Morningstar (MORN) Research & Development (2009 - 2026)
Morningstar (MORN) posted quarterly Research & Development of $118.1 million for Q2 2026, down 1.34% year-over-year from $119.7 million in Q2 2025, and up 2.52% quarter-over-quarter from $115.2 million in Q1 2026.
Morningstar (MORN) Research & Development (2009 - 2026) Analysis & Trends
Morningstar (MORN) has reported Research & Development for 18 consecutive years, with $118.1 million the latest figure, recorded in Q2 2026.
- In Q2 2026, Research & Development fell 1.34% year-over-year to $118.1 million; the TTM figure through Jun 2026 stood at $468.0 million (up 2.32% YoY), while the FY2025 annual figure was $467.0 million, up 5.9% from the prior year.
- Research & Development improved to $118.1 million in Q2 2026 per MORN's latest filing, from $115.2 million in the prior quarter.
- Across five years, Research & Development topped out at $119.7 million in Q2 2025 and bottomed at $81.4 million in Q1 2022.
- Historically, Research & Development has averaged $106.8 million across 5 years, with a median of $108.7 million in 2023.
- Annual changes were most pronounced in 2022 — Research & Development soared 38.05% — and 2024, when it slipped 2.79%.
- Morningstar's Research & Development stood at $93.6 million in 2022, then climbed by 7.26% to $100.4 million in 2023, then rose by 16.73% to $117.2 million in 2024, then grew by 1.71% to $119.2 million in 2025, then retreated by 0.92% to $118.1 million in 2026.
- Business Quant data shows MORN's Research & Development at $118.1 million in Q2 2026, $115.2 million in Q1 2026, and $119.2 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 127.39 Bn | 123.25 Bn | 2.98 Bn | - |
| 2 | Cme | 98.72 Bn | 98.72 Bn | 1.65 Bn | 83.30 Mn |
| 3 | Intercontinental Exchange | 91.00 Bn | 89.04 Bn | - | 242.00 Mn |
| 4 | Moodys | 87.71 Bn | 86.21 Bn | 1.67 Bn | - |
| 5 | Nasdaq | 55.30 Bn | 54.59 Bn | 1.50 Bn | 88.00 Mn |
| 6 | Coinbase Global | 49.75 Bn | 40.96 Bn | 1.16 Bn | 472.85 Mn |
| 7 | Msci | 41.35 Bn | 40.99 Bn | 717.10 Mn | 87.40 Mn |
| 8 | Cboe Global Markets | 31.38 Bn | 28.99 Bn | 731.60 Mn | 26.20 Mn |
| 9 | TransUnion | 16.49 Bn | 15.65 Bn | 765.00 Mn | - |
| 10 | Morningstar | 8.16 Bn | 7.63 Bn | 423.90 Mn | 118.10 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 118.10 Mn |
| Mar 31, 2026 | 115.20 Mn |
| Dec 31, 2025 | 119.20 Mn |
| Sep 30, 2025 | 115.50 Mn |
| Jun 30, 2025 | 119.70 Mn |
| Mar 31, 2025 | 112.60 Mn |
| Dec 31, 2024 | 117.20 Mn |
| Sep 30, 2024 | 107.90 Mn |
| Jun 30, 2024 | 111.30 Mn |
| Mar 31, 2024 | 104.60 Mn |
| Dec 31, 2023 | 100.40 Mn |
| Sep 30, 2023 | 106.30 Mn |
| Jun 30, 2023 | 109.50 Mn |
| Mar 31, 2023 | 107.60 Mn |
| Dec 31, 2022 | 93.60 Mn |
| Sep 30, 2022 | 89.70 Mn |
| Jun 30, 2022 | 91.80 Mn |
| Mar 31, 2022 | 81.40 Mn |
| Dec 31, 2021 | 73.50 Mn |
| Sep 30, 2021 | 72.90 Mn |