Morningstar, Inc. (MORN)
NASDAQ: MORN · Real-Time Price · USD
184.17
+11.56 (6.70%)
Jul 27, 2026, 1:34 PM EDT - Market open
Revenue Breakdown
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | 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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 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 | 1.75B | 1.72B | 1.63B | ||||||||||||
Asset-Based Revenue | 352.40M | 343.00M | 333.20M | ||||||||||||
Transaction-Based Revenue | 409.90M | 383.30M | 316.80M | ||||||||||||
Revenue (Total) | 2.51B | 2.45B | 2.28B |
Revenue Breakdown 3
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | 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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 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 | 846.60M | 830.60M | 788.10M | ||||||||||||
PitchBook Revenue (Post-FY2023 Reporting) | 680.50M | 671.80M | 618.40M | ||||||||||||
Morningstar Credit Revenue | 382.40M | 354.40M | 291.10M | ||||||||||||
Morningstar Wealth Revenue | 248.10M | 251.40M | 248.40M | ||||||||||||
Morningstar Retirement Revenue (Post-FY2023 Reporting) | 143.50M | 137.60M | 127.10M | ||||||||||||
Corporate and All Other Revenue | 207.30M | 199.70M | 202.00M | ||||||||||||
Revenue (Total) | 2.51B | 2.45B | 2.28B |
Revenue by Geography
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | 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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 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 | - | 1.75B | 1.64B | ||||||||||||
Asia Revenue | - | 48.00M | 49.60M | ||||||||||||
Australia Revenue | - | 65.30M | 62.40M | ||||||||||||
Canada Revenue | - | 154.90M | 140.40M | ||||||||||||
Continental Europe Revenue | - | 219.60M | 203.80M | ||||||||||||
United Kingdom Revenue | - | 189.80M | 167.40M | ||||||||||||
Other Regional Revenue | - | 13.00M | 12.70M | ||||||||||||
Total International Revenue | - | 690.60M | 636.30M | ||||||||||||
Revenue (Total) | 2.51B | 2.45B | 2.28B |
Adjusted EBIT
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | 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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 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 | 373.30M | 369.40M | 355.40M | ||||||||||||
PitchBook Adjusted Operating Income (Post-FY2023 Reporting) | 209.40M | 210.10M | 186.40M | ||||||||||||
Morningstar Credit Adjusted Operating Income | 134.60M | 114.80M | 75.60M | ||||||||||||
Morningstar Wealth Adjusted Operating Income | 16.00M | 9.60M | -9.30M | ||||||||||||
Morningstar Retirement Adjusted Operating Income (Post-FY2023 Reporting) | 72.90M | 67.70M | 65.60M | ||||||||||||
Corporate and All Other Adjusted Operating Income | -180.10M | -188.70M | -179.90M | ||||||||||||
Operating Income (Other) | -57.70M | -56.30M | -9.00M | ||||||||||||
Operating Income (Total) | 568.40M | 526.60M | 484.80M |
Key Performance Indicators
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Year | TTM | FY 2025 | 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 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 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 | 191.70B | 190.40B | 160.40B | ||||||||||||
Fiduciary Services Assets Under Management / Advisement | 73.50B | 72.80B | 65.80B | ||||||||||||
Custom Models / CIT Assets Under Management / Advisement | 44.80B | 42.00B | 49.70B | ||||||||||||
Total Workplace Solutions Assets Under Management / Advisement | 310.00B | 305.20B | 275.90B | ||||||||||||
Morningstar Managed Portfolios Assets Under Management / Advisement | 51.90B | 51.80B | 43.80B | ||||||||||||
Institutional Asset Management Assets Under Management / Advisement | 5.90B | 5.90B | 7.00B | ||||||||||||
Asset Allocation Services Assets Under Management / Advisement | 2.60B | 15.10B | 11.50B | ||||||||||||
Total Investment Management Assets Under Management / Advisement | 60.40B | 72.80B | 62.30B | ||||||||||||
Asset Value Linked to Morningstar Indexes | 3.17T | 252.30B | 210.90B | ||||||||||||
Average Assets Under Management / Advisement | - | 355.70B | 312.40B | ||||||||||||
PitchBook Platform Licenses | - | 113.45K | 113.45K | ||||||||||||
Morningstar Direct Licenses | - | 18.78K | 18.76K | ||||||||||||
Morningstar Investor Memberships | - | 96.79K | 97.31K | ||||||||||||
Revenue Renewal Rates for License-Based Products and Services | - | 101.00% | 100.00% |