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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	445.5	374.2	369.9	141.1	70.5	193.3
Depreciation & Amortization	102.7	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	-1.1	3.3	17.4	-42.2	3.6	-5.4
Stock-Based Compensation	65	56.4	54.7	52.8	83.2	41.9
Provision & Write-off of Bad Debts	3.9	5.1	8.1	5.3	3.8	1.9
Other Operating Activities	-48.9	-45.4	-32.4	-53.6	-17.9	3.9
Change in Accounts Receivable	-60.3	-26	-30.3	-38.2	-38.6	-67.9
Change in Accounts Payable	26.9	1.1	9.6	-1.5	-2	7.1
Change in Unearned Revenue	16	25.7	30.1	50.9	60	78.2
Change in Income Taxes	16.4	-8	23.1	-7.8	18.9	-6.1
Change in Other Net Operating Assets	-4.2	36.1	60.3	24.7	-50.3	52.3
Operating Cash Flow	641.9	589.7	591.6	316.4	297.8	449.9
Operating Cash Flow Growth	19.07%	-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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-149.1	-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	38	19.2	3.8	37.9	-22.9	-41
Other Investing Activities	5	4.9	0.2	0.1	-0.2	-0.1
Investing Cash Flow	-442.9	-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	Sep 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	1,590	1,175	90	260	1,125	10
Long-Term Debt Repaid	-	-800	-364.4	-397.5	-374.1	-100
Total Debt Repaid	-759.4	-800	-364.4	-397.5	-374.1	-100
Net Debt Issued (Repaid)	830.6	375	-274.4	-137.5	750.9	-90
Repurchase of Common Stock	-911.8	-809.8	-40.7	-31.6	-255.9	-30.3
Common Dividends Paid	-76.5	-76.9	-69.3	-63.9	-61.5	-54.2
Other Financing Activities	-13.2	-3	-	-45.4	-18.4	-37.3
Financing Cash Flow	-170.9	-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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-5.6	36.1	-21.1	5.2	-20.8	-9.1
Net Cash Flow	22.5	-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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	492.8	442.6	448.9	197.3	168.3	348.1
Free Cash Flow Growth	25.04%	-1.40%	127.52%	17.23%	-51.65%	13.17%
Free Cash Flow Margin	18.80%	18.10%	19.73%	9.68%	9.00%	20.48%
Free Cash Flow Per Share	12.62	10.49	10.41	4.60	3.92	8.02
Levered Free Cash Flow	464.83	446.38	482.71	199.11	234.91	330.79
Unlevered Free Cash Flow	506.14	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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	66.8	37.3	47.4	58.4	28.4	10.4
Cash Income Tax Paid	164	171.8	115.6	73.2	75.3	80.9
Change in Working Capital	-5.2	28.9	92.8	28.1	-12	63.6

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Oct 28, 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:

Nov 3, 2026

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