Filing Flows › Morningstar (MORN) › Q4 2025
Morningstar (MORN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Morningstar (MORN) reported revenue of $641M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before. Operating margin was 24.9%, net earnings $115M (18.0% of revenue).
Morningstar, Q4 2025: revenue $641M (+8% year over year), operating margin 24.9%, net earnings $115M, operating cash flow $204M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $641M | +4% | +8% |
| Operating profit | $160M | +25% | -5% |
| Net earnings | $115M | +26% | -2% |
| Operating cash flow | $204M | +4% | +33% |
| Free cash flow | $161M | +0.7% | +43% |
What changed
Revenue was $641.1M in Q4 2025, up 8% year over year and up 4% from the previous quarter. License-based was the largest line at 68% of revenue.
Operating profit was $159.6M, a 24.9% margin (down 3.6 points year over year). Operating profit fell $8.6M even though revenue rose $50.1M versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 8%. Net earnings were $115.1M, down 2% year over year. The effective tax rate was 24.0%.
Operating cash flow was $204.0M (up 33% year over year), 177% of net earnings. Non-cash charges added back $47.1M of depreciation and amortization and $10.3M of share-based compensation. Working capital and other items added $31.5M. Capital expenditures of $42.7M left free cash flow of $161.3M.
Questions
What was Morningstar's revenue in the fourth quarter 2025?
Morningstar (MORN) reported revenue of $641M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before.
Was Morningstar profitable in the fourth quarter 2025?
Operating profit was $160M (24.9% of revenue) and net earnings $115M.
Source: Morningstar 10-K on SEC EDGAR.