Morningstar, Inc.

MORN 10-Q · Q1 2026
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MORN Q1 2026 request

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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 644.8 581.9 +10.8%
Show Product Lines breakouts
Morningstar Indexes [Member] 32.8 23 +42.6%
Sustainalytics 26.6 28.8 -7.6%
Show Business Segments breakouts
Corporate And Other · Operating Segments 59.4 51.8 +14.7%
Show Geography breakouts
Asia 11.8 11.9 -0.8%
AU 18.1 15.1 +19.9%
CA 42.7 33.1 +29.0%
Continental Europe 57 50.6 +12.6%
GB 49.2 43.7 +12.6%
Non United States [Member] 182.8 157.4 +16.1%
Other 4 3 +33.3%
US 462 424.5 +8.8%
Show Consolidation Items breakouts
Operating Segments 585.4 530.1 +10.4%
Cost of Revenue 238.9 231.4 +3.2%
Sales & Marketing 115.2 112.6 +2.3%
General & Administrative 84 76.5 +9.8%
Depreciation & Amortization 51.7 47.3 +9.3%
Total Costs & Expenses 489.8 467.8 +4.7%
Other Operating Income Expense Net 0.9 — —
Operating Income 155.9 114.1 +36.6%
Interest Income Expense Nonoperating Net -13.7 -5.4 -153.7%
Other Non-Operating Income (Expense) -0.4 -0.2 -100.0%
Non-Operating Income (Expense) -14.1 -5.6 -151.8%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 141.8 108.5 +30.7%
Income Loss From Equity Method Investments -0.1 -2.6 +96.2%
Income Tax Expense (Benefit) 34.6 27.4 +26.3%
Net Income 107.1 78.5 +36.4%
Show Equity Components breakouts
Retained Earnings 107.1 78.5 +36.4%
EPS (Basic) 2.74 1.83 +49.7%
EPS (Diluted) 2.73 1.82 +50.0%
Common Stock Dividends Per Share Declared 0.5 0.46 +8.7%
Common Stock Dividends Per Share Cash Paid 0.5 0.46 +8.7%
Wtd Avg Shares (Basic) 39.1 42.8 -8.6%
Wtd Avg Shares (Diluted) 39.3 43.1 -8.8%
Revenue 644.8 581.9 +10.8%
Show Product Lines breakouts
Asset-based 95.1 85.7 +11.0%
Asset-based · Morningstar Credit Segment 36.5 36.1 +1.1%
Asset-based · Morningstar Retirement Segment 38.4 32.4 +18.5%
Asset-based · Operating Segments 74.9 68.5 +9.3%
License-based 444.9 418 +6.4%
License-based · Morningstar Credit Segment 14.2 19.1 -25.7%
License-based · Morningstar Data and Analytics Segment 215.2 199.2 +8.0%
License-based · Morningstar Retirement Segment 0.4 0.5 -20.0%
License-based · Morningstar Wealth Segment 5.8 4.6 +26.1%
License-based · Operating Segments 406.1 385.2 +5.4%
License-based · PitchBook Segment 170.5 161.8 +5.4%
Transaction-based 104.8 78.2 +34.0%
Transaction-based · Morningstar Credit Segment 7.3 6.1 +19.7%
Transaction-based · Morningstar Wealth Segment 95.2 68.4 +39.2%
Transaction-based · Operating Segments 104.4 76.4 +36.6%
Transaction-based · PitchBook Segment 1.9 1.9 0.0%
Show Business Segments breakouts
Morningstar Credit Segment 58 61.3 -5.4%
Morningstar Data and Analytics Segment 215.2 199.2 +8.0%
Morningstar Retirement Segment 38.8 32.9 +17.9%
Morningstar Wealth Segment 101 73 +38.4%
PitchBook Segment 172.4 163.7 +5.3%
Show Consolidation Items breakouts
Operating Segments 585.4 530.1 +10.4%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 492.8 511.5 -3.7%
Marketable Securities (Current) 39.4 47.7 -17.4%
Accounts Receivable 402.6 342.1 +17.7%
Income Taxes Receivable 15.4 9.4 +63.8%
Capitalized Contract Cost Net Current 36.5 37.2 -1.9%
Prepaid Expense Current 57.1 53.5 +6.7%
Other Assets Current 19.5 10.9 +78.9%
Total Current Assets 1,063.3 1,012.3 +5.0%
Non-Current Assets
Goodwill 1,747.2 1,601.1 +9.1%
Show Business Segments breakouts
Corporate And Other · Operating Segments 209.6 69.5 +201.6%
Morningstar Credit Segment · Operating Segments 118.7 116.3 +2.1%
Morningstar Data and Analytics Segment · Operating Segments 605.3 598.9 +1.1%
Morningstar Retirement Segment · Operating Segments 93.5 93.5 0.0%
Morningstar Wealth Segment · Operating Segments 91.4 93.1 -1.8%
PitchBook Segment · Operating Segments 628.7 629.8 -0.2%
Show Consolidation Items breakouts
Operating Segments 1,537.6 1,531.6 +0.4%
Intangible Assets 591.4 420.4 +40.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 361.1 285.2 +26.6%
Intellectual Property 20.6 20.1 +2.5%
Technology Based Intangible Assets 209.7 115.1 +82.2%
Property, Plant & Equipment 234.8 221.6 +6.0%
Show Geography breakouts
Asia 27.7 9 +207.8%
AU 1 1.5 -33.3%
CA 17.6 12.2 +44.3%
Continental Europe 5.8 5.7 +1.8%
GB 4.7 5.7 -17.5%
Non United States [Member] 57 34.4 +65.7%
Other 0.2 0.3 -33.3%
US 177.8 187.2 -5.0%
Operating Lease Right-of-Use Assets 166 172.1 -3.5%
Show Geography breakouts
Asia 57.5 42.6 +35.0%
AU 1.3 2.2 -40.9%
CA 8.3 7 +18.6%
Continental Europe 15.4 18.1 -14.9%
GB 7.5 13.3 -43.6%
Non United States [Member] 90.6 83.3 +8.8%
Other 0.6 0.1 +500.0%
US 75.4 88.8 -15.1%
Deferred Tax Assets 86 45.9 +87.4%
Capitalized Contract Cost Net Noncurrent 29.8 27.6 +8.0%
Other Non-Current Assets 17.5 9.1 +92.3%
Total Assets 3,986.3 3,586.3 +11.2%
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 50.3 76.2 -34.0%
Current Liabilities
Deferred Revenue 669.3 595.3 +12.4%
Employee Related Liabilities Current 144.9 132.6 +9.3%
Accounts Payable And Accrued Liabilities Excluding Employee Related Liabilities Current 104.6 92.6 +13.0%
Short Term Borrowings 18.2 — —
Operating Lease Liability Current 42.7 37.7 +13.3%
Taxes Payable Current 43.1 46.7 -7.7%
Other Liabilities Current 7.9 7.4 +6.8%
Total Current Liabilities 1,030.7 912.3 +13.0%
Non-Current Liabilities
Operating Lease Liabilities 151 161.7 -6.6%
Employee Related Liabilities Noncurrent 20.3 22.6 -10.2%
Deferred Tax Liabilities 21.5 29.8 -27.9%
Long-Term Debt 1,694.6 803.7 +110.8%
Show Debt Instrument breakouts
October 2025 Revolving Credit Facility · Revolving Credit Facility 615 — —
October 2025 Term Facility -A1 [Member] · Long Term Debt 375 — —
Private Placement · Notes Payable Other Payables 349.1 348.9 +0.1%
Term Loan Facility [Member] · Long Term Debt 375 — —
Show Credit Facility breakouts
Term Loan Facility [Member] 748.7 — —
Deferred Revenue Noncurrent 21.3 21.7 -1.8%
Taxes Payable Current And Noncurrent 13.8 12.5 +10.4%
Other Non-Current Liabilities 14.4 12.8 +12.5%
Total Liabilities 2,967.6 1,977.1 +50.1%
Long-Term Debt 1,712.8 803.7 +113.1%
Stockholders' Equity
Treasury Stock Value -2,088.7 -1,104.6 -89.1%
Additional Paid In Capital Common Stock 892.5 847.8 +5.3%
Retained Earnings 2,294.3 1,968.4 +16.6%
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax -79.4 -102.3 +22.4%
Accumulated Other Comprehensive Income -79.4 -102.4 +22.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 1,018.7 1,609.2 -36.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -79.4 -102.4 +22.5%
Additional Paid In Capital 892.5 847.8 +5.3%
Retained Earnings 2,294.3 1,968.4 +16.6%
Treasury Stock Common -2,088.7 -1,104.6 -89.1%
Total Liabilities & Equity 3,986.3 3,586.3 +11.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Increase Decrease In Deferred Income Taxes -12.7 -6.9 -84.1%
Stock-Based Compensation 10.8 9.1 +18.7%
Provision For Doubtful Accounts 1.8 2.5 -28.0%
Other Non-Cash Items 0.1 -1.1 +109.1%
Change in Accounts Receivable -9 17.3 -152.0%
Increase Decrease In Accounts Payable And Accrued Liabilities Excluding Employee Related Liabilities 6.7 0.2 +3250.0%
Increase Decrease In Employee Related Liabilities -138.7 -120.5 -15.1%
Increase Decrease In Accrued Income Taxes Payable 20.3 20.1 +1.0%
Increase Decrease In Deferred Revenue 63.7 47.9 +33.0%
Increase Decrease In Other Operating Capital Net -10.4 -6 -73.3%
Net Cash from Operations 91.5 91 +0.5%
Net Cash from Investing -384.4 -70.7 -443.7%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -5.7 12.6 -145.2%
Net Change in Cash 18.3 8.8 +108.0%
Investing Activities
Payments To Acquire Marketable Securities -10.7 -3.3 -224.2%
Proceeds From Sale Maturity And Collections Of Investments 23.9 4.5 +431.1%
Capital Expenditures -37.9 -32.2 -17.7%
Payments To Acquire Businesses Net Of Cash Acquired -359.6 -38.5 -834.0%
Payments To Acquire Other Investments -0.1 -1.2 +91.7%
Financing Activities
Share Repurchases -300 -109.6 -173.7%
Payments Of Dividends -19.9 -19.5 -2.1%
Proceeds From Long Term Lines Of Credit 295 145 +103.4%
Repayments Of Long Term Lines Of Credit -30 -40 +25.0%
Proceeds From Lines Of Credit 375 — —
Taxes Withheld For Restricted Stock Units -0.8 — —
Proceeds From Payments For Other Financing Activities -2.4 — —
Net Cash from Financing 316.9 -24.1 +1414.9%
Supplemental
Income Taxes Paid 26.8 14.2 +88.7%
Interest Paid 12.3 6.4 +92.2%

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

This table is rendered from the same JSON returned by /api/financials.

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