MORN
Morningstar, Inc.
NASDAQ · USFinancial ServicesFinancial - Data & Stock Exchanges
$171.76-0.42%
Price as of Jul 20, 2026
MORN financials
Morningstar, Inc. financial statements
Annual and quarterly income statement, balance sheet and cash-flow history. On small screens, start with four periods and expand the table when needed.
| Metric | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $2.4B | $2.3B | $2.0B | $1.9B |
| Cost of revenue | $952.9M | $895.7M | $843.5M | $779.3M |
| Gross profit | $1.5B | $1.4B | $1.2B | $1.1B |
| Operating expenses | $966.0M | $894.6M | $964.5M | $923.5M |
| Operating income | $526.6M | $484.8M | $230.6M | $167.8M |
| Net income | $374.2M | $369.9M | $141.1M | $70.5M |
| EBITDA | $728.9M | $731.6M | $418.1M | $325.6M |
| Basic EPS | $8.93 | $8.64 | $3.31 | $1.65 |
| Diluted EPS | $8.87 | $8.58 | $3.29 | $1.64 |
| Balance sheet | ||||
| Cash & equivalents | $474.5M | $502.7M | $337.9M | $376.6M |
| Total assets | $3.6B | $3.5B | $3.4B | $3.5B |
| Total liabilities | $2.4B | $1.9B | $2.1B | $2.3B |
| Stockholders’ equity | $1.2B | $1.6B | $1.3B | $1.2B |
| Total debt | $1.4B | $904.0M | $1.2B | $1.3B |
| Net debt | $933.3M | $401.3M | $822.3M | $947.0M |
| Cash flow | ||||
| Operating cash flow | $589.7M | $591.6M | $316.4M | $297.8M |
| Capital expenditure | -$147.1M | -$142.7M | -$119.1M | -$129.5M |
| Free cash flow | $442.6M | $448.9M | $197.3M | $168.3M |
| Dividends paid | -$76.9M | -$69.3M | -$63.9M | -$61.5M |
| Share repurchases | -$787.0M | -$11.6M | -$1.4M | -$226.0M |