Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 474.5	$ 502.7
Investments	54.2	48.3
Accounts receivable, less allowance for credit losses of $7.1 million and $7.1 million, respectively	390.4	358.1
Income tax receivable	16.2	12.4
Deferred commissions	35.4	39.2
Prepaid expenses	42.5	42.1
Other current assets	24.8	11.3
Total current assets	1,038.0	1,014.1
Goodwill	1,610.8	1,562.0
Intangible assets, net	379.3	408.8
Property, equipment, and capitalized software, net	231.9	218.9
Operating lease assets	159.0	181.2
Investments in unconsolidated entities	50.3	85.3
Deferred tax asset, net	78.7	43.2
Deferred commissions	30.1	26.6
Other assets	12.1	8.8
Total assets	3,590.2	3,548.9
Current liabilities:
Deferred revenue	586.1	540.8
Accrued compensation	294.2	272.2
Accounts payable and accrued liabilities	97.9	87.3
Operating lease liabilities	41.8	35.1
Income tax payable	24.0	30.5
Other current liabilities	9.3	1.4
Total current liabilities	1,053.3	967.3
Operating lease liabilities	146.7	170.3
Accrued compensation	20.1	21.0
Deferred tax liabilities, net	27.2	27.6
Long-term debt	1,072.6	698.6
Deferred revenue	21.0	22.4
Income tax payable	13.1	11.7
Other long-term liabilities	14.3	11.4
Total liabilities	2,368.3	1,930.3
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 39,740,881 and 42,869,380 shares were outstanding as of December 31, 2025 and December 31, 2024, respectively	0.0	0.0
Treasury stock at cost, 15,277,454 and 12,010,630 shares as of December 31, 2025 and December 31, 2024 respectively	(1,785.7)	(993.9)
Additional paid-in capital	869.5	822.7
Retained earnings	2,206.2	1,909.2
Accumulated other comprehensive loss:
Currency translation adjustment	(68.1)	(119.3)
Unrealized gain on available-for-sale investments, net of tax	0.0	(0.1)
Total accumulated other comprehensive loss	(68.1)	(119.4)
Total equity	1,221.9	1,618.6
Total liabilities and equity	$ 3,590.2	$ 3,548.9