Morningstar, Inc.MORNEarnings & Financial Report

Nasdaq · financial services

Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.

Revenue

$641.1M

Gross Profit

$391.9M

Operating Profit

$159.6M

Net Profit

$115.1M

Gross Margin

61.1%

Operating Margin

24.9%

Net Margin

18.0%

YoY Growth

8.5%

EPS

$2.79

Financial Flow

Morningstar, Inc. Q4 2025 Financial Summary

Morningstar, Inc. reported revenue of $641.1M for Q4 2025, with a net profit of $115.1M (18.0% margin). Cost of goods sold was $249.2M, operating expenses totaled $232.3M.

Key Financial Metrics

Total Revenue	$641.1M
Net Profit	$115.1M
Gross Margin	61.1%
Operating Margin	24.9%
Report Period	Q4 2025

Morningstar, Inc. Annual Revenue by Year

Morningstar, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.4B).

Year	Annual Revenue
2025	$2.4B
2024	$2.3B
2023	$2.0B
2022	$1.9B

Income Statement

	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Revenue	$542.8M	$571.9M	$569.4M	$591.0M	$581.9M	$605.1M	$617.4M	$641.1M
YoY Growth	13.2%	13.3%	10.5%	9.7%	7.2%	5.8%	8.4%	8.5%

Balance Sheet

	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Assets	$3.39B	$3.40B	$3.57B	$3.55B	$3.59B	$3.63B	$3.56B	$3.59B
Liabilities	$2.01B	$1.97B	$2.00B	$1.93B	$1.98B	$2.02B	$2.04B	$2.37B
Equity	$1.38B	$1.43B	$1.57B	$1.62B	$1.61B	$1.61B	$1.51B	$1.22B