MSCI Inc. · MSCI · FY2025 Q3 · Calendar Q4 2025
MSCI pairs double-digit organic growth with AI and private-asset expansion
MSCI’s current analysis supports a constructive operating thesis: resilient index and subscription demand, plus expansion into AI and private-asset products, could broaden growth. The evidence is strongest in the reported double-digit organic growth, record asset-based fee run-rate, raised guidance sentiment, and continued product launches; the thesis remains dependent on execution, margin conversion, pricing, and regional demand.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current analysis moves from maintained to raised guidance sentiment and emphasizes a record asset-based fee run-rate, 27% net new subscription sales in the index franchise, a private-credit factor model, AI-enabled product development, and accelerated share repurchases.
Guidance delta
Management’s guidance sentiment was raised, with higher free-cash-flow guidance cited in the analysis.
Key takeaways
- The analysis describes double-digit organic growth, a record asset-based fee run-rate of approximately $800 million, and 27% net new subscription sales in the index franchise.
- Management is expanding private-credit, private-asset, active-ETF, wealth-management, and AI-enabled product offerings.
- The analysis says MSCI accelerated buybacks, including a $3 billion authorization and $1.25 billion repurchased in Q3.
- The central question is whether new AI and private-asset products can broaden growth without creating margin, pricing, or cannibalization pressure.
Management priorities
- Expand AI-powered indices, custom-index tools, and geospatial data sets.
- Develop private-credit and private-asset models, pricing services, and transparency tools.
- Accelerate active-ETF and wealth-management products while continuing disciplined pricing and share repurchases.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Sep 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 22, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 10, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | Apr 22, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 22, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 22, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Dec 18, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 12, 2024 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Oct 9, 2024 |
| Argus Research | Buy | Buy | Maintain | Jul 26, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Apr 24, 2024 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 9, 2024 |
| Redburn Partners | Neutral | Buy | Downgrade | Sep 14, 2023 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Jul 17, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 8, 2020 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Feb 12, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Oct 11, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Oct 11, 2019 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 3, 2017 |
| Macquarie | Neutral | Neutral | Maintain | Feb 5, 2016 |
| Cantor Fitzgerald | Buy | Buy | Maintain | Nov 10, 2015 |
| Keefe, Bruyette & Woods | Market Perform | Underperform | Upgrade | Nov 2, 2015 |
| Keefe Bruyette & Woods | Market Perform | Underperform | Upgrade | Nov 2, 2015 |
| Janney Capital | Buy | Buy | Maintain | Dec 12, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $535.95. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $722 | $569.86 | +34.7% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $690 | $561.74 | +28.7% | Jul 22, 2026 |
| UBS | Analyst unavailable | $615 | $561.74 | +14.7% | Jul 22, 2026 |
| Morgan Stanley | Toni Kaplan | $700 | $561.74 | +30.6% | Jul 21, 2026 |
| Barclays | Manav Patnaik | $735 | $603.35 | +37.1% | Jul 10, 2026 |
| Raymond James | Patrick O'Shaughnessy | $760 | $597.24 | +41.8% | Jul 8, 2026 |
| Redburn Partners | Analyst unavailable | $690 | $596.89 | +28.7% | Jun 18, 2026 |
| Wells Fargo | Jason Hass | $700 | $588.52 | +30.6% | May 27, 2026 |
| Raymond James | Patrick O'Shaughnessy | $730 | $589.17 | +36.2% | Apr 21, 2026 |
| Deutsche Bank | Analyst unavailable | $715 | $605.47 | +33.4% | Jan 29, 2026 |
| Evercore ISI | David Motemaden | $690 | $607.3 | +28.7% | Jan 29, 2026 |
| RBC Capital | Ashish Sabadra | $655 | $604.54 | +22.2% | Jan 29, 2026 |
| Wells Fargo | Analyst unavailable | $618 | $614.87 | +15.3% | Jan 29, 2026 |
| UBS | Analyst unavailable | $638 | $614.87 | +19.0% | Jan 28, 2026 |
| Raymond James | Patrick O'Shaughnessy | $690 | $586.47 | +28.7% | Jan 12, 2026 |
| UBS | Analyst unavailable | $710 | $593.76 | +32.5% | Oct 29, 2025 |
| UBS | Analyst unavailable | $601 | $593.76 | +12.1% | Oct 29, 2025 |
| Barclays | Manav Patnaik | $660 | $593.76 | +23.1% | Oct 29, 2025 |
| Seaport Global | Analyst unavailable | $650 | $567.41 | +21.3% | Oct 1, 2025 |
| Goldman Sachs | George Tong | $723 | $597.9 | +34.9% | Dec 18, 2024 |
| Goldman Sachs | George Tong | $617 | $578.93 | +15.1% | Oct 30, 2024 |
| Morgan Stanley | Toni Kaplan | $662 | $578.93 | +23.5% | Oct 29, 2024 |
| Barclays | Manav Patnaik | $700 | $559.75 | +30.6% | Sep 13, 2024 |
| Wells Fargo | Jason Haas | $570 | $532.41 | +6.4% | Aug 12, 2024 |
| Argus Research | John Eade | $600 | $544.6 | +12.0% | Jul 26, 2024 |
| UBS | Alex Kramm | $585 | $493 | +9.2% | Jul 9, 2024 |
| RBC Capital | Ashish Sabadra | $638 | $498.31 | +19.0% | Jun 6, 2024 |
| Goldman Sachs | George Tong | $526 | $503.83 | -1.9% | May 23, 2024 |
| Deutsche Bank | Faiza Alwy | $569 | $468.5 | +6.2% | Apr 24, 2024 |
| J.P. Morgan | Analyst unavailable | $585 | $561.94 | +9.2% | Feb 2, 2023 |
| Morgan Stanley | Analyst unavailable | $543 | $538.02 | +1.3% | Feb 1, 2023 |
| RBC Capital | Analyst unavailable | $600 | $537.72 | +12.0% | Feb 1, 2023 |
| Oppenheimer | Analyst unavailable | $575 | $532.18 | +7.3% | Feb 1, 2023 |
| Raymond James | Analyst unavailable | $549 | $531.56 | +2.4% | Feb 1, 2023 |
| Raymond James | Patrick O'Shaughnessy | $539 | $505.24 | +0.6% | Jan 15, 2023 |
| Morgan Stanley | Analyst unavailable | $518 | $473.58 | -3.3% | Jan 4, 2023 |
| J.P. Morgan | Analyst unavailable | $580 | $522.87 | +8.2% | Dec 13, 2022 |
| Barclays | Analyst unavailable | $600 | $521.39 | +12.0% | Dec 2, 2022 |
| RBC Capital | Ashish Sabadra | $520 | $429.78 | -3.0% | Jun 28, 2022 |
| Barclays | Manav Patnaik | $470 | $416.71 | -12.3% | Jun 24, 2022 |
| Deutsche Bank | Analyst unavailable | $477 | $420.22 | -11.0% | Apr 27, 2022 |
| Barclays | Analyst unavailable | $570 | $422.42 | +6.4% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $540 | $424.62 | +0.8% | Apr 27, 2022 |
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Start freeCompany context
Snapshot as of publicationMSCI Inc., alongside its subsidiaries, offers sophisticated tools and services to support global investment decision-making and process management for its clients. The company is structured into four key segments: Index, Analytics, ESG and Climate, and Private Assets. The Index division furnishes benchmarks employed across diverse investment applications, including the creation of indexed financial products such as ETFs, mutual funds, and various derivatives; performance evaluation; portfolio building and adjustment; and strategic asset allocation. This segment also oversees the licensing of GICS and GICS Direct. Its Analytics segment provides comprehensive solutions for risk management, performance attribution, and portfolio oversight, encompassing content, applications, and services. These offerings deliver an integrated perspective on risk and return, alongside detailed analysis of market, credit, liquidity, and counterparty risks across all asset classes.…
Historical context
All MSCI earningsFinancial Services peers this season
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|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-03T17:00:46.544383+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T17:00:46.541664+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.