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Morningstar MORN Q3 2025 earnings

Reported October 29, 2025 · After market close

Revenue$617.4MMiss by $17.0M
EPS$2.55Beat by $0.21
Revenue estimate$634.4M
EPS estimate$2.34

Next report

Oct 28, 2026 (in a month)
Revenue estimate$657.3M
EPS estimate$2.97

Financials

Q3 2025

Income statement

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Revenue$617.4M+8.4%
Gross profit$375.7M+8.4%
Operating income$127.8M+10.6%
Net income$91.6M-23.5%
EPS (diluted)$2.17-21.7%

Balance sheet

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Cash & equivalents$474.2M-14.2%
Total debt$1.0B0.0%
Total equity$1.5B-3.3%
Total assets$3.6B-0.2%

Cash flow

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Operating cash flow$195.7M+2.0%
CapEx$35.6M-1.4%
Free cash flow$160.1M+2.8%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$9.79B-28.4%
Enterprise value$10.35B-26.8%
P/E26×-15.8×
P/S4.1×-2.1×

Profitability

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Gross margin60.9%0.0pp
Operating margin22.3%+3.9pp
Net margin15.7%+1.0pp
FCF margin16.5%-3.5pp

Returns & leverage

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Return on equity24.4%+1.2pp
Debt / equity0.7×0.0×
Current ratio1×-0.1×

Segments

By segment

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Morningstar Data and Analytics Segment$211.1M+6.3%
PitchBook Segment$169.0M+7.9%
Morningstar Wealth Segment$91.1M+47.4%
Morningstar Credit Segment$62.1M-12.4%
Corporate and Other$49.9M+0.2%

By product

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License-based$435.0M+6.4%
Transaction-based$97.7M+27.2%
Asset-based$84.7M+1.1%

FAQ

When did Morningstar report Q3 2025 earnings?
Morningstar (MORN) reported Q3 2025 earnings on October 29, 2025 after market close.
What were Morningstar's Q3 2025 revenue and EPS?
Morningstar reported revenue of $617.4M and eps of $2.55 for Q3 2025.
Did Morningstar beat estimates in Q3 2025?
Revenue missed the consensus estimate of $634.4M by $17.0M. EPS beat the consensus estimate of $2.34 by $0.21.
How did Morningstar's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 8.4% from $569.4M a year earlier and eps grew 27.5% from $2.00.
Where can I find Morningstar's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001289419-25-000166) and the 10-Q periodic report (0001289419-25-000168) directly on SEC EDGAR. The filing index links above go to sec.gov.