Inferra AIResearch Tools

Inferra AI / Company / MORN

Morningstar, Inc.

MORN · Financials

Last earnings Oct 28, 2026

Key results

Reported revenuequarter

8.4%

Third-Quarter 2025 Financial Highlights Reported revenue increased 8.4% to $617.4 million compared to the prior-year period organic revenue increased 9.0%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Reported operating incomequarter

10.6%

Reported operating income increased 10.6% to $127.8 million adjusted operating income increased 15.6%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Adjusted operating incomequarter

15.6%

Reported operating income increased 10.6% to $127.8 million adjusted operating income increased 15.6%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Diluted net incomequarter

21.7%

Diluted net income per share decreased 21.7% to $2.17 adjusted diluted net income per share increased 27.5% to $2.55.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net incomequarter

27.5%

Diluted net income per share decreased 21.7% to $2.17 adjusted diluted net income per share increased 27.5% to $2.55.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

In the prior-year period, the gain related to the Company's sale of its Commodity and Energy Data business had a $1.05 impact on diluted net income per share.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Free cash flowquarter

2.0%

Cash provided by operating activities increased 2.0% to $195.7 million free cash flow increased 2.8% to $160.1 million.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Reported revenueytd

7.1%

Year-To-Date Financial Highlights Reported revenue increased 7.1% to $1.8 billion compared to the prior-year period organic revenue increased 8.0%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Reported revenueQ3 2025

$1.8 billion

Year-To-Date Financial Highlights Reported revenue increased 7.1% to $1.8 billion compared to the prior-year period organic revenue increased 8.0%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Reported operating income increased 15.9% to $367.0 million adjusted operating income increased 15.4%.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Diluted net income per share increased 3.6% to $6.08 adjusted diluted net income per share increased 24.7% to $7.18.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

AI analysis

Q3 2025 · reported Oct 29, 2025

Based on: Earnings release + parent 8-K + 10-K — transcript not held

Reported revenue · Q3 2025
$1.8B
EX-99 · Oct 29, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Reported revenue8.4%——
Reported operating income10.6%——
Adjusted operating income15.6%——
Diluted net income21.7%——
Net income27.5%——
Free cash flow2.0%——

EX-99 · Oct 29, 2025

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Cash flow & capex

Free cash flow2.0%

Capital allocation

The Company completed its $500 million share repurchase program in October, bringing total shares repurchased for the year-to-date through Oct.

Its Board of Directors approved a new three-year program that authorizes the Company to repurchase up to $1 billion in shares of its outstanding common stock effective Oct.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Reports Third-Quarter 2025 Financial Results

Based on: Earnings release + parent 8-K + 10-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

The Company completed its $500 million share repurchase program in October, bringing total shares repurchased for the year-to-date through Oct.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Its Board of Directors approved a new three-year program that authorizes the Company to repurchase up to $1 billion in shares of its outstanding common stock effective Oct.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Share repurchases settled totaled 686,512 shares for $170.1 million.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Share repurchases settled totaled 1,453,153 shares for $391.7 million through Sept.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

28, the Company settled an additional 420,576 share repurchases for $95.3 million bringing the total to 1,873,729 shares for $487.0 million.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

30, 2025, the Company had cash, cash equivalents, and investments totaling $514.5 million and $848.9 million of debt, compared with $551.0 million and $698.6 million, respectively, as of Dec.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Strategy & priorities

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as aim, committed, consider, estimate, future, goal, is designed to, maintain, may, might, objective, ongoing, could, expect, intend, plan, possible, potential, seek, anticipate, believe, predict, prospects, continue, strategy, strive, will, would, determine, evaluate, or the negative thereof, and similar expressions.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

We are also observing extended sales cycles, due in part to firms seeking to do more with fewer resources and ongoing efforts to clarify their strategies for data and artificial intelligence (AI).

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

To combat these headwinds, we are actively investing in proprietary research, derived datasets, and integrated workflows across sourcing, deal execution, and portfolio monitoring.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

As discussed in more detail below, we are also working to embed AI into the PitchBook platform, leveraging machine learning and AI to enhance data collection technology to expand coverage, reliability, and speed, and expanding our network of strategic partnerships with leading large language models (LLMs) and enterprise applications to ensure our trusted data is available wherever professionals work.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Our strategy is to deliver data, research, and technology across multiple distribution channels, including the PitchBook platform, direct data feeds, and emerging large language model (LLM) interfaces, supporting client workflows wherever they operate.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Risks & headwinds

These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Reports on Forms 10-K and 10-Q.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

To combat these headwinds, we are actively investing in proprietary research, derived datasets, and integrated workflows across sourcing, deal execution, and portfolio monitoring.

SEC original ↗Morningstar, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Legal Proceedings 36 Item 4.

SEC original ↗Morningstar, Inc. — 10-K Annual report10-KFeb 13, 2026

Documents

Earnings deck slides

0 decks with slide view

Morningstar, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Morningstar, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Morningstar, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Morningstar, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsCoinbase (COIN) Financials

Filings

39 documents

Earnings releases

44 documents

Presentations

4 documents

Transcripts

0 documents

No transcripts for Morningstar, Inc. are held in this edition of the library.

Mentioned by

5 companies

Other tracked companies whose held documents mention Morningstar, Inc. by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.