Morningstar, Inc. (MORN) Financial Statements — Income, Balance Sheet, Cash Flow

Overview Financials Chart Business Summary Filings Ownership Valuation

Financial Statements — MORN

Balance Sheet

(in billions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.49	0.47	0.50	0.51	0.55	0.39	0.35	0.33	0.34	0.35	0.37	0.38	0.48	0.43	0.39	0.38
Total Current Assets	1.06	0.98	1.04	1.01	1.02	0.88	0.83	0.76	0.81	0.78	0.79	0.82	0.90	0.80	0.76	0.73
Total Assets	3.99	3.56	3.63	3.59	3.57	3.40	3.39	3.34	3.46	3.45	3.42	3.47	2.87	2.74	2.71	2.68
Total Current Liabilities	1.03	0.95	0.92	0.91	0.90	0.84	0.85	0.81	0.81	0.84	0.81	0.80	0.72	0.69	0.69	0.61
Long-term Debt	1.69	0.85	0.84	0.80	0.86	0.90	0.92	1.02	1.12	1.10	1.13	1.15	0.50	0.37	0.37	0.40
Total Liabilities	2.97	2.04	2.02	1.98	2.00	1.97	2.01	2.10	2.22	2.25	2.24	2.23	1.52	1.36	1.36	1.35
Retained Earnings	2.29	2.11	2.04	1.97	1.81	1.71	1.66	1.55	1.53	1.51	1.56	1.57	1.56	1.50	1.45	1.43
Total Stockholder Equity*	1.02	1.51	1.61	1.61	1.57	1.43	1.38	1.24	1.24	1.20	1.18	1.24	1.35	1.39	1.35	1.32

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Pretax Income	141.80	150.90	123.10	116.50	108.50	162.90	151.90	89.50	87.00	90.30	57.40	31.70	2.10	30.60	(2.30)	39.30	63.00	74.20	63.20	45.80
Tax Provision	34.60	36.40	31.40	26.30	27.40	33.90	29.60	19.20	21.30	14.10	16.70	(6.20)	8.40	26.40	5.40	7.40	17.30	18.50	16.10	13.90
Net Income	107.10	115.10	91.60	89.00	78.50	116.90	119.70	69.10	64.20	73.50	39.10	36.10	(7.60)	3.30	(9.00)	30.10	46.10	56.50	49.00	32.90
Basic EPS	2.74	2.81	2.18	2.11	1.83	2.74	2.79	1.61	1.50	1.72	0.92	0.85	(0.18)	0.08	(0.21)	0.71	1.07	1.31	1.14	0.77
Diluted EPS	2.73	2.79	2.17	2.09	1.82	2.72	2.77	1.60	1.49	1.72	0.91	0.84	(0.18)	0.09	(0.21)	0.70	1.06	1.29	1.13	0.76

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	91.50	204.00	195.70	99.00	91.00	153.40	191.90	152.70	93.60	137.80	130.70	24.50	23.40	103.50	102.10	68.70	23.50	135.90	122.60	127.20
Capital Expenditures	37.90	42.70	35.60	36.60	32.20	40.60	36.10	31.90	34.10	30.00	29.30	30.30	29.50	36.10	33.70	31.70	28.00	30.20	30.20	18.70
Free Cash Flow*	53.60	161.30	160.10	62.40	58.80	112.80	155.80	120.80	59.50	107.80	101.40	(5.80)	(6.10)	67.40	68.40	37.00	(4.50)	105.70	92.40	108.50
Investing Cash Flow	(384.40)	(11.70)	(33.00)	(23.90)	(70.70)	24.10	14.10	(32.80)	(26.70)	(32.80)	(21.30)	(27.10)	(0.70)	(38.30)	(36.00)	(691.30)	(33.70)	(42.30)	(56.20)	(35.80)
Financing Cash Flow	316.90	(194.00)	(188.10)	(108.50)	(24.10)	(199.10)	(60.20)	(81.60)	(43.50)	(103.40)	(120.10)	(6.10)	(48.80)	(76.70)	(57.10)	537.10	11.80	387.30	(20.20)	(89.30)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Dividends Per Share	0.50	0.44	0.46	0.46	0.46	0.39	0.41	0.41	0.41	0.36	0.38	0.38	0.38	0.36	0.36	0.36	0.36	0.30	0.32	0.32