MSCI Inc. (MSCI): 2Q First Take: Revenue and EPS shortfall mitigated by an increase in the full year FCF guide

Research evidence excerpt

MSCI Inc. (MSCI): 2Q First Take: Revenue and EPS shortfall mitigated by an increase in the full year FCF guide

Equity Research

21 July 2026 | 5:37AM PDT

MSCI Inc. (MSCI): 2Q First Take: Revenue and EPS shortfall mitigated by

an increase in the full year FCF guide

We expect investors to have a negative reaction to MSCI’s 2Q 2026 earnings release, George K. Tong, CFA

+1(415)249-7421 |

with revenue, margins and EPS underperforming consensus expectations and the full george.tong@gs.com

Goldman Sachs & Co. LLC

year guide for FCF raised at the midpoint. Asset-based fees grew 27% y/y, consistent

Anna Wu

with growth in 1Q, driven by an increase in AUM, accompanied by recurring +1(415)249-7235 | anna.wu@gs.com

subscription organic revenue growth of 9.0% that accelerated from 8.6% in the prior Goldman Sachs & Co. LLC

Alex Lakritzquarter. Index recurring subscription revenue increased 11.6% y/y, Analytics organic +1(415)249-7072 | alex.lakritz@gs.com

revenue grew 7.0%, Sustainability & Climate organic revenue rose 3.0% and Private Goldman Sachs & Co. LLC

Nasir, CFAAssets organic revenue increased 4.4%. Net new recurring subscription sales totaled Sami +1(415)834-7967 | sami.nasir@gs.com

$48mn in 2Q, up 8% y/y. MSCI saw record net new sales with hedge funds and its Goldman Sachs & Co. LLC

highest 2Q with asset owners in 2Q. EBITDA margins of 62.1% expanded 70 bps y/y

in 2Q. On the earnings call, we expect investors to focus on buy-side budget trends

across active and non-active asset managers, the outlook for net new recurring

subscription sales across segments, and how MSCI is balancing reinvestments with

near-term margin performance.

Exhibit 1: 2Q Actuals vs GS and FactSet Estimates

$ mn except per share data

2Q Actuals GS Estimates FactSet Consensus

Revenue $867.0 $869.5 $870.7