← Morningstar, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $161.0m | $136.9m | $183.0m | — | — | — | — | — | — | — | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $161.0m | $136.9m | $183.0m | $152.0m | $223.6m | $193.3m | $70.5m | $141.1m | $369.9m | $374.2m | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $0 | $0 | — | — | — | — | — | — | — | — | |
| Depreciation, Depletion and Amortization | $70.7m | $91.2m | $96.7m | $117.7m | $139.5m | $150.7m | $166.6m | $184.9m | $190.4m | $189.9m | |
| Amortization of Intangible Assets | $19.4m | $23.6m | $20.7m | $36.5m | $58.8m | $62.0m | $66.7m | $70.5m | $64.5m | $59.8m | |
| Depreciation | $51.3m | $67.6m | $76.0m | $81.2m | $80.1m | $87.0m | $97.8m | $113.2m | $125.4m | $130.0m | |
| Deferred Income Tax Expense (Benefit) | $4.7m | ($13.9m) | ($6.6m) | ($6.1m) | ($6.5m) | ($12.3m) | ($37.6m) | ($32.4m) | ($34.6m) | ($42.3m) | |
| Share-based Payment Arrangement, Noncash Expense | $14.5m | $24.1m | $31.7m | $44.4m | $36.6m | $41.9m | $83.2m | $52.8m | $54.7m | $56.4m | |
| Share-based Payment Arrangement, Expense | $14.5m | $24.1m | $31.7m | $44.4m | $36.6m | $41.9m | $83.2m | $52.8m | $54.7m | $56.4m | |
| Equity Method Investment, Other than Temporary Impairment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.4m | $0 | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets (Excluding Goodwill) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | $5.6m | $19.5m | $30.0m | $900k | $0 | $0 | $0 | $0 | |
| Gain (Loss) on Disposition of Assets | — | — | — | — | — | — | — | — | $64.0m | — | |
| Gain (Loss) on Disposition of Business | — | — | $0 | $0 | — | — | — | — | $45.3m | $0 | |
| Income (Loss) from Equity Method Investments | ($200k) | ($1.3m) | ($2.1m) | ($900k) | $300k | $5.4m | ($3.6m) | ($7.4m) | ($17.4m) | ($3.3m) | |
| Income Tax Expense (Benefit) | $63.7m | $42.9m | $47.8m | $45.6m | $59.7m | $62.6m | $56.5m | $33.0m | $104.0m | $121.5m | |
| Other Nonoperating Income (Expense) | $6.1m | ($5.0m) | $1.8m | ($3.1m) | ($5.7m) | ($3.7m) | ($6.7m) | $11.5m | ($4.9m) | $1.0m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $100k | $1.2m | $29.6m | ($11.3m) | $9.2m | $67.9m | $38.6m | $38.2m | $30.3m | $26.0m | |
| Increase (Decrease) in Other Operating Assets | ($1.1m) | $7.8m | ($13.4m) | — | — | — | — | — | — | — | |
| Debt and Equity Securities, Realized Gain (Loss) | — | — | — | — | — | — | — | — | $3.8m | — | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | — | $16.7m | $10.5m | $0 | $0 | — | — | — | $64.0m | $22.7m | |
| Gain (Loss) on Investments | — | — | — | — | — | — | — | $49.6m | $0 | $0 | |
| Gain (Loss) Related to Litigation Settlement | $0 | — | — | — | — | — | — | — | — | — | |
| General and Administrative Expense | $105.2m | $129.8m | $147.8m | $210.7m | $272.0m | $318.4m | $400.4m | $355.8m | $327.2m | $334.0m | |
| Goodwill | $556.8m | $564.9m | $556.7m | $1.0b | $1.2b | $1.2b | $1.6b | $1.6b | $1.6b | $1.6b | |
| Marketable Securities, Unrealized Gain (Loss) | — | — | — | — | — | $1.8m | $5.4m | $4.2m | $900k | — | |
| Nonoperating Income (Expense) | $44.1m | $11.3m | $17.1m | $8.9m | $67.8m | ($6.5m) | ($37.2m) | ($49.1m) | $6.5m | ($27.6m) | |
| Unrealized Gain (Loss) on Investments | — | — | — | — | $50.9m | $0 | $0 | — | — | — | |
| Other Operating Income (Expense), Net | — | — | — | — | — | — | — | — | — | $24.9m | |
| Net Cash Provided by (Used in) Operating Activities | $213.7m | $250.1m | $314.8m | $334.4m | $384.3m | $449.9m | $297.8m | $316.4m | $591.6m | $589.7m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $62.8m | $66.6m | $76.1m | $80.0m | $76.7m | $101.8m | $129.5m | $119.1m | $142.7m | $147.1m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $191.6m | $1.0m | $400k | $681.9m | $67.8m | $24.8m | $646.7m | $800k | $0 | $39.0m | |
| Payments to Acquire Investments | $32.0m | $34.9m | $35.7m | $36.2m | — | — | — | — | — | — | |
| Payments for (Proceeds from) Other Investing Activities | ($100k) | ($600k) | ($100k) | $100k | ($1.7m) | $100k | $200k | ($100k) | ($200k) | ($4.9m) | |
| Net Cash Provided by (Used in) Investing Activities | ($274.2m) | ($60.8m) | ($49.9m) | ($746.3m) | ($123.8m) | ($167.7m) | ($799.3m) | ($81.9m) | ($21.3m) | ($139.3m) | |
| Cash flows from financing activities: | |||||||||||
| Repayments of Long-term Debt | — | $70.0m | $110.0m | $165.6m | — | — | — | — | — | — | |
| Payments for Repurchase of Common Stock | $48.8m | $42.3m | $20.9m | $4.9m | $41.9m | $1.3m | $226.0m | $1.4m | $11.6m | $787.0m | |
| Dividends paid | $37.9m | $39.3m | $42.6m | $47.8m | $51.4m | $54.2m | $61.5m | $63.9m | $69.3m | $76.9m | |
| Payments of Dividends | $37.9m | $39.3m | $42.6m | $47.8m | $51.4m | $54.2m | $61.5m | $63.9m | $69.3m | $76.9m | |
| Proceeds from (Payments for) Other Financing Activities | $0 | ($1.3m) | ($2.1m) | ($3.0m) | ($2.3m) | ($3.1m) | ($2.2m) | $100k | $0 | ($3.0m) | |
| Net Cash Provided by (Used in) Financing Activities | $123.7m | ($157.5m) | ($188.8m) | $373.7m | $182.2m | $211.8m | $415.1m | ($278.4m) | ($384.4m) | ($514.7m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($11.2m) | $17.3m | ($15.0m) | $3.0m | $10.1m | ($9.1m) | ($20.8m) | $5.2m | ($21.1m) | $36.1m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | ($11.2m) | $17.3m | ($15.0m) | $3.0m | $88.4m | $61.3m | ($107.2m) | ($38.7m) | $164.8m | ($28.2m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | $422.5m | $483.8m | $376.6m | $337.9m | $502.7m | $474.5m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $1.2m | $5.4m | $3.7m | $11.0m | $11.1m | $10.4m | $28.4m | $58.4m | $47.4m | $37.3m | |
| Income Taxes Paid, Net | $58.0m | $47.1m | $67.0m | $63.3m | $58.2m | $80.9m | $75.3m | $73.2m | $115.6m | $171.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.