10-Q · April 29, 2026
Morningstar, Inc. reported strong Q1 2026 results with revenue of $644.8 million, a 10.8% increase year-over-year, and diluted EPS of $3.18, exceeding estimates. Segment performance varied, with Morningstar Credit…
Earnings analysis · 10-Q
MORN earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Morningstar reported Q3 2026 revenue of $672 million and diluted EPS of $3.48, increasing 1.4% and 23.0%, respectively, from Q2 2026 and exceeding consensus by 1.1% on revenue and 14.5% on EPS. The supplied filing text…
Read full summary
Morningstar reported Q3 2026 revenue of $672 million and diluted EPS of $3.48, increasing 1.4% and 23.0%, respectively, from Q2 2026 and exceeding consensus by 1.1% on revenue and 14.5% on EPS. The supplied filing text does not include current-quarter gross margin, operating margin, free cash flow, segment revenue, or balance-sheet debt and working-capital balances, limiting trend analysis in those areas. Liquidity was $524.6 million, while floating-rate debt and foreign-currency exposures remain quantified risks; management disclosed no material changes to previously reported risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.48
What stood out
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Revenue increased sequentially and year over year
Q3 2026 revenue was $672 million, up from $663 million in Q2 2026 (+1.4%) and $617 million in Q3 2025 (+8.9%). Revenue exceeded the $664.7 million consensus estimate by approximately 1.1%.
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EPS materially exceeded consensus
Diluted EPS was $3.48, up from $2.83 in Q2 2026 (+23.0%) and $2.17 in Q3 2025 (+60.4%); EPS exceeded the $3.04 consensus estimate by $0.44, or 14.5%.
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Liquidity remained substantial
Cash, cash equivalents, and investments totaled $524.6 million as of September 30, 2026, providing a disclosed liquidity base for operations, investment, and capital returns.
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Share repurchases continued
Morningstar repurchased 486,573 shares during Q3 2026 at an average price of $205.52, leaving approximately $200.0 million available under its $1.0 billion, three-year repurchase program.
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No material control weaknesses reported
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Floating-rate debt creates rate sensitivity
The filing states that a 100-basis-point increase in SOFR would have an estimated $13.3 million annualized impact on interest expense based on the September 30, 2026 outstanding principal balance and SOFR. The filing does not provide the underlying debt balance in the supplied text.
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Foreign exchange exposure
A 10% adverse currency fluctuation would reduce operating income by an estimated $5.4 million for Canadian-dollar exposure and $3.7 million for euro exposure; the filing also reports net currency positions of $195.6 million and $180.7 million, respectively.
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Market and investment portfolio risk
The filing reports no material changes to previously disclosed risk factors, but states that the investment portfolio may lose value from market prices, interest rates, and security selection. As of September 30, 2026, cash, cash equivalents, and investments totaled $524.6 million and a 100-basis-point rate change was not expected to materially affect portfolio fair value.
Management's outlook
No quantitative revenue or EPS guidance was provided in the supplied 10-Q text. The filing states there were no material changes to previously disclosed risk factors.
Earlier filings 4
10-K · February 13, 2026
Morningstar presents a diversified, subscription-anchored business with scale in data, research and asset management: total AUMA of approximately $378.0 billion and five reportable segments (Morningstar Direct Platform,…
10-Q · October 30, 2025
Morningstar reported Q3 revenue of $617.4 million, up from $569.4 million in Q3 2024, with operating income of $127.8 million and stable ~20.7% operating margin. Cash generation remained strong (nine‑month operating…
10-Q · July 28, 2023
Morningstar reported Q2 revenue of $504.7 million, up from $470.4 million a year earlier, driven by license-based revenue growth. Operating income declined to $41.7 million from $53.9 million a year ago and operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.