Morningstar (MORN) Cash from Operations (2009 - 2026)
Morningstar (MORN) reported Cash from Operations of $190.7 million for Q3 2026, down 2.6% from $195.7 million a year earlier but up 22.5% from the prior quarter.
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Analysis
Morningstar (MORN) Cash from Operations (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Morningstar's Cash from Operations came in at $641.9 million, up 19.1% year-over-year; for FY2025, it was $589.7 million, down 0.3% from FY2024.
- Cash from Operations has a five-year compound annual growth rate of 8.9% (FY2020 to FY2025).
- By year, Cash from Operations came in at $591.6 million in FY2024 (+87.0%), $316.4 million in FY2023 (+6.2%), $297.8 million in FY2022 (-33.8%) and $449.9 million in FY2021 (+17.1%).
- Five-year quarterly Cash from Operations spans a low of $23.4 million in Q1 2023 and a high of $204 million in Q4 2025.
- Year over year, Cash from Operations gained in five of the last eight quarters, with growth averaging 8.0%.
- The high point for year-over-year Cash from Operations in five years was Q2 2024 (growth of 523.3%); the low point was Q2 2023 (a decline of 64.3%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $155.7 million (Q2 2026), $91.5 million (Q1 2026) and $204 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cash from Ops. (Qtr) |
|---|---|---|---|---|---|
| 1 | Msci | 235.55 Bn | 234.03 Bn | 739.80 Mn | 436.10 Mn |
| 2 | S&P Global | 137.22 Bn | 132.42 Bn | 2.64 Bn | 1.19 Bn |
| 3 | Moodys | 88.04 Bn | 81.11 Bn | 1.50 Bn | 753.00 Mn |
| 4 | Verisk Analytics | 26.17 Bn | 22.36 Bn | 567.00 Mn | 267.20 Mn |
| 5 | Equifax | 22.05 Bn | 21.44 Bn | 940.10 Mn | 560.40 Mn |
| 6 | TransUnion | 15.64 Bn | 12.48 Bn | - | 429.50 Mn |
| 7 | Factset Research Systems | 11.49 Bn | 10.35 Bn | 308.40 Mn | 204.71 Mn |
| 8 | Morningstar | 9.15 Bn | 7.04 Bn | 431.40 Mn | 190.70 Mn |
| 9 | Mastercard | 570.55 Bn | 530.63 Bn | - | 5.09 Bn |
| 10 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 1.09 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 190.70 Mn |
| Jun 30, 2026 | 155.70 Mn |
| Mar 31, 2026 | 91.50 Mn |
| Dec 31, 2025 | 204.00 Mn |
| Sep 30, 2025 | 195.70 Mn |
| Jun 30, 2025 | 99.00 Mn |
| Mar 31, 2025 | 91.00 Mn |
| Dec 31, 2024 | 153.40 Mn |
| Sep 30, 2024 | 191.90 Mn |
| Jun 30, 2024 | 152.70 Mn |
| Mar 31, 2024 | 93.60 Mn |
| Dec 31, 2023 | 137.80 Mn |
| Sep 30, 2023 | 130.70 Mn |
| Jun 30, 2023 | 24.50 Mn |
| Mar 31, 2023 | 23.40 Mn |
| Dec 31, 2022 | 103.50 Mn |
| Sep 30, 2022 | 102.10 Mn |
| Jun 30, 2022 | 68.70 Mn |
| Mar 31, 2022 | 23.50 Mn |
| Dec 31, 2021 | 135.90 Mn |
API Access
Morningstar Cash from Operations API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cash-from-operations&ticker=MORN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cash-from-operations", "ticker": "MORN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cash-from-operations&ticker=MORN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();