Earnings Releases·Oct 28, 2026, 4:37 PM ET

Morningstar, Inc. — Third Quarter 2026 Earnings Summary

Reported revenue rose 8.9% year-over-year to $672.1 million in Q3, while diluted net income per share surged 41.0% to $3.06; operating margins expanded significantly with reported operating income up 31.0% to $167.4 million.
Segment performance was mixed: Morningstar Credit revenue jumped 18.3% and Retirement revenue grew 21.3%, whereas Morningstar Wealth revenue declined 4.3% and PitchBook saw organic growth offset by softness in corporate and venture capital segments.
Capital allocation included $100.0 million in share repurchases and $18.7 million in dividends during the quarter, alongside a net debt reduction of $34.7 million despite total debt rising to $1.7 billion year-to-date.
Strategic focus remains on AI initiatives and cloud infrastructure migration, highlighted by the launch of "Direct AI" and strong adoption of MCP offerings, though operating expenses rose 3.0% due to these technology investments.
No specific forward financial guidance was provided; management noted deferred revenue increased to $600.3 million and highlighted the accretive impact of the CRSP acquisition on Indexes revenue.