Morningstar, Inc. (MORN) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 405.9M | 391.9M | 375.7M | 374.5M | 350.5M | 358.8M | 346.7M | 349.2M | 324.7M | 333.3M | 312.6M | 288.3M | 260.9M | 280M | 272.8M | 272.8M | 265.7M | 272.6M | 245.8M | 247M |
| Gross Margin % | 62.95% | 61.13% | 60.85% | 61.89% | 60.23% | 60.71% | 60.89% | 61.06% | 59.82% | 61.87% | 60.64% | 57.12% | 54.39% | 58.95% | 58.27% | 57.99% | 58.14% | 58.98% | 57.31% | 59.46% |
| Gross Profit Growth % | 15.81% | 9.23% | 8.36% | 7.25% | 7.95% | 7.65% | 10.91% | 21.12% | 24.45% | 19.04% | 14.59% | 5.68% | -1.81% | 2.71% | 10.98% | 10.45% | 12.82% | 18.11% | 12.49% | 25.51% |
| Operating Expenses | 250M | 232.3M | 247.9M | 249.4M | 236.4M | 190.6M | 231.2M | 240.7M | 232.1M | 238.9M | 242.6M | 246.6M | 236.4M | 244.5M | 250.8M | 218.9M | 209.3M | 197.8M | 178M | 199.8M |
| OpEx % of Revenue | 38.77% | 36.23% | 40.15% | 41.22% | 40.63% | 32.25% | 40.6% | 42.09% | 42.76% | 44.35% | 47.06% | 48.86% | 49.28% | 51.47% | 53.57% | 46.53% | 45.8% | 42.8% | 41.5% | 48.1% |
| Selling, General & Admin | 199.2M | 208.8M | 201.4M | 201.7M | 189.1M | 206.2M | 185.5M | 191.6M | 184.9M | 192.4M | 196M | 199.6M | 191.6M | 199.7M | 206.6M | 178.9M | 171.7M | 159.4M | 139.9M | 162.2M |
| SG&A % of Revenue | 30.89% | 32.57% | 32.62% | 33.33% | 32.5% | 34.89% | 32.58% | 33.5% | 34.06% | 35.72% | 38.02% | 39.55% | 39.94% | 42.04% | 44.13% | 38.03% | 37.57% | 34.49% | 32.62% | 39.05% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 155.9M | 159.6M | 127.8M | 125.1M | 114.1M | 168.2M | 115.5M | 108.5M | 92.6M | 94.4M | 70M | 41.7M | 24.5M | 35.5M | 22M | 53.9M | 56.4M | 74.8M | 67.8M | 47.2M |
| Operating Margin % | 24.18% | 24.89% | 20.7% | 20.67% | 19.61% | 28.46% | 20.28% | 18.97% | 17.06% | 17.52% | 13.58% | 8.26% | 5.11% | 7.47% | 4.7% | 11.46% | 12.34% | 16.18% | 15.81% | 11.36% |
| Operating Income Growth % | 36.63% | -5.11% | 10.65% | 15.3% | 23.22% | 78.18% | 65% | 160.19% | 277.96% | 165.92% | 218.18% | -22.63% | -56.56% | -52.54% | -67.55% | 14.19% | -16.07% | 14.9% | 53.05% | -23% |
| EBITDA | 207.6M | 206.7M | 174.8M | 173.6M | 161.4M | 216.6M | 161.2M | 157.6M | 139.8M | 140.9M | 116.6M | 88.7M | 69.3M | 80.3M | 66.2M | 93.9M | 94M | 113.2M | 105.9M | 84.8M |
| EBITDA Margin % | 32.2% | 32.24% | 28.31% | 28.69% | 27.74% | 36.65% | 28.31% | 27.56% | 25.76% | 26.16% | 22.62% | 17.57% | 14.45% | 16.91% | 14.14% | 19.96% | 20.57% | 24.49% | 24.69% | 20.41% |
| EBITDA Growth % | 28.62% | -4.57% | 8.44% | 10.15% | 15.45% | 53.73% | 38.25% | 77.68% | 101.73% | 75.47% | 76.13% | -5.54% | -26.28% | -29.06% | -37.49% | 10.73% | -9.44% | 12.19% | 32.21% | -10.74% |
| D&A (Non-Cash Add-back) | 51.7M | 47.1M | 47M | 48.5M | 47.3M | 48.4M | 45.7M | 49.1M | 47.2M | 46.5M | 46.6M | 47M | 44.8M | 44.8M | 44.2M | 40M | 37.6M | 38.4M | 38.1M | 37.6M |
| EBIT | 157.4M | 162.3M | 132.5M | 126.8M | 117.4M | 173.6M | 164M | 102.6M | 101M | 104.9M | 73.2M | 47.5M | 16.6M | 43M | 8.3M | 43.8M | 65.6M | 76.5M | 65.7M | 48.3M |
| Net Interest Income | -13.7M | -8.8M | -7M | -7.4M | -5.4M | -7M | -8.9M | -10.3M | -11.5M | -11.5M | -12.8M | -14.1M | -13.3M | -11.1M | -10.5M | -4.4M | -2.4M | -1.4M | -2.3M | -2.2M |
| Interest Income | 1.9M | 2.6M | 2.4M | 2.9M | 3.5M | 3.7M | 3.2M | 2.8M | 2.5M | 3.1M | 3M | 1.7M | 1.2M | 1.3M | 100K | 100K | 200K | 900K | 200K | 300K |
| Interest Expense | 15.6M | 11.4M | 9.4M | 10.3M | 8.9M | 10.7M | 12.1M | 13.1M | 14M | 14.6M | 15.8M | 15.8M | 14.5M | 12.4M | 10.6M | 4.5M | 2.6M | 2.3M | 2.5M | 2.5M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 141.7M | 151.5M | 123M | 115.3M | 105.9M | 150.8M | 149.3M | 88.3M | 85.5M | 87.6M | 55.8M | 29.9M | 800K | 29.7M | -3.6M | 37.5M | 63.4M | 75M | 65.1M | 46.8M |
| Pretax Margin % | 21.98% | 23.63% | 19.92% | 19.05% | 18.2% | 25.52% | 26.22% | 15.44% | 15.75% | 16.26% | 10.82% | 5.92% | 0.17% | 6.25% | -0.77% | 7.97% | 13.87% | 16.23% | 15.18% | 11.27% |
| Income Tax | 34.6M | 36.4M | 31.4M | 26.3M | 27.4M | 33.9M | 29.6M | 19.2M | 21.3M | 14.1M | 16.7M | -6.2M | 8.4M | 26.4M | 5.4M | 7.4M | 17.3M | 18.5M | 16.1M | 13.9M |
| Effective Tax Rate % | 24.42% | 24.03% | 25.53% | 22.81% | 25.87% | 22.48% | 19.83% | 21.74% | 24.91% | 16.1% | 29.93% | -20.74% | 1050% | 88.89% | -150% | 19.73% | 27.29% | 24.67% | 24.73% | 29.7% |
| Net Income | 107.1M | 115.1M | 91.6M | 89M | 78.5M | 116.9M | 119.7M | 69.1M | 64.2M | 73.5M | 39.1M | 36.1M | -7.6M | 3.3M | -9M | 30.1M | 46.1M | 56.5M | 49M | 32.9M |
| Net Margin % | 16.61% | 17.95% | 14.84% | 14.71% | 13.49% | 19.78% | 21.02% | 12.08% | 11.83% | 13.64% | 7.58% | 7.15% | -1.58% | 0.69% | -1.92% | 6.4% | 10.09% | 12.22% | 11.42% | 7.92% |
| Net Income Growth % | 36.43% | -1.54% | -23.48% | 28.8% | 22.27% | 59.05% | 206.14% | 91.41% | 944.74% | 2127.27% | 534.44% | 19.93% | -116.49% | -94.16% | -118.37% | -8.51% | -16.03% | -24.97% | -35.7% | -31.74% |
| Net Income (Continuing) | 107.1M | 115.1M | 91.6M | 89M | 78.5M | 116.9M | 119.7M | 69.1M | 64.2M | 73.5M | 39.1M | 36.1M | -7.6M | 3.3M | -9M | 30.1M | 46.1M | 56.5M | 49M | 32.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.73 | 2.83 | 2.17 | 2.09 | 1.82 | 2.71 | 2.77 | 1.60 | 1.49 | 1.71 | 0.91 | 0.84 | -0.15 | 0.08 | -0.18 | 0.70 | 1.06 | 1.30 | 1.13 | 0.76 |
| EPS Growth % | 50% | 4.43% | -21.66% | 30.63% | 22.15% | 58.48% | 204.4% | 90.48% | 1093.33% | 2037.5% | 605.56% | 20% | -114.15% | -93.85% | -115.93% | -7.89% | -16.54% | -25.29% | -35.8% | -32.14% |
| EPS (Basic) | 2.74 | 2.84 | 2.18 | 2.11 | 1.83 | 2.72 | 2.79 | 1.61 | 1.50 | 1.72 | 0.92 | 0.85 | -0.15 | 0.08 | -0.18 | 0.71 | 1.06 | 1.31 | 1.14 | 0.77 |
| Diluted Shares Outstanding | 39.3M | 40.7M | 42.6M | 42.8M | 43.1M | 43.1M | 43.2M | 43.1M | 43M | 43M | 42.9M | 42.8M | 42.8M | 42.7M | 42.7M | 42.9M | 43.3M | 43.4M | 43.4M | 43.3M |
| Basic Shares Outstanding | 39.1M | 40.5M | 42.4M | 42.5M | 42.8M | 42.9M | 42.9M | 42.8M | 42.7M | 42.7M | 42.7M | 42.6M | 42.5M | 42.5M | 42.5M | 42.6M | 43M | 43.1M | 43.1M | 43M |
| Dividend Payout Ratio | - | 16.42% | 20.96% | 21.69% | 24.84% | 14.8% | 14.54% | 25.04% | 26.95% | 21.77% | 40.92% | 44.32% | - | 463.64% | - | 51.16% | 33.62% | 24.07% | 27.76% | 41.03% |