# Morningstar Inc. (MORN)

**Exchange:** NASDAQ  
**Sector:** Financial Services  
**Market cap:** $7.57B  
**Price:** $179.50 (-3.53%)

> Morningstar, Inc. is a financial services company that provides independent investment research, data, and analysis to advisers, asset managers, institutions, and individual investors. Its core offerings center on investment data and research, covering mutual funds, exchange-traded funds, stocks, closed-end funds, separate accounts, variable annuities, and other investment products. Morningstar also delivers analyst research, market data, portfolio tools, and investment insights that support portfolio construction, fund evaluation, and ongoing investment monitoring. The company serves clients across the global financial market, with its services widely used in wealth management, asset management, retirement planning, and investment operations. Morningstar, Inc. is headquartered in Chicago, Illinois.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.45B | $1.49B | $527M | — | — |
| 2024 | $2.28B | $1.38B | $485M | — | — |
| 2023 | $2.04B | $1.20B | $231M | — | — |
| 2022 | $1.87B | $1.09B | $168M | — | — |
| 2021 | $1.70B | $1.00B | $257M | — | — |
| 2020 | $1.39B | $833M | $215M | — | — |
| 2019 | $1.18B | $696M | $190M | — | — |
| 2018 | $1.02B | $609M | $216M | $183M | — |
| 2017 | $912M | $525M | $170M | $137M | — |
| 2016 | $799M | $454M | $181M | $161M | — |
| 2015 | $789M | $459M | $191M | $133M | — |
| 2014 | $760M | $442M | $106M | $78M | — |
| 2013 | $698M | $427M | $171M | $124M | — |
| 2012 | $658M | $412M | $151M | $108M | — |
| 2011 | $631M | $396M | $138M | $98M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $3.59B | $2.37B | $1.22B | $475M | $1.07B |
| 2024 | $3.55B | $1.93B | $1.62B | $503M | $699M |
| 2023 | $3.40B | $2.08B | $1.33B | $338M | $940M |
| 2022 | $3.47B | $2.27B | $1.21B | $377M | $1.08B |
| 2021 | $2.86B | $1.45B | $1.42B | $484M | $359M |
| 2020 | $2.70B | $1.42B | $1.27B | $423M | $449M |
| 2019 | $2.37B | $1.29B | $1.08B | $334M | $513M |
| 2018 | $1.45B | $519M | $935M | $369M | $70M |
| 2017 | $1.41B | $601M | $805M | $308M | — |
| 2016 | $1.35B | $654M | $697M | $259M | — |
| 2015 | $1.03B | $388M | $640M | $207M | — |
| 2014 | $1.01B | $356M | $654M | $185M | — |
| 2013 | $1.03B | $339M | $690M | $168M | — |
| 2012 | $1.04B | $315M | $726M | $164M | — |
| 2011 | $1.17B | $315M | $855M | $200M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $590M | $147M | $443M |
| 2024 | $592M | $143M | $449M |
| 2023 | $316M | $119M | $197M |
| 2022 | $298M | $130M | $168M |
| 2021 | $450M | $102M | $348M |
| 2020 | $384M | $77M | $308M |
| 2019 | $334M | $80M | $254M |
| 2018 | $315M | $76M | $239M |
| 2017 | $250M | $67M | $184M |
| 2016 | $214M | $63M | $151M |
| 2015 | $242M | $57M | $184M |
| 2014 | $137M | $58M | $78M |
| 2013 | $187M | $34M | $153M |
| 2012 | $146M | $30M | $116M |
| 2011 | $165M | $23M | $142M |

Source: [CompaniesByCap](https://companiesbycap.com/company/MORN)