Morningstar, Inc. (MORN) Form 8-K — Oct 28, 2026
$MORNForm 8-KItems 2.02, 7.01, 9.01Filed Oct 28, 2026, 4:37 PM ET0001289419-26-000056Original filing
Morningstar reported strong Q3 2026 results: revenue up 8.9% to $672.1 million, operating income up 31.0% to $167.4 million, and diluted EPS up 41.0% to $3.06. Adjusted operating margin expanded to 28.3% from 24.4% a year ago. Growth was led by Morningstar Credit (+18.3% revenue) and Morningstar Retirement (+21.3%), while Morningstar Wealth declined 4.3%. The company highlighted AI momentum, with cumulative PitchBook Data Premium Connector tool calls surpassing 13 million in October, up from 1 million in July.
Key figures
- Eps
- 3.06
- Revenue
- 672100000
- Guidance
- No formal guidance provided; company highlighted Direct AI launch, PitchBook AI broader release expected by early 2027, and Houlihan Lokey CLO benchmark collaboration launching in early 2027.
- Net Income
- 115500000
- Total Debt
- 1700000000
- Revenue Yoy
- 8.9%
- Cash Position
- 524600000
- Adjusted eps
- $3.48, +36.5% YoY
- Free cash flow
- $155.4 million, -2.9% YoY
- Operating income
- $167.4 million, +31.0% YoY
- Operating margin
- 24.9% vs 20.7% prior year
- Share repurchases q3
- $100.0 million (486,573 shares)
- Credit revenue growth
- +18.3% reported / +19.1% organic
- Share repurchases ytd
- $500.0 million (2,777,829 shares)
- Organic revenue growth
- 6.8% (7.8% excluding sunsetting products)
- Morningstar wealth auma
- $64.8 billion, -8.5% YoY
- Pitchbook licensed users
- 118,684, +4.6% YoY
- Pitchbook mcp tool calls
- 13 million cumulative, up from 1 million in July 2026
- Adjusted operating income
- $189.9 million, +26.1% YoY
- Adjusted operating margin
- 28.3% vs 24.4% prior year
- Morningstar retirement auma
- $333.9 billion, +12.1% YoY
AI analysis
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