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Morningstar, Inc. balance sheet

At the end of fiscal 2025, Morningstar, Inc. had total assets of $3.59bn, total liabilities of $2.37bn and shareholders' equity of $1.22bn. It held $475m in cash against $1.07bn of debt: net debt of $601m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash and equivalents130180200164168185207259308369334423484377338503475497
Receivables82111113114114137139146148172189205269308344358390428
Total current assets4445076124754473914104725306026037308888118161,0141,0381,064
Goodwill2493183183213273703645575655571,0391,2051,2071,5721,5791,5621,6111,746
Total assets9191,0861,1721,0421,0311,0101,0291,3511,4061,4542,3712,6962,8633,4753,4033,5493,5903,951
Deferred revenue (current)12714615514614914614116517154250307377456518541586600
Total current liabilities2082532712572702943042953233634966277848838819671,0531,016
Short-term debt————030350—0110032320018
Long-term debt—————————705024493591,1109726991,0731,679
Total debt0—000303500705244493591,1421,0057001,0751,697
Total liabilities2533053153153393563886546015191,2871,4251,4472,2682,0761,9302,3682,926
Shareholders' equity6657808557266906546406978059351,0841,2711,4161,2071,3281,6191,2221,026
Net debt (negative = net cash)−130−180−200−164−168−155−172−259−308−29919027−1247656671976011,200
Shares outstanding49m50m50m47m45m44m43m43m43m47m43m43m43m42m43m43m40m37m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Morningstar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Morningstar, Inc.