v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 496.7 $ 474.5
Investments 27.9 54.2
Accounts receivable, less allowance for credit losses of $4.9 million and $7.1 million, respectively 427.7 390.4
Income tax receivable 8.1 16.2
Deferred commissions 32.2 35.4
Prepaid expenses 51.7 42.5
Other current assets 19.7 24.8
Total current assets 1,064.0 1,038.0
Goodwill 1,745.7 1,610.8
Intangible assets, net 550.0 379.3
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $933.1 million and $899.9 million, respectively 244.7 231.9
Operating lease assets 155.3 159.0
Investments in unconsolidated entities 51.0 50.3
Deferred tax assets, net 93.9 78.7
Deferred commissions 27.8 30.1
Other assets 18.7 12.1
Total assets 3,951.1 3,590.2
Current liabilities:    
Deferred revenue 600.3 586.1
Accrued compensation 230.2 294.2
Accounts payable and accrued liabilities 101.7 97.9
Current portion of long-term debt 18.2 0.0
Operating lease liabilities 40.4 41.8
Income tax payable 19.6 24.0
Other current liabilities 5.2 9.3
Total current liabilities 1,015.6 1,053.3
Operating lease liabilities 140.3 146.7
Accrued compensation 20.2 20.1
Deferred tax liabilities, net 21.1 27.2
Long-term debt 1,660.5 1,072.6
Deferred revenue 21.8 21.0
Income tax payable 15.3 13.1
Other long-term liabilities 30.7 14.3
Total liabilities 2,925.5 2,368.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 37,104,311 and 39,740,881 shares were outstanding as of September 30, 2026 and December 31, 2025, respectively 0.0 0.0
Treasury stock at cost, 18,044,452 and 15,277,454 shares as of September 30, 2026 and December 31, 2025, respectively (2,288.2) (1,785.7)
Additional paid-in capital 919.9 869.5
Retained earnings 2,480.3 2,206.2
Accumulated other comprehensive loss:    
Currency translation adjustment (86.3) (68.1)
Unrealized loss on available-for-sale investments (0.1) 0.0
Total accumulated other comprehensive loss (86.4) (68.1)
Total equity 1,025.6 1,221.9
Total liabilities and equity $ 3,951.1 $ 3,590.2