NASDAQ$MORN
Morningstar Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Morningstar's Q4 2023 results reflected revenue growth and strategic investments.
Morningstar's Q4 2023 results showed a revenue increase of 13.4% to $113 million and adjusted operating income increased by 70.2% to $63.7 million. The company's free cash flow increased by 59.9% to $107.8 million. The revenue growth was driven by license-based, asset-based and transaction-based revenues.
- Revenue increased by 13.4% driven by organic growth across various segments.
- Adjusted operating income increased by 70.2% due to revenue growth outpacing expense growth.
- Free cash flow increased by 59.9% driven by higher operating cash flow and lower capital expenditures.
- Morningstar Indexes revenue increased 43.3% on an organic basis.
Headline financials
Revenue & EPS history
Morningstar · Revenue · Quarterly
$539M
Revenue by segment
Morningstar · $409M total across 4 segments · Q2 2023
- Morningstar Data & Analytics$194M—47.4%
- PitchBook$134M—32.7%
- Morningstar Wealth$50M—12.2%
- Morningstar Retirement$31.4M—7.7%
Forward guidance
The presentation contains forward-looking statements based on current expectations about future events or future financial performance, which are subject to risks and uncertainties.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.5%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.4%
Avg return
30 days after
53%
36 / 68 earnings
Positive
+12.6%
Q3 2018
Best reaction
-12.9%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -10.0% | -11.2% | -3.0% | |
| Q4 2025 | +2.3% | +5.7% | +19.0% | |
| Q3 2025 | +2.8% | +1.4% | +2.9% | |
| Q1 2025 | -0.5% | +3.1% | +8.3% | |
| Q4 2024 | -2.8% | -6.5% | -7.5% | |
| Q3 2024 | -3.5% | -2.7% | +0.8% | |
| Q2 2024 | +4.5% | +4.7% | +1.6% | |
| Q1 2024 | -4.3% | -5.5% | -0.9% | |
| Q4 2023 | -0.2% | +8.1% | +9.8% | |
| Q3 2023 | +11.1% | +12.6% | +23.7% | |
| Q2 2023 | +6.5% | +6.5% | +2.7% | |
| Q1 2023 | -12.9% | -7.9% | +1.7% | |
| Q4 2022 | -11.1% | -11.0% | -19.6% | |
| Q3 2022 | +2.1% | +4.7% | +11.2% | |
| Q2 2022 | +3.5% | -0.0% | -5.8% | |
| Q1 2022 | +1.4% | -4.4% | -0.6% | |
| Q4 2021 | +6.4% | +2.0% | +1.3% | |
| Q3 2021 | +4.8% | +3.1% | +1.4% | |
| Q2 2021 | +3.0% | +5.6% | +7.0% | |
| Q1 2021 | +3.7% | +3.5% | -7.7% | |
| Q4 2020 | -1.2% | -8.9% | -5.6% | |
| Q3 2020 | +6.9% | +6.5% | +8.8% | |
| Q2 2020 | +4.9% | +2.8% | +0.1% | |
| Q1 2020 | +9.0% | +3.8% | +7.1% | |
| Q4 2019 | -2.5% | -6.4% | -35.4% | |
| Q3 2019 | -7.2% | -4.7% | -1.1% | |
| Q2 2019 | +0.6% | -1.0% | -0.8% | |
| Q1 2019 | -0.9% | +2.9% | -2.7% | |
| Q4 2018 | +0.3% | +0.6% | -3.9% | |
| Q3 2018 | +12.6% | +4.3% | -0.8% | |
| Q2 2018 | -2.7% | -4.1% | -0.9% | |
| Q1 2018 | +6.2% | +5.0% | +13.8% | |
| Q4 2017 | -1.1% | -1.7% | -1.3% | |
| Q3 2017 | +1.9% | -2.3% | +6.3% | |
| Q2 2017 | +2.9% | +3.4% | +1.6% | |
| Q1 2017 | -4.1% | -6.1% | -6.8% | |
| Q4 2016 | +1.8% | +2.2% | -2.0% | |
| Q3 2016 | -6.4% | -7.2% | -4.8% | |
| Q2 2016 | +1.0% | +0.7% | -1.8% | |
| Q1 2016 | -4.2% | — | — | |
| Q4 2015 | -0.5% | — | — | |
| Q3 2015 | -1.9% | — | — | |
| Q2 2015 | +3.2% | — | — | |
| Q1 2015 | +3.5% | — | — | |
| Q4 2014 | +10.7% | — | — | |
| Q3 2014 | -0.3% | — | — | |
| Q2 2014 | -2.4% | — | — | |
| Q1 2014 | -4.6% | — | — | |
| Q4 2013 | +4.3% | — | — | |
| Q3 2013 | +4.9% | — | — | |
| Q2 2013 | +0.7% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | -1.3% | — | — | |
| Q2 2012 | +2.4% | — | — | |
| Q1 2012 | +1.7% | — | — | |
| Q4 2011 | -0.1% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | -2.5% | — | — | |
| Q1 2010 | -1.7% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | -2.2% | — | — | |
| Q4 2008 | -2.2% | — | — | |
| Q3 2009 | +0.1% | — | — | |
| Q3 2010 | +0.1% | — | — | |
| Q2 2010 | -1.1% | — | — | |
| Q4 2009 | -1.1% | — | — | |
| Q2 2009 | -1.1% | — | — |
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