| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 663.20 | 2.9% | 9.6% |
| Total Income | 663.20 | 2.9% | 9.6% |
| Expenditure | 509.40 | 4.0% | 6.0% |
| PBT | 147.00 | 3.7% | 26.2% |
| Net Profit | 107.80 | 0.7% | 21.1% |
| OPM | 24.22% | 0.04pp | 3.54pp |
| NPM | 16.25% | 0.36pp | 1.55pp |
| EPS | 2.85 | 4.0% | 35.1% |
Morningstar Reports Q2 2026 Financial Results with Revenue Growth and Increased Profitability
30 Jul 2026 · 30 Jul, 2:04 am
Summary
Morningstar, Inc. announced strong second-quarter 2026 financial results, with reported revenue increasing 9.6% year-over-year to $663.2 million and organic revenue growing 6.8%. The company demonstrated significant profitability improvements, with reported operating income up 28.4% to $160.6 million and diluted net income per share rising 35.4% to $2.83. Operating and free cash flows also saw substantial increases, growing 57.3% and 96.3% respectively. Management highlighted the acceleration of its strategy focused on agentic workflows and tools, and efforts to help investors navigate public and private markets.
Key Highlights
- 1
Morningstar, Inc. reported a 9.6% increase in reported revenue to $663.2 million for the second quarter of 2026 compared to the prior-year period.
- 2
Organic revenue increased by 6.8% in Q2 2026, or 8.2% excluding the impact from the sunsetting of certain products.
- 3
Reported operating income saw a significant increase of 28.4% to $160.6 million in the second quarter of 2026.
- 4
Diluted net income per share rose by 35.4% to $2.83 in Q2 2026, with adjusted diluted net income per share up 29.2% to $3.10.
- 5
Cash provided by operating activities increased by 57.3% to $155.7 million, and free cash flow grew by 96.3% to $122.5 million in the second quarter.
- 6
Morningstar Credit revenue increased by 23.4% to $104.9 million, driven by robust issuance and strength in US structured finance ratings.
- 7
Morningstar Wealth revenue decreased by 6.2% to $60.3 million, though adjusted operating income increased significantly by 163.3% to $7.9 million.
Management Comments
Kunal Kapoor
We are continuing to deliver profitable growth with meaningful increases in operating and free cash flows. Morningstar is accelerating an ambitious strategy, unlocking speed to insights by building agentic workflows and tools atop our data, research, and intellectual property. We’re enabling broader access to this content through new and expanded collaborations with leading model and enterprise technology providers. We are also doubling down on helping investors navigate the convergence of public and private markets. Momentum is building with continued strength in Morningstar Credit partly driven by private ratings activity, Morningstar Wealth’s recent announcement of a collaboration to create public/private models with leading asset managers, and expanded research coverage including the latest State of Semiliquid Funds report.
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