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Morningstar (MORN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
Morningstar (MORN) reported revenue of $672M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +1% from the quarter before. Operating margin was 24.9%, net earnings $116M (17.2% of revenue).
Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%, net earnings $116M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $672M | +1% | +9% |
| Operating profit | $167M | +4% | +31% |
| Net earnings | $116M | +7% | +26% |
| Operating cash flow | $191M | +22% | -3% |
| Free cash flow | $155M | — | -3% |
What changed
Revenue was $672.1M in Q3 2026, up 9% year over year and up 1% from the previous quarter. License-based was the largest line at 68% of revenue. License-based added $24.0M year over year (up 6%), 44% of the total change.
Operating profit was $167.4M, a 24.9% margin (up 4.2 points year over year). Of the extra revenue versus Q3 2025, 72% reached operating profit, above the 21% margin then. Total costs grew 3% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $115.5M, up 26% year over year. The effective tax rate was 25.0%.
Operating cash flow was $190.7M (down 3% year over year), 165% of net earnings. Non-cash charges added back $53.1M of depreciation and amortization and $16.6M of share-based compensation. After capital expenditures ($35.3M), free cash flow as the company reports it was $155.4M.
Questions
What was Morningstar's revenue in the third quarter 2026?
Morningstar (MORN) reported revenue of $672M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +1% from the quarter before.
Was Morningstar profitable in the third quarter 2026?
Operating profit was $167M (24.9% of revenue) and net earnings $116M.
Source: Morningstar 10-Q on SEC EDGAR.