Filing Flows › Morningstar (MORN) › Q1 2025
Morningstar (MORN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Morningstar (MORN) reported revenue of $582M for the first quarter 2025 (Q1 2025), +7% from a year earlier and -2% from the quarter before. Operating margin was 19.6%, net earnings $78.5M (13.5% of revenue).
Morningstar, Q1 2025: revenue $582M (+7% year over year), operating margin 19.6%, net earnings $78.5M, operating cash flow $91.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $582M | -2% | +7% |
| Operating profit | $114M | -32% | +23% |
| Net earnings | $78.5M | -33% | +22% |
| Operating cash flow | $91.0M | -41% | -3% |
| Free cash flow | $58.8M | -48% | -1% |
What changed
Revenue was $581.9M in Q1 2025, up 7% year over year and down 2% from the previous quarter. License-based was the largest line at 72% of revenue. License-based added $17.8M year over year (up 4%), 46% of the total change.
Operating profit was $114.1M, a 19.6% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 17% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $78.5M, up 22% year over year. The effective tax rate was 25.9%.
Operating cash flow was $91.0M (down 3% year over year), 116% of net earnings. Non-cash charges added back $47.3M of depreciation and amortization and $9.1M of share-based compensation. Working capital and other items used $43.9M. Capital expenditures of $32.2M left free cash flow of $58.8M.
Questions
What was Morningstar's revenue in the first quarter 2025?
Morningstar (MORN) reported revenue of $582M for the first quarter 2025 (Q1 2025), +7% from a year earlier and -2% from the quarter before.
Was Morningstar profitable in the first quarter 2025?
Operating profit was $114M (19.6% of revenue) and net earnings $78.5M.
Source: Morningstar 10-Q on SEC EDGAR.