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% | |
| Reportable Segment Profitability by Business | ||||||
| Corporate and Other | -$30.6M+39.8% | -$50.8M-15.2% | -$44.1M+19.2% | -$54.6M-39.3% | -$39.2M+20.2% | |
| Morningstar Credit Segment | $5.6M-94.9% | $109.5M+3,432% | $3.1M+3.3% | $3M+475% | -$800K-101% | |
| Morningstar Data and Analytics Segment | $91M-1.4% | $92.3M-1.5% | $93.7M-2.7% | $96.3M+10.6% | $87.1M+1.9% | |
| Morningstar Retirement Segment | $19.8M-4.8% | $20.8M+23.1% | $16.9M+9.7% | $15.4M+5.5% | $14.6M-15.1% | |
| Morningstar Wealth Segment | $41.2M— | —— | $28.1M-7.9% | $30.5M+42.5% | $21.4M+133% | |
| PitchBook Segment | $51.6M-1.0% | $52.1M-1.5% | $52.9M+0.2% | $52.8M+1.0% | $52.3M+7.4% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Morningstar Credit Segment | $27.5M— | —— | $32M-1.8% | $32.6M+2.2% | $31.9M— | |
| Morningstar Data and Analytics Segment | $55.6M-6.4% | $59.4M+4.8% | $56.7M+3.7% | $54.7M+0.6% | $54.4M-3.0% | |
| Morningstar Retirement Segment | $7M+16.7% | $6M+3.4% | $5.8M+1.8% | $5.7M-14.9% | $6.7M+42.6% | |
| Morningstar Wealth Segment | $15.4M-82.6% | $88.4M+514% | $14.4M+7.5% | $13.4M+2.3% | $13.1M-86.3% | |
| PitchBook Segment | $41.4M+2.2% | $40.5M+3.6% | $39.1M+4.5% | $37.4M+5.9% | $35.3M-14.1% | |
| Compensation Expense, Excluding Cost of Good and Service Sold by Business | ||||||
| Morningstar Credit Segment | $24.9M-73.9% | $95.3M+253% | $27M-5.9% | $28.7M-5.0% | $30.2M-56.1% | |
| Morningstar Data and Analytics Segment | $68.6M+15.5% | $59.4M-2.1% | $60.7M+4.3% | $58.2M+0.9% | $57.7M+6.1% | |
| Morningstar Retirement Segment | $12M+6.2% | $11.3M-1.7% | $11.5M+1.8% | $11.3M-2.6% | $11.6M-0.9% | |
| Morningstar Wealth Segment | $44.4M— | —— | $48.6M+18.2% | $41.1M+6.8% | $38.5M+343% | |
| PitchBook Segment | $79.4M-0.8% | $80M+3.9% | $77M+0.9% | $76.3M+0.3% | $76.1M+4.7% | |
| Foreign currency translation and other by Business | ||||||
| Corporate and Other | -$100K-200% | $100K— | —— | $600K+100% | $300K0.0% | |
| Morningstar Credit Segment | -$900K-280% | $500K— | —— | $3.9M+179% | $1.4M-57.6% | |
| Morningstar Data and Analytics Segment | -$3.3M-650% | $600K— | —— | $11.3M+131% | $4.9M+25.6% | |
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | $1.1M+127% | -$4M-3,900% | -$100K-108% | $1.3M+225% | $400K-42.9% | |
| PitchBook Segment | $0— | $0— | $0— | $0— | $0— | |
| Goodwill, Acquired During Period by Business | ||||||
| Corporate and Other | $139.6M— | $0— | $0— | $0— | $0— | |
| Morningstar Credit Segment | $0— | —— | —— | —— | $9.7M— | |
| Morningstar Data and Analytics Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | $0— | $0— | $0— | $0— | $0— | |
| PitchBook Segment | $0— | —— | —— | —— | $22.4M— | |
| Depreciation by Business | ||||||
| Corporate and Other | $9.9M+141% | $4.1M-4.7% | $4.3M-10.4% | $4.8M-5.9% | $5.1M+4.1% | |
| Morningstar Credit Segment | $1.6M— | —— | $3M-31.8% | $4.4M-2.2% | $4.5M— | |
| Morningstar Data and Analytics Segment | $9.5M-16.7% | $11.4M+0.9% | $11.3M+0.9% | $11.2M+3.7% | $10.8M+3.8% | |
| Morningstar Retirement Segment | $2.3M-8.0% | $2.5M-3.8% | $2.6M-3.7% | $2.7M+3.8% | $2.6M+8.3% | |
| Morningstar Wealth Segment | $1.4M-84.3% | $8.9M+345% | $2M0.0% | $2M0.0% | $2M-84.3% | |
| PitchBook Segment | $7.9M-12.2% | $9M+3.4% | $8.7M+7.4% | $8.1M+3.8% | $7.8M-8.2% | |
| Goodwill by Business | ||||||
| Corporate and Other | $209.6M+199% | $70.1M+0.1% | $70M-0.1% | $70.1M+0.9% | $69.5M+0.4% | |
| Morningstar Credit Segment | $118.7M-0.8% | $119.6M+0.4% | $119.1M-0.9% | $120.2M+3.4% | $116.3M+10.6% | |
| Morningstar Data and Analytics Segment | $605.3M-0.5% | $608.6M+0.1% | $608M-0.4% | $610.2M+1.9% | $598.9M+0.8% | |
| Morningstar Retirement Segment | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | |
| Morningstar Wealth Segment | $91.4M+1.2% | $90.3M-4.2% | $94.3M-0.1% | $94.4M+1.4% | $93.1M+0.4% | |
| PitchBook Segment | $628.7M0.0% | $628.7M-0.2% | $629.8M0.0% | $629.8M0.0% | $629.8M+3.7% | |
| 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 Product | ||||||
| Morningstar Indexes | $32.8M+45.8% | $22.5M+3.2% | $21.8M+6.9% | $20.4M-11.3% | $23M+3.6% | |
| Sustainalytics | $26.6M-4.3% | $27.8M-1.1% | $28.1M+2.9% | $27.3M-5.2% | $28.8M-2.0% | |
| 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% | |
| Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively by Geography | ||||||
| Australia | $1M-9.1% | $1.1M-15.4% | $1.3M-13.3% | $1.5M0.0% | $1.5M-6.3% | |
| Canada | $17.6M-1.7% | $17.9M+2.9% | $17.4M-1.1% | $17.6M+44.3% | $12.2M+84.8% | |
| Continental Europe | $5.8M-7.9% | $6.3M0.0% | $6.3M-3.1% | $6.5M+14.0% | $5.7M+7.5% | |
| Other | $200K-33.3% | $300K+50.0% | $200K0.0% | $200K-33.3% | $300K+50.0% | |
| United Kingdom | $27.7M+21.5% | $22.8M+83.9% | $12.4M+26.5% | $9.8M+8.9% | $9M-6.3% | |
| United States | $177.8M-0.4% | $178.6M-2.6% | $183.3M-0.5% | $184.3M-1.5% | $187.2M-1.2% | |
| Operating lease assets by Geography | ||||||
| Australia | $1.3M-13.3% | $1.5M-11.8% | $1.7M-15.0% | $2M-9.1% | $2.2M-8.3% | |
| Canada | $8.3M+6.4% | $7.8M+16.4% | $6.7M-1.5% | $6.8M-2.9% | $7M-9.1% | |
| Continental Europe | $15.4M-6.7% | $16.5M+1.9% | $16.2M-5.3% | $17.1M-5.5% | $18.1M-5.2% | |
| Other | $600K0.0% | $600K0.0% | $600K+500% | $100K0.0% | $100K-50.0% | |
| United Kingdom | $57.5M+18.1% | $48.7M-2.0% | $49.7M+19.2% | $41.7M-2.1% | $42.6M-3.6% | |
| United States | $75.4M+0.7% | $74.9M-5.2% | $79M-6.9% | $84.9M-4.4% | $88.8M-4.4% |
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.
