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	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,314	2,275	2,039	1,871	1,699	1,390
Revenue Growth (YoY)	10.11%	11.60%	8.98%	10.08%	22.30%	17.85%
Cost of Revenue	909	895.7	843.5	779.3	698.4	556.4
Gross Profit	1,405	1,379	1,195	1,091	1,001	833.1
Selling, General & Admin	772.4	768.2	779.6	731	593.2	478.4
Operating Expenses	962.9	958.6	964.5	897.6	743.9	617.9
Operating Income	442.3	420.8	230.6	193.7	257	215.2
Interest Expense	-44.8	-49.9	-60.7	-28.4	-8.7	-9.5
Interest & Investment Income	13.2	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	383.5	360.8	171.2	155	250	200.3
Merger & Restructuring Charges	-	-	-	-25.9	-	-
Gain (Loss) on Sale of Investments	1.5	3.8	2.9	-2.1	5.9	83
Gain (Loss) on Sale of Assets	109.3	109.3	-	-	-	-
Pretax Income	494.3	473.9	174.1	127	255.9	283.3
Income Tax Expense	110.1	104	33	56.5	62.6	59.7
Earnings From Continuing Operations	384.2	369.9	141.1	70.5	193.3	223.6
Net Income	384.2	369.9	141.1	70.5	193.3	223.6
Net Income to Common	384.2	369.9	141.1	70.5	193.3	223.6
Net Income Growth	80.46%	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)	8.97	8.64	3.31	1.65	4.50	5.21
EPS (Diluted)	8.91	8.58	3.29	1.64	4.45	5.18
EPS Growth	80.06%	160.79%	100.61%	-63.15%	-14.09%	47.16%
Free Cash Flow	448.2	448.9	197.3	168.3	348.1	307.6
Free Cash Flow Per Share	10.39	10.41	4.60	3.92	8.02	7.12
Dividend Per Share	1.720	1.670	1.530	1.460	1.310	1.220
Dividend Growth	10.26%	9.15%	4.79%	11.45%	7.38%	7.02%
Gross Margin	60.72%	60.63%	58.62%	58.34%	58.90%	59.96%
Operating Margin	19.11%	18.50%	11.31%	10.36%	15.12%	15.49%
Profit Margin	16.60%	16.26%	6.92%	3.77%	11.38%	16.09%
Free Cash Flow Margin	19.37%	19.73%	9.68%	9.00%	20.48%	22.14%
EBITDA	537.9	516.3	334.3	296	347.8	300.8
EBITDA Margin	23.24%	22.69%	16.40%	15.82%	20.47%	21.65%
D&A For EBITDA	95.6	95.5	103.7	102.3	90.8	85.6
EBIT	442.3	420.8	230.6	193.7	257	215.2
EBIT Margin	19.11%	18.50%	11.31%	10.36%	15.12%	15.49%
Effective Tax Rate	22.27%	21.95%	18.95%	44.49%	24.46%	21.07%

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

SEC Filings: 10-K · 10-Q