MORN— Morningstar, Inc.

FinancialsFinancial Services$7.5B mkt cap

Metric	FY2025	FY2024	FY2023	FY2022
Revenue	$2.45B+7.5%	$2.28B+11.6%	$2.04B+9.0%	$1.87B
Cost of revenue	$952.9M+6.4%	$895.7M+6.2%	$843.5M+8.2%	$779.3M
Sales and marketing	$467.0M+5.9%	$441.0M+4.1%	$423.8M+18.9%	$356.5M
General and administrative	$334.0M+2.1%	$327.2M-8.0%	$355.8M-11.1%	$400.4M
Depreciation and amortization	$189.9M-0.3%	$190.4M+3.0%	$184.9M+11.0%	$166.6M
Total operating expense	$1.94B+4.8%	$1.85B+2.6%	$1.81B+6.2%	$1.70B
Gain on sale of customer assets	$22.7M-64.5%	$64.0M	$0	$0
Other operating income	$2.2M	$0	$0	—
Operating income	$526.6M+8.6%	$484.8M+110.2%	$230.6M+37.4%	$167.8M
Interest expense, net	-$28.6M+24.1%	-$37.7M+27.1%	-$51.7M-82.0%	-$28.4M
Gain on sale of business	$0-100.0%	$45.3M	$0	$0
Expense from equity method transaction, net	$0	$0+100.0%	-$11.8M	$0
Other income (expense), net	$1.0M+190.9%	-$1.1M-107.6%	$14.4M+314.9%	-$6.7M
Non-operating income (expense), net	-$27.6M-524.6%	$6.5M+113.2%	-$49.1M-32.0%	-$37.2M
Income before income taxes and equity in investments of unconsolidated entities	$499.0M+1.6%	$491.3M+170.7%	$181.5M+39.0%	$130.6M
Equity in investments of unconsolidated entities	-$3.3M+81.0%	-$17.4M-135.1%	-$7.4M-105.6%	-$3.6M
Income tax expense	$121.5M+16.8%	$104.0M+215.2%	$33.0M-41.6%	$56.5M
Consolidated net income	$374.2M+1.2%	$369.9M+162.2%	$141.1M+100.1%	$70.5M
Basic net income per share (in dollars per share)	$8930000.00+3.4%	$8640000.00+161.0%	$3310000.00+100.6%	$1650000.00
Diluted net income per share (in dollars per share)	$8870000.00+3.4%	$8580000.00+160.8%	$3290000.00+100.6%	$1640000.00
Dividends declared per common share (in dollars per share)	$1870000.00+12.0%	$1670000.00+9.2%	$1530000.00+4.8%	$1460000.00
Dividends paid per common share (in dollars per share)	$1820000.00+12.3%	$1620000.00+8.0%	$1500000.00+4.2%	$1440000.00
Basic (in shares)	41.9M-2.1%	42.8M+0.5%	42.6M+0.0%	42.6M
Diluted (in shares)	42.2M-2.1%	43.1M+0.5%	42.9M+0.0%	42.9M

Source: SEC EDGAR XBRL. % change vs prior period shown where available.

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Source: SEC EDGAR 10-K and 10-Q filings. Last 4 years annual and quarterly free, full history (up to 20 years) on Pro.