MORNINGSTAR, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.28B | $2.04B | $1.87B | $1.70B | $1.39B | $1.18B | $1.02B |
| Cost of Revenue | $952.9M | $895.7M | $843.5M | $779.3M | $698.4M | $556.4M | $483.1M | $411.1M |
| Gross Profit | $1.49B | $1.38B | $1.20B | $1.09B | $1.00B | $833.1M | $695.9M | $608.8M |
| Gross Margin | 61.0% | 60.6% | 58.6% | 58.3% | 58.9% | 60.0% | 59.0% | 59.7% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $334.0M | $327.2M | $355.8M | $400.4M | $318.4M | $272.0M | $210.7M | $147.8M |
| Operating Income | $526.6M | $484.8M | $230.6M | $167.8M | $257.0M | $215.2M | $189.6M | $215.8M |
| Operating Margin | 21.5% | 21.3% | 11.3% | 9.0% | 15.1% | 15.5% | 16.1% | 21.2% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $495.7M | $473.9M | $174.1M | $130.6M | $250.5M | $283.0M | $198.5M | $232.9M |
| Income Tax Expense | $121.5M | $104.0M | $33.0M | $56.5M | $62.6M | $59.7M | $45.6M | $47.8M |
| Net Income | $374.2M | $369.9M | $141.1M | $70.5M | $193.3M | $223.6M | $152.0M | $183.0M |
| Net Margin | 15.3% | 16.3% | 6.9% | 3.8% | 11.4% | 16.1% | 12.9% | 17.9% |
| EPS (Basic) | $8.93 | $8.64 | $3.31 | $1.65 | $4.50 | $5.22 | $3.56 | $4.30 |
| EPS (Diluted) | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 | $5.18 | $3.52 | $4.25 |
| Shares Outstanding (Basic) | 41.9M | 42.8M | 42.6M | 42.6M | 43.0M | 42.9M | 42.7M | 42.6M |
| Shares Outstanding (Diluted) | 42.2M | 43.1M | 42.9M | 42.9M | 43.4M | 43.2M | 43.2M | 43.0M |
| Dividends Per Share | $1.87 | $1.67 | $1.53 | $1.46 | $1.31 | $1.22 | $1.14 | $1.03 |