Morningstar, Inc. Income Statement
MORN / Financials|15 years of annual SEC 10-K data (FY2011-FY2025)
Line items include revenue, cost of goods sold, gross profit, operating expenses, interest, taxes, and net income with per-share data across 15 fiscal years. All figures from audited SEC 10-K filings.
Morningstar, Inc. reported $2.4B in revenue and $374M in net income for FY2025. Revenue has grown at a 12.4% compound annual rate over the past 14 years.
Based on SEC 10-K filings.
Key Data Points
- High earnings quality (cash-backed earnings)
- Strong return on equity: 24.8%
Data sourced from SEC EDGAR filings. Not investment advice.
| Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.0B | $1.4B | $1.2B | $1.0B | $911.7M | $1.0B | $788.8M | $760.1M | $698.3M | $760.1M | $631.4M | $555.4M | $479.0M |
| Cost of Revenue | $952.9M | $895.7M | $843.5M | $556.4M | $483.1M | $411.1M | $386.6M | $411.1M | $330.1M | $318.6M | $271.4M | $318.6M | $235.3M | $157.1M | $128.6M |
| SG&A Expense | $334.0M | $327.2M | $355.8M | $272.0M | $210.7M | $147.8M | $129.8M | $147.8M | $107.1M | $108.9M | $106.9M | $108.9M | $108.1M | $92.8M | $83.6M |
| R&D Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | $49.2M | $38.4M |
| Operating Income | $526.6M | $484.8M | $230.6M | $215.2M | $189.6M | $215.8M | $169.8M | $215.8M | $190.6M | $105.6M | $170.7M | $105.6M | $138.4M | $121.1M | $124.7M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | $1.3M | $281.0K | $348.0K |
| Income Tax | $121.5M | $104.0M | $33.0M | $59.7M | $45.6M | $47.8M | $42.9M | $47.8M | $62.7M | $35.7M | $56.0M | $35.7M | $43.7M | $42.8M | $46.8M |
| Net Income | $374.2M | $369.9M | $141.1M | $223.6M | $152.0M | $183.0M | $136.9M | $183.0M | $132.6M | $78.3M | $123.5M | $78.3M | $98.4M | $86.4M | $82.1M |
| EPS (Basic) | $3.31 | $1.65 | $4.50 | $5.22 | $3.56 | $4.30 | $3.21 | $3.74 | $3.00 | $1.75 | $2.68 | $2.23 | $1.96 | $1.75 | $1.71 |
| EPS (Diluted) | $3.29 | $1.64 | $4.45 | $5.18 | $3.52 | $4.25 | $3.18 | $3.72 | $3.00 | $1.74 | $2.66 | $2.20 | $1.92 | $1.70 | $1.65 |
| Shares Outstanding | 42.9M | 42.7M | 42.5M | 43.1M | 42.9M | 42.8M | 46.6M | 42.5M | 42.9M | 43.4M | 44.3M | 45.0M | 46.5M | 50.1M | 49.9M |
| Operating Margin | 21.5% | 21.3% | 11.3% | 15.5% | 16.1% | 21.2% | 18.6% | 21.2% | 24.2% | 13.9% | 24.4% | 13.9% | 21.9% | 21.8% | 26.0% |
| Profit Margin | 15.3% | 16.3% | 6.9% | 16.1% | 12.9% | 17.9% | 15.0% | 17.9% | 16.8% | 10.3% | 17.7% | 10.3% | 15.6% | 15.6% | 17.2% |