Morningstar annual return on equity
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Morningstar Return on Equity (ROE) Growth & History (MORN)
Morningstar's return on equity was 26.35% for fiscal 2025.
View full Morningstar company overviewMorningstar annual return on equity history
| Fiscal year | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 26.35% | +1.24 pp |
| 2024 | 2024-12-31 | 25.11% | +13.98 pp |
| 2023 | 2023-12-31 | 11.13% | +5.76 pp |
| 2022 | 2022-12-31 | 5.38% | −9.01 pp |
| 2021 | 2021-12-31 | 14.39% | −4.60 pp |
| 2020 | 2020-12-31 | 18.99% | +3.93 pp |
| 2019 | 2019-12-31 | 15.06% | −5.98 pp |
| 2018 | 2018-12-31 | 21.04% | +2.80 pp |
| 2017 | 2017-12-31 | 18.24% | −5.85 pp |
| 2016 | 2016-12-31 | 24.09% | +3.59 pp |
| 2015 | 2015-12-31 | 20.50% | +8.84 pp |
| 2014 | 2014-12-31 | 11.65% | −5.79 pp |
| 2013 | 2013-12-31 | 17.45% | +3.77 pp |
| 2012 | 2012-12-31 | 13.67% | +1.65 pp |
| 2011 | 2011-12-31 | 12.03% | +0.07 pp |
| 2010 | 2010-12-31 | 11.95% | −1.79 pp |
| 2009 | 2009-12-31 | 13.75% | — |
Morningstar quarterly return on equity
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| Fiscal quarter | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 10.56% | +5.03 pp |
| Q1 2026 | 2026-03-31 | 9.56% | +4.70 pp |
| Q4 2025 | 2025-12-31 | 8.41% | +1.07 pp |
| Q3 2025 | 2025-09-30 | 5.86% | −2.13 pp |
| Q2 2025 | 2025-06-30 | 5.52% | +0.62 pp |
| Q1 2025 | 2025-03-31 | 4.86% | +0.13 pp |
| Q4 2024 | 2024-12-31 | 7.34% | +1.63 pp |
| Q3 2024 | 2024-09-30 | 7.98% | +4.83 pp |
| Q2 2024 | 2024-06-30 | 4.91% | +1.95 pp |
| Q1 2024 | 2024-03-31 | 4.74% | +5.37 pp |
| Q4 2023 | 2023-12-31 | 5.72% | +5.44 pp |
| Q3 2023 | 2023-09-30 | 3.15% | +3.90 pp |
| Q2 2023 | 2023-06-30 | 2.96% | +0.64 pp |
| Q1 2023 | 2023-03-31 | −0.63% | −3.96 pp |
| Q4 2022 | 2022-12-31 | 0.28% | −3.76 pp |
| Q3 2022 | 2022-09-30 | −0.74% | −4.33 pp |
| Q2 2022 | 2022-06-30 | 2.32% | −0.14 pp |
| Q1 2022 | 2022-03-31 | 3.33% | −0.90 pp |
| Q4 2021 | 2021-12-31 | 4.03% | −2.43 pp |
| Q3 2021 | 2021-09-30 | 3.58% | — |
| Q2 2021 | 2021-06-30 | 2.46% | −2.08 pp |
| Q1 2021 | 2021-03-31 | 4.23% | +1.98 pp |
| Q4 2020 | 2020-12-31 | 6.46% | +3.87 pp |
| Q2 2020 | 2020-06-30 | 4.55% | +0.28 pp |
| Q1 2020 | 2020-03-31 | 2.26% | −1.23 pp |
| Q4 2019 | 2019-12-31 | 2.60% | −1.96 pp |
| Q3 2019 | 2019-09-30 | 4.80% | −1.52 pp |
| Q2 2019 | 2019-06-30 | 4.27% | −0.56 pp |
| Q1 2019 | 2019-03-31 | 3.49% | −1.55 pp |
| Q4 2018 | 2018-12-31 | 4.55% | −0.36 pp |
| Q3 2018 | 2018-09-30 | 6.33% | +1.86 pp |
| Q2 2018 | 2018-06-30 | 4.83% | −1.49 pp |
| Q1 2018 | 2018-03-31 | 5.04% | +2.49 pp |
| Q4 2017 | 2017-12-31 | 4.91% | −5.44 pp |
| Q3 2017 | 2017-09-30 | 4.47% | −0.18 pp |
| Q2 2017 | 2017-06-30 | 6.33% | +1.32 pp |
| Q1 2017 | 2017-03-31 | 2.54% | −1.97 pp |
| Q4 2016 | 2016-12-31 | 10.35% | +4.70 pp |
| Q3 2016 | 2016-09-30 | 4.64% | −0.32 pp |
| Q2 2016 | 2016-06-30 | 5.01% | +0.16 pp |
| Q1 2016 | 2016-03-31 | 4.52% | −0.00 pp |
| Q4 2015 | 2015-12-31 | 5.65% | +0.89 pp |
| Q3 2015 | 2015-09-30 | 4.97% | +0.45 pp |
| Q2 2015 | 2015-06-30 | 4.85% | +6.28 pp |
| Q1 2015 | 2015-03-31 | 4.52% | +0.71 pp |
| Q4 2014 | 2014-12-31 | 4.76% | +0.43 pp |
| Q3 2014 | 2014-09-30 | 4.52% | +0.25 pp |
| Q2 2014 | 2014-06-30 | −1.44% | −5.72 pp |
| Q1 2014 | 2014-03-31 | 3.81% | −0.24 pp |
| Q4 2013 | 2013-12-31 | 4.33% | −0.13 pp |
| Q3 2013 | 2013-09-30 | 4.27% | +0.78 pp |
| Q2 2013 | 2013-06-30 | 4.28% | +0.92 pp |
| Q1 2013 | 2013-03-31 | 4.05% | +1.70 pp |
| Q4 2012 | 2012-12-31 | 4.46% | +1.15 pp |
| Q3 2012 | 2012-09-30 | 3.49% | +0.96 pp |
| Q2 2012 | 2012-06-30 | 3.36% | +0.21 pp |
| Q1 2012 | 2012-03-31 | 2.34% | −0.47 pp |
| Q4 2011 | 2011-12-31 | 3.31% | +0.24 pp |
| Q3 2011 | 2011-09-30 | 2.53% | −0.83 pp |
| Q2 2011 | 2011-06-30 | 3.16% | +0.55 pp |
| Q1 2011 | 2011-03-31 | 2.81% | — |
| Q4 2010 | 2010-12-31 | 3.06% | — |
| Q3 2010 | 2010-09-30 | 3.36% | — |
| Q2 2010 | 2010-06-30 | 2.61% | — |
Morningstar return on equity trends
Over the last five fiscal years, Morningstar's return on equity increased from 18.99% to 26.35%, a change of +7.36 percentage points. The latest reported quarter, Q2 2026, shows 10.56%.
About the metric
What return on equity (ROE) means
Return on equity (ROE) measures how much net income a company generates relative to shareholders’ equity. It can help evaluate how efficiently equity capital is used, but unusually high or negative values may reflect leverage, losses, or a small equity base.
Calculation and source
How return on equity is calculated
TickerStat calculates ROE as SEC-reported net income divided by average stockholders’ equity at the beginning and end of the fiscal period. Periods with missing or non-positive average equity are omitted. Quarterly ROE uses quarterly net income and is not annualized. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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