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Morningstar (MORN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Morningstar (MORN) reported revenue of $617M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +2% from the quarter before. Operating margin was 20.7%, net earnings $91.6M (14.8% of revenue).
Morningstar, Q3 2025: revenue $617M (+8% year over year), operating margin 20.7%, net earnings $91.6M, operating cash flow $196M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $617M | +2% | +8% |
| Operating profit | $128M | +2% | +11% |
| Net earnings | $91.6M | +3% | -23% |
| Operating cash flow | $196M | +98% | +2% |
| Free cash flow | $160M | +157% | +3% |
What changed
Revenue was $617.4M in Q3 2025, up 8% year over year and up 2% from the previous quarter. License-based was the largest line at 70% of revenue. License-based added $26.2M year over year (up 6%), 55% of the total change.
Operating profit was $127.8M, a 20.7% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 20% margin then. Total costs grew 8% against revenue growth of 8%. The fastest-growing cost line was General & admin (+11%). Net earnings were $91.6M, down 23% year over year. The effective tax rate was 25.5%.
Operating cash flow was $195.7M (up 2% year over year), 214% of net earnings. Non-cash charges added back $47.0M of depreciation and amortization and $18.6M of share-based compensation. Working capital and other items added $38.5M. Capital expenditures of $35.6M left free cash flow of $160.1M.
Questions
What was Morningstar's revenue in the third quarter 2025?
Morningstar (MORN) reported revenue of $617M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +2% from the quarter before.
Was Morningstar profitable in the third quarter 2025?
Operating profit was $128M (20.7% of revenue) and net earnings $91.6M.
Source: Morningstar 10-Q on SEC EDGAR.