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MORNINGSTAR, INC. (MORN) Graph

MORN Revenue Flow

Filed revenue amounts for 2026-04-01 to 2026-06-30. Coverage is partial. Unconnected amounts are separate disclosures; they must not be added together.

  • 2026-06-30: Revenue $663.20M; Cost of revenue $239.30M; Research and development (m); Income tax $38.30M.
  • 2026-03-31: Revenue $644.80M; Cost of revenue $238.90M; Research and development (m); Income tax $34.60M.
  • 2025-12-31: Revenue $641.10M*; Cost of revenue $249.20M*; Research and development (m); Income tax $36.40M*.
  • 2025-09-30: Revenue $617.40M; Cost of revenue $241.70M; Research and development (m); Income tax $31.40M.

Consolidation item

Separate filed amounts; connecting flows are not established. Components and totals may overlap.

MORN revenue flowFiled amounts. Only explicit calculation relationships connect amounts; dimensional membership alone does not establish an additive flow.Operating Segments$599.90MRevenue$663.20MCost of revenue$239.30MOperating income$160.60MOther income, net$3.50MPre-tax income$147.00MIncome tax$38.30MNet income$107.80M

Product or service

Separate filed amounts; connecting flows are not established. Components and totals may overlap.

MORN revenue flowFiled amounts. Only explicit calculation relationships connect amounts; dimensional membership alone does not establish an additive flow.Asset Based$96.80MLicensed Based$455.10MMorningstar Indexes$37.80MMorningstarSustainalytics$25.50MTransaction Based$111.30MRevenue$663.20MCost of revenue$239.30MOperating income$160.60MOther income, net$3.50MPre-tax income$147.00MIncome tax$38.30MNet income$107.80M

Geography

Separate filed amounts; connecting flows are not established. Components and totals may overlap.

MORN revenue flowFiled amounts. Only explicit calculation relationships connect amounts; dimensional membership alone does not establish an additive flow.Asia$12.10MEurope ExcludingUnited Kingdom$55.00MNon United States$184.10MSegment GeographicalGroup Of Other Countries$3.70MAU$19.40MCA$46.60MGB$47.30MUS$479.10MRevenue$663.20MCost of revenue$239.30MOperating income$160.60MOther income, net$3.50MPre-tax income$147.00MIncome tax$38.30MNet income$107.80M

Segment

Separate filed amounts; connecting flows are not established. Components and totals may overlap.

MORN revenue flowFiled amounts. Only explicit calculation relationships connect amounts; dimensional membership alone does not establish an additive flow.MorningstarCredit Segment$60.30MMorningstar Data AndAnalytics Segment$222.10MMorningstarRetirement Segment$37.90MMorningstarWealth Segment$104.90MPitch Book Segment$174.70MRevenue$663.20MCost of revenue$239.30MOperating income$160.60MOther income, net$3.50MPre-tax income$147.00MIncome tax$38.30MNet income$107.80M

Finer product or service dollar figures and nonoverlapping groupings are shown only where supported by the retained filing evidence. Growth percentages are never converted to revenue dollars.

Historical revenue and expense breakdown

Revenue and expense 3 month

Period endRevenueCost of revenueResearch and developmentIncome taxNet income
2026-06-30$663.20M$239.30M(m)$38.30M(m)
2026-03-31$644.80M$238.90M(m)$34.60M(m)
2025-12-31$641.10M*$249.20M*(m)$36.40M*(m)
2025-09-30$617.40M$241.70M(m)$31.40M(m)
2025-06-30$605.10M$230.60M(m)$26.30M(m)
2025-03-31$581.90M$231.40M(m)$27.40M(m)
2024-09-30$569.40M$222.70M(m)$29.60M(m)
2024-06-30$571.90M$222.70M(m)$19.20M(m)
2024-03-31$542.80M$218.10M(m)$21.30M(m)
2023-09-30$515.50M$202.90M(m)$16.70M(m)
2023-06-30$504.70M$216.40M(m)-$6.20M(m)
2023-03-31$479.70M$218.80M(m)$8.40M(m)
2022-09-30$468.20M$195.40M(m)$5.40M(m)
2022-06-30$470.40M$197.60M(m)$7.40M(m)
2022-03-31$457.00M$191.30M(m)$17.30M(m)
2021-09-30$428.90M$183.10M(m)$16.10M(m)
2021-06-30$415.40M$168.40M(m)$13.90M(m)
2021-03-31$392.80M$157.30M(m)$14.10M(m)
2020-12-31$380.40M(m)(m)$19.10M(m)
2020-09-30$357.20M$138.70M(m)$16.90M(m)
2020-06-30$327.90M$131.10M(m)$15.20M(m)
2020-03-31$324.00M$137.00M(m)$8.50M(m)
2019-12-31$332.40M(m)(m)$9.10M(m)
2019-09-30$313.80M$128.40M(m)$13.30M(m)
2019-06-30$273.90M$107.50M(m)$11.70M(m)
2019-03-31$258.90M$105.10M(m)$11.50M(m)
2018-12-31$262.70M(m)(m)$5.50M(m)
2018-09-30$261.30M$100.00M(m)$16.10M(m)
2018-06-30$252.40M$99.80M(m)$12.80M(m)
2018-03-31$243.50M$102.40M(m)$13.40M(m)
2017-12-31$243.10M(m)(m)$2.70M(m)
2017-09-30$229.90M$90.90M(m)$16.90M(m)
2017-06-30$229.20M$95.30M(m)$15.00M(m)
2017-03-31$209.50M$97.00M(m)$8.30M(m)
2016-12-31$212.20M(m)(m)$17.20M$70.30M
2016-09-30$196.10M$84.90M(m)$16.50M$30.20M
2016-06-30$198.20M$86.10M(m)$15.40M$31.80M
2016-03-31$192.10M$85.30M(m)$14.60M$28.70M
2015-12-31$201.60M(m)(m)$14.50M$37.30M
2015-09-30$195.30M$83.40M(m)$14.60M$33.50M
2015-06-30$202.10M$83.20M(m)$18.70M$32.20M
2015-03-31$189.80M$78.70M(m)$14.80M$29.70M
2014-12-31$196.40M(m)(m)$15.50M$31.50M
2014-09-30$193.10M$80.00M(m)$15.10M$30.20M
2014-06-30$189.40M$81.50M(m)-$8.60M-$9.80M
2014-03-31$181.20M$75.80M(m)$13.70M$26.40M
2013-12-31$180.50M(m)(m)$13.38M$31.33M
2013-09-30$173.48M$72.42M(m)$14.27M$31.46M
2013-06-30$175.43M$64.43M$14.15M$15.96M$31.12M
2013-03-31$168.86M$61.65M$13.64M$12.43M$29.62M
2012-12-31$170.61M(m)$12.77M*$11.44M$32.98M
2012-09-30$160.95M$60.57M$12.86M$15.19M$27.07M
2012-06-30$165.97M$49.45M$12.44M$14.74M$27.89M
2012-03-31$160.76M$50.32M$13.37M$11.51M$20.14M
2011-12-31$158.57M(m)(m)$8.07M$27.95M
2011-09-30$160.05M$48.07M$13.48M$12.34M$21.38M
2011-06-30$161.01M$45.19M$13.68M$12.72M$26.48M
2011-03-31$151.77M$40.67M$11.99M$10.52M$22.54M
2010-12-31$151.15M(m)(m)$9.62M$23.50M
2010-09-30$139.82M$40.71M$12.70M$11.92M$24.68M
2010-06-30$136.09M$39.74M$11.90M$10.22M$18.00M
2010-03-31$128.29M$34.32M$10.89M$10.99M$20.19M
2009-09-30$120.09M$31.95M$9.45M$12.41M$22.52M
2009-06-30$119.53M$30.69M$9.44M$14.02M$20.54M

Revenue and expense 6 month

Period endRevenueCost of revenueResearch and developmentIncome taxNet income
2026-06-30$1.31B$478.20M(m)$72.90M(m)
2025-06-30$1.19B$462.00M(m)$53.70M(m)
2024-06-30$1.11B$440.80M(m)$40.50M(m)
2023-06-30$984.40M$435.20M(m)$2.20M(m)
2022-06-30$927.40M$388.90M(m)$24.70M(m)
2021-06-30$808.20M$325.70M(m)$28.00M(m)
2020-06-30$651.90M$268.10M(m)$23.70M(m)
2019-06-30$532.80M$212.60M(m)$23.20M(m)
2018-06-30$495.90M$202.20M(m)$26.20M(m)
2017-06-30$438.70M$192.30M(m)$23.30M(m)
2016-06-30$390.30M$171.40M(m)$30.00M$60.50M
2015-06-30$391.90M$161.80M(m)$33.60M$61.80M
2014-06-30$370.60M$157.10M(m)$5.00M$16.60M
2013-06-30$344.28M$126.08M$27.79M$28.38M$60.74M
2012-06-30$326.73M$99.77M$25.81M$26.25M$48.02M
2011-06-30$312.78M$85.86M$25.67M$23.24M$49.02M
2010-06-30$264.38M$74.05M$22.79M$21.22M$38.19M
2009-06-30$236.26M$60.95M$18.74M$24.69M$45.51M

Revenue and expense 9 month

Period endRevenueCost of revenueResearch and developmentIncome taxNet income
2025-09-30$1.80B$703.70M(m)$85.10M(m)
2024-09-30$1.68B$663.50M(m)$70.10M(m)
2023-09-30$1.50B$638.10M(m)$18.90M(m)
2022-09-30$1.40B$584.30M(m)$30.10M(m)
2021-09-30$1.24B$508.80M(m)$44.10M(m)
2020-09-30$1.01B$406.80M(m)$40.60M(m)
2019-09-30$846.60M$341.00M(m)$36.50M(m)
2018-09-30$757.20M$302.20M(m)$42.30M(m)
2017-09-30$668.60M$283.20M(m)$40.20M(m)
2016-09-30$586.40M$256.30M(m)$46.50M$90.70M
2015-09-30$587.20M$245.20M(m)$48.20M$95.30M
2014-09-30$563.70M$237.40M(m)$20.20M$46.80M
2013-09-30$517.77M$198.50M(m)$42.65M$92.20M
2012-09-30$487.68M$186.14M$38.66M$41.44M$75.09M
2011-09-30$472.83M$133.93M$39.15M$35.59M$70.40M
2010-09-30$404.20M$114.77M$35.49M$33.14M$62.87M
2009-09-30$356.35M$92.90M$28.18M$37.10M$68.03M

Revenue and expense 12 month

Period endRevenueCost of revenueResearch and developmentIncome taxNet income
2025-12-31$2.45B$952.90M(m)$121.50M(m)
2024-12-31$2.28B$895.70M(m)$104.00M(m)
2023-12-31$2.04B$843.50M(m)$33.00M(m)
2022-12-31$1.87B$779.30M(m)$56.50M(m)
2021-12-31$1.70B$698.40M(m)$62.60M(m)
2020-12-31$1.39B$556.40M(m)$59.70M(m)
2019-12-31$1.18B$483.10M(m)$45.60M(m)
2018-12-31$1.02B$411.10M(m)$47.80M$183.00M
2017-12-31$911.70M$386.60M(m)$42.90M$136.90M
2016-12-31$798.60M$344.30M(m)$63.70M$161.00M
2015-12-31$788.80M$330.10M(m)$62.70M$132.60M
2014-12-31$760.10M$318.60M(m)$35.70M$78.30M
2013-12-31$698.30M$271.40M(m)$56.00M$123.50M
2012-12-31$658.29M$246.78M$51.44M$52.88M$108.08M
2011-12-31$631.40M$235.29M$53.16M$43.66M$98.36M
2010-12-31$555.35M$157.07M$49.24M$42.76M$86.37M
2009-12-31$479.00M$128.62M$38.38M$46.77M$82.13M
2008-12-31$502.46M$130.09M$40.34M$54.42M$89.63M

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