Morningstar, Inc. (MORN)

Morningstar Income Statement

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

Year	2023	2022	2021	2020	2019
Revenue	2,039	1,871	1,699	1,390	1,179
Revenue Growth (YoY)	8.98%	10.08%	22.30%	17.85%	15.60%
Cost of Revenue	843.5	779.3	698.4	556.4	483.1
Gross Profit	1,195	1,091	1,001	833.1	695.9
Selling, General & Admin	779.6	756.9	593.2	478.4	388.6
Other Operating Expenses	184.9	166.6	150.7	139.5	117.7
Operating Expenses	964.5	923.5	743.9	617.9	506.3
Operating Income	230.6	167.8	257	215.2	189.6
Interest Expense / Income	51.7	28.4	8.7	9.5	8.7
Other Expense / Income	4.8	12.4	-7.6	-77.6	-16.7
Pretax Income	174.1	127	255.9	283.3	197.6
Income Tax	33	56.5	62.6	59.7	45.6
Net Income	141.1	70.5	193.3	223.6	152
Net Income Growth	100.14%	-63.53%	-13.55%	47.11%	-16.94%
Shares Outstanding (Basic)	43	43	43	43	43
Shares Outstanding (Diluted)	43	43	43	43	43
Shares Change	-	-1.15%	0.46%	-	0.47%
EPS (Basic)	3.31	1.65	4.50	5.22	3.56
EPS (Diluted)	3.29	1.64	4.45	5.18	3.52
EPS Growth	100.61%	-63.15%	-14.09%	47.16%	-17.18%
Free Cash Flow	197.3	168.3	348.1	307.6	254.4
Free Cash Flow Per Share	4.63	3.95	8.10	7.17	5.96
Dividend Per Share	1.500	1.440	0.945	1.515	1.120
Dividend Growth	4.17%	52.38%	-37.62%	35.27%	12.00%
Gross Margin	58.62%	58.34%	58.90%	59.96%	59.02%
Operating Margin	11.31%	8.97%	15.12%	15.49%	16.08%
Profit Margin	6.92%	3.77%	11.38%	16.09%	12.89%
Free Cash Flow Margin	9.68%	9.00%	20.48%	22.14%	21.58%
Effective Tax Rate	18.95%	44.49%	24.46%	21.07%	23.08%
EBITDA	410.7	322	415.3	432.3	324
EBITDA Margin	20.15%	17.21%	24.44%	31.11%	27.48%
Depreciation & Amortization	184.9	166.6	150.7	139.5	117.7
EBIT	225.8	155.4	264.6	292.8	206.3
EBIT Margin	11.08%	8.31%	15.57%	21.07%	17.50%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).