Morningstar (MORN) Gross Margin (2009 - 2026)
Morningstar (MORN) reported Gross Margin of 64.19% for Q3 2026, up 3.33 percentage points from 60.85% a year earlier and up 0.27 percentage points from the prior quarter.
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Analysis
Morningstar (MORN) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Morningstar's Gross Margin came in at 63.07%, up 2.14 percentage points year-over-year; for FY2025, it was 61.03%, up 0.40 percentage points from FY2024.
- Gross Margin has increased for three consecutive years, with a five-year change of +1.08 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 60.63% in FY2024 (+2.01 pp), 58.62% in FY2023 (+0.28 pp), 58.34% in FY2022 (-0.56 pp) and 58.90% in FY2021 (-1.06 pp).
- The Q3 2026 figure ranks as the highest quarterly Gross Margin since Q4 2012.
- Year over year, Gross Margin has now increased in each of the last four quarters, with an average year-over-year change of +1.07 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q1 2024 (a gain of 5.43 percentage points); the low point was Q1 2023 (a drop of 3.75 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 63.92% (Q2 2026), 62.95% (Q1 2026) and 61.13% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 136.14 Bn | 125.99 Bn | 2.64 Bn | 71.89% |
| 2 | Moodys | 87.37 Bn | 80.29 Bn | 1.50 Bn | 74.10% |
| 3 | Msci | 46.53 Bn | 45.01 Bn | 739.80 Mn | 82.94% |
| 4 | Verisk Analytics | 25.76 Bn | 20.40 Bn | 572.90 Mn | 71.05% |
| 5 | Equifax | 21.57 Bn | 20.84 Bn | 940.10 Mn | 55.55% |
| 6 | TransUnion | 15.42 Bn | 12.11 Bn | - | - |
| 7 | Factset Research Systems | 11.51 Bn | 10.36 Bn | 308.40 Mn | 48.59% |
| 8 | Morningstar | 9.02 Bn | 6.91 Bn | 431.40 Mn | 64.19% |
| 9 | Mastercard | 571.76 Bn | 531.85 Bn | - | - |
| 10 | Cme | 109.34 Bn | 97.67 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 64.19% |
| Jun 30, 2026 | 63.92% |
| Mar 31, 2026 | 62.95% |
| Dec 31, 2025 | 61.13% |
| Sep 30, 2025 | 60.85% |
| Jun 30, 2025 | 61.89% |
| Mar 31, 2025 | 60.23% |
| Dec 31, 2024 | 60.71% |
| Sep 30, 2024 | 60.89% |
| Jun 30, 2024 | 61.06% |
| Mar 31, 2024 | 59.82% |
| Dec 31, 2023 | 61.87% |
| Sep 30, 2023 | 60.64% |
| Jun 30, 2023 | 57.12% |
| Mar 31, 2023 | 54.39% |
| Dec 31, 2022 | 58.95% |
| Sep 30, 2022 | 58.27% |
| Jun 30, 2022 | 57.99% |
| Mar 31, 2022 | 58.14% |
| Dec 31, 2021 | 58.98% |
API Access
Morningstar Gross Margin 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=gross-margin&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();