MORN

Looking back on financial exchanges & data stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Morningstar (NASDAQ:MORN) and its peers. Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security. The 10 financial exchanges & data stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.2%. While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.2% since the latest earnings results. Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ:MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions. Morningstar reported revenues of $644.8 million, up 10.8% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. “In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months,” said Kunal Kapoor, Morningstar’s CEO. Morningstar scored the biggest analyst estimates beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 7.6% since reporting and currently trades at $173.37. Read why we think that Morningstar is one of the best financial exchanges & data stocks, our full report is free. Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ:NDAQ) operates global exchange...

The SEC is weighing one of the most significant changes to public company disclosure in decades: moving mandatory reporting from quarterly to semiannual. At Morningstar, we’ve effectively been running that experiment for more than 20 years. We’ve never hosted a quarterly earnings call — not once since our Dutch auction IPO in 2005. So when I say this reform is worth making, I’m not speaking theoretically. The U.S. public markets are world-class. They force companies to operate in the open and make them easier and cheaper for everyday Americans to invest in. The disclosure rules and continuous oversight mean investors get timely, comparable information. As a result, capital is priced better, misconduct is harder to hide, and investment fees are lower. We need more, not fewer, companies to opt in to public markets. Every quarter, public companies devote enormous resources to preparing 10-Qs, auditor reviews, Sarbanes-Oxley certification procedures, SEC filings, and earnings calls. For many companies, an annual audit and annual SOX compliance process should provide sufficient investor protection when continuous disclosure is timely and enforced. The cost of doing all this four times per year instead of twice is real, and it falls hardest on the smaller, younger companies shaping the economy’s future. For a small software firm, quarterlies mean handling auditor reviews, SOX certification, and filing work before you’ve even shipped the next product release. That’s another incentive to stay private, raise another round of venture capital, and avoid the treadmill altogether. That pattern is already apparent. The number of publicly traded U.S. companies has fallen from more than 7,000 in 1998 to roughly 4,000 today. Companies are staying private longer, and at times reaching the scale of public firms without ever listing. Private markets surged at twice the pace of the public markets over the past decade, and PitchBook, our private market intelligence arm, counts more than $5.8 trillion in value locked inside private unicorns alone. Yet in 2025, there were only about 200 traditional IPOs in the U.S. Quarterly reporting isn’t the only reason companies stay private, but it’s one of the fixable ones. There’s a measurable cost to ordinary investors. The Morningstar PitchBook US Modern Market 100 Index, which blends the 90 largest public U.S. companies with 10 major vent...

Morningstar (MORN) reported Q1 adjusted earnings late Wednesday of $3.18 per diluted share, up from

CHICAGO (AP) — CHICAGO (AP) — Morningstar Inc. (MORN) on Wednesday reported net income of $107.1 million in its first quarter. The Chicago-based company said it had net income of $2.73 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $3.18 per share. The investment research firm posted revenue of $644.8 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MORN at https://www.zacks.com/ap/MORN

CHICAGO, April 29, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported increased revenues in the first quarter of 2026 with sustained momentum in profitability growth. "In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months," said Kunal Kapoor, Morningstar’s CEO. "On the product front, we introduced new proprietary intellectual property, including PitchBook's daily valuation estimates for venture capital-backed companies and public-market-style research on leading private firms." The Company's quarterly shareholder letter provides more context on its quarterly results and business performance and can be found at shareholders.morningstar.com. First-Quarter 2026 Financial Highlights Reported revenue increased 10.8% to $644.8 million compared to the prior-year period; organic revenue increased 7.6%. Reported operating income increased 36.6% to $155.9 million; adjusted operating income increased 31.9%. Diluted net income per share increased 50.0% to $2.73; adjusted diluted net income per share increased 42.6% to $3.18. Cash provided by operating activities was roughly flat at $91.5 million; free cash flow decreased 8.8% to $53.6 million. Share repurchases totaled 1,723,412 shares for $300.0 million. First-Quarter 2026 Results Revenue increased 10.8% to $644.8 million on a reported basis and 7.6% on an organic basis versus the prior-year period. Morningstar Credit, Morningstar Direct Platform, and PitchBook were the largest contributors to organic revenue growth. Operating expense increased 4.7% to $489.8 million versus the prior-year period. The largest contributor to higher operating expense was a $7.6 million increase in compensation costs, primarily driven by unfavorable currency translation related to US dollar weakness. Higher amortization costs, primarily due to the acquisition of the Center for Research in Security Prices (CRSP), which closed in the quarter, and increased technology infrastructure costs also contributed. First-quarter operating income increased 36.6% to $155.9 million. Adjusted operating income was $178.6 million, an increase of 31.9%. First-quarter operating margin was 24.2%, compared with 19.6% in the prior-...

CHICAGO, April 06, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), plans to report its first-quarter 2026 financial results after the market closes on Wednesday, April 29, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at [email protected]. About Morningstar Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. ﾩ2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260406349545/en/ Contacts Landon Hudson, +1 312 696-6037, [email protected]

CHICAGO, March 13, 2026--(BUSINESS WIRE)--The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in January. The dividend is payable April 30, 2026, to shareholders of record as of April 3, 2026. Please contact [email protected] with any questions. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. Caution Concerning Forward-Looking Statements This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "focus," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncerta...

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Morningstar (MORN) is back on investors’ radar after quarterly results that exceeded analyst expectations on revenue, EPS, and EBITDA, with CEO Kunal Kapoor highlighting meaningful growth in core profitability versus peers. See our latest analysis for Morningstar. The latest earnings beat has helped Morningstar’s short term momentum, with a 7 day share price return of 14.84% to US$183.14, although the 1 year total shareholder return of 41.19% decline shows longer term performance has been weak. If this earnings surprise has you looking beyond one name, it could be a good moment to scan other opportunities through our list of 19 top founder-led companies. With the stock still well below its 1 year level yet trading higher after an earnings beat, the big question now is whether Morningstar is trading at a discount or if the market is already pricing in future growth. On a P/E of 19.4x, Morningstar is priced below both its peer average of 25.5x and the broader US Capital Markets industry at 23.4x, even after the recent share price bounce to $183.14. The P/E ratio compares what investors are currently paying for each dollar of earnings, and it is a common reference point for companies like Morningstar that already generate profits. A lower P/E than peers can signal that the market is assigning a more cautious earnings outlook, or simply has not closed the gap with similar businesses. Against that, the estimated fair P/E ratio for Morningstar is 15.5x, which is materially lower than the current 19.4x level. So while the stock trades at a discount to peers and the wider market, it sits at a premium to this fair ratio estimate, suggesting there is room for the valuation multiple to move closer to that lower level if sentiment or expectations cool. Explore the SWS fair ratio for Morningstar Result: Price-to-Earnings of 19.4x (OVERVALUED) However, short term price gains sit against a 1 year total shareholder return decline of 41.19% and an intrinsic discount of 58.19%, which could challenge confidence. Find out about the key risks to this Morningstar narrative. While the P/E of 19.4x presents Morningstar as cheaper than peers, our DCF model tells a different story. With the share price at $183.14 versus an estimated future cash flow value of $115.77, the stock...

Morningstar, Inc. recently reported quarterly results that exceeded analyst expectations on revenue, EPS, and EBITDA, with CEO Kunal Kapoor highlighting meaningful growth in revenue, operating income, and adjusted operating income for 2025. These results, which outperformed peers in the financial exchanges and data space, reinforced Morningstar’s position as a high-quality provider of investment data and analytics. We’ll now examine how Morningstar’s earnings outperformance versus peers shapes the company’s investment narrative and future growth considerations. AI is about to change healthcare. These 27 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own Morningstar, you need to believe in its role as a trusted, must‑have data and analytics provider for asset managers, advisors, and retirement platforms, even after a sharp share price reset. The recent earnings beat versus peers supports that core thesis, but the stock’s weak 1‑year total return shows how quickly sentiment can swing when growth normalizes and debt sits high. The new Foundation Series CITs fit neatly into Morningstar’s push deeper into retirement solutions, yet are unlikely to move the needle near term; they matter more as proof that the retirement channel is still a growth lever. By contrast, hiring Scott Brown to lead the Direct platform could influence short‑term catalysts if he accelerates AI‑enabled product rollouts, but it also raises execution risk if platform investments outpace revenue traction. However, heavy investment in AI and platforms could pressure margins faster than revenue catches up. Morningstar's shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value. Eight Simply Wall St Community fair value views span roughly US$115.77 to a very large US$595.65, underscoring how differently investors frame Morningstar’s prospects. Set that against today’s focus on execution risk in AI and platform build‑out, and you can see why checking several perspectives before forming a view on the business feels essential. Explore 8 other fair value estimates on Morningstar - why the stock might be worth 37% less than the current price! Disagree with this assessment? Extraordinary investment returns rarely come from following t...

Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Morningstar (NASDAQ:MORN) and the best and worst performers in the financial exchanges & data industry. Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security. The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%. While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results. Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ:MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions. Morningstar reported revenues of $641.1 million, up 8.5% year on year. This print exceeded analysts’ expectations by 2.2%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. "Morningstar grew revenue, operating income, and adjusted operating income meaningfully in 2025 ," said Kunal Kapoor, Morningstar's chief executive officer. Morningstar pulled off the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 1.9% since reporting and currently trades at $156.89. Read why we think that Morningstar is one of the best financial exchanges & data stocks, our full report is free. Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE:MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions. Moody's reported revenues of $1.89 billion, up 13% year on year, outperforming analysts’ exp...

This article first appeared on GuruFocus. Annual Revenue: Surpassed $1 billion for the first time in company history. Adjusted EBITDA: Record $197.5 million, with a margin of 52.8%. Adjusted Earnings Per Share (EPS): $1.78 per diluted share with tax benefit. Total Client Assets: Ended the year with $317 billion. Long-term Gross Flows: $17.1 billion, highest level ever of quarterly gross sales. Long-term Net Flows: Minus $2.1 billion, affected by one-time items. Revenue for Q4: $374.1 million, up 3.6% sequentially. GAAP Operating Income: $153 million. GAAP Net Income: $1.32 per diluted share. Share Repurchases: 814,000 shares repurchased, deploying $51.6 million. Net Leverage Ratio: 1.0 times, with $164 million in cash. ETF Platform Net Flows: $1 billion in positive net flows, year-end assets nearly $19 billion. Morningstar Ratings: 54 mutual funds and ETFs, representing 65% of rated fund AUM, achieved four- or five-star ratings. Warning! GuruFocus has detected 5 Warning Signs with SLQT. Is VCTR fairly valued? Test your thesis with our free DCF calculator. Release Date: February 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Victory Capital Holdings Inc (NASDAQ:VCTR) achieved record high assets under management (AUM) in the fourth quarter, ending the year with $317 billion in total client assets. The company surpassed $1 billion in annual revenue for the first time in its history, highlighting the strength of its diversified platform. Victory Capital Holdings Inc (NASDAQ:VCTR) reported record adjusted EBITDA of $197.5 million, with an adjusted EBITDA margin of 52.8%, one of the highest among publicly traded traditional asset managers. The acquisition of Amundi's Pioneer Investments was transformational, enhancing the company's scale, investment capabilities, and global presence. The company's ETF platform delivered strong growth, with $1 billion in positive net flows in the fourth quarter, and continued expansion in international markets. Long-term net flows were negative at minus $2.1 billion in the fourth quarter, primarily due to one-time outflows from a large platform redemption and year-end client reallocations. Despite strong gross sales, the company experienced an off-trend quarter in terms of net flows, indicating potential challenges in maintaining consistent organic growth. The integrati...

CHICAGO, January 20, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), plans to report its fourth-quarter and full-year 2025 financial results after the market closes on Thursday, Feb. 12, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at [email protected]. About Morningstar Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $369 billion in AUMA as of Sept. 30, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. ﾩ2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260115114701/en/ Contacts Landon Hudson, +1 312 696-6037, [email protected]