Investment research firm Morningstar (NASDAQ: MORN) reported Q3 2026 results exceeding the market’s revenue expectations, with revenue up 8.9% year on year to $672.1 million. Its non-GAAP profit of $3.48 per share was 14.5% above analysts’ consensus estimates.
For more on Morningstar, read our free full research report.
Morningstar (MORN) Q3 2026 highlights:
- Revenue $672.1 million vs S&P analysts’ consensus estimates of $663.6 million (8.9% year-on-year growth, 1.3% beat)
- Pre-tax profit $152.4 million (22.7% margin)
- Adjusted EPS $3.48 vs S&P analysts’ consensus estimates of $3.04 (14.5% beat)
- Market capitalization $8.09 billion
"We continue to put important product enhancements in the hands of our clients while delivering profitable growth," said Morningstar CEO Kunal Kapoor. "This month, we launched Direct AI, which features agentic workflows backed by our trusted data, research, and analytics. As clients increasingly engage with our data within AI-driven workflows, we're also seeing strong adoption across our MCP offerings, with cumulative tool calls through the PitchBook Data Premium Connector surpassing 13 million in October, up from 1 million in July."
Revenue growth
Reviewing a company’s long-term revenue performance reveals insights into its quality. Even a bad business can perform well for one or two quarters, but a top-tier one grows for years. Morningstar’s revenue grew at a decent 10.1% compounded annual growth rate over the last five years. Its growth was slightly above the average financials company and shows its offerings resonate with customers.
Long-term growth matters the most, but within financials, a half-decade historical view may miss recent interest rate changes, market returns and industry trends. Morningstar’s annualized revenue growth of 8.6% over the last two years is below its five-year trend, but the results were still respectable. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Morningstar reported year-on-year revenue growth of 8.9%, and its $672.1 million of revenue exceeded Wall Street’s consensus estimates by 1.3%.
Key takeaways from Morningstar’s Q3 results
EPS and EBITDA both beat consensus estimates, making this a decent quarter for Morningstar. But the market seemed to be hoping for more, with shares falling 3.6% to $206.87 immediately after the results.
Is Morningstar a buy at its current price? The latest quarter is only one part of assessing longer-term business quality. Quality, when combined with valuation, can help determine if the stock is a buy. For more, read our full research report here (it’s free).
