Filing Flows › Morningstar (MORN) › Q2 2026 › vs Q1 2026
Morningstar (MORN) Q2 2026 vs Q1 2026 (quarter over quarter)
Morningstar's revenue rose $18.4M (+3%) from $645M in Q1 2026 to $663M in Q2 2026. The biggest changes: License-based +$10.2M (+2%); Transaction-based +$6.5M (+6%); Asset-based +$1.7M (+2%). Operating margin 24.2% against 24.2% (+0.0 pts).
Morningstar, Q2 2026: revenue $663M (+10% year over year), operating margin 24.2%, net earnings $108M, operating cash flow $156M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 24.2% | 24.2% | +0.0 pts |
| Net margin | 16.3% | 16.6% | -0.4 pts |
| Free cash flow margin | 18.5% | 8.3% | +10.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| License-based | $455M | $445M | $10.2M | +2% |
| Transaction-based | $111M | $105M | $6.5M | +6% |
| Asset-based | $96.8M | $95.1M | $1.7M | +2% |
| Revenue | $663M | $645M | $18.4M | +3% |
| Operating profit | $161M | $156M | $4.7M | +3% |
| Costs & expenses | $503M | $489M | $13.7M | +3% |
| Pre-tax earnings | $146M | $142M | $4.3M | +3% |
| Other expense, net | $14.5M | $14.1M | $400K | +3% |
| Cost of revenue | $239M | $239M | $400K | +0.2% |
| Sales & marketing | $118M | $115M | $2.9M | +3% |
| General & admin | $98.5M | $84.0M | $14.5M | +17% |
| Other operating costs | $46.7M | $50.8M | −$4.1M | -8% |
| Net earnings | $108M | $107M | $700K | +0.7% |
| Income tax | $38.3M | $34.6M | $3.7M | +11% |
| Depreciation & amortization | $53.5M | $51.7M | $1.8M | +3% |
| Share-based compensation | $27.3M | $10.8M | $16.5M | +153% |
| Working capital & other | $32.9M | $78.1M | −$45.2M | -58% |
| Operating cash flow | $156M | $91.5M | $64.2M | +70% |
| Free cash flow (OCF − capex) | $122M | $53.6M | $68.9M | +129% |
| Capital expenditures | $33.2M | $37.9M | −$4.7M | -12% |
Questions
How much did Morningstar's revenue grow quarter over quarter in Q2 2026?
Morningstar's revenue rose $18.4M (+3%) from $645M in Q1 2026 to $663M in Q2 2026.
What drove Morningstar's revenue change in Q2 2026?
License-based +$10.2M (+2%); Transaction-based +$6.5M (+6%); Asset-based +$1.7M (+2%).