Morningstar Inc
NASDAQ:MORN

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Morningstar Inc
NASDAQ:MORN
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Price: 346.21 USD 1.81% Market Closed
Market Cap: 14.8B USD
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Income Statement

Earnings Waterfall
Morningstar Inc

Revenue
2.2B USD
Cost of Revenue
-868.9m USD
Gross Profit
1.4B USD
Operating Expenses
-942.9m USD
Operating Income
411m USD
Other Expenses
-84.5m USD
Net Income
326.5m USD

Income Statement
Morningstar Inc

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Income Statement
Currency: USD
Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024
Revenue
Revenue
744
N/A
760
+2%
769
+1%
781
+2%
784
+0%
789
+1%
791
+0%
787
0%
788
+0%
799
+1%
816
+2%
847
+4%
881
+4%
912
+4%
946
+4%
969
+2%
1 000
+3%
1 020
+2%
1 035
+2%
1 057
+2%
1 109
+5%
1 179
+6%
1 244
+6%
1 298
+4%
1 342
+3%
1 390
+4%
1 458
+5%
1 546
+6%
1 618
+5%
1 699
+5%
1 764
+4%
1 819
+3%
1 858
+2%
1 871
+1%
1 893
+1%
1 928
+2%
1 975
+2%
2 039
+3%
2 102
+3%
2 169
+3%
2 223
+2%
Gross Profit
Cost of Revenue
(310)
(319)
(322)
(323)
(327)
(330)
(337)
(340)
(341)
(344)
(356)
(365)
(371)
(387)
(392)
(397)
(406)
(411)
(414)
(422)
(450)
(483)
(515)
(539)
(549)
(518)
(577)
(614)
(658)
(698)
(732)
(762)
(774)
(779)
(807)
(826)
(833)
(844)
(843)
(849)
(869)
Gross Profit
434
N/A
441
+2%
447
+1%
458
+2%
457
0%
459
+0%
454
-1%
448
-1%
447
0%
454
+2%
460
+1%
482
+5%
510
+6%
525
+3%
554
+5%
572
+3%
595
+4%
609
+2%
622
+2%
635
+2%
659
+4%
696
+6%
729
+5%
760
+4%
793
+4%
871
+10%
882
+1%
932
+6%
959
+3%
1 001
+4%
1 031
+3%
1 057
+3%
1 084
+3%
1 091
+1%
1 087
0%
1 102
+1%
1 142
+4%
1 195
+5%
1 259
+5%
1 320
+5%
1 354
+3%
Operating Income
Operating Expenses
(272)
(275)
(275)
(272)
(270)
(268)
(266)
(265)
(266)
(274)
(293)
(313)
(333)
(355)
(366)
(376)
(386)
(393)
(404)
(420)
(460)
(506)
(545)
(564)
(603)
(618)
(644)
(708)
(712)
(744)
(785)
(804)
(877)
(924)
(951)
(978)
(970)
(965)
(960)
(954)
(943)
Selling, General & Administrative
(220)
(220)
(217)
(211)
(208)
(204)
(200)
(198)
(197)
(203)
(218)
(234)
(249)
(264)
(272)
(281)
(288)
(296)
(306)
(321)
(351)
(389)
(416)
(428)
(465)
(478)
(502)
(562)
(564)
(593)
(633)
(650)
(717)
(757)
(777)
(798)
(787)
(780)
(773)
(765)
(754)
Depreciation & Amortization
(52)
(55)
(58)
(61)
(62)
(64)
(66)
(67)
(69)
(71)
(76)
(80)
(84)
(91)
(93)
(95)
(98)
(97)
(97)
(100)
(110)
(118)
(128)
(136)
(137)
(140)
(142)
(146)
(148)
(151)
(152)
(154)
(160)
(167)
(174)
(181)
(183)
(185)
(187)
(189)
(189)
Operating Income
162
N/A
167
+3%
173
+4%
186
+8%
187
+0%
191
+2%
188
-1%
183
-3%
181
-1%
181
0%
167
-8%
169
+1%
177
+5%
170
-4%
188
+11%
197
+4%
209
+6%
216
+3%
218
+1%
215
-1%
199
-7%
190
-5%
185
-3%
195
+6%
190
-3%
253
+33%
238
-6%
224
-6%
247
+11%
257
+4%
246
-4%
253
+3%
207
-18%
168
-19%
136
-19%
124
-9%
172
+39%
231
+34%
299
+30%
366
+22%
411
+12%
Pre-Tax Income
Interest Income Expense
11
8
8
2
2
2
2
2
2
38
37
36
35
(0)
0
0
6
5
5
6
15
12
9
7
42
74
76
76
25
(3)
(3)
(10)
(19)
(31)
(54)
(60)
(61)
(61)
(45)
(41)
(38)
Non-Reccuring Items
(61)
(61)
(61)
0
0
0
0
0
0
0
0
0
0
17
0
(1)
(1)
0
0
0
0
0
0
0
0
(38)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
45
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
0
0
0
0
18
18
0
28
11
11
11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
(2)
0
(1)
(0)
2
1
2
4
5
6
6
1
(2)
(5)
(6)
(2)
1
2
0
(0)
(3)
(3)
(8)
(6)
(7)
(6)
4
(1)
(2)
(4)
3
(4)
(14)
(7)
(12)
(1)
11
12
12
(0)
1
Pre-Tax Income
110
N/A
114
+4%
119
+4%
188
+58%
191
+1%
194
+2%
192
-1%
189
-2%
188
-1%
225
+20%
209
-7%
223
+7%
228
+2%
181
-20%
211
+16%
205
-3%
226
+11%
233
+3%
222
-5%
220
-1%
211
-4%
199
-6%
186
-7%
196
+6%
225
+15%
283
+26%
317
+12%
299
-6%
270
-10%
251
-7%
246
-2%
240
-3%
174
-27%
131
-25%
70
-47%
62
-11%
122
+96%
182
+49%
266
+47%
324
+22%
419
+29%
Net Income
Tax Provision
(34)
(36)
(37)
(64)
(64)
(63)
(62)
(59)
(61)
(64)
(57)
(57)
(57)
(54)
(59)
(56)
(56)
(50)
(48)
(47)
(44)
(46)
(43)
(46)
(50)
(60)
(65)
(64)
(63)
(63)
(66)
(59)
(49)
(57)
(48)
(34)
(45)
(33)
(46)
(71)
(84)
Income from Continuing Operations
76
78
82
124
127
131
130
130
127
161
152
166
170
128
152
148
171
183
174
173
167
153
143
150
176
223
252
235
207
188
180
180
126
74
22
28
77
149
221
253
335
Income to Minority Interest
0
0
(0)
(0)
(0)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Equity Earnings Affiliates
2
0
(0)
(0)
0
2
2
1
1
(0)
(2)
(2)
(2)
(1)
(2)
(2)
(2)
(2)
(2)
(1)
(2)
(1)
(0)
(1)
0
0
3
4
6
5
4
1
(2)
(4)
(5)
(5)
(6)
(7)
(8)
(7)
(8)
Net Income (Common)
78
N/A
78
+0%
82
+4%
124
+52%
127
+3%
133
+5%
132
-1%
131
0%
128
-3%
161
+26%
150
-7%
165
+10%
168
+2%
137
-19%
161
+17%
157
-3%
180
+15%
183
+2%
174
-5%
175
+0%
167
-4%
152
-9%
143
-6%
149
+4%
176
+18%
224
+27%
255
+14%
239
-6%
212
-11%
193
-9%
185
-5%
182
-2%
124
-32%
71
-43%
17
-76%
23
+36%
71
+211%
141
+99%
213
+51%
246
+16%
327
+33%
EPS (Diluted)
1.72
N/A
1.74
+1%
1.83
+5%
2.78
+52%
2.87
+3%
2.99
+4%
3.05
+2%
3.03
-1%
2.95
-3%
3.72
+26%
3.47
-7%
3.81
+10%
3.93
+3%
3.18
-19%
3.74
+18%
3.63
-3%
4.16
+15%
4.25
+2%
4.05
-5%
4.05
N/A
3.86
-5%
3.52
-9%
3.3
-6%
3.44
+4%
4.06
+18%
5.18
+28%
5.89
+14%
5.53
-6%
4.9
-11%
4.45
-9%
4.26
-4%
4.23
-1%
2.91
-31%
1.64
-44%
0.39
-76%
0.53
+36%
1.65
+211%
3.29
+99%
4.94
+50%
5.71
+16%
7.57
+33%

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