Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
184.17
+11.56 (6.70%)
Jul 27, 2026, 1:34 PM EDT - Market open
Morningstar Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 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% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
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 |
Cash Acquisitions | -360.1 | -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 | -453 | -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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
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 | - | 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 | -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 | -2.4 | - | -3 | -45.4 | -18.4 | -37.3 |
Financing Cash Flow | -173.7 | -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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | 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
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 437.4 | 442.6 | 448.9 | 197.3 | 168.3 | 348.1 |
Free Cash Flow Growth | -2.41% | -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 | 1,009 | 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 |