Morningstar, Inc. (MORN)
Morningstar, Inc. brought in $2.6B of revenue over the twelve months to June 30, 2026, up 9.3% from a year earlier. Net income was $421.6M, a net margin of 16.4%. Operating cash flow minus capital spending left $442.6M of free cash flow in fiscal 2025. At June 30, 2026 it held $489.5M in cash against $1.7B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on July 29, 2026.
Key facts about Morningstar, Inc.
- Net worth
- Morningstar, Inc. has a market value (market cap) of $7.7B at the latest share price, and shareholders' equity of $1B on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $2.4B (+7.5% year on year), with net income of $374.2M. Over the 12 months to June 30, 2026: revenue $2.6B, net income $421.6M.
- Cash flow
- In fiscal 2025 operations brought in $589.7M of cash; after $147.1M of capital spending, free cash flow was $442.6M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on July 29, 2026 and covers the period to June 30, 2026. Open on SEC EDGAR
- Next earnings report
- Morningstar, Inc.'s next report is expected around October 28, 2026. That is an estimate from its filing rhythm, not a date the company has announced.
- Dividend
- Morningstar, Inc. declared dividends of $1.87 per share in fiscal 2025, a yield of 0.91% at the current price.
What Morningstar, Inc. does
Morningstar, Inc. is registered with the SEC under industry code SIC 6282 (Investment Advice). Its shares trade on NASDAQ under the ticker MORN.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $2.4B | $374.2M | $8.87 | $442.6M |
| 2024 | $2.3B | $369.9M | $8.58 | $448.9M |
| 2023 | $2B | $141.1M | $3.29 | $197.3M |
| 2022 | $1.9B | $70.5M | $1.64 | $168.3M |
| 2021 | $1.7B | $193.3M | $4.45 | $348.1M |
| 2020 | $1.4B | $223.6M | $5.18 | $307.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where MORN ranks in Finance
Dividends
Morningstar, Inc. declared $1.87 per share in fiscal 2025. At the current price that is a yield of 0.91%. It paid out $76.9M in cash dividends, 21% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $1.87 | $76.9M | 21% |
| 2024 | $1.67 | $69.3M | 19% |
| 2023 | $1.53 | $63.9M | 45% |
| 2022 | $1.46 | $61.5M | 87% |
| 2021 | $1.31 | $54.2M | 28% |
| 2020 | $1.22 | $51.4M | 23% |
Latest SEC filings
What Morningstar, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- September 25, 2026
- September 18, 2026Other event 8-K
- August 25, 2026
- August 14, 2026Passive stake (5% or more) SCHEDULE 13G
- August 5, 2026Passive stake changed SCHEDULE 13G/A
- August 3, 2026Passive stake changed SCHEDULE 13G/A
- July 29, 2026
- July 29, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 9.6% to $663.2M versus the same quarter last year; diluted EPS $2.83 versus $2.09.
- June 25, 2026
- June 18, 2026Other event 8-K
What is MORN worth? A DCF from its reported cash flow
Insider trades
What the people running Morningstar, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $20.7M worth of shares in the last 90 days and bought none on the open market. Most of the selling (99%) was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| September 30, 2026 | Mansueto Daniel10% owner | Other changeindirect | 657,779 | - |
| September 1, 2026 | Wiersema ConanCAO & PAO | Shares withheld for tax | 29 | $6.3K |
| September 1, 2026 | Holt MichaelChief Financial Officer | Shares withheld for tax | 54 | $11.8K |
| August 24, 2026 | Mansueto Daniel10% owner | Other changeindirect | 376,969 | - |
| August 24, 2026 | Mansueto Joseph DExecutive Chairman, Director, 10% owner | Soldpre-planned (10b5-1) | 220 | $47.5K |
| August 24, 2026 | Mansueto Joseph DExecutive Chairman, Director, 10% owner | Soldpre-planned (10b5-1) | 1,181 | $256.6K |
| August 24, 2026 | Mansueto Joseph DExecutive Chairman, Director, 10% owner | Soldpre-planned (10b5-1) | 1,740 | $380.1K |
| August 24, 2026 | Mansueto Joseph DExecutive Chairman, Director, 10% owner | Soldpre-planned (10b5-1) | 978 | $214.6K |
Who owns MORN
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Joseph D. Mansueto13G, passive | 39.2% | August 5, 2026 |
| Daniel Mansueto13G, passive | 10% | August 3, 2026 |
| Baron Capital Group, Inc.13G, passive with 3 related filers | 9.2% | August 14, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 419 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Bamco Inc | 3,499,146 | +2,739,631 |
| BlackRock, Inc. | 2,081,736 | -256,482 |
| Wellington Management Group Llp | 1,493,037 | -169,368 |
| Morgan Stanley | 1,484,135 | -246,414 |
| Aqr Capital Management LLC | 1,304,388 | +680,759 |
| Vanguard Portfolio Management LLC | 950,075 | -101,745 |
| Vanguard Capital Management LLC | 894,406 | -95,061 |
| State Street Corp | 716,473 | -19,101 |
| Geode Capital Management, LLC | 578,315 | -20,907 |
| Dimensional Fund Advisors LP | 561,857 | +44,088 |
| Los Angeles Capital Management LLC | 557,955 | -87,429 |
| Two Sigma Investments, LP | 484,249 | -375,210 |
| Jane Street Group, LLC | 431,301 | +97,440 |
| Arrowstreet Capital, Limited Partnership | 420,742 | +25,811 |
| Kensico Capital Management Corp | 284,100 | +149,100 |
| Invesco Ltd. | 259,287 | -25,843 |
| Massachusetts Financial Services Co | 244,324 | -10,415 |
| Renaissance Technologies LLC | 238,770 | -210,100 |
| Jpmorgan Chase & Co | 236,316 | -193,740 |
| Bank of New York Mellon Corp | 232,481 | +57,475 |
Insiders
14 insiders reported holding 11,626,251 shares in total, about $2.38B at the last price.
| Holder | Shares |
|---|---|
| Mansueto Joseph DExecutive Chairman, Director, 10% owner | 7,938,192 |
| Mansueto Daniel10% owner | 3,196,0483,196,048 held indirectly |
| Kapoor KunalCEO, Director | 304,141 |
| Kaplan Steven NDirector | 43,080 |
| Francis Cheryl ADirector | 36,934 |
| Lyons William MDirector | 27,508 |
| Holt MichaelChief Financial Officer | 24,625 |
| Dunn Daniel JosephChief Revenue Officer | 14,851 |
| Diamonte RobinDirector | 11,338 |
| Tsay Caroline JDirector | 8,633 |
Questions about MORN
What does Morningstar, Inc. do?
Morningstar, Inc. is a company in the Finance sector, listed on NASDAQ as MORN. Its shares trade on NASDAQ under the ticker MORN.
What is Morningstar, Inc.'s net worth?
Morningstar, Inc. has a market value (market cap) of $7.7B at the latest share price, and shareholders' equity of $1B on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Morningstar, Inc. profitable?
Yes. Over the twelve months to June 30, 2026 it reported net income of $421.6M on revenue of $2.6B, a net margin of 16.4%.
How much revenue does Morningstar, Inc. make?
Over the twelve months to June 30, 2026 Morningstar, Inc. reported revenue of $2.6B. That is 9.3% more than a year earlier.
When did Morningstar, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on July 29, 2026. It covers the period to June 30, 2026. Its newest filing of any kind is the insider trade from October 2, 2026.
When is Morningstar, Inc.'s next earnings report?
Morningstar, Inc.'s next report is expected around October 28, 2026. That is an estimate from its filing rhythm, not a date the company has announced.
Does Morningstar, Inc. pay a dividend?
Yes. Morningstar, Inc. declared dividends of $1.87 per share in fiscal 2025, a yield of 0.91% at the current price.
Theses that mention MORN
Similar companies
Compare MORN with
Follow MORN
Get an email when Morningstar, Inc. files with the SEC: results, executive changes, material agreements and annual reports.
Where the numbers come from
Financial figures are the values Morningstar, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.