Morningstar, Inc. Reports Third-Quarter 2026 Financial Results
Morningstar reported Q3 2026 revenue of $672.1 million, up 8.9% (6.8% organic), with GAAP diluted EPS up 41% to $3.06 and adjusted EPS up 36.5% to $3.48. Margins expanded sharply: operating margin rose to 24.9% from 20.7%, and adjusted operating margin hit 28.3%, led by Morningstar Credit (+18.3% revenue) and Retirement (+21.3%). PitchBook growth slowed to 3.9% with churn in corporate and VC segments, and Morningstar Wealth revenue declined 4.3%. The company repurchased $100 million of stock in the quarter and highlighted AI adoption, with cumulative MCP tool calls through the PitchBook Data Premium Connector topping 13 million in October, up from 1 million in July.
Key figures
- Eps
- 3.06
- Revenue
- 672.1
- Revenue Yoy
- 8.9%
- Fcf
- 155400000
- Debt
- $1.7 billion
- Net income
- 115500000
- Wealth auma
- $64.8 billion
- Ytd revenue
- $2.0 billion
- Adjusted eps
- 3.48
- Q3 buyback usd
- 100000000
- Retirement auma
- $333.9 billion
- Adjusted eps yoy
- 36.5%
- Operating income
- 167400000
- Operating margin
- 24.9%
- Organic revenue yoy
- 6.8%
- Cash and investments
- $524.6 million
- Operating income yoy
- 31.0%
- Adjusted operating income
- 189900000
- Adjusted operating margin
- 28.3%
AI analysis
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