Morningstar, Inc. — Third Quarter 2026 Earnings Summary

Morningstar, Inc. reported third-quarter 2026 revenue of $672.1 million, an 8.9% increase from the prior year, driven by growth in Morningstar Credit and the Morningstar Direct Platform. Diluted net income per share rose 41.0% to $3.06, while adjusted diluted net income per share increased 36.5% to $3.48. The company's operating margin expanded to 24.9%, supported by revenue growth that partially offset higher technology infrastructure and advertising expenses. Additionally, Morningstar repurchased $100.0 million of its shares during the quarter and maintained a strong free cash flow position of $155.4 million.