Morningstar (MORN) Operating Income (2009 - 2026)
Morningstar (MORN) recorded Operating Income of $167.4 million in Q3 2026, up 31.0% from $127.8 million a year earlier and up 4.2% from the prior quarter.
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Analysis
Morningstar (MORN) Operating Income (2009 - 2026) Analysis & Trends
On a TTM basis, Morningstar's Operating Income came in at $643.5 million as of Sep 30, 2026, up 20.2% year-over-year; for FY2025, it came in at $526.6 million, up 8.6% from FY2024.
- Annual Operating Income has increased for three straight years, with a five-year compound annual growth rate of 19.6% (FY2020 to FY2025).
- Across earlier years, Operating Income came in at $484.8 million in FY2024 (+110.2%), $230.6 million in FY2023 (+37.4%), $167.8 million in FY2022 (-34.7%) and $257 million in FY2021 (+19.4%).
- The Q3 2026 figure is the highest quarterly Operating Income since Q4 2024.
- On a year-over-year basis, Operating Income has increased for three consecutive quarters, with growth averaging 27.3% over the last eight quarters.
- Peak year-over-year performance for Operating Income in the last five years was growth of 278.0% in Q1 2024, against a decline of 67.6% in Q3 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $160.6 million (Q2 2026), $155.9 million (Q1 2026) and $159.6 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Op. Inc (Qtr) |
|---|---|---|---|---|---|
| 1 | Msci | 235.55 Bn | 234.03 Bn | 739.80 Mn | 502.10 Mn |
| 2 | S&P Global | 137.22 Bn | 132.42 Bn | 2.64 Bn | 1.96 Bn |
| 3 | Moodys | 88.04 Bn | 81.11 Bn | 1.50 Bn | 906.00 Mn |
| 4 | Verisk Analytics | 26.17 Bn | 22.36 Bn | 567.00 Mn | 365.30 Mn |
| 5 | Equifax | 22.05 Bn | 21.44 Bn | 940.10 Mn | 355.30 Mn |
| 6 | TransUnion | 15.64 Bn | 12.48 Bn | - | 267.20 Mn |
| 7 | Factset Research Systems | 11.49 Bn | 10.35 Bn | 308.40 Mn | 156.62 Mn |
| 8 | Morningstar | 9.15 Bn | 7.04 Bn | 431.40 Mn | 167.40 Mn |
| 9 | Mastercard | 570.55 Bn | 530.63 Bn | - | 5.86 Bn |
| 10 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 1.14 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 167.40 Mn |
| Jun 30, 2026 | 160.60 Mn |
| Mar 31, 2026 | 155.90 Mn |
| Dec 31, 2025 | 159.60 Mn |
| Sep 30, 2025 | 127.80 Mn |
| Jun 30, 2025 | 125.10 Mn |
| Mar 31, 2025 | 114.10 Mn |
| Dec 31, 2024 | 168.20 Mn |
| Sep 30, 2024 | 115.50 Mn |
| Jun 30, 2024 | 108.50 Mn |
| Mar 31, 2024 | 92.60 Mn |
| Dec 31, 2023 | 94.40 Mn |
| Sep 30, 2023 | 70.00 Mn |
| Jun 30, 2023 | 41.70 Mn |
| Mar 31, 2023 | 24.50 Mn |
| Dec 31, 2022 | 35.50 Mn |
| Sep 30, 2022 | 22.00 Mn |
| Jun 30, 2022 | 53.90 Mn |
| Mar 31, 2022 | 56.40 Mn |
| Dec 31, 2021 | 74.80 Mn |
API Access
Morningstar Operating Income 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-income&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-income", "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-income&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();