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Morningstar MORN United States — Operating lease assets

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Other financials

Income statement

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Revenue$663.2M+9.6%
Gross profit$423.9M+13.2%
Operating income$160.6M+28.4%
Net income$107.8M+21.1%
EPS (diluted)$2.83+35.4%

Balance sheet

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Cash & equivalents$489.5M-2.8%
Total debt$1.9B+86.0%
Total equity$1.0B-36.6%
Total assets$3.9B+8.7%

Cash flow

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Operating cash flow$155.7M+57.3%
CapEx$33.2M-9.3%
Free cash flow$122.5M+96.3%

Valuation

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Market cap$7.37B-32.8%
Enterprise value$8.81B-23.4%
P/E17.5×-9.6×
P/S2.9×-1.8×

Profitability

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Gross margin62.2%+1.3pp
Operating margin23.5%+1.3pp
Net margin16.4%-0.8pp
FCF margin19.4%+2.8pp

Returns & leverage

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Return on equity32%+5.4pp
Debt / equity1.9×+1.2×
Current ratio1.1×-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:OperatingLeaseRightOfUseAsset.

The source filing: Morningstar’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:27 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001289419-26-000041
Operating lease assets by geographical area / (in millions)As of June 30, 2026As of December 31, 2025
United States$71.0$74.9
Asia62.148.7
Australia1.11.5
Canada8.27.8
Continental Europe15.816.5
United Kingdom6.09.0
Other0.50.6
Total International93.784.1

Item 1.Financial Statements

FAQ

What is Morningstar's united states — operating lease assets?
Morningstar (MORN) reported united states — operating lease assets of $71M in Q2 2026.
How has Morningstar's united states — operating lease assets changed year-over-year?
Morningstar's united states — operating lease assets decreased by 16.4% year-over-year, from $84.9M to $71M.
What is the long-term trend for Morningstar's united states — operating lease assets?
Over 4 years (2021 to 2025), Morningstar's united states — operating lease assets has grown at a -1.0% compound annual growth rate (CAGR), from $340.5M to $327.6M.
What does united states — operating lease assets mean?
This metric represents the right-of-use assets recognized on the balance sheet for operating leases related to the United States segment, primarily consisting of office space. It reflects the company's long-term commitment to physical operational capacity within the domestic market. Investors use this to evaluate the scale of the company's fixed operational footprint and its associated long-term lease obligations.

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