MORNNasdaqInvestment AdviceFiscal year ends December 31

Morningstar, Inc.

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026

$205.66−1.71 (-0.82%)

Close on Oct 19, 2026

Market cap: $7.84B
P/E (TTM): 23.2
Dividend yield: 0.88%

Morningstar, Inc. income statement

Annual Quarterly TTM

Millions of USD, except per-share data. Shares in millions.

Line item	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31	FY 2013 2013-12-31	FY 2012 2012-12-31	FY 2011 2011-12-31	FY 2010 2010-12-31	FY 2009 2009-12-31	FY 2008 2008-12-31
Revenue	2,446	2,275	2,039	1,871	1,699	1,390	1,179	1,020	912	799	789	760	698	658	631	555	479	502
Cost of Revenue	953	896	844	779	698	556	483	411	387	344	330	319	271	247	235	157	129	130
Gross Profit	1,493	1,379	1,195	1,091	1,001	833	696	609	525	454	459	442	427	412	396	398	350	372
Research & Development	–	–	–	–	–	–	–	–	–	–	–	–	–	51	53	49	38	40
Selling, General & Admin	801	768	780	757	593	478	389	296	264	203	204	220	211	218	215	188	155	167
Selling & Marketing	467	441	424	357	275	206	178	149	134	98	97	111	104	109	107	95	72	82
General & Administrative	334	327	356	400	318	272	211	148	130	105	107	109	107	109	108	93	84	86
Advertising Expenses	41	34	31	–	–	–	–	6.40	7.00	7.60	8.30	7.50	6.90	6.31	8.21	8.57	7.36	–
Total Costs & Expenses	1,944	1,854	1,808	1,703	1,442	1,174	989	804	742	618	598	655	528	508	493	434	354	364
Operating Income	527	485	231	168	257	215	190	216	170	181	191	106	171	151	138	121	125	139
Interest Expense	–	–	–	–	–	–	–	–	–	–	–	–	0.23	0.31	1.32	0.28	0.35	–
Income from Equity Investments	-3.30	-17	-7.40	-3.60	5.40	0.30	-0.90	-2.10	-1.30	-0.20	1.80	0	1.40	2.03	1.85	1.42	1.17	1.32
Other Non-Operating Income	-28	6.50	-49	-37	-6.50	68	8.90	17	11	44	3.10	8.40	7.30	2.96	1.71	6.73	2.93	4.25
Asset Impairment Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–
Gain (Loss) on Investments	0	0	50	0	0	–	–	–	–	–	–	–	–	–	–	–	–	–
Gain (Loss) on Sale of Assets	0	64	0	0	–	0	0	11	17	0	0	–	–	–	–	–	–	–
Legal Settlements	–	–	–	–	–	–	–	–	–	0	0	-61	0	0	–	–	–	–
Pretax Income	496	474	174	131	251	283	199	233	181	225	194	114	178	154	140	128	128	143
Income Tax Expense	122	104	33	57	63	60	46	48	43	64	63	36	56	53	44	43	47	54
Income from Continuing Operations	–	–	–	–	–	–	–	–	–	–	–	78	124	103	98	86	–	–
Income from Discontinued Operations	–	–	–	–	–	–	–	–	–	–	–	0	0	5.19	0	0	–	–
Net Income incl. Noncontrolling Interests	374	370	141	71	193	224	152	183	137	161	133	78	123	108	98	86	82	90
Minority Interest in Earnings	–	–	–	–	–	–	–	–	0	0	0.20	0	-0.10	-0.12	-0.04	0.09	-0.13	0.40
Net Income	–	–	–	–	–	–	–	183	137	161	133	78	124	108	98	86	82	90
Net Income to Common	–	370	141	71	193	224	152	183	137	161	133	78	124	108	98	86	82	–
EPS (Basic)(per share)	8.93	8.64	3.31	1.65	4.50	5.22	3.56	4.30	3.21	3.74	3.00	1.75	2.68	2.23	1.96	1.75	1.71	1.94
EPS (Diluted)(per share)	8.87	8.58	3.29	1.64	4.45	5.18	3.52	4.25	3.18	3.72	3.00	1.74	2.66	2.20	1.92	1.70	1.65	1.82
Shares Outstanding (Basic, Weighted)(shares)	42	43	43	43	43	43	43	43	43	43	44	45	46	48	50	49	48	46
Shares Outstanding (Diluted, Weighted)(shares)	42	43	43	43	43	43	43	43	43	43	44	45	47	49	51	51	50	49
Dividend per Share(per share)	1.82	1.62	1.50	1.44	1.26	1.20	1.12	1.00	0.92	0.88	0.76	0.68	0.38	0.53	0.20	0.00	0.00	–
EBITDA	717	675	416	334	408	355	307	313	261	252	255	161	216	194	181	161	157	165

Italic numbers are calculated by StockData (for example Q4 = full year − nine months). Per-share data and share counts are adjusted for stock splits. Hover a number for its source; click it to open the filing on SEC.gov. Click a row to chart it.

Ratios

Latest available, balances at Jun 30, 2026

Profitability, TTM

Gross margin: 62.2%
Operating margin: 23.5%
Net margin: –
Return on equity, FY2025: –

Financial strength

Current ratio: 1.06
Debt to equity: –
Debt to assets: 43.9%
Cash to current liabilities: 49.9%

Valuation

P/E ratio: 23.2
Price to sales: 3.05
Price to book: –
Dividend yield: 0.88%