Morningstar, Inc. (MORN) Income Statement
MORN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMORN revenue and net income
Where MORN's revenue goes
2025Each bar shows an amount and its share of revenue. MORN kept 15.3% of revenue as net income.
MORN profit margins
MORN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.5% | +9.3% | +12.0% | +12.0% |
| Gross profit | +8.2% | +11.0% | +12.4% | +12.5% |
| Operating income | +8.6% | +46.4% | +19.6% | +10.7% |
| Net income | +1.2% | +74.4% | +10.8% | +10.9% |
| EPS (diluted) | +26.6% | +36.0% | +12.9% | +12.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MORN quarterly EPS vs estimates
Morningstar beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $3.04).
MORN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B | $911.7M | $798.6M |
| Cost of revenue | $952.9M | $895.7M | $843.5M | $779.3M | $698.4M | $556.4M | $483.1M | $411.1M | $386.6M | $344.3M |
| Gross profit | $1.49B | $1.38B | $1.20B | $1.09B | $1.00B | $833.1M | $695.9M | $608.8M | $525.1M | $454.3M |
| Research & development | — | — | $81.2M | $64.3M | $59.9M | $53.9M | $61.1M | $42.8M | $30.6M | $20.0M |
| Sales, general & admin | $801.0M | $768.2M | $779.6M | $756.9M | $593.2M | $478.4M | $388.6M | $296.3M | $264.1M | $202.8M |
| Total operating expenses | $966.0M | $894.6M | $964.5M | $923.5M | $743.9M | $617.9M | $506.3M | $393.0M | $355.3M | $273.5M |
| Operating income | $526.6M | $484.8M | $230.6M | $167.8M | $257.0M | $215.2M | $189.6M | $215.8M | $169.8M | $180.8M |
| Interest income | $11.4M | $12.2M | $7.2M | $1.7M | $1.7M | $1.6M | $2.4M | $2.3M | $1.9M | $1.8M |
| Interest expense | $40.0M | $49.9M | $51.7M | $28.4M | $8.7M | $11.1M | $8.7M | $1.8M | $5.5M | $1.5M |
| Income before taxes | $495.7M | $473.9M | $174.1M | $127.0M | $255.9M | $283.3M | $197.6M | $230.8M | $179.8M | $224.7M |
| Income taxes | $121.5M | $104.0M | $33.0M | $56.5M | $62.6M | $59.7M | $45.6M | $47.8M | $42.9M | $63.7M |
| Net income | $374.2M | $369.9M | $141.1M | $70.5M | $193.3M | $223.6M | $152.0M | $183.0M | $136.9M | $161.0M |
| EBITDA | $728.9M | $731.6M | $418.1M | $325.6M | $409.9M | $433.6M | $324.9M | $331.4M | $261.0M | $297.1M |
| EPS (diluted) | $9.89 | $7.81 | $4.03 | $3.93 | $6.16 | $5.39 | $4.08 | $4.00 | $2.52 | $4.42 |
| Gross margin | 61.0% | 60.6% | 58.6% | 58.3% | 58.9% | 60.0% | 59.0% | 59.7% | 57.6% | 56.9% |
| Operating margin | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% | 15.5% | 16.1% | 21.2% | 18.6% | 22.6% |
| Net margin | 15.3% | 16.3% | 6.9% | 3.8% | 11.4% | 16.1% | 12.9% | 17.9% | 15.0% | 20.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $663.2M | $644.8M | $641.1M | $617.4M | $605.1M | $581.9M | $591.0M | $569.4M | $571.9M | $542.8M | $538.7M | $515.5M |
| Cost of revenue | $239.3M | $238.9M | $249.2M | $241.7M | $230.6M | $231.4M | $232.2M | $222.7M | $222.7M | $218.1M | $205.4M | $202.9M |
| Gross profit | $423.9M | $405.9M | $391.9M | $375.7M | $374.5M | $350.5M | $358.8M | $346.7M | $349.2M | $324.7M | $333.3M | $312.6M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $81.2M | — |
| Sales, general & admin | $216.6M | $199.2M | $208.8M | $201.4M | $201.7M | $189.1M | $89.0M | $185.5M | $191.6M | $184.9M | $92.0M | $196.0M |
| Total operating expenses | $263.3M | $250.0M | $232.3M | $247.9M | $249.4M | $236.4M | $190.6M | $231.2M | $240.7M | $232.1M | $238.9M | $242.6M |
| Operating income | $160.6M | $155.9M | $159.6M | $127.8M | $125.1M | $114.1M | $168.2M | $115.5M | $108.5M | $92.6M | $94.4M | $70.0M |
| Interest income | $2.0M | $1.9M | $2.6M | $2.4M | $2.9M | $3.5M | $3.7M | $3.2M | $2.8M | $2.5M | $3.1M | $3.0M |
| Interest expense | $17.1M | $15.6M | $11.4M | $9.4M | $10.3M | $8.9M | $10.7M | $12.1M | $13.1M | $14.0M | $14.6M | $15.8M |
| Income before taxes | $147.0M | $141.7M | $151.5M | $123.0M | $115.3M | $105.9M | $150.8M | $149.3M | $88.3M | $85.5M | $87.6M | $55.8M |
| Income taxes | $38.3M | $34.6M | $36.4M | $31.4M | $26.3M | $27.4M | $33.9M | $29.6M | $19.2M | $21.3M | $14.1M | $16.7M |
| Net income | $107.8M | $107.1M | $115.1M | $91.6M | $89.0M | $78.5M | $116.9M | $119.7M | $69.1M | $64.2M | $73.5M | $39.1M |
| EBITDA | $214.1M | $209.1M | $209.4M | $179.5M | $175.3M | $164.7M | $222.0M | $209.7M | $151.7M | $148.2M | $151.4M | $119.8M |
| EPS (diluted) | $3.10 | $3.18 | $2.71 | $2.55 | $2.40 | $2.23 | $2.71 | $2.00 | $1.60 | $1.49 | $1.71 | $1.28 |
| Gross margin | 63.9% | 62.9% | 61.1% | 60.9% | 61.9% | 60.2% | 60.7% | 60.9% | 61.1% | 59.8% | 61.9% | 60.6% |
| Operating margin | 24.2% | 24.2% | 24.9% | 20.7% | 20.7% | 19.6% | 28.5% | 20.3% | 19.0% | 17.1% | 17.5% | 13.6% |
| Net margin | 16.3% | 16.6% | 18.0% | 14.8% | 14.7% | 13.5% | 19.8% | 21.0% | 12.1% | 11.8% | 13.6% | 7.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MORN's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MORN financial results
In fiscal year 2025 (ended December 31, 2025), Morningstar reported revenue of $2.4 billion, up 7.5% from the year before. It had net income of $374.2 million (up 1.2%), a net profit margin of 15.3%. Diluted earnings per share came to $9.89. Over five years revenue grew at an average rate of 12.0% a year.
See the MORN stock overview for the latest quote and news, or the MORN chart for price history and technical indicators.
MORN income statement FAQ
What is Morningstar's annual revenue?
Morningstar reported total revenue of $2.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.5% from $2.3 billion the previous year.
Is Morningstar profitable?
Yes. Morningstar reported net income of $374.2 million in fiscal 2025, a net profit margin of 15.3%; its operating margin was 21.5%.
What is Morningstar's gross margin?
Morningstar's gross margin was 61.0% in fiscal 2025: for every $100 of revenue, Morningstar kept $61 after the direct cost of its products and services.
How fast is Morningstar growing?
Revenue grew 12.0% a year on average over the last five fiscal years, from $1.4 billion to $2.4 billion.
What are Morningstar's earnings per share?
Morningstar earned $9.89 per diluted share in fiscal 2025, compared with $7.81 a year earlier.
When will Morningstar report its next earnings?
Morningstar is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Morningstar's fiscal year end?
Morningstar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.