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G&A at other companies

MSCI logo
MSCIMSCI
$46.2M+20.6%
Blackrock logo
BlackrockBLK
$720M+17.5%
ATH
Aether HoldingsATHR
$1.06M+86.7%
StepStone Group Inc. logo
StepStone Group Inc.STEP
$53.47M+24.6%
Silvercrest Asset Management Group logo
Silvercrest Asset Management GroupSAMG
$9M+17.3%

Other financials

Income statement

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Revenue$663.2M+9.6%
Gross profit$423.9M+13.2%
Operating income$160.6M+28.4%
Net income$107.8M+21.1%
EPS (diluted)$2.83+35.4%

Balance sheet

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Cash & equivalents$489.5M-2.8%
Total debt$1.9B+86.0%
Total equity$1.0B-36.6%
Total assets$3.9B+8.7%

Cash flow

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Operating cash flow$155.7M+57.3%
CapEx$33.2M-9.3%
Free cash flow$122.5M+96.3%

Valuation

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Market cap$7.37B-32.8%
Enterprise value$8.81B-23.4%
P/E17.5×-9.6×
P/S2.9×-1.8×

Profitability

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Gross margin62.2%+1.3pp
Operating margin23.5%+1.3pp
Net margin16.4%-0.8pp
FCF margin19.4%+2.8pp

Returns & leverage

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Return on equity32%+5.4pp
Debt / equity1.9×+1.2×
Current ratio1.1×-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:GeneralAndAdministrativeExpense.

The source filing: Morningstar’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:27 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001289419-26-000041
(in millions, except per share amounts)Three months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Operating expense:
Cost of revenue239.3230.6478.2462.0
Sales and marketing118.1119.7233.3232.3
General and administrative98.582.0182.5158.5
Depreciation and amortization53.548.5105.295.8
Total operating expense509.4480.8999.2948.6
Other operating income6.80.87.70.8
Operating income160.6125.1316.5239.2

Item 1.Financial Statements

FAQ

What is Morningstar's G&A?
Morningstar (MORN) reported G&A of $98.5M in Q2 2026.
How has Morningstar's G&A changed year-over-year?
Morningstar's G&A increased by 20.1% year-over-year, from $82M to $98.5M.
What is the long-term trend for Morningstar's G&A?
Over 4 years (2021 to 2025), Morningstar's G&A has grown at a 1.2% compound annual growth rate (CAGR), from $318.4M to $334M.
What does G&A mean?
Overhead costs not directly tied to production or sales — corporate management, legal, accounting, office rent, insurance, and other administrative functions.

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