while a portion of revenue comes from index-linked products tied to assets under management, trading volumes, and fee levels. BlackRock accounted for 11.8% of consolidated operating revenues in the period, and 96.7% of the revenue from BlackRock came from fees tied to ETFs and non-ETF products based on MSCI indexes.
Total operating revenues rose 12.4% year over year to $892.0 million in the third quarter and 12.9% to $2.61 billion for the first nine months of 2026. In the quarter, recurring subscription revenue increased 7.7% to $623.6 million, asset-based fees climbed 24.9% to $246.6 million, and non-recurring revenue rose 29.8% to $21.8 million. By segment, third-quarter revenue increased 18.1% at Index to $532.6 million, 4.8% at Analytics to $191.0 million, 4.0% at Sustainability and Climate to $93.7 million, and 6.7% in All Other – Private Assets to $74.7 million.
For the first nine months, Index revenue rose 17.8% to $1.54 billion, Analytics increased 7.2% to $570.4 million, Sustainability and Climate advanced 5.3% to $277.5 million, and All Other – Private Assets grew 6.5% to $222.0 million. Recurring subscriptions totaled $1.84 billion, up 8.4% from a year earlier, while asset-based fees rose 26.0% to $704.2 million.
Operating expenses increased 12.8% in the quarter to $389.9 million and 9.5% for the nine months to $1.16 billion. Cost of revenues rose 14.9% in the quarter to $152.2 million, selling and marketing increased 12.9% to $90.2 million, research and development rose 6.3% to $47.6 million, and general and administrative expenses increased 15.3% to $48.2 million. Amortization of intangible assets was $45.2 million, up 10.2%, and depreciation and amortization of property, equipment and leasehold improvements was $6.5 million, up 12.1%.
MSCI said no goodwill impairment was recorded in the nine months ended September 30, 2026. The company’s Private Capital Solutions reporting unit had goodwill of $629.4 million at September 30, 2026, and its July 1, 2026 quantitative test showed fair value exceeded carrying value by about 21%. Following these announcements, the company's shares moved -0.98%, and are now trading at a price of $563.49. If you want to know more, read the company's complete 10-Q report here.
