Morningstar MORN

$ 246.4 -0.06%

Quarterly report 2026-Q3
added 10-28-2026

Morningstar Income Statement 2025-2007 | MORN

Brief overview of financial performance at Morningstar

The figures are compared over a five-year interval. Revenue at Morningstar moved from 1.4 billion dollars in 2020 to 2.4 billion dollars in 2025. Overall revenue changed by +76%, equal to an annualized rate of about 12%. The pace indicates confident and sustained business growth.

Over the period, net income shifted from 224 million dollars to 374 million dollars (+67.4%). The latest figure was the best within the selected horizon.

The five-year change in capitalization reached −32.5%: from 9.8 billion dollars to 6.6 billion dollars. Capitalization lags the underlying business improvement.

What the figures show

The results present an uneven picture without one dominant signal. Key strengths include improving net profitability and revenue expansion. Caution is warranted because of lower investor confidence. Further direction will depend on top-line growth, operating profitability, and net income.

Annual Income Statement Morningstar

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Market Cap	6.64 B	13.3 B	12.7 B	8.87 B	12.4 B	9.82 B	6.8 B	5.06 B	4.09 B	3.25 B	3.55 B	2.97 B	3.57 B	3.24 B	2.98 B	2.35 B	2.02 B	3.24 B	-
Shares	41.9 M	42.8 M	42.6 M	42.6 M	43 M	42.9 M	42.7 M	42.6 M	42.7 M	43 M	44.2 M	44.7 M	46.2 M	48.5 M	50 M	49.2 M	48.1 M	46.1 M	-
Historical Prices	158	311	298	208	287	229	155	122	93.3	72.8	75.9	62.2	71.4	62.2	54.5	47.6	42.1	70.2	48
Net Income	374 M	370 M	141 M	70.5 M	193 M	224 M	152 M	183 M	137 M	161 M	133 M	78.3 M	124 M	108 M	98.4 M	86.4 M	82.1 M	89.6 M	-
Revenue	2.45 B	2.28 B	2.04 B	1.87 B	1.7 B	1.39 B	1.18 B	1.02 B	912 M	799 M	789 M	760 M	698 M	658 M	631 M	555 M	479 M	502 M	-
Cost of Revenue	953 M	896 M	844 M	779 M	698 M	556 M	483 M	411 M	387 M	344 M	330 M	319 M	271 M	247 M	235 M	157 M	129 M	130 M	-
Gross Profit	1.49 B	1.38 B	1.2 B	1.09 B	1 B	833 M	696 M	609 M	525 M	454 M	459 M	441 M	427 M	463 M	449 M	398 M	350 M	372 M	-
Operating Income	527 M	485 M	231 M	168 M	257 M	215 M	190 M	216 M	170 M	181 M	191 M	106 M	171 M	151 M	138 M	121 M	125 M	139 M	-
Interest Expense	1 M	-1.1 M	14.4 M	-6.7 M	-3.7 M	-5.7 M	-3.1 M	1.8 M	-5 M	6.1 M	1.2 M	100 K	228 K	311 K	1.32 M	281 K	348 K	-1.44 M	-
EBITDA	716 M	675 M	416 M	334 M	408 M	355 M	307 M	312 M	261 M	252 M	255 M	221 M	216 M	194 M	181 M	161 M	157 M	165 M	-
Operating Expenses	966 M	895 M	964 M	924 M	744 M	618 M	506 M	393 M	355 M	274 M	268 M	275 M	256 M	312 M	311 M	277 M	226 M	233 M	-
General and Administrative Expenses	334 M	327 M	356 M	400 M	318 M	272 M	211 M	148 M	130 M	105 M	107 M	109 M	107 M	109 M	108 M	92.8 M	83.6 M	85.5 M	-

All numbers in USD currency

Quarterly Income Statement Morningstar

	2026-Q3	2026-Q2	2026-Q1	2025-Q4	2025-Q3	2025-Q2	2025-Q1	2024-Q4	2024-Q3	2024-Q2	2024-Q1	2023-Q4	2023-Q3	2023-Q2	2023-Q1	2022-Q4	2022-Q3	2022-Q2	2022-Q1	2021-Q4	2021-Q3	2021-Q2	2021-Q1	2020-Q4	2020-Q3	2020-Q2	2020-Q1	2019-Q4	2019-Q3	2019-Q2	2019-Q1	2018-Q4	2018-Q3	2018-Q2	2018-Q1	2017-Q4	2017-Q3	2017-Q2	2017-Q1	2016-Q4	2016-Q3	2016-Q2	2016-Q1	2015-Q4	2015-Q3	2015-Q2	2015-Q1	2014-Q4	2014-Q3	2014-Q2	2014-Q1	2013-Q4	2013-Q3	2013-Q2	2013-Q1	2012-Q4	2012-Q3	2012-Q2	2012-Q1	2011-Q4	2011-Q3	2011-Q2	2011-Q1	2010-Q4	2010-Q3	2010-Q2
Shares	37.4 M	37.8 M	39.1 M	-500 K	42.1 M	42.2 M	42.8 M	42.9 M	42.9 M	42.8 M	42.7 M	42.7 M	42.7 M	42.6 M	42.5 M	-100 K	42.5 M	42.6 M	43 M	43.1 M	43.1 M	43 M	42.9 M	42.9 M	42.9 M	42.9 M	42.9 M	42.8 M	42.8 M	42.7 M	42.6 M	42.7 M	42.6 M	42.6 M	42.5 M	42.5 M	42.5 M	42.9 M	42.9 M	43 M	43.1 M	43 M	43 M	43.8 M	44.2 M	44.3 M	44.3 M	44.4 M	44.7 M	44.8 M	44.8 M	45.8 M	46.1 M	46.4 M	46.4 M	46.9 M	48 M	49.2 M	49.9 M	49.9 M	50.3 M	50.2 M	49.8 M	49.5 M	49.4 M	49.2 M
Net Income	116 M	108 M	107 M	115 M	91.6 M	89 M	78.5 M	117 M	120 M	69.1 M	64.2 M	73.5 M	39.1 M	36.1 M	-7.6 M	3.3 M	-9 M	30.1 M	46.1 M	56.5 M	49 M	32.9 M	54.9 M	76.2 M	76.2 M	48.2 M	23.9 M	27.6 M	49.1 M	42.1 M	33.2 M	42.4 M	56.9 M	41.8 M	41.9 M	38.9 M	33.9 M	46.1 M	18 M	70.3 M	30.2 M	31.8 M	28.7 M	37.3 M	33.5 M	32.2 M	29.7 M	31.5 M	30.2 M	-9.8 M	26.4 M	31.3 M	31.5 M	31.1 M	29.6 M	32.9 M	27 M	27.8 M	20.1 M	28 M	21.3 M	26.4 M	22.4 M	23.6 M	24.6 M	18 M
Revenue	672 M	663 M	645 M	641 M	617 M	605 M	582 M	591 M	569 M	572 M	543 M	539 M	516 M	505 M	480 M	475 M	468 M	470 M	457 M	462 M	429 M	415 M	393 M	380 M	357 M	328 M	324 M	332 M	314 M	274 M	259 M	263 M	261 M	252 M	244 M	243 M	230 M	229 M	210 M	212 M	196 M	198 M	192 M	202 M	195 M	202 M	190 M	196 M	193 M	189 M	181 M	180 M	173 M	175 M	169 M	171 M	161 M	166 M	161 M	159 M	160 M	161 M	152 M	151 M	140 M	136 M
Cost of Revenue	241 M	239 M	239 M	249 M	242 M	231 M	231 M	232 M	223 M	223 M	218 M	205 M	203 M	216 M	219 M	195 M	195 M	198 M	191 M	190 M	183 M	168 M	157 M	150 M	139 M	131 M	137 M	142 M	128 M	108 M	105 M	109 M	100 M	99.8 M	102 M	103 M	90.9 M	95.3 M	97 M	88 M	84.9 M	86.1 M	85.3 M	84.9 M	83.4 M	83.2 M	78.7 M	81.2 M	80 M	81.5 M	75.8 M	72.9 M	72.4 M	64.4 M	61.6 M	60.6 M	60.6 M	49.5 M	50.3 M	101 M	48.1 M	45.2 M	40.7 M	42.3 M	40.7 M	39.7 M
Gross Profit	431 M	424 M	406 M	392 M	376 M	374 M	350 M	359 M	347 M	349 M	325 M	333 M	313 M	288 M	261 M	280 M	273 M	273 M	266 M	273 M	246 M	247 M	236 M	231 M	218 M	197 M	187 M	190 M	185 M	166 M	154 M	154 M	161 M	153 M	141 M	140 M	139 M	134 M	112 M	124 M	111 M	112 M	107 M	117 M	112 M	119 M	111 M	115 M	113 M	108 M	105 M	108 M	101 M	111 M	107 M	110 M	100 M	117 M	110 M	57.2 M	112 M	116 M	111 M	109 M	99.1 M	96.4 M
Operating Income	167 M	161 M	156 M	160 M	128 M	125 M	114 M	168 M	116 M	108 M	92.6 M	94.4 M	70 M	41.7 M	24.5 M	35.5 M	22 M	53.9 M	56.4 M	74.8 M	67.8 M	47.2 M	67.2 M	65.1 M	44.3 M	61.3 M	44.5 M	39.7 M	49.6 M	50.8 M	49.5 M	49.3 M	65.4 M	53.6 M	47.5 M	42.6 M	52.8 M	46 M	28.4 M	49.9 M	44.2 M	44.4 M	42.3 M	50.1 M	46.2 M	49.7 M	44.5 M	46.6 M	45.3 M	-24.8 M	38.5 M	41.9 M	44.6 M	43.6 M	40.6 M	39.3 M	39.9 M	41.1 M	30.4 M	34.1 M	33.9 M	38.6 M	31.8 M	32.3 M	30.2 M	27.7 M
Interest Expense	2.6 M	3.5 M	-400 K	100 K	2.3 M	-1.2 M	-200 K	1.7 M	-500 K	-8.9 M	3.3 M	9.8 M	-1.7 M	3.8 M	2.5 M	6.2 M	-13.8 M	-7.1 M	8 M	-1 M	-3.5 M	-800 K	1.6 M	400 K	-2 M	3.6 M	-7.7 M	-600 K	-1.1 M	1.8 M	-3.2 M	-400 K	1.6 M	2 M	-1.4 M	-1 M	-1.4 M	-1.7 M	-900 K	1.3 M	1.8 M	2.6 M	400 K	400 K	1.2 M	-	-600 K	1 M	-1 M	-300 K	300 K	-1.25 M	261 K	-1.69 M	-521 K	-2.47 M	165 K	-302 K	-124 K	26 K	-1.38 M	188 K	250 K	-47 K	5.69 M	-572 K
EBITDA	187 M	182 M	175 M	175 M	143 M	140 M	128 M	183 M	130 M	126 M	110 M	112 M	87.7 M	59.4 M	42 M	53.8 M	40.7 M	69.5 M	70.5 M	89.9 M	83.4 M	62.9 M	82.8 M	80.6 M	59.9 M	75 M	58.5 M	53.1 M	62.9 M	55.7 M	54.4 M	54.3 M	70.6 M	58.8 M	52.8 M	48.1 M	58.3 M	52.1 M	34.9 M	55 M	48.7 M	49.1 M	47.4 M	55.7 M	51.7 M	55.1 M	50 M	52.3 M	51.3 M	-19.3 M	43.6 M	47.1 M	49.9 M	48.9 M	46.2 M	45.2 M	45.8 M	47.1 M	36.5 M	29.7 M	44.8 M	49.2 M	42 M	32.3 M	40.1 M	36.9 M
Operating Expenses	264 M	263 M	250 M	232 M	248 M	249 M	236 M	191 M	231 M	241 M	232 M	239 M	243 M	247 M	236 M	244 M	251 M	219 M	209 M	198 M	178 M	200 M	168 M	166 M	174 M	136 M	142 M	151 M	136 M	116 M	104 M	104 M	95.9 M	99 M	93.6 M	97.1 M	86.2 M	87.9 M	84.1 M	74.3 M	67 M	67.7 M	64.5 M	66.6 M	65.7 M	69.2 M	66.6 M	68.6 M	67.8 M	133 M	66.9 M	65.7 M	56.4 M	67.4 M	66.6 M	70.7 M	60.5 M	75.4 M	80 M	23.1 M	78.1 M	77.2 M	79.3 M	76.6 M	68.9 M	68.7 M
General and Administrative Expenses	93.1 M	98.5 M	84 M	89.6 M	85.9 M	82 M	76.5 M	89 M	77.6 M	80.3 M	80.3 M	92 M	89.7 M	90.1 M	84 M	106 M	117 M	87.1 M	90.3 M	85.9 M	67 M	95.7 M	69.8 M	74.2 M	85.8 M	54.6 M	57.4 M	68.7 M	57.2 M	44 M	40.8 M	44.2 M	35.4 M	36 M	32.2 M	36.6 M	33.3 M	29.7 M	30.2 M	29.1 M	25.8 M	24.7 M	25.6 M	27.2 M	26 M	27.8 M	26.1 M	26 M	26.4 M	30.4 M	26.1 M	29 M	22.4 M	28.1 M	27.3 M	31.8 M	24 M	24.9 M	28.2 M	24.8 M	26.4 M	26.2 M	30.6 M	25.6 M	23.5 M	23.1 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company Morningstar (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

How much revenue the company earned
How much it spent on production, personnel, marketing, taxes, etc.
What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features

The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

Reports on the profits and losses of other stocks in the Financial data industry

Issuer	Price	% 24h	Market Cap	Country
СПБ Биржа SPBE	-	-	-	Russia
FactSet Research Systems FDS	$ 326.18	-0.17 %	$ 11.9 B	USA
Intercontinental Exchange ICE	$ 176.32	1.32 %	$ 101 B	USA
Moody's Corporation MCO	$ 510.44	-0.13 %	$ 91.4 B	USA
MSCI MSCI	$ 656.81	1.6 %	$ 50.2 B	USA
Nasdaq NDAQ	$ 109.99	1.37 %	$ 63.1 B	USA
Siebert Financial Corp. SIEB	$ 1.81	1.93 %	$ 73.1 M	USA
S&P Global SPGI	$ 472.66	0.33 %	$ 144 B	USA
Московская Биржа MOEX	-	-	-	Russia
Value Line VALU	$ 44.07	-0.43 %	$ 414 M	USA
Voya Financial VOYA	$ 104.34	-0.24 %	$ 10 B	USA
CME Group CME	$ 309.24	1.47 %	$ 111 B	USA
Cboe Global Markets CBOE	$ 360.97	2.32 %	$ 37.8 B	USA
Cohen & Company COHN	$ 10.69	6.37 %	$ 18.5 M	USA
Jefferies Financial Group JEF	$ 47.78	-3.26 %	$ 10.3 B	USA
B. Riley Financial RILY	$ 3.65	-4.95 %	$ 112 M	USA

Morningstar Income Statement 2025-2007 | MORN

Brief overview of financial performance at Morningstar

What the figures show

Annual Income Statement Morningstar

Market Cap

Shares

Historical Prices

Net Income

Revenue

Cost of Revenue

Gross Profit

Operating Income

Interest Expense

EBITDA

Operating Expenses

General and Administrative Expenses

Annual performance