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Morningstar MORN Asset-based — Consolidated revenue

Other product segments

License-based
$455.1M+6.2%
Transaction-based
$111.3M+18.0%

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

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)Three months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
License-based$455.1$428.4$900.0$846.4
Asset-based96.882.4191.9168.1
Transaction-based111.394.3216.1172.5
Consolidated revenue$663.2$605.1$1,308.0$1,187.0

Item 1.Financial Statements

FAQ

What is Morningstar's asset-based — consolidated revenue?
Morningstar (MORN) reported asset-based — consolidated revenue of $96.8M in Q2 2026.
How has Morningstar's asset-based — consolidated revenue changed year-over-year?
Morningstar's asset-based — consolidated revenue increased by 17.5% year-over-year, from $82.4M to $96.8M.
What is the long-term trend for Morningstar's asset-based — consolidated revenue?
Over 4 years (2021 to 2025), Morningstar's asset-based — consolidated revenue has grown at a 6.7% compound annual growth rate (CAGR), from $264.9M to $343M.
What does asset-based — consolidated revenue mean?
This metric represents the total revenue generated from investment products and services where fees are calculated as a percentage of assets under management or administration. It reflects the company's ability to monetize its research and data offerings through recurring fee structures tied to client investment portfolios. This revenue stream is a key indicator of the scale and stability of the firm's asset-linked business model.

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