Morningstar annual operating expenses
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Morningstar Operating Expenses Growth & History (MORN)
Morningstar's operating expenses was $966.0M for fiscal 2025.
View full Morningstar company overviewMorningstar annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $966.0M | $71.4M | +7.98% |
| 2024 | 2024-12-31 | $894.6M | −$913.4M | −50.52% |
| 2023 | 2023-12-31 | $1.81B | $105.2M | +6.18% |
| 2022 | 2022-12-31 | $1.70B | $260.5M | +18.06% |
| 2021 | 2021-12-31 | $1.44B | $268.0M | +22.82% |
| 2020 | 2020-12-31 | $1.17B | $184.9M | +18.69% |
| 2019 | 2019-12-31 | $989.4M | $185.3M | +23.04% |
| 2018 | 2018-12-31 | $804.1M | $62.2M | +8.38% |
| 2017 | 2017-12-31 | $741.9M | $124.1M | +20.09% |
| 2016 | 2016-12-31 | $617.8M | $19.6M | +3.28% |
| 2015 | 2015-12-31 | $598.2M | −$56.3M | −8.60% |
| 2014 | 2014-12-31 | $654.5M | $126.9M | +24.05% |
| 2013 | 2013-12-31 | $527.6M | $20.0M | +3.94% |
| 2012 | 2012-12-31 | $507.6M | $14.6M | +2.97% |
| 2011 | 2011-12-31 | $493.0M | $58.7M | +13.51% |
| 2010 | 2010-12-31 | $434.3M | $80.0M | +22.57% |
| 2009 | 2009-12-31 | $354.3M | −$9.3M | −2.55% |
| 2008 | 2008-12-31 | $363.6M | — | — |
Morningstar quarterly operating expenses
Q2.09
Q3.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
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 | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $263.3M | −$217.5M | −45.24% |
| Q1 2026 | 2026-03-31 | $489.8M | $22.0M | +4.70% |
| Q4 2025 | 2025-12-31 | $232.3M | $41.7M | +21.88% |
| Q3 2025 | 2025-09-30 | $490.1M | $36.2M | +7.98% |
| Q2 2025 | 2025-06-30 | $480.8M | $17.4M | +3.75% |
| Q1 2025 | 2025-03-31 | $467.8M | $17.6M | +3.91% |
| Q4 2024 | 2024-12-31 | $190.6M | −$253.7M | −57.10% |
| Q3 2024 | 2024-09-30 | $453.9M | $8.4M | +1.89% |
| Q2 2024 | 2024-06-30 | $463.4M | $400,000 | +0.09% |
| Q1 2024 | 2024-03-31 | $450.2M | −$5.0M | −1.10% |
| Q4 2023 | 2023-12-31 | $444.3M | $4.8M | +1.09% |
| Q3 2023 | 2023-09-30 | $445.5M | −$700,000 | −0.16% |
| Q2 2023 | 2023-06-30 | $463.0M | $46.5M | +11.16% |
| Q1 2023 | 2023-03-31 | $455.2M | $54.6M | +13.63% |
| Q4 2022 | 2022-12-31 | $439.5M | $52.1M | +13.45% |
| Q3 2022 | 2022-09-30 | $446.2M | $85.1M | +23.57% |
| Q2 2022 | 2022-06-30 | $416.5M | $48.3M | +13.12% |
| Q1 2022 | 2022-03-31 | $400.6M | $75.0M | +23.03% |
| Q4 2021 | 2021-12-31 | $387.4M | $72.1M | +22.87% |
| Q3 2021 | 2021-09-30 | $361.1M | $48.2M | +15.40% |
| Q2 2021 | 2021-06-30 | $368.2M | $101.6M | +38.11% |
| Q1 2021 | 2021-03-31 | $325.6M | $46.1M | +16.49% |
| Q4 2020 | 2020-12-31 | $315.3M | $22.6M | +7.72% |
| Q3 2020 | 2020-09-30 | $312.9M | $48.7M | +18.43% |
| Q2 2020 | 2020-06-30 | $266.6M | $43.5M | +19.50% |
| Q1 2020 | 2020-03-31 | $279.5M | $70.1M | +33.48% |
| Q4 2019 | 2019-12-31 | $292.7M | $79.3M | +37.16% |
| Q3 2019 | 2019-09-30 | $264.2M | $68.3M | +34.86% |
| Q2 2019 | 2019-06-30 | $223.1M | $24.3M | +12.22% |
| Q1 2019 | 2019-03-31 | $209.4M | $13.4M | +6.84% |
| Q4 2018 | 2018-12-31 | $213.4M | $12.9M | +6.43% |
| Q3 2018 | 2018-09-30 | $195.9M | $18.8M | +10.62% |
| Q2 2018 | 2018-06-30 | $198.8M | $15.6M | +8.52% |
| Q1 2018 | 2018-03-31 | $196.0M | $14.9M | +8.23% |
| Q4 2017 | 2017-12-31 | $200.5M | $38.2M | +23.54% |
| Q3 2017 | 2017-09-30 | $177.1M | $25.2M | +16.59% |
| Q2 2017 | 2017-06-30 | $183.2M | $29.4M | +19.12% |
| Q1 2017 | 2017-03-31 | $181.1M | $31.3M | +20.89% |
| Q4 2016 | 2016-12-31 | $162.3M | $10.8M | +7.13% |
| Q3 2016 | 2016-09-30 | $151.9M | $2.8M | +1.88% |
| Q2 2016 | 2016-06-30 | $153.8M | $1.4M | +0.92% |
| Q1 2016 | 2016-03-31 | $149.8M | $4.5M | +3.10% |
| Q4 2015 | 2015-12-31 | $151.5M | $1.7M | +1.13% |
| Q3 2015 | 2015-09-30 | $149.1M | $1.3M | +0.88% |
| Q2 2015 | 2015-06-30 | $152.4M | −$61.8M | −28.85% |
| Q1 2015 | 2015-03-31 | $145.3M | $2.6M | +1.82% |
| Q4 2014 | 2014-12-31 | $149.8M | $11.2M | +8.08% |
| Q3 2014 | 2014-09-30 | $147.8M | $18.9M | +14.69% |
| Q2 2014 | 2014-06-30 | $214.2M | $82.4M | +62.46% |
| Q1 2014 | 2014-03-31 | $142.7M | $14.4M | +11.23% |
| Q4 2013 | 2013-12-31 | $138.6M | $7.3M | +5.53% |
| Q3 2013 | 2013-09-30 | $128.9M | $7.8M | +6.43% |
| Q2 2013 | 2013-06-30 | $131.8M | $7.0M | +5.62% |
| Q1 2013 | 2013-03-31 | $128.3M | −$2.1M | −1.58% |
| Q4 2012 | 2012-12-31 | $131.3M | $6.9M | +5.55% |
| Q3 2012 | 2012-09-30 | $121.1M | −$5.1M | −4.04% |
| Q2 2012 | 2012-06-30 | $124.8M | $2.4M | +1.98% |
| Q1 2012 | 2012-03-31 | $130.4M | $10.4M | +8.67% |
| Q4 2011 | 2011-12-31 | $124.4M | $5.6M | +4.69% |
| Q3 2011 | 2011-09-30 | $126.2M | $16.5M | +15.08% |
| Q2 2011 | 2011-06-30 | $122.4M | $14.0M | +12.89% |
| Q1 2011 | 2011-03-31 | $120.0M | $22.6M | +23.23% |
| Q4 2010 | 2010-12-31 | $118.9M | — | — |
| Q3 2010 | 2010-09-30 | $109.7M | $23.3M | +26.91% |
| Q2 2010 | 2010-06-30 | $108.4M | $21.6M | +24.85% |
| Q1 2010 | 2010-03-31 | $97.3M | — | — |
| Q3 2009 | 2009-09-30 | $86.4M | — | — |
| Q2 2009 | 2009-06-30 | $86.8M | — | — |
Morningstar operating expenses trends
Over the last five fiscal years, Morningstar's operating expenses decreased from $1.17B to $966.0M, a change of −$208.3M. The latest reported quarter, Q2 2026, shows $263.3M.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Morningstar source filings ↗