Morningstar, Inc. most recently reported annual revenue of $2.4B, net profit of $374.0M. Revenue grew at an average annual rate of 12.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Morningstar, Inc.: Revenue rose from $799.0M in 2016 to $2.4B in 2025, a change of +206.1% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 22.6% to 21.5%, a shift of -1.1 percentage points; the most recent year shows net profit of $374.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$799.0M
$912.0M
$1.0B
$1.2B
$1.4B
$1.7B
$1.9B
$2.0B
$2.3B
$2.4B
Operating Expenses
$618.0M
$742.0M
$804.0M
$989.0M
$1.2B
$1.4B
$1.7B
$1.8B
$1.8B
$1.9B
Operating Profit
$181.0M
$170.0M
$216.0M
$190.0M
$215.0M
$257.0M
$168.0M
$231.0M
$485.0M
$527.0M
Operating Margin
22.6%
18.6%
21.2%
16.1%
15.5%
15.1%
9.0%
11.3%
21.3%
21.5%
Other Income
$44.0M
$10.0M
$15.0M
$8.0M
$68.0M
$-1.0M
$-41.0M
$-56.0M
$-11.0M
$-31.0M
Interest
$2.0M
$6.0M
$2.0M
$9.0M
$11.0M
$9.0M
$28.0M
$52.0M
$50.0M
$40.0M
Depreciation
$71.0M
$91.0M
$97.0M
$118.0M
$140.0M
$151.0M
$167.0M
$185.0M
$190.0M
$190.0M
Profit Before Tax
$225.0M
$180.0M
$231.0M
$198.0M
$283.0M
$256.0M
$127.0M
$174.0M
$474.0M
$496.0M
Tax
$28.4M
$23.9M
$20.7M
$23.1M
$21.1M
$24.5M
$44.5M
$18.9M
$21.9M
$24.5M
Net Profit
$161.0M
$137.0M
$183.0M
$152.0M
$224.0M
$193.0M
$71.0M
$141.0M
$370.0M
$374.0M
EPS
$3.72
$3.18
$4.26
$3.52
$5.18
$4.45
$1.64
$3.29
$8.58
$8.87
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$516.0M
$539.0M
$543.0M
$572.0M
$569.0M
$591.0M
$582.0M
$605.0M
$617.0M
$641.0M
$645.0M
$663.0M
Operating Expenses
$446.0M
$444.0M
$450.0M
$463.0M
$454.0M
$423.0M
$468.0M
$480.0M
$490.0M
$482.0M
$489.0M
$503.0M
Operating Profit
$70.0M
$94.0M
$93.0M
$109.0M
$116.0M
$168.0M
$114.0M
$125.0M
$128.0M
$160.0M
$156.0M
$161.0M
Operating Margin
13.6%
17.5%
17.1%
19.0%
20.3%
28.5%
19.6%
20.7%
20.7%
24.9%
24.2%
24.2%
Interest
$16.0M
$15.0M
$14.0M
$13.0M
$12.0M
$11.0M
$9.0M
$10.0M
$9.0M
$11.0M
$16.0M
$17.0M
Profit Before Tax
$56.0M
$88.0M
$86.0M
$88.0M
$149.0M
$151.0M
$106.0M
$115.0M
$123.0M
$152.0M
$142.0M
$147.0M
Tax
$29.9M
$16.1M
$24.9M
$21.7M
$19.8M
$22.5M
$25.9M
$22.8M
$25.5M
$24.0M
$24.4M
$26.1M
Net Profit
$39.0M
$74.0M
$64.0M
$69.0M
$120.0M
$117.0M
$79.0M
$89.0M
$92.0M
$115.0M
$107.0M
$108.0M
EPS
$0.91
$1.71
$1.49
$1.60
$2.77
$2.71
$1.82
$2.09
$2.17
$2.83
$2.73
$2.83
Over the 10 years reported for Morningstar, Inc., borrowings increased from $250.0M in 2016 to $1.4B in 2025, cash stood at $475.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.99 times.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$1.4B
$1.4B
$1.5B
$2.4B
$2.7B
$2.9B
$3.5B
$3.4B
$3.5B
$3.6B
Current Assets
$472.0M
$530.0M
$602.0M
$603.0M
$730.0M
$888.0M
$811.0M
$816.0M
$1.0B
$1.0B
Cash
$259.0M
$308.0M
$369.0M
$334.0M
$423.0M
$484.0M
$377.0M
$338.0M
$503.0M
$475.0M
Inventory
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Receivables
$146.0M
$148.0M
$174.0M
$195.0M
$207.0M
$278.0M
$308.0M
$345.0M
$371.0M
$407.0M
Fixed Assets
$152.0M
$147.0M
$144.0M
$300.0M
$303.0M
$321.0M
$391.0M
$372.0M
$400.0M
$391.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$85.0M
$107.0M
$90.0M
$93.0M
$74.0M
$126.0M
$134.0M
$151.0M
$134.0M
$105.0M
Other Assets
$557.0M
$565.0M
$557.0M
$1.0B
$1.2B
$1.2B
$1.6B
$1.6B
$1.6B
$1.6B
Total Liabilities
$654.0M
$601.0M
$519.0M
$1.3B
$1.4B
$1.4B
$2.3B
$2.1B
$1.9B
$2.4B
Current Liabilities
$295.0M
$323.0M
$363.0M
$496.0M
$627.0M
$784.0M
$883.0M
$881.0M
$967.0M
$1.1B
Borrowings
$250.0M
$180.0M
$70.0M
$688.0M
$627.0M
$532.0M
$1.3B
$1.2B
$904.0M
$1.4B
Other Liabilities
$404.0M
$421.0M
$449.0M
$600.0M
$798.0M
$915.0M
$944.0M
$915.0M
$1.0B
$961.0M
Equity
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Reserves
$697.0M
$805.0M
$935.0M
$1.1B
$1.3B
$1.4B
$1.2B
$1.3B
$1.6B
$1.2B
For Morningstar, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $443.0M; free cash flow was positive in 10 of 10 years; financing activities used $813.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$214.0M
$250.0M
$315.0M
$334.0M
$384.0M
$450.0M
$298.0M
$316.0M
$592.0M
$590.0M
Investing Cash Flow
$-337.0M
$-127.0M
$-126.0M
$-826.0M
$-200.0M
$-269.0M
$-929.0M
$-201.0M
$-164.0M
$-286.0M
Financing Cash Flow
$-53.0M
$-48.0M
$-36.0M
$-23.0M
$-67.0M
$-68.0M
$-274.0M
$-77.0M
$-41.0M
$-813.0M
Net Cash Flow
$52.0M
$49.0M
$61.0M
$-35.0M
$88.0M
$61.0M
$-107.0M
$-39.0M
$165.0M
$-28.0M
Free Cash Flow
$151.0M
$184.0M
$239.0M
$254.0M
$308.0M
$348.0M
$168.0M
$197.0M
$449.0M
$443.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
1.46
EV / EBITDA
10.52
FCF Yield
6.98%
Quick Ratio
1.06
Interest Coverage
11.29
Return 1Y
-17.24%
Return 3Y
-17.08%
Return 5Y
-24.78%
Morningstar, Inc. (MORN) financials — frequently asked questions
What is Morningstar, Inc.'s annual revenue?
Morningstar, Inc. (MORN) reported annual revenue of $2.4B in its most recent fiscal year.
What is Morningstar, Inc.'s net profit?
Morningstar, Inc. (MORN) reported net profit of $374.0M in its most recent fiscal year.
What is MORN EV/EBITDA?
Morningstar, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 10.52.