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
$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
Morningstar, Inc. Q4 FY2025 Financial Summary
Morningstar, Inc. reported revenue of $641.1M (up 8.5% YoY) for Q4 FY2025, with a net profit of $115.1M (down 1.5% YoY) (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 FY2025 |
Revenue Breakdown
Morningstar, Inc. Q4 FY2025 revenue of $641.1M breaks down across 8 segments, led by Pitch Book Segment at $172.6M (26.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Pitch Book Segment | $172.6M | 26.9% |
| Morningstar Credit Segment | $166.7M | 26.0% |
| Transaction Based | $113.1M | 17.6% |
| Asset Based | $90.2M | 14.1% |
| Morningstar Retirement Segment | $38.1M | 5.9% |
| Morningstar Sustainalytics | $27.8M | 4.3% |
| Morningstar Indexes | $22.5M | 3.5% |
| Morningstar Wealth Segment | $2.3M | 0.4% |
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 Morningstar Credit Segment) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Pitch Book Segment | — | $172.6M | $169.0M | $166.5M |
| Morningstar Credit Segment | — | $166.7M | $62.1M | $64.3M |
| Transaction Based | — | $113.1M | — | — |
| Asset Based | — | $90.2M | — | — |
| Morningstar Retirement Segment | — | $38.1M | $34.2M | $32.4M |
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 |