Morningstar Inc. (MORN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.83	$3.1	+9.5%	—	$663.2M	—
Q1 26	$2.66	$3.18	+19.5%	—	$644.8M	—
Q3 25	$2.42	$2.55	+5.4%	—	$617.4M	—
Q2 25	$2.19	$2.4	+9.6%	—	$605.1M	—
Q1 25	$2.06	$2.23	+8.3%	—	$581.9M	—
Q4 24	$2.06	$2.14	+3.9%	—	$591M	—
Q3 24	$2	$2	0.0%	—	$569.4M	—
Q1 23	—	$0.56	—	—	$479.7M	—
Q4 22	—	$0.58	—	—	$475M	—
Q3 22	—	$0.77	—	—	$468.2M	—
Q2 22	—	$1.17	—	—	$470.4M	—
Q1 22	—	$1.41	—	—	$457M	—
Q4 21	—	$1.5	—	—	$462.2M	—
Q3 21	—	$1.38	—	—	$428.9M	—
Q2 21	—	$1.76	—	—	$415.4M	—
Q1 21	—	$1.73	—	—	$392.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.93	—	—	$2.4B	—
FY24	—	$8.64	—	—	$2.3B	—
FY23	—	$3.31	—	—	$2B	—
FY22	—	$1.65	—	—	$1.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$798.6M	$911.7M	$1B	$1.2B	$1.4B	$1.7B	$1.9B	$2B	$2.3B	$2.4B
YoY change	+1.24%	+14.2%	+11.9%	+15.6%	+17.9%	+22.3%	+10.1%	+8.98%	+11.6%	+7.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	798.6M	911.7M	1B	1.2B	1.4B	1.7B	1.9B	2B	2.3B	2.4B
Cost of revenue	344.3M	386.6M	411.1M	483.1M	556.4M	698.4M	779.3M	843.5M	895.7M	952.9M
Gross profit	454.3M	525.1M	608.8M	695.9M	833.1M	1B	1.1B	1.2B	1.4B	1.5B
Gross margin	56.9%	57.6%	59.7%	59%	60%	58.9%	58.3%	58.6%	60.6%	61%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	202.8M	264.1M	296.3M	388.6M	478.4M	593.2M	756.9M	779.6M	768.2M	801M
Operating expenses	202.8M	264.1M	296.3M	388.6M	478.4M	593.2M	756.9M	779.6M	768.2M	798.8M
Operating income	180.8M	169.8M	215.8M	189.6M	215.2M	257M	167.8M	230.6M	420.8M	503.9M
Operating margin	22.6%	18.6%	21.2%	16.1%	15.5%	15.1%	8.97%	11.3%	18.5%	20.6%
Non-operating income, net	43.8M	14.9M	18.9M	17.6M	77.3M	2.2M	-8.8M	2.6M	108.2M	23.7M
Pretax income	224.9M	181.1M	232.9M	198.5M	283M	250.5M	130.6M	181.5M	491.3M	499M
Income tax	63.7M	42.9M	47.8M	45.6M	59.7M	62.6M	56.5M	33M	104M	121.5M
Net income	161M	136.9M	183M	152M	223.6M	193.3M	70.5M	141.1M	369.9M	374.2M
Net margin	20.2%	15%	17.9%	12.9%	16.1%	11.4%	3.77%	6.92%	16.3%	15.3%
EBITDA	259.4M	241.1M	314.3M	304.2M	350.6M	404M	329.4M	424.2M	618.5M	706.2M
EPS	3.74	3.21	4.3	3.56	5.22	4.5	1.65	3.31	8.64	8.93
Diluted EPS	3.72	3.18	4.25	3.52	5.18	4.45	1.64	3.29	8.58	8.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	515.5M	538.7M	542.8M	571.9M	569.4M	591M	581.9M	605.1M	617.4M	641.1M	644.8M	663.2M
Cost of revenue	202.9M	205.4M	218.1M	222.7M	222.7M	232.2M	231.4M	230.6M	241.7M	249.2M	238.9M	239.3M
Gross profit	312.6M	333.3M	324.7M	349.2M	346.7M	358.8M	350.5M	374.5M	375.7M	391.9M	405.9M	423.9M
Gross margin	60.6%	61.9%	59.8%	61.1%	60.9%	60.7%	60.2%	61.9%	60.9%	61.1%	62.9%	63.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	196M	192.4M	184.9M	191.6M	185.5M	206.2M	189.1M	201.7M	201.4M	208.8M	199.2M	216.6M
Operating expenses	196M	192.4M	184.9M	191.6M	185.5M	206.2M	189.1M	200.9M	200.9M	207.9M	198.3M	209.8M
Operating income	70M	94.4M	92.6M	108.5M	115.5M	104.2M	114.1M	125.1M	127.8M	136.9M	155.9M	160.6M
Operating margin	13.6%	17.5%	17.1%	19%	20.3%	17.6%	19.6%	20.7%	20.7%	21.4%	24.2%	24.2%
Non-operating income, net	200K	7.4M	5.9M	-8.7M	45.3M	65.7M	-200K	-1.2M	2.3M	22.8M	-400K	3.5M
Pretax income	57.4M	90.3M	87M	89.5M	151.9M	162.9M	108.5M	116.5M	123.1M	150.9M	141.8M	147M
Income tax	16.7M	14.1M	21.3M	19.2M	29.6M	33.9M	27.4M	26.3M	31.4M	36.4M	34.6M	38.3M
Net income	39.1M	73.5M	64.2M	69.1M	119.7M	116.9M	78.5M	89M	91.6M	115.1M	107.1M	107.8M
Net margin	7.58%	13.6%	11.8%	12.1%	21%	19.8%	13.5%	14.7%	14.8%	18%	16.6%	16.3%
EBITDA	117.9M	150.9M	145.6M	151.5M	163.9M	157.5M	164.4M	173.4M	179.5M	186.7M	209.1M	219.6M
EPS	0.92	1.72	1.5	1.61	2.79	2.72	1.83	2.11	2.18	2.84	2.74	2.85
Diluted EPS	0.91	1.71	1.49	1.6	2.77	2.71	1.82	2.09	2.17	2.83	2.73	2.83

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	4.1B	4.7B	6.5B	9.9B	14.7B	9.2B	12.2B	14.4B	9.1B	7.2B
Enterprise value	3.1B	4B	4.4B	6.8B	10.1B	14.7B	10.1B	13B	14.8B	9.8B	8.7B
Shares outstanding	43M	42.7M	42.6M	42.7M	42.9M	43M	42.6M	42.6M	42.8M	41.9M	41.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.6	30.2	25.6	42.5	44.4	76.1	130.9	86.4	39	24.3	18.2
P/S	3.96	4.54	4.59	5.48	7.15	8.65	4.93	5.98	6.34	3.72	2.8
P/B	4.54	5.14	5.01	5.96	7.81	10.4	7.64	9.18	8.9	7.45	7.02
EV/EBITDA	12	16.5	13.9	22.3	28.8	36.4	30.8	30.6	23.9	13.9	12.8
EV/Sales	3.89	4.35	4.27	5.75	7.27	8.65	5.42	6.36	6.49	4.02	3.4
Earnings yield	5.09%	3.31%	3.91%	2.35%	2.25%	1.31%	0.76%	1.16%	2.57%	4.11%	5.49%
FCF yield	4.77%	4.43%	5.1%	3.94%	3.1%	2.37%	1.82%	1.62%	3.11%	4.86%	6.93%
PEG	—	—	—	—	—	—	—	—	—	—	0.52

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	56.9%	57.6%	59.7%	59%	60%	58.9%	58.3%	58.6%	60.6%	61%	63.9%
Operating margin	22.6%	18.6%	21.2%	16.1%	15.5%	15.1%	8.97%	11.3%	18.5%	20.6%	24.2%
Net margin	20.2%	15%	17.9%	12.9%	16.1%	11.4%	3.77%	6.92%	16.3%	15.3%	16.4%
ROE	23.1%	17%	19.6%	14%	17.6%	13.7%	5.84%	10.6%	22.9%	30.6%	32%
ROA	11.9%	9.74%	12.6%	6.41%	8.29%	6.75%	2.03%	4.15%	10.4%	10.4%	9.63%
ROIC	20.2%	20.5%	28.2%	10.4%	11.8%	13.8%	4.5%	8.99%	16.8%	19.5%	18.1%
Return on tangible assets	-3.6K%	160.9%	95%	-40.6%	-47.2%	-93.1%	-9.21%	-19.5%	-94.2%	-95.9%	-61.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.6	1.64	1.66	1.22	1.17	1.13	0.92	0.93	1.05	0.99	1.06
Quick ratio	1.6	1.64	1.66	1.22	1.17	1.13	0.92	0.93	1.05	0.99	1.06
Debt / equity	0.36	0.22	0.07	0.63	0.49	0.38	1.1	0.87	0.56	1.03	1.86
Debt / assets	0.19	0.13	0.05	0.29	0.23	0.19	0.38	0.34	0.25	0.35	0.48
Net debt / EBITDA	-0.21	-0.72	-1.04	1.05	0.46	-0.04	2.76	1.82	0.57	1.04	1.74
Interest coverage	150.9	30.9	130.4	23.8	26.5	29.8	5.34	3.99	10.8	13.5	11.1
Effective tax rate	28.3%	23.7%	20.5%	23%	21.1%	25%	43.3%	18.2%	21.2%	24.3%	25%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.6	21.4	23.9	27.6	32.4	39.5	43.9	47.9	53.2	58.4	64.3
EPS (basic)	3.74	3.21	4.3	3.56	5.22	4.5	1.65	3.31	8.64	8.93	8.93
EPS (diluted)	3.72	3.18	4.25	3.52	5.18	4.45	1.64	3.29	8.58	8.87	10.5
Book value per share	16.2	18.9	21.9	25.4	29.6	32.9	28.3	31.2	37.8	29.2	27.3
FCF per share	3.51	4.3	5.6	5.96	7.17	8.1	3.95	4.63	10.5	10.6	13.1
Cash per share	7.07	8.27	9.29	8.61	10.8	12.7	9.73	9.13	12.9	12.6	14
Capex per share	—	—	—	—	—	—	—	—	—	3.51	3.92

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	6.02%	5.82%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	24.9%	23.1%
Payout ratio	23.5%	28.7%	23.3%	31.4%	23%	28%	87.2%	45.3%	18.7%	20.6%	18.6%
Dividend yield	1.2%	0.95%	0.91%	0.74%	0.52%	0.37%	0.67%	0.52%	0.48%	0.84%	1.04%

Yield

1.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Oct 2, 2026

Payout ratio

19%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 2, 2026upcoming	$0.50
Jul 10, 2026	$0.50
Apr 2, 2026	$0.50
Jan 2, 2026	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$515.5M	$538.7M	$542.8M	$571.9M	$569.4M	$591M	$581.9M	$605.1M	$617.4M	$641.1M	$644.8M	$663.2M
YoY change	+10.1%	+13.4%	+13.2%	+13.3%	+10.5%	+9.71%	+7.2%	+5.81%	+8.43%	+8.48%	+10.8%	+9.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	304M	353.3M	395.9M	367.5M	464.2M	546.1M	414.6M	389M	551M	528.7M
Receivables	145.8M	148.2M	172.2M	188.5M	205.1M	268.9M	307.9M	343.9M	358.1M	390.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	472M	529.8M	601.6M	603.2M	730M	887.6M	810.8M	815.7M	1B	1B
Property, plant & equipment	152.1M	147.4M	143.5M	299.5M	302.8M	321M	391M	371.6M	400.1M	390.9M
Goodwill & intangibles	1.4B	1.3B	1.3B	2.7B	3.2B	3.1B	4.2B	4.1B	3.9B	4B
Total assets	1.4B	1.4B	1.5B	2.4B	2.7B	2.9B	3.5B	3.4B	3.5B	3.6B
Accounts payable	44.6M	49.2M	54.4M	—	—	—	—	—	87.3M	97.9M
Short-term debt	—	—	—	46.8M	39.9M	36.4M	69.4M	68.5M	35.1M	41.8M
Total current liabilities	294.9M	323.2M	362.8M	495.8M	626.5M	783.5M	882.5M	880.8M	967.3M	1.1B
Long-term debt	250M	180M	70M	640.8M	586.8M	495.1M	1.3B	1.1B	868.9M	1.2B
Total liabilities	654.1M	600.8M	519.1M	1.3B	1.4B	1.4B	2.3B	2.1B	1.9B	2.4B
Shareholders' equity	696.8M	804.9M	934.7M	1.1B	1.3B	1.4B	1.2B	1.3B	1.6B	1.2B
Total debt	250M	180M	70M	687.6M	626.7M	531.5M	1.3B	1.2B	904M	1.3B
Net debt	-9.1M	-128.2M	-299.3M	353.5M	204.2M	47.7M	947M	822.3M	401.3M	786.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	363.7M	389M	409.1M	439.2M	601.7M	551M	559.2M	541.6M	514.5M	528.7M	532.2M	523.8M
Receivables	298M	343.9M	326.2M	336.4M	328.4M	358.1M	342.1M	384M	363.9M	390.4M	402.6M	382.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	758.2M	815.7M	830.6M	875.8M	1B	1B	1B	1B	979.2M	1B	1.1B	1B
Property, plant & equipment	367.7M	371.6M	367.3M	358.4M	369.9M	400.1M	393.7M	390.1M	390.3M	390.9M	400.8M	404.3M
Goodwill & intangibles	4.1B	4.1B	4.1B	4B	4B	3.9B	4B	4.1B	4B	4B	4.7B	4.6B
Total assets	3.3B	3.4B	3.4B	3.4B	3.6B	3.5B	3.6B	3.6B	3.6B	3.6B	4B	3.9B
Accounts payable	—	—	—	—	—	87.3M	92.6M	90.2M	90.4M	97.9M	104.6M	91.9M
Short-term debt	68.1M	68.5M	66.8M	32M	32.2M	35.1M	37.7M	39.3M	39.9M	41.8M	60.9M	60M
Total current liabilities	809.5M	880.8M	846.8M	837.4M	895.9M	967.3M	912.3M	921M	945.5M	1.1B	1B	980.3M
Long-term debt	1.2B	1.1B	1.1B	1B	1B	868.9M	965.4M	994.7M	1B	1.2B	1.8B	1.8B
Total liabilities	2.1B	2.1B	2B	2B	2B	1.9B	2B	2B	2B	2.4B	3B	2.9B
Shareholders' equity	1.2B	1.3B	1.4B	1.4B	1.6B	1.6B	1.6B	1.6B	1.5B	1.2B	1B	1B
Total debt	1.2B	1.2B	1.1B	1.1B	1B	904M	1B	1B	1B	1.3B	1.9B	1.9B
Net debt	915.2M	822.3M	774.2M	677M	489.7M	401.3M	491.6M	530.5M	568.4M	786.6M	1.4B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	161M	136.9M	183M	152M	223.6M	193.3M	70.5M	141.1M	369.9M	374.2M
Depreciation & amortization	70.7M	91.2M	96.7M	117.7M	139.5M	150.7M	166.6M	184.9M	190.4M	189.9M
Stock-based compensation	14.5M	24.1M	31.7M	44.4M	36.6M	41.9M	83.2M	52.8M	54.7M	56.4M
Change in working capital	1.8M	11.4M	24.8M	38.3M	48.4M	56.5M	-10M	29.6M	83.2M	27.8M
Operating cash flow	208.8M	251.3M	332.6M	347.5M	472.2M	446.3M	292.4M	354.8M	665.8M	589.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	-147.1M
Investing cash flow	-211.4M	5.8M	26.2M	-666.3M	-47.1M	-65.9M	-669.8M	37.2M	121.4M	-139.3M
Dividends paid	-37.9M	-39.3M	-42.6M	-47.8M	-51.4M	-54.2M	-61.5M	-63.9M	-69.3M	-76.9M
Share repurchases	-48.8M	-42.3M	-20.9M	-4.9M	-41.9M	-1.3M	-226M	-1.4M	-11.6M	-787M
Financing cash flow	108.3M	-157.7M	-298.9M	213.5M	-314.1M	-221.8M	60.1M	-643.4M	-489.4M	-964.7M
Net change in cash	105.7M	99.4M	59.9M	-105.3M	111M	158.6M	-317.3M	-251.4M	297.8M	-514.3M
Free cash flow	150.9M	183.5M	238.7M	254.4M	307.6M	348.1M	168.3M	197.3M	448.9M	442.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	39.1M	73.5M	64.2M	69.1M	119.7M	116.9M	78.5M	89M	91.6M	115.1M	107.1M	107.8M
Depreciation & amortization	46.6M	46.5M	47.2M	49.1M	45.7M	48.4M	47.3M	48.5M	47M	47.1M	51.7M	53.5M
Stock-based compensation	14.7M	11.1M	11.4M	14.2M	13.2M	15.9M	9.1M	18.4M	18.6M	10.3M	10.8M	27.3M
Change in working capital	30.5M	32.1M	-9.3M	4.6M	56.3M	31.6M	-41.2M	-46.2M	54.6M	60.6M	-74.1M	-16M
Operating cash flow	124.8M	129.1M	95M	143.1M	229.1M	198.6M	85.7M	99M	195.7M	204M	91.5M	155.7M
Capital expenditure	—	—	—	—	—	—	—	-36.6M	-35.6M	-42.7M	-37.9M	-33.2M
Investing cash flow	8.1M	-2.8M	7.4M	-900K	50M	64.7M	-38.5M	-28.8M	-33M	-11.7M	-384.4M	-26.4M
Dividends paid	-16M	-16M	-17.3M	-17.3M	-17.4M	-17.3M	-19.5M	-19.3M	-19.2M	-18.9M	-19.9M	-19M
Share repurchases	0	0	—	0	0	-11.6M	-109.6M	-112M	-170.1M	-395.3M	-300M	-100M
Financing cash flow	-470.1M	-178.4M	-148.5M	-81.6M	-60.2M	-199.1M	-64.1M	48.7M	-293.1M	-799M	286.9M	164.4M
Net change in cash	-337.2M	-52.1M	-46.1M	60.6M	218.9M	64.2M	-16.9M	118.9M	-130.4M	-606.7M	-6M	293.7M
Free cash flow	101.4M	107.8M	59.5M	120.8M	155.8M	112.8M	58.8M	62.4M	160.1M	161.3M	53.6M	122.5M

Morningstar Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement