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MSCI Inc.

MSCI

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of MSCI Inc.. A complete text table follows the diagram.

MSCI's $2.4 Trillion Index Tollbooth

Subscriptions provide the recurring base, while every new dollar flowing into index-linked ETFs expands asset-based fees with little incremental delivery cost

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001408198-26-000034
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

All segment revenue, adjusted EBITDA and expense flows are directly reported. Adjusted EBITDA is used because the filing provides a complete segment-level profitability bridge; the final reconciliation to GAAP operating income is also shown.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

ETFs linked to MSCI equity indexes held $2.40T at quarter end, after $103B of net inflows offset $41B of market depreciation.
Index asset-based fees grew 27%, much faster than subscriptions, because the average linked ETF asset base reached $2.47T.
Recurring subscriptions contributed $600M across all products, and the company retained 95.4% of subscription run rate.
Index produced 74% of total adjusted EBITDA from 58% of revenue: benchmark intellectual property scales far more efficiently than software or specialist data.
Sustainability revenue grew only 9%, but lower expenses lifted adjusted EBITDA 39% and expanded margin by 7.7 percentage points.
The total annualized run rate reached $3.36B, with $2.49B from recurring subscriptions and $872M from asset-based fees.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Millions of USD
Category	Stage	Value	Notes
Indexes	1	$496M	Subscriptions plus ETF and derivatives-linked fees
Portfolio analytics	1	$190M	Risk, performance and portfolio tools
Sustainability & climate	1	$91.9M	ESG and climate-risk data
Private-assets data	1	$72.6M	Real estate and private-capital intelligence
Index adjusted EBITDA	2	$375M	75.6% segment margin
Index operations	2	$121M	Research, calculation, data and distribution
Analytics adjusted EBITDA	2	$82.8M	43.6% segment margin
Analytics operations	2	$107M	Software, models and client delivery
Sustainability adjusted EBITDA	2	$33M	35.9% margin, up from 28.2%
Sustainability operations	2	$58.9M	Data collection, ratings and research
Private-assets adjusted EBITDA	2	$13.7M	18.9% segment margin
Private-assets operations	2	$58.9M	Specialist data and analytics
Data-platform adjusted EBITDA	3	$505M	59.3% margin
GAAP operating income	4	$457M	53.7% operating margin
Depreciation & amortization	4	$47.8M	Acquired intangibles and platform assets

Financial flows · Millions of USD
From	To	Value
Indexes	Index adjusted EBITDA	$375M
Indexes	Index operations	$121M
Portfolio analytics	Analytics adjusted EBITDA	$82.8M
Portfolio analytics	Analytics operations	$107M
Sustainability & climate	Sustainability adjusted EBITDA	$33M
Sustainability & climate	Sustainability operations	$58.9M
Private-assets data	Private-assets adjusted EBITDA	$13.7M
Private-assets data	Private-assets operations	$58.9M
Index adjusted EBITDA	Data-platform adjusted EBITDA	$375M
Analytics adjusted EBITDA	Data-platform adjusted EBITDA	$82.8M
Sustainability adjusted EBITDA	Data-platform adjusted EBITDA	$33M
Private-assets adjusted EBITDA	Data-platform adjusted EBITDA	$13.7M
Data-platform adjusted EBITDA	GAAP operating income	$457M
Data-platform adjusted EBITDA	Depreciation & amortization	$47.8M