Morningstar, Inc. (MORN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 91.5M | 204M | 195.7M | 99M | 91M | 153.4M | 191.9M | 152.7M | 93.6M | 137.8M | 130.7M | 24.5M | 23.4M | 103.5M | 102.1M | 68.7M | 23.5M | 135.9M | 122.6M | 127.2M |
| Operating CF Margin % | 14.19% | 31.82% | 31.7% | 16.36% | 15.64% | 25.96% | 33.7% | 26.7% | 17.24% | 25.58% | 25.35% | 4.85% | 4.88% | 21.79% | 21.81% | 14.6% | 5.14% | 29.4% | 28.58% | 30.62% |
| Operating CF Growth % | 0.55% | 32.99% | 1.98% | -35.17% | -2.78% | 11.32% | 46.82% | 523.27% | 300% | 33.14% | 28.01% | -64.34% | -0.43% | -23.84% | -16.72% | -45.99% | -63.4% | 18.59% | 31.26% | -0.31% |
| Net Income | 107.1M | 115.1M | 91.6M | 89M | 78.5M | 116.9M | 119.7M | 69.1M | 64.2M | 73.5M | 39.1M | 36.1M | -7.6M | 3.3M | -9M | 30.1M | 46.1M | 56.5M | 49M | 32.9M |
| Depreciation & Amortization | 51.7M | 47.1M | 47M | -47.3M | 47.3M | 48.4M | 45.7M | 49.1M | 47.2M | 46.5M | 46.6M | 47M | 44.8M | 44.8M | 44.2M | 40M | 37.6M | 38.4M | 38.1M | 37.6M |
| Stock-Based Compensation | 10.8M | 0 | 18.6M | -9.1M | 9.1M | 15.9M | 13.2M | 14.2M | 11.4M | 11.1M | 14.7M | 14.8M | 12.2M | 25.1M | 22.1M | 22.1M | 13.9M | 10.9M | 11.1M | 11.8M |
| Deferred Taxes | -12.7M | -12.2M | -16.2M | 6.9M | -6.9M | -13.8M | -7.1M | -6.4M | -7.5M | -21.8M | -3.8M | -8.8M | 2M | -9.8M | -10.6M | -10.2M | -6.7M | -3.6M | -3.7M | -2.3M |
| Other Non-Cash Items | -65.4M | -10.3M | -1.6M | 110.2M | 4M | -50.5M | -39.6M | 16.8M | -8.1M | -7.9M | 400K | -600K | -50M | -3.9M | 23.5M | 9.5M | -2.3M | -6.6M | -2.2M | 18.9M |
| Working Capital Changes | 0 | 64.3M | 56.3M | -50.7M | -41M | 36.5M | 60M | 9.9M | -13.6M | 36.4M | 33.7M | -64M | 22M | 44M | 31.9M | -22.8M | -65.1M | 40.3M | 30.3M | 28.3M |
| Change in Receivables | -9M | -26.8M | 18.2M | -34.7M | 17.3M | -38.5M | 8.1M | -13.6M | 13.7M | -43.5M | 20.2M | -24.7M | 9.8M | -18.8M | 15.6M | -26.8M | -8.6M | -29.9M | -10.8M | -900K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 0 | 0 | 0 |
| Change in Payables | 6.7M | 3.7M | 1.7M | -4.5M | 0 | 4.9M | 3.7M | 5.3M | -4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.7M | 0 | 0 | 0 |
| Cash from Investing | -384.4M | -11.7M | -33M | -23.9M | -70.7M | 24.1M | 14.1M | -32.8M | -26.7M | -32.8M | -21.3M | -27.1M | -700K | -38.3M | -36M | -691.3M | -33.7M | -42.3M | -56.2M | -35.8M |
| Capital Expenditures | -37.9M | -42.7M | -35.6M | -36.6M | -32.2M | -40.6M | -36.1M | -31.9M | -34.1M | -30M | -29.3M | -30.3M | -29.5M | -36.1M | -33.7M | -31.7M | -28M | -30.2M | -30.2M | -18.7M |
| CapEx % of Revenue | 5.88% | 6.66% | 5.77% | 6.05% | 5.53% | 6.87% | 6.34% | 5.58% | 6.28% | 5.57% | 5.68% | 6% | 6.15% | 7.6% | 7.2% | 6.74% | 6.13% | 6.53% | 7.04% | 4.5% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 50.3M | 104.5M | 112.1M | 115.3M | 123.9M | 133.6M | 144.8M | 145.3M | 151.5M | 151.3M | 143.5M | 149.7M | 150.9M | 134M | 131.3M | 133.2M | 125.5M | 125.6M | 111.3M | 108.8M |
| Other Investing | 0 | 22.5M | 200K | 15.8M | 0 | 64.5M | 200K | 0 | 0 | 200K | -100K | 0 | 0 | -100K | 100K | 0 | -200K | -600K | 100K | 300K |
| Cash from Financing | 316.9M | -194M | -188.1M | -108.5M | -24.1M | -199.1M | -60.2M | -81.6M | -43.5M | -103.4M | -120.1M | -6.1M | -48.8M | -76.7M | -57.1M | 537.1M | 11.8M | -36.3M | -20.2M | -89.3M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -395.3M | -170.1M | -112M | -109.6M | -11.6M | -7.9M | -14.3M | -3.2M | 0 | 0 | -1.4M | 0 | -8.3M | -15.2M | -91.9M | -110.6M | -1.2M | -100K | 0 |
| Dividends Paid | -19.9M | -18.9M | -19.2M | -19.3M | -19.5M | -17.3M | -17.4M | -17.3M | -17.3M | -16M | -16M | -16M | -15.9M | -15.3M | -15.3M | -15.4M | -15.5M | -13.6M | -13.6M | -13.5M |
| Share Repurchases | -300M | -395.3M | -170.1M | -112M | -109.6M | -11.6M | -7.9M | -14.3M | -3.2M | 0 | 0 | -1.4M | 0 | -8.3M | -15.2M | -91.9M | -110.6M | -1.2M | -100K | 0 |
| Other Financing | 336.8M | -4.8M | -8.8M | -12.2M | 0 | -3.9M | 100K | 0 | 100K | -4.3M | -6M | -10.5M | -54.8M | -4.9M | -6.6M | -29.7M | -7.1M | -6.5M | -6.5M | -45.8M |
| Net Change in Cash | 18.3M | 300K | -29.3M | -8M | 8.8M | -50.2M | 161.7M | 37.5M | 15.8M | 12.9M | -18.3M | -8.9M | -24.4M | 3.9M | -7.5M | -103.3M | -300K | 56.8M | 39.4M | 4M |
| Free Cash Flow | 53.6M | 161.3M | 160.1M | 62.4M | 58.8M | 112.8M | 155.8M | 120.8M | 59.5M | 107.8M | 101.4M | -5.8M | -6.1M | 67.4M | 68.4M | 37M | -4.5M | 105.7M | 92.4M | 108.5M |
| FCF Margin % | 8.31% | 25.16% | 25.93% | 10.31% | 10.1% | 19.09% | 27.36% | 21.12% | 10.96% | 20.01% | 19.67% | -1.15% | -1.27% | 14.19% | 14.61% | 7.87% | -0.98% | 22.87% | 21.54% | 26.12% |
| FCF Growth % | -8.84% | 43% | 2.76% | -48.34% | -1.18% | 4.64% | 53.65% | 2182.76% | 1075.41% | 59.94% | 48.25% | -115.68% | -35.56% | -36.23% | -25.97% | -65.9% | -110.84% | 14.15% | 30.51% | -1.9% |
| FCF per Share | 1.36 | 3.96 | 3.76 | 1.46 | 1.36 | 2.62 | 3.61 | 2.80 | 1.38 | 2.51 | 2.36 | -0.14 | -0.14 | 1.58 | 1.60 | 0.86 | -0.10 | 2.44 | 2.13 | 2.51 |
| FCF Conversion (FCF/Net Income) | 0.85x | 1.77x | 2.14x | 1.11x | 1.16x | 1.31x | 1.60x | 2.21x | 1.46x | 1.87x | 3.34x | 0.68x | -3.08x | 31.36x | -11.34x | 2.28x | 0.51x | 2.41x | 2.50x | 3.87x |
| Interest Paid | 0 | 0 | 7.2M | 10.7M | 6.4M | 10.5M | 11.7M | 13.7M | 11.5M | 16.5M | 13.7M | 16.3M | 11.9M | 10.7M | 10.7M | 4.4M | 2.6M | 2.3M | 2.5M | 2.5M |
| Taxes Paid | 0 | 0 | 40.3M | 79.5M | 14.2M | 49.6M | 21.9M | 31.6M | 12.5M | 26.5M | 13.6M | 24M | 9.1M | 18.2M | 12.5M | 37.6M | 7M | 20.4M | 16.3M | 31.7M |