Morningstar Inc., a prominent provider of independent investment insights, announced its second-quarter 2025 financial results, highlighting a revenue increase of 5.8% to $605.1 million, compared to the same period last year. On an organic basis, revenue grew 5.9%. The company's reported operating income saw a significant rise of 15.3% to $125.1 million, while adjusted operating income increased by 9.5%. Diluted net income per share surged 30.6% to $2.09, and the adjusted diluted net income per share rose 19.4% to $2.40. The revenue growth was primarily driven by PitchBook, the Morningstar Direct Platform, and Morningstar Credit. Despite these gains, cash provided by operating activities decreased by 35.2% to $99.0 million, and free cash flow fell by 48.3% to $62.4 million. In addition, the company repurchased 398,442 shares for a total of $112.0 million. Year-to-date financial highlights revealed a 6.5% increase in reported revenue to $1.2 billion, with organic revenue climbing 7.5%. Reported operating income increased by 18.9% to $239.2 million, and adjusted operating income rose by 15.3%. Diluted net income per share increased by 26.5% to $3.91, and adjusted diluted net income per share increased by 23.8% to $4.63. However, cash provided by operating activities decreased by 22.9% to $190.0 million, and free cash flow decreased by 32.8% to $121.2 million. The company repurchased 766,641 shares for $221.6 million in total. Corporate and All Other segments contributed $47.7 million to consolidated revenue but negatively impacted growth, with a reported revenue decrease of 4.2% due to a decline in Morningstar Sustainalytics revenue. This decline was attributed to the streamlining of the licensed-ratings offering and lower revenues for ESG Risk Ratings, partly due to vendor consolidation. Morningstar Indexes revenue also saw a modest decline, primarily driven by outflows and lower AUMA for certain higher-margin products, though partially offset by increased licensed data revenue.