Financials · MORN

Morningstar Inc. (MORN) financials

For the twelve months ended Sep 30, 2026, Morningstar Inc. reported $2.62B of revenue and $445.50M of net income.

Revenue, TTM
$2.62B
Revenue growth, YoY
+9.4%
Net income, TTM
$445.50M
Net income growth, YoY
+18.5%
Net margin
17.0%
Free cash flow, TTM
$492.80M
EPS, diluted, TTM
$11.41
EPS growth, YoY
+29.7%
Cash
$496.70M
Total debt
$1.70B
P/E
20.59
P/S
3.50
Market cap
$9.17B
Annual revenue$2.45B
FY2016FY2025
Annual net income$374.20M
FY2016FY2025
Annual free cash flow$442.60M
FY2016FY2025

MORN revenue and earnings growth

MORN revenueQ3 2026$672.10M

Quarter YoY
+8.9%
QoQ
+1.3%
FY YoY
+7.5%
5Y CAGR
+12.0%
10Y CAGR
+12.0%

MORN revenue was $672.10M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.9% from a year earlier and up 1.3% from the prior quarter. For the full fiscal 2025 it was $2.45B, up 7.5% from fiscal 2024. Compound annual growth was +12.0% over 5 years and +12.0% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MORN net incomeQ3 2026$115.50M

Quarter YoY
+26.1%
QoQ
+7.1%
FY YoY
+1.2%
5Y CAGR
+10.8%
10Y CAGR
+10.9%

MORN net income was $115.50M in fiscal Q3 2026 (ended Sep 30, 2026), up 26.1% from a year earlier and up 7.1% from the prior quarter. For the full fiscal 2025 it was $374.20M, up 1.2% from fiscal 2024. Compound annual growth was +10.8% over 5 years and +10.9% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MORN EPSQ3 2026$3.06

Quarter YoY
+41.0%
QoQ
+8.1%
FY YoY
+3.4%
5Y CAGR
+11.4%
10Y CAGR
+11.5%

MORN diluted EPS was $3.06 in fiscal Q3 2026 (ended Sep 30, 2026), up 41.0% from a year earlier and up 8.1% from the prior quarter. For the full fiscal 2025 it was $8.87, up 3.4% from fiscal 2024. Compound annual growth was +11.4% over 5 years and +11.5% over 10 years.

MORN free cash flowQ3 2026$155.40M

Quarter YoY
-2.9%
QoQ
+26.9%
FY YoY
-1.4%
5Y CAGR
+7.5%
10Y CAGR
+9.2%

MORN free cash flow was $155.40M in fiscal Q3 2026 (ended Sep 30, 2026), down 2.9% from a year earlier and up 26.9% from the prior quarter. For the full fiscal 2025 it was $442.60M, down 1.4% from fiscal 2024. Compound annual growth was +7.5% over 5 years and +9.2% over 10 years. It rose in 7 of the last 10 fiscal years.

Export CSV

Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$2.45B$2.28B$2.04B$1.87B$1.70B$1.39B$1.18B$1.02B$911.70M$798.60M
Cost of revenue$952.90M$895.70M$843.50M$779.30M$698.40M$556.40M$483.10M$411.10M$386.60M$344.30M
Gross profit$1.49B$1.38B$1.20B$1.09B$1.00B$833.10M$695.90M$608.80M$525.10M$454.30M
Selling, general and admin$334.00M$327.20M$355.80M$400.40M$318.40M$272.00M$210.70M$147.80M$129.80M$105.20M
Operating income$526.60M$484.80M$230.60M$167.80M$257.00M$215.20M$189.60M$215.80M$169.80M$180.80M
Pre-tax income$495.70M$473.90M$174.10M$130.60M$250.50M$283.00M$198.50M$232.90M$181.10M$224.90M
Income tax$121.50M$104.00M$33.00M$56.50M$62.60M$59.70M$45.60M$47.80M$42.90M$63.70M
Net income$374.20M$369.90M$141.10M$70.50M$193.30M$223.60M$152.00M$183.00M$136.90M$161.00M
EPS, basic$8.93$8.64$3.31$1.65$4.50$5.22$3.56$4.30$3.21$3.74
EPS, diluted$8.87$8.58$3.29$1.64$4.45$5.18$3.52$4.25$3.18$3.72
Diluted shares42.2M43.1M42.9M42.9M43.4M43.2M43.2M43.0M43.0M43.3M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$474.50M$502.70M$337.90M$376.60M$483.80M$422.50M$334.10M$369.30M$308.20M$259.10M
Short-term investments$54.20M$48.30M$51.10M$38.00M$62.30M$41.70M$33.40M$26.60M$45.10M$44.90M
Receivables$390.40M$358.10M$343.90M$307.90M$268.90M$205.10M$188.50M$172.20M$148.20M$145.80M
Current assets$1.04B$1.01B$815.70M$810.80M$887.60M$730.00M$603.20M$601.60M$529.80M$472.00M
Goodwill$1.61B$1.56B$1.58B$1.57B$1.21B$1.21B$1.04B$556.70M$564.90M$556.80M
Total assets$3.59B$3.55B$3.40B$3.47B$2.86B$2.70B$2.37B$1.45B$1.41B$1.35B
Current liabilities$1.05B$967.30M$880.80M$882.50M$783.50M$626.50M$495.80M$362.80M$323.20M$294.90M
Short-term debt$0$0$32.10M$32.10M$0$0$11.00M$0-$0
Long-term debt$1.07B$698.60M$972.40M$1.11B$359.40M$449.10M$502.10M$70.00M--
Total debt$1.07B$698.60M$1.00B$1.14B$359.40M$449.10M$513.10M$70.00M--
Total liabilities$2.37B$1.93B$2.08B$2.27B$1.45B$1.42B$1.29B$519.10M$600.80M$654.10M
Shareholders' equity$1.22B$1.62B$1.33B$1.21B$1.42B$1.27B$1.08B$934.70M$804.90M$696.80M

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$589.70M$591.60M$316.40M$297.80M$449.90M$384.30M$334.40M$314.80M$250.10M$213.70M
Capital expenditures$147.10M$142.70M$119.10M$129.50M$101.80M$76.70M$80.00M$76.10M$66.60M$62.80M
Free cash flow$442.60M$448.90M$197.30M$168.30M$348.10M$307.60M$254.40M$238.70M$183.50M$150.90M
Investing cash flow-$139.30M-$21.30M-$81.90M-$799.30M-$167.70M-$123.80M-$746.30M-$49.90M-$60.80M-$274.20M
Financing cash flow-$514.70M-$384.40M-$278.40M$415.10M-$211.80M-$182.20M$373.70M-$188.80M-$157.50M$123.70M
Dividends paid$76.90M$69.30M$63.90M$61.50M$54.20M$51.40M$47.80M$42.60M$39.30M$37.90M
Share repurchases$787.00M$11.60M$1.40M$226.00M$1.30M$41.90M$4.90M$20.90M$42.30M$48.80M
Stock-based compensation$56.40M$54.70M$52.80M$83.20M$41.90M$36.60M$44.40M$31.70M$24.10M$14.50M
Depreciation and amortization$189.90M$190.40M$184.90M$166.60M$150.70M$139.50M$117.70M$96.70M$91.20M$70.70M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY7.5%11.6%9.0%10.1%22.3%17.9%15.6%11.9%14.2%1.2%
Net income growth, YoY1.2%162.2%100.1%-63.5%-13.6%47.1%-16.9%33.7%-15.0%21.4%
EPS growth, YoY3.4%160.8%100.6%-63.1%-14.1%47.2%-17.2%33.6%-14.5%24.0%
Gross margin61.0%60.6%58.6%58.3%58.9%60.0%59.0%59.7%57.6%56.9%
Operating margin21.5%21.3%11.3%9.0%15.1%15.5%16.1%21.2%18.6%22.6%
Net margin15.3%16.3%6.9%3.8%11.4%16.1%12.9%17.9%15.0%20.2%
Free cash flow margin18.1%19.7%9.7%9.0%20.5%22.1%21.6%23.4%20.1%18.9%
Return on equity30.6%22.9%10.6%5.8%13.7%17.6%14.0%19.6%17.0%23.1%
Return on assets10.4%10.4%4.1%2.0%6.8%8.3%6.4%12.6%9.7%11.9%
Current ratio0.991.050.930.921.131.171.221.661.641.60
Debt to equity0.880.430.760.950.250.350.470.07--

Source: XBRL data Morningstar Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MORN peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MORN$2.62B+9.4%$445.50M17.0%$9.17B
BX$16.11B+17.2%$3.52B21.8%$89.94B
KKR$21.31B+31.1%$3.15B14.8%$88.24B
APO$30.82B+12.2%-$918.00M-3.0%$69.25B
AMP$20.14B+8.8%$4.16B20.7%$44.22B
ARES$5.99B+24.0%$636.35M10.6%$44.16B
TROW$7.70B+6.9%$2.19B28.4%$23.19B
TPG$5.17B+21.6%$268.72M5.2%$17.99B

MORN FAQ

9 questions
  • What is MORN revenue?
    Morningstar Inc. (MORN) reported $2.62B of revenue for the twelve months ended Sep 30, 2026. That is up 9.4% from the year before. Revenue for fiscal 2025 was $2.45B.
  • Is MORN profitable?
    Yes. Morningstar Inc. earned $445.50M in net income for the twelve months ended Sep 30, 2026, a net margin of 17.0%.
  • How much cash and debt does MORN have?
    Morningstar Inc. reported $496.70M in cash and cash equivalents and $1.70B of debt on its most recent balance sheet in SEC filings.
  • How fast is MORN revenue growing?
    Morningstar Inc.'s revenue changed +7.5% in fiscal 2025, to $2.45B. Its compound annual growth rate was +12.0% over 5 years and +12.0% over 10 years.
  • What is MORN gross margin?
    Morningstar Inc.'s gross profit was $1.65B on $2.62B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 63.1%.
  • What is MORN free cash flow?
    Morningstar Inc. generated $492.80M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $641.90M less capital expenditures.
  • What is MORN earnings per share?
    Diluted earnings per share were $11.41 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MORN last report financial results?
    The latest statements here come from Morningstar Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this MORN financial data come from?
    Quantisnow builds these statements from the structured XBRL data Morningstar Inc. files with the SEC. It is provided for information only and is not investment advice.