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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 489.5 $ 474.5
Investments 34.3 54.2
Accounts receivable, less allowance for credit losses of $6.5 million and $7.1 million, respectively 382.9 390.4
Income tax receivable 12.7 16.2
Deferred commissions 33.9 35.4
Prepaid expenses 57.1 42.5
Other current assets 24.5 24.8
Total current assets 1,034.9 1,038.0
Goodwill 1,745.6 1,610.8
Intangible assets, net 569.2 379.3
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $962.5 million and $899.9 million, respectively 239.6 231.9
Operating lease assets 164.7 159.0
Investments in unconsolidated entities 49.8 50.3
Deferred tax assets, net 90.8 78.7
Deferred commissions 28.7 30.1
Other assets 22.4 12.1
Total assets 3,945.7 3,590.2
Current liabilities:    
Deferred revenue 628.4 586.1
Accrued compensation 181.3 294.2
Accounts payable and accrued liabilities 91.9 97.9
Current portion of long-term debt 18.2 0.0
Operating lease liabilities 41.8 41.8
Income tax payable 14.7 24.0
Other current liabilities 4.0 9.3
Total current liabilities 980.3 1,053.3
Operating lease liabilities 149.7 146.7
Accrued compensation 20.2 20.1
Deferred tax liabilities, net 22.1 27.2
Long-term debt 1,695.1 1,072.6
Deferred revenue 19.1 21.0
Income tax payable 14.4 13.1
Other long-term liabilities 21.0 14.3
Total liabilities 2,921.9 2,368.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 37,513,530 and 39,740,881 shares were outstanding as of June 30, 2026 and December 31, 2025, respectively 0.0 0.0
Treasury stock at cost, 17,565,930 and 15,277,454 shares as of June 30, 2026 and December 31, 2025, respectively (2,189.1) (1,785.7)
Additional paid-in capital 915.1 869.5
Retained earnings 2,383.3 2,206.2
Accumulated other comprehensive loss:    
Currency translation adjustment (85.5) (68.1)
Unrealized loss on available-for-sale investments 0.0 0.0
Total accumulated other comprehensive loss (85.5) (68.1)
Total equity 1,023.8 1,221.9
Total liabilities and equity $ 3,945.7 $ 3,590.2