MORN

MKT CAP:$7B

Morningstar, Inc.

Market Cap

$7B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$182.28-$28.14 (-13.37%)

Apr 17, 2026

Company Details

Morningstar, Inc. provides independent investment research services in North America, Europe, Australia, and Asia. The company offers web-based tools; investment data, fundamental equity and manager research, private capital markets researc...

CEO

Kunal Kapoor

IPO Date

May 3, 2005

Website

www.morningstar.com

Key Metrics TTM

Revenue

$2.4B

+7.5% YoY

Net Income

$374M

EPS (Diluted)

$8.91

Free Cash Flow

$443M

Revenue / Share

$60.09

Gross Margin

61.0%

Operating Margin

21.5%

Net Margin

15.3%

FCF Margin

18.1%

P/S

2.9x

P/E

18.7x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 13, 2026

$2.4B+7.5%EPS $8.87

Q4 2025

Feb 13, 2026

$641M+8.5%EPS $2.83

Q3 2025

Oct 30, 2025

$617M+8.4%EPS $2.17

Q2 2025

Jul 31, 2025

$605M+5.8%EPS $2.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$457M	$266M	$56M
Q2 22	$470M	$273M	$54M
Q3 22	$468M	$273M	$22M
Q4 22	$475M	$280M	$36M
Q1 23	$480M	$261M	$25M
Q2 23	$505M	$288M	$42M
Q3 23	$516M	$313M	$70M
Q4 23	$539M	$333M	$94M
Q1 24	$543M	$325M	$93M
Q2 24	$572M	$349M	$109M
Q3 24	$569M	$347M	$116M
Q4 24	$591M	$359M	$168M
Q1 25	$582M	$351M	$114M
Q2 25	$605M	$375M	$125M
Q3 25	$617M	$376M	$128M
Q4 25	$641M	$392M	$160M

Valuation

Quarter	P/S	P/E
Q1 22	4.0x	37.9x
Q2 22	3.8x	38.4x
Q3 22	3.8x	56.5x
Q4 22	3.7x	99.1x
Q1 23	3.7x	415.7x
Q2 23	3.6x	306.3x
Q3 23	3.5x	98.5x
Q4 23	3.4x	49.5x
Q1 24	3.3x	32.8x
Q2 24	3.2x	28.4x
Q3 24	3.1x	21.4x
Q4 24	3.1x	18.9x
Q1 25	3.0x	18.2x
Q2 25	3.0x	17.3x
Q3 25	2.9x	18.6x
Q4 25	2.9x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$24M	-$5M
Q2 22	$69M	$37M
Q3 22	$102M	$68M
Q4 22	$104M	$67M
Q1 23	$23M	-$6M
Q2 23	$25M	-$6M
Q3 23	$131M	$101M
Q4 23	$138M	$108M
Q1 24	$94M	$60M
Q2 24	$153M	$121M
Q3 24	$192M	$156M
Q4 24	$153M	$113M
Q1 25	$91M	$59M
Q2 25	$99M	$62M
Q3 25	$196M	$160M
Q4 25	$204M	$161M

Capital Expenditures

Quarter	CapEx
Q1 22	$28M
Q2 22	$32M
Q3 22	$34M
Q4 22	$36M
Q1 23	$30M
Q2 23	$30M
Q3 23	$29M
Q4 23	$30M
Q1 24	$34M
Q2 24	$32M
Q3 24	$36M
Q4 24	$41M
Q1 25	$32M
Q2 25	$37M
Q3 25	$36M
Q4 25	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.3%	+23.0%
Q2 22	+13.2%	+13.1%
Q3 22	+9.2%	+23.6%
Q4 22	+2.8%	+13.4%
Q1 23	+5.0%	+13.6%
Q2 23	+7.3%	+11.2%
Q3 23	+10.1%	-0.2%
Q4 23	+13.4%	+1.1%
Q1 24	+13.2%	-1.1%
Q2 24	+13.3%	+0.1%
Q3 24	+10.5%	+1.9%
Q4 24	+9.7%	-4.8%
Q1 25	+7.2%	+3.9%
Q2 25	+5.8%	+3.6%
Q3 25	+8.4%	+7.9%
Q4 25	+8.5%	+13.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$14M	3.0%
Q2 22	$22M	4.7%
Q3 22	$22M	4.7%
Q4 22	$25M	5.3%
Q1 23	$12M	2.5%
Q2 23	$15M	2.9%
Q3 23	$15M	2.9%
Q4 23	$11M	2.1%
Q1 24	$11M	2.1%
Q2 24	$14M	2.5%
Q3 24	$13M	2.3%
Q4 24	$16M	2.7%
Q1 25	$9M	1.6%
Q2 25	-$9M	-1.5%
Q3 25	$19M	3.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$90M	$81M
Q2 22	$87M	$92M
Q3 22	$117M	$90M
Q4 22	$106M	$94M
Q1 23	$84M	$108M
Q2 23	$90M	$110M
Q3 23	$90M	$106M
Q4 23	$92M	$100M
Q1 24	$80M	$105M
Q2 24	$80M	$111M
Q3 24	$78M	$108M
Q4 24	$89M	$117M
Q1 25	$77M	$113M
Q2 25	$82M	$120M
Q3 25	$86M	$116M
Q4 25	$90M	$119M

Revenue Segments

Quarter	Asset-Based	Licensed-Based	Transaction-Based
Q1 22	$69M	$312M	$77M
Q2 22	$68M	$328M	$75M
Q3 22	$67M	$343M	$58M
Q4 22	$66M	$350M	$59M
Q1 23	$65M	$364M	$50M
Q2 23	$67M	$376M	$61M
Q3 23	$72M	$385M	$60M
Q4 23	$76M	$393M	$70M
Q1 24	$77M	$400M	$66M
Q2 24	$85M	$402M	$86M
Q3 24	$84M	$409M	$77M
Q4 24	$88M	$414M	$89M
Q1 25	$86M	$418M	$78M
Q2 25	$82M	$428M	$94M
Q3 25	$85M	$435M	$98M
Q4 25	$90M	$438M	$113M

Revenue by Geography

Quarter	Non United States	United States
Q1 22	$129M	$328M
Q2 22	$132M	$338M
Q3 22	$127M	$341M
Q4 22	$128M	$347M
Q1 23	$132M	$347M
Q2 23	$139M	$366M
Q3 23	$145M	$371M
Q4 23	$152M	$387M
Q1 24	$152M	$391M
Q2 24	$162M	$410M
Q3 24	$158M	$411M
Q4 24	$165M	$426M
Q1 25	$157M	$425M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$484M	$61M	$545M
Q2 22	$380M	$37M	$417M
Q3 22	$373M	$34M	$407M
Q4 22	$377M	$38M	$415M
Q1 23	$352M	$33M	$385M
Q2 23	$343M	$35M	$378M
Q3 23	$325M	$39M	$364M
Q4 23	$338M	$51M	$389M
Q1 24	$354M	$55M	$409M
Q2 24	$391M	$48M	$439M
Q3 24	$553M	$49M	$602M
Q4 24	$503M	$48M	$551M
Q1 25	$512M	$48M	$559M
Q2 25	$504M	$38M	$542M
Q3 25	$474M	$40M	$515M
Q4 25	$475M	$54M	$529M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	43M	-0.2%	0.0%
Q2 22	43M	-0.9%	-0.9%
Q3 22	43M	-0.5%	-1.6%
Q4 22	43M	0.0%	-1.6%
Q1 23	43M	+0.2%	-1.2%
Q2 23	43M	0.0%	-0.2%
Q3 23	43M	+0.2%	+0.5%
Q4 23	43M	+0.2%	+0.7%
Q1 24	43M	0.0%	+0.5%
Q2 24	43M	+0.2%	+0.7%
Q3 24	43M	+0.2%	+0.7%
Q4 24	43M	-0.2%	+0.2%
Q1 25	43M	0.0%	+0.2%
Q2 25	43M	-0.7%	-0.7%
Q3 25	43M	-0.5%	-1.4%
Q4 25	41M	-4.5%	-5.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$47.8K	10K
Q2 22	$49.2K	10K
Q3 22	$49.0K	10K
Q4 22	$38.9K	12K
Q1 23	$39.2K	12K
Q2 23	$41.3K	12K
Q3 23	$42.2K	12K
Q4 23	$47.5K	11K
Q1 24	$47.9K	11K
Q2 24	$50.5K	11K
Q3 24	$50.2K	11K
Q4 24	$53.3K	11K
Q1 25	$52.5K	11K
Q2 25	$54.6K	11K
Q3 25	$55.7K	11K
Q4 25	$57.8K	11K

Revenue / Employee