Morningstar (MORN) Gross Margin (2009 - 2026)
Morningstar (MORN) reported Gross Margin of 63.92% for Q2 2026, up 2.03 percentage points from 61.89% a year earlier and up 0.97 percentage points from the prior quarter.
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Analysis
Morningstar (MORN) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Morningstar's Gross Margin came in at 62.24%, up 1.30 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 Q2 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 three quarters, with an average year-over-year change of +0.68 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 Q3 2021 (a drop of 3.86 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 62.95% (Q1 2026), 61.13% (Q4 2025) and 60.85% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 115.73 Bn | 111.34 Bn | 2.98 Bn | 71.90% |
| 2 | Moodys | 78.77 Bn | 71.20 Bn | 1.67 Bn | 76.29% |
| 3 | Msci | 39.23 Bn | 37.58 Bn | 717.10 Mn | 82.71% |
| 4 | Verisk Analytics | 21.59 Bn | 16.23 Bn | 572.90 Mn | 71.05% |
| 5 | Equifax | 16.56 Bn | 15.96 Bn | 926.40 Mn | 54.49% |
| 6 | TransUnion | 12.32 Bn | 9.30 Bn | - | - |
| 7 | Factset Research Systems | 9.30 Bn | 8.06 Bn | 310.73 Mn | 49.88% |
| 8 | Morningstar | 6.99 Bn | 4.89 Bn | 423.90 Mn | 63.92% |
| 9 | Mastercard | 490.78 Bn | 450.70 Bn | - | - |
| 10 | Cme | 94.57 Bn | 94.57 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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% |
| Sep 30, 2021 | 57.31% |
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();