Financial Services
MSCI delivered strong Q2 FY2026 results with revenue up 12.2% to $867.0M and net income up 12.6% to $342.0M, driven by broad-based growth across Index asset-based fees (+26.6%) and recurring subscriptions (+9.0%), though stockholders' equity remained deeply negative at -$2,689.5M due to substantial leverage used for share buybacks and long-term debt now at $6,380.4M.
Key risk: Significant Client Concentration with BlackRock
BlackRock accounted for 11.8% of MSCI's consolidated operating revenues for the six months ended June 30, 2026, with 96.6% of that revenue tied to fees based on assets in BlackRock's ETFs and non-ETF products linked to MSCI indexes. This concentration creates exposure to a single client relationship and to fluctuations in that client's AUM.
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