Morningstar's third quarter 2026 adjusted EPS of $3.48 beat estimates amid robust Retirement growth

Morningstar reported third quarter 2026 revenue of $672.1 million, an 8.9% increase that exceeded analyst estimates. While adjusted EPS of $3.48 delivered a significant beat, organic revenue growth of 6.8% slightly missed the 7.0% expectation, largely due to the strategic sunsetting of legacy products in the Wealth and Sustainalytics segments.

Key Highlights

• Adjusted operating margin expanded 390 basis points to 28.3%, supported by the accretive CRSP acquisition and lower year-over-year bonus expenses.
• Morningstar Retirement was a primary growth engine, with organic revenue surging 21.3% driven by market gains and positive net flows in Advisor Managed Accounts.
• PitchBook growth decelerated to 4.0% organic revenue expansion as softness in the venture capital and corporate segments led to higher customer churn.
• The company continued aggressive capital returns, repurchasing $100.0 million in shares during the quarter, bringing the year-to-date total to $500.0 million.