Company / SG&A Expense
Morningstar, Inc. SG&A Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest SG&A Expense
$334.0M
FY2025
5-year range
$210.7M / $355.8M
FY2021-FY2025
Trend
+2.1%
vs FY2024
Sector context
#51 of 138
Financials
What the data says
At $334M, Morningstar, Inc.'s sg&a expense ranks #88 of 138 in the Financials sector. SG&A Expense has fluctuated over the past 10 years, ranging from $107M in FY2017 to $356M in FY2023.
Based on SEC 10-K filings.
$334M in FY2025 with a 5-year CAGR of +17.7%.
Improved from $356M to $334M over the past 2 years.
Financials sector context is included.
SG&A Expense over time
Growth rates
- 3-Year CAGR
- +7.1%
- 5-Year CAGR
- +17.7%
- 10-Year CAGR
- -
Sector benchmark
#88 of 138 in FinancialsTop 63% of 138This company $334.0M Sector average $902.3M
▼
-63.0% below sector average
Key checks
Key Insights
- 5-year CAGR of +17.7%, indicating consistent growth.
- In FY2025, sg&a expense increased 2.1% year-over-year.
- Ranks #51 out of 138 companies in the Financials sector.
- Peak sg&a expense was recorded in FY2023.
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 | SG&A ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $334.0M | +2.1% |
| FY2024 | $327.2M | -8.0% |
| FY2023 | $355.8M | +30.8% |
| FY2022 | $272.0M | +29.1% |
| FY2021 | $210.7M | +42.6% |
| FY2020 | $147.8M | +13.9% |
| FY2019 | $129.8M | -12.2% |
| FY2018 | $147.8M | +38.0% |
| FY2017 | $107.1M | -1.7% |
| FY2016 | $108.9M | +1.9% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026