Morningstar, Inc.MORNEarnings & Financial Report
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
$591.0M
Gross Profit
$358.8M
Operating Profit
$168.2M
Net Profit
$116.9M
Gross Margin
60.7%
Operating Margin
28.5%
Net Margin
19.8%
YoY Growth
9.7%
EPS
$2.72
Morningstar, Inc. Q4 FY2024 Financial Summary
Morningstar, Inc. reported revenue of $591.0M (up 9.7% YoY) for Q4 FY2024, with a net profit of $116.9M (up 59.0% YoY) (19.8% margin). Cost of goods sold was $232.2M, operating expenses totaled $190.6M.
Key Financial Metrics
| Total Revenue | $591.0M |
|---|---|
| Net Profit | $116.9M |
| Gross Margin | 60.7% |
| Operating Margin | 28.5% |
| Report Period | Q4 FY2024 |
Revenue Breakdown
Morningstar, Inc. Q4 FY2024 revenue of $591.0M breaks down across 9 segments, led by Pitch Book Segment at $162.5M (27.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Pitch Book Segment | $162.5M | 27.5% |
| Transaction Based | $88.9M | 15.0% |
| Asset Based | $87.7M | 14.8% |
| Morningstar Credit Segment | $82.3M | 13.9% |
| Morningstar Wealth Segment | $65.0M | 11.0% |
| Morningstar Retirement Segment | $33.6M | 5.7% |
| Morningstar Sustainalytics | $29.4M | 5.0% |
| Morningstar Indexes | $22.2M | 3.8% |
| Other | $19.4M | 3.3% |
Morningstar, Inc. Revenue by Segment — Quarterly Trend
Morningstar, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Pitch Book Segment and Transaction Based) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Pitch Book Segment | — | $172.6M | $169.0M | $166.5M |
| Transaction Based | — | $113.1M | — | — |
| Asset Based | — | $90.2M | — | — |
| Morningstar Credit Segment | — | $166.7M | $62.1M | $64.3M |
| Morningstar Wealth Segment | — | $2.3M | $91.1M | $85.0M |
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 |
Morningstar, Inc. Quarterly Revenue & Net Profit History
Morningstar, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $644.8M | +10.8% | N/A | N/A |
| Q4 FY2025 | $641.1M | +8.5% | $115.1M | 18.0% |
| Q3 FY2025 | $617.4M | +8.4% | $91.6M | 14.8% |
| Q2 FY2025 | $605.1M | +5.8% | $89.0M | 14.7% |
| Q1 FY2025 | $581.9M | +7.2% | $78.5M | 13.5% |
| Q4 FY2024 | $591.0M | +9.7% | $116.9M | 19.8% |
| Q3 FY2024 | $569.4M | +10.5% | $119.7M | 21.0% |
| Q2 FY2024 | $571.9M | +13.3% | $69.1M | 12.1% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $571.9M | $569.4M | $591.0M | $581.9M | $605.1M | $617.4M | $641.1M | $644.8M |
| YoY Growth | 13.3% | 10.5% | 9.7% | 7.2% | 5.8% | 8.4% | 8.5% | 10.8% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $3.40B | $3.57B | $3.55B | $3.59B | $3.63B | $3.56B | $3.59B | $3.99B |
| Liabilities | $1.97B | $2.00B | $1.93B | $1.98B | $2.02B | $2.04B | $2.37B | $2.97B |
| Equity | $1.43B | $1.57B | $1.62B | $1.61B | $1.61B | $1.51B | $1.22B | $1.02B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $152.7M | $191.9M | $153.4M | $91.0M | $99.0M | $195.7M | $204.0M |