Morningstar (MORN) investor relations material

Executive summary

• Revenue grew 9.6% year-over-year to $663.2 million in Q2 2026, with organic revenue up 6.8%.

• Operating income rose 28.4% to $160.6 million; adjusted operating income up 22.7% to $175.9 million.

• Free cash flow nearly doubled to $122.5 million, and operating margin improved to 24.2%; adjusted margin reached 26.5%.

• Diluted EPS increased 35.4% to $2.83; adjusted diluted EPS up 29.2% to $3.10.

• Growth was driven by strong performance in Credit, Direct Platform, and PitchBook, with the CRSP acquisition expanding the Indexes segment.

Financial highlights

• Reported revenue increased from $605.1 million in Q2 25 to $663.2 million in Q2 26.

• Adjusted operating income grew from $143.4 million to $175.9 million year-over-year.

• Free cash flow for the quarter was $122.5 million, up 96.3% year-over-year.

• Cash and investments totaled $523.8 million as of June 30, 2026; total debt at $1.7 billion, leverage ratio 1.9x.

• Year-to-date revenue up 10.2% to $1.3 billion; organic revenue up 7.2%.

Outlook and guidance

• Management expects continued revenue growth, supported by strong demand in core segments and the integration of CRSP.

• Focus on accelerating strategy with agentic workflows, expanded collaborations, and AI investment.

• Sufficient liquidity is expected to meet operating and strategic needs for at least the next 12 months.