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Morningstar, Inc. cash flow statement

In fiscal 2025, Morningstar, Inc.'s operations generated $590m of cash; it spent $147m on capital projects, leaving free cash flow of $443m. It returned $76.9m in dividends and $787m through buybacks.

Cash flow statement

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 from operations101123165146187137242214250315334384450298316592590642
Depreciation and amortisation32404343465564719197118140151167185190190205
Stock-based pay121415191518171524324437428353555665
Capital spending121523303458576367768077102130119143147149
Free cash flow8910914211615378184151184239254308348168197449443493
Free cash flow after stock pay7795126971386116713615920721027130685145394386428
Dividends paid0010251731343839434851546264697777
Share buybacks044125215477974942215421226112787895

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.