MSCI: Acceleration driving multiple expansion and earnings upside

This was a record quarter for MSCI in multiple ways.

MSCI achieved the highest first quarter recurring net new subscription sales of $39.6 million since 2022.

MSCI also achieved the highest ever first quarter recurring net new subscription sales at $24.8 million.

In addition, equity ETF AUM of $2.4 trillion linked to MSCI indexes was another new record.

Operating revenues in 1Q26 accelerated to 14.1%, up from 10.6% in 4Q25 and 10% in 1Q25.

Subscription run rate is a good way to look at how the subscription business is accelerating.

The Index segment subscription run rate grew 11%, up from 9% in 4Q25 and 9% in 1Q25.

This is the first time the Index segment subscription run rate returned to double digits since 1Q23.

The acceleration of the Index segment has been a key part of the investment thesis that I set out for MSCI and we are finally seeing concrete evidence of this now after management has invested in this over the past few quarters.

The strong Index subscription run rate was attributed to improved execution, new product innovations, and the adoption of AI tools.