Morningstar annual gross margin
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2025
Morningstar Gross Margin Growth & History (MORN)
Morningstar's gross margin was 61.03% for fiscal 2025.
View full Morningstar company overviewMorningstar annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 61.03% | +0.40 pp |
| 2024 | 2024-12-31 | 60.63% | +2.01 pp |
| 2023 | 2023-12-31 | 58.62% | +0.28 pp |
| 2022 | 2022-12-31 | 58.34% | −0.56 pp |
| 2021 | 2021-12-31 | 58.90% | −1.06 pp |
| 2020 | 2020-12-31 | 59.96% | +0.93 pp |
| 2019 | 2019-12-31 | 59.02% | −0.67 pp |
| 2018 | 2018-12-31 | 59.69% | +2.10 pp |
| 2017 | 2017-12-31 | 57.60% | +0.71 pp |
| 2016 | 2016-12-31 | 56.89% | −1.26 pp |
| 2015 | 2015-12-31 | 58.15% | +0.07 pp |
| 2014 | 2014-12-31 | 58.08% | −3.05 pp |
| 2013 | 2013-12-31 | 61.13% | −1.38 pp |
| 2012 | 2012-12-31 | 62.51% | −0.22 pp |
| 2011 | 2011-12-31 | 62.74% | −8.98 pp |
| 2010 | 2010-12-31 | 71.72% | −1.43 pp |
| 2009 | 2009-12-31 | 73.15% | −0.96 pp |
| 2008 | 2008-12-31 | 74.11% | — |
Morningstar quarterly gross margin
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Q2.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 63.92% | +2.03 pp |
| Q1 2026 | 2026-03-31 | 62.95% | +2.72 pp |
| Q4 2025 | 2025-12-31 | 61.13% | +0.42 pp |
| Q3 2025 | 2025-09-30 | 60.85% | −0.04 pp |
| Q2 2025 | 2025-06-30 | 61.89% | +0.83 pp |
| Q1 2025 | 2025-03-31 | 60.23% | +0.41 pp |
| Q4 2024 | 2024-12-31 | 60.71% | −1.16 pp |
| Q3 2024 | 2024-09-30 | 60.89% | +0.25 pp |
| Q2 2024 | 2024-06-30 | 61.06% | +3.94 pp |
| Q1 2024 | 2024-03-31 | 59.82% | +5.43 pp |
| Q4 2023 | 2023-12-31 | 61.87% | +2.92 pp |
| Q3 2023 | 2023-09-30 | 60.64% | +2.37 pp |
| Q2 2023 | 2023-06-30 | 57.12% | −0.87 pp |
| Q1 2023 | 2023-03-31 | 54.39% | −3.75 pp |
| Q4 2022 | 2022-12-31 | 58.95% | −0.03 pp |
| Q3 2022 | 2022-09-30 | 58.27% | +0.96 pp |
| Q2 2022 | 2022-06-30 | 57.99% | −1.47 pp |
| Q1 2022 | 2022-03-31 | 58.14% | −1.81 pp |
| Q4 2021 | 2021-12-31 | 58.98% | −1.69 pp |
| Q3 2021 | 2021-09-30 | 57.31% | −3.86 pp |
| Q2 2021 | 2021-06-30 | 59.46% | −0.56 pp |
| Q1 2021 | 2021-03-31 | 59.95% | +2.24 pp |
| Q4 2020 | 2020-12-31 | 60.67% | +3.42 pp |
| Q3 2020 | 2020-09-30 | 61.17% | +2.09 pp |
| Q2 2020 | 2020-06-30 | 60.02% | −0.73 pp |
| Q1 2020 | 2020-03-31 | 57.72% | −1.69 pp |
| Q4 2019 | 2019-12-31 | 57.25% | −1.30 pp |
| Q3 2019 | 2019-09-30 | 59.08% | −2.65 pp |
| Q2 2019 | 2019-06-30 | 60.75% | +0.29 pp |
| Q1 2019 | 2019-03-31 | 59.41% | +1.46 pp |
| Q4 2018 | 2018-12-31 | 58.55% | +1.08 pp |
| Q3 2018 | 2018-09-30 | 61.73% | +1.27 pp |
| Q2 2018 | 2018-06-30 | 60.46% | +2.04 pp |
| Q1 2018 | 2018-03-31 | 57.95% | +4.25 pp |
| Q4 2017 | 2017-12-31 | 57.47% | −1.06 pp |
| Q3 2017 | 2017-09-30 | 60.46% | +3.76 pp |
| Q2 2017 | 2017-06-30 | 58.42% | +1.86 pp |
| Q1 2017 | 2017-03-31 | 53.70% | −1.90 pp |
| Q4 2016 | 2016-12-31 | 58.53% | +0.59 pp |
| Q3 2016 | 2016-09-30 | 56.71% | −0.59 pp |
| Q2 2016 | 2016-06-30 | 56.56% | −2.27 pp |
| Q1 2016 | 2016-03-31 | 55.60% | −2.94 pp |
| Q4 2015 | 2015-12-31 | 57.94% | −0.67 pp |
| Q3 2015 | 2015-09-30 | 57.30% | −1.27 pp |
| Q2 2015 | 2015-06-30 | 58.83% | +1.86 pp |
| Q1 2015 | 2015-03-31 | 58.54% | +0.37 pp |
| Q4 2014 | 2014-12-31 | 58.60% | −1.03 pp |
| Q3 2014 | 2014-09-30 | 58.57% | +0.32 pp |
| Q2 2014 | 2014-06-30 | 56.97% | −6.31 pp |
| Q1 2014 | 2014-03-31 | 58.17% | −5.32 pp |
| Q4 2013 | 2013-12-31 | 59.63% | +10.30 pp |
| Q3 2013 | 2013-09-30 | 58.25% | −4.12 pp |
| Q2 2013 | 2013-06-30 | 63.27% | −6.93 pp |
| Q1 2013 | 2013-03-31 | 63.49% | −5.21 pp |
| Q4 2012 | 2012-12-31 | 49.33% | +13.25 pp |
| Q3 2012 | 2012-09-30 | 62.37% | −7.59 pp |
| Q2 2012 | 2012-06-30 | 70.20% | −1.73 pp |
| Q1 2012 | 2012-03-31 | 68.70% | −4.50 pp |
| Q4 2011 | 2011-12-31 | 36.08% | −35.94 pp |
| Q3 2011 | 2011-09-30 | 69.96% | −0.92 pp |
| Q2 2011 | 2011-06-30 | 71.94% | +1.14 pp |
| Q1 2011 | 2011-03-31 | 73.20% | −0.05 pp |
| Q4 2010 | 2010-12-31 | 72.01% | — |
| Q3 2010 | 2010-09-30 | 70.88% | −2.51 pp |
| Q2 2010 | 2010-06-30 | 70.80% | −3.52 pp |
| Q1 2010 | 2010-03-31 | 73.25% | — |
| Q3 2009 | 2009-09-30 | 73.39% | — |
| Q2 2009 | 2009-06-30 | 74.32% | — |
Morningstar gross margin trends
Over the last five fiscal years, Morningstar's gross margin increased from 59.96% to 61.03%, a change of +1.08 percentage points. The latest reported quarter, Q2 2026, shows 63.92%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-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.
Review Morningstar source filings ↗