MORN
Morningstar, Inc.
NASDAQ · Financial Services · Financial - Data & Stock Exchanges · US
$209.40
−2.95%Income statement
| Metric | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | |||||
| Total Revenue | 2.6B | 2.4B | 2.3B | 2.0B | 1.9B |
| Cost of Revenue | 969.1M | 952.9M | 895.7M | 843.5M | 779.3M |
| Gross Profit | 1.6B | 1.5B | 1.4B | 1.2B | 1.1B |
| Operating Expenses | |||||
| R&D Expense | — | — | — | — | — |
| SG&A Expense | 826.0M | 801.0M | 768.2M | 779.6M | 756.9M |
| General & Admin Expense | 358.0M | 334.0M | 327.2M | 355.8M | 400.4M |
| Selling & Marketing Expense | 468.0M | 467.0M | 441.0M | 423.8M | 356.5M |
| Other Expenses | 167.5M | 165.0M | 126.4M | 184.9M | 166.6M |
| Total Operating Expenses | 993.5M | 966.0M | 894.6M | 964.5M | 923.5M |
| Cost and Expenses | 2.0B | 1.9B | 1.8B | 1.8B | 1.7B |
| Operating Income (EBIT) | 603.9M | 526.6M | 484.8M | 230.6M | 167.8M |
| Non-Operating | |||||
| Interest Income | 10.4M | 11.4M | 12.2M | 9.0M | 1.7M |
| Interest Expense | 53.5M | 40.0M | 49.9M | 51.7M | 28.4M |
| Net Interest Income | (43.1M) | (28.6M) | (37.7M) | (42.7M) | (26.7M) |
| Other Non-Op Income/Expense | (40.7M) | (30.9M) | (10.9M) | (56.5M) | (40.8M) |
| Non-Operating Income (excl Interest) | (8.9M) | (12.4M) | (56.4M) | (2.6M) | 8.8M |
| EBT (Pre-Tax Income) | 563.2M | 495.7M | 473.9M | 174.1M | 127.0M |
| Income Tax Expense | 140.7M | 121.5M | 104.0M | 33.0M | 56.5M |
| Bottom Line | |||||
| Net Income | 421.6M | 374.2M | 369.9M | 141.1M | 70.5M |
| Earnings from Cont. Ops | 422.5M | 374.2M | 369.9M | 141.1M | 70.5M |
| Earnings from Discont. Ops | — | — | — | — | — |
| Bottom Line Net Income | 421.6M | 374.2M | 369.9M | 141.1M | 70.5M |
| Per Share | |||||
| Basic EPS | $10.61 | $8.93 | $8.64 | $3.31 | $1.65 |
| Diluted EPS | $10.56 | $8.87 | $8.58 | $3.29 | $1.64 |
| Revenue Per Share | $67.90 | $58.37 | $53.16 | $47.85 | $43.91 |
| Shares | |||||
| Basic Shares Outstanding | 37.8M | 41.9M | 42.8M | 42.6M | 42.6M |
| Diluted Shares Outstanding | 38.1M | 42.2M | 43.1M | 42.9M | 42.9M |
| Profitability Metrics | |||||
| EBITDA | 812.1M | 728.9M | 731.6M | 418.1M | 325.6M |
| D&A | 199.3M | 189.9M | 190.4M | 184.9M | 166.6M |
| EBIT | 612.8M | 539.0M | 541.2M | 233.2M | 159.0M |
As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026