Morningstar, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.0B | $1.9B | $1.7B |
| Operating income | $526.6M | $484.8M | $230.6M | $167.8M | $257.0M |
| Cost of revenue | $952.9M | $895.7M | $843.5M | $779.3M | $698.4M |
| Cash from operations | $589.7M | $591.6M | $316.4M | $297.8M | $449.9M |
| 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 |
| Share repurchases | $787.0M | $11.6M | $1.4M | $226.0M | $1.3M |
| Impairments | $0 | $0 | $3.1M | $0 | $0 |
| Total assets | $3.6B | $3.5B | $3.4B | $3.5B | $2.9B |
| Total liabilities | $2.4B | $1.9B | $2.1B | $2.3B | $1.4B |
| Total debt | $1.1B | $700.0M | $974.4M | — | — |
Shares outstanding 38.0M · Free float 11.3%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.
Recent filings
- June 25, 2026 8-K
- June 18, 2026 8-K
- May 22, 2026 8-K
- May 8, 2026 8-K
- April 29, 2026 8-K
- April 29, 2026 10-Q
- March 25, 2026 8-K
- March 13, 2026 8-K