Morningstar MORN Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Consolidated revenue by Business | ||||||
| Morningstar Credit Segment | $289.7M-1.1% | $293M-0.8% | $295.4M+0.1% | $295.1M+0.6% | $293.4M+0.8% | |
| Morningstar Data and Analytics Segment | $846.6M+1.9% | $830.6M+1.9% | $815.5M+1.6% | $802.9M+1.6% | $790.6M+0.3% | |
| Morningstar Retirement Segment | $143.5M+4.3% | $137.6M+3.4% | $133.1M+1.8% | $130.7M-0.7% | $131.6M+3.5% | |
| Morningstar Wealth Segment | $340.8M+9.0% | $312.8M+8.3% | $288.7M+7.5% | $268.5M+2.8% | $261.1M+5.1% | |
| PitchBook Segment | $680.5M+1.3% | $671.8M+1.5% | $661.7M+1.9% | $649.3M+2.3% | $634.5M+2.6% | |
| Reportable Segment Profitability by Business | ||||||
| Corporate and Other | -$180.1M+4.6% | -$188.7M-0.9% | -$187M-0.6% | -$185.8M-4.5% | -$177.8M+1.2% | |
| Morningstar Credit Segment | $121.2M+5.6% | $114.8M+28.4% | $89.4M+4.4% | $85.6M+6.5% | $80.4M+6.3% | |
| Morningstar Data and Analytics Segment | $373.3M+1.1% | $369.4M+1.9% | $362.6M+0.6% | $360.3M+2.6% | $351.3M-1.2% | |
| Morningstar Retirement Segment | $72.9M+7.7% | $67.7M+5.6% | $64.1M0.0% | $64.1M-2.9% | $66M+0.6% | |
| PitchBook Segment | $209.4M-0.3% | $210.1M+1.6% | $206.7M+1.2% | $204.2M+2.8% | $198.7M+6.6% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Morningstar Data and Analytics Segment | $226.4M+0.5% | $225.2M+1.5% | $221.9M+1.7% | $218.2M-0.4% | $219.1M+1.2% | |
| Morningstar Retirement Segment | $24.5M+1.2% | $24.2M+5.7% | $22.9M+8.5% | $21.1M+2.4% | $20.6M+17.0% | |
| Morningstar Wealth Segment | $131.6M+1.8% | $129.3M-5.3% | $136.5M+1.1% | $135M+1.0% | $133.6M+0.4% | |
| PitchBook Segment | $158.4M+4.0% | $152.3M-0.4% | $152.9M+2.3% | $149.5M+2.2% | $146.3M+2.7% | |
| Compensation Expense, Excluding Cost of Good and Service Sold by Business | ||||||
| Morningstar Credit Segment | $175.9M-2.9% | $181.2M+17.1% | $154.7M-2.0% | $157.8M-1.6% | $160.3M-1.4% | |
| Morningstar Data and Analytics Segment | $246.9M+4.6% | $236M+2.2% | $231M+2.9% | $224.4M+1.9% | $220.2M+1.9% | |
| Morningstar Retirement Segment | $46.1M+0.9% | $45.7M-0.9% | $46.1M+1.3% | $45.5M+1.1% | $45M+2.5% | |
| PitchBook Segment | $312.7M+1.1% | $309.4M+2.4% | $302.1M+2.2% | $295.6M+2.1% | $289.5M0.0% | |
| Foreign currency translation and other by Business | ||||||
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | -$1.7M+29.2% | -$2.4M-204% | $2.3M-36.1% | $3.6M+38.5% | $2.6M+73.3% | |
| PitchBook Segment | $0— | $0— | $0— | $0— | $0— | |
| Goodwill, Acquired During Period by Business | ||||||
| Corporate and Other | $139.6M— | $0— | —— | —— | —— | |
| Morningstar Data and Analytics Segment | $0— | $0— | —— | —— | —— | |
| Morningstar Retirement Segment | $0— | $0— | —— | —— | —— | |
| Morningstar Wealth Segment | $0— | $0— | —— | —— | —— | |
| Depreciation by Business | ||||||
| Corporate and Other | $23.1M+26.2% | $18.3M-4.2% | $19.1M-2.6% | $19.6M+2.1% | $19.2M+4.9% | |
| Morningstar Data and Analytics Segment | $43.4M-2.9% | $44.7M+2.3% | $43.7M+3.6% | $42.2M+4.2% | $40.5M+6.9% | |
| Morningstar Retirement Segment | $10.1M-2.9% | $10.4M+1.0% | $10.3M+4.0% | $9.9M+1.0% | $9.8M-2.0% | |
| Morningstar Wealth Segment | $14.3M-4.0% | $14.9M-20.3% | $18.7M-1.1% | $18.9M+1.6% | $18.6M+0.5% | |
| PitchBook Segment | $33.7M+0.3% | $33.6M+1.5% | $33.1M+3.4% | $32M-0.6% | $32.2M+1.3% | |
| Goodwill by Business | ||||||
| Corporate and Other | $419.8M+50.1% | $279.7M+0.3% | $278.8M+0.1% | $278.5M+0.3% | $277.8M0.0% | |
| Morningstar Credit Segment | $477.6M+0.5% | $475.2M+3.1% | $460.8M+2.3% | $450.4M+3.0% | $437.3M+2.1% | |
| Morningstar Data and Analytics Segment | $2.43B+0.3% | $2.43B+0.6% | $2.41B+0.1% | $2.41B+0.5% | $2.4B-0.2% | |
| Morningstar Retirement Segment | $374M0.0% | $374M0.0% | $374M0.0% | $374M0.0% | $374M0.0% | |
| Morningstar Wealth Segment | $370.4M-0.5% | $372.1M-0.6% | $374.5M-0.2% | $375.2M+0.2% | $374.6M-0.1% | |
| PitchBook Segment | $2.52B0.0% | $2.52B+0.9% | $2.5B+0.9% | $2.47B+0.9% | $2.45B+0.9% | |
| Consolidated revenue by Product | ||||||
| Asset-based | $352.4M+2.7% | $343M+0.7% | $340.5M+0.3% | $339.6M-0.7% | $341.9M+2.6% | |
| License-based | $1.75B+1.6% | $1.72B+1.4% | $1.7B+1.6% | $1.67B+1.6% | $1.64B+1.1% | |
| Transaction-based | $409.9M+6.9% | $383.3M+6.7% | $359.1M+6.2% | $338.2M+2.7% | $329.4M+4.0% | |
| Revenue by Product | ||||||
| Morningstar Indexes | $97.5M+11.2% | $87.7M+0.3% | $87.4M-0.1% | $87.5M-0.2% | $87.7M+3.5% | |
| Sustainalytics | $109.8M-2.0% | $112M-1.4% | $113.6M+0.2% | $113.4M-1.6% | $115.3M-1.7% | |
| Revenue by Geography | ||||||
| Australia | $68.3M+4.6% | $65.3M+3.0% | $63.4M+0.6% | $63M+0.8% | $62.5M+0.2% | |
| Canada | $164.5M+6.2% | $154.9M+3.5% | $149.7M+5.6% | $141.7M+0.6% | $140.9M+0.4% | |
| Continental Europe | $226M+2.9% | $219.6M+3.1% | $213.1M+1.7% | $209.6M+2.4% | $204.7M+0.4% | |
| GB | $195.3M+2.9% | $189.8M+2.9% | $184.5M+3.4% | $178.4M+3.6% | $172.2M+2.9% | |
| Other | $14M+7.7% | $13M-0.8% | $13.1M+0.8% | $13M+2.4% | $12.7M0.0% | |
| United Kingdom | $47.9M-0.2% | $48M-1.0% | $48.5M+1.0% | $48M-1.6% | $48.8M-1.6% | |
| United States | $1.79B+2.1% | $1.75B+1.8% | $1.72B+1.7% | $1.69B+1.3% | $1.67B+2.1% | |
| Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively by Geography | ||||||
| Australia | $4.9M-9.3% | $5.4M-8.5% | $5.9M-7.8% | $6.4M-1.5% | $6.5M-1.5% | |
| Canada | $70.5M+8.3% | $65.1M+21.0% | $53.8M+39.0% | $38.7M+66.8% | $23.2M+64.5% | |
| Continental Europe | $24.9M+0.4% | $24.8M+4.2% | $23.8M+3.9% | $22.9M+4.6% | $21.9M-1.4% | |
| Other | $900K-10.0% | $1M+11.1% | $900K+12.5% | $800K0.0% | $800K+33.3% | |
| United Kingdom | $72.7M+34.6% | $54M+32.4% | $40.8M+8.5% | $37.6M+3.0% | $36.5M+0.8% | |
| United States | $724M-1.3% | $733.4M-1.5% | $744.3M-0.5% | $748.1M-0.2% | $749.4M+0.4% | |
| Operating lease assets by Geography | ||||||
| Australia | $6.5M-12.2% | $7.4M-10.8% | $8.3M-9.8% | $9.2M-8.0% | $10M-7.4% | |
| Canada | $29.6M+4.6% | $28.3M+0.4% | $28.2M-18.7% | $34.7M-3.6% | $36M-3.2% | |
| Continental Europe | $65.2M-4.0% | $67.9M-3.7% | $70.5M-2.4% | $72.2M+0.4% | $71.9M+0.7% | |
| Other | $1.9M+35.7% | $1.4M+40.0% | $1M+66.7% | $600K-14.3% | $700K-12.5% | |
| United Kingdom | $197.6M+8.2% | $182.7M+2.5% | $178.2M+27.5% | $139.8M+25.7% | $111.2M+33.3% | |
| United States | $314.2M-4.1% | $327.6M-5.2% | $345.6M-4.7% | $362.7M-2.0% | $370.2M-2.1% |
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.
