Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue rose 8.9% to $672.1M; organic growth was 6.8%, or 7.8% excluding sunset products. Adjusted operating income increased 26.1% to $189.9M.
Nine-month revenue advanced 9.7% to $1,980.1M; adjusted operating income rose 26.8% to $544.4M.
Credit and Retirement led segment growth; PitchBook faced client churn and platform softness, while Wealth revenue was affected by the Morningstar Office sunset.
Financial highlights
Q3 operating income rose 31.0% to $167.4M; net income was $115.5M versus $91.6M, and diluted EPS was $3.06 versus $2.17.
Adjusted diluted EPS rose 36.5% to $3.48; nine-month net income was $330.4M versus $259.1M and diluted EPS was $8.61 versus $6.08.
Q3 operating cash flow fell 2.6% to $190.7M and free cash flow fell 2.9% to $155.4M; nine-month figures increased 13.5% to $437.9M and 17.8% to $331.5M.
Q3 operating expenses increased 3.0% to $504.7M; technology infrastructure and marketing costs rose, partly offset by lower compensation expense.
Outlook and guidance
Remaining performance obligations totaled $1.7B; 25% expected to convert in the remainder of 2026, 49% in 2027, 17% in 2028, and the balance thereafter.
Liquidity, operating cash generation and credit facilities were expected to cover operating and cash needs for at least 12 months; capital expenditures were expected to continue through 2026, mainly on technology and office projects.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn more
Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.
Trust every finding
50m+ first-party documents. Every output traceable to its source.
Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.
Trust every finding
50m+ first-party documents. Every output traceable to its source.
Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.
Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.
Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies.
In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
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.
)
)
)
)
)
)
)
)
)