Morningstar annual operating margin
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2025
Morningstar Operating Margin Growth & History (MORN)
Morningstar's operating margin was 21.53% for fiscal 2025.
View full Morningstar company overviewMorningstar annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 21.53% | +0.22 pp |
| 2024 | 2024-12-31 | 21.31% | +10.00 pp |
| 2023 | 2023-12-31 | 11.31% | +2.34 pp |
| 2022 | 2022-12-31 | 8.97% | −6.15 pp |
| 2021 | 2021-12-31 | 15.12% | −0.36 pp |
| 2020 | 2020-12-31 | 15.49% | −0.59 pp |
| 2019 | 2019-12-31 | 16.08% | −5.08 pp |
| 2018 | 2018-12-31 | 21.16% | +2.53 pp |
| 2017 | 2017-12-31 | 18.62% | −4.02 pp |
| 2016 | 2016-12-31 | 22.64% | −1.52 pp |
| 2015 | 2015-12-31 | 24.16% | +10.27 pp |
| 2014 | 2014-12-31 | 13.89% | −10.55 pp |
| 2013 | 2013-12-31 | 24.45% | +1.56 pp |
| 2012 | 2012-12-31 | 22.89% | +0.97 pp |
| 2011 | 2011-12-31 | 21.92% | +0.12 pp |
| 2010 | 2010-12-31 | 21.80% | −4.23 pp |
| 2009 | 2009-12-31 | 26.03% | −1.61 pp |
| 2008 | 2008-12-31 | 27.64% | — |
Morningstar quarterly operating margin
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 24.22% | +3.54 pp |
| Q1 2026 | 2026-03-31 | 24.18% | +4.57 pp |
| Q4 2025 | 2025-12-31 | 24.89% | −3.57 pp |
| Q3 2025 | 2025-09-30 | 20.70% | +0.42 pp |
| Q2 2025 | 2025-06-30 | 20.67% | +1.70 pp |
| Q1 2025 | 2025-03-31 | 19.61% | +2.55 pp |
| Q4 2024 | 2024-12-31 | 28.46% | +10.94 pp |
| Q3 2024 | 2024-09-30 | 20.28% | +6.71 pp |
| Q2 2024 | 2024-06-30 | 18.97% | +10.71 pp |
| Q1 2024 | 2024-03-31 | 17.06% | +11.95 pp |
| Q4 2023 | 2023-12-31 | 17.52% | +10.05 pp |
| Q3 2023 | 2023-09-30 | 13.58% | +8.88 pp |
| Q2 2023 | 2023-06-30 | 8.26% | −3.20 pp |
| Q1 2023 | 2023-03-31 | 5.11% | −7.23 pp |
| Q4 2022 | 2022-12-31 | 7.47% | −8.71 pp |
| Q3 2022 | 2022-09-30 | 4.70% | −11.11 pp |
| Q2 2022 | 2022-06-30 | 11.46% | +0.10 pp |
| Q1 2022 | 2022-03-31 | 12.34% | −4.77 pp |
| Q4 2021 | 2021-12-31 | 16.18% | −0.93 pp |
| Q3 2021 | 2021-09-30 | 15.81% | +3.41 pp |
| Q2 2021 | 2021-06-30 | 11.36% | −7.33 pp |
| Q1 2021 | 2021-03-31 | 17.11% | +3.37 pp |
| Q4 2020 | 2020-12-31 | 17.11% | +5.17 pp |
| Q3 2020 | 2020-09-30 | 12.40% | −3.40 pp |
| Q2 2020 | 2020-06-30 | 18.69% | +0.15 pp |
| Q1 2020 | 2020-03-31 | 13.73% | −5.38 pp |
| Q4 2019 | 2019-12-31 | 11.94% | −6.82 pp |
| Q3 2019 | 2019-09-30 | 15.81% | −9.22 pp |
| Q2 2019 | 2019-06-30 | 18.55% | −2.69 pp |
| Q1 2019 | 2019-03-31 | 19.12% | −0.39 pp |
| Q4 2018 | 2018-12-31 | 18.77% | +1.24 pp |
| Q3 2018 | 2018-09-30 | 25.03% | +2.06 pp |
| Q2 2018 | 2018-06-30 | 21.24% | +1.17 pp |
| Q1 2018 | 2018-03-31 | 19.51% | +5.95 pp |
| Q4 2017 | 2017-12-31 | 17.52% | −5.99 pp |
| Q3 2017 | 2017-09-30 | 22.97% | +0.43 pp |
| Q2 2017 | 2017-06-30 | 20.07% | −2.33 pp |
| Q1 2017 | 2017-03-31 | 13.56% | −8.46 pp |
| Q4 2016 | 2016-12-31 | 23.52% | −1.39 pp |
| Q3 2016 | 2016-09-30 | 22.54% | −1.12 pp |
| Q2 2016 | 2016-06-30 | 22.40% | −2.19 pp |
| Q1 2016 | 2016-03-31 | 22.02% | −1.43 pp |
| Q4 2015 | 2015-12-31 | 24.90% | +1.17 pp |
| Q3 2015 | 2015-09-30 | 23.66% | +0.20 pp |
| Q2 2015 | 2015-06-30 | 24.59% | +37.69 pp |
| Q1 2015 | 2015-03-31 | 23.45% | +2.20 pp |
| Q4 2014 | 2014-12-31 | 23.73% | +0.49 pp |
| Q3 2014 | 2014-09-30 | 23.46% | −2.26 pp |
| Q2 2014 | 2014-06-30 | −13.09% | −37.94 pp |
| Q1 2014 | 2014-03-31 | 21.25% | −2.77 pp |
| Q4 2013 | 2013-12-31 | 23.23% | +0.22 pp |
| Q3 2013 | 2013-09-30 | 25.72% | +0.95 pp |
| Q2 2013 | 2013-06-30 | 24.84% | +0.06 pp |
| Q1 2013 | 2013-03-31 | 24.02% | +5.11 pp |
| Q4 2012 | 2012-12-31 | 23.02% | +1.49 pp |
| Q3 2012 | 2012-09-30 | 24.77% | +3.61 pp |
| Q2 2012 | 2012-06-30 | 24.79% | +0.81 pp |
| Q1 2012 | 2012-03-31 | 18.91% | −2.05 pp |
| Q4 2011 | 2011-12-31 | 21.53% | +0.16 pp |
| Q3 2011 | 2011-09-30 | 21.16% | −0.41 pp |
| Q2 2011 | 2011-06-30 | 23.98% | +3.65 pp |
| Q1 2011 | 2011-03-31 | 20.96% | −3.16 pp |
| Q4 2010 | 2010-12-31 | 21.36% | −6.69 pp |
| Q3 2010 | 2010-09-30 | 21.57% | −5.77 pp |
| Q2 2010 | 2010-06-30 | 20.33% | — |
| Q1 2010 | 2010-03-31 | 24.12% | — |
| Q3 2009 | 2009-09-30 | 28.05% | — |
| Q2 2009 | 2009-06-30 | 27.35% | — |
Morningstar operating margin trends
Over the last five reported fiscal years, Morningstar's operating margin increased from 15.49% to 21.53%, a change of +6.05 percentage points. The latest reported quarter, Q2 2026, shows 24.22%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income 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 filings at SEC.gov ↗