MORN · Morningstar, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $644.80M | - | $617.40M | $605.10M | $581.90M | - | $569.40M | $571.90M | $542.80M | - |
| Cost of Revenue | $238.90M | - | $241.70M | $230.60M | $231.40M | - | $222.70M | $222.70M | $218.10M | - |
| Gross Profit | $405.90M | - | $375.70M | $374.50M | $350.50M | - | $346.70M | $349.20M | $324.70M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $84.00M | - | $85.90M | $82.00M | $76.50M | - | $77.60M | $80.30M | $80.30M | - |
| Total Operating Expenses | $489.80M | - | $490.10M | $480.80M | $467.80M | - | $453.90M | $463.40M | $450.20M | - |
| D&A | $51.70M | - | $47.00M | $48.50M | $47.30M | - | $45.70M | $49.10M | $47.20M | - |
| Operating Income | $155.90M | - | $127.80M | $125.10M | $114.10M | - | $115.50M | $108.50M | $92.60M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $34.60M | - | $31.40M | $26.30M | $27.40M | - | $29.60M | $19.20M | $21.30M | - |
| Net Income | $107.10M | - | $91.60M | $89.00M | $78.50M | - | $119.70M | $69.10M | $64.20M | - |
| EPS - Basic | $2.74 | - | $2.18 | $2.11 | $1.83 | - | $2.79 | $1.61 | $1.50 | - |
| EPS - Diluted | $2.73 | - | $2.17 | $2.09 | $1.82 | - | $2.77 | $1.60 | $1.49 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $492.80M | $474.50M | $474.20M | $503.50M | $511.50M | $502.70M | $552.90M | $391.20M | $353.70M | $337.90M |
| Accounts Receivable | $402.60M | $390.40M | $363.90M | $384.00M | $342.10M | $358.10M | $328.40M | $336.40M | $326.20M | $343.90M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $1.06B | $1.04B | $979.20M | $1.04B | $1.01B | $1.01B | $1.02B | $875.80M | $830.60M | $815.70M |
| Total Assets | $3.99B | $3.59B | $3.56B | $3.63B | $3.59B | $3.55B | $3.57B | $3.40B | $3.39B | $3.40B |
| Current Liabilities | $1.03B | $1.05B | $945.50M | $921.00M | $912.30M | $967.30M | $895.90M | $837.40M | $846.80M | $880.80M |
| Long-term Debt | $1.71B | $1.07B | $848.90M | $838.80M | $803.70M | $698.60M | $864.70M | $899.60M | $949.40M | $972.40M |
| Total Liabilities | $2.97B | $2.37B | $2.04B | $2.02B | $1.98B | $1.93B | $2.00B | $1.97B | $2.01B | $2.08B |
| Stockholders' Equity | $1.02B | $1.22B | $1.51B | $1.61B | $1.61B | $1.62B | $1.57B | $1.43B | $1.38B | $1.33B |
| Retained Earnings | $2.29B | $2.21B | $2.11B | $2.04B | $1.97B | $1.91B | $1.81B | $1.71B | $1.66B | $1.61B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $91.50M | - | - | - | $91.00M | - | - | - | $93.60M | - |
| Investing Cash Flow | ($384.40M) | - | - | - | ($70.70M) | - | - | - | ($26.70M) | - |
| Financing Cash Flow | $316.90M | - | - | - | ($24.10M) | - | - | - | ($43.50M) | - |
| CapEx | $37.90M | - | - | - | $32.20M | - | - | - | $34.10M | - |
| Free Cash Flow | $53.60M | - | - | - | $58.80M | - | - | - | $59.50M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 62.9% | - | 60.9% | 61.9% | 60.2% | - | 60.9% | 61.1% | 59.8% | - |
| Operating margin | 24.2% | - | 20.7% | 20.7% | 19.6% | - | 20.3% | 19.0% | 17.1% | - |
| EBITDA margin | 32.2% | - | 28.3% | 28.7% | 27.7% | - | 28.3% | 27.6% | 25.8% | - |
| Net margin | 16.6% | - | 14.8% | 14.7% | 13.5% | - | 21.0% | 12.1% | 11.8% | - |
| Free cash flow margin | 8.3% | - | - | - | 10.1% | - | - | - | 11.0% | - |
| FCF / Net income | 0.50 | - | - | - | 0.75 | - | - | - | 0.93 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 13.0% | - | 13.9% | 13.6% | 13.1% | - | 13.6% | 14.0% | 14.8% | - |
| Effective tax rate | 24.4% | - | 25.5% | 22.8% | 25.9% | - | 19.8% | 21.7% | 24.9% | - |
| Return on assets | 2.7% | - | 2.6% | 2.5% | 2.2% | - | 3.4% | 2.0% | 1.9% | - |
| Return on equity | 10.5% | - | 6.1% | 5.5% | 4.9% | - | 7.6% | 4.8% | 4.6% | - |
| Return on invested capital | 4.3% | - | 4.0% | 3.9% | 3.5% | - | 3.8% | 3.6% | 3.0% | - |
| Liquidity | ||||||||||
| Current ratio | 1.03 | 0.99 | 1.04 | 1.13 | 1.11 | 1.05 | 1.14 | 1.05 | 0.98 | 0.93 |
| Quick ratio | 1.03 | 0.99 | 1.04 | 1.13 | 1.11 | 1.05 | 1.14 | 1.05 | 0.98 | 0.93 |
| Cash ratio | 0.48 | 0.45 | 0.50 | 0.55 | 0.56 | 0.52 | 0.62 | 0.47 | 0.42 | 0.38 |
| Leverage | ||||||||||
| Debt / Equity | 1.68 | 0.88 | 0.56 | 0.52 | 0.50 | 0.43 | 0.55 | 0.63 | 0.69 | 0.73 |
| Debt / Assets | 0.43 | 0.30 | 0.24 | 0.23 | 0.22 | 0.20 | 0.24 | 0.26 | 0.28 | 0.29 |
| Debt / EBITDA | 8.25 | - | 4.86 | 4.83 | 4.98 | - | 5.36 | 5.71 | 6.79 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 3.91 | 2.94 | 2.35 | 2.25 | 2.23 | 2.19 | 2.28 | 2.37 | 2.45 | 2.56 |
| Liabilities / Assets | 0.74 | 0.66 | 0.57 | 0.56 | 0.55 | 0.54 | 0.56 | 0.58 | 0.59 | 0.61 |
| Efficiency | ||||||||||
| Asset turnover | 0.16 | - | 0.17 | 0.17 | 0.16 | - | 0.16 | 0.17 | 0.16 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 228d | - | 215d | 232d | 215d | - | 211d | 215d | 219d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 61.9x | - | 106.9x | 150.2x | 164.8x | - | 115.2x | 184.9x | 207.0x | - |
| P / B | 6.5x | - | 6.5x | 8.3x | 8.0x | - | 8.8x | 8.9x | 9.6x | - |
| P / S | 10.3x | - | 15.9x | 22.0x | 22.2x | - | 24.2x | 22.3x | 24.4x | - |
| EV / EBITDA | 37.9x | - | 58.3x | 78.8x | 81.9x | - | 87.5x | 84.1x | 99.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 10.8% | - | 8.4% | 5.8% | 7.2% | - | 10.5% | 13.3% | 13.2% | - |
| Revenue CAGR (3y) | 10.4% | - | 9.7% | 8.8% | 8.4% | - | 9.9% | 11.2% | 11.4% | - |
| Revenue CAGR (5y) | 10.4% | - | 11.6% | 13.0% | 12.4% | - | 12.7% | 15.9% | 16.0% | - |
| Gross profit growth (YoY) | 15.8% | - | 8.4% | 7.2% | 7.9% | - | 10.9% | 21.1% | 24.5% | - |
| Operating income growth (YoY) | 36.6% | - | 10.6% | 15.3% | 23.2% | - | 65.0% | 160.2% | 278.0% | - |
| Net income growth (YoY) | 36.4% | - | -23.5% | 28.8% | 22.3% | - | 206.1% | 91.4% | - | - |
| EPS growth (YoY) | 50.0% | - | -21.7% | 30.6% | 22.1% | - | 204.4% | 90.5% | - | - |
| EPS CAGR (3y) | - | - | - | 44.0% | 19.7% | - | 34.8% | 28.2% | 5.5% | - |
| EPS CAGR (5y) | 16.5% | - | 4.3% | 13.3% | 27.0% | - | 19.4% | 10.3% | 14.1% | - |
| FCF growth (YoY) | -8.8% | - | - | - | -1.2% | - | - | - | - | - |
| FCF CAGR (5y) | 5.3% | - | - | - | 11.8% | - | - | - | 8.1% | - |
| Book value growth (YoY) | -36.7% | -24.5% | -3.3% | 12.6% | 16.3% | 21.9% | 25.9% | 16.0% | 14.8% | 10.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.45B totalMorningstar Data And Analytics Segment$830.60M · 34.0%
Pitch Book Segment$671.80M · 27.5%
Morningstar Credit Segment$354.40M · 14.5%
Morningstar Wealth Segment$251.40M · 10.3%
Corporate And Other$199.70M · 8.2%
Morningstar Retirement Segment$137.60M · 5.6%
Product / service
$1.17B totalLicensed Based$829.10M · 70.7%
Asset Based$142.50M · 12.2%
Morningstar Sustainalytics$112.00M · 9.5%
Morningstar Indexes$87.70M · 7.5%
Transaction Based$1.50M · 0.1%
Geographic
$3.14B totalUS$1.75B · 56.0%
Non United States$690.60M · 22.0%
Europe Excluding United Kingdom$219.60M · 7.0%
GB$189.80M · 6.1%
CA$154.90M · 4.9%
AU$65.30M · 2.1%
Asia$48.00M · 1.5%
Segment Geographical Group Of Other Countries$13.00M · 0.4%
Peer comparison
Same SIC group: Investment Advice
Comparing Morningstar against the 5 most active filers in the same SIC group.
Dividends
$1.91/share trailing 12 months · +11.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 2, 2026 | $0.5000 |
| Jan 2, 2026 | $0.5000 |
| Oct 3, 2025 | $0.4550 |
| Jul 11, 2025 | $0.4550 |
| Apr 4, 2025 | $0.4550 |
| Jan 3, 2025 | $0.4550 |
| Oct 4, 2024 | $0.4050 |
| Jul 12, 2024 | $0.4050 |
| Apr 4, 2024 | $0.4050 |
| Jan 4, 2024 | $0.4050 |
| Oct 5, 2023 | $0.3750 |
| Jul 6, 2023 | $0.3750 |
| Apr 5, 2023 | $0.3750 |
| Jan 5, 2023 | $0.3750 |
| Oct 17, 2022 | $0.3600 |
| Jun 30, 2022 | $0.3600 |
| Mar 31, 2022 | $0.3600 |
| Jan 6, 2022 | $0.3600 |
| Oct 18, 2021 | $0.3150 |
| Jul 8, 2021 | $0.3150 |
| Apr 8, 2021 | $0.3150 |
| Dec 31, 2020 | $0.3150 |
| Oct 15, 2020 | $0.3000 |
| Jul 1, 2020 | $0.3000 |