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Morningstar MORN License-based — Consolidated revenue

Other product segments

Transaction-based
$104.8M+34.0%
Asset-based
$95.1M+11.0%

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Other financials

Income statement

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Revenue$644.8M+10.8%
Gross profit$405.9M+15.8%
Operating income$155.9M+36.6%
Net income$107.1M+36.4%
EPS (diluted)$2.73+50.0%

Balance sheet

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Cash & equivalents$492.8M-3.7%
Total debt$1.9B+91.9%
Total equity$1.0B-36.7%
Total assets$4.0B+11.2%

Cash flow

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Operating cash flow$91.5M+0.5%
CapEx$37.9M+17.7%
Free cash flow$53.6M-8.8%

Valuation

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Market cap$5.84B-49.2%

Profitability

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Gross margin61.7%+1.0pp
Operating margin22.7%+0.8pp
Net margin16.1%-0.5pp
FCF margin17.4%-1.9pp

Returns & leverage

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Return on equity30.7%+5.0pp
Debt / equity1.9×+1.3×
Current ratio-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Morningstar’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morningstar's license-based — consolidated revenue?
Morningstar (MORN) reported license-based — consolidated revenue of $444.9M in Q1 2026.
How has Morningstar's license-based — consolidated revenue changed year-over-year?
Morningstar's license-based — consolidated revenue increased by 6.4% year-over-year, from $418M to $444.9M.
What is the long-term trend for Morningstar's license-based — consolidated revenue?
Over 4 years (2021 to 2025), Morningstar's license-based — consolidated revenue has grown at a 11.0% compound annual growth rate (CAGR), from $1.13B to $1.72B.
What does license-based — consolidated revenue mean?
This metric represents the total revenue generated from the company's license-based business segment, which typically involves recurring subscription fees for access to proprietary data, research platforms, and analytical software tools. It serves as a key indicator of the company's ability to monetize its intellectual property and maintain a stable, predictable revenue stream from institutional and individual clients. Growth in this area reflects the successful adoption and retention of the company's core investment research and data solutions within the financial services market.