Morningstar (MORN) Tax Rate (2009 - 2026)
Morningstar (MORN) reported Tax Rate of 25.20% for Q3 2026, down 0.31 percentage points from 25.51% a year earlier and down 0.86 percentage points from the prior quarter.
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Analysis
Morningstar (MORN) Tax Rate (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Morningstar's Tax Rate came in at 24.95%, up 1.66 percentage points year-over-year; for FY2025, it came in at 24.35%, up 3.18 percentage points from FY2024.
- Tax Rate has a five-year change of +3.25 percentage points (FY2020 to FY2025).
- By year, Tax Rate came in at 21.17% in FY2024 (+2.99 pp), 18.18% in FY2023 (-25.08 pp), 43.26% in FY2022 (+18.27 pp) and 24.99% in FY2021 (+3.89 pp).
- Five-year quarterly Tax Rate spans a low of 15.61% in Q4 2023 and a high of 400.00% in Q1 2023.
- Year over year, Tax Rate gained in six of the last eight quarters, with an average year-over-year change of +2.34 percentage points.
- The high point for year-over-year Tax Rate in five years was Q1 2023 (a gain of 372.54 percentage points); the low point was Q1 2024 (a drop of 375.52 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 26.05% (Q2 2026), 24.40% (Q1 2026) and 24.12% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | Msci | 235.55 Bn | 234.03 Bn | 739.80 Mn | 17.97% |
| 2 | S&P Global | 137.22 Bn | 132.42 Bn | 2.64 Bn | 24.93% |
| 3 | Moodys | 88.04 Bn | 81.11 Bn | 1.50 Bn | 23.97% |
| 4 | Verisk Analytics | 26.17 Bn | 22.36 Bn | 567.00 Mn | 25.64% |
| 5 | Equifax | 22.05 Bn | 21.44 Bn | 940.10 Mn | 28.10% |
| 6 | TransUnion | 15.64 Bn | 12.48 Bn | - | 23.21% |
| 7 | Factset Research Systems | 11.49 Bn | 10.35 Bn | 308.40 Mn | 16.10% |
| 8 | Morningstar | 9.15 Bn | 7.04 Bn | 431.40 Mn | 25.20% |
| 9 | Mastercard | 570.55 Bn | 530.63 Bn | - | 19.39% |
| 10 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 23.46% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 25.20% |
| Jun 30, 2026 | 26.05% |
| Mar 31, 2026 | 24.40% |
| Dec 31, 2025 | 24.12% |
| Sep 30, 2025 | 25.51% |
| Jun 30, 2025 | 22.58% |
| Mar 31, 2025 | 25.25% |
| Dec 31, 2024 | 20.81% |
| Sep 30, 2024 | 19.49% |
| Jun 30, 2024 | 21.45% |
| Mar 31, 2024 | 24.48% |
| Dec 31, 2023 | 15.61% |
| Sep 30, 2023 | 29.09% |
| Mar 31, 2023 | 400.00% |
| Dec 31, 2022 | 86.27% |
| Jun 30, 2022 | 18.83% |
| Mar 31, 2022 | 27.46% |
| Dec 31, 2021 | 24.93% |
| Sep 30, 2021 | 25.47% |
| Jun 30, 2021 | 30.35% |
API Access
Morningstar Tax Rate 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=tax-rate&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "tax-rate", "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=tax-rate&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();