Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
171.76
-0.72 (-0.42%)
Jul 20, 2026, 4:00 PM EDT - Market closed
Morningstar Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 |
Net Income | 107.1 | 115.1 | 91.6 | 89 | 78.5 | 116.9 | 119.7 | 69.1 | 64.2 | 73.5 | 39.1 | 36.1 | -7.6 | 3.3 | -9 | 30.1 | 46.1 | 56.5 | 49 | 32.9 |
Depreciation & Amortization | 51.7 | 47.1 | 47 | 48.5 | 47.3 | 48.4 | 45.7 | 49.1 | 47.2 | 46.5 | 46.6 | 47 | 44.8 | 44.8 | 44.2 | 40 | 37.6 | 38.4 | 38.1 | 37.6 |
Stock-Based Compensation | 10.8 | 10.3 | 18.6 | 18.4 | 9.1 | 15.9 | 13.2 | 14.2 | 11.4 | 11.1 | 14.7 | 14.8 | 12.2 | 25.1 | 22.1 | 22.1 | 13.9 | 10.9 | 11.1 | 11.8 |
Other Adjustments | -10.7 | -10.1 | -17.8 | -6.2 | -2.9 | -0.3 | -1.4 | 10.4 | -15.6 | -29.7 | -3.4 | -9.4 | -48 | -13.7 | 12 | -0.7 | -9 | -9.3 | -5.9 | 16.6 |
Change in Receivables | -9 | -26.8 | 18.2 | -34.7 | 17.3 | -38.5 | 8.1 | -13.6 | 13.7 | -43.5 | 20.2 | -24.7 | 9.8 | -18.8 | 15.6 | -26.8 | -8.6 | -29.9 | -10.8 | -0.9 |
Changes in Accounts Payable | 6.7 | 3.7 | 1.7 | -4.5 | 0.2 | 4.9 | 3.7 | 5.3 | -4.3 | 4.3 | 3.2 | -3.2 | -5.8 | -7.4 | 1.6 | 6.5 | -2.7 | 8.5 | 7.3 | -2 |
Changes in Accrued Expenses | -138.7 | 62.3 | 53.4 | 42.5 | -120.5 | 60.8 | 47.7 | 47.6 | -79.2 | 33.7 | 15.4 | 41 | -75.2 | 18.1 | 47.2 | 5.9 | -108.7 | 49.5 | 36.7 | 33.5 |
Changes in Income Taxes Payable | 20.3 | 10.7 | 7.4 | -46.2 | 20.1 | -2.1 | 14.8 | -5.9 | 16.3 | 9.5 | 6.9 | -21.6 | -2.6 | 18.3 | 3.5 | -20 | 17.1 | 2 | 3.3 | -15.5 |
Changes in Unearned Revenue | 63.7 | 19.7 | -29.4 | -12.5 | 47.9 | 11.6 | -14.1 | -17.4 | 50 | 23.1 | -16.9 | 1.3 | 43.4 | 20.9 | -25.7 | 11 | 53.8 | 15.5 | -12.5 | 14.3 |
Changes in Other Operating Activities | -10.4 | -5.3 | 5 | 4.7 | -6 | -0.2 | -0.2 | -6.1 | -10.1 | 9.3 | 4.9 | -56.8 | 52.4 | 12.9 | -10.3 | 0.6 | -16 | -5.3 | 6.3 | -1.1 |
Operating Cash Flow | 91.5 | 204 | 195.7 | 99 | 91 | 153.4 | 191.9 | 152.7 | 93.6 | 137.8 | 130.7 | 24.5 | 23.4 | 103.5 | 102.1 | 68.7 | 23.5 | 135.9 | 122.6 | 127.2 |
Operating Cash Flow Growth | 0.55% | 32.99% | 1.98% | -35.17% | -2.78% | 11.32% | 46.83% | 523.26% | 300.00% | 33.14% | 28.01% | -64.34% | -0.43% | -23.84% | -16.72% | -45.99% | -63.40% | 18.59% | 31.26% | -0.31% |
Capital Expenditures | -37.9 | -42.7 | -35.6 | -36.6 | -32.2 | -40.6 | -36.1 | -31.9 | -34.1 | -30 | -29.3 | -30.3 | -29.5 | -36.1 | -33.7 | -31.7 | -28 | -30.2 | -30.2 | -18.7 |
Purchases of Investments | -10.8 | -4.5 | -4.1 | -13.2 | -4.5 | -4 | -6.1 | -3.2 | -10 | -9.4 | -3.9 | -3.2 | -2.9 | -4 | -11 | -34 | -16.9 | -30.6 | -13.1 | -31.1 |
Proceeds from Sale of Investments | 23.9 | 12.9 | 6.5 | 21.6 | 4.5 | 3.5 | 3.9 | 2.3 | 17.4 | 7.2 | 12 | 6.4 | 31.7 | 1.8 | 8.8 | 14.2 | 18.2 | 18.2 | 11.6 | 13.7 |
Payments for Business Acquisitions | -359.6 | 0.1 | 0 | -0.6 | -38.5 | - | - | - | - | - | - | - | - | 0.1 | -0.2 | -639.8 | -6.8 | -0.2 | -24.6 | - |
Proceeds from Business Divestments | - | - | - | - | - | 0.2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Other Investing Activities | - | -0.2 | 0.2 | - | - | 0 | 0.2 | - | - | 0.2 | - | - | - | -0.1 | 0.1 | 0 | -0.2 | -0.6 | 0.1 | 0.3 |
Investing Cash Flow | -384.4 | -11.7 | -33 | -23.9 | -70.7 | 24.1 | 14.1 | -32.8 | -26.7 | -32.8 | -21.3 | -27.1 | -0.7 | -38.3 | -36 | -691.3 | -33.7 | -42.3 | -56.2 | -35.8 |
Short-Term Debt Issued | 295 | 430 | 105 | 120 | 145 | 0 | 0 | 0 | 90 | 0 | 30 | 135 | 95 | 15 | 20 | 265 | 175 | 0 | 10 | - |
Short-Term Debt Repaid | -30 | -230 | -95 | -85 | -40 | 0 | 0 | 0 | -105 | -75 | -120 | -105 | -65 | -55 | -90 | -180 | -30 | 0 | -10 | - |
Net Short-Term Debt Issued (Repaid) | 265 | 200 | 10 | 35 | 105 | 0 | 0 | 0 | -15 | -75 | -90 | 30 | 30 | -40 | -70 | 85 | 145 | 0 | 0 | - |
Long-Term Debt Issued | 375 | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 50 | - | - | - | - | - |
Long-Term Debt Repaid | - | -350 | 0 | - | - | -166.3 | -35 | -50 | -8.1 | -8.1 | -8.1 | -8.2 | -8.1 | -8.2 | 0 | -10.9 | - | -15 | 0 | -30 |
Net Long-Term Debt Issued (Repaid) | 375 | -350 | 0 | - | - | -166.3 | -35 | -50 | -8.1 | -8.1 | -8.1 | -8.2 | -8.1 | -8.2 | 50 | -10.9 | - | -15 | 0 | -30 |
Repurchase of Common Stock | -300.8 | -397.1 | -179.1 | -124 | -109.6 | -15.3 | -7.9 | -14.3 | -3.2 | -4.3 | -6 | -10.6 | -9.3 | -13.2 | -21.7 | -103.3 | -117.7 | -7.8 | -4 | -12.2 |
Net Common Stock Issued (Repurchased) | -300.8 | -397.1 | -179.1 | -124 | -109.6 | -15.3 | -7.9 | -14.3 | -3.2 | -4.3 | -6 | -10.6 | -9.3 | -13.2 | -21.7 | -103.3 | -117.7 | -7.8 | -4 | -12.2 |
Common Dividends Paid | -19.9 | -18.9 | -19.2 | -19.3 | -19.5 | -17.3 | -17.4 | -17.3 | -17.3 | -16 | -16 | -16 | -15.9 | -15.3 | -15.3 | -15.4 | -15.5 | -13.6 | -13.6 | -13.5 |
Other Financing Activities | -2.4 | 0 | 0.2 | -0.2 | - | -3.2 | 0.1 | 0 | 0.1 | 0 | 0 | 0.1 | -45.5 | 0 | -0.1 | -16.2 | - | 0.1 | -2.6 | 0.6 |
Financing Cash Flow | 316.9 | -194 | -188.1 | -108.5 | -24.1 | -199.1 | -60.2 | -81.6 | -43.5 | -103.4 | -120.1 | -6.1 | -48.8 | -76.7 | -57.1 | 537.1 | 11.8 | -36.3 | -20.2 | -89.3 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -5.7 | 2 | -3.9 | 25.4 | 12.6 | -28.6 | 15.9 | -0.8 | -7.6 | 11.3 | -7.6 | -0.2 | 1.7 | 15.4 | -16.5 | -17.8 | -1.9 | -0.5 | -6.8 | 1.9 |
Net Cash Flow | 18.3 | 0.3 | -29.3 | -8 | 8.8 | -50.2 | 161.7 | 37.5 | 15.8 | 12.9 | -18.3 | -8.9 | -24.4 | 3.9 | -7.5 | -103.3 | -0.3 | 56.8 | 39.4 | 4 |
Free Cash Flow | 53.6 | 161.3 | 160.1 | 62.4 | 58.8 | 112.8 | 155.8 | 120.8 | 59.5 | 107.8 | 101.4 | -5.8 | -6.1 | 67.4 | 68.4 | 37 | -4.5 | 105.7 | 92.4 | 108.5 |
Free Cash Flow Growth | -8.84% | 43.00% | 2.76% | -48.34% | -1.18% | 4.64% | 53.65% | - | - | 59.94% | 48.25% | - | - | -36.23% | -25.97% | -65.90% | - | 14.15% | 30.51% | -1.90% |
FCF Margin | 8.31% | 25.16% | 25.93% | 10.31% | 10.10% | 19.09% | 27.36% | 21.12% | 10.96% | 20.01% | 19.67% | -1.15% | -1.27% | 14.19% | 14.61% | 7.87% | -0.98% | 22.87% | 21.54% | 26.12% |
Free Cash Flow Per Share | 1.36 | 3.96 | 3.78 | 1.47 | 1.36 | 2.62 | 3.61 | 2.80 | 1.38 | 2.51 | 2.39 | -0.14 | -0.14 | 1.58 | 1.60 | 0.86 | -0.10 | 2.44 | 2.13 | 2.51 |
Levered Free Cash Flow | 702.5 | 60.6 | 151.1 | 119.9 | 140.3 | 33.4 | 146.2 | 59.8 | 26.9 | 86.8 | -28.2 | 35.3 | 41.8 | 26.6 | -2.2 | 116.5 | 144.2 | 119.9 | 98 | 51 |
Unlevered Free Cash Flow | 73.26 | 216.6 | 144.7 | 92.76 | 42.09 | 216 | 154.49 | 125.92 | 55.73 | 176.06 | 80.43 | 27.26 | -46 | 76.37 | 100.45 | 56.05 | -5.99 | 134.55 | 99.53 | 80.98 |