Morningstar Financial Statements 2021-2025

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Morningstar

Income Statement
Balance Sheet
Cashflow Statement
Profitability
Ratios

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Segments

	FY21 Dec 31, 2021	FY22 Dec 31, 2022	FY23 Dec 31, 2023	FY24 Dec 31, 2024	FY25 Dec 31, 2025	TTM Trailing 12M
Revenue Total sales generated.	$1.70 B	$1.87 B	$2.04 B	$2.28 B	$2.46 B	$2.57 B
Cost of Revenue Direct cost of goods/services.	$698.40 M	$779.30 M	$843.50 M	$895.70 M	$1.14 B	$969.10 M
Gross Profit Revenue minus cost of revenue.	$1.00 B	$1.09 B	$1.20 B	$1.38 B	$1.32 B	$1.60 B
Operating Expense Costs to run business.	$743.90 M	$923.50 M	$964.50 M	$894.60 M	$801.00 M	$993.50 M
Research and Development Investment in innovation.	-	-	$81.20 M	-	-	-
Sales, General and Administrative Selling and admin costs.	$593.20 M	$756.90 M	$779.60 M	$768.20 M	$801.00 M	$826.00 M
General and Administrative Corporate overhead costs.	$318.40 M	$400.40 M	$355.80 M	$327.20 M	$334.00 M	$358.00 M
Sales and Marketing Customer acquisition costs.	$274.80 M	$356.50 M	$423.80 M	$441.00 M	$467.00 M	$468.00 M
Other Expenses Other operating costs.	$150.70 M	$166.60 M	$103.70 M	$126.40 M	-	$167.50 M
Operating Income Profit from operations.	$257.00 M	$167.80 M	$230.60 M	$484.80 M	$514.40 M	$603.90 M
Net Interest Income Interest income minus expense.	-$7.00 M	-$26.70 M	-$51.70 M	-$37.70 M	-$28.60 M	-$43.10 M
Interest Income Income from investments.	$1.70 M	$1.70 M	$9.00 M	$12.20 M	-	$10.40 M
Interest Expense Cost of borrowing.	$8.70 M	$28.40 M	$60.70 M	$49.90 M	$28.60 M	$53.50 M
Non-Operating Income (ex-Int) Income outside core operations.	-$2.20 M	$8.80 M	-$11.60 M	-$56.40 M	-	-$8.90 M
Total Other Income (Net) Net non-operating items.	-$1.10 M	-$40.80 M	-$56.50 M	-$10.90 M	-$18.70 M	-$40.70 M
Income Before Tax Profit before taxes.	$255.90 M	$127.00 M	$174.10 M	$473.90 M	$495.70 M	$563.20 M
Income Tax Expense Taxes on income.	$62.60 M	$56.50 M	$33.00 M	$104.00 M	$121.50 M	$140.70 M
Net Income Final profit.	$193.30 M	$70.50 M	$141.10 M	$369.90 M	$374.20 M	$421.60 M
Net Income From Continuing Operations Profit from core business.	$193.30 M	$70.50 M	$141.10 M	$369.90 M	$374.20 M	$422.50 M
Net Income From Discontinued Operations Profit/loss from sold units.	-	-	-	-	-	-
Other Adjustments to Net Income Additional accounting adjustments.	-	-	-	-	-	-
Net Income Deductions Reductions from net income.	-	-	-	-	-	-

Earnings Per Share Company profit allocated to each outstanding share.
EPS Earnings per share. Formula: Net Income ÷ Shares	$4.50	$1.65	$3.31	$8.64	$8.93	$10.61
Diluted EPS EPS including dilution. Formula: Net Income ÷ Diluted Shares	$4.45	$1.64	$3.29	$8.58	$8.87	$10.56
Shares for EPS Number of shares used to calculate EPS.
Weighted Average Shares Outst. Avg shares used for EPS.	43.00 M	42.60 M	42.60 M	42.80 M	41.90 M	37.80 M
Diluted Average Shares Outst. Shares including dilution.	43.40 M	42.90 M	42.90 M	43.10 M	42.20 M	38.10 M
Supplemental Items
EBIT Earnings before interest and tax.	$259.20 M	$159.00 M	$242.20 M	$541.20 M	$514.40 M	$612.80 M
EBITDA Earnings before interest, tax, D&A.	$409.90 M	$325.60 M	$427.10 M	$731.60 M	$704.30 M	$812.10 M
Depreciation and Amortization Non-cash expense for assets.	$150.70 M	$166.60 M	$184.90 M	$190.40 M	$189.90 M	$199.30 M
Company Report

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Data sources and methodology

Last updated	Jun 30, 2026
Latest financial periods ended	Quarterly: Q2 FY2026 (June 30, 2026) Annual: FY 2025 (December 31, 2025)
Data provided by	Financial Modeling Prep
Original source	Company Forms 10-Q and 10-K filed with the SEC
Methodology	Company-reported financial statements and calculated financial ratios
Limitations	Historical values may change because of company restatements, reclassifications, or provider updates
Links	View source filings

Frequently Asked Questions

What is Morningstar's revenue?

In fiscal year 2025, Morningstar generated a total revenue of $2.46 Billion.

What is Morningstar's net income and net income margin?

In fiscal year 2025, Morningstar earned a net income of $374.20 Million, with a net income margin of 15.30%.

What is Morningstar's gross profit and gross profit margin?

In fiscal year 2025, Morningstar's gross profit was $1.32 Billion, with a gross profit margin of 61.03%.

What is Morningstar's operating profit and operating profit margin?

In fiscal year 2025, Morningstar's operating profit was $514.40 Million, with an operating profit margin of 21.53%.

What is Morningstar's EBITDA?

In fiscal year 2025, Morningstar's EBITDA was $704.30 Million.

What is Morningstar's free cash flow?

In fiscal year 2025, Morningstar's free cash flow was $442.60 Million.

What are Morningstar's total asset and total liability?

In fiscal year 2025, Morningstar's total asset was $3.59 Billion, while its total liability was $2.37 Billion.

What are Morningstar's capital expenditure (capex) and operating expense (opex)?

In fiscal year 2025, Morningstar's capital expenditure (capex) was -$147.10 Million, while its operating expense (opex) was $801.00 Million.

What is Morningstar's Return on Equity (ROE)?

In fiscal year 2025, Morningstar's Return on Equity (ROE) was 30.62%.

What was Morningstar's income tax expense, and what is its effective tax rate?

In fiscal year 2025, Morningstar's income tax expense amounted to $121.50 Million, with an effective tax rate of 24.51%.

What is Morningstar's Market cap?

As of , Morningstar's market cap is .

What is Morningstar's Enterprise value?

Morningstar's enterprise value reached $10.04 Billion, according to its recent quarterly filing.

Morningstar's Income Statement Analysis: Revenue to Profit Breakdown

Morningstar's Income Statement Analysis: Revenue to Profit Breakdown

Morningstar's Income Statement

Morningstar's Assets vs Liabilities & Equity

Morningstar's Assets vs Liabilities & Equity

Morningstar's Balance Sheet

Morningstar's Cash flow

Morningstar's Profitability

Morningstar's Ratios

Data sources and methodology

Frequently Asked Questions

What is Morningstar's revenue?

What is Morningstar's net income and net income margin?

What is Morningstar's gross profit and gross profit margin?

What is Morningstar's operating profit and operating profit margin?

What is Morningstar's EBITDA?

What is Morningstar's free cash flow?

What are Morningstar's total asset and total liability?

What are Morningstar's capital expenditure (capex) and operating expense (opex)?

What is Morningstar's Return on Equity (ROE)?

What was Morningstar's income tax expense, and what is its effective tax rate?

What is Morningstar's Market cap?

What is Morningstar's Enterprise value?

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Morningstar's Income Statement Analysis: Revenue to Profit Breakdown

Morningstar's Income Statement Analysis: Revenue to Profit Breakdown

Morningstar's Income Statement

Morningstar's Assets vs Liabilities & Equity

Morningstar's Assets vs Liabilities & Equity

Morningstar's Balance Sheet

Morningstar's Cash flow

Morningstar's Profitability

Morningstar's Ratios

Data sources and methodology

Frequently Asked Questions

What is Morningstar's revenue?

What is Morningstar's net income and net income margin?

What is Morningstar's gross profit and gross profit margin?

What is Morningstar's operating profit and operating profit margin?

What is Morningstar's EBITDA?

What is Morningstar's free cash flow?

What are Morningstar's total asset and total liability?

What are Morningstar's capital expenditure (capex) and operating expense (opex)?

What is Morningstar's Return on Equity (ROE)?

What was Morningstar's income tax expense, and what is its effective tax rate?

What is Morningstar's Market cap?

What is Morningstar's Enterprise value?

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