v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 492.8 $ 474.5
Investments 39.4 54.2
Accounts receivable, less allowance for credit losses of $7.4 million and $7.1 million, respectively 402.6 390.4
Income tax receivable 15.4 16.2
Deferred commissions 36.5 35.4
Prepaid expenses 57.1 42.5
Other current assets 19.5 24.8
Total current assets 1,063.3 1,038.0
Goodwill 1,747.2 1,610.8
Intangible assets, net 591.4 379.3
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively 234.8 231.9
Operating lease assets 166.0 159.0
Investments in unconsolidated entities 50.3 50.3
Deferred tax assets, net 86.0 78.7
Deferred commissions 29.8 30.1
Other assets 17.5 12.1
Total assets 3,986.3 3,590.2
Current liabilities:    
Deferred revenue 669.3 586.1
Accrued compensation 144.9 294.2
Accounts payable and accrued liabilities 104.6 97.9
Current portion of long-term debt 18.2 0.0
Operating lease liabilities 42.7 41.8
Income tax payable 43.1 24.0
Other current liabilities 7.9 9.3
Total current liabilities 1,030.7 1,053.3
Operating lease liabilities 151.0 146.7
Accrued compensation 20.3 20.1
Deferred tax liabilities, net 21.5 27.2
Long-term debt 1,694.6 1,072.6
Deferred revenue 21.3 21.0
Income tax payable 13.8 13.1
Other long-term liabilities 14.4 14.3
Total liabilities 2,967.6 2,368.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 38,027,605 and 39,740,881 shares were outstanding as of March 31, 2026 and December 31, 2025, respectively 0.0 0.0
Treasury stock at cost, 17,000,866 and 15,277,454 shares as of March 31, 2026 and December 31, 2025, respectively (2,088.7) (1,785.7)
Additional paid-in capital 892.5 869.5
Retained earnings 2,294.3 2,206.2
Accumulated other comprehensive loss:    
Currency translation adjustment (79.4) (68.1)
Total accumulated other comprehensive loss (79.4) (68.1)
Total equity 1,018.7 1,221.9
Total liabilities and equity $ 3,986.3 $ 3,590.2