Morningstar (MORN) Operating Expenses (2009 - 2026)
Morningstar's Operating Expenses came in at $509.4 million for Q2 2026, up 5.9% from $480.8 million a year earlier and up 4.0% from the prior quarter.
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Analysis
Morningstar (MORN) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Morningstar reported Operating Expenses of $1.99 billion, up 5.6% year-over-year; for FY2025, it was $1.94 billion, up 4.8% from FY2024.
- Operating Expenses has increased in each of the last ten years, with a five-year compound annual growth rate of 10.6% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $1.85 billion in FY2024 (+2.6%), $1.81 billion in FY2023 (+6.2%), $1.7 billion in FY2022 (+18.1%) and $1.44 billion in FY2021 (+22.8%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2009.
- Year-over-year, Operating Expenses has increased for nine consecutive quarters, with growth averaging 5.2% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q3 2022 (growth of 23.6%), and the weakest in Q1 2024 (a decline of 1.1%).
- Business Quant data shows MORN's Operating Expenses at $489.8 million (Q1 2026), $505.1 million (Q4 2025) and $490.1 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 116.38 Bn | 111.98 Bn | 2.98 Bn | 2.35 Bn |
| 2 | Moodys | 78.67 Bn | 71.10 Bn | 1.67 Bn | 1.14 Bn |
| 3 | Msci | 39.16 Bn | 37.50 Bn | 717.10 Mn | 379.50 Mn |
| 4 | Verisk Analytics | 21.84 Bn | 16.48 Bn | 572.90 Mn | 442.60 Mn |
| 5 | Equifax | 16.14 Bn | 15.54 Bn | 926.40 Mn | 1.39 Bn |
| 6 | TransUnion | 11.72 Bn | 8.70 Bn | - | 1.05 Bn |
| 7 | Factset Research Systems | 9.66 Bn | 8.43 Bn | 310.73 Mn | 456.62 Mn |
| 8 | Morningstar | 7.13 Bn | 5.03 Bn | 423.90 Mn | 509.40 Mn |
| 9 | Mastercard | 480.27 Bn | 440.19 Bn | - | 3.69 Bn |
| 10 | Cme | 94.12 Bn | 94.12 Bn | - | 599.10 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 509.40 Mn |
| Mar 31, 2026 | 489.80 Mn |
| Dec 31, 2025 | 505.10 Mn |
| Sep 30, 2025 | 490.10 Mn |
| Jun 30, 2025 | 480.80 Mn |
| Mar 31, 2025 | 467.80 Mn |
| Dec 31, 2024 | 486.80 Mn |
| Sep 30, 2024 | 453.90 Mn |
| Jun 30, 2024 | 463.40 Mn |
| Mar 31, 2024 | 450.20 Mn |
| Dec 31, 2023 | 444.30 Mn |
| Sep 30, 2023 | 445.50 Mn |
| Jun 30, 2023 | 463.00 Mn |
| Mar 31, 2023 | 455.20 Mn |
| Dec 31, 2022 | 439.50 Mn |
| Sep 30, 2022 | 446.20 Mn |
| Jun 30, 2022 | 416.50 Mn |
| Mar 31, 2022 | 400.60 Mn |
| Dec 31, 2021 | 387.40 Mn |
| Sep 30, 2021 | 361.10 Mn |
API Access
Morningstar Operating Expenses 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=operating-expenses&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();