Morningstar MORN Business Segments
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Consolidated revenue by Business | ||||||
| Morningstar Credit Segment | $60.3M-6.2% | $58M-5.4% | $105.3M+27.9% | $62.1M-12.4% | $64.3M-17.1% | |
| Morningstar Data and Analytics Segment | $222.1M+6.2% | $215.2M+8.0% | $211.1M+7.7% | $211.1M+6.3% | $209.2M+6.2% | |
| Morningstar Retirement Segment | $37.9M+17.0% | $38.8M+17.9% | $38.1M+13.4% | $34.2M+7.5% | $32.4M-2.7% | |
| Morningstar Wealth Segment | $104.9M+23.4% | $101M+38.4% | $63.7M-2.0% | $91.1M+47.4% | $85M+35.8% | |
| PitchBook Segment | $174.7M+4.9% | $172.4M+5.3% | $172.6M+6.2% | $169M+7.9% | $166.5M+9.8% | |
| Consolidated revenue by Product | ||||||
| Asset-based | $96.8M+17.5% | $95.1M+11.0% | $90.2M+2.9% | $84.7M+1.1% | $82.4M-2.7% | |
| License-based | $455.1M+6.2% | $444.9M+6.4% | $437.8M+5.6% | $435M+6.4% | $428.4M+6.6% | |
| Transaction-based | $111.3M+18.0% | $104.8M+34.0% | $113.1M+27.2% | $97.7M+27.2% | $94.3M+10.3% | |
| Revenue by Geography | ||||||
| Australia | $19.4M+19.8% | $18.1M+19.9% | $17.3M+12.3% | $16.7M+2.5% | $16.2M+3.2% | |
| Canada | $46.6M+20.7% | $42.7M+29.0% | $42.2M+14.1% | $41M+24.2% | $38.6M+2.1% | |
| Continental Europe | $55M0.0% | $57M+12.6% | $58.9M+12.4% | $55.1M+6.8% | $55M+9.8% | |
| Canada | $47.3M-1.9% | $49.2M+12.6% | $49.7M+11.9% | $48.2M+14.5% | $48.2M+14.8% | |
| Other | $3.7M+12.1% | $4M+33.3% | $3.4M-2.9% | $3.3M+3.1% | $3.3M+10.0% | |
| United Kingdom | $12.1M-0.8% | $11.8M-0.8% | $11.5M-4.2% | $12.4M+4.2% | $12.2M-6.2% | |
| United States | $479.1M+11.0% | $462M+8.8% | $458.1M+7.5% | $440.7M+7.1% | $431.6M+5.2% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Morningstar break its business down?
- Morningstar (MORN) reports consolidated revenue by business across 5 parts — Morningstar Credit Segment, Morningstar Data and Analytics Segment, Morningstar Retirement Segment, Morningstar Wealth Segment and PitchBook Segment. Each is extracted from the segment footnotes and tracked over time.
- Where does Morningstar's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Morningstar's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
