Morningstar (MORN) Shares Outstanding (Diluted) (2009 - 2026)
Morningstar (MORN) recorded Shares Outstanding (Diluted) of 38.1 million in Q2 2026, down 10.4% from 42.5 million a year earlier and down 3.1% from the prior quarter.
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Analysis
Morningstar (MORN) Shares Outstanding (Diluted) (2009 - 2026) Analysis & Trends
For FY2025, Morningstar reported Shares Outstanding (Diluted) of 42.2 million, down 2.1% from FY2024.
- Annual Shares Outstanding (Diluted) has a five-year compound annual growth rate of -0.5% (FY2020 to FY2025).
- Across earlier years, Shares Outstanding (Diluted) came in at 43.1 million in FY2024 (+0.5%), 42.9 million in FY2023 (unchanged), 42.9 million in FY2022 (-1.2%) and 43.4 million in FY2021 (+0.5%).
- The Q2 2026 figure is the lowest quarterly Shares Outstanding (Diluted) in data going back to Q2 2009.
- On a year-over-year basis, Shares Outstanding (Diluted) has declined for five consecutive quarters, with an average decline of 2.9% over the last eight quarters.
- Peak year-over-year performance for Shares Outstanding (Diluted) in the last five years was growth of 0.7% in Q2 2024, against a decline of 10.4% in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 39.3 million (Q1 2026), 42.2 million (Q4 2025) and 42.3 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 114.46 Bn | 110.07 Bn | 2.98 Bn | 295.50 Mn |
| 2 | Moodys | 77.50 Bn | 69.93 Bn | 1.67 Bn | 174.50 Mn |
| 3 | Msci | 39.67 Bn | 38.01 Bn | 717.10 Mn | 72.90 Mn |
| 4 | Verisk Analytics | 21.91 Bn | 16.55 Bn | 572.90 Mn | 130.85 Mn |
| 5 | Equifax | 16.44 Bn | 15.84 Bn | 926.40 Mn | 119.20 Mn |
| 6 | TransUnion | 11.91 Bn | 8.89 Bn | - | 193.70 Mn |
| 7 | Factset Research Systems | 9.93 Bn | 8.69 Bn | 310.73 Mn | 36.19 Mn |
| 8 | Morningstar | 7.17 Bn | 5.07 Bn | 423.90 Mn | 38.10 Mn |
| 9 | Mastercard | 479.32 Bn | 439.24 Bn | - | 883.00 Mn |
| 10 | Cme | 95.24 Bn | 95.24 Bn | - | 361.28 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 38.10 Mn |
| Mar 31, 2026 | 39.30 Mn |
| Dec 31, 2025 | 42.20 Mn |
| Sep 30, 2025 | 42.30 Mn |
| Jun 30, 2025 | 42.50 Mn |
| Mar 31, 2025 | 43.10 Mn |
| Dec 31, 2024 | 43.10 Mn |
| Sep 30, 2024 | 43.20 Mn |
| Jun 30, 2024 | 43.10 Mn |
| Mar 31, 2024 | 43.00 Mn |
| Dec 31, 2023 | 42.90 Mn |
| Sep 30, 2023 | 42.90 Mn |
| Jun 30, 2023 | 42.80 Mn |
| Mar 31, 2023 | 42.80 Mn |
| Dec 31, 2022 | 42.90 Mn |
| Sep 30, 2022 | 42.70 Mn |
| Jun 30, 2022 | 42.90 Mn |
| Mar 31, 2022 | 43.30 Mn |
| Dec 31, 2021 | 43.40 Mn |
| Sep 30, 2021 | 43.40 Mn |
API Access
Morningstar Shares Outstanding (Diluted) 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=shares-outstanding-diluted&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "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=shares-outstanding-diluted&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();