Highlights

  • Consolidated revenue was $663.2 million in the second quarter of 2026, with operating income of $160.6 million.
  • Consolidated net income was $107.8 million, or $2.83 per diluted share, for the three months ended June 30, 2026.
  • The company acquired CRSP on February 2, 2026 for closing consideration of $363.0 million paid in cash.
  • Debt under the 2025 Credit Agreement was $1.4 billion at June 30, 2026, and $300.0 million remained under repurchases.

Morningstar (NASDAQ: MORN) shares were trading at USD 219.60 on October 27, 2026, down 2.53%, with a relative volume at time of 2.45. The investment research company acquired CRSP on February 2, 2026, approved a regular quarterly dividend of $0.50 per share on June 18, 2026, and filed its quarterly report on Form 10-Q for the quarter ended June 30, 2026 on July 29, 2026.

Morningstar, Inc. is an Illinois corporation with principal executive offices at 22 West Washington Street, Chicago, Illinois. It states that its mission is to empower investor success, and it delivers data, independent research, investor tools and portfolio strategies. It has seven operating segments, presented as five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth and Morningstar Retirement. Morningstar Sustainalytics and Morningstar Indexes are included in Corporate and All Other. Revenue is license-based, asset-based or transaction-based. The fiscal year ends December 31.

Second Quarter 2026 Results

Consolidated revenue was $663.2 million for the three months ended June 30, 2026, up 9.6% from $605.1 million. Organic revenue, a non-GAAP measure, was $639.5 million, up 6.8%.

Operating income was $160.6 million, compared with $125.1 million, and the operating margin was 24.2%, compared with 20.7%. Adjusted operating income, a non-GAAP measure, was $175.9 million, compared with $143.4 million, and the adjusted operating margin was 26.5%. Consolidated net income was $107.8 million, or $2.83 per diluted share, compared with $89.0 million, or $2.09.

For the six months ended June 30, 2026, consolidated revenue was $1,308.0 million and net income was $214.9 million.

Segment Revenue

Morningstar Direct Platform revenue was $222.1 million, up 6.2%. PitchBook revenue was $174.7 million, up 4.9%. Morningstar Credit revenue was $104.9 million, up 23.4%, with transaction-based revenue of $98.5 million. Morningstar Wealth revenue was $60.3 million, down 6.2%, with license-based revenue of $13.5 million, down 31.5%. Corporate and All Other revenue was $63.3 million.

Cash Flow, Debt and Capital Return

Cash, cash equivalents and investments totaled $523.8 million at June 30, 2026, compared with $528.7 million at December 31, 2025. Cash provided by operating activities was $155.7 million in the quarter, capital expenditures were $33.2 million and free cash flow, a non-GAAP measure, was $122.5 million.

Total outstanding debt under the 2025 Credit Agreement was $1.4 billion, net of debt issuance costs, made up of $370.3 million drawn under the 2025 A-1 Facility, $375.0 million under the 2025 A-2 Facility and $620.0 million under the 2025 Revolving Credit Facility. Borrowing availability under the revolving facility was $130.0 million. The company stated that it was in compliance with its financial covenants.

The board approved a regular quarterly dividend of $0.50 per share, or $18.8 million, payable on July 31, 2026. Under the three-year share repurchase program of up to $1.0 billion, the company repurchased 567,844 shares for $100.0 million in the second quarter and 2,291,256 shares for $400.0 million in the six months. A total of 3,694,105 shares had been repurchased for $700.0 million, leaving $300.0 million available.

Acquisition and Outlook

The company paid $359.6 million, net of cash acquired, for CRSP, a provider of historical stock market data and indexes, during the six months. CRSP is included in the Morningstar Indexes operating segment. The company said it identified $84.0 million of undistributed foreign earnings that it anticipates distributing to the US later in 2026 or early 2027, and it recorded a deferred tax liability of $1.0 million. It expects to continue making capital expenditures for the remainder of 2026. The filing does not provide numerical revenue or earnings guidance.