Morningstar, Inc.

Morningstar, Inc. (MORN) reported strong FY 2025 financial performance with revenue of $2.45B, operating income of $526.6M, and consolidated net income of $374.2M. Key drivers included a $22.7M gain on sale of customer assets and $2.2M other operating income, boosting operating income. Total operating expenses reached $1.94B, comprising cost of revenue $952.9M, sales and marketing $467.0M, general and administrative $334.0M, and depreciation $189.9M. Net income per diluted share was $9, supported by 42.2M weighted average shares. Balance sheet shows total assets $3.59B, liabilities $2.37B, and equity $1.22B, with cash at $474.5M and long-term debt $1.07B. Operating cash flow was robust at $589.7M, despite $787.0M in share repurchases and $76.9M dividends. Investing activities used $139.3M net, including $147.1M capex and $39.0M acquisitions, offset by $22.7M proceeds from asset sale. Financing activities consumed $514.7M net, with net debt increase via credit facilities. Cash decreased $28.2M to $376.6M end-period. Strong cash generation supports capital returns amid investments in growth.

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