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Morningstar MORN Morningstar Retirement Segment — Consolidated revenue

Other segment segments

Morningstar Data and Analytics Segment
$222.1M+6.2%
PitchBook Segment
$174.7M+4.9%
Morningstar Wealth Segment
$104.9M+23.4%
Corporate and Other
$63.3M+32.7%
Morningstar Credit Segment
$60.3M-6.2%

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Other financials

Income statement

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Revenue$663.2M+9.6%
Gross profit$423.9M+13.2%
Operating income$160.6M+28.4%
Net income$107.8M+21.1%
EPS (diluted)$2.83+35.4%

Balance sheet

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Cash & equivalents$489.5M-2.8%
Total debt$1.9B+86.0%
Total equity$1.0B-36.6%
Total assets$3.9B+8.7%

Cash flow

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Operating cash flow$155.7M+57.3%
CapEx$33.2M-9.3%
Free cash flow$122.5M+96.3%

Valuation

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Market cap$7.48B-32.8%
Enterprise value$8.91B-23.4%
P/E17.7×-9.8×
P/S2.9×-1.8×

Profitability

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Gross margin62.2%+1.3pp
Operating margin23.5%+1.3pp
Net margin16.4%-0.8pp
FCF margin19.4%+2.8pp

Returns & leverage

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Return on equity32%+5.4pp
Debt / equity1.9×+1.2×
Current ratio1.1×-0.1×

Where this comes from

Reported directly by Morningstar in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Morningstar’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:27 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001289419-26-000041
(in millions)Morningstar Direct PlatformPitch BookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
License-based$220.6$172.7$6.4$13.5$0.4$413.6
Asset-based37.637.575.1
Transaction-based1.52.098.59.2111.2
Total segment revenue222.1174.7104.960.337.9599.9
Less:
Compensation expense(1)64.679.349.924.812.4
Other segment items(2)57.242.416.527.66.1
Adjusted operating income$100.3$53.0$38.5$7.9$19.4$219.1

Item 1.Financial Statements

FAQ

What is Morningstar's morningstar retirement segment — consolidated revenue?
Morningstar (MORN) reported morningstar retirement segment — consolidated revenue of $37.9M in Q2 2026.
How has Morningstar's morningstar retirement segment — consolidated revenue changed year-over-year?
Morningstar's morningstar retirement segment — consolidated revenue increased by 17.0% year-over-year, from $32.4M to $37.9M.
What is the long-term trend for Morningstar's morningstar retirement segment — consolidated revenue?
Over 4 years (2021 to 2025), Morningstar's morningstar retirement segment — consolidated revenue has grown at a 7.1% compound annual growth rate (CAGR), from $104.6M to $137.6M.
What does morningstar retirement segment — consolidated revenue mean?
Represents the total gross income generated by the retirement segment from its core business activities, including research, data, and advisory services. It is a primary indicator of the segment's market demand and its ability to scale its retirement-focused product offerings.

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