Morningstar, Inc.

MORN · Small cap · 0 articles

Financial highlights

Metric	FY 12/31/25	FY 12/31/24	FY 12/31/23	FY 12/31/22	FY 12/31/21
Income Statement
Revenue	$2.4B	$2.3B	$2.0B	$1.9B	$1.7B
Cost of revenue	$952.9M	$895.7M	$843.5M	$779.3M	$698.4M
Operating income	$526.6M	$484.8M	$230.6M	$167.8M	$257.0M
Pretax income	$499.0M	$491.3M	$181.5M	$130.6M	$250.5M
Income tax expense	$121.5M	$104.0M	$33.0M	$56.5M	$62.6M
Net income	$374.2M	$369.9M	$141.1M	$70.5M	$193.3M
Balance Sheet
Cash and equivalents	$474.5M	$502.7M	$337.9M	$376.6M	$483.8M
Current assets	$1.0B	$1.0B	$815.7M	$810.8M	$887.6M
Total assets	$3.6B	$3.5B	$3.4B	$3.5B	$2.9B
Current liabilities	$1.1B	$967.3M	$880.8M	$882.5M	$783.5M
Total liabilities	$2.4B	$1.9B	$2.1B	$2.3B	$1.4B
Total debt	$1.1B	$700.0M	$974.4M	—	—
Stockholders' equity	$1.2B	$1.6B	$1.3B	$1.2B	$1.4B
Cash Flow Statement
Cash from operations	$589.7M	$591.6M	$316.4M	$297.8M	$449.9M
Depreciation and amortization	$189.9M	$190.4M	$184.9M	$166.6M	$150.7M
Stock-based compensation	$56.4M	$54.7M	$52.8M	$83.2M	$41.9M
Capital expenditure	$147.1M	$142.7M	$119.1M	$129.5M	$101.8M
Free cash flow	$442.6M	$448.9M	$197.3M	$168.3M	$348.1M
Dividends paid	$76.9M	$69.3M	$63.9M	$61.5M	$54.2M
Share repurchases	$787.0M	$11.6M	$1.4M	$226.0M	$1.3M
Impairments	$0	$0	$3.1M	$0	$0

Shares outstanding 38.0M · Free float 11.3%

Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.