Filing Flows › Morningstar (MORN) › Q3 2026 › vs Q3 2025
Morningstar (MORN) Q3 2026 vs Q3 2025 (year over year)
Morningstar's revenue rose $54.7M (+9%) from $617M in Q3 2025 to $672M in Q3 2026. The biggest changes: License-based +$24.0M (+6%); Asset-based +$18.3M (+22%); Transaction-based +$12.4M (+13%). Operating margin 24.9% against 20.7% (+4.2 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 24.9% | 20.7% | +4.2 pts |
| Net margin | 17.2% | 14.8% | +2.3 pts |
| Free cash flow margin | 23.1% | 25.9% | -2.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| License-based | $459M | $435M | $24.0M | +6% |
| Transaction-based | $110M | $97.7M | $12.4M | +13% |
| Asset-based | $103M | $84.7M | $18.3M | +22% |
| Revenue | $672M | $617M | $54.7M | +9% |
| Operating profit | $167M | $128M | $39.6M | +31% |
| Costs & expenses | $505M | $490M | $15.1M | +3% |
| Pre-tax earnings | $154M | $123M | $30.8M | +25% |
| Other expense, net | $13.5M | $4.7M | $8.8M | +187% |
| Cost of revenue | $241M | $242M | −$1.0M | -0.4% |
| Sales & marketing | $118M | $116M | $2.3M | +2% |
| General & admin | $93.1M | $85.9M | $7.2M | +8% |
| Other operating costs | $53.1M | $46.5M | $6.6M | +14% |
| Net earnings | $116M | $91.6M | $23.9M | +26% |
| Income tax | $38.4M | $31.4M | $7.0M | +22% |
| Depreciation & amortization | $53.1M | $47.0M | $6.1M | +13% |
| Share-based compensation | $16.6M | $18.6M | −$2.0M | -11% |
| Working capital & other | $5.5M | $38.5M | −$33.0M | -86% |
| Operating cash flow | $191M | $196M | −$5.0M | -3% |
| Free cash flow (company-reported) | $155M | $160M | −$4.7M | -3% |
| Capital expenditures | $35.3M | $35.6M | −$300K | -0.8% |
Questions
How much did Morningstar's revenue grow year over year in Q3 2026?
Morningstar's revenue rose $54.7M (+9%) from $617M in Q3 2025 to $672M in Q3 2026.
What drove Morningstar's revenue change in Q3 2026?
License-based +$24.0M (+6%); Asset-based +$18.3M (+22%); Transaction-based +$12.4M (+13%).