Morningstar, Inc. (MORN)

Morningstar Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,347	2,275	2,039	1,871	1,699	1,390
Revenue Growth (YoY)	8.23%	11.60%	8.98%	10.08%	22.30%	17.85%
Cost of Revenue	916.9	895.7	843.5	779.3	698.4	556.4
Gross Profit	1,431	1,379	1,195	1,091	1,001	833.1
Selling, General & Admin	782.5	768.2	779.6	731	593.2	478.4
Operating Expenses	972.4	958.6	964.5	897.6	743.9	617.9
Operating Income	458.1	420.8	230.6	193.7	257	215.2
Interest Expense	-42	-49.9	-60.7	-28.4	-8.7	-9.5
Interest & Investment Income	13.3	12.2	9	-	-	-
Earnings From Equity Investments	-18.5	-17.4	-19.2	-3.6	5.4	0.3
Currency Exchange Gain (Loss)	-4.9	-4.9	11.5	-6.7	-3.7	-5.7
EBT Excluding Unusual Items	408	360.8	171.2	155	250	200.3
Merger & Restructuring Charges	-	-	-	-25.9	-	-
Gain (Loss) on Sale of Investments	3.2	3.8	2.9	-2.1	5.9	83
Gain (Loss) on Sale of Assets	109.3	109.3	-	-	-	-
Pretax Income	521.3	473.9	174.1	127	255.9	283.3
Income Tax Expense	117.2	104	33	56.5	62.6	59.7
Earnings From Continuing Operations	404.1	369.9	141.1	70.5	193.3	223.6
Net Income	404.1	369.9	141.1	70.5	193.3	223.6
Net Income to Common	404.1	369.9	141.1	70.5	193.3	223.6
Net Income Growth	64.33%	162.16%	100.14%	-63.53%	-13.55%	47.11%
Shares Outstanding (Basic)	43	43	43	43	43	43
Shares Outstanding (Diluted)	43	43	43	43	43	43
Shares Change (YoY)	-0.23%	0.47%	-	-1.15%	0.46%	-
EPS (Basic)	9.47	8.64	3.31	1.65	4.50	5.21
EPS (Diluted)	9.41	8.58	3.29	1.64	4.45	5.18
EPS Growth	64.83%	160.79%	100.61%	-63.15%	-14.09%	47.16%
Free Cash Flow	389.8	448.9	197.3	168.3	348.1	307.6
Free Cash Flow Per Share	9.08	10.41	4.60	3.92	8.02	7.12
Dividend Per Share	1.770	1.670	1.530	1.460	1.310	1.220
Dividend Growth	11.32%	9.15%	4.79%	11.45%	7.38%	7.02%
Gross Margin	60.94%	60.63%	58.62%	58.34%	58.90%	59.96%
Operating Margin	19.52%	18.50%	11.31%	10.36%	15.12%	15.49%
Profit Margin	17.21%	16.26%	6.92%	3.77%	11.38%	16.09%
Free Cash Flow Margin	16.61%	19.73%	9.68%	9.00%	20.48%	22.14%
EBITDA	553.1	516.3	334.3	296	347.8	300.8
EBITDA Margin	23.56%	22.69%	16.40%	15.82%	20.47%	21.65%
D&A For EBITDA	95	95.5	103.7	102.3	90.8	85.6
EBIT	458.1	420.8	230.6	193.7	257	215.2
EBIT Margin	19.52%	18.50%	11.31%	10.36%	15.12%	15.49%
Effective Tax Rate	22.48%	21.95%	18.95%	44.49%	24.46%	21.07%

Updated Jul 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q