Business
Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2025 Financial Results
CHICAGO, February 12, 2026--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported solid fourth-quarter revenue growth with increases in operating and free cash flows.
About this update from Morningstar, Inc.
[{"type":"text","content":"CHICAGO, February 12, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported solid fourth-quarter revenue growth with increases in operating and free cash flows.","length":227,"tagName":"p"},{"type":"text","content":""Morningstar grew revenue, operating income, and adjusted operating income meaningfully in 2025," said Kunal Kapoor, Morningstar's chief executive officer. "As we kick off 2026, we are using AI to further scale our research and data moat. At the same time, we continue to advance our ambition to become the common language for investors navigating the convergence of public and private markets. From new integrations with leading large language models, including ChatGPT by OpenAI, to the launch of an index suite for evergreen private markets, we are helping investors make sense of a rapidly changing investment landscape."","length":649,"tagName":"p"},{"type":"text","content":"The Company's quarterly shareholder letter provides more context on Morningstar's results, business, and capital allocation and can be found at shareholders.morningstar.com.","length":181,"tagName":"p"},{"type":"text","content":"Fourth-Quarter 2025 Financial Highlights","length":40,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Reported revenue increased 8.5% to $641.1 million compared to the prior-year period; organic revenue increased 8.1%.","length":116,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Operating income decreased 5.1% to $159.6 million; adjusted operating income increased 26.1%. Operating income includes a $22.7 million contingent payment gain related to the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform to AssetMark (sale of US TAMP assets) in 2024, compared to a $64.0 million gain on the sale in the prior-year period. Both gains are excluded from adjusted operating income.","length":451,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Diluted net income per share increased 4.4% to $2.83 versus $2.71 in the prior-year period. Adjusted diluted net income per share increased 26.6% to $2.71.","length":155,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Cash provided by operating activities increased 33.0% to $2...