Flash FinanceUS
Market closed · weekend S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026

Morningstar, Inc. (MORN)

Nasdaq Financials Financial Exchanges & Data S&P MidCap 400
$244.15
-3.02 (-1.22%)
Close of Nov 06, 2026 · end-of-day data
Source: Morningstar, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue$798.60M$911.70M$1.02B$1.18B$1.39B$1.70B$1.87B$2.04B$2.28B$2.45B
Cost of revenue$344.30M$386.60M$411.10M$483.10M$556.40M$698.40M$779.30M$843.50M$895.70M$952.90M
Gross profit$454.30M$525.10M$608.80M$695.90M$833.10M$1.00B$1.09B$1.20B$1.38B$1.49B
Operating income$180.80M$169.80M$215.80M$189.60M$215.20M$257.00M$167.80M$230.60M$484.80M$526.60M
Pre-tax income$224.90M$181.10M$232.90M$198.50M$283.00M$250.50M$130.60M$174.10M$473.90M$495.70M
Income tax$63.70M$42.90M$47.80M$45.60M$59.70M$62.60M$56.50M$33.00M$104.00M$121.50M
Net income$161.00M$136.90M$183.00M$152.00M$223.60M$193.30M$70.50M$141.10M$369.90M$374.20M
EBITDA$251.50M$261.00M$312.50M$307.30M$354.70M$407.70M$334.40M$415.50M$675.20M$716.50M
EPS (basic)$3.74$3.21$4.30$3.56$5.22$4.50$1.65$3.31$8.64$8.93
EPS (diluted)$3.72$3.18$4.25$3.52$5.18$4.45$1.64$3.29$8.58$8.87
Diluted shares43.30M43.00M43.00M43.20M43.20M43.40M42.90M42.90M43.10M42.20M
Gross margin56.9%57.6%59.7%59.0%60.0%58.9%58.3%58.6%60.6%61.0%
Operating margin22.6%18.6%21.2%16.1%15.5%15.1%9.0%11.3%21.3%21.5%
Net margin20.2%15.0%17.9%12.9%16.1%11.4%3.8%6.9%16.3%15.3%

Balance sheet

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$259.10M$308.20M$369.30M$334.10M$422.50M$483.80M$376.60M$337.90M$502.70M$474.50M
Short-term investments$44.90M$45.10M$26.60M$33.40M$41.70M$62.30M$38.00M$51.10M$48.30M$54.20M
Receivables$145.80M$148.20M$172.20M$188.50M$205.10M$268.90M$307.90M$343.90M$358.10M$390.40M
Total current assets$472.00M$529.80M$601.60M$603.20M$730.00M$887.60M$810.80M$815.70M$1.01B$1.04B
Goodwill$556.80M$564.90M$556.70M$1.04B$1.21B$1.21B$1.57B$1.58B$1.56B$1.61B
Total assets$1.35B$1.41B$1.45B$2.37B$2.70B$2.86B$3.47B$3.40B$3.55B$3.59B
Total current liabilities$294.90M$323.20M$362.80M$495.80M$626.50M$783.50M$882.50M$880.80M$967.30M$1.05B
Short-term debt$0—$0$11.00M$0$0$32.10M$32.10M$0$0
Long-term debt——$70.00M$502.10M$449.10M$359.40M$1.11B$972.40M$698.60M$1.07B
Total debt$0—$70.00M$513.10M$449.10M$359.40M$1.14B$1.00B$698.60M$1.07B
Total liabilities$654.10M$600.80M$519.10M$1.29B$1.42B$1.45B$2.27B$2.08B$1.93B$2.37B
Shareholders' equity$696.50M$804.90M$934.70M$1.08B$1.27B$1.42B$1.21B$1.33B$1.62B$1.22B

Cash flow

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$213.70M$250.10M$314.80M$334.40M$384.30M$449.90M$297.80M$316.40M$591.60M$589.70M
Capital expenditures$62.80M$66.60M$76.10M$80.00M$76.70M$101.80M$129.50M$119.10M$142.70M$147.10M
Free cash flow$150.90M$183.50M$238.70M$254.40M$307.60M$348.10M$168.30M$197.30M$448.90M$442.60M
Investing cash flow-$274.20M-$60.80M-$49.90M-$746.30M-$123.80M-$167.70M-$799.30M-$81.90M-$21.30M-$139.30M
Financing cash flow$123.70M-$157.50M-$188.80M$373.70M-$182.20M-$211.80M$415.10M-$278.40M-$384.40M-$514.70M
Dividends paid$37.90M$39.30M$42.60M$47.80M$51.40M$54.20M$61.50M$63.90M$69.30M$76.90M
Share buybacks$48.80M$42.30M$20.90M$4.90M$41.90M$1.30M$226.00M$1.40M$11.60M$787.00M
Stock-based compensation$14.50M$24.10M$31.70M$44.40M$36.60M$41.90M$83.20M$52.80M$54.70M$56.40M
Depreciation & amortization$70.70M$91.20M$96.70M$117.70M$139.50M$150.70M$166.60M$184.90M$190.40M$189.90M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.