MORN
$211.76+2.97%
Morningstar Inc.Stock · FinancialsNasdaq Composite · 0.01% of ONEQRussell 3000 · 0.005% of IWVRussell 1000 · 0.004% of IWBUS Stock Market · 0.004% of VTI
MORN financial statements
The full income statement, balance sheet, and cash-flow statement for Morningstar Inc. (MORN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 42.8M2024-09 42.9M2024-12 42.8M2025-03 42.2M2025-06 42.2M2025-09 41.1M2025-12 39.6M2026-03 38.0M2026-06 37.5M-12.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 2.45B+7.5% | 2.28B+11.6% | 2.04B+9.0% | 1.87B+10.1% | 1.70B+22.3% | |
| Cost of revenue | 953M+6.4% | 896M+6.2% | 844M+8.2% | 779M+11.6% | 698M+25.5% | |
| Selling, general & administrative | 334M+2.1% | 327M-8.0% | 356M-11.1% | 400M+25.8% | 318M+17.1% | |
| General & administrative | 334M+2.1% | 327M-8.0% | 356M-11.1% | 400M+25.8% | 318M+17.1% | |
| Selling & marketing | 467M+5.9% | 441M+4.1% | 424M+18.9% | 357M+29.7% | 275M+33.1% | |
| Amortization of intangibles | 59.8M-7.3% | 64.5M-8.5% | 70.5M+5.7% | 66.7M+7.6% | 62.0M+5.4% | |
| Provision for credit losses | 5.10M-37.0% | 8.10M+52.8% | 5.30M+39.5% | 3.80M+100.0% | 1.90M-32.1% | |
| Operating income | 527M+8.6% | 485M+110.2% | 231M+37.4% | 168M-34.7% | 257M+19.4% | |
| Other non-operating income | 1.00M+190.9% | -1.10M-107.6% | 14.4M+314.9% | -6.70M-81.1% | -3.70M+35.1% | |
| Equity-method income | -3.30M+81.0% | -17.4M-135.1% | -7.40M-105.6% | -3.60M-166.7% | 5.40M+1700.0% | |
| Gain (loss) on equity securities | — | 900K-78.6% | 4.20M-22.2% | 5.40M+200.0% | 1.80M+550.0% | |
| Pre-tax income | 496M+4.6% | 474M+172.2% | 174M+33.3% | 131M-47.9% | 251M-11.5% | |
| Income tax | 122M+16.8% | 104M+215.2% | 33.0M-41.6% | 56.5M-9.7% | 62.6M+4.9% | |
| 374M+1.2% | 370M+162.2% | 141M+100.1% | 70.5M-63.5% | 193M-13.6% | ||
| Net income to common | — | 370M+162.2% | 141M+100.1% | 70.5M-63.5% | 193M-13.6% | |
| $8.87+3.4% | $8.58+160.8% | $3.29+100.6% | $1.64-63.1% | $4.45-14.1% | ||
| EPS (basic) | $8.93+3.4% | $8.64+161.0% | $3.31+100.6% | $1.65-63.3% | $4.50-13.8% | |
| Weighted-avg shares (basic) | 41.9M-2.1% | 42.8M+0.5% | 42.6M+0.0% | 42.6M-0.9% | 43.0M+0.2% | |
| Weighted-avg shares (diluted) | 42.2M-2.1% | 43.1M+0.5% | 42.9M+0.0% | 42.9M-1.2% | 43.4M+0.5% | |
| Dividends per share | $1.82+12.3% | $1.62+5.9% | $1.53+4.8% | $1.46+15.9% | $1.26+3.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.04B+2.4% | 1.01B+24.3% | 816M+0.6% | 811M-8.7% | 888M+21.6% | ||
| Cash & equivalents | 475M-5.6% | 503M+48.8% | 338M-10.3% | 377M-22.2% | 484M+14.5% | |
| Short-term investments | 54.2M+12.2% | 48.3M-5.5% | 51.1M+34.5% | 38.0M-39.0% | 62.3M+49.4% | |
| Accounts receivable | 390M+9.0% | 358M+4.1% | 344M+11.7% | 308M+14.5% | 269M+31.1% | |
| Prepaid expenses | 42.5M+1.0% | 42.1M+20.6% | 34.9M-4.9% | 36.7M+19.9% | 30.6M-3.5% | |
| Other current assets | 24.8M+119.5% | 11.3M+109.3% | 5.40M-50.5% | 10.9M+473.7% | 1.90M-66.7% | |
| 3.59B+1.2% | 3.55B+4.3% | 3.40B-2.1% | 3.47B+21.4% | 2.86B+6.2% | ||
| Property, plant & equipment | 232M+5.9% | 219M+5.4% | 208M+4.2% | 199M+16.1% | 172M+10.8% | |
| Operating lease right-of-use | 159M-12.3% | 181M+10.6% | 164M-14.5% | 192M+28.4% | 149M+1.0% | |
| Goodwill | 1.61B+3.1% | 1.56B-1.1% | 1.58B+0.5% | 1.57B+30.2% | 1.21B+0.2% | |
| Intangible assets | 379M-7.2% | 409M-15.6% | 484M-11.7% | 549M+67.2% | 328M-13.7% | |
| Deferred tax assets | 78.7M+82.2% | 43.2M+195.9% | 14.6M+35.2% | 10.8M-15.6% | 12.8M+1.6% | |
| Other non-current assets | 12.1M+37.5% | 8.80M+0.0% | 8.80M-16.2% | 10.5M-10.3% | 11.7M-18.8% | |
| 1.05B+8.9% | 967M+9.8% | 881M-0.2% | 883M+12.6% | 784M+25.1% | ||
| Deferred revenue | 586M+8.4% | 541M+4.5% | 518M+13.6% | 456M+20.7% | 377M+23.0% | |
| Short-term & current debt | 0.00 | 0.00-100.0% | 32.1M+0.0% | 32.1M | 0.00 | |
| Current lease liability | 41.8M+19.1% | 35.1M-3.6% | 36.4M-2.4% | 37.3M+2.5% | 36.4M-8.8% | |
| Other current liabilities | 9.30M+564.3% | 1.40M-22.2% | 1.80M-83.9% | 11.2M+409.1% | 2.20M-80.2% | |
| 2.37B+22.7% | 1.93B-7.0% | 2.08B-8.5% | 2.27B+56.7% | 1.45B+1.6% | ||
| Long-term debt | 1.07B+53.5% | 699M-28.2% | 972M-12.4% | 1.11B+208.7% | 359M-20.0% | |
| Deferred revenue (non-current) | 21.0M-6.3% | 22.4M-14.8% | 26.3M-21.5% | 33.5M-8.0% | 36.4M+8.7% | |
| Non-current lease liability | 147M-13.9% | 170M+12.5% | 151M-14.3% | 177M+30.2% | 136M-1.5% | |
| Operating lease liability (total) | 189M-8.2% | 205M+9.4% | 188M-12.2% | 214M+24.3% | 172M-3.1% | |
| Deferred tax liabilities | 27.2M-1.4% | 27.6M-22.5% | 35.6M-43.4% | 62.9M-38.2% | 102M-6.6% | |
| Other non-current liabilities | 14.3M+25.4% | 11.4M+23.9% | 9.20M-33.8% | 13.9M+0.7% | 13.8M-59.2% | |
| 1.22B-24.5% | 1.62B+21.9% | 1.33B+10.0% | 1.21B-14.7% | 1.42B+11.4% | ||
| Common stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 870M+5.7% | 823M+4.3% | 789M+4.1% | 758M+10.0% | 689M+2.6% | |
| Retained earnings | 2.21B+15.6% | 1.91B+18.5% | 1.61B+4.9% | 1.53B+0.6% | 1.53B+9.9% | |
| Treasury stock | 1.79B+79.7% | 994M+0.9% | 986M-0.1% | 987M+29.1% | 764M-0.4% | |
| Accumulated other comprehensive income | -68.1M+43.0% | -119M-38.0% | -86.5M+12.6% | -99.0M-180.5% | -35.3M-60.5% | |
| Total equity incl. non-controlling | 1.22B-24.5% | 1.62B+21.9% | 1.33B+10.0% | 1.21B-14.7% | 1.42B+11.4% | |
| Total liabilities & equity | 3.59B+1.2% | 3.55B+4.3% | 3.40B-2.1% | 3.47B+21.4% | 2.86B+6.2% | |
| Common shares outstanding | 39.7M-7.3% | 42.9M+0.3% | 42.7M+0.6% | 42.5M-1.5% | 43.1M+0.6% | |
| Shares outstanding (cover) | 39.6M-7.6% | 42.8M+0.3% | 42.7M+0.6% | 42.5M-1.1% | 43.0M+0.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 590M-0.3% | 592M+87.0% | 316M+6.2% | 298M-33.8% | 450M+17.1% | ||
| Depreciation & amortization | 190M-0.3% | 190M+3.0% | 185M+11.0% | 167M+10.6% | 151M+8.0% | |
| Intangible amortization | 59.8M-7.3% | 64.5M-8.5% | 70.5M+5.7% | 66.7M+7.6% | 62.0M+5.4% | |
| Share-based compensation | 56.4M+3.1% | 54.7M+3.6% | 52.8M-36.5% | 83.2M+98.6% | 41.9M+14.5% | |
| Deferred income taxes | -42.3M-22.3% | -34.6M-6.8% | -32.4M+13.8% | -37.6M-205.7% | -12.3M-89.2% | |
| Change in receivables | 26.0M-14.2% | 30.3M-20.7% | 38.2M-1.0% | 38.6M-43.2% | 67.9M+638.0% | |
| -139M-554.0% | -21.3M+74.0% | -81.9M+89.8% | -799M-376.6% | -168M-35.5% | ||
| Capital expenditure | 147M+3.1% | 143M+19.8% | 119M-8.0% | 130M+27.2% | 102M+32.7% | |
| Free cash flow | 443M-1.4% | 449M+127.5% | 197M+17.2% | 168M-51.7% | 348M+13.2% | |
| Acquisitions | 39.0M | 0.00-100.0% | 800K-99.9% | 647M+2507.7% | 24.8M-63.4% | |
| Sales/maturities of investments | 45.5M+67.9% | 27.1M-12.9% | 31.1M-27.7% | 43.0M-26.9% | 58.8M+25.4% | |
| Other investing activities | -4.90M-2350.0% | -200K-100.0% | -100K-150.0% | 200K+100.0% | 100K+105.9% | |
| -515M-33.9% | -384M-38.1% | -278M-167.1% | 415M+296.0% | -212M-16.2% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 787M+6684.5% | 11.6M+728.6% | 1.40M-99.4% | 226M+17284.6% | 1.30M-96.9% | |
| Dividends paid | 76.9M+11.0% | 69.3M+8.5% | 63.9M+3.9% | 61.5M+13.5% | 54.2M+5.4% | |
| Other financing activities | -3.00M | 0.00-100.0% | 100K+104.5% | -2.20M+24.1% | -2.90M-26.1% | |
| FX effect on cash | 36.1M+271.1% | -21.1M-505.8% | 5.20M+125.0% | -20.8M-128.6% | -9.10M-190.1% | |
| Net change in cash | -28.2M-117.1% | 165M+525.8% | -38.7M+63.9% | -107M-274.9% | 61.3M-30.7% | |
| Interest paid | 37.3M-21.3% | 47.4M-18.8% | 58.4M+105.6% | 28.4M+173.1% | 10.4M-6.3% | |
| Income taxes paid | 172M+48.6% | 116M+57.9% | 73.2M-2.8% | 75.3M-6.9% | 80.9M+39.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 8.60B-40.4% | 14.4B+18.0% | 12.2B+32.9% | 9.19B-37.4% | 14.7B+47.9% | |
| P/E | 23.0×-41.1% | 39.0×-77.4% | 172.4×+132.0% | 74.3×-2.2% | 76.0×+71.1% | |
| P/S | 3.5×-44.5% | 6.3×+2.5% | 6.2×+25.1% | 4.9×-42.8% | 8.6×+20.9% | |
| P/B | 7.0×-21.0% | 8.9×-9.3% | 9.8×+26.0% | 7.8×-24.9% | 10.4×+32.8% | |
| P/FCF | 19.4×-39.5% | 32.1×-58.7% | 77.9×+75.1% | 44.5×+5.4% | 42.2×+30.7% | |
| Earnings yield | 4.4%+69.7% | 2.6%+342.0% | 0.58%-56.9% | 1.3%+2.3% | 1.3%-41.5% | |
| FCF yield | 5.1%+65.4% | 3.1%+142.4% | 1.3%-42.9% | 2.2%-5.1% | 2.4%-23.5% | |
| Dividend yield | 0.84%+74.1% | 0.48%-10.0% | 0.53%-20.7% | 0.67%+83.0% | 0.37%-30.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: MORN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MORN filings on SEC EDGAR → Not investment advice.