Morningstar (MORN) Cost of Revenue (2009 - 2026)
Morningstar (MORN) posted Cost of Revenue of $240.7 million for Q3 2026, down 0.4% from $241.7 million a year earlier but up 0.6% from the prior quarter.
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Analysis
Morningstar (MORN) Cost of Revenue (2009 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Cost of Revenue at Morningstar was $968.1 million, up 3.4% year-over-year; for FY2025, it came in at $952.9 million, up 6.4% from FY2024.
- Annual Cost of Revenue has increased for 16 consecutive years, with a five-year compound annual growth rate of 11.4% (FY2020 to FY2025).
- In prior years, Morningstar's Cost of Revenue was $895.7 million in FY2024 (+6.2%), $843.5 million in FY2023 (+8.2%), $779.3 million in FY2022 (+11.6%) and $698.4 million in FY2021 (+25.5%).
- Quarterly Cost of Revenue has run from a low of $189.6 million in Q4 2021 to a high of $249.2 million in Q4 2025 over five years.
- On a year-over-year basis, Cost of Revenue increased in seven of the last eight quarters, with growth averaging 5.6%.
- The strongest year-over-year quarter for Cost of Revenue in the past five years was Q4 2021, with growth of 26.7%; the weakest was Q3 2026, with a decline of 0.4%.
- According to Business Quant data, Cost of Revenue for the three prior quarters was $239.3 million (Q2 2026), $238.9 million (Q1 2026) and $249.2 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 137.49 Bn | 127.34 Bn | 2.64 Bn | 1.03 Bn |
| 2 | Moodys | 87.98 Bn | 80.91 Bn | 1.50 Bn | 524.00 Mn |
| 3 | Msci | 46.73 Bn | 45.21 Bn | 739.80 Mn | 152.20 Mn |
| 4 | Verisk Analytics | 26.18 Bn | 20.82 Bn | 572.90 Mn | 233.40 Mn |
| 5 | Equifax | 22.14 Bn | 21.41 Bn | 940.10 Mn | 752.40 Mn |
| 6 | TransUnion | 15.87 Bn | 12.56 Bn | - | - |
| 7 | Factset Research Systems | 11.90 Bn | 10.75 Bn | 308.40 Mn | 326.30 Mn |
| 8 | Morningstar | 9.21 Bn | 7.10 Bn | 431.40 Mn | 240.70 Mn |
| 9 | Mastercard | 578.50 Bn | 538.59 Bn | - | - |
| 10 | Cme | 108.95 Bn | 97.29 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 240.70 Mn |
| Jun 30, 2026 | 239.30 Mn |
| Mar 31, 2026 | 238.90 Mn |
| Dec 31, 2025 | 249.20 Mn |
| Sep 30, 2025 | 241.70 Mn |
| Jun 30, 2025 | 230.60 Mn |
| Mar 31, 2025 | 231.40 Mn |
| Dec 31, 2024 | 232.20 Mn |
| Sep 30, 2024 | 222.70 Mn |
| Jun 30, 2024 | 222.70 Mn |
| Mar 31, 2024 | 218.10 Mn |
| Dec 31, 2023 | 205.40 Mn |
| Sep 30, 2023 | 202.90 Mn |
| Jun 30, 2023 | 216.40 Mn |
| Mar 31, 2023 | 218.80 Mn |
| Dec 31, 2022 | 195.00 Mn |
| Sep 30, 2022 | 195.40 Mn |
| Jun 30, 2022 | 197.60 Mn |
| Mar 31, 2022 | 191.30 Mn |
| Dec 31, 2021 | 189.60 Mn |
API Access
Morningstar Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MORN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();