Financials in USD. Standardized financial statements.
A compact view of how Morningstar, Inc. turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue? | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B | $911.70M | $798.60M |
| Revenue Growth? | +7.5% | +11.6% | +9.0% | +10.1% | +22.3% | +17.9% | +15.6% | +11.9% | +14.2% | 0.0% |
| 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 |
| Gross Margin? | +61.0% | +60.6% | +58.6% | +58.3% | +58.9% | +60.0% | +59.0% | +59.7% | +57.6% | +56.9% |
| Operating Expenses? | $966.00M | $894.60M | $964.50M | $923.50M | $743.90M | $617.90M | $506.30M | $393.00M | $355.30M | $273.50M |
| Operating Income? | $526.60M | $484.80M | $230.60M | $167.80M | $257.00M | $215.20M | $189.60M | $215.80M | $169.80M | $180.80M |
| EBITDA? | $728.90M | $731.60M | $418.10M | $325.60M | $409.90M | $433.60M | $324.90M | $331.40M | $261.00M | $297.10M |
| Income Before Tax | $495.70M | $473.90M | $174.10M | $127.00M | $255.90M | $283.30M | $197.60M | $230.80M | $179.80M | $224.70M |
| Income Tax Expense | $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 |
| EPS? | $8.93 | $8.64 | $3.31 | $1.65 | $4.50 | $5.22 | $3.56 | $4.30 | $3.21 | $3.74 |
| Diluted EPS? | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 | $5.18 | $3.52 | $4.26 | $3.18 | $3.72 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality