Morningstar, Inc. (MORN) — Financial statements
Income statement, balance sheet, and cash flow for Morningstar, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 2,446↑7.5% | 2,275↑11.6% | 2,039↑9.0% | 1,871↑10.1% | 1,699 | |
| Cost of Revenue | 953↑6.4% | 896↑6.2% | 844↑8.2% | 779↑11.6% | 698 | |
| Gross Profit | 1,493↑8.2% | 1,379↑15.4% | 1,195↑9.5% | 1,091↑9.0% | 1,001 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 334↑2.1% | 327↓8.0% | 356↓11.1% | 400↑25.8% | 318 | |
| Selling & Marketing Expenses | 467↑5.9% | 441↑4.1% | 424↑18.9% | 357↑29.7% | 275 | |
| SG&A Expenses | 801↑4.3% | 768↓1.5% | 780↑3.0% | 757↑27.6% | 593 | |
| Other Expenses | 165↑30.5% | 126↓31.6% | 185↑11.0% | 167↑10.6% | 151 | |
| Operating Expenses | 966↑8.0% | 895↓7.2% | 965↑4.4% | 924↑24.1% | 744 | |
| Total Costs & Expenses | 1,919↑7.2% | 1,790↓1.0% | 1,808↑6.2% | 1,703↑18.1% | 1,442 | |
| Operating Results | ||||||
| Operating Income | 527↑8.6% | 485↑110.2% | 231↑37.4% | 168↓34.7% | 257 | |
| Depreciation & Amortization | 190↓0.3% | 190↑3.0% | 185↑11.0% | 167↑10.6% | 151 | |
| EBITDA | 729↓0.4% | 732↑75.0% | 418↑28.4% | 326↓20.6% | 410 | |
| EBIT | 539↓0.4% | 541↑132.1% | 233↑46.7% | 159↓38.7% | 259 | |
| Interest & Other Income | ||||||
| Net Interest Income | -29↑24.1% | -38↑11.7% | -43↓59.9% | -27↓281.4% | -7 | |
| Interest Income | 11↓6.6% | 12↑35.6% | 9↑429.4% | 2↑0.0% | 2 | |
| Interest Expense | 40↓19.8% | 50↓3.5% | 52↑82.0% | 28↑226.4% | 9 | |
| Non-Operating Income | -12↑78.0% | -56↓2069.2% | -3↓129.5% | 9↑500.0% | -2 | |
| Other Income / Expenses | -31↓183.5% | -11↑80.7% | -57↓38.5% | -41↓3609.1% | -1 | |
| Income Before Tax | 496↑4.6% | 474↑172.2% | 174↑37.1% | 127↓50.4% | 256 | |
| Income Tax Expense | 122↑16.8% | 104↑215.2% | 33↓41.6% | 57↓9.7% | 63 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 374↑1.2% | 370↑162.2% | 141↑100.1% | 71↓63.5% | 193 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 374↑1.2% | 370↑162.2% | 141↑100.1% | 71↓63.5% | 193 | |
| Bottom-Line Net Income | 374↑1.2% | 370↑162.2% | 141↑100.1% | 71↓63.5% | 193 | |
| EPS (Basic) | 8.93↑3.4% | 8.64↑161.0% | 3.31↑100.6% | 1.65↓63.3% | 4.50 | |
| EPS (Diluted) | 8.87↑3.4% | 8.58↑160.8% | 3.29↑100.6% | 1.64↓63.1% | 4.45 | |
| Weighted Average Shares | 42↓2.1% | 43↑0.5% | 43↑0.0% | 43↓0.9% | 43 | |
| Weighted Average Diluted Shares | 42↓2.1% | 43↑0.5% | 43↑0.0% | 43↓1.2% | 43 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.