Morningstar, Inc.

Listed Company

MORNCIK 0001289419NasdaqLarge AcceleratedInvestment AdviceIllinoisFY ends Dec 31

Period

FY 2025

Revenue

$2.45B

Net Income

$374.20M

Total Assets

$3.59B

Equity

$1.22B

Shares Out

38.03M

Op. Cash Flow

$589.70M

MORN$172.44−40.78% · past yearDBEQ Basic

Daily closing prices

Business

Morningstar, Inc. is a global provider of independent investment insights delivering connected data, research, tools, and portfolio strategies to institutional and individual investors. The company offers investment data, research, ratings, and software platforms through Morningstar Direct Platform and PitchBook; investment management services through Morningstar Wealth and Morningstar Retirement; credit ratings and analytics through Morningstar Credit; indexes for benchmarking and investment products; and ESG research and ratings through Morningstar Sustainalytics. Distribution occurs through proprietary platforms, APIs, AI integrations, and third-party alliances across North America, Europe, and Asia-Pacific markets.

Summary from 10-K filed 2026-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,446	2,275	2,039	1,871	1,699
Cost of revenue	953	896	844	779	698
Sales and marketing	467	441	424	357	275
General and administrative	334	327	356	400	318
Depreciation and amortization	190	190	185	167	151
Total operating expense	1,944	1,854	1,808	1,703	1,442
Gain on sale of customer assets	23	64	0	—	—
Other operating income	2	0	0	—	—
Operating income	527	485	231	168	257
Interest expense, net	−29	−38	−52	−28	−9
Gain on sale of business	0	45	0	0	—
Expense from equity method transaction, net	0	0	−12	0	0
Other income (expense), net	1	−1	14	−7	−4
Non-operating income (expense), net	−28	7	−49	−37	−7
Income before income taxes and equity in investments of unconsolidated entities	499	491	182	131	251
Equity in investments of unconsolidated entities	−3	−17	−7	−4	5
Income tax expense	122	104	33	57	63
Consolidated net income	374	370	141	71	193
Basic net income per share (in dollars per share)	8.93	8.64	3.31	1.65	4.5
Diluted net income per share (in dollars per share)	8.87	8.58	3.29	1.64	4.45
Dividends declared per common share (in dollars per share)	1.87	1.67	1.53	1.46	1.31
Dividends paid per common share (in dollars per share)	1.82	1.62	1.5	1.44	1.26
Basic (in shares)	42	43	43	43	43
Diluted (in shares)	42	43	43	43	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	475	503	338	377	484
Investments	54	48	51	38	62
Accounts receivable, less allowance for credit losses of $7.1 million and $7.1 million, respectively	390	358	344	308	269
Income tax receivable	16	12	600,000	0	9
Deferred commissions	35	39	42	41	31
Prepaid expenses	43	42	35	37	31
Other current assets	25	11	5	11	2
Total current assets	1,038	1,014	816	811	888
Goodwill	1,611	1,562	1,579	1,572	1,207
Intangible assets, net	379	409	484	549	328
Property, equipment, and capitalized software, net	232	219	208	199	172
Operating lease assets	159	181	164	192	149
Investments in unconsolidated entities	50	85	100	96	63
Deferred tax asset, net	79	43	15	11	13
Deferred commissions	30	27	29	35	31
Other assets	12	9	9	11	12
Total assets	3,590	3,549	3,403	3,475	2,863
Deferred revenue	586	541	518	456	377
Accrued compensation	294	272	214	220	274
Accounts payable and accrued liabilities	98	87	78	76	77
Operating lease liabilities	42	35	36	37	36
Income tax payable	24	31	0	—	—
Other current liabilities	9	1	2	11	2
Total current liabilities	1,053	967	881	883	784
Operating lease liabilities	147	170	151	177	136
Accrued compensation	20	21	24	21	16
Deferred tax liabilities, net	27	28	36	63	102
Long-term debt	1,073	699	940	1,078	359
Deferred revenue	21	22	26	34	36
Income tax payable	13	12	8	—	—
Other long-term liabilities	14	11	9	14	14
Total liabilities	2,368	1,930	2,076	2,268	1,447
Common stock, no par value, 200,000,000 shares authorized, of which 39,740,881 and 42,869,380 shares were outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Treasury stock at cost, 15,277,454 and 12,010,630 shares as of December 31, 2025 and December 31, 2024 respectively	−1,786	−994	−986	−987	−764
Additional paid-in capital	870	823	789	758	689
Retained earnings	2,206	1,909	1,611	1,535	1,527
Currency translation adjustment	−68	−119	−86	−99	−41
Unrealized gain on available-for-sale investments, net of tax	0	−100,000	−100,000	0	6
Total accumulated other comprehensive loss	−68	−119	−87	−99	−35
Total equity	1,222	1,619	1,328	1,207	1,416
Total liabilities and equity	3,590	3,549	3,403	3,475	2,863

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	−42	−35	−32	−37	−12
Stock-based compensation expense	56	55	53	83	42
Provision for credit losses	5	8	5	4	2
Gain on equity method transaction	0	0	−50	0	0
Gain on sale of customer assets	−23	−64	0	0	—
Other, net	3	−2	21	−15	−2
Accounts receivable	−26	−30	−38	−39	−68
Accounts payable and accrued liabilities	1	10	−2	−2	7
Accrued compensation and deferred commissions	38	77	15	−38	58
Income taxes	−8	23	−8	19	−6
Deferred revenue	26	30	51	60	78
Other assets and liabilities	−2	−17	10	−13	−6
Cash provided by operating activities	590	592	316	298	450
Purchases of investment securities	−22	−16	−16	−37	−71
Proceeds from maturities and sales of investment securities	46	27	31	43	59
Capital expenditures	−147	−143	−119	−130	−102
Acquisitions, net of cash acquired	−39	0	−800,000	−647	−25
Proceeds from sale of business	0	52	0	0	—
Proceeds from sale of customer assets	23	65	0	0	—
Proceeds from sale of equity method investments, net	0	0	26	0	1
Purchases of investments in unconsolidated entities	−4	−7	−4	−29	−30
Other, net	5	200,000	100,000	−200,000	−100,000
Cash used for investing activities	−139	−21	−82	−799	−168
Common shares repurchased	−787	−12	−1	−226	−1
Dividends paid	−77	−69	−64	−62	−54
Proceeds from revolving credit facility	800	90	260	475	10
Repayment of revolving credit facility	−450	−105	−365	−355	−10
Proceeds from term facility	375	0	0	650	0
Repayment of term facility	350	259	33	19	90
Employee taxes withheld for stock awards	−23	−29	−30	−30	−29
Payment of acquisition-related earn-outs	0	0	−46	−16	−34
Other, net	−3	0	100,000	−2	−3
Cash used for financing activities	−515	−384	−278	415	−212
Effect of exchange rate changes on cash and cash equivalents	36	−21	5	−21	−9
Net increase (decrease) in cash and cash equivalents	−28	165	−39	−107	61
Cash paid for income taxes	172	116	73	75	81
Cash paid for interest	37	47	58	28	10

Filings

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Frequently asked questions

What is Morningstar, Inc.'s CIK number?

Morningstar, Inc.'s SEC CIK number is 0001289419 (1289419). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Morningstar, Inc.'s SEC filings?

All of Morningstar, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Morningstar, Inc. last report earnings?

Morningstar, Inc. (MORN) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001289419-26-000026). This is Morningstar, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Morningstar, Inc.'s most recent earnings 8-K?

Morningstar, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001289419-26-000026. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Morningstar, Inc.'s latest earnings 8-K →
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