Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
155.35
-6.13 (-3.80%)
At close: Feb 11, 2026, 4:00 PM EST
156.00
+0.65 (0.42%)
After-hours: Feb 11, 2026, 7:55 PM EST
Revenue Breakdown
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
License-Based Revenue | 1.70B | 1.63B | 1.52B | |||||||||||
License-Based Revenue Growth | 4.35% | 7.09% | 13.95% | |||||||||||
Asset-Based Revenue | 340.50M | 333.20M | 279.60M | |||||||||||
Asset-Based Revenue Growth | 2.19% | 19.17% | 3.79% | |||||||||||
Transaction-Based Revenue | 359.10M | 316.80M | 241.50M | |||||||||||
Transaction-Based Revenue Growth | 13.35% | 31.18% | -10.39% | |||||||||||
Revenue (Total) | 2.40B | 2.28B | 2.04B | |||||||||||
Revenue (Total) Growth | 5.29% | 11.60% | 8.98% |
Revenue Breakdown 2
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
PitchBook Revenue | - | - | 493.40M | |||||||||||
PitchBook Revenue Growth | - | - | 21.02% | |||||||||||
Morningstar Data Revenue | - | - | 281.20M | |||||||||||
Morningstar Data Revenue Growth | - | - | 10.27% | |||||||||||
DBRS Morningstar Revenue | - | - | 215.40M | |||||||||||
DBRS Morningstar Revenue Growth | - | - | -9.08% | |||||||||||
Morningstar Direct Revenue | - | - | 201.90M | |||||||||||
Morningstar Direct Revenue Growth | - | - | 9.25% | |||||||||||
Investment Management Revenue | - | - | 122.60M | |||||||||||
Investment Management Revenue Growth | - | - | 4.25% | |||||||||||
Morningstar Sustainalytics Revenue | - | - | 117.80M | |||||||||||
Morningstar Sustainalytics Revenue Growth | - | - | 14.37% | |||||||||||
Morningstar Retirement Revenue | - | - | 110.20M | |||||||||||
Morningstar Retirement Revenue Growth | - | - | 6.27% | |||||||||||
Morningstar Advisor Workstation Revenue | - | - | 100.00M | |||||||||||
Morningstar Advisor Workstation Revenue Growth | - | - | 4.82% | |||||||||||
Revenue (Total) | 2.40B | 2.28B | 2.04B | |||||||||||
Revenue (Total) Growth | 5.29% | 11.60% | 8.98% |
Revenue Breakdown 3
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
Morningstar Data and Analytics Revenue | 815.50M | 788.10M | 747.20M | |||||||||||
Morningstar Data and Analytics Revenue Growth | 3.48% | 5.47% | 7.26% | |||||||||||
PitchBook Revenue (Post-FY2023 Reporting) | 661.70M | 618.40M | 551.90M | |||||||||||
PitchBook Revenue (Post-FY2023 Reporting) Growth | 7.00% | 12.05% | 22.45% | |||||||||||
Morningstar Credit Revenue | 331.40M | 291.10M | 215.40M | |||||||||||
Morningstar Credit Revenue Growth | 13.84% | 35.14% | -9.08% | |||||||||||
Morningstar Wealth Revenue | 252.70M | 248.40M | 229.90M | |||||||||||
Morningstar Wealth Revenue Growth | 1.73% | 8.05% | 0.44% | |||||||||||
Morningstar Retirement Revenue (Post-FY2023 Reporting) | 133.10M | 127.10M | 110.50M | |||||||||||
Morningstar Retirement Revenue (Post-FY2023 Reporting) Growth | 4.72% | 15.02% | 6.25% | |||||||||||
Corporate and All Other Revenue | 201.00M | 202.00M | 183.70M | |||||||||||
Corporate and All Other Revenue Growth | -0.50% | 9.96% | 19.67% | |||||||||||
Revenue (Total) | 2.40B | 2.28B | 2.04B | |||||||||||
Revenue (Total) Growth | 5.29% | 11.60% | 8.98% |
Revenue by Geography
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
United States Revenue | - | - | 1.47B | |||||||||||
United States Revenue Growth | - | - | 8.62% | |||||||||||
Asia Revenue | - | - | 49.30M | |||||||||||
Asia Revenue Growth | - | - | 10.04% | |||||||||||
Australia Revenue | - | - | 58.40M | |||||||||||
Australia Revenue Growth | - | - | 4.66% | |||||||||||
Canada Revenue | - | - | 116.30M | |||||||||||
Canada Revenue Growth | - | - | 5.92% | |||||||||||
Continental Europe Revenue | - | - | 185.50M | |||||||||||
Continental Europe Revenue Growth | - | - | 13.87% | |||||||||||
United Kingdom Revenue | - | - | 148.00M | |||||||||||
United Kingdom Revenue Growth | - | - | 10.78% | |||||||||||
Other Regional Revenue | - | - | 10.50M | |||||||||||
Other Regional Revenue Growth | - | - | 7.14% | |||||||||||
Total International Revenue | - | - | 568.00M | |||||||||||
Total International Revenue Growth | - | - | 9.93% | |||||||||||
Revenue (Total) | 2.40B | 2.28B | 2.04B | |||||||||||
Revenue (Total) Growth | 5.29% | 11.60% | 8.98% |
Adjusted EBIT
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
Morningstar Data and Analytics Adjusted Operating Income | 362.60M | 355.40M | 339.80M | |||||||||||
Morningstar Data and Analytics Adjusted Operating Income Growth | 2.03% | 4.59% | 8.46% | |||||||||||
PitchBook Adjusted Operating Income (Post-FY2023 Reporting) | 206.70M | 186.40M | 148.10M | |||||||||||
PitchBook Adjusted Operating Income (Post-FY2023 Reporting) Growth | 10.89% | 25.86% | 107.13% | |||||||||||
Morningstar Credit Adjusted Operating Income | 100.20M | 75.60M | 21.70M | |||||||||||
Morningstar Credit Adjusted Operating Income Growth | 32.54% | 248.39% | -63.28% | |||||||||||
Morningstar Wealth Adjusted Operating Income | 4.50M | -9.30M | -40.40M | |||||||||||
Morningstar Retirement Adjusted Operating Income (Post-FY2023 Reporting) | 64.10M | 65.60M | 54.10M | |||||||||||
Morningstar Retirement Adjusted Operating Income (Post-FY2023 Reporting) Growth | -2.29% | 21.26% | 5.25% | |||||||||||
Corporate and All Other Adjusted Operating Income | -187.00M | -179.90M | -196.80M | |||||||||||
Operating Income (Other) | -15.90M | -9.00M | -95.90M | |||||||||||
Operating Income (Total) | 535.20M | 484.80M | 230.60M | |||||||||||
Operating Income (Total) Growth | 10.40% | 110.23% | 37.43% |
Key Performance Indicators
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 | Dec '20 Dec 31, 2020 | Dec '19 Dec 31, 2019 | Dec '18 Dec 31, 2018 | Dec '17 Dec 31, 2017 | Dec '16 Dec 31, 2016 | Dec '15 Dec 31, 2015 | Dec '14 Dec 31, 2014 | Dec '13 Dec 31, 2013 | Dec '12 Dec 31, 2012 |
Managed Accounts Assets Under Management / Advisement | 184.10B | 160.40B | 134.80B | |||||||||||
Managed Accounts Assets Under Management / Advisement Growth | 14.78% | 18.99% | 23.33% | |||||||||||
Fiduciary Services Assets Under Management / Advisement | 68.20B | 65.80B | 56.20B | |||||||||||
Fiduciary Services Assets Under Management / Advisement Growth | 3.65% | 17.08% | 11.51% | |||||||||||
Custom Models / CIT Assets Under Management / Advisement | 45.50B | 49.70B | 39.40B | |||||||||||
Custom Models / CIT Assets Under Management / Advisement Growth | -8.45% | 26.14% | 12.89% | |||||||||||
Total Workplace Solutions Assets Under Management / Advisement | 297.80B | 275.90B | 230.40B | |||||||||||
Total Workplace Solutions Assets Under Management / Advisement Growth | 7.94% | 19.75% | 18.40% | |||||||||||
Morningstar Managed Portfolios Assets Under Management / Advisement | 50.40B | 43.80B | 38.70B | |||||||||||
Morningstar Managed Portfolios Assets Under Management / Advisement Growth | 15.07% | 13.18% | 18.71% | |||||||||||
Institutional Asset Management Assets Under Management / Advisement | 6.00B | 7.00B | 7.70B | |||||||||||
Institutional Asset Management Assets Under Management / Advisement Growth | -14.29% | -9.09% | -21.43% | |||||||||||
Asset Allocation Services Assets Under Management / Advisement | 14.40B | 11.50B | 9.10B | |||||||||||
Asset Allocation Services Assets Under Management / Advisement Growth | 25.22% | 26.37% | 7.06% | |||||||||||
Total Investment Management Assets Under Management / Advisement | 70.80B | 62.30B | 55.50B | |||||||||||
Total Investment Management Assets Under Management / Advisement Growth | 13.64% | 12.25% | 9.04% | |||||||||||
Asset Value Linked to Morningstar Indexes | 237.50B | 210.90B | 176.70B | |||||||||||
Asset Value Linked to Morningstar Indexes Growth | 12.61% | 19.36% | 19.63% | |||||||||||
Average Assets Under Management / Advisement | - | 312.40B | 261.40B | |||||||||||
Average Assets Under Management / Advisement Growth | - | 19.51% | 3.08% | |||||||||||
PitchBook Platform Licenses | - | 125.49K | 107.84K | |||||||||||
PitchBook Platform Licenses Growth | - | 16.37% | 13.96% | |||||||||||
Morningstar Direct Licenses | - | 18.76K | 18.56K | |||||||||||
Morningstar Direct Licenses Growth | - | 1.07% | 0.77% | |||||||||||
Morningstar Investor Memberships | - | 97.31K | 100.11K | |||||||||||
Morningstar Investor Memberships Growth | - | -2.80% | -7.65% | |||||||||||
Revenue Renewal Rates for License-Based Products and Services | - | 100.00% | 103.00% |
Updated Oct 30, 2025. Data Source: Fiscal.ai.