Morningstar, Inc. (MORN)

NASDAQ: MORN · Real-Time Price · USD

209.40

-6.36 (-2.95%)

At close: Sep 4, 2026, 4:00 PM EDT

209.53

+0.13 (0.06%)

After-hours: Sep 4, 2026, 7:30 PM EDT

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	Jun '26 Jun 30, 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	1.77B	1.72B	1.63B
Asset-Based Revenue	366.80M	343.00M	333.20M
Transaction-Based Revenue	426.90M	383.30M	316.80M
Revenue (Total)	2.57B	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	Jun '26 Jun 30, 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	859.50M	830.60M	788.10M
PitchBook Revenue (Post-FY2023 Reporting)	688.70M	671.80M	618.40M
Morningstar Credit Revenue	402.30M	354.40M	291.10M
Morningstar Wealth Revenue	244.10M	251.40M	248.40M
Morningstar Retirement Revenue (Post-FY2023 Reporting)	149.00M	137.60M	127.10M
Corporate and All Other Revenue	222.90M	199.70M	202.00M
Revenue (Total)	2.57B	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	Jun '26 Jun 30, 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)	2.57B	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	Jun '26 Jun 30, 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	377.30M	369.40M	355.40M
PitchBook Adjusted Operating Income (Post-FY2023 Reporting)	209.60M	210.10M	186.40M
Morningstar Credit Adjusted Operating Income	142.60M	114.80M	75.60M
Morningstar Wealth Adjusted Operating Income	20.90M	9.60M	-9.30M
Morningstar Retirement Adjusted Operating Income (Post-FY2023 Reporting)	76.90M	67.70M	65.60M
Corporate and All Other Adjusted Operating Income	-168.70M	-188.70M	-179.90M
Operating Income (Other)	-54.70M	-56.30M	-9.00M
Operating Income (Total)	603.90M	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	Jun '26 Jun 30, 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	194.40B	190.40B	160.40B
Fiduciary Services Assets Under Management / Advisement	71.00B	72.80B	65.80B
Custom Models / CIT Assets Under Management / Advisement	45.60B	42.00B	49.70B
Total Workplace Solutions Assets Under Management / Advisement	311.00B	305.20B	275.90B
Morningstar Managed Portfolios Assets Under Management / Advisement	55.30B	51.80B	43.80B
Institutional Asset Management Assets Under Management / Advisement	5.70B	5.90B	7.00B
Asset Allocation Services Assets Under Management / Advisement	2.80B	15.10B	11.50B
Total Investment Management Assets Under Management / Advisement	63.80B	72.80B	62.30B
Asset Value Linked to Morningstar Indexes	3.61T	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%