Morningstar (MORN) EBITDA (2009 - 2026)
Morningstar's EBITDA came in at $220.5 million for Q3 2026, up 26.1% from $174.8 million a year earlier and up 3.0% from the prior quarter.
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Analysis
Morningstar (MORN) EBITDA (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Morningstar reported EBITDA of $848.9 million, up 16.9% year-over-year; for FY2025, it came in at $716.5 million, up 6.1% from FY2024.
- EBITDA has increased in each of the last three years, with a five-year compound annual growth rate of 15.1% (FY2020 to FY2025).
- Going back by year, EBITDA was $675.2 million in FY2024 (+62.5%), $415.5 million in FY2023 (+24.3%), $334.4 million in FY2022 (-18.0%) and $407.7 million in FY2021 (+14.9%).
- The Q3 2026 figure represents the highest quarterly EBITDA in data going back to Q2 2009.
- Year-over-year, EBITDA has increased for three consecutive quarters, with growth averaging 20.2% over the last eight quarters.
- The fastest year-over-year change in EBITDA over five years came in Q1 2024 (growth of 101.7%), and the weakest in Q3 2022 (a decline of 37.5%).
- Business Quant data shows MORN's EBITDA at $214.1 million (Q2 2026), $207.6 million (Q1 2026) and $206.7 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 136.14 Bn | 125.99 Bn | 2.64 Bn | 2.18 Bn |
| 2 | Moodys | 87.37 Bn | 80.29 Bn | 1.50 Bn | 1.03 Bn |
| 3 | Msci | 46.53 Bn | 45.01 Bn | 739.80 Mn | 555.70 Mn |
| 4 | Verisk Analytics | 25.76 Bn | 20.40 Bn | 572.90 Mn | 445.40 Mn |
| 5 | Equifax | 21.57 Bn | 20.84 Bn | 940.10 Mn | 551.70 Mn |
| 6 | TransUnion | 15.42 Bn | 12.11 Bn | - | 431.20 Mn |
| 7 | Factset Research Systems | 11.51 Bn | 10.36 Bn | 308.40 Mn | 203.75 Mn |
| 8 | Morningstar | 9.02 Bn | 6.91 Bn | 431.40 Mn | 220.50 Mn |
| 9 | Mastercard | 571.76 Bn | 531.85 Bn | - | 6.91 Bn |
| 10 | Cme | 109.34 Bn | 97.67 Bn | - | 1.22 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 220.50 Mn |
| Jun 30, 2026 | 214.10 Mn |
| Mar 31, 2026 | 207.60 Mn |
| Dec 31, 2025 | 206.70 Mn |
| Sep 30, 2025 | 174.80 Mn |
| Jun 30, 2025 | 173.60 Mn |
| Mar 31, 2025 | 161.40 Mn |
| Dec 31, 2024 | 216.60 Mn |
| Sep 30, 2024 | 161.20 Mn |
| Jun 30, 2024 | 157.60 Mn |
| Mar 31, 2024 | 139.80 Mn |
| Dec 31, 2023 | 140.90 Mn |
| Sep 30, 2023 | 116.60 Mn |
| Jun 30, 2023 | 88.70 Mn |
| Mar 31, 2023 | 69.30 Mn |
| Dec 31, 2022 | 80.30 Mn |
| Sep 30, 2022 | 66.20 Mn |
| Jun 30, 2022 | 93.90 Mn |
| Mar 31, 2022 | 94.00 Mn |
| Dec 31, 2021 | 113.20 Mn |
API Access
Morningstar EBITDA 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=ebitda&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda", "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=ebitda&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();