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Morningstar MORN Total Cost of Revenue

Total Cost of Revenue at other companies

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$1.17B+4.1%
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$312.19M+11.2%
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Moody'sMCO
$518M+5.9%
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MSCIMSCI
$149.9M+8.9%
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$64.78K-40.9%

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$7.48B-32.8%
Enterprise value$8.91B-23.4%
P/E17.7×-9.8×
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:CostOfGoodsAndServicesSold.

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
Revenue$663.2$605.1$1,308.0$1,187.0
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

Item 1.Financial Statements

FAQ

What is Morningstar's total cost of revenue?
Morningstar (MORN) reported total cost of revenue of $239.3M in Q2 2026.
How has Morningstar's total cost of revenue changed year-over-year?
Morningstar's total cost of revenue increased by 3.8% year-over-year, from $230.6M to $239.3M.
What is the long-term trend for Morningstar's total cost of revenue?
Over 4 years (2021 to 2025), Morningstar's total cost of revenue has grown at a 8.1% compound annual growth rate (CAGR), from $698.4M to $952.9M.
What does total cost of revenue mean?
The aggregate of all direct costs attributable to producing goods and delivering services that generated the company's revenue, including materials, labor, and overhead.

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