Morningstar (MORN) Q2 2026: Revenue Hits $663M, Free Cash Flow Nearly Doubles
As seen on the 24/7 Wall St. homepage on July 29, 2026.
Morningstar's free cash flow nearly doubled as private credit ratings and AI initiatives offset venture capital softness in PitchBook, with operating margins expanding 350 basis points on revenue that grew 9.6% year-over-year.
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Morningstar reported Q2 2026 revenue of $663.2 million, a 9.6% increase year-over-year and about 2.1% above the consensus estimate of $649.7 million. That marks a steady climb in the company's revenue trend, which has risen from $571.9 million in Q2 2024 through eight consecutive quarters of growth. Earnings per share came in at $2.83, essentially in line with the $2.83 estimate and representing a razor-thin beat of roughly 2%.
The standout in the quarter was free cash flow, which nearly doubled, and operating margins expanded 350 basis points. Morningstar's private credit ratings business and its AI initiatives were cited as the drivers behind that profitability improvement. PitchBook, the company's data platform for private markets, faced some headwind from venture capital softness, but that was offset by strength elsewhere.
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Investors watching Morningstar will want to track whether the private credit ratings momentum and AI-related contributions can sustain the margin expansion beyond a single quarter, especially if venture capital activity in PitchBook remains subdued.
Mentioned: MORN