Morningstar, Inc. income statement

In fiscal 2025, Morningstar, Inc. reported revenue of $2.45bn, up 7.5% on the year before, operating income of $527m (a 21.5% margin) and net income of $374m, or $8.87 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Morningstar, Inc.: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	479	555	631	658	698	760	789	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446	2,621
Cost of revenue	129	157	235	247	271	319	330	344	387	411	483	556	698	779	844	896	953	968
Gross profit	350	398	396	412	427	442	459	454	525	609	696	833	1,001	1,091	1,195	1,379	1,493	1,653
Research and development	38	49	53	51	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Selling and marketing	72	95	107	109	104	111	97	98	134	149	178	206	275	357	424	441	467	470
General and administrative	84	93	108	109	107	109	107	105	130	148	211	272	318	400	356	327	334	365
Operating income	125	121	138	151	171	106	191	181	170	216	190	215	257	168	231	485	527	644
Interest expense	0	0	1	0	0	—	—	—	—	—	—	—	—	—	—	—	—	—
Income before tax	128	128	140	154	178	114	194	225	181	233	199	283	251	131	174	474	496	589
Income tax	47	43	44	53	56	36	63	64	43	48	46	60	63	57	33	104	122	148
Net income	82	86	98	108	124	78	133	161	137	183	152	224	193	71	141	370	374	446
Diluted EPS	$1.65	$1.70	$1.92	$2.20	$2.66	$1.74	$3.00	$3.72	$3.18	$4.25	$3.52	$5.18	$4.45	$1.64	$3.29	$8.58	$8.87	$11.42
Diluted shares (average)	50m	51m	51m	49m	47m	45m	44m	43m	43m	43m	43m	43m	43m	43m	43m	43m	42m	39m
EBITDA	157	161	181	194	216	161	255	252	261	313	307	355	408	334	416	675	717	849

US$ millions unless shown otherwise. Fiscal quarters.

Morningstar, Inc.: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	591	582	605	617	641	645	663	672
Cost of revenue	232	231	231	242	249	239	239	241
Gross profit	359	351	375	376	392	406	424	431
Selling and marketing	117	113	120	116	119	115	118	118
General and administrative	89	77	82	86	90	84	99	93
Operating income	168	114	125	128	160	156	161	167
Income before tax	146	109	117	123	148	142	147	152
Income tax	34	27	26	31	36	35	38	38
Net income	117	79	89	92	115	107	108	116
Diluted EPS	$2.71	$1.82	$2.09	$2.17	$2.79	$2.73	$2.83	$3.06
EBITDA	217	161	174	175	207	208	214	221

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Morningstar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Morningstar, Inc.