10-K · February 13, 2026
Morningstar presents a diversified, subscription-anchored business with scale in data, research and asset management: total AUMA of approximately $378.0 billion and five reportable segments (Morningstar Direct Platform,…
Earnings analysis · 10-Q
MORN earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Morningstar, Inc. reported strong Q1 2026 results with revenue of $644.8 million, a 10.8% increase year-over-year, and diluted EPS of $3.18, exceeding estimates. Segment performance varied, with Morningstar Credit…
Read full summary
Morningstar, Inc. reported strong Q1 2026 results with revenue of $644.8 million, a 10.8% increase year-over-year, and diluted EPS of $3.18, exceeding estimates. Segment performance varied, with Morningstar Credit seeing significant growth while Morningstar Wealth faced a decline; overall operating income rose sharply, indicating operational strength despite challenges in certain areas.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.18
- Operating margin
- 24.2%
- Segment
- Morningstar Direct Platform
- Segment
- PitchBook
- Segment
- Morningstar Credit
- Segment
- Morningstar Wealth
- Segment
- Morningstar Retirement
What stood out
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Strong Revenue Growth
Revenue increased by 10.8% to $644.8 million from $581.9 million YoY.
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Surprise in EPS
Diluted EPS came in at $3.18, exceeding the estimate of $2.66, reflecting a 19.55% surprise.
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Improvement in Operating Margin
Operating margin improved to 24.2%, a rise of 4.6 percentage points compared to 19.6% last year.
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Substantial Growth in Morningstar Credit
Morningstar Credit revenue surged by 38.4% to $101 million, driven by strong performance in structured finance revenue.
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Operating Income Jumped
Operating income rose by 36.6% to $155.9 million, indicating improved profitability.
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Positive Cash Flow Dynamics
Operating cash flow was stable at $91.5 million, marking a slight increase compared to $91.0 million a year prior.
What to watch
-
Acquisition Risks Remain
Risks related to achieving benefits from the CRSP acquisition persist, affecting operational performance.
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Cybersecurity Vulnerabilities
Management highlighted risk exposure to cybersecurity incidents that could impact operational integrity.
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Interest Rate Impact on Debt
A 100 basis-point rise in interest rates could increase interest expense by $13.7 million annually.
Management's outlook
Management did not provide explicit numerical guidance; general outlook indicates expectations of continued demand growth.
Earlier filings 4
10-Q · October 30, 2025
Morningstar reported Q3 revenue of $617.4 million, up from $569.4 million in Q3 2024, with operating income of $127.8 million and stable ~20.7% operating margin. Cash generation remained strong (nine‑month operating…
10-Q · July 28, 2023
Morningstar reported Q2 revenue of $504.7 million, up from $470.4 million a year earlier, driven by license-based revenue growth. Operating income declined to $41.7 million from $53.9 million a year ago and operating…
10-Q · April 28, 2023
Morningstar reported Q1 revenue of $479.7M, up $22.7M (≈5.0%) versus Q1 2022, driven by license-based growth. Profitability weakened sharply: operating income fell to $24.5M (from $56.4M) and the company posted a net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.