MARKETS / NASDAQ / MORN

NASDAQ · INVESTMENT ADVICE · LARGE CAP

Morningstar, Inc. MORN

18 fiscal years on record · USD · FY2025 reported · SEC filings only

15 YEARS OF DIVIDEND GROWTH

Revenue

$2.4B

▲ 7.5% YoY

Net income

$374.2M

▲ 1.2% YoY

Free cash flow

$442.6M

▼ 1.4% YoY

In brief

What this company does

Morningstar, Inc. is a global provider of independent investment insights. As of December 31, 2025, it had 10,973 permanent, full-time employees around the world. The company operates its business through five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The Morningstar Direct Platform segment provides investors with comprehensive data, research and insights, and investment analysis. The PitchBook segment delivers data, research and tools primarily through the PitchBook platform, an integrated solution for professionals globally who allocate, deploy, or advise on capital. Within Morningstar Credit, the company rated more than 4,000 issuers and 60,000 securities worldwide as of December 2025, providing independent credit ratings for financial institutions, corporate and sovereign entities, and structured finance products and instruments. Through its Morningstar Wealth and Morningstar Retirement segments, it provides investment management services to individuals and advisors, with approximately $378.0 billion in assets under management and advisement as of December 31, 2025. Morningstar, Inc. was incorporated in Illinois on May 16, 1984.

Written from the business description in Morningstar, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth

USD 2.4B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 2.4 · Net income 0.4

Compound annual growth

Revenue

+9.3%

+12.0%

+10.4%

Net income

+74.4%

+10.8%

EPS, diluted

+75.5%

+11.4%

+11.5%

+11.6%

Dividend / share

+8.6%

+8.9%

+9.0%

+27.3%

Returned to shareholders

+44.3%

+56.1%

+20.8%

+43.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +12.0% a year over five years — but profit grew slower: net income at +10.8%, earnings per share at +11.4%.

The share count fell from 0.04B to 0.04B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 21.5% · Net 15.3%

ROE

FY2018 · ROE 22.7%

Gross margin61.0%

Operating margin21.5%

Net margin15.3%

Return on assets10.5%

EBITDAUSD 716.5M

Cash & shareholders

USD 863.9M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 442.6

Net buybacks $M Dividends $M

FY2025 · Dividends 76.9 · Net buybacks 787.0

Dividends paidUSD 76.9M

Net buybacksUSD 787.0M

Share of profit230.9%

Consecutive raises15 years

USD 76.9M in dividends and USD 787.0M in buybacks — 231% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 3.6B

CashUSD 474.5M

Gross debtUSD 1.1B

Net debtUSD 598.1M

Current ratio0.99×

Not available: we don't have the shareholders' equity figure for this period.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	2.4	2.3	2.0	1.9	1.7	1.4	1.2	1.0	0.9	0.8	0.8	0.8	0.7	0.7	0.6	0.6	0.5	0.5
Operating income $B	0.5	0.5	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.1	0.1
EBITDA $B	0.7	0.7	0.4	0.3	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Income tax $B	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.1
Net income $B	0.4	0.4	0.1	0.1	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Free cash flow $B	0.4	0.4	0.2	0.2	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1	·
EPS, diluted $	8.87	8.58	3.29	1.64	4.45	5.18	3.52	4.25	3.18	3.72	3.00	1.74	2.66	2.20	1.92	1.70	1.65	1.82
Dividend / sh $	1.87	1.67	1.53	1.46	1.31	1.22	1.14	1.03	0.94	0.89	0.79	0.70	0.55	0.42	0.25	0.05	0.00	·
Payout %	21	19	45	87	28	23	31	23	29	24	25	39	14	24	10	0	0	·
ROE %	·	·	·	·	·	·	·	22.7	18.2	24.1	20.5	11.7	17.4	13.7	12.0	12.0	12.4	·
Shares out B	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.05	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityInvestment Advice

Listed onNASDAQ

Incorporated inIllinois

Fiscal year endsDecember 31

Data on record since2008