Filing Flows › Morningstar (MORN) › Q2 2026
Morningstar (MORN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Morningstar (MORN) reported revenue of $663M for the second quarter 2026 (Q2 2026), +10% from a year earlier and +3% from the quarter before. Operating margin was 24.2%, net earnings $108M (16.3% of revenue).
Morningstar, Q2 2026: revenue $663M (+10% year over year), operating margin 24.2%, net earnings $108M, operating cash flow $156M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $663M | +3% | +10% |
| Operating profit | $161M | +3% | +28% |
| Net earnings | $108M | +0.7% | +21% |
| Operating cash flow | $156M | +70% | +57% |
| Free cash flow | $122M | +129% | +96% |
What changed
Revenue was $663.2M in Q2 2026, up 10% year over year and up 3% from the previous quarter. License-based was the largest line at 69% of revenue. License-based added $26.7M year over year (up 6%), 46% of the total change.
Operating profit was $160.6M, a 24.2% margin (up 3.5 points year over year). Of the extra revenue versus Q2 2025, 61% reached operating profit, above the 21% margin then. Total costs grew 5% against revenue growth of 10%. The fastest-growing cost line was General & admin (+20%). Net earnings were $107.8M, up 21% year over year. The effective tax rate was 26.2%.
Operating cash flow was $155.7M (up 57% year over year), 144% of net earnings. Non-cash charges added back $53.5M of depreciation and amortization and $27.3M of share-based compensation. Working capital and other items used $32.9M. Capital expenditures of $33.2M left free cash flow of $122.5M.
Questions
What was Morningstar's revenue in the second quarter 2026?
Morningstar (MORN) reported revenue of $663M for the second quarter 2026 (Q2 2026), +10% from a year earlier and +3% from the quarter before.
Was Morningstar profitable in the second quarter 2026?
Operating profit was $161M (24.2% of revenue) and net earnings $108M.
Source: Morningstar 10-Q on SEC EDGAR.