Filing Flows › Financials › Morningstar (MORN)
Morningstar (MORN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Morningstar (MORN) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $672M · 17¢ of every $1 of revenue kept as net profit · operating margin 24.9%
Morningstar made $672M in Q3 2026 (+9% Y/Y): License-based $459M, Transaction-based $110M, Asset-based $103M. Operating margin 24.9%, net earnings $116M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $672.1M in Q3 2026, up 9% year over year and up 1% from the previous quarter. License-based was the largest line at 68% of revenue. License-based added $24.0M year over year (up 6%), 44% of the total change.
Operating profit was $167.4M, a 24.9% margin (up 4.2 points year over year). Of the extra revenue versus Q3 2025, 72% reached operating profit, above the 21% margin then. Total costs grew 3% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $115.5M, up 26% year over year. The effective tax rate was 25.0%.
Operating cash flow was $190.7M (down 3% year over year), 165% of net earnings. Non-cash charges added back $53.1M of depreciation and amortization and $16.6M of share-based compensation. After capital expenditures ($35.3M), free cash flow as the company reports it was $155.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $672M | +9% | 24.9% | $116M | $191M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $663M | +10% | 24.2% | $108M | $156M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $645M | +11% | 24.2% | $107M | $91.5M |
| Q4 2025 | 10-K | Feb 13, 2026 | $641M | +8% | 24.9% | $115M | $204M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $617M | +8% | 20.7% | $91.6M | $196M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $605M | +6% | 20.7% | $89.0M | $99.0M |
| Q1 2025 | 10-Q | May 1, 2025 | $582M | +7% | 19.6% | $78.5M | $91.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Morningstar
Our mission is to empower investor success. We deliver connected data, independent research, investor-first tools, and long-term portfolio strategies with a focus on removing frictions that can slow decisions, cloud markets, and drive up costs. Morningstar, Inc. is a leading global provider of independent investment insights. Our core competencies are data, research, design, and technology, and we employ each of these to create products built on the depth and breadth of our data that are designed to clearly convey complex investment information. We offer a variety of products and solutions that serve a wide range of market participants.
In its own words, from its 10-K, filed Feb 13, 2026.
Morningstar against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +6%. Operating margin: 24.9% against the peers' median 24.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MORN Morningstar | Q3 2026 | $672M | +9% | 24.9% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Morningstar 10-Q on SEC EDGAR · CIK 1289419 · Investment Advice
13F: who owns MORN and who is buying
More on MORN
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results