Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
242.55
-4.62 (-1.87%)
Nov 6, 2026, 11:17 AM EST - 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 | Sep '26 Sep 30, 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 |
| 2,621 | 2,446 | 2,275 | 2,039 | 1,871 | 1,699 | |
Revenue Growth | 9.43% | 7.49% | 11.60% | 8.98% | 10.08% | 22.30% |
Cost of Revenue | 968.1 | 952.9 | 895.7 | 843.5 | 779.3 | 698.4 |
Gross Profit | 1,653 | 1,493 | 1,379 | 1,195 | 1,091 | 1,001 |
Selling, General & Admin | 831 | 796.5 | 768.2 | 779.6 | 731 | 593.2 |
Operating Expenses | 1,036 | 986.4 | 958.6 | 964.5 | 897.6 | 743.9 |
Operating Income | 616.7 | 506.2 | 420.8 | 230.6 | 193.7 | 257 |
Interest Expense | -66.1 | -40 | -49.9 | -51.7 | -28.4 | -8.7 |
Interest & Investment Income | 8.9 | 11.4 | 12.2 | - | - | - |
Earnings From Equity Investments | 1.1 | -3.3 | -17.4 | -19.2 | -3.6 | 5.4 |
Currency Exchange Gain (Loss) | - | - | - | - | -6.7 | -3.7 |
Other Non Operating Income (Expenses) | 5.8 | 1 | -1.1 | 14.4 | - | - |
EBT Excluding Unusual Items | 566.4 | 475.3 | 364.6 | 174.1 | 155 | 250 |
Merger & Restructuring Charges | -4.5 | -4.5 | - | - | -25.9 | - |
Gain (Loss) on Sale of Investments | - | - | - | - | -2.1 | 5.9 |
Gain (Loss) on Sale of Assets | 22.7 | 22.7 | 109.3 | - | - | - |
Other Unusual Items | 8.6 | 2.2 | - | - | - | - |
Pretax Income | 593.2 | 495.7 | 473.9 | 174.1 | 127 | 255.9 |
Income Tax Expense | 147.7 | 121.5 | 104 | 33 | 56.5 | 62.6 |
Earnings From Continuing Operations | 445.5 | 374.2 | 369.9 | 141.1 | 70.5 | 193.3 |
Net Income | 445.5 | 374.2 | 369.9 | 141.1 | 70.5 | 193.3 |
Net Income to Common | 445.5 | 374.2 | 369.9 | 141.1 | 70.5 | 193.3 |
Net Income Growth | 18.48% | 1.16% | 162.16% | 100.14% | -63.53% | -13.55% |
Shares Outstanding (Basic) | 39 | 42 | 43 | 43 | 43 | 43 |
Shares Outstanding (Diluted) | 39 | 42 | 43 | 43 | 43 | 43 |
Shares Change | -8.60% | -2.09% | 0.47% | - | -1.15% | 0.46% |
EPS (Basic) | 11.52 | 8.93 | 8.64 | 3.31 | 1.65 | 4.50 |
EPS (Diluted) | 11.42 | 8.87 | 8.58 | 3.29 | 1.64 | 4.45 |
EPS Growth | 29.83% | 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 | Sep '26 Sep 30, 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 | 492.8 | 442.6 | 448.9 | 197.3 | 168.3 | 348.1 |
Free Cash Flow Per Share | 12.62 | 10.49 | 10.41 | 4.60 | 3.92 | 8.02 |
Dividend Per Share | 1.995 | 1.865 | 1.670 | 1.530 | 1.460 | 1.310 |
Dividend Growth | 9.62% | 11.68% | 9.15% | 4.79% | 11.45% | 7.38% |
Gross Margin | 63.07% | 61.03% | 60.63% | 58.62% | 58.34% | 58.90% |
Operating Margin | 23.53% | 20.70% | 18.50% | 11.31% | 10.36% | 15.12% |
Profit Margin | 17.00% | 15.30% | 16.26% | 6.92% | 3.77% | 11.38% |
Free Cash Flow Margin | 18.80% | 18.10% | 19.73% | 9.68% | 9.00% | 20.48% |
EBITDA | 719.4 | 593.4 | 516.3 | 334.3 | 296 | 347.8 |
EBITDA Margin | 27.45% | 24.27% | 22.69% | 16.40% | 15.82% | 20.47% |
D&A For EBITDA | 102.7 | 87.2 | 95.5 | 103.7 | 102.3 | 90.8 |
EBIT | 616.7 | 506.2 | 420.8 | 230.6 | 193.7 | 257 |
EBIT Margin | 23.53% | 20.70% | 18.50% | 11.31% | 10.36% | 15.12% |
Effective Tax Rate | 24.90% | 24.51% | 21.95% | 18.95% | 44.49% | 24.46% |