Consensus Revenue Cycle

MSCI ACWI point-in-time membership · current classification backcast · latest 15 Jul 2026

12M revenue

$59,672bn

all 11 sectors

24M revenue

$63,990bn

all 11 sectors

12M→24M growth

7.2%

all-sector forward growth

Covered securities

2,379

of 2,460 latest ACWI members

Name coverage

96.7%

strict FY1-FY3 calendarization

12M revenue YoY

+12.4%

matched base, excluding Financials

Latest sector snapshot

Sector	12M revenue	24M revenue	Growth	Covered securities	Coverage
Financials	$8,879.9bn	$9,418.1bn	6.1%	439	91.8%
Industrials	$8,331.2bn	$8,909.8bn	6.9%	416	99.0%
Information Technology	$7,971.8bn	$9,521.7bn	19.4%	316	96.6%
Consumer Discretionary	$7,902.6bn	$8,486.5bn	7.4%	213	96.8%
Energy	$6,553.8bn	$6,463.9bn	-1.4%	97	99.0%
Health Care	$5,169.6bn	$5,472.2bn	5.9%	180	96.8%
Consumer Staples	$4,971.7bn	$5,195.5bn	4.5%	160	98.8%
Materials	$3,717.7bn	$3,837.8bn	3.2%	223	98.2%
Communication Services	$3,616.2bn	$4,021.6bn	11.2%	116	98.3%
Utilities	$1,967.5bn	$2,044.5bn	3.9%	130	97.7%
Real Estate	$590.1bn	$617.9bn	4.7%	89	97.8%

Latest matched-base revenue YoY signals

Aggregate	YoY	5Y z-score	Common securities
Global ex Financials	+12.4%	+1.39	1,740
Global ex Financials & hyperscalers	+11.7%	+1.33	1,735
China ex Financials	+13.2%	+0.97	360
India ex Financials	+2.3%	-0.79	109
Communication Services ex Alphabet & Meta	+4.6%	+0.65	104
Consumer Discretionary ex Amazon	+3.7%	-0.52	198
Magnificent Seven	+32.2%	+2.02	7
India ex Financials & Reliance	+2.2%	-0.81	108

Method. Bloomberg consensus revenue is requested in USD, normalized to USD millions, and calendarized from FY1/FY2/FY3 into constant 12M and 24M horizons. Forward growth is dollar-aggregated. YoY compares 12M revenue on the exact intersection of covered security IDs at both dates. The headline aggregate excludes Financials because bank, insurer, and diversified-financial revenue definitions are not economically comparable with corporate sales; Financials remains visible as a standalone sector diagnostic. The hyperscaler-adjusted series additionally excludes Amazon, Alphabet (both GOOG and GOOGL security IDs), Meta, and Microsoft. Communication Services ex Alphabet/Meta removes GOOG, GOOGL, and META; Consumer Discretionary ex Amazon removes AMZN. The Magnificent Seven basket uses AAPL, AMZN, GOOGL, META, MSFT, NVDA, and TSLA, with one Alphabet share class to avoid double-counting the company; it starts on the first matched date with all seven representatives. China and India are Bloomberg corporate country-of-risk aggregates and exclude Financials; the India ex-Reliance series additionally removes Reliance Industries (RELIANCE IN Equity). Country aggregates identify the company and do not indicate the geographic source of sales. Z-scores use a trailing 60-month window with at least 24 observations, so they do not use future data. Non-positive revenue estimates are excluded; large persistent changes are retained and only isolated reverting scale anomalies are removed.

Universe counts. The latest point-in-time ACWI panel contains 2,460 constituent security IDs. Of these, 2,379 have valid FY1-FY3 estimates and period ends for strict calendarization. The broader 5,245 count in the run manifest is the union of historical member IDs encountered across the full 15-year window, not the number in the index on one date.

Classification limitation. Index membership is point-in-time. GICS and country metadata are current classifications joined to historical members by security ID, so historical reclassifications are not reconstructed.

Build quality: 93.6% of membership rows are strictly calendarizable; 51 isolated field anomalies were excluded.