Morningstar (MORN) Operating Margin (2009 - 2026)
Morningstar (MORN) recorded Operating Margin of 24.22% in Q2 2026, up 3.54 percentage points from 20.67% a year earlier and up 0.04 percentage points from the prior quarter.
Powered by 
Analysis
Morningstar (MORN) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Morningstar's Operating Margin came in at 23.53% as of Jun 30, 2026, up 1.25 percentage points year-over-year; for FY2025, it was 21.53%, up 0.22 percentage points from FY2024.
- Annual Operating Margin has increased for three straight years, with a five-year change of +6.05 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 21.31% in FY2024 (+10.00 pp), 11.31% in FY2023 (+2.34 pp), 8.97% in FY2022 (-6.15 pp) and 15.12% in FY2021 (-0.36 pp).
- Quarterly Operating Margin has ranged from 4.70% in Q3 2022 to 28.46% in Q4 2024 over the past five years.
- On a year-over-year basis, Operating Margin rose in seven of the last eight quarters, with an average year-over-year change of +3.36 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 11.95 percentage points in Q1 2024, against a drop of 11.11 percentage points in Q3 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 24.18% (Q1 2026), 24.89% (Q4 2025) and 20.70% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 130.92 Bn | 121.51 Bn | 2.98 Bn | 43.70% |
| 2 | Moodys | 83.50 Bn | 75.78 Bn | 1.67 Bn | 47.87% |
| 3 | Msci | 43.53 Bn | 42.01 Bn | 739.80 Mn | 56.29% |
| 4 | Verisk Analytics | 25.14 Bn | 19.78 Bn | 572.90 Mn | 45.11% |
| 5 | Equifax | 20.60 Bn | 19.88 Bn | 940.10 Mn | 20.99% |
| 6 | TransUnion | 15.19 Bn | 12.02 Bn | - | 19.70% |
| 7 | Factset Research Systems | 11.67 Bn | 10.52 Bn | 308.40 Mn | 24.68% |
| 8 | Morningstar | 8.10 Bn | 6.00 Bn | 423.90 Mn | 24.22% |
| 9 | Mastercard | 548.82 Bn | 508.75 Bn | - | 60.22% |
| 10 | Cme | 106.61 Bn | 94.70 Bn | - | 64.89% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 24.22% |
| Mar 31, 2026 | 24.18% |
| Dec 31, 2025 | 24.89% |
| Sep 30, 2025 | 20.70% |
| Jun 30, 2025 | 20.67% |
| Mar 31, 2025 | 19.61% |
| Dec 31, 2024 | 28.46% |
| Sep 30, 2024 | 20.28% |
| Jun 30, 2024 | 18.97% |
| Mar 31, 2024 | 17.06% |
| Dec 31, 2023 | 17.52% |
| Sep 30, 2023 | 13.58% |
| Jun 30, 2023 | 8.26% |
| Mar 31, 2023 | 5.11% |
| Dec 31, 2022 | 7.47% |
| Sep 30, 2022 | 4.70% |
| Jun 30, 2022 | 11.46% |
| Mar 31, 2022 | 12.34% |
| Dec 31, 2021 | 16.18% |
| Sep 30, 2021 | 15.81% |
API Access
Morningstar Operating 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=operating-margin&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();