Morningstar, Inc. (MORN) Financial Statements (2025 and earlier)

Company Profile

Business Address 22 WEST WASHINGTON STREET
CHICAGO, IL 60602
State of Incorp. IL
Fiscal Year End December 31
Industry (SIC) 6282 - Investment Advice (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments389415546464368396
Cash and cash equivalent338377484423334369
Short-term investments513862423327
Receivables345308278207195174
Prepaid expense353731   
Capitalized contract cost424131211715
Other current assets5112372417
Total current assets:816811888730603602
Noncurrent Assets
Operating lease, right-of-use asset164192149148145
Property, plant and equipment208199172155155144
Long-term investments and receivables1009663336063
Long-term investments1009663336063
Intangible assets, net (including goodwill)2,0632,1201,5351,5851,373631
Goodwill1,5791,5721,2071,2051,039557
Intangible assets, net (excluding goodwill)48454932838033374
Capitalized contract cost, net293531191410
Deferred income tax assets15111313 
Other noncurrent assets9111214125
Other undisclosed noncurrent assets     11 
Total noncurrent assets:2,5882,6641,9751,9661,768852
TOTAL ASSETS:3,4033,4752,8632,6962,3711,454
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities214220274169138110
Employee-related liabilities274169138110
Accrued liabilities214220    
Deferred revenue518456377307250
Debt 3232  11 
Other liabilities21121133
Other undisclosed current liabilities11516413013995250
Total current liabilities:881883784627496363
Noncurrent Liabilities
Long-term debt and lease obligation  495587641 
Long-term debt, excluding current maturities  359449502 
Liabilities, other than long-term debt2312871521764475
Deferred revenue2634363432
Contract with customer, liability14
Deferred rent credit      25
Deferred tax liabilities, net22
Deferred income tax liabilities3663102109 
Other liabilities181414341114
Operating lease, liability151177136138139
Other undisclosed noncurrent liabilities9641,098163510782
Total noncurrent liabilities:1,1951,385663798792156
Total liabilities:2,0762,2681,4471,4251,287519
Equity
Equity, attributable to parent1,3281,2071,4161,2711,084935
Treasury stock, value(986)(987)(764)(767)(729)(727)
Additional paid in capital789758689671655622
Accumulated other comprehensive loss(87)(99)(35)(22)(61)(75)
Retained earnings1,6111,5351,5271,3891,2181,115
Total equity:1,3281,2071,4161,2711,084935
TOTAL LIABILITIES AND EQUITY:3,4033,4752,8632,6962,3711,454

Income Statement (P&L) ($ in millions)

12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues2,0391,8711,6991,3901,1791,020
Cost of revenue(926)(850)(785)(634)(562)(485)
Cost of product and service sold(844)(779)(698)(556)(483)(411)
Gross profit:1,1131,021914755617535
Operating expenses(882)(853)(657)(540)(427)(320)
Other undisclosed operating income      
Operating income:231168257215190216
Nonoperating income (expense)(49)(37)(7)68917
Investment income, nonoperating   1302016
Other nonoperating income (expense)12(7)(4)(6)(3)2
Income from continuing operations before equity method investments, income taxes:182131251283199233
Income (loss) from equity method investments(7)(4)50(1)(2)
Income from continuing operations before income taxes:174127256283198231
Income tax expense(33)(57)(63)(60)(46)(48)
Income from continuing operations:14171193224152183
Income before gain (loss) on sale of properties:193224152183
Net income available to common stockholders, diluted:14171193224152183

Comprehensive Income ($ in millions)

12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:14171193224152183
Other comprehensive income (loss)13(64)(13)3914(28)
Comprehensive income, net of tax, attributable to parent:1547180262166155

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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