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Morningstar MORN Q4 2025 Annual earnings

Reported February 12, 2026 · After market close

Revenue$641.1MBeat by $6.7M
EPS$2.71Beat by $0.35
Revenue estimate$634.4M
EPS estimate$2.36

Next report

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

Financials

Q4 2025

Income statement

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Revenue$641.1M+8.5%
Gross profit$391.9M+9.2%
Operating income$159.6M-5.1%
Net income$115.1M-1.5%
EPS (diluted)$2.79+3.0%

Balance sheet

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Cash & equivalents$474.5M-5.6%
Total debt$1.3B+39.5%
Total equity$1.2B-24.5%
Total assets$3.6B+1.2%

Cash flow

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Operating cash flow$204.0M+33.0%
CapEx$42.7M+5.2%
Free cash flow$161.3M+43.0%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$8.94B-38.1%
Enterprise value$9.72B-34.5%
P/E23.9×-15.2×
P/S3.7×-2.7×

Profitability

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Gross margin61%+0.4pp
Operating margin21.5%+0.2pp
Net margin15.3%-1.0pp
FCF margin18.1%-1.6pp

Returns & leverage

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Return on equity26.3%+1.2pp
Debt / equity1×+0.5×
Current ratio1×-0.1×

Segments

By segment

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Morningstar Data and Analytics Segment$211.1M+7.7%
PitchBook Segment$172.6M+6.2%
Morningstar Credit Segment$105.3M+27.9%
Morningstar Wealth Segment$63.7M-2.0%
Corporate and Other$50.3M-2.5%

By product

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License-based$437.8M+5.6%
Transaction-based$113.1M+27.2%
Asset-based$90.2M+2.9%

FAQ

When did Morningstar report Q4 2025 earnings?
Morningstar (MORN) reported Q4 2025 earnings on February 12, 2026 after market close.
What were Morningstar's Q4 2025 revenue and EPS?
Morningstar reported revenue of $641.1M and eps of $2.71 for Q4 2025.
Did Morningstar beat estimates in Q4 2025?
Revenue beat the consensus estimate of $634.4M by $6.7M. EPS beat the consensus estimate of $2.36 by $0.35.
How did Morningstar's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 8.5% from $591.0M a year earlier and eps grew 26.6% from $2.14.
Where can I find Morningstar's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001289419-26-000009) and the 10-K periodic report (0001289419-26-000013) directly on SEC EDGAR. The filing index links above go to sec.gov.