Filing Flows › Morningstar (MORN) › Q2 2025
Morningstar (MORN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Morningstar (MORN) reported revenue of $605M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +4% from the quarter before. Operating margin was 20.7%, net earnings $89.0M (14.7% of revenue).
Morningstar, Q2 2025: revenue $605M (+6% year over year), operating margin 20.7%, net earnings $89.0M, operating cash flow $99.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $605M | +4% | +6% |
| Operating profit | $125M | +10% | +15% |
| Net earnings | $89.0M | +13% | +29% |
| Operating cash flow | $99.0M | +9% | -35% |
| Free cash flow | $62.4M | +6% | -48% |
What changed
Revenue was $605.1M in Q2 2025, up 6% year over year and up 4% from the previous quarter. License-based was the largest line at 71% of revenue. License-based added $26.7M year over year (up 7%), 80% of the total change. Asset-based declined 3%.
Operating profit was $125.1M, a 20.7% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 19% margin then. Total costs grew 4% against revenue growth of 6%. Net earnings were $89.0M, up 29% year over year. The effective tax rate was 22.8%.
Operating cash flow was $99.0M (down 35% year over year), 111% of net earnings. Non-cash charges added back $48.5M of depreciation and amortization and $18.4M of share-based compensation. Working capital and other items used $56.9M. Capital expenditures of $36.6M left free cash flow of $62.4M.
Questions
What was Morningstar's revenue in the second quarter 2025?
Morningstar (MORN) reported revenue of $605M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +4% from the quarter before.
Was Morningstar profitable in the second quarter 2025?
Operating profit was $125M (20.7% of revenue) and net earnings $89.0M.
Source: Morningstar 10-Q on SEC EDGAR.