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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $663.20M | $644.80M | $641.10M | $617.40M | $605.10M | $581.90M | $591.00M | $569.40M |
| Cost of revenue | $239.30M | $238.90M | $249.20M | $241.70M | $230.60M | $231.40M | $232.20M | $222.70M |
| Gross profit | $423.90M | $405.90M | $391.90M | $375.70M | $374.50M | $350.50M | $358.80M | $346.70M |
| Gross margin | 63.9% | 62.9% | 61.1% | 60.9% | 61.9% | 60.2% | 60.7% | 60.9% |
| Selling, general and administrative | $216.60M | $199.20M | $208.80M | $201.40M | $201.70M | $189.10M | $206.20M | $185.50M |
| Operating expenses | $263.30M | $250.00M | $255.90M | $248.40M | $249.40M | $236.40M | $254.60M | $231.20M |
| Operating income | $160.60M | $155.90M | $136.00M | $127.30M | $125.10M | $114.10M | $104.20M | $115.50M |
| Operating margin | 24.2% | 24.2% | 21.2% | 20.6% | 20.7% | 19.6% | 17.6% | 20.3% |
| EBITDA | $214.10M | $207.60M | $183.10M | $174.30M | $173.60M | $161.40M | $152.60M | $161.20M |
| Interest income | $0 | $0 | −$8.80M | −$7.00M | $0 | $0 | −$7.00M | −$8.90M |
| Interest expense | −$17.10M | −$13.70M | $0 | — | −$7.40M | −$5.40M | $0 | — |
| Income before taxes | $147.00M | $141.70M | $150.90M | $123.10M | $116.50M | $105.90M | $162.90M | $151.90M |
| Income taxes | $38.30M | $34.60M | $36.40M | $31.40M | $26.30M | $27.40M | $33.90M | $29.60M |
| Net income | $107.80M | $107.10M | $115.10M | $91.60M | $89.00M | $78.50M | $116.90M | $119.70M |
| Net margin | 16.3% | 16.6% | 18.0% | 14.8% | 14.7% | 13.5% | 19.8% | 21.0% |
| EPS, basic | $2.85 | $2.74 | $2.84 | $2.18 | $2.11 | $1.83 | $2.73 | $2.79 |
| EPS, diluted | $2.83 | $2.73 | $2.81 | $2.17 | $2.09 | $1.82 | $2.71 | $2.77 |
| Diluted shares | 38.10M | 39.30M | 40.90M | 42.30M | 42.50M | 43.10M | 43.10M | 43.20M |
Figures describe Morningstar shares, not any token. As of Jul 29, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.