FY2025 · ended Dec 31, 2025 · Revenue $2.45B, +7.5% YoY · Filed Feb 13, 2026
Morningstar, Inc. (MORN) files with the SEC under industry code 6282, Investment Advice. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $2.4 billion and net income of $374.2 million. Free cash flow was $442.6 million. As of Sep 30, 2026 it held $524.6 million in cash and investments and $1.9 billion in total debt.
Revenue (TTM)
$2.62B
+9.4% vs year-ago TTM
Net income (TTM)
$445.50M
+18.5% vs year-ago TTM
Operating cash flow (TTM)
$641.90M
+19.1% vs year-ago TTM
Free cash flow (TTM)
$492.80M
+25.0% vs year-ago TTM
EPS (TTM)
$11.41
+29.6% vs year-ago TTM
Dividend per share (TTM)
$2.00
+9.9% vs year-ago TTM
Shares outstanding
39.58M
-7.6% vs prior year
Net cash
$-1.35B
as of Sep 30, 2026
Operating margin
24.5%
FY 2026
Company profile
- Industry
- Investment Advice (SIC 6282)
- Listed as
- MORN (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- IL
- Headquarters
- Chicago, IL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1289419
Other Investment Advice companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.0B | $1.9B | $1.7B |
| Operating income | $526.6M | $484.8M | $230.6M | $167.8M | $257.0M |
| Net income | $374.2M | $369.9M | $141.1M | $70.5M | $193.3M |
| Diluted EPS | $8.87 | $8.58 | $3.29 | $1.64 | $4.45 |
| Operating cash flow | $589.7M | $591.6M | $316.4M | $297.8M | $449.9M |
| Free cash flow | $442.6M | $448.9M | $197.3M | $168.3M | $348.1M |
| Total assets | $3.6B | $3.5B | $3.4B | $3.5B | $2.9B |
| Total liabilities | $2.4B | $1.9B | $2.1B | $2.3B | $1.4B |
| Stockholders' equity | $1.2B | $1.6B | $1.3B | $1.2B | $1.4B |
| Cash and investments | $528.7M | $551.0M | $389.0M | $414.6M | $546.1M |
| Total debt | $1.3B | $904.0M | $1.2B | $1.3B | $531.5M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Oct 28, 2026 | Oct 28, 2026 |
| 10-Q | Quarterly report | Oct 28, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Sep 25, 2026 | Sep 25, 2026 |
| 8-K |
Current report
Other events
|
Sep 18, 2026 | Sep 18, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Aug 25, 2026 | Aug 25, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Jul 29, 2026 | Jul 29, 2026 |
All 1001 Morningstar, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.