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Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
207.40
-4.55 (-2.15%)
At close: Nov 17, 2025, 4:00 PM EST
211.51
+4.11 (1.98%)
After-hours: Nov 17, 2025, 4:18 PM EST

Revenue Breakdown

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
License-Based Revenue
1.70B1.63B
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Asset-Based Revenue
340.50M333.20M
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Transaction-Based Revenue
359.10M316.80M
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Revenue (Total)
2.40B2.28B
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Revenue Breakdown 2

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
PitchBook Revenue
--
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Morningstar Data Revenue
--
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DBRS Morningstar Revenue
--
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Morningstar Direct Revenue
--
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Investment Management Revenue
--
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Morningstar Sustainalytics Revenue
--
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Morningstar Retirement Revenue
--
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Morningstar Advisor Workstation Revenue
--
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Revenue (Total)
2.40B2.28B
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Revenue Breakdown 3

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
Morningstar Data and Analytics Revenue
815.50M788.10M
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PitchBook Revenue (Post-FY2023 Reporting)
661.70M618.40M
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Morningstar Credit Revenue
331.40M291.10M
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Morningstar Wealth Revenue
252.70M248.40M
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Morningstar Retirement Revenue (Post-FY2023 Reporting)
133.10M127.10M
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Corporate and All Other Revenue
201.00M202.00M
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Revenue (Total)
2.40B2.28B
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Revenue by Geography

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
United States Revenue
--
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Asia Revenue
--
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Australia Revenue
--
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Canada Revenue
--
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Continental Europe Revenue
--
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United Kingdom Revenue
--
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Other Regional Revenue
--
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Total International Revenue
--
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Revenue (Other)
2.40B2.28B
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Revenue (Total)
2.40B2.28B
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Adjusted EBIT

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
Morningstar Data and Analytics Adjusted Operating Income
362.60M355.40M
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PitchBook Adjusted Operating Income (Post-FY2023 Reporting)
206.70M186.40M
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Morningstar Credit Adjusted Operating Income
100.20M75.60M
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Morningstar Wealth Adjusted Operating Income
4.50M-9.30M
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Morningstar Retirement Adjusted Operating Income (Post-FY2023 Reporting)
64.10M65.60M
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Corporate and All Other Adjusted Operating Income
-187.00M-179.90M
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Operating Income (Other)
-15.90M-9.00M
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Operating Income (Total)
535.20M484.80M
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Key Performance Indicators

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
TTMFY 2024FY 2023FY 2022FY 20212011 - 2020
Period Ending
Sep '25 Dec '24 Dec '23 Dec '22 Dec '21 2011 - 2020
Managed Accounts Assets Under Management / Advisement
184.10B160.40B
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Fiduciary Services Assets Under Management / Advisement
68.20B65.80B
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Custom Models / CIT Assets Under Management / Advisement
45.50B49.70B
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Total Workplace Solutions Assets Under Management / Advisement
297.80B275.90B
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Morningstar Managed Portfolios Assets Under Management / Advisement
50.40B43.80B
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Institutional Asset Management Assets Under Management / Advisement
6.00B7.00B
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Asset Allocation Services Assets Under Management / Advisement
14.40B11.50B
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Total Investment Management Assets Under Management / Advisement
70.80B62.30B
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Asset Value Linked to Morningstar Indexes
237.50B210.90B
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Average Assets Under Management / Advisement
-312.40B
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PitchBook Platform Licenses
-125.49K
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Morningstar Direct Licenses
-18.76K
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Morningstar Investor Memberships
-97.31K
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Revenue Renewal Rates for License-Based Products and Services
-100.00%
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Updated Oct 29, 2025. Data Source: Fiscal.ai.