Morningstar MORN Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Consolidated revenue by Business | ||||||
| Morningstar Credit Segment | $58M-44.9% | $105.3M+69.6% | $62.1M-3.4% | $64.3M+4.9% | $61.3M-43.1% | |
| Morningstar Data and Analytics Segment | $215.2M+1.9% | $211.1M0.0% | $211.1M+0.9% | $209.2M+5.0% | $199.2M+1.6% | |
| Morningstar Retirement Segment | $38.8M+1.8% | $38.1M+11.4% | $34.2M+5.6% | $32.4M-1.5% | $32.9M-2.1% | |
| Morningstar Wealth Segment | $101M+58.6% | $63.7M-30.1% | $91.1M+7.2% | $85M+16.4% | $73M+84.3% | |
| PitchBook Segment | $172.4M-0.1% | $172.6M+2.1% | $169M+1.5% | $166.5M+1.7% | $163.7M+0.7% | |
| Consolidated revenue by Product | ||||||
| Asset-based | $95.1M+5.4% | $90.2M+6.5% | $84.7M+2.8% | $82.4M-3.9% | $85.7M-2.3% | |
| License-based | $444.9M+1.6% | $437.8M+0.6% | $435M+1.5% | $428.4M+2.5% | $418M+0.9% | |
| Transaction-based | $104.8M-7.3% | $113.1M+15.8% | $97.7M+3.6% | $94.3M+20.6% | $78.2M-12.0% | |
| Revenue by Geography | ||||||
| Australia | $18.1M+4.6% | $17.3M+3.6% | $16.7M+3.1% | $16.2M+7.3% | $15.1M-1.9% | |
| Canada | $42.7M+1.2% | $42.2M+2.9% | $41M+6.2% | $38.6M+16.6% | $33.1M-10.5% | |
| Continental Europe | $57M-3.2% | $58.9M+6.9% | $55.1M+0.2% | $55M+8.7% | $50.6M-3.4% | |
| GB | $49.2M-1.0% | $49.7M+3.1% | $48.2M0.0% | $48.2M+10.3% | $43.7M-1.6% | |
| Other | $4M+17.6% | $3.4M+3.0% | $3.3M0.0% | $3.3M+10.0% | $3M-14.3% | |
| United Kingdom | $11.8M+2.6% | $11.5M-7.3% | $12.4M+1.6% | $12.2M+2.5% | $11.9M-0.8% | |
| United States | $462M+0.9% | $458.1M+3.9% | $440.7M+2.1% | $431.6M+1.7% | $424.5M-0.4% |
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.
