Morningstar (MORN) financial statements
Morningstar reported revenue of $2.4B in fiscal 2025, up 13.2% a year over 9 years.
Net income was $374M and the operating margin 21.5%, against 22.6% in 2016.
Free cash flow was $443M, and the company returned $77M in dividends and $787M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Morningstar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $799M | $912M | $1.0B | $1.2B | $1.4B | $1.7B | $1.9B | $2.0B | $2.3B | $2.4B |
| Cost of revenue | $344M | $387M | $411M | $483M | $556M | $698M | $779M | $844M | $896M | $953M |
| Gross profit | $454M | $525M | $609M | $696M | $833M | $1.0B | $1.1B | $1.2B | $1.4B | $1.5B |
| Selling, general and admin | $203M | $264M | $296M | $389M | $478M | $593M | $757M | $780M | $768M | $801M |
| Operating income | $181M | $170M | $216M | $190M | $215M | $257M | $168M | $231M | $485M | $527M |
| Pre-tax income | $225M | $181M | $233M | $198M | $283M | $250M | $131M | $182M | $491M | $499M |
| Income tax | $64M | $43M | $48M | $46M | $60M | $63M | $56M | $33M | $104M | $122M |
| Net income | $161M | $137M | $183M | $152M | $224M | $193M | $70M | $141M | $370M | $374M |
| EPS (diluted) | $3.72 | $3.18 | $4.25 | $3.52 | $5.18 | $4.45 | $1.64 | $3.29 | $8.58 | $8.87 |
| Diluted shares | 43M | 43M | 43M | 43M | 43M | 43M | 43M | 43M | 43M | 42M |
| Gross margin | 56.9% | 57.6% | 59.7% | 59.0% | 60.0% | 58.9% | 58.3% | 58.6% | 60.6% | 61.0% |
| Operating margin | 22.6% | 18.6% | 21.2% | 16.1% | 15.5% | 15.1% | 9.0% | 11.3% | 21.3% | 21.5% |
| Net margin | 20.2% | 15.0% | 17.9% | 12.9% | 16.1% | 11.4% | 3.8% | 6.9% | 16.3% | 15.3% |
Balance sheet
Fiscal years, from Morningstar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $304M | $353M | $396M | $368M | $464M | $546M | $415M | $389M | $551M | $529M |
| Receivables | $146M | $148M | $172M | $188M | $205M | $269M | $308M | $344M | $358M | $390M |
| Total current assets | $472M | $530M | $602M | $603M | $730M | $888M | $811M | $816M | $1.0B | $1.0B |
| Property, plant and equipment | $152M | $147M | $144M | $155M | $155M | $172M | $199M | $208M | $219M | $232M |
| Goodwill | $557M | $565M | $557M | $1.0B | $1.2B | $1.2B | $1.6B | $1.6B | $1.6B | $1.6B |
| Total assets | $1.4B | $1.4B | $1.5B | $2.4B | $2.7B | $2.9B | $3.5B | $3.4B | $3.5B | $3.6B |
| Total current liabilities | $295M | $323M | $363M | $496M | $626M | $784M | $882M | $881M | $967M | $1.1B |
| Long-term debt | — | — | $70M | $502M | $449M | $359M | $1.1B | $972M | $699M | $1.1B |
| Total liabilities | $654M | $601M | $519M | $1.3B | $1.4B | $1.4B | $2.3B | $2.1B | $1.9B | $2.4B |
| Shareholders' equity | $696M | $805M | $935M | $1.1B | $1.3B | $1.4B | $1.2B | $1.3B | $1.6B | $1.2B |
| Net debt | -$259M | -$308M | -$299M | $179M | $27M | -$124M | $765M | $667M | $196M | $598M |
Cash flow
Fiscal years, from Morningstar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $214M | $250M | $315M | $334M | $384M | $450M | $298M | $316M | $592M | $590M |
| Capital spending | $63M | $67M | $76M | $80M | $77M | $102M | $130M | $119M | $143M | $147M |
| Free cash flow | $151M | $184M | $239M | $254M | $308M | $348M | $168M | $197M | $449M | $443M |
| Stock-based compensation | $14M | $24M | $32M | $44M | $37M | $42M | $83M | $53M | $55M | $56M |
| Dividends paid | $38M | $39M | $43M | $48M | $51M | $54M | $62M | $64M | $69M | $77M |
| Share buybacks (net) | -$49M | -$42M | -$21M | -$5M | -$42M | -$1M | -$226M | -$1M | -$12M | -$787M |
| Net borrowing | $0 | -$70M | -$110M | -$166M | — | — | — | — | — | — |
| Free cash flow margin | 18.9% | 20.1% | 23.4% | 21.6% | 22.1% | 20.5% | 9.0% | 9.7% | 19.7% | 18.1% |
| Dividends per share | $0.88 | $0.91 | $0.99 | $1.11 | $1.19 | $1.25 | $1.43 | $1.49 | $1.61 | $1.82 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MORN.
Open MORN in InvestinglyQuestions
What was Morningstar's revenue in 2025?
$2.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Morningstar generate?
$443M in fiscal 2025 (operating cash flow minus capital spending).
From Morningstar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.