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Morningstar, Inc. (MORN)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
  Older >>
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19Dec-31-18Dec-31-17Dec-31-16Dec-31-15
   10-K10-K10-K10-K10-K10-K10-K10-K
Revenue  1,870.61,699.31,389.51,179.01,019.9911.7798.6788.8
            Revenue growth  10.1%22.3%17.9%15.6%11.9%14.2%1.2%3.8%
Operating expense:          
Cost of revenue  779.3698.4556.4483.1411.1386.6344.3330.1
Sales and marketing  356.5274.8206.4177.9148.5134.397.696.6
General and administrative  400.4318.4272.0210.7147.8129.8105.2107.1
Depreciation and amortization  166.6150.7139.5117.796.791.270.764.4
    Total operating expense  1,702.81,442.31,174.3989.4804.11,500.5617.8598.2
    Operating income  167.8257.0215.2189.6215.8169.8180.8190.6
            Operating margin  9.0%15.1%15.5%16.1%21.2%18.6%22.6%24.2%
   
Non-operating income (expense):          
Interest expense, net  -28.4-8.7-9.5-8.7-1.8-3.60.31.3
Realized gains (losses) on sale of investments, reclassified from other comprehensive income  -2.15.02.1     
Realized gains on sale of equity method investments   0.930.019.55.6   
   
Holding gain on previously held equity interest          
Other income (expense), net  -6.7-3.7-5.7-3.11.8-5.06.15.3
    Non-operating income (expense), net  -37.2-6.567.88.917.111.344.18.4
    Income before income taxes and equity in net income (loss) of unconsolidated entities  130.6250.5283.0198.5232.9181.1224.9193.7
Equity in net income (loss) of unconsolidated entities  3.6-5.4-0.30.92.11.3-0.21.8
Income tax expense  56.562.659.745.647.842.963.762.7
            Tax rate  43.3%25.0%21.1%23.0%20.5%23.7%28.3%32.4%
    Consolidated net income  70.5193.3223.6152.0183.0136.9161.0132.8
   
Net income per share:          
Basic net income per share (in dollars per share)  $1.65$4.50$5.22$3.56$4.30$3.21$3.74$3.00
Diluted net income per share (in dollars per share)  $1.64$4.45$5.18$3.52$4.25$3.18$3.72$3.00
   
Dividends per common share:          
Dividends declared per common share (in dollars per share)  $1.46$1.31$1.22$1.14$1.03$0.94$0.89$0.79
Dividends paid per common share (in dollars per share)  $1.46$1.31$1.22$1.14$1.03$0.94$0.89$0.79
   
Weighted average shares outstanding:          
Basic (in shares)  42.643.042.942.742.642.743.044.2
Diluted (in shares)  42.943.443.243.243.043.043.344.3

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