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FOR IMMEDIATE RELEASE Morningstar , Inc. Reports Third - Quarter 2021 Financial Results CHICAGO , Oct. 27 , 2021 - Morningstar , Inc. ( Nasdaq : MORN ) , a leading provider of independent investment research , delivered strong revenue growth and cash generation in the third quarter of 2021 . Third - Quarter 2021 Financial Highlights ● " Our results reflect the myriad of opportunities we have seized to empower investor success , " said Kunal Kapoor , Morningstar's chief executive officer . " From individuals and financial advisors to institutions , issuers , and asset owners , Morningstar is uniquely positioned to deliver personalized investment solutions , enriched by the depth and breadth of the data , research , and ratings we have across public and private markets . Our solutions provide investors of any type with the information they need to make sound investment choices in pursuit of outcomes that impact their financial success , and that of the communities and causes that are important to them . " ● MORNINGSTAR ● ● News Release 22 West Washington Street Chicago Illinois 60602 ● Cash provided by operating activities increased 31.3 % to $ 122.6 million , and free cash flow also increased 30.5 % to $ 92.4 million . Year - to - Date Financial Highlights ● Telephone : +1 312 696-6000 Facsimile : +1 312 696-6009 Revenue increased 20.1 % to $ 428.9 million ; organic revenue increased 18.6 % . Operating income increased 53.0 % to $ 67.8 million ; adjusted operating income decreased 8.4 % . Diluted net income per share decreased 35.8 % to $ 1.13 versus $ 1.76 in the prior - year period , which included a $ 1.18 per share holding gain related to Morningstar's previously held equity interest in Sustainalytics . Adjusted diluted net income per share decreased 11.0 % to $ 1.38 . Revenue increased 22.6 % to $ 1.2 billion ; organic revenue growth was 16.2 % . Operating income increased 21.4 % to $ 182.2 million ; adjusted operating income increased by 17.3 % . Diluted net income per share decreased 7.9 % to $ 3.16 versus $ 3.43 in the prior - year period . Adjusted diluted net income per share increased by 27.2 % . Page 1 of 12 Cash provided by operating activities increased 16.4 % to $ 314.0 million . Free cash flow increased 12.7 % to $ 242.4 million . Excluding $ 16.6 million of M & A - related earn - out payments , operating cash and free cash flow would have grown by 22.6 % and 20.5 % , respectively .