Flagship explainer
How MORNINGSTAR, INC. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
| Filed line | Value | % of revenue | Source |
|---|---|---|---|
| $2.4B | 100% |
| |
| Cost of revenue | $953M | 39% |
|
| $1.5B | 61% |
| |
| $527M | 22% |
| |
| Income before tax | $496M | 20% |
|
| Income tax | $122M | 5% |
|
| $374M | 15% |
|
Source:
- SEC filing · FY 2025Filing detailsAccession 0001289419-26-000013