Morningstar, Inc. (MORN)

Morningstar Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	402.8	374.2	369.9	141.1	70.5	193.3
Depreciation & Amortization	194.3	189.9	190.4	184.9	166.6	150.7
Stock-Based Compensation	58.1	56.4	54.7	52.8	83.2	41.9
Other Adjustments	-44.8	-59.7	-116.2	-90.5	-10.5	0.4
Change in Receivables	-52.3	-26	-30.3	-38.2	-38.6	-67.9
Changes in Accounts Payable	7.6	1.1	9.6	-1.5	-2	7.1
Changes in Accrued Expenses	19.5	37.7	76.9	14.9	-37.5	58
Changes in Income Taxes Payable	-7.8	-8	23.1	-7.8	18.9	-6.1
Changes in Unearned Revenue	41.5	25.7	30.1	50.9	60	78.2
Changes in Other Operating Activities	-6	-1.6	-16.6	9.8	-12.8	-5.7
Operating Cash Flow	590.2	589.7	591.6	316.4	297.8	449.9
Operating Cash Flow Growth	0.20%	-0.32%	86.98%	6.25%	-33.81%	17.07%
Capital Expenditures	-152.8	-147.1	-142.7	-119.1	-129.5	-101.8
Purchases of Investments	-32.6	-26.3	-23.3	-19.4	-65.9	-100.9
Proceeds from Sale of Investments	64.9	45.5	27.1	57.3	43	59.9
Payments for Business Acquisitions	-360.1	-39	-	-0.8	-646.7	-24.8
Proceeds from Business Divestments	-	-	52.4	-	-	-
Other Investing Activities	37.3	27.6	65.2	0.1	-0.2	-0.1
Investing Cash Flow	-453	-139.3	-21.3	-81.9	-799.3	-167.7
Short-Term Debt Issued	950	800	90	260	475	10
Short-Term Debt Repaid	-440	-450	-105	-365	-355	-10
Net Short-Term Debt Issued (Repaid)	510	350	-15	-105	120	0
Long-Term Debt Issued	1,405	375	-	-	650	-
Long-Term Debt Repaid	-1,110	-350	-259.4	-32.5	-19.1	-90
Net Long-Term Debt Issued (Repaid)	295	25	-259.4	-32.5	630.9	-90
Repurchase of Common Stock	-1,001	-809.8	-40.7	-31.6	-255.9	-30.3
Net Common Stock Issued (Repurchased)	-1,001	-809.8	-40.7	-31.6	-255.9	-30.3
Common Dividends Paid	-77.3	-76.9	-69.3	-63.9	-61.5	-54.2
Other Financing Activities	-7.2	-	-3	-45.4	-18.4	-37.3
Financing Cash Flow	-173.7	-514.7	-384.4	-278.4	415.1	-211.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents	17.8	36.1	-21.1	5.2	-20.8	-9.1
Net Cash Flow	-18.7	-28.2	164.8	-38.7	-107.2	61.3
Free Cash Flow	437.4	442.6	448.9	197.3	168.3	348.1
Free Cash Flow Growth	-1.18%	-1.40%	127.52%	17.23%	-51.65%	13.17%
FCF Margin	17.44%	18.10%	19.73%	9.68%	9.00%	20.48%
Free Cash Flow Per Share	10.62	10.49	10.42	4.60	3.92	8.02
Levered Free Cash Flow	1,304	846.9	266.3	135.7	885.1	283.7
Unlevered Free Cash Flow	527.27	496.08	552.98	320.77	158.91	373.18

Updated Apr 29, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q