Morningstar, Inc.

MORN 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,445.5 2,275.1 +7.5%
Show Product Lines breakouts
Asset-based · Morningstar Retirement Segment [Member] 135.9 125.3 +8.5%
Asset-based · Morningstar Wealth Segment [Member] 142.5 142.3 +0.1%
Asset-based · Operating Segments 278.4 267.6 +4.0%
License-based · Morningstar Credit Segment [Member] 20.7 16.4 +26.2%
License-based · Morningstar Data and Analytics Segment [Member] 829.1 786.7 +5.4%
License-based · Morningstar Retirement Segment [Member] 1.7 1.8 -5.6%
License-based · Morningstar Wealth Segment [Member] 74 80.4 -8.0%
License-based · Operating Segments 1,590 1,496.9 +6.2%
License-based · PitchBook Segment [Member] 664.5 611.6 +8.6%
Morningstar Indexes [Member] 87.7 84.7 +3.5%
Morningstar Sustainalytics [Member] 112 117.3 -4.5%
Transaction-based · Morningstar Credit Segment [Member] 333.7 274.7 +21.5%
Transaction-based · Morningstar Data and Analytics Segment [Member] 1.5 1.4 +7.1%
Transaction-based · Morningstar Wealth Segment [Member] 34.9 25.7 +35.8%
Transaction-based · Operating Segments 377.4 308.6 +22.3%
Transaction-based · PitchBook Segment [Member] 7.3 6.8 +7.4%
Show Business Segments breakouts
Corporate And Other · Operating Segments 199.7 202 -1.1%
Morningstar Credit Segment [Member] 354.4 291.1 +21.7%
Morningstar Data and Analytics Segment [Member] 830.6 788.1 +5.4%
Morningstar Retirement Segment [Member] 137.6 127.1 +8.3%
Morningstar Wealth Segment [Member] 251.4 248.4 +1.2%
PitchBook Segment [Member] 671.8 618.4 +8.6%
Show Geography breakouts
Asia 48 49.6 -3.2%
AU 65.3 62.4 +4.6%
CA 154.9 140.4 +10.3%
Europe excluding the United Kingdom [Member] 219.6 203.8 +7.8%
GB 189.8 167.4 +13.4%
Non United States [Member] 690.6 636.3 +8.5%
Segment, Geographical, Group of Other Countries [Member] 13 12.7 +2.4%
US 1,754.9 1,638.8 +7.1%
Show Consolidation Items breakouts
Operating Segments 2,245.8 2,073.1 +8.3%
Cost of Revenue 952.9 895.7 +6.4%
Sales & Marketing 467 441 +5.9%
General & Administrative 334 327.2 +2.1%
Depreciation & Amortization 189.9 190.4 -0.3%
Total Costs & Expenses 1,943.8 1,854.3 +4.8%
Gain Or Loss On Disposition Of Assets 22.7 64 -64.5%
Other Operating Income Ior Loss Net 2.2 — —
Operating Income 526.6 484.8 +8.6%
Interest Income Expense Nonoperating Net -28.6 -37.7 +24.1%
Other Non-Operating Income (Expense) 1 -1.1 +190.9%
Non-Operating Income (Expense) -27.6 6.5 -524.6%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 499 491.3 +1.6%
Income Loss From Equity Method Investments -3.3 -17.4 +81.0%
Income Tax Expense (Benefit) 121.5 104 +16.8%
Net Income 374.2 369.9 +1.2%
Show Equity Components breakouts
Retained Earnings 374.2 369.9 +1.2%
EPS (Basic) 8.93 8.64 +3.4%
EPS (Diluted) 8.87 8.58 +3.4%
Common Stock Dividends Per Share Declared 1.87 1.67 +12.0%
Common Stock Dividends Per Share Cash Paid 1.82 1.62 +12.3%
Wtd Avg Shares (Basic) 41.9 42.8 -2.1%
Wtd Avg Shares (Diluted) 42.2 43.1 -2.1%
Revenue 2,445.5 2,275.1 +7.5%
Show Product Lines breakouts
Asset-based 343 333.2 +2.9%
License-based 1,719.2 1,625.1 +5.8%
Transaction-based 383.3 316.8 +21.0%
Income Before Taxes 495.7 473.9 +4.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 474.5 502.7 -5.6%
Marketable Securities (Current) 54.2 48.3 +12.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Wealth Advisors 24.6 12.8 +92.2%
Accounts Receivable 390.4 358.1 +9.0%
Income Taxes Receivable 16.2 12.4 +30.6%
Capitalized Contract Cost Net Current 35.4 39.2 -9.7%
Prepaid Expense Current 42.5 42.1 +1.0%
Other Assets Current 24.8 11.3 +119.5%
Total Current Assets 1,038 1,014.1 +2.4%
Non-Current Assets
Goodwill 1,610.8 1,562 +3.1%
Show Business Segments breakouts
Corporate And Other 70.1 69.2 +1.3%
Morningstar Credit Segment [Member] 119.6 105.2 +13.7%
Morningstar Data and Analytics Segment [Member] 608.6 594 +2.5%
Morningstar Retirement Segment [Member] 93.5 93.5 0.0%
Morningstar Wealth Segment [Member] 90.3 92.7 -2.6%
PitchBook Segment [Member] 628.7 607.4 +3.5%
Show Consolidation Items breakouts
Operating Segments 1,540.7 1,492.8 +3.2%
Intangible Assets 379.3 408.8 -7.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 259.8 291.3 -10.8%
Intellectual Property 17 21.1 -19.4%
Technology Based Intangible Assets 102.5 96.4 +6.3%
Property, Plant & Equipment 231.9 218.9 +5.9%
Show Geography breakouts
Asia 22.8 9.6 +137.5%
AU 1.1 1.6 -31.2%
CA 17.9 6.6 +171.2%
Europe excluding the United Kingdom [Member] 6.3 5.3 +18.9%
GB 4.9 6.1 -19.7%
Non United States [Member] 53.3 29.4 +81.3%
Segment, Geographical, Group of Other Countries [Member] 0.3 0.2 +50.0%
US 178.6 189.5 -5.8%
Operating Lease Right-of-Use Assets 159 181.2 -12.3%
Show Geography breakouts
Asia 48.7 44.2 +10.2%
AU 1.5 2.4 -37.5%
CA 7.8 7.7 +1.3%
Europe excluding the United Kingdom [Member] 16.5 19.1 -13.6%
GB 9 14.7 -38.8%
Non United States [Member] 84.1 88.3 -4.8%
Segment, Geographical, Group of Other Countries [Member] 0.6 0.2 +200.0%
US 74.9 92.9 -19.4%
Deferred Tax Assets 78.7 43.2 +82.2%
Capitalized Contract Cost Net Noncurrent 30.1 26.6 +13.2%
Other Non-Current Assets 12.1 8.8 +37.5%
Total Assets 3,590.2 3,548.9 +1.2%
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 50.3 85.3 -41.0%
Current Liabilities
Deferred Revenue 586.1 540.8 +8.4%
Employee Related Liabilities Current 294.2 272.2 +8.1%
Accounts Payable And Accrued Liabilities Excluding Employee Related Liabilities Current 97.9 87.3 +12.1%
Operating Lease Liability Current 41.8 35.1 +19.1%
Taxes Payable Current 24 30.5 -21.3%
Other Liabilities Current 9.3 1.4 +564.3%
Total Current Liabilities 1,053.3 967.3 +8.9%
Non-Current Liabilities
Operating Lease Liabilities 146.7 170.3 -13.9%
Employee Related Liabilities Noncurrent 20.1 21 -4.3%
Deferred Tax Liabilities 27.2 27.6 -1.4%
Contract With Customer Liability Noncurrent 21 22.4 -6.2%
Taxes Payable Current And Noncurrent 13.1 11.7 +12.0%
Other Non-Current Liabilities 14.3 11.4 +25.4%
Total Liabilities 2,368.3 1,930.3 +22.7%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
May 2022 Revolving Credit Facility · Revolving Credit Facility 350 — —
October 2025 Revolving Credit Facility · Revolving Credit Facility 350 — —
October 2025 Term Facility · Long Term Debt 373.5 — —
Private Placement Financing · Notes Payable Other Payables 349.1 348.8 +0.1%
Long-Term Debt 1,072.6 698.6 +53.5%
Other Liabilities
Line Of Credit 1,072.6 698.6 +53.5%
Stockholders' Equity
Treasury Stock Value -1,785.7 -993.9 -79.7%
Additional Paid In Capital Common Stock 869.5 822.7 +5.7%
Retained Earnings 2,206.2 1,909.2 +15.6%
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax -68.1 -119.3 +42.9%
Accumulated Other Comprehensive Income -68.1 -119.4 +43.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 1,221.9 1,618.6 -24.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -68.1 -119.4 +43.0%
Additional Paid In Capital 869.5 822.7 +5.7%
Retained Earnings 2,206.2 1,909.2 +15.6%
Treasury Stock Common -1,785.7 -993.9 -79.7%
Total Liabilities & Equity 3,590.2 3,548.9 +1.2%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Increase Decrease In Deferred Income Taxes -42.2 -34.8 -21.3%
Stock-Based Compensation 56.4 54.7 +3.1%
Provision For Doubtful Accounts 5.1 8.1 -37.0%
Disposal Group Not Discontinued Operation Gain Loss On Disposal -22.7 -64 +64.5%
Other Non-Cash Items 3.2 -2.4 +233.3%
Change in Accounts Receivable -26 -30.3 +14.2%
Increase Decrease In Accounts Payable And Accrued Liabilities Excluding Employee Related Liabilities 1.1 9.6 -88.5%
Increase Decrease In Employee Related Liabilities 37.7 76.9 -51.0%
Increase Decrease In Accrued Income Taxes Payable -8 23.1 -134.6%
Increase Decrease In Deferred Revenue 25.7 30.1 -14.6%
Increase Decrease In Other Operating Capital Net -1.6 -16.6 +90.4%
Net Cash from Operations 589.7 591.6 -0.3%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 36.1 -21.1 +271.1%
Net Change in Cash -28.2 164.8 -117.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 474.5 502.7 -5.6%
Deferred Income Taxes -42.3 -34.6 -22.3%
Investing Activities
Payments To Acquire Marketable Securities -22.2 -16 -38.7%
Proceeds From Sale Maturity And Collections Of Investments 45.5 27.1 +67.9%
Capital Expenditures -147.1 -142.7 -3.1%
Payments To Acquire Businesses Net Of Cash Acquired -39 — —
Proceeds From Sale Of Other Assets Investing Activities 22.7 65 -65.1%
Payments To Acquire Other Investments -4.1 -7.3 +43.8%
Other Investing Activities 4.9 0.2 +2350.0%
Net Cash from Investing -139.3 -21.3 -554.0%
Financing Activities
Share Repurchases -787 -11.6 -6684.5%
Payments Of Dividends -76.9 -69.3 -11.0%
Proceeds From Long Term Lines Of Credit 800 90 +788.9%
Repayments Of Long Term Lines Of Credit -450 -105 -328.6%
Proceeds From Lines Of Credit 375 — —
Repayments Of Other Long Term Debt 350 259.4 +34.9%
Taxes Withheld For Restricted Stock Units -22.8 -29.1 +21.6%
Proceeds From Payments For Other Financing Activities -3 — —
Net Cash from Financing -514.7 -384.4 -33.9%
Supplemental
Income Taxes Paid 171.8 115.6 +48.6%
Interest Paid 37.3 47.4 -21.3%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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