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Morningstar (MORN) investor relations material
Morningstar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 8.4% year-over-year to $617.4 million, with organic revenue up 9.0%.
Adjusted operating income increased 15.6%, and operating income rose 10.6% to $127.8 million.
Adjusted diluted net income per share surged 27.5% to $2.55, while reported diluted EPS fell 21.7% due to a prior-year gain on a business sale.
Major growth drivers included Morningstar Credit, Morningstar Direct Platform, and PitchBook.
Completed $500 million share repurchase program and authorized a new $1 billion buyback.
Financial highlights
Year-to-date revenue increased 7.1% to $1.8 billion; organic revenue up 8.0%.
Year-to-date operating income rose 15.9% to $367.0 million; adjusted operating income up 15.4%.
Free cash flow for Q3 increased 2.8% to $160.1 million; year-to-date free cash flow declined 16.3% to $281.3 million due to higher tax and bonus payments.
Third-quarter operating margin was 20.7%; adjusted operating margin improved to 24.4% from 22.9% a year ago.
Share repurchases totaled $170.1 million in Q3, and dividends paid were $19.2 million.
Outlook and guidance
Acquisition of Center for Research in Security Prices (CRSP) expected to position the company as a leading US equity index provider and scale Morningstar Indexes.
Management highlighted ongoing headcount discipline and continued investment in growth areas.
New product launches and AI collaborations highlighted as growth initiatives.
Forward-looking statements caution about risks and uncertainties impacting future results.
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Frequently asked questions
The Company Behind the Morningstar Rating
Morningstar, Inc. is a globally recognized financial services firm established in 1984, with its headquarters in Chicago, Illinois. Made famous for its comprehensive investment research, the company provides an array of tools, data, and expertise to individual investors, financial advisors, and institutions. Morningstar's primary offerings encompass mutual funds, ETFs, and stock analysis, but its reach has expanded to include investment management and retirement solutions. Through its extensive databases and software, the company aids both retail and professional investors by offering insights and resources that aid in making informed financial decisions.
Founded in a Chicago Bedroom
Morningstar, Inc. is a global financial services firm founded in 1984 by Joe Mansueto. Its origins trace back to Chicago, where Mansueto began his venture from his apartment with an initial investment of $80,000. Initially, Morningstar's primary goal was to provide detailed research and analysis on mutual funds for individual investors, filling a gap in accessible and comprehensive fund information. The company's first publication was a bi-weekly print sourcebook that provided data on mutual funds. Over the years, Morningstar has expanded its reach through both organic growth, as well as a number of strategic acquisitions.
The Morningstar Rating
The Morningstar Rating, often referred to as the "star rating," is a quantitatively driven assessment given to mutual funds and other investment products based on their historical risk-adjusted performance. Rated on a scale of one to five stars, the system evaluates funds within specific categories, comparing them to their peers. A fund with a five-star rating has historically demonstrated superior risk-adjusted returns compared to its category peers, while a one-star fund has underperformed. The rating is based on a fund's performance over three, five, and ten-year periods, if applicable. Investors and advisors commonly use the Morningstar Rating as one tool among many to help gauge the relative performance of an investment.
Other Services
While the Morningstar rating is what the company is most known for, it’s not all that it provides, and the company offers a myriad of services tailored for investors. The company provides in-depth research, data, and analysis on a wide spectrum of investment products, including stocks, bonds, and exchange-traded funds (ETFs). Their software platforms, such as Morningstar Direct and Morningstar Advisor Workstation, offer tools for portfolio analysis, asset allocation, and wealth management. Some comparable public companies operating in the same industry are S&P Global, Moody’s, and MSCI.
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