Company / Cost of Revenue
Morningstar, Inc. Cost of Revenue History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Cost of Revenue
$952.9M
FY2025
5-year range
$483.1M / $952.9M
FY2021-FY2025
Trend
+6.4%
vs FY2024
Sector context
#14 of 38
Financials
What the data says
At $953M, Morningstar, Inc.'s cost of revenue ranks #25 of 38 in the Financials sector. Cost of Revenue has increased for 6 consecutive years, from $387M in FY2019 to $953M in FY2025.
Based on SEC 10-K filings.
$953M in FY2025 with a 5-year CAGR of +18.3%.
Increased from $844M to $953M over the past 2 years.
Financials sector context is included.
Cost of Revenue over time
Growth rates
- 3-Year CAGR
- +19.6%
- 5-Year CAGR
- +18.3%
- 10-Year CAGR
- -
Sector benchmark
#25 of 38 in FinancialsTop 63% of 38This company $952.9M Sector average $1.3B
▼
-25.2% below sector average
Key checks
Key Insights
- Morningstar, Inc.'s cost of revenue has grown for 6 consecutive years.
- 5-year CAGR of +18.3%, indicating consistent growth.
- In FY2025, cost of revenue increased 6.4% year-over-year.
- Ranks #14 out of 38 companies in the Financials sector.
Company context
Key Data Points
- High earnings quality (cash-backed earnings)
- Strong return on equity: 24.8%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Cost of RevenueValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $952.9M | +6.4% |
| FY2024 | $895.7M | +6.2% |
| FY2023 | $843.5M | +51.6% |
| FY2022 | $556.4M | +15.2% |
| FY2021 | $483.1M | +17.5% |
| FY2020 | $411.1M | +6.3% |
| FY2019 | $386.6M | -6.0% |
| FY2018 | $411.1M | +24.5% |
| FY2017 | $330.1M | +3.6% |
| FY2016 | $318.6M | +17.4% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026