Filing Flows › Morningstar (MORN) › Q2 2026 › vs Q2 2025
Morningstar (MORN) Q2 2026 vs Q2 2025 (year over year)
Morningstar's revenue rose $58.1M (+10%) from $605M in Q2 2025 to $663M in Q2 2026. The biggest changes: License-based +$26.7M (+6%); Transaction-based +$17.0M (+18%); Asset-based +$14.4M (+17%). Operating margin 24.2% against 20.7% (+3.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 24.2% | 20.7% | +3.5 pts |
| Net margin | 16.3% | 14.7% | +1.5 pts |
| Free cash flow margin | 18.5% | 10.3% | +8.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| License-based | $455M | $428M | $26.7M | +6% |
| Transaction-based | $111M | $94.3M | $17.0M | +18% |
| Asset-based | $96.8M | $82.4M | $14.4M | +17% |
| Revenue | $663M | $605M | $58.1M | +10% |
| Operating profit | $161M | $125M | $35.5M | +28% |
| Costs & expenses | $503M | $480M | $22.6M | +5% |
| Pre-tax earnings | $146M | $115M | $30.8M | +27% |
| Other expense, net | $14.5M | $9.8M | $4.7M | +48% |
| Cost of revenue | $239M | $231M | $8.7M | +4% |
| Sales & marketing | $118M | $120M | −$1.6M | -1% |
| General & admin | $98.5M | $82.0M | $16.5M | +20% |
| Other operating costs | $46.7M | $47.7M | −$1.0M | -2% |
| Net earnings | $108M | $89.0M | $18.8M | +21% |
| Income tax | $38.3M | $26.3M | $12.0M | +46% |
| Depreciation & amortization | $53.5M | $48.5M | $5.0M | +10% |
| Share-based compensation | $27.3M | $18.4M | $8.9M | +48% |
| Working capital & other | $32.9M | $56.9M | −$24.0M | -42% |
| Operating cash flow | $156M | $99.0M | $56.7M | +57% |
| Free cash flow (OCF − capex) | $122M | $62.4M | $60.1M | +96% |
| Capital expenditures | $33.2M | $36.6M | −$3.4M | -9% |
Questions
How much did Morningstar's revenue grow year over year in Q2 2026?
Morningstar's revenue rose $58.1M (+10%) from $605M in Q2 2025 to $663M in Q2 2026.
What drove Morningstar's revenue change in Q2 2026?
License-based +$26.7M (+6%); Transaction-based +$17.0M (+18%); Asset-based +$14.4M (+17%).