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Morningstar cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$155M in Q3 2026 · $493M over twelve months

Operating cash flow$191M
Capital spending−$35.3M
Free cash flow+$155M
Cash / net income1.7×

Analysis

In Q3 2026, Morningstar generated $191M of operating cash flow and spent $35.3M on capital projects, leaving free cash flow of $155M. That is $4.7M less than in Q3 2025 ($160M).

Over the twelve months to Sep 30, 2026, operating cash flow was $642M; the largest uses were buybacks ($895M), acquisitions ($360M), capital spending ($149M); besides operations, cash came from net borrowing (+) / repaid (−) ($440M), other financing ($361M); the cash balance rose by $22.5M.

Operating cash flow was $191M against net income of $116M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$53.1M, employee-related liabilities +$52.0M, receivables −$43.1M.

Free cash flow

Morningstar: free cash flow by quarterMorningstar: free cash flow by quarter$113MQ4 2024$58.8MQ1 2025$62.4MQ2 2025$160MQ3 2025$161MQ4 2025$53.6MQ1 2026$122MQ2 2026$155MQ3 2026
Operating cash flow less capital spending.
Morningstar: operating cash flow against capital spendingMorningstar: operating cash flow against capital spendingOperating cash flowCapital spending$153M$40.6MQ4 2024$91.0M$32.2MQ1 2025$99.0M$36.6MQ2 2025$196M$35.6MQ3 2025$204M$42.7MQ4 2025$91.5M$37.9MQ1 2026$156M$33.2MQ2 2026$191M$35.3MQ3 2026
Latest (Q3 2026): Operating cash flow $191M, Capital spending $35.3M.

Capital allocation, year by year

Morningstar: where the cash came from (up) and went (down), by fiscal yearMorningstar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $450MFY2021: Shares issued $200KFY2021: Capital spending −$102MFY2021: Acquisitions −$24.8MFY2021: Buybacks −$1.3MFY2021: Dividends −$54.2M$450MFY2021FY2022: Operating cash flow $298MFY2022: Net borrowing $120MFY2022: Capital spending −$130MFY2022: Acquisitions −$647MFY2022: Buybacks −$226MFY2022: Dividends −$61.5M$418MFY2022FY2023: Operating cash flow $316MFY2023: Net borrowing −$105MFY2023: Capital spending −$119MFY2023: Acquisitions −$800KFY2023: Buybacks −$1.4MFY2023: Dividends −$63.9M$316MFY2023FY2024: Operating cash flow $592MFY2024: Net borrowing −$15.0MFY2024: Asset sales $52.4MFY2024: Capital spending −$143MFY2024: Buybacks −$11.6MFY2024: Dividends −$69.3M$644MFY2024FY2025: Operating cash flow $590MFY2025: Net borrowing $350MFY2025: Capital spending −$147MFY2025: Acquisitions −$39.0MFY2025: Buybacks −$787MFY2025: Dividends −$76.9M$940MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were buybacks ($1.0B) and acquisitions ($711M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$525M
Debt$1.7B
Net debt$1.2B

Morningstar funds itself: free cash flow was $493M over the last twelve months, and $525M of cash and investments stands against $1.7B of debt.

Where the cash came from and went

Morningstar: sources (+) and uses (−) of cash, Q3 2026Morningstar: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$191MBuybacks−$100MCapital spending−$35.3MNet borrowing (+) / repaid (−)−$30.0MDividends−$18.7MOther investing$14.5MOther financing−$14.5MCash drawn (+) / kept (−)−$7.2MExchange rates$500K
Morningstar: sources (+) and uses (−) of cash, TTM to Q3 2026Morningstar: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$895MOperating cash flow$642MNet borrowing (+) / repaid (−)$440MOther financing$361MAcquisitions−$360MCapital spending−$149MDividends−$76.5MOther investing$65.7MCash drawn (+) / kept (−)−$22.5MExchange rates−$5.6M

From profit to cash

Morningstar: net income to operating cash flow, Q3 2026Morningstar: net income to operating cash flow, Q3 2026Net income$116MDepreciation & amortization$53.1MStock-based pay$16.6MOther non-cash−$5.4MReceivables−$43.1MEmployee-related liabilities$52.0MDeferred revenue−$25.6MIncome taxes payable$10.5MOther operating capital$3.6MOperating cash flow$191M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$191M−$35.3M—−$100M−$18.7M−$30.0M−$7.2M$155M
Q2 2026$156M−$33.2M—−$100M−$19.0M$5.0M$3.3M$122M
Q1 2026$91.5M−$37.9M−$360M−$300M−$19.9M$640M−$18.3M$53.6M
Q4 2025$204M−$42.7M$100K−$395M−$18.9M$200M−$300K$161M
Q3 2025$196M−$35.6M—−$170M−$19.2M—$29.3M$160M
Q2 2025$99.0M−$36.6M−$600K−$112M−$19.3M$35.0M$8.0M$62.4M
Q1 2025$91.0M−$32.2M−$38.5M−$110M−$19.5M$105M−$8.8M$58.8M
Q4 2024$153M−$40.6M—−$11.6M−$17.3M—$50.2M$113M

Morningstar: income statement and cash flow

Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%. The chart follows the revenue to costs, profit and cash.

Morningstar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.