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Morningstar (MORN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Morningstar (MORN) reported revenue of $645M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +0.6% from the quarter before. Operating margin was 24.2%, net earnings $107M (16.6% of revenue).
Morningstar, Q1 2026: revenue $645M (+11% year over year), operating margin 24.2%, net earnings $107M, operating cash flow $91.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $645M | +0.6% | +11% |
| Operating profit | $156M | -2% | +37% |
| Net earnings | $107M | -7% | +36% |
| Operating cash flow | $91.5M | -55% | +0.5% |
| Free cash flow | $53.6M | -67% | -9% |
What changed
Revenue was $644.8M in Q1 2026, up 11% year over year and up 1% from the previous quarter. License-based was the largest line at 69% of revenue. License-based added $26.9M year over year (up 6%), 43% of the total change.
Operating profit was $155.9M, a 24.2% margin (up 4.6 points year over year). Of the extra revenue versus Q1 2025, 66% reached operating profit, above the 20% margin then. Total costs grew 5% against revenue growth of 11%. Net earnings were $107.1M, up 36% year over year. The effective tax rate was 24.4%.
Operating cash flow was $91.5M (up 1% year over year), 85% of net earnings. Non-cash charges added back $51.7M of depreciation and amortization and $10.8M of share-based compensation. Working capital and other items used $78.1M. Capital expenditures of $37.9M left free cash flow of $53.6M.
Questions
What was Morningstar's revenue in the first quarter 2026?
Morningstar (MORN) reported revenue of $645M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +0.6% from the quarter before.
Was Morningstar profitable in the first quarter 2026?
Operating profit was $156M (24.2% of revenue) and net earnings $107M.
Source: Morningstar 10-Q on SEC EDGAR.