Morningstar, Inc. — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Morningstar, Inc. filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.45B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $2.28B | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $2.04B | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $1.87B | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $1.70B | Feb 29, 2024 |
| FY2020 | Dec 31, 2020 | $380.40M | Feb 26, 2021 |
| FY2020 | Sep 30, 2020 | $357.20M | Feb 26, 2021 |
| FY2020 | Jun 30, 2020 | $327.90M | Feb 26, 2021 |
| FY2020 | Mar 31, 2020 | $324.00M | Feb 26, 2021 |
| FY2020 | Dec 31, 2019 | $332.40M | Feb 26, 2021 |
Revenue
Revenue recognized from contracts with customers under ASC 606, excluding taxes collected on behalf of government authorities. This is the primary revenue concept for many companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.45B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $2.28B | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $2.04B | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $1.87B | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $1.70B | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | $1.39B | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | $1.18B | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | $1.02B | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | $911.70M | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | $798.60M | Mar 1, 2019 |
Revenue (Net Sales)
Net sales revenue — gross revenue less returns, allowances, and discounts. Used by many manufacturers and retailers as the primary top-line figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2017 | Dec 31, 2017 | $243.10M | Mar 1, 2018 |
| FY2017 | Sep 30, 2017 | $229.90M | Mar 1, 2018 |
| FY2017 | Jun 30, 2017 | $229.20M | Mar 1, 2018 |
| FY2017 | Mar 31, 2017 | $209.50M | Mar 1, 2018 |
| FY2017 | Dec 31, 2016 | $212.20M | Mar 1, 2018 |
| FY2017 | Sep 30, 2016 | $196.10M | Mar 1, 2018 |
| FY2017 | Jun 30, 2016 | $198.20M | Mar 1, 2018 |
| FY2017 | Mar 31, 2016 | $192.10M | Mar 1, 2018 |
| FY2016 | Dec 31, 2015 | $201.60M | Mar 1, 2017 |
| FY2016 | Sep 30, 2015 | $195.30M | Mar 1, 2017 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2018 | Dec 31, 2018 | $183.00M | Mar 1, 2019 |
| FY2018 | Dec 31, 2017 | $136.90M | Mar 1, 2019 |
| FY2016 | Dec 31, 2016 | $70.30M | Mar 1, 2017 |
| FY2016 | Sep 30, 2016 | $30.20M | Mar 1, 2017 |
| FY2016 | Jun 30, 2016 | $31.80M | Mar 1, 2017 |
| FY2016 | Mar 31, 2016 | $28.70M | Mar 1, 2017 |
| FY2016 | Dec 31, 2015 | $37.30M | Mar 1, 2017 |
| FY2016 | Sep 30, 2015 | $33.50M | Mar 1, 2017 |
| FY2016 | Jun 30, 2015 | $32.20M | Mar 1, 2017 |
| FY2016 | Mar 31, 2015 | $29.70M | Mar 1, 2017 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $526.60M | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $484.80M | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $230.60M | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $167.80M | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $257.00M | Feb 29, 2024 |
| FY2020 | Dec 31, 2020 | $65.10M | Feb 26, 2021 |
| FY2020 | Sep 30, 2020 | $44.30M | Feb 26, 2021 |
| FY2020 | Jun 30, 2020 | $61.30M | Feb 26, 2021 |
| FY2020 | Mar 31, 2020 | $44.50M | Feb 26, 2021 |
| FY2020 | Dec 31, 2019 | $39.70M | Feb 26, 2021 |
R&D Expense
Spending on research and development activities — developing new products, improving existing ones, or conducting basic research. High R&D relative to revenue is common in technology and pharmaceutical companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2012 | Dec 31, 2012 | $51.44M | Feb 28, 2013 |
| FY2011 | Dec 31, 2011 | $53.16M | Feb 24, 2012 |
| FY2010 | Dec 31, 2010 | $49.24M | Feb 28, 2011 |
| FY2010 | Dec 31, 2009 | $38.38M | Feb 28, 2011 |
| FY2010 | Dec 31, 2008 | $40.34M | Feb 28, 2011 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $589.70M | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $591.60M | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $316.40M | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $297.80M | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $449.90M | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | $384.30M | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | $334.40M | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | $314.80M | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | $250.10M | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | $213.70M | Mar 1, 2019 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $147.10M | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $142.70M | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $119.10M | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $129.50M | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $101.80M | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | $76.70M | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | $80.00M | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | $76.10M | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | $66.60M | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | $62.80M | Mar 1, 2019 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $3.59B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $3.55B | Feb 13, 2026 |
| FY2024 | Dec 31, 2023 | $3.40B | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $3.47B | Feb 29, 2024 |
| FY2022 | Dec 31, 2021 | $2.86B | Feb 24, 2023 |
| FY2021 | Dec 31, 2020 | $2.70B | Feb 25, 2022 |
| FY2020 | Dec 31, 2019 | $2.37B | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | $1.45B | Mar 2, 2020 |
| FY2018 | Dec 31, 2017 | $1.41B | Mar 1, 2019 |
| FY2017 | Dec 31, 2016 | $1.35B | Mar 1, 2018 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.37B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $1.93B | Feb 13, 2026 |
| FY2024 | Dec 31, 2023 | $2.08B | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $2.27B | Feb 29, 2024 |
| FY2022 | Dec 31, 2021 | $1.45B | Feb 24, 2023 |
| FY2021 | Dec 31, 2020 | $1.42B | Feb 25, 2022 |
| FY2020 | Dec 31, 2019 | $1.29B | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | $519.10M | Mar 2, 2020 |
| FY2018 | Dec 31, 2017 | $600.80M | Mar 1, 2019 |
| FY2017 | Dec 31, 2016 | $654.10M | Mar 1, 2018 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2017 | Dec 31, 2017 | $804.90M | Mar 1, 2018 |
| FY2017 | Dec 31, 2016 | $696.50M | Mar 1, 2018 |
| FY2016 | Dec 31, 2015 | $640.30M | Mar 1, 2017 |
| FY2015 | Dec 31, 2014 | $653.50M | Mar 1, 2016 |
| FY2014 | Dec 31, 2013 | $690.26M | Feb 27, 2015 |
| FY2013 | Dec 31, 2012 | $725.52M | Feb 28, 2014 |
| FY2012 | Dec 31, 2011 | $855.37M | Feb 28, 2013 |
| FY2011 | Dec 31, 2010 | $780.32M | Feb 24, 2012 |
| FY2010 | Dec 31, 2009 | $664.62M | Feb 28, 2011 |
Goodwill
An intangible asset representing the premium paid above fair value when acquiring another company. A large goodwill balance signals a history of acquisitions at premium prices.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $1.61B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $1.56B | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | $1.58B | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | $1.57B | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | $1.21B | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | $1.21B | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | $1.04B | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | $556.70M | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | $564.90M | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | $556.80M | Mar 1, 2019 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.21B | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $1.91B | Feb 13, 2026 |
| FY2024 | Dec 31, 2023 | $1.61B | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $1.54B | Feb 29, 2024 |
| FY2022 | Dec 31, 2021 | $1.53B | Feb 24, 2023 |
| FY2021 | Dec 31, 2020 | $1.39B | Feb 25, 2022 |
| FY2020 | Dec 31, 2019 | $1.22B | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | $1.11B | Mar 2, 2020 |
| FY2018 | Jan 1, 2018 | $17.00M | Mar 1, 2019 |
| FY2018 | Dec 31, 2017 | $958.70M | Mar 1, 2019 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $474.50M | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | $502.70M | Feb 13, 2026 |
| FY2024 | Dec 31, 2023 | $337.90M | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | $376.60M | Feb 29, 2024 |
| FY2022 | Dec 31, 2021 | $483.80M | Feb 24, 2023 |
| FY2021 | Dec 31, 2020 | $422.50M | Feb 25, 2022 |
| FY2020 | Dec 31, 2019 | $334.10M | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | $369.30M | Mar 2, 2020 |
| FY2019 | Dec 31, 2017 | $308.20M | Mar 2, 2020 |
| FY2019 | Dec 31, 2016 | $259.10M | Mar 2, 2020 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2020 | Dec 31, 2020 | $449.10M | Feb 26, 2021 |
| FY2020 | Dec 31, 2019 | $513.10M | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | $70.00M | Mar 2, 2020 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 8 | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | 8 | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | 3 | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | 1 | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | 4 | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | 5 | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | 3 | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | 4 | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | 3 | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | 3 | Mar 1, 2019 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 8 | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | 8 | Feb 13, 2026 |
| FY2025 | Dec 31, 2023 | 3 | Feb 13, 2026 |
| FY2024 | Dec 31, 2022 | 1 | Feb 28, 2025 |
| FY2023 | Dec 31, 2021 | 4 | Feb 29, 2024 |
| FY2022 | Dec 31, 2020 | 5 | Feb 24, 2023 |
| FY2021 | Dec 31, 2019 | 3 | Feb 25, 2022 |
| FY2020 | Dec 31, 2018 | 4 | Feb 26, 2021 |
| FY2019 | Dec 31, 2017 | 3 | Mar 2, 2020 |
| FY2018 | Dec 31, 2016 | 3 | Mar 1, 2019 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 39.74M | Feb 13, 2026 |
| FY2025 | Dec 31, 2024 | 42.87M | Feb 13, 2026 |
| FY2024 | Dec 31, 2023 | 42.73M | Feb 28, 2025 |
| FY2023 | Dec 31, 2022 | 42.48M | Feb 29, 2024 |
| FY2022 | Dec 31, 2021 | 43.14M | Feb 24, 2023 |
| FY2021 | Dec 31, 2020 | 42.90M | Feb 25, 2022 |
| FY2020 | Dec 31, 2019 | 42.85M | Feb 26, 2021 |
| FY2019 | Dec 31, 2018 | 46.62M | Mar 2, 2020 |
| FY2018 | Dec 31, 2017 | 42.55M | Mar 1, 2019 |
| FY2017 | Dec 31, 2016 | 42.93M | Mar 1, 2018 |