Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
184.39
+11.78 (6.82%)
Jul 27, 2026, 1:26 PM EDT - Market open
Morningstar Income Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
| 2,508 | 2,446 | 2,275 | 2,039 | 1,871 | 1,699 | |
Revenue Growth | 8.39% | 7.49% | 11.60% | 8.98% | 10.08% | 22.30% |
Cost of Revenue | 960.4 | 952.9 | 895.7 | 843.5 | 779.3 | 698.4 |
Gross Profit | 1,548 | 1,493 | 1,379 | 1,195 | 1,091 | 1,001 |
Selling, General & Admin | 811.1 | 801 | 768.2 | 779.6 | 756.9 | 593.2 |
Depreciation & Amortization Expenses | 194.3 | 189.9 | 190.4 | 184.9 | 166.6 | 150.7 |
Other Operating Expenses | -3.1 | -24.9 | -64 | - | - | - |
Total Operating Expenses | 1,002 | 966 | 894.6 | 964.5 | 923.5 | 743.9 |
Operating Income | 568.4 | 526.6 | 484.8 | 230.6 | 167.8 | 257 |
Interest Income | -0.8 | -3.3 | -17.4 | -7.4 | -3.6 | 5.4 |
Interest Expense | -36.9 | -28.6 | -37.7 | -51.7 | -28.4 | -8.7 |
Other Non-Operating Income (Expense) | -20.4 | 1 | 44.2 | 2.6 | -8.8 | -4.3 |
Total Non-Operating Income (Expense) | -58.1 | -27.6 | 6.5 | -49.1 | -37.2 | -7.6 |
Pretax Income | 532.3 | 499 | 491.3 | 181.5 | 130.6 | 250.5 |
Provision for Income Taxes | 128.7 | 121.5 | 104 | 33 | 56.5 | 62.6 |
Net Income | 402.8 | 374.2 | 369.9 | 141.1 | 70.5 | 193.3 |
Net Income to Common | 402.8 | 374.2 | 369.9 | 141.1 | 70.5 | 193.3 |
Net Income Growth | 4.84% | 1.16% | 162.16% | 100.14% | -63.53% | -13.55% |
Shares Outstanding (Basic) | 41 | 42 | 43 | 43 | 43 | 43 |
Shares Outstanding (Diluted) | 41 | 42 | 43 | 43 | 43 | 43 |
Shares Change | -4.46% | -2.09% | 0.47% | - | -1.15% | 0.46% |
EPS (Basic) | 9.87 | 8.93 | 8.64 | 3.31 | 1.65 | 4.50 |
EPS (Diluted) | 9.82 | 8.87 | 8.58 | 3.29 | 1.64 | 4.45 |
EPS Growth | 10.34% | 3.38% | 160.79% | 100.61% | -63.15% | -14.09% |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 437.4 | 442.6 | 448.9 | 197.3 | 168.3 | 348.1 |
Free Cash Flow Growth | -2.41% | -1.40% | 127.52% | 17.23% | -51.65% | 13.17% |
Free Cash Flow Per Share | 10.62 | 10.49 | 10.42 | 4.60 | 3.92 | 8.02 |
Dividends Per Share | 1.905 | 1.865 | 1.670 | 1.530 | 1.460 | 1.310 |
Dividend Growth | 10.76% | 11.68% | 9.15% | 4.79% | 11.45% | 7.38% |
Gross Margin | 61.71% | 61.03% | 60.63% | 58.62% | 58.34% | 58.90% |
Operating Margin | 22.66% | 21.53% | 21.31% | 11.31% | 8.97% | 15.12% |
Profit Margin | 16.06% | 15.30% | 16.26% | 6.92% | 3.77% | 11.38% |
FCF Margin | 17.44% | 18.10% | 19.73% | 9.68% | 9.00% | 20.48% |
EBITDA | 762.7 | 716.5 | 675.2 | 415.5 | 334.4 | 407.7 |
EBITDA Margin | 30.41% | 29.30% | 29.68% | 20.38% | 17.88% | 23.99% |
EBIT | 568.4 | 526.6 | 484.8 | 230.6 | 167.8 | 257 |
EBIT Margin | 22.66% | 21.53% | 21.31% | 11.31% | 8.97% | 15.12% |
Effective Tax Rate | 24.18% | 24.35% | 21.17% | 18.18% | 43.26% | 24.99% |