Morningstar (MORN) Tax Rate (2009 - 2026)
Morningstar (MORN) reported Tax Rate of 24.4% for Q1 2026, down 85.0% year-over-year from 162.67% in Q1 2025, and up 1.16% on a QoQ basis from 24.12% in Q4 2025.
Morningstar (MORN) has 18 years of Tax Rate data on file, last reported at 24.4% in Q1 2026.
- Quarterly Tax Rate fell 85.0% year-over-year to 24.4% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 24.18% (up 271.0% YoY) and the FY2025 annual result came in at 24.35%, up 318.0% from the prior year.
- Tax Rate advanced to 24.4% in Q1 2026 per MORN's latest filing, from 24.12% in the prior quarter.
- Across five years, Tax Rate topped out at 400.0% in Q1 2023 and bottomed at 234.78% in Q3 2022.
- The 5-year median for Tax Rate is 24.12% (2025), against an average of 31.24%.
- The widest annual swing landed in 2023, when Tax Rate surged 37254 bps; it then slumped 37552 bps in 2024.
- Tracing MORN's Tax Rate over 5 years: stood at 86.27% in 2022, then plunged by 82 bps to 15.61% in 2023, then soared by 33 bps to 20.81% in 2024, then rose by 16 bps to 24.12% in 2025, then rose by 1 bps to 24.4% in 2026.
- Per Business Quant, the three latest MORN Tax Rate figures stand at 24.4% (Q1 2026), 24.12% (Q4 2025), and 25.51% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 126.06 Bn | 129.16 Bn | 2.94 Bn | 21.17 |
| 2 | Cme | 98.29 Bn | 98.29 Bn | 1.83 Bn | 23.60 |
| 3 | Intercontinental Exchange | 83.83 Bn | 82.37 Bn | - | 24.51 |
| 4 | Moodys | 80.13 Bn | 78.77 Bn | 1.55 Bn | 24.02 |
| 5 | Nasdaq | 52.44 Bn | 51.76 Bn | 1.41 Bn | 23.34 |
| 6 | Coinbase Global | 50.05 Bn | 49.52 Bn | 1.33 Bn | 15.19 |
| 7 | Msci | 46.28 Bn | 45.89 Bn | 765.10 Mn | -4.32 |
| 8 | Cboe Global Markets | 34.92 Bn | 32.75 Bn | 728.90 Mn | 25.18 |
| 9 | TransUnion | 13.79 Bn | 13.22 Bn | 726.20 Mn | 6.45 |
| 10 | Morningstar | 7.12 Bn | 6.58 Bn | 405.90 Mn | 24.40 |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.40 |
| Mar 31, 2026 | 24.40 |
| Dec 31, 2025 | 24.12 |
| Dec 31, 2025 | 24.12 |
| Sep 30, 2025 | 25.51 |
| Sep 30, 2025 | 25.51 |
| Jun 30, 2025 | 22.58 |
| Jun 30, 2025 | 22.58 |
| Mar 31, 2025 | 25.25 |
| Mar 31, 2025 | 25.25 |
| Dec 31, 2024 | 20.81 |
| Dec 31, 2024 | 20.81 |
| Sep 30, 2024 | 19.49 |
| Sep 30, 2024 | 19.49 |
| Jun 30, 2024 | 21.45 |
| Jun 30, 2024 | 21.45 |
| Mar 31, 2024 | 24.48 |
| Mar 31, 2024 | 24.48 |
| Dec 31, 2023 | 15.61 |
| Dec 31, 2023 | 15.61 |
| Sep 30, 2023 | 29.09 |
| Sep 30, 2023 | 29.09 |
| Jun 30, 2023 | -19.56 |
| Jun 30, 2023 | -19.56 |
| Mar 31, 2023 | 400.00 |
| Mar 31, 2023 | 400.00 |
| Dec 31, 2022 | 86.27 |
| Dec 31, 2022 | 86.27 |
| Sep 30, 2022 | -234.78 |
| Sep 30, 2022 | -234.78 |
| Jun 30, 2022 | 18.83 |
| Jun 30, 2022 | 18.83 |
| Mar 31, 2022 | 27.46 |
| Mar 31, 2022 | 27.46 |
| Dec 31, 2021 | 24.93 |
| Dec 31, 2021 | 24.93 |
| Sep 30, 2021 | 25.47 |
| Sep 30, 2021 | 25.47 |
| Jun 30, 2021 | 30.35 |
| Jun 30, 2021 | 30.35 |
| Mar 31, 2021 | 20.95 |
| Mar 31, 2021 | 20.95 |
| Dec 31, 2020 | 20.45 |
| Dec 31, 2020 | 20.45 |
| Sep 30, 2020 | 18.27 |
| Sep 30, 2020 | 18.27 |
| Jun 30, 2020 | 23.79 |
| Jun 30, 2020 | 23.79 |
| Mar 31, 2020 | 25.60 |
| Mar 31, 2020 | 25.60 |
| Dec 31, 2019 | 25.49 |
| Dec 31, 2019 | 25.49 |
| Sep 30, 2019 | 20.94 |
| Sep 30, 2019 | 20.94 |
| Jun 30, 2019 | 22.03 |
| Jun 30, 2019 | 22.03 |
| Mar 31, 2019 | 24.89 |
| Mar 31, 2019 | 24.89 |
| Dec 31, 2018 | 11.36 |
| Dec 31, 2018 | 11.36 |
| Sep 30, 2018 | 22.15 |
| Sep 30, 2018 | 22.15 |
| Jun 30, 2018 | 23.27 |
| Jun 30, 2018 | 23.27 |
| Mar 31, 2018 | 23.59 |
| Mar 31, 2018 | 23.59 |
| Dec 31, 2017 | 6.44 |
| Dec 31, 2017 | 6.44 |
| Sep 30, 2017 | 33.27 |
| Sep 30, 2017 | 33.27 |
| Jun 30, 2017 | 24.47 |
| Jun 30, 2017 | 24.47 |
| Mar 31, 2017 | 30.63 |
| Mar 31, 2017 | 30.63 |
| Dec 31, 2016 | 19.46 |
| Dec 31, 2016 | 19.46 |
| Sep 30, 2016 | 35.64 |
| Sep 30, 2016 | 35.64 |
| Jun 30, 2016 | 32.49 |
| Jun 30, 2016 | 32.49 |
| Mar 31, 2016 | 34.11 |
| Mar 31, 2016 | 34.11 |
| Dec 31, 2015 | 28.16 |
| Dec 31, 2015 | 28.16 |
| Sep 30, 2015 | 30.67 |
| Sep 30, 2015 | 30.67 |
| Jun 30, 2015 | 37.18 |
| Jun 30, 2015 | 37.18 |
| Mar 31, 2015 | 33.56 |
| Mar 31, 2015 | 33.56 |
| Dec 31, 2014 | 32.02 |
| Dec 31, 2014 | 32.02 |
| Sep 30, 2014 | 33.56 |
| Sep 30, 2014 | 33.56 |
| Jun 30, 2014 | 45.50 |
| Jun 30, 2014 | 45.50 |
| Mar 31, 2014 | 34.77 |
| Mar 31, 2014 | 34.77 |
| Dec 31, 2013 | 30.13 |
| Dec 31, 2013 | 30.13 |
| Sep 30, 2013 | 31.43 |
| Sep 30, 2013 | 31.43 |
| Jun 30, 2013 | 34.17 |
| Jun 30, 2013 | 34.17 |
| Mar 31, 2013 | 29.94 |
| Mar 31, 2013 | 29.94 |
| Dec 31, 2012 | 29.56 |
| Dec 31, 2012 | 29.56 |
| Sep 30, 2012 | 36.38 |
| Sep 30, 2012 | 36.38 |
| Jun 30, 2012 | 35.00 |
| Jun 30, 2012 | 35.00 |
| Mar 31, 2012 | 37.06 |
| Mar 31, 2012 | 37.06 |
| Dec 31, 2011 | 22.65 |
| Dec 31, 2011 | 22.65 |
| Sep 30, 2011 | 37.08 |
| Sep 30, 2011 | 37.08 |
| Jun 30, 2011 | 32.95 |
| Jun 30, 2011 | 32.95 |
| Mar 31, 2011 | 32.28 |
| Mar 31, 2011 | 32.28 |
| Dec 31, 2010 | 29.17 |
| Dec 31, 2010 | 29.17 |
| Sep 30, 2010 | 32.77 |
| Sep 30, 2010 | 32.77 |
| Jun 30, 2010 | 36.93 |
| Jun 30, 2010 | 36.93 |
| Mar 31, 2010 | 35.74 |
| Mar 31, 2010 | 35.74 |
| Dec 31, 2009 | 41.51 |
| Dec 31, 2009 | 41.51 |
| Sep 30, 2009 | 35.99 |
| Sep 30, 2009 | 35.99 |
| Jun 30, 2009 | 40.46 |
| Jun 30, 2009 | 40.46 |