Morningstar, Inc. (MORN)

Morningstar Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	374.2	369.9	141.1	70.5	193.3
Depreciation & Amortization	189.9	190.4	184.9	166.6	150.7
Stock-Based Compensation	56.4	54.7	52.8	83.2	41.9
Other Adjustments	-59.7	-116.2	-90.5	-10.5	0.4
Change in Receivables	-26	-30.3	-38.2	-38.6	-67.9
Changes in Accounts Payable	1.1	9.6	-1.5	-2	7.1
Changes in Accrued Expenses	37.7	76.9	14.9	-37.5	58
Changes in Income Taxes Payable	-8	23.1	-7.8	18.9	-6.1
Changes in Unearned Revenue	25.7	30.1	50.9	60	78.2
Changes in Other Operating Activities	-1.6	-16.6	9.8	-12.8	-5.7
Operating Cash Flow	589.7	591.6	316.4	297.8	449.9
Operating Cash Flow Growth	-0.32%	86.98%	6.25%	-33.81%	17.07%
Capital Expenditures	-147.1	-142.7	-119.1	-129.5	-101.8
Purchases of Investments	-26.3	-23.3	-19.4	-65.9	-100.9
Proceeds from Sale of Investments	45.5	27.1	57.3	43	59.9
Payments for Business Acquisitions	-39	-	-0.8	-646.7	-24.8
Proceeds from Business Divestments	-	52.4	-	-	-
Other Investing Activities	27.6	65.2	0.1	-0.2	-0.1
Investing Cash Flow	-139.3	-21.3	-81.9	-799.3	-167.7
Short-Term Debt Issued	800	90	260	475	10
Short-Term Debt Repaid	-450	-105	-365	-355	-10
Net Short-Term Debt Issued (Repaid)	350	-15	-105	120	-
Long-Term Debt Issued	375	-	-	650	-
Long-Term Debt Repaid	-350	-259.4	-32.5	-19.1	-90
Net Long-Term Debt Issued (Repaid)	25	-259.4	-32.5	630.9	-90
Repurchase of Common Stock	-809.8	-40.7	-31.6	-255.9	-30.3
Net Common Stock Issued (Repurchased)	-809.8	-40.7	-31.6	-255.9	-30.3
Common Dividends Paid	-76.9	-69.3	-63.9	-61.5	-54.2
Other Financing Activities	-	-3	-45.4	-18.4	-37.3
Financing Cash Flow	-514.7	-384.4	-278.4	415.1	-211.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents	36.1	-21.1	5.2	-20.8	-9.1
Net Cash Flow	-28.2	164.8	-38.7	-107.2	61.3
Free Cash Flow	442.6	448.9	197.3	168.3	348.1
Free Cash Flow Growth	-1.40%	127.52%	17.23%	-51.65%	13.17%
FCF Margin	18.10%	19.73%	9.68%	9.00%	20.48%
Free Cash Flow Per Share	10.49	10.42	4.60	3.92	8.02
Levered Free Cash Flow	846.9	266.3	135.7	885.1	283.7
Unlevered Free Cash Flow	496.08	552.98	320.77	158.91	373.18

Updated Feb 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q