Morningstar (MORN) Operating Expenses (2009 - 2026)
Morningstar (MORN) posted quarterly Operating Expenses of $509.4 million for Q2 2026, up 5.95% year-over-year from $480.8 million in Q2 2025, and up 4.0% quarter-over-quarter from $489.8 million in Q1 2026.
Morningstar (MORN) Operating Expenses (2009 - 2026) Analysis & Trends
Morningstar (MORN) has reported Operating Expenses for 18 consecutive years, with $509.4 million the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Expenses rose 5.95% year-over-year to $509.4 million; the TTM figure through Jun 2026 stood at $2.0 billion (up 5.56% YoY), while the FY2025 annual figure was $1.9 billion, up 4.83% from the prior year.
- Operating Expenses advanced to $509.4 million in Q2 2026 per MORN's latest filing, from $489.8 million in the prior quarter.
- Across five years, Operating Expenses topped out at $509.4 million in Q2 2026 and bottomed at $400.6 million in Q1 2022.
- Historically, Operating Expenses has averaged $461.6 million across 5 years, with a median of $459.1 million in 2023.
- Annual changes were most pronounced in 2022 — Operating Expenses gained 23.57% — and 2024, when it fell 1.1%.
- Morningstar's Operating Expenses stood at $439.5 million in 2022, then grew by 1.09% to $444.3 million in 2023, then rose by 9.57% to $486.8 million in 2024, then grew by 3.76% to $505.1 million in 2025, then climbed by 0.85% to $509.4 million in 2026.
- Business Quant data shows MORN's Operating Expenses at $509.4 million in Q2 2026, $489.8 million in Q1 2026, and $505.1 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 127.36 Bn | 123.22 Bn | 2.98 Bn | 2.35 Bn |
| 2 | Cme | 99.14 Bn | 99.14 Bn | 1.65 Bn | 599.10 Mn |
| 3 | Intercontinental Exchange | 91.27 Bn | 89.32 Bn | - | 1.28 Bn |
| 4 | Moodys | 87.75 Bn | 86.25 Bn | 1.67 Bn | 1.14 Bn |
| 5 | Nasdaq | 55.46 Bn | 54.74 Bn | 1.50 Bn | 788.00 Mn |
| 6 | Coinbase Global | 49.14 Bn | 40.35 Bn | 1.16 Bn | 1.33 Bn |
| 7 | Msci | 41.28 Bn | 40.93 Bn | 717.10 Mn | 379.50 Mn |
| 8 | Cboe Global Markets | 31.59 Bn | 29.20 Bn | 731.60 Mn | 255.60 Mn |
| 9 | TransUnion | 16.40 Bn | 15.56 Bn | 765.00 Mn | 1.05 Bn |
| 10 | Morningstar | 8.17 Bn | 7.65 Bn | 423.90 Mn | 509.40 Mn |
Historic Data
Download 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 |