Filing Flows › Morningstar (MORN) › How it makes money
How Morningstar (MORN) makes money
Morningstar (MORN) made $672M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. License-based brought in $459M (68%); Transaction-based brought in $110M (16%); Asset-based brought in $103M (15%). Of every dollar of revenue, 25¢ was left as operating profit, 17¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| License-based | $459M | 68.3% | +0.9% | +6% |
| Transaction-based | $110M | 16.4% | -1% | +13% |
| Asset-based | $103M | 15.3% | +6% | +22% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $672M | 100.0% |
| Operating profit | $167M | 24.9% |
| Income tax | $38.4M | 5.7% |
| Net earnings | $116M | 17.2% |
| Operating cash flow | $191M | 28.4% |
| Free cash flow | $155M | 23.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $672M | +9% |
| Q2 2026 | $663M | +10% |
| Q1 2026 | $645M | +11% |
| Q4 2025 | $641M | +8% |
| Q3 2025 | $617M | +8% |
| Q2 2025 | $605M | +6% |
| Q1 2025 | $582M | +7% |
From Morningstar's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Morningstar make money?
Morningstar (MORN) made $672M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. License-based brought in $459M (68%); Transaction-based brought in $110M (16%); Asset-based brought in $103M (15%). Of every dollar of revenue, 25¢ was left as operating profit, 17¢ was left as net earnings.
What is Morningstar's biggest business?
License-based: $459M in the third quarter 2026, 68% of revenue, +6% from a year earlier.
What is Morningstar's profit margin?
Net earnings were $116M, 17.2% of revenue, in the third quarter 2026; the operating margin was 24.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.