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FOR IMMEDIATE RELEASE Morningstar , Inc. Reports Second - Quarter 2021 Financial Results MORNINGSTAR CHICAGO , July 28 , 2021 - Morningstar , Inc. ( Nasdaq : MORN ) , a leading provider of independent investment research , delivered strong revenue growth , profitability , and cash generation in the second quarter of 2021 . ● News Release 22 West Washington Street Chicago Illinois 60602 " Morningstar is meeting the moment , " said Kunal Kapoor , Morningstar's chief executive officer . " We are empowering a growing number of investors globally with the tools they need to succeed . We are leading the way across the investing spectrum , whether it be in sustainable investing , funding retirement , or navigating the complexity of venture capital markets . As investors succeed , so , too , does Morningstar . " Second - Quarter 2021 Financial Highlights ● ● Telephone : +1 312 696-6000 Facsimile : +1312 696-6009 Cash provided by operating activities decreased 0.3 % to $ 127.2 million , primarily driven by the earn - out related to Sustainalytics . Free cash flow also decreased 1.9 % to $ 108.5 million . Excluding M & A - related earn - out payments , operating cash and free cash flow would have grown by 12.7 % and 13.1 % , respectively . Year - to - Date Financial Highlights Revenue increased 26.7 % to $ 415.4 million ; organic revenue increased 16.7 % . Operating income decreased 23.0 % to $ 47.2 million ; adjusted operating income increased 21.3 % , excluding intangible amortization expense and all mergers & acquisitions ( M & A ) -related expenses and earn - outs ( primarily for Sustainalytics ) . Diluted net income per share decreased 32.1 % to $ 0.76 versus $ 1.12 in the prior - year period . Adjusted diluted net income per share increased 23.1 % to $ 1.76 , excluding intangible amortization expense and all M & A - related expenses and earn - outs . Revenue increased 24.0 % to $ 808.2 million ; organic revenue growth was 14.9 % . Operating income increased 8.1 % to $ 114.4 million ; adjusted operating income increased by 33.9 % . Diluted net income per share increased 21.6 % to $ 2.03 versus $ 1.67 in the prior - year period . Adjusted diluted net income per share increased by 53.3 % , excluding intangible amortization expense and all M & A - related expenses and earn - outs . Page 1 of 13 Cash provided by operating activities increased by 8.6 % to $ 191.4 million . Free cash flow increased by 4.0 % to $ 150.0 million . Excluding M & A - related earn - out payments , operating cash and free cash flow would have grown by 18.0 % and 15.5 % , respectively .