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MSCI’s $23 Trillion Index Empire — Can AI Unlock Its Next Growth Phase?

MSCI Inc. reported third-quarter 2026 results demonstrating growth across multiple product lines and client segments, while also facing persistent challenges in its Sustainability and Climate business. The company recorded total revenue growth of 12.4%, driven largely by a 25% increase in asset-based fees (ABF) and 8% subscriber revenue growth. Adjusted EBITDA and earnings per share grew 12% and 14%, respectively. MSCI also continued its active share repurchase program, buying back $627 million worth of shares during the quarter, reflecting management’s confidence in the company’s long-term value. Operational momentum was reflected in a 12% run rate increase, supported by record levels in ABF with nearly $1 billion run rate and $76 billion of inflows. Assets under management (AUM) benchmarked to MSCI indices now stand at $23 trillion, with $15 trillion actively managed and $8 trillion indexed.