What is Morningstar's D&A?

Morningstar (MORN) reported D&A of $51.7M in Q1 2026.

How has Morningstar's D&A changed year-over-year?

Morningstar's D&A increased by 9.3% year-over-year, from $47.3M to $51.7M.

What is the long-term trend for Morningstar's D&A?

Over 4 years (2021 to 2025), Morningstar's D&A has grown at a 6.0% compound annual growth rate (CAGR), from $150.7M to $189.9M.

Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.

Morningstar MORN D&A

D&A at other companies

FactSet Research SystemsFDS

$43.69M+13.7%

Moody'sMCO

$122M+8.0%

MSCIMSCI

$5.9M+25.5%

BlackrockBLK

$380M+95.9%

Morgan StanleyMS

$714M-17.5%

Corebridge FinancialCRBG

$165M+85.4%

Segments

By segment

See full

Corporate and Other$9.9M+94.1%

Morningstar Data and Analytics Segment$9.5M-12.0%

PitchBook Segment$7.9M+1.3%

Morningstar Retirement Segment$2.3M-11.5%

Morningstar Credit Segment$1.6M-64.4%

Morningstar Wealth Segment$1.4M-30.0%

Other financials

Income statement

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Revenue$644.8M+10.8%

Gross profit$405.9M+15.8%

Operating income$155.9M+36.6%

Net income$107.1M+36.4%

EPS (diluted)$2.73+50.0%

Balance sheet

See full

Cash & equivalents$492.8M-3.7%

Total debt$1.9B+91.9%

Total equity$1.0B-36.7%

Total assets$4.0B+11.2%

Cash flow

See full

Operating cash flow$91.5M+0.5%

CapEx$37.9M+17.7%

Free cash flow$53.6M-8.8%

Valuation

See full

Market cap$5.84B-49.2%

Enterprise value$7.28B-40.4%

P/E14.5×-15.5×

P/S2.3×-2.6×

Profitability

See full

Gross margin61.7%+1.0pp

Operating margin22.7%+0.8pp

Net margin16.1%-0.5pp

FCF margin17.4%-1.9pp

Returns & leverage

See full

Return on equity30.7%+5.0pp

Debt / equity1.9×+1.3×

Current ratio1×-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:DepreciationDepletionAndAmortization.

The official record: Morningstar’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morningstar's D&A?: Morningstar (MORN) reported D&A of $51.7M in Q1 2026.
How has Morningstar's D&A changed year-over-year?: Morningstar's D&A increased by 9.3% year-over-year, from $47.3M to $51.7M.
What is the long-term trend for Morningstar's D&A?: Over 4 years (2021 to 2025), Morningstar's D&A has grown at a 6.0% compound annual growth rate (CAGR), from $150.7M to $189.9M.
What does D&A mean?: Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.