← Morningstar, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $798.6m | $911.7m | $1.0b | $1.2b | $1.4b | $1.7b | $1.9b | $2.0b | $2.3b | $2.4b | |
| Cost of Revenue | $344.3m | $386.6m | $411.1m | $483.1m | $556.4m | $698.4m | $779.3m | $843.5m | $895.7m | $952.9m | |
| Gross Profit (Calculated) | $454.3m | $525.1m | $608.8m | $695.9m | $833.1m | $1.0b | $1.1b | $1.2b | $1.4b | $1.5b | |
| Operating expenses: | |||||||||||
| Operating Income (Loss) | $180.8m | $169.8m | $215.8m | $189.6m | $215.2m | $257.0m | $167.8m | $230.6m | $484.8m | $526.6m | |
| Additional Financial Items | |||||||||||
| Amortization of Intangible Assets | $19.4m | $23.6m | $20.7m | $36.5m | $58.8m | $62.0m | $66.7m | $70.5m | $64.5m | $59.8m | |
| Debt and Equity Securities, Realized Gain (Loss) | — | — | — | — | — | — | — | — | $3.8m | — | |
| Gain (Loss) Related to Litigation Settlement | $0 | — | — | — | — | — | — | — | — | — | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Income (Loss) from Continuing Operations before Income Taxes, Domestic | $186.5m | $143.5m | $188.2m | $159.7m | $197.4m | $218.3m | $82.4m | $101.4m | $400.8m | $357.5m | |
| Income (Loss) from Equity Method Investments | ($200k) | ($1.3m) | ($2.1m) | ($900k) | $300k | $5.4m | ($3.6m) | ($7.4m) | ($17.4m) | ($3.3m) | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | — | — | — | — | — | — | — | — | $495.7m | |
| Net Income (Loss) Attributable to Parent | $161.0m | $136.9m | $183.0m | — | — | — | — | — | — | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $0 | $0 | — | — | — | — | — | — | — | — | |
| Earnings Per Share, Basic | $3.74 | $3.21 | $4.30 | $3.56 | $5.22 | $4.50 | $1.65 | $3.31 | $8.64 | $8.93 | |
| Earnings Per Share, Diluted | $3.72 | $3.18 | $4.25 | $3.52 | $5.18 | $4.45 | $1.64 | $3.29 | $8.58 | $8.87 | |
| Common Stock, Dividends, Per Share, Declared | $0.89 | $0.94 | $1.03 | $1.14 | $1.22 | $1.31 | $1.46 | $1.53 | $1.67 | $1.87 | |
| Weighted Average Number of Shares Outstanding, Basic | 43.0m | 42.7m | 42.6m | 42.7m | 42.9m | 43.0m | 42.6m | 42.6m | 42.8m | 41.9m | |
| Weighted Average Number of Shares Outstanding, Diluted | 43.3m | 43.0m | 43.0m | 43.2m | 43.2m | 43.4m | 42.9m | 42.9m | 43.1m | 42.2m | |
| General and Administrative Expense | $105.2m | $129.8m | $147.8m | $210.7m | $272.0m | $318.4m | $400.4m | $355.8m | $327.2m | $334.0m | |
| Other Nonoperating Income (Expense) | $6.1m | ($5.0m) | $1.8m | ($3.1m) | ($5.7m) | ($3.7m) | ($6.7m) | $11.5m | ($4.9m) | $1.0m | |
| Costs and Expenses | $617.8m | $741.9m | $804.1m | $989.4m | $1.2b | $1.4b | $1.7b | $1.8b | $1.9b | $1.9b | |
| Current Income Tax Expense (Benefit) | $59.0m | $56.8m | $54.4m | $51.7m | $66.2m | $74.9m | $94.1m | $65.4m | $138.6m | $163.8m | |
| Nonoperating Income (Expense) | $44.1m | $11.3m | $17.1m | $8.9m | $67.8m | ($6.5m) | ($37.2m) | ($49.1m) | $6.5m | ($27.6m) | |
| Selling and Marketing Expense | $97.6m | $134.3m | $148.5m | $177.9m | $206.4m | $274.8m | $356.5m | $423.8m | $441.0m | $467.0m | |
| Income Tax Expense (Benefit) | $63.7m | $42.9m | $47.8m | $45.6m | $59.7m | $62.6m | $56.5m | $33.0m | $104.0m | $121.5m | |
| Interest Income (Expense), Nonoperating, Net | $300k | ($3.6m) | ($1.8m) | ($8.7m) | ($9.5m) | ($8.7m) | ($28.4m) | ($51.7m) | ($37.7m) | ($28.6m) | |
| Other Operating Income (Expense), Net | $180.8m | $169.8m | $215.8m | $189.6m | $215.2m | $257.0m | $167.8m | $230.6m | $484.8m | $24.9m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.