Morningstar, Inc. (MORN) Financial Statements
Industry: Investment Advice
In fiscal 2025, Morningstar reported revenue of $2.45B, up 7.5% from $2.28B the year before. Net income was $374.2M (a 15.3% net margin), or $8.87 per diluted share. Gross margin was 61.0% and operating margin was 21.5%. Operating activities generated $589.7M of cash, leaving $442.6M of free cash flow. At fiscal year end, Morningstar held $3.59B in total assets against $2.37B in total liabilities, including $474.5M of cash and equivalents.
Open the full interactive Morningstar financials → Quarterly statements, key ratios, valuation history and price charts.
Morningstar Key Stats
| Share Price | $204.37 |
|---|---|
| Market Cap | $7.79B |
| P/E Ratio | 23.0 |
| Dividend Yield | 0.99% |
| Revenue YoY Growth | +7.5% |
| 52-Week Range | $141.04 – $223.52 |
| Shares Outstanding | 37.8 million (basic, 2026 Q2) |
Morningstar Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.70B | $1.87B | $2.04B | $2.28B | $2.45B |
| Cost of Goods Sold | $556.4M | $698.4M | $779.3M | $843.5M | $895.7M | $952.9M |
| Gross Profit | $833.1M | $1.00B | $1.09B | $1.20B | $1.38B | $1.49B |
| Operating Income | $215.2M | $257.0M | $167.8M | $230.6M | $484.8M | $526.6M |
| Pre-Tax Income | $283.0M | $250.5M | $130.6M | $181.5M | $491.3M | $499.0M |
| Income Tax | $59.7M | $62.6M | $56.5M | $33.0M | $104.0M | $121.5M |
| Net Income | $223.6M | $193.3M | $70.5M | $141.1M | $369.9M | $374.2M |
| Diluted EPS | $5.18 | $4.45 | $1.64 | $3.29 | $8.58 | $8.87 |
Morningstar Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $617.4M | $641.1M | $644.8M | $663.2M |
| Net Income | $91.6M | $115.1M | $107.1M | $107.8M |
| Diluted EPS | $2.17 | $2.73 | $2.73 | $2.83 |
Morningstar Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $422.5M | $483.8M | $376.6M | $337.9M | $502.7M | $474.5M |
| Current Assets | $730.0M | $887.6M | $810.8M | $815.7M | $1.01B | $1.04B |
| Total Assets | $2.70B | $2.86B | $3.47B | $3.40B | $3.55B | $3.59B |
| Current Liabilities | $626.5M | $783.5M | $882.5M | $880.8M | $967.3M | $1.05B |
| Total Long-Term Debt | $449.1M | $359.4M | $1.11B | $972.4M | $698.6M | $1.07B |
| Total Liabilities | $1.42B | $1.45B | $2.27B | $2.08B | $1.93B | $2.37B |
| Shareholders' Equity | $1.27B | $1.42B | $1.21B | $1.33B | $1.62B | $1.22B |
Morningstar Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $384.3M | $449.9M | $297.8M | $316.4M | $591.6M | $589.7M |
| Cash From Investing | -$123.8M | -$167.7M | -$799.3M | -$81.9M | -$21.3M | -$139.3M |
| Cash From Financing | $182.2M | $211.8M | $415.1M | -$278.4M | -$384.4M | -$514.7M |
| Free Cash Flow | $307.6M | $348.1M | $168.3M | $197.3M | $448.9M | $442.6M |
| Dividends Paid | $51.4M | $54.2M | $61.5M | $63.9M | $69.3M | $76.9M |
Figures from Morningstar's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Morningstar financials page for every line item.
Morningstar Company Profile
| Ticker | MORN |
|---|---|
| Exchange | Nasdaq |
| Industry | Investment Advice |
| Headquarters | Chicago, Illinois |
| Incorporated in | Illinois |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001289419 |
Frequently Asked Questions
What was Morningstar's revenue in fiscal 2025?
Morningstar (MORN) reported revenue of $2.45B for fiscal 2025.
What is Morningstar's annual revenue history?
Morningstar's annual revenue by fiscal year: 2020: $1.39B; 2021: $1.70B; 2022: $1.87B; 2023: $2.04B; 2024: $2.28B; 2025: $2.45B.
What was Morningstar's net income in fiscal 2025?
Morningstar reported net income of $374.2M for fiscal 2025.
What was Morningstar's earnings per share (EPS) in fiscal 2025?
Morningstar's diluted EPS was $8.87 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Morningstar generate in fiscal 2025?
Morningstar generated $442.6M of free cash flow in fiscal 2025.
What was Morningstar's revenue last quarter?
In its most recent reported quarter (2026 Q2), Morningstar reported revenue of $663.2M.
How much debt does Morningstar have?
Morningstar reported $1.07B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Morningstar are outstanding?
Morningstar reported a weighted average of 37.8 million basic shares outstanding in 2026 Q2.
What is Morningstar's market cap?
Based on its latest closing price, Morningstar (MORN) has a market capitalization of about $7.79B.
When does Morningstar's fiscal year end?
Morningstar's fiscal year end, as registered with the SEC, is December 31.
Where is Morningstar headquartered?
Morningstar lists its business address in Chicago, Illinois in its SEC filings.