MSCI Q1 FY26: where the revenue came from and where it went
The whole income statement of MSCI for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2026
- Reported
- Apr 21, 2026
Revenue$0.85B
+14% year over year
Gross profit$0.71B
83% margin
Operating profit$0.46B
54% margin
Net profit$0.41B
48% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 0.85 | 100% | +14% |
| Recurring subscriptions | 0.60 | 71% | +9% |
| Asset based fees | 0.23 | 26% | +27% |
| Non recurring | 0.03 | 3% | +65% |
| Cost of revenue | −0.14 | 17% | |
| Gross profit | 0.71 | 83% margin | +2pp |
| R&D | −0.05 | 6% | −1pp |
| Sales & marketing | −0.09 | 10% | +0pp |
| G&A | −0.07 | 8% | +0pp |
| Other | −0.05 | 6% | +0pp |
| Operating profit | 0.46 | 54% margin | +3pp |
| Interest & other costs | −0.07 | ||
| Tax benefit | 0.02 | ||
| Net profit | 0.41 | 48% margin | +9pp |
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