Pre-tax margin is the percentage of revenue left as profit after every expense except income tax. It is income before income tax divided by revenue, and the table shows both amounts beside the percentage. It sits between operating margin and net margin: it includes interest and other non-operating items but not the tax charge, so the gap down to net margin is the tax burden. Quarterly and annual points each use the amounts filed for that same period, so a single quarter can swing with the seasons.
Morningstar, Inc. pre-tax margin for the quarter ending 2026-06-30 was 22.17%, a 15.13% increase year-over-year.
Morningstar, Inc. pre-tax margin for the quarter ending 2026-03-31 was 21.99%, a 17.94% increase year-over-year.
Morningstar, Inc. pre-tax margin for the quarter ending 2025-12-31 was 23.54%, a 14.61% decline year-over-year.
Morningstar, Inc. pre-tax margin for the quarter ending 2025-09-30 was 19.94%, a 25.26% decline year-over-year.
Morningstar, Inc. pre-tax margin for fiscal 2025 was 20.40%, a 5.51% decline from fiscal 2024.
Morningstar, Inc. pre-tax margin for fiscal 2024 was 21.59%, a 142.55% increase from fiscal 2023.
Morningstar, Inc. pre-tax margin for fiscal 2023 was 8.90%, a 27.52% increase from fiscal 2022.
Morningstar, Inc. pre-tax margin for fiscal 2022 was 6.98%, a 52.64% decline from fiscal 2021.