Morningstar annual free cash flow
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2025
Morningstar Free Cash Flow (FCF) History (MORN)
Morningstar reported $442.6M in free cash flow for fiscal 2025, a decrease of 1.40% from the previous fiscal year, with a free cash flow margin of 18.10%.
View full Morningstar company overviewMorningstar free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $442.6M | −$6.3M | −1.40% | +18.10% |
| 2024 | 2024-12-31 | $448.9M | $251.6M | +127.52% | +19.73% |
| 2023 | 2023-12-31 | $197.3M | $29.0M | +17.23% | +9.68% |
| 2022 | 2022-12-31 | $168.3M | −$179.8M | −51.65% | +9.00% |
| 2021 | 2021-12-31 | $348.1M | $40.5M | +13.17% | +20.48% |
| 2020 | 2020-12-31 | $307.6M | $53.2M | +20.91% | +22.14% |
| 2019 | 2019-12-31 | $254.4M | $15.7M | +6.58% | +21.58% |
| 2018 | 2018-12-31 | $238.7M | $55.2M | +30.08% | +23.40% |
| 2017 | 2017-12-31 | $183.5M | $32.6M | +21.60% | +20.13% |
| 2016 | 2016-12-31 | $150.9M | −$33.3M | −18.08% | +18.90% |
| 2015 | 2015-12-31 | $184.2M | $105.9M | +135.25% | +23.35% |
| 2014 | 2014-12-31 | $78.3M | −$74.8M | −48.86% | +10.30% |
| 2013 | 2013-12-31 | $153.1M | $37.1M | +32.03% | +21.92% |
| 2012 | 2012-12-31 | $116.0M | −$25.7M | −18.14% | +17.61% |
| 2011 | 2011-12-31 | $141.7M | $33.0M | +30.38% | +22.43% |
| 2010 | 2010-12-31 | $108.6M | $19.8M | +22.23% | +19.56% |
| 2009 | 2009-12-31 | $88.9M | — | — | +18.56% |
Morningstar quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $122.5M | $60.1M | +96.31% | +18.47% |
| Q1 2026 | 2026-03-31 | $53.6M | −$5.2M | −8.84% | +8.31% |
| Q4 2025 | 2025-12-31 | $161.3M | $48.5M | +43.00% | +25.16% |
| Q3 2025 | 2025-09-30 | $160.1M | $4.3M | +2.76% | +25.93% |
| Q2 2025 | 2025-06-30 | $62.4M | −$58.4M | −48.34% | +10.31% |
| Q1 2025 | 2025-03-31 | $58.8M | −$700,000 | −1.18% | +10.10% |
| Q4 2024 | 2024-12-31 | $112.8M | $5.0M | +4.64% | +19.09% |
| Q3 2024 | 2024-09-30 | $155.8M | $54.4M | +53.65% | +27.36% |
| Q2 2024 | 2024-06-30 | $120.8M | $126.6M | — | +21.12% |
| Q1 2024 | 2024-03-31 | $59.5M | $65.6M | — | +10.96% |
| Q4 2023 | 2023-12-31 | $107.8M | $40.4M | +59.94% | +20.01% |
| Q3 2023 | 2023-09-30 | $101.4M | $33.0M | +48.25% | +19.67% |
| Q2 2023 | 2023-06-30 | −$5.8M | −$42.8M | — | −1.15% |
| Q1 2023 | 2023-03-31 | −$6.1M | −$1.6M | — | −1.27% |
| Q4 2022 | 2022-12-31 | $67.4M | −$38.3M | −36.23% | +14.19% |
| Q3 2022 | 2022-09-30 | $68.4M | −$24.0M | −25.97% | +14.61% |
| Q2 2022 | 2022-06-30 | $37.0M | −$71.5M | −65.90% | +7.87% |
| Q1 2022 | 2022-03-31 | −$4.5M | −$46.0M | — | −0.98% |
| Q4 2021 | 2021-12-31 | $105.7M | $13.1M | +14.15% | +22.87% |
| Q3 2021 | 2021-09-30 | $92.4M | $21.6M | +30.51% | +21.54% |
| Q2 2021 | 2021-06-30 | $108.5M | −$2.1M | −1.90% | +26.12% |
| Q1 2021 | 2021-03-31 | $41.5M | $7.9M | +23.51% | +10.57% |
| Q4 2020 | 2020-12-31 | $92.6M | $33.0M | +55.37% | +24.34% |
| Q3 2020 | 2020-09-30 | $70.8M | −$14.8M | −17.29% | +19.82% |
| Q2 2020 | 2020-06-30 | $110.6M | $41.7M | +60.52% | +33.73% |
| Q1 2020 | 2020-03-31 | $33.6M | −$6.7M | −16.63% | +10.37% |
| Q4 2019 | 2019-12-31 | $59.6M | −$24.8M | −29.38% | +17.93% |
| Q3 2019 | 2019-09-30 | $85.6M | $25.4M | +42.19% | +27.28% |
| Q2 2019 | 2019-06-30 | $68.9M | $17.1M | +33.01% | +25.16% |
| Q1 2019 | 2019-03-31 | $40.3M | −$2.0M | −4.73% | +15.57% |
| Q4 2018 | 2018-12-31 | $84.4M | $19.2M | +29.45% | +32.13% |
| Q3 2018 | 2018-09-30 | $60.2M | $10.8M | +21.86% | +23.04% |
| Q2 2018 | 2018-06-30 | $51.8M | $15.1M | +41.14% | +20.52% |
| Q1 2018 | 2018-03-31 | $42.3M | $10.1M | +31.37% | +17.37% |
| Q4 2017 | 2017-12-31 | $65.2M | $10.0M | +18.12% | +26.82% |
| Q3 2017 | 2017-09-30 | $49.4M | $7.1M | +16.78% | +21.49% |
| Q2 2017 | 2017-06-30 | $36.7M | −$18.8M | −33.87% | +16.01% |
| Q1 2017 | 2017-03-31 | $32.2M | $34.3M | — | +15.37% |
| Q4 2016 | 2016-12-31 | $55.2M | $19.7M | +55.49% | +26.01% |
| Q3 2016 | 2016-09-30 | $42.3M | −$21.0M | −33.18% | +21.57% |
| Q2 2016 | 2016-06-30 | $55.5M | −$9.3M | −14.35% | +28.00% |
| Q1 2016 | 2016-03-31 | −$2.1M | −$22.7M | — | −1.09% |
| Q4 2015 | 2015-12-31 | $35.5M | −$10.3M | −22.49% | +17.61% |
| Q3 2015 | 2015-09-30 | $63.3M | $66.7M | — | +32.41% |
| Q2 2015 | 2015-06-30 | $64.8M | $20.0M | +44.64% | +32.06% |
| Q1 2015 | 2015-03-31 | $20.6M | $29.5M | — | +10.85% |
| Q4 2014 | 2014-12-31 | $45.8M | −$3.0M | −6.22% | +23.32% |
| Q3 2014 | 2014-09-30 | −$3.4M | −$41.4M | — | −1.76% |
| Q2 2014 | 2014-06-30 | $44.8M | −$3.9M | −8.01% | +23.65% |
| Q1 2014 | 2014-03-31 | −$8.9M | −$26.5M | — | −4.91% |
| Q4 2013 | 2013-12-31 | $48.8M | $2.3M | +4.99% | +27.05% |
| Q3 2013 | 2013-09-30 | $38.0M | $5.4M | +16.69% | +21.91% |
| Q2 2013 | 2013-06-30 | $48.7M | $8.5M | +21.03% | +27.76% |
| Q1 2013 | 2013-03-31 | $17.6M | $20.9M | — | +10.40% |
| Q4 2012 | 2012-12-31 | $46.5M | −$3.5M | −7.02% | +27.27% |
| Q3 2012 | 2012-09-30 | $32.6M | −$6.3M | −16.24% | +20.24% |
| Q2 2012 | 2012-06-30 | $40.2M | −$3.2M | −7.35% | +24.24% |
| Q1 2012 | 2012-03-31 | −$3.4M | −$12.7M | — | −2.10% |
| Q4 2011 | 2011-12-31 | $50.0M | $18.6M | +59.23% | +31.55% |
| Q3 2011 | 2011-09-30 | $38.9M | — | — | +24.30% |
| Q2 2011 | 2011-06-30 | $43.4M | — | — | +26.97% |
| Q1 2011 | 2011-03-31 | $9.3M | — | — | +6.13% |
| Q3 2010 | 2010-09-30 | $31.4M | — | — | +22.47% |
Morningstar free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $307.6M to $442.6M, a compound annual growth rate of 7.55%. Morningstar's latest reported quarter, Q2 2026, generated $122.5M in free cash flow, an increase of 96.31% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Morningstar filings at SEC.gov ↗