TickerFacts.

Company research / MORN

Morningstar, Inc. (MORN)

Build a valuation ↗↓ Download CSV

CIK 0001289419 · Nasdaq · Investment Advice

  • Sector Finance & Real Estate
  • Incorporated IL
  • Fiscal year ends Dec 31

For the year ended 2025-12-31, Morningstar, Inc. reported revenue of $2.45B. Revenue grew 7.5% from the prior annual period. Over the twelve months to 2026-06-30, revenue was $2.57B.

Key ratios (year ended 2025-12-31)

61.0%
Gross margin (computed)
21.5%
Operating margin
15.3%
Net margin
30.6%
Return on year-end equity
7.5%
Revenue growth (YoY)

Computed by TickerFacts from revenue minus cost of revenue. This may differ from the issuer's reported gross profit or margin; check the revenue and cost definitions.

Beyond the statements

Follow the company.

Explore new filings, reported insider transactions and company relationships.

Open company research ↗

Latest selected filing: Form 4 (ownership change) · 2026-10-02

Headquarters locality: Chicago · View on map

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

The first column covers the twelve months to 2026-06-30 from the latest quarterly report: flows are the last fiscal year plus this year to date minus the same months a year earlier, and balances are as of that date. Per-share figures are annual only.

Period endedTTM to
2026-06-30		2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Revenue$2.57B$2.45B$2.28B$2.04B$1.87B$1.70B$1.39B$1.18B$1.02B$911.70M$798.60M
Cost of Revenue$969.10M$952.90M$895.70M$843.50M$779.30M$698.40M$556.40M$483.10M$411.10M$386.60M$344.30M
Gross Profit (computed)$1.60B$1.49B$1.38B$1.20B$1.09B$1.00B$833.10M$695.90M$608.80M$525.10M$454.30M
Operating Income$603.90M$526.60M$484.80M$230.60M$167.80M$257.00M$215.20M$189.60M$215.80M$169.80M$180.80M
Depreciation & Amortization$199.30M$189.90M$190.40M$184.90M$166.60M$150.70M$139.50M$117.70M$96.70M$91.20M$70.70M
EBITDA$803.20M$716.50M$675.20M$415.50M$334.40M$407.70M$354.70M$307.30M$312.50M$261.00M$251.50M
Net Income$421.60M$374.20M$369.90M$141.10M$70.50M$193.30M$223.60M$152.00M$183.00M$136.90M$161.00M
EPS (Diluted)n/a$8.87$8.58$3.29$1.64$4.45$5.18$3.52$4.25$3.18$3.72
Total Assets$3.95B$3.59B$3.55B$3.40B$3.47B$2.86B$2.70B$2.37B$1.45B$1.41B$1.35B
Total Liabilities$2.92B$2.37B$1.93B$2.08B$2.27B$1.45B$1.42B$1.29B$519.10M$600.80M$654.10M
Long-Term Debt$1.70Bn/an/an/an/an/a$449.10M$513.10M$70.00Mn/an/a
Shareholders' Equity$1.02B$1.22B$1.62B$1.33B$1.21B$1.42B$1.27B$1.08B$934.70M$804.90M$696.80M
Cash & Equivalentsn/a$474.50M$502.70M$337.90M$376.60M$483.80M$422.50M$334.10M$369.30M$308.20M$259.10M
Operating Cash Flow$646.90M$589.70M$591.60M$316.40M$297.80M$449.90M$384.30M$334.40M$314.80M$250.10M$213.70M
Capital Expenditures$149.40M$147.10M$142.70M$119.10M$129.50M$101.80M$76.70M$80.00M$76.10M$66.60M$62.80M
Free Cash Flow$497.50M$442.60M$448.90M$197.30M$168.30M$348.10M$307.60M$254.40M$238.70M$183.50M$150.90M
Share Repurchases$965.40M$787.00M$11.60M$1.40M$226.00M$1.30M$41.90M$4.90M$20.90M$42.30M$48.80M
Dividends Paid$77.00M$76.90M$69.30M$63.90M$61.50M$54.20M$51.40M$47.80M$42.60M$39.30M$37.90M
Shares Outstanding37.51M39.74M42.87M42.73M42.48M43.14M42.90M42.85M46.62M42.55M42.93M
Dividends Per Sharen/a$1.87$1.67$1.53$1.46$1.31$1.22$1.14$1.03$0.94$0.89
Weighted Average Diluted Sharesn/a42.20M43.10M42.90M42.90M43.40M43.20M43.20M43.00M43.00M43.30M
EPS (Basic)n/a$8.93$8.64$3.31$1.65$4.50$5.22$3.56$4.30$3.21$3.74

Price chart

Chart and quotes by TradingView. Exchange coverage and delays vary.

Open chart on TradingView