Saturday 31 October 2026 Export MORN’s income statement to Excel — free account

Morningstar, Inc.

MORN Financial Financial Data & Stock Exchanges

Morningstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 7.49% from fiscal 2024.

Revenue: +9.60%
EPS: +35.1%
Free cash flow: +96.3%
Total debt: +104.3%

Quarter to June 2026, against a year earlier

226.19 3.65 +1.64%

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Market cap: $8.3B
P/E: 21.4×
Fwd P/E: 19.7×
Dividend yield: 0.88%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Segments Filings

	Jun '26	Mar '26	Dec '25	Sep '25	Older periods
Piotroski F-Score Full definition →	6	5	6	8	+8 more TTM periods Free account
ROE Full definition →	31.96%	30.66%	26.35%	24.42%
ROA Full definition →	11.13%	10.64%	10.48%	10.56%
ROIC Full definition →	17.05%	16.15%	18.64%	18.10%
Return on Tangible Assets Full definition →	143.30%	150.64%	172.76%	144.84%
Average Days of Receivables Full definition →	56.26	60.82	60.69	57.42
Free Cash Flow per Share Full definition →	13.16	11.19	10.56	9.36
Free Cash Flow Full definition →	497.50	437.40	442.60	394.10
Capital Expenditures Full definition →	(149.40)	(152.80)	(147.10)	(145.00)
Other line items
Cash ROIC Full definition →	15.26%	13.40%	15.68%	13.70%
Accounts Receivable Turnover Full definition →	6.44	6.52	6.29	6.79
Accounts Payable Turnover Full definition →	10.64	9.74	10.29	10.96
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	34.61	39.75	37.50	35.26
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00
Tax Rate Full definition →	(0.25)	(0.24)	(0.24)	(0.23)
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	32.18%	32.34%	32.75%	33.33%
Share Based Compensation of Revenue Full definition →	2.61%	2.32%	2.31%	2.59%
Interest Coverage Full definition →	12.96	15.40	18.41	19.97
Operating CF/Net income Full definition →	1.53	1.47	1.58	1.43
Depreciation/Fixed assets Full definition →	0.83	0.83	0.82	0.85
Capex/Depreciation Full definition →	(0.75)	(0.79)	(0.77)	(0.76)
Revenue per Share Full definition →	67.90	64.15	58.37	56.90
Operating CF per Share Full definition →	17.11	15.09	14.07	12.81
Capex per Share Full definition →	(3.95)	(3.91)	(3.51)	(3.44)
Capex to Sales Full definition →	0.06	0.06	0.06	0.06

Show all line items

Columns are period end dates

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