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Morningstar Inc (MORN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · FINANCIAL DATA & STOCK EXCHANGES · DATA UPDATED 2026-08-14

Morningstar Inc (MORN) operates in the FINANCIAL DATA & STOCK EXCHANGES industry and is headquartered in Chicago, United States with about 10,973 employees. Its market capitalization is roughly $8 billion. In the fiscal year ended 2025-12-31, MORN reported $2.4B in revenue and $374M in net income.

Morningstar, Inc. provides independent investment insights for investors in the United States, Asia, Australia, Canada, Continental Europe, the United Kingdom, and internationally.

Interactive charts & full statements → Open the MORN valuation workbench →

MORN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.6B	$2.4B	$2.3B	$2.0B	$1.9B	$1.7B	$1.4B	$1.2B	$1.0B	$912M	$799M	$789M	$760M	$698M	$658M	$631M	$555M	$479M	$502M	$435M	$315M
Gross Profit	$1.6B	$1.5B	$1.4B	$1.2B	$1.1B	$1.0B	$833M	$696M	$609M	$525M	$454M	$459M	$442M	$427M	$412M	$396M	$398M	$350M	$372M	$321M	$228M
Gross Margin %	62.2%	61.0%	60.6%	58.6%	58.3%	58.9%	60.0%	59.0%	59.7%	57.6%	56.9%	58.1%	58.1%	61.1%	62.5%	62.7%	71.7%	73.2%	74.1%	73.9%	72.4%
Operating Income (EBIT)	$604M	$527M	$485M	$231M	$168M	$257M	$215M	$190M	$216M	$170M	$181M	$191M	$106M	$171M	$151M	$138M	$121M	$125M	$139M	$117M	$78M
Operating Margin %	23.5%	21.5%	21.3%	11.3%	9.0%	15.1%	15.5%	16.1%	21.2%	18.6%	22.6%	24.2%	13.9%	24.4%	22.9%	21.9%	21.8%	26.0%	27.7%	27.0%	24.6%
Net Income	$422M	$374M	$370M	$141M	$70M	$193M	$224M	$152M	$183M	$137M	$161M	$133M	$78M	$124M	$108M	$98M	$86M	$82M	$93M	$74M	$52M
Net Margin %	16.4%	15.3%	16.3%	6.9%	3.8%	11.4%	16.1%	12.9%	17.9%	15.0%	20.2%	16.8%	10.3%	17.7%	16.4%	15.6%	15.6%	17.2%	18.4%	17.0%	16.4%
EBITDA	$812M	$729M	$732M	$418M	$326M	$410M	$434M	$325M	$331M	$261M	$297M	$259M	$169M	$216M	$197M	$184M	$168M	$160M	$165M	$139M	$93M
Earnings Per Share (EPS)	$10.53	$8.87	$8.58	$3.29	$1.64	$4.45	$5.18	$3.52	$4.26	$3.18	$3.72	$2.99	$1.74	$2.66	$2.20	$1.93	$1.71	$1.66	$1.88	$1.53	$1.11
Shares Outstanding (M)	38M	42M	43M	43M	43M	43M	43M	43M	43M	43M	43M	44M	45M	46M	49M	51M	51M	50M	49M	48M	47M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MORN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$663M	$645M	$641M	$617M	$605M	$582M	$591M	$569M
Gross Profit	$424M	$406M	$392M	$376M	$374M	$350M	$359M	$347M
Gross Margin %	63.9%	62.9%	61.1%	60.9%	61.9%	60.2%	60.7%	60.9%
Operating Income (EBIT)	$161M	$156M	$160M	$128M	$125M	$114M	$168M	$116M
Operating Margin %	24.2%	24.2%	24.9%	20.7%	20.7%	19.6%	28.5%	20.3%
Net Income	$108M	$107M	$115M	$92M	$89M	$78M	$117M	$120M
Net Margin %	16.2%	16.6%	17.9%	14.8%	14.7%	13.5%	19.8%	21.0%
EBITDA	$214M	$209M	$209M	$180M	$175M	$165M	$222M	$210M
Earnings Per Share (EPS)	$2.83	$2.73	$2.83	$2.15	$2.08	$1.82	$2.71	$2.77
Shares Outstanding (M)	38M	39M	41M	43M	43M	43M	43M	43M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MORN Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$647M	$590M	$592M	$316M	$298M	$450M	$384M	$334M	$315M	$250M	$214M	$242M	$132M	$187M	$146M	$165M	$124M	$96M	$152M	$112M	$99M
Capital Expenditures (CapEx)	$149M	$147M	$143M	$119M	$130M	$102M	$77M	$80M	$76M	$67M	$63M	$57M	$58M	$34M	$30M	$23M	$15M	$12M	$49M	$11M	$5M
Free Cash Flow (FCF)	$498M	$443M	$449M	$197M	$168M	$348M	$308M	$254M	$239M	$184M	$151M	$184M	$74M	$153M	$116M	$142M	$109M	$84M	$104M	$101M	$94M
FCF Margin %	19.4%	18.1%	19.7%	9.7%	9.0%	20.5%	22.1%	21.6%	23.4%	20.1%	18.9%	23.4%	9.7%	21.9%	17.6%	22.4%	19.6%	17.5%	20.7%	23.2%	29.8%
Dividends Paid	$77M	$77M	$69M	$64M	$62M	$54M	$51M	$48M	$43M	$39M	$38M	$34M	$30M	$17M	$25M	$10M	$0M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MORN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$156M	$92M	$204M	$196M	$99M	$91M	$153M	$192M
Capital Expenditures (CapEx)	$33M	$38M	$43M	$36M	$37M	$32M	$41M	$36M
Free Cash Flow (FCF)	$122M	$54M	$161M	$160M	$62M	$59M	$113M	$156M
FCF Margin %	18.5%	8.3%	25.2%	25.9%	10.3%	10.1%	19.1%	27.4%
Dividends Paid	$19M	$20M	$19M	$19M	$19M	$20M	$17M	$17M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MORN Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$3.9B	$3.6B	$3.5B	$3.4B	$3.5B	$2.9B	$2.7B	$2.4B	$1.5B	$1.4B	$1.4B	$1.0B	$1.0B	$1.0B	$1.0B	$1.2B	$1.1B	$920M	$804M	$649M	$448M
Cash & Cash Equivalents	$490M	$474M	$503M	$338M	$377M	$484M	$422M	$334M	$369M	$308M	$259M	$207M	$185M	$168M	$164M	$200M	$180M	$130M	$174M	$160M	$96M
Total Liabilities	$2.9B	$2.4B	$1.9B	$2.1B	$2.3B	$1.4B	$1.4B	$1.3B	$519M	$601M	$654M	$388M	$365M	$339M	$315M	$315M	$305M	$243M	$268M	$241M	$178M
Total Debt (Short + Long-Term)	$1.8B	$1.1B	$734M	$1.0B	$1.1B	$396M	$489M	$549M	$180M	$272M	$322M	$35M	$30M	$71M	$67M	$0M	$62M	$0M	$0M	$65M	$42M
Total Shareholders' Equity	$1.0B	$1.2B	$1.6B	$1.3B	$1.2B	$1.4B	$1.3B	$1.1B	$935M	$805M	$697M	$640M	$654M	$690M	$726M	$855M	$780M	$665M	$536M	$408M	$269M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MORN viewer.

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