MSCI Posts $406M Net Income in Q1 2026, Up 41% on Revenue Growth

MSCI Inc., a provider of investment decision support tools and services, reported net income of $406 million for the three months ending March 31, 2026, up 41% from $288.6 million in the same quarter of 2025. The Delaware-incorporated company benefited from a $59.3 million tax benefit in the quarter compared to a $42.5 million tax expense in the prior year. Read more earnings reports.

Revenue climbed 14% to $850.8 million from $745.8 million in the first quarter of 2025. Operating income rose 21% to $456.9 million from $377 million in the year-ago period, as expenses grew at a slower pace than revenue.

Revenue Breakdown by Segment

Index revenue, the company's largest segment, reached $600.2 million, up from $552.6 million in the prior-year quarter. Analytics revenue jumped 27% to $224.5 million from $177.4 million. All-Other revenue, which includes private capital and real assets offerings, totaled $26.1 million compared to $15.8 million in the first quarter of 2025.

Geographically, revenue from the Americas increased 13% to $377.4 million, while revenue from Europe, the Middle East and Africa grew 15% to $337.9 million. Asia-Pacific revenue rose 16% to $135.5 million.

Balance Sheet and Cash Position

Total assets decreased to $5.55 billion as of March 31, 2026, from $5.70 billion at the end of December 2025. Cash and cash equivalents fell to $385.3 million from $515.3 million over the same period. The company held $6.40 billion in long-term debt as of quarter-end, up from $6.20 billion three months earlier.

MSCI reported negative stockholders' equity of $2.77 billion as of March 31, 2026, compared to negative equity of $2.65 billion at year-end 2025. The company's common shares outstanding declined to 72.9 million from 73.6 million during the quarter.

Cash Flow and Capital Allocation

Cash from operations totaled $306.8 million for the three months ending March 31, 2026, up slightly from $301.7 million in the prior-year period. The company used $70.5 million in investing activities and $364.5 million in financing activities during the quarter.

MSCI paid $148.9 million in dividends during the first quarter of 2026, up from $141.4 million in the same period of 2025. The company repurchased shares during the quarter, reducing its share count by 700,000.

Per-Share Performance

Diluted earnings per share rose 49% to $5.53 from $3.71 in the first quarter of 2025. The increase reflected both higher net income and a lower share count, with weighted average diluted shares falling to 73.4 million from 77.8 million year-over-year.

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