Morningstar Q2 revenue up 9.6% to $663M; adjusted EPS $3.10, up 29%

Morningstar, Inc.

2026-Q2 EPS reported $5.55 revenue$1,308,000,000

Revenue $663.2M (+9.6% reported, +6.8% organic); diluted EPS $2.83 (+35.4%), adjusted EPS $3.10 (+29.2%).
Operating margin 24.2% (vs 20.7% prior year); adjusted operating margin 26.5% (vs 23.7%).
Free cash flow $122.5M (+96.3%); share repurchases $100M in Q2, $400M YTD (5.6% float reduction).
Morningstar Credit revenue $104.9M (+23.4%) led by US structured finance; PitchBook revenue $174.7M (+4.9%).
CRSP acquisition accretive to margins; indexes rebranded under Morningstar name; Vanguard ETFs renamed.

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