MSCI Inc. (MSCI), a provider of decision-support tools for global investors, reported third-quarter operating revenues of $892.0 million, up 12.4% from a year earlier, with organic growth of 12.3%.

That year-over-year rate was little changed from the 12.2% increase in the second quarter, after 14.1% in the first quarter. Diluted earnings were $4.86 a share, up 14.4%; adjusted EPS was $5.11, up 14.3%. Operating margin was 56.3% and adjusted EBITDA margin 62.2%.

Asset-based fees rose 24.9% year-over-year, slower than 26.6% in both the second and first quarters. Recurring subscription revenues rose 7.7%, slower than 9.0% in the second quarter and 8.6% in the first. The $98.6 million revenue increase comprised $49.1 million in higher asset-based fees, $44.5 million in higher recurring subscriptions and $5.0 million in higher non-recurring revenues.

Index remained the growth engine. Segment operating revenues were $532.6 million, up 18.1%, with organic growth of 18.0%. Index asset-based fees were $246.6 million, up 24.9%. Index adjusted EBITDA was $412.4 million, up 17.8%, with a 77.4% margin. Chairman and CEO Henry A. Fernandez said the company posted its best-ever third-quarter recurring net-new sales in Index and another record quarter for asset-based fees.

Index run rate at September 30, 2026, was $2.1 billion, up 16.5% from a year earlier. The company said the $294.8 million increase included a $175.9 million rise in asset-based fees run rate, driven primarily by higher assets under management in ETFs linked to MSCI equity indexes and in non-ETF indexed funds, and a $118.9 million rise in recurring subscription run rate from market-cap-weighted and custom index products. Organic recurring subscription run-rate growth for Index was 11.7%.

Total run rate at September 30, 2026, was $3,571.9 million, up 12.1%. Organic recurring subscription run-rate growth companywide was 8.7%, up from 8.1% in the second quarter after 8.2% in the first. Retention rate was 95.0%, down from 95.3% in the second quarter and 95.4% in the first.

Analytics operating revenues were $191.0 million, up 4.8%, with organic growth of 5.2%. Analytics adjusted EBITDA was $85.7 million, down 4.9%, with a 44.9% margin. Analytics run rate was $793.5 million, up 6.9%. Fernandez said the company delivered its best-ever recurring net-new sales in Analytics.

Sustainability and Climate operating revenues were $93.7 million, up 4.0%, with organic growth of 2.2%. Run rate was $384.8 million, up 3.8%. All Other – Private Assets operating revenues were $74.7 million, up 6.7%, with organic growth of 6.7%. Adjusted EBITDA in that group was $18.5 million, down 4.6%, with a 24.8% margin. Run rate was $310.9 million, up 8.9%.

Total operating expenses were $389.9 million, up 12.8%. The company said adjusted EBITDA expenses rose primarily on higher information technology, professional fees and market data costs, plus higher incentive compensation and salaries, partially offset by increased capitalization of internally developed software. It recognized $6.1 million of adjusted EBITDA expenses and $1.9 million of intangible amortization related to the Compass, Vantager, PM Insights and First Street acquisitions. Headcount was 6,259 as of September 30, 2026.

Net cash provided by operating activities was $436.1 million, down 3.0% year-over-year; free cash flow was $385.4 million, down 8.9%. Weighted average diluted shares were 72.3 million, down 5.6%. The company repurchased $552.3 million of stock, or 1.0 million shares, at an average $562.92. Cash and cash equivalents were $261.0 million; total debt was $6.8 billion.

On August 3, 2026, MSCI completed the acquisition of First Street Technology for $122.6 million, net of cash acquired, reported in Sustainability and Climate. Full-year 2026 interest-expense guidance was raised to $288 million to $291 million from $282 million to $286 million, and the effective-tax-rate range was narrowed to 18.0% to 19.5% from 18.0% to 20.0%. Other full-year items were unchanged.