Morningstar, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, with consolidated net income reaching $119.7 million for Q3 2024, a substantial increase from $39.1 million in Q3 2023. For the nine-month period, net income surged to $253.0 million, compared to $67.6 million in the same timeframe last year. Comprehensive income also saw a notable rise, totaling $144.0 million for Q3 2024, up from $16.0 million in Q3 2023, and $265.3 million for the nine months, compared to $59.4 million in 2023.
Total consolidated revenue for Q3 2024 was $569.4 million, reflecting a 10.5% increase from $515.5 million in Q3 2023. For the nine months, revenue rose to $1,684.1 million, a 12.3% increase from $1,499.9 million in the prior year. Key revenue drivers included license-based revenue, which grew to $408.8 million in Q3 2024, and asset-based revenue, which increased to $83.8 million. Transaction-based revenue also saw a significant rise, reaching $76.8 million.
Operating income for Q3 2024 was $115.5 million, a 65.0% increase from $70.0 million in Q3 2023, while for the nine months, it rose to $316.6 million, up from $136.2 million. The operating margin improved to 20.3% for Q3 2024, compared to 13.6% in the previous year.
Morningstar's cash and cash equivalents increased to $552.9 million as of September 30, 2024, up from $337.9 million at the end of 2023. Total assets also grew to $3,566.3 million, compared to $3,403.4 million at the end of 2023. The company reported total debt of $864.7 million, down from $972.4 million at the end of 2023, with a significant reduction in outstanding debt under the Amended 2022 Term Facility.
Strategically, Morningstar did not make any acquisitions during the first nine months of 2024 but sold its Commodity and Energy Data business for $52.4 million, resulting in a gain of $45.3 million. The company continues to focus on enhancing its operational efficiency, with unallocated corporate expenses increasing to $43.5 million in Q3 2024 from $36.3 million in Q3 2023.
Overall, Morningstar's performance reflects strong revenue growth across its segments, improved profitability, and effective management of its financial resources, positioning the company favorably for future growth.
About Morningstar, Inc.
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