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Morningstar (MORN) Cost of Revenue (2016 - 2025)

Morningstar (MORN) has disclosed Cost of Revenue for 17 consecutive years, with $119.2 million as the latest value for Q4 2025.

  • On a quarterly basis, Cost of Revenue fell 48.66% to $119.2 million in Q4 2025 year-over-year; TTM through Dec 2025 was $467.0 million, a 53.63% decrease, with the full-year FY2025 number at $467.0 million, down 47.86% from a year prior.
  • Cost of Revenue was $119.2 million for Q4 2025 at Morningstar, up from -$114.2 million in the prior quarter.
  • In the past five years, Cost of Revenue ranged from a high of $447.6 million in Q3 2024 to a low of -$214.3 million in Q4 2023.
  • A 5-year average of $153.4 million and a median of $187.2 million in 2021 define the central range for Cost of Revenue.
  • Peak YoY movement for Cost of Revenue: surged 270.95% in 2021, then tumbled 209.9% in 2023.
  • Morningstar's Cost of Revenue stood at $73.5 million in 2021, then soared by 165.31% to $195.0 million in 2022, then crashed by 209.9% to -$214.3 million in 2023, then surged by 208.35% to $232.2 million in 2024, then tumbled by 48.66% to $119.2 million in 2025.
  • Per Business Quant, the three most recent readings for MORN's Cost of Revenue are $119.2 million (Q4 2025), -$114.2 million (Q3 2025), and $230.6 million (Q2 2025).