Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 474.2	$ 502.7
Investments	40.3	48.3
Accounts receivable, less allowance for credit losses of $6.3 million and $7.1 million, respectively	363.9	358.1
Income tax receivable	12.9	12.4
Deferred commissions	34.9	39.2
Prepaid expenses	41.8	42.1
Other current assets	11.2	11.3
Total current assets	979.2	1,014.1
Goodwill	1,614.7	1,562.0
Intangible assets, net	396.0	408.8
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $884.9 million and $790.4 million, respectively	225.9	218.9
Operating lease assets	164.4	181.2
Investments in unconsolidated entities	71.8	85.3
Deferred tax assets	65.7	43.2
Deferred commissions	29.5	26.6
Other assets	10.4	8.8
Total assets	3,557.6	3,548.9
Current liabilities:
Deferred revenue	563.9	540.8
Accrued compensation	231.0	272.2
Accounts payable and accrued liabilities	90.4	87.3
Operating lease liabilities	39.9	35.1
Income tax payable	9.6	30.5
Other current liabilities	10.7	1.4
Total current liabilities	945.5	967.3
Operating lease liabilities	153.8	170.3
Accrued compensation	20.0	21.0
Deferred tax liabilities	27.2	27.6
Long-term debt	848.9	698.6
Deferred revenue	21.0	22.4
Income tax payable	13.5	11.7
Other long-term liabilities	13.7	11.4
Total liabilities	2,043.6	1,930.3
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 41,506,582 and 42,869,380 shares were outstanding as of September 30, 2025 and December 31, 2024, respectively	0.0	0.0
Treasury stock at cost, 13,455,133 and 12,010,630 shares as of September 30, 2025 and December 31, 2024, respectively	(1,386.8)	(993.9)
Additional paid-in capital	861.4	822.7
Retained earnings	2,110.8	1,909.2
Accumulated other comprehensive loss:
Currency translation adjustment	(71.4)	(119.3)
Unrealized loss on available-for-sale investments	0.0	(0.1)
Total accumulated other comprehensive loss	(71.4)	(119.4)
Total equity	1,514.0	1,618.6
Total liabilities and equity	$ 3,557.6	$ 3,548.9