Filing Flows › Morningstar (MORN) › Q3 2026 › vs Q2 2026
Morningstar (MORN) Q3 2026 vs Q2 2026 (quarter over quarter)
Morningstar's revenue rose $8.9M (+1%) from $663M in Q2 2026 to $672M in Q3 2026. The biggest changes: Asset-based +$6.2M (+6%); License-based +$3.9M (+0.9%); Transaction-based −$1.2M (-1%). Operating margin 24.9% against 24.2% (+0.7 pts).
Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%, net earnings $116M, operating cash flow $191M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 24.9% | 24.2% | +0.7 pts |
| Net margin | 17.2% | 16.3% | +0.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| License-based | $459M | $455M | $3.9M | +0.9% |
| Transaction-based | $110M | $111M | −$1.2M | -1% |
| Asset-based | $103M | $96.8M | $6.2M | +6% |
| Revenue | $672M | $663M | $8.9M | +1% |
| Operating profit | $167M | $161M | $6.8M | +4% |
| Costs & expenses | $505M | $503M | $2.1M | +0.4% |
| Pre-tax earnings | $154M | $146M | $7.8M | +5% |
| Other expense, net | $13.5M | $14.5M | −$1.0M | -7% |
| Cost of revenue | $241M | $239M | $1.4M | +0.6% |
| Sales & marketing | $118M | $118M | −$300K | -0.3% |
| General & admin | $93.1M | $98.5M | −$5.4M | -5% |
| Other operating costs | $53.1M | $46.7M | $6.4M | +14% |
| Net earnings | $116M | $108M | $7.7M | +7% |
| Income tax | $38.4M | $38.3M | $100K | +0.3% |
| Depreciation & amortization | $53.1M | $53.5M | −$400K | -0.7% |
| Share-based compensation | $16.6M | $27.3M | −$10.7M | -39% |
| Working capital & other | $5.5M | −$32.9M | $38.4M | — |
| Operating cash flow | $191M | $156M | $35.0M | +22% |
Questions
How much did Morningstar's revenue grow quarter over quarter in Q3 2026?
Morningstar's revenue rose $8.9M (+1%) from $663M in Q2 2026 to $672M in Q3 2026.
What drove Morningstar's revenue change in Q3 2026?
Asset-based +$6.2M (+6%); License-based +$3.9M (+0.9%); Transaction-based −$1.2M (-1%).