Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Morningstar (NASDAQ: MORN) and the best and worst performers in the financial exchanges & data industry.
Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.
The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%.
While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results.
Best Q4: Morningstar (NASDAQ: MORN)
Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.
Morningstar reported revenues of $641.1 million, up 8.5% year on year. This print exceeded analysts’ expectations by 2.2%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
"Morningstar grew revenue, operating income, and adjusted operating income meaningfully in 2025 ," said Kunal Kapoor, Morningstar's chief executive officer.
Morningstar pulled off the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 1.9% since reporting and currently trades at $156.89.
Moody's (NYSE: MCO)
Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE: MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.
Moody's reported revenues of $1.89 billion, up 13% year on year, outperforming analysts’ expectations by 1.6%. The business had a strong quarter with full-year EPS guidance meeting analysts’ expectations and a beat of analysts’ EPS estimates.
The market seems content with the results as the stock is up 4.3% since reporting. It currently trades at $441.45.
Is now the time to buy Moody's? Access our full analysis of the earnings results here, it’s free.
Tradeweb Markets (NASDAQ: TW)
Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.
Tradeweb Markets reported revenues of $521.2 million, up 12.5% year on year, exceeding analysts’ expectations by 0.8%. It was a satisfactory quarter as it also posted a solid beat of analysts’ EBITDA estimates.
Interestingly, the stock is up 17.1% since the results and currently trades at $118.04.
Read our full analysis of Tradeweb Markets’s results here.
S&P Global (NYSE: SPGI)
Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE: SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions.
S&P Global reported revenues of $3.92 billion, up 9% year on year. This result was in line with analysts’ expectations. Aside from that, it was a slower quarter as it logged full-year EPS guidance meeting analysts’ expectations and a miss of analysts’ EPS estimates.
The stock is down 8.7% since reporting and currently trades at $405.76.
Read our full, actionable report on S&P Global here, it’s free.
Intercontinental Exchange (NYSE: ICE)
Starting as an energy trading platform in 2000 before acquiring the iconic New York Stock Exchange in 2013, Intercontinental Exchange (NYSE: ICE) operates global financial exchanges, clearing houses, and provides data services and mortgage technology solutions to financial institutions and corporations.
Intercontinental Exchange reported revenues of $2.50 billion, up 7.8% year on year. This number topped analysts’ expectations by 1.2%. Overall, it was a satisfactory quarter as it also put up a narrow beat of analysts’ revenue estimates.
The stock is down 6.6% since reporting and currently trades at $153.98.
Read our full, actionable report on Intercontinental Exchange here, it’s free.
Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.
