Morningstar annual ebitda margin
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Morningstar EBITDA Margin Growth & History (MORN)
Morningstar's ebitda margin was 29.30% for fiscal 2025.
View full Morningstar company overviewMorningstar annual ebitda margin history
| Fiscal year | Period ended | EBITDA margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 29.30% | −0.38 pp |
| 2024 | 2024-12-31 | 29.68% | +9.30 pp |
| 2023 | 2023-12-31 | 20.38% | +2.51 pp |
| 2022 | 2022-12-31 | 17.88% | −6.12 pp |
| 2021 | 2021-12-31 | 23.99% | −1.53 pp |
| 2020 | 2020-12-31 | 25.53% | −0.54 pp |
| 2019 | 2019-12-31 | 26.06% | −4.58 pp |
| 2018 | 2018-12-31 | 30.64% | +2.01 pp |
| 2017 | 2017-12-31 | 28.63% | −2.86 pp |
| 2016 | 2016-12-31 | 31.49% | −0.83 pp |
| 2015 | 2015-12-31 | 32.33% | +11.21 pp |
| 2014 | 2014-12-31 | 21.12% | −9.87 pp |
| 2013 | 2013-12-31 | 30.99% | +1.56 pp |
| 2012 | 2012-12-31 | 29.43% | +0.72 pp |
| 2011 | 2011-12-31 | 28.72% | −0.22 pp |
| 2010 | 2010-12-31 | 28.94% | −3.76 pp |
| 2009 | 2009-12-31 | 32.70% | −0.11 pp |
| 2008 | 2008-12-31 | 32.81% | — |
Morningstar quarterly ebitda margin
Q2.09
Q3.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
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Q4.12
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Q2.13
Q3.13
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Q2.21
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Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | EBITDA margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 32.28% | +3.59 pp |
| Q1 2026 | 2026-03-31 | 32.20% | +4.46 pp |
| Q4 2025 | 2025-12-31 | 32.24% | −4.41 pp |
| Q3 2025 | 2025-09-30 | 28.31% | +0.00 pp |
| Q2 2025 | 2025-06-30 | 28.69% | +1.13 pp |
| Q1 2025 | 2025-03-31 | 27.74% | +1.98 pp |
| Q4 2024 | 2024-12-31 | 36.65% | +10.49 pp |
| Q3 2024 | 2024-09-30 | 28.31% | +5.69 pp |
| Q2 2024 | 2024-06-30 | 27.56% | +9.98 pp |
| Q1 2024 | 2024-03-31 | 25.76% | +11.31 pp |
| Q4 2023 | 2023-12-31 | 26.16% | +9.25 pp |
| Q3 2023 | 2023-09-30 | 22.62% | +8.48 pp |
| Q2 2023 | 2023-06-30 | 17.57% | −2.39 pp |
| Q1 2023 | 2023-03-31 | 14.45% | −6.12 pp |
| Q4 2022 | 2022-12-31 | 16.91% | −7.59 pp |
| Q3 2022 | 2022-09-30 | 14.14% | −10.55 pp |
| Q2 2022 | 2022-06-30 | 19.96% | −0.45 pp |
| Q1 2022 | 2022-03-31 | 20.57% | −5.86 pp |
| Q4 2021 | 2021-12-31 | 24.49% | −2.03 pp |
| Q3 2021 | 2021-09-30 | 24.69% | +2.27 pp |
| Q2 2021 | 2021-06-30 | 20.41% | −8.56 pp |
| Q1 2021 | 2021-03-31 | 26.43% | +2.14 pp |
| Q4 2020 | 2020-12-31 | 26.52% | +4.44 pp |
| Q3 2020 | 2020-09-30 | 22.42% | −4.41 pp |
| Q2 2020 | 2020-06-30 | 28.97% | +0.97 pp |
| Q1 2020 | 2020-03-31 | 24.29% | −3.91 pp |
| Q4 2019 | 2019-12-31 | 22.08% | −6.39 pp |
| Q3 2019 | 2019-09-30 | 26.83% | −7.65 pp |
| Q2 2019 | 2019-06-30 | 28.00% | −2.58 pp |
| Q1 2019 | 2019-03-31 | 28.20% | −0.72 pp |
| Q4 2018 | 2018-12-31 | 28.47% | +0.09 pp |
| Q3 2018 | 2018-09-30 | 34.48% | +2.03 pp |
| Q2 2018 | 2018-06-30 | 30.59% | +1.14 pp |
| Q1 2018 | 2018-03-31 | 28.91% | +5.09 pp |
| Q4 2017 | 2017-12-31 | 28.38% | −3.94 pp |
| Q3 2017 | 2017-09-30 | 32.45% | +0.68 pp |
| Q2 2017 | 2017-06-30 | 29.45% | −1.68 pp |
| Q1 2017 | 2017-03-31 | 23.82% | −6.84 pp |
| Q4 2016 | 2016-12-31 | 32.33% | −0.81 pp |
| Q3 2016 | 2016-09-30 | 31.77% | −0.28 pp |
| Q2 2016 | 2016-06-30 | 31.13% | −1.53 pp |
| Q1 2016 | 2016-03-31 | 30.66% | −0.74 pp |
| Q4 2015 | 2015-12-31 | 33.13% | +2.02 pp |
| Q3 2015 | 2015-09-30 | 32.05% | +1.03 pp |
| Q2 2015 | 2015-06-30 | 32.66% | +38.68 pp |
| Q1 2015 | 2015-03-31 | 31.40% | +3.31 pp |
| Q4 2014 | 2014-12-31 | 31.11% | +1.31 pp |
| Q3 2014 | 2014-09-30 | 31.02% | −1.18 pp |
| Q2 2014 | 2014-06-30 | −6.02% | −37.28 pp |
| Q1 2014 | 2014-03-31 | 28.09% | −2.65 pp |
| Q4 2013 | 2013-12-31 | 29.80% | +0.05 pp |
| Q3 2013 | 2013-09-30 | 32.21% | +0.71 pp |
| Q2 2013 | 2013-06-30 | 31.26% | +0.08 pp |
| Q1 2013 | 2013-03-31 | 30.74% | +5.50 pp |
| Q4 2012 | 2012-12-31 | 29.75% | +1.16 pp |
| Q3 2012 | 2012-09-30 | 31.49% | +3.49 pp |
| Q2 2012 | 2012-06-30 | 31.18% | +0.65 pp |
| Q1 2012 | 2012-03-31 | 25.24% | −2.44 pp |
| Q4 2011 | 2011-12-31 | 28.59% | −0.43 pp |
| Q3 2011 | 2011-09-30 | 28.00% | −0.65 pp |
| Q2 2011 | 2011-06-30 | 30.54% | +3.41 pp |
| Q1 2011 | 2011-03-31 | 27.68% | −3.41 pp |
| Q4 2010 | 2010-12-31 | 29.02% | — |
| Q3 2010 | 2010-09-30 | 28.65% | −4.92 pp |
| Q2 2010 | 2010-06-30 | 27.12% | −7.63 pp |
| Q1 2010 | 2010-03-31 | 31.09% | — |
| Q3 2009 | 2009-09-30 | 33.57% | — |
| Q2 2009 | 2009-06-30 | 34.75% | — |
Morningstar ebitda margin trends
Over the last five fiscal years, Morningstar's ebitda margin increased from 25.53% to 29.30%, a change of +3.77 percentage points. The latest reported quarter, Q2 2026, shows 32.28%.
About the metric
What EBITDA margin means
EBITDA margin measures EBITDA as a percentage of revenue. It can help compare operating profitability over time, but it excludes capital intensity, financing costs, taxes, and other items and is generally unsuitable for financial companies.
Calculation and source
How EBITDA margin is calculated
TickerStat calculates EBITDA margin as EBITDA divided by positive reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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