Morningstar, Inc. (MORN)

Morningstar Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	421.6	374.2	369.9	141.1	70.5	193.3
Depreciation & Amortization	96.6	87.2	95.5	103.7	102.3	90.8
Other Amortization	102.7	102.7	94.9	81.2	64.3	59.9
Loss (Gain) From Sale of Assets	-22.7	-22.7	-109.3	-	-	-
Loss (Gain) on Equity Investments	0.5	3.3	17.4	-42.2	3.6	-5.4
Stock-Based Compensation	67	56.4	54.7	52.8	83.2	41.9
Provision & Write-off of Bad Debts	5.1	5.1	8.1	5.3	3.8	1.9
Other Operating Activities	-57.7	-45.4	-32.4	-53.6	-17.9	3.9
Change in Accounts Receivable	1	-26	-30.3	-38.2	-38.6	-67.9
Change in Accounts Payable	8.7	1.1	9.6	-1.5	-2	7.1
Change in Unearned Revenue	12.2	25.7	30.1	50.9	60	78.2
Change in Income Taxes	13.3	-8	23.1	-7.8	18.9	-6.1
Change in Other Net Operating Assets	-1.4	36.1	60.3	24.7	-50.3	52.3
Operating Cash Flow	646.9	589.7	591.6	316.4	297.8	449.9
Operating Cash Flow Growth	20.85%	-0.32%	86.98%	6.25%	-33.81%	17.07%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-149.4	-147.1	-142.7	-119.1	-129.5	-101.8
Cash Acquisitions	-359.5	-39	-	-0.8	-646.7	-24.8
Divestitures	-	-	52.4	-	-	-
Sale (Purchase) of Intangibles	22.7	22.7	65	-	-	-
Investment in Securities	30.7	19.2	3.8	37.9	-22.9	-41
Other Investing Activities	0.4	4.9	0.2	0.1	-0.2	-0.1
Investing Cash Flow	-455.1	-139.3	-21.3	-81.9	-799.3	-167.7

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	1,175	90	260	1,125	10
Total Debt Issued	1,665	1,175	90	260	1,125	10
Long-Term Debt Repaid	-	-800	-364.4	-397.5	-374.1	-100
Total Debt Repaid	-789.7	-800	-364.4	-397.5	-374.1	-100
Net Debt Issued (Repaid)	875.3	375	-274.4	-137.5	750.9	-90
Repurchase of Common Stock	-981.2	-809.8	-40.7	-31.6	-255.9	-30.3
Common Dividends Paid	-77	-76.9	-69.3	-63.9	-61.5	-54.2
Other Financing Activities	-12.9	-3	-	-45.4	-18.4	-37.3
Financing Cash Flow	-195.8	-514.7	-384.4	-278.4	415.1	-211.8

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-10	36.1	-21.1	5.2	-20.8	-9.1
Net Cash Flow	-14	-28.2	164.8	-38.7	-107.2	61.3

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	497.5	442.6	448.9	197.3	168.3	348.1
Free Cash Flow Growth	27.63%	-1.40%	127.52%	17.23%	-51.65%	13.17%
Free Cash Flow Margin	19.38%	18.10%	19.73%	9.68%	9.00%	20.48%
Free Cash Flow Per Share	12.39	10.49	10.41	4.60	3.92	8.02
Levered Free Cash Flow	497.8	446.38	482.71	199.11	234.91	330.79
Unlevered Free Cash Flow	532.49	471.38	513.9	231.43	252.66	336.23

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	49.8	37.3	47.4	58.4	28.4	10.4
Cash Income Tax Paid	172.2	171.8	115.6	73.2	75.3	80.9
Change in Working Capital	33.8	28.9	92.8	28.1	-12	63.6

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Apr 29, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 14, 2026

Data Sources Report a data error