Morningstar Financial Statements
NASDAQ: MORNFinanceInvestment ManagersUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Morningstar revenue and earnings
In fiscal 2025, Morningstar generated $2.45 billion in revenue, up 7.5% from fiscal 2024, its 16th consecutive year of revenue growth. Net income was $374.2 million (+1.2% year over year), for a net margin of 15.3% versus a median of 11.4% in the prior 5 years. Gross margin was 61.0% (up from 60.6%) and operating margin 21.5%.
Diluted earnings per share came in at $8.87, up from $8.58. Over the last 5 fiscal years, MORN's revenue has grown at a 12.0% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Morningstar income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.45B | 2.28B | 2.04B | 1.87B | 1.70B | 1.39B | 1.18B | 1.02B | 911.70M | 798.60M |
| Revenue growth (YoY) | +7.49% | +11.60% | +8.98% | +10.08% | +22.30% | +17.85% | +15.60% | +11.87% | +14.16% | +1.24% |
| Cost of Revenue | 952.90M | 895.70M | 843.50M | 779.30M | 698.40M | 556.40M | 483.10M | 411.10M | 386.60M | 344.30M |
| Gross Profit | 1.49B | 1.38B | 1.20B | 1.09B | 1.00B | 833.10M | 695.90M | 608.80M | 525.10M | 454.30M |
| Operating Expenses | 966.00M | 894.60M | 964.50M | 923.50M | 743.90M | 617.90M | 506.30M | 393.00M | 355.30M | 273.50M |
| Selling, General & Admin | 801.00M | 768.20M | 779.60M | 756.90M | 593.20M | 478.40M | 388.60M | 296.30M | 264.10M | 202.80M |
| Operating Income | 526.60M | 484.80M | 230.60M | 167.80M | 257.00M | 215.20M | 189.60M | 215.80M | 169.80M | 180.80M |
| Other Income (Expense) | -27.60M | 6.50M | -49.10M | -37.20M | -6.50M | 67.80M | 8.90M | 17.10M | 11.30M | 44.10M |
| Pretax Income | 495.70M | 473.90M | 174.10M | 130.60M | 250.50M | 283.00M | 198.50M | 232.90M | 181.10M | 224.90M |
| Income Tax | 121.50M | 104.00M | 33.00M | 56.50M | 62.60M | 59.70M | 45.60M | 47.80M | 42.90M | 63.70M |
| Net Income | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M | 223.60M | 152.00M | 183.00M | 136.90M | 161.00M |
| Net Income growth (YoY) | +1.16% | +162.15% | +100.14% | -63.53% | -13.55% | +47.11% | -16.94% | +33.67% | -14.97% | +21.42% |
| EPS (Basic) | 8.93 | 8.64 | 3.31 | 1.65 | 4.50 | 5.22 | 3.56 | 4.30 | 3.21 | 3.74 |
| EPS (Diluted) | 8.87 | 8.58 | 3.29 | 1.64 | 4.45 | 5.18 | 3.52 | 4.25 | 3.18 | 3.72 |
| Shares Outstanding (Basic) | 41.90M | 42.80M | 42.60M | 42.60M | 43.00M | 42.90M | 42.70M | 42.60M | 42.70M | 43.00M |
| Shares Outstanding (Diluted) | 42.20M | 43.10M | 42.90M | 42.90M | 43.40M | 43.20M | 43.20M | 43.00M | 43.00M | 43.30M |
| EBITDA | 716.50M | 675.20M | 415.50M | 334.40M | 407.70M | 354.70M | 307.30M | 312.50M | 261.00M | 251.50M |
| Gross Margin | 61.03% | 60.63% | 58.62% | 58.34% | 58.90% | 59.96% | 59.02% | 59.69% | 57.60% | 56.89% |
| Operating Margin | 21.53% | 21.31% | 11.31% | 8.97% | 15.12% | 15.49% | 16.08% | 21.16% | 18.62% | 22.64% |
| Net Margin | 15.30% | 16.26% | 6.92% | 3.77% | 11.38% | 16.09% | 12.89% | 17.94% | 15.02% | 20.16% |
This table shows 10 annual periods of Morningstar's income statement, from FY 2025 back to FY 2016, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow MORN's reporting calendar. What is a income statement?