Morningstar Cash Flow Statement
NASDAQ: MORNFinanceInvestment ManagersUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Morningstar free cash flow
In fiscal 2025, Morningstar generated $589.7 million of operating cash flow and spent $147.1 million on capital expenditures. That left free cash flow of $442.6 million, a free-cash-flow margin of 18.1% of revenue. Free cash flow was down 1.4% from the prior year's $448.9 million.
Morningstar returned $863.9 million to shareholders: $76.9 million in dividends and $787.0 million in share repurchases, equal to 195% of free cash flow. Free cash flow covered dividend payments 5.8 times.
Summary generated from market data by MetaCap's automated system. Methodology
Morningstar cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 374.20M | 369.90M | 141.10M | 70.50M | 193.30M | 223.60M | 152.00M | 183.00M | 136.90M | 161.00M |
| Net Income growth (YoY) | +1.16% | +162.15% | +100.14% | -63.53% | -13.55% | +47.11% | -16.94% | +33.67% | -14.97% | +21.23% |
| Depreciation & Amortization | 189.90M | 190.40M | 184.90M | 166.60M | 150.70M | 139.50M | 117.70M | 96.70M | 91.20M | 70.70M |
| Stock-Based Compensation | 56.40M | 54.70M | 52.80M | 83.20M | 41.90M | 36.60M | 44.40M | 31.70M | 24.10M | 14.50M |
| Change in Working Capital | -300.00K | -200.00K | 12.70M | 21.40M | 10.30M | 20.30M | 39.40M | 11.30M | -9.90M | 12.50M |
| Operating Cash Flow | 589.70M | 591.60M | 316.40M | 297.80M | 449.90M | 384.30M | 334.40M | 314.80M | 250.10M | 213.70M |
| Capital Expenditures | -147.10M | -142.70M | -119.10M | -129.50M | -101.80M | -76.70M | -80.00M | -76.10M | -66.60M | -62.80M |
| Investing Cash Flow | -139.30M | -21.30M | -81.90M | -799.30M | -167.70M | -123.80M | -746.30M | -49.90M | -60.80M | -274.20M |
| Dividends Paid | -76.90M | -69.30M | -63.90M | -61.50M | -54.20M | -51.40M | -47.80M | -42.60M | -39.30M | -37.90M |
| Share Repurchases | -787.00M | -11.60M | -1.40M | -226.00M | -1.30M | -41.90M | -4.90M | -20.90M | -42.30M | -48.80M |
| Debt Repaid | — | — | — | — | — | — | -165.60M | -110.00M | -70.00M | 0 |
| Financing Cash Flow | -514.70M | -384.40M | -278.40M | 415.10M | -211.80M | -182.20M | 373.70M | -188.80M | -157.50M | 123.70M |
| Net Change in Cash | -28.20M | 164.80M | -38.70M | -107.20M | 61.30M | 88.40M | -35.20M | 61.10M | 49.10M | 52.00M |
| Free Cash Flow | 442.60M | 448.90M | 197.30M | 168.30M | 348.10M | 307.60M | 254.40M | 238.70M | 183.50M | 150.90M |
This table shows 10 annual periods of Morningstar's cash flow statement, from FY 2025 back to FY 2016, across 13 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow MORN's reporting calendar. What is a cash flow statement?