Morningstar, Inc.

MORN · XNAS

CIK 1289419fmd_17RM3ASZ88GTT3WAY6PVE25751Finance, Insurance and Real Estate · Investment AdviceTemplate: Capital markets

Coverage: Jan 01, 2008 to Sep 30, 2026, 71 periods

Income Statement · Annual · Millions · USD
Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Total revenues	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446
Cost of revenue	344	387	411	483	556	698	779	844	896	953
Gross profit	454	525	609	696	833	1,001	1,091	1,195	1,379	1,493
Realized investment gains (losses)	–	–	–	–	–	0	0	50	0	0
Research and development	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	203	264	296	389	478	593	757	780	768	801
Operating income	181	170	216	190	215	257	168	231	485	527
Interest expense	–	–	–	–	–	–	–	–	–	–
Interest and investment income	–	–	–	–	–	–	–	–	–	–
Other non-operating income (expense)	44	11	17	9	68	(7)	(37)	(49)	7	(28)
Income before taxes	225	181	233	199	283	251	131	174	474	496
Income tax expense	64	43	48	46	60	63	57	33	104	122
Net income from continuing operations	161	138	185	153	223	188	74	141	370	374
Net income	161	137	183	152	224	193	71	141	370	374
Net income to common shareholders	161	137	183	152	224	193	71	141	370	–