Morningstar MORN Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Consolidated revenue by Business | ||||||
| Morningstar Credit Segment | $58M-5.4% | $105.3M-2.2% | $62.1M+0.5% | $64.3M+2.7% | $61.3M+3.9% | |
| Morningstar Data and Analytics Segment | $215.2M+8.0% | $211.1M+7.7% | $211.1M+6.3% | $209.2M+6.2% | $199.2M+1.3% | |
| Morningstar Retirement Segment | $38.8M+17.9% | $38.1M+13.4% | $34.2M+7.5% | $32.4M-2.7% | $32.9M+15.8% | |
| Morningstar Wealth Segment | $101M+38.4% | $63.7M+60.9% | $91.1M+28.5% | $85M+9.5% | $73M+21.1% | |
| PitchBook Segment | $172.4M+5.3% | $172.6M+6.2% | $169M+7.9% | $166.5M+9.8% | $163.7M+10.9% | |
| Reportable Segment Profitability by Business | ||||||
| Corporate and Other | -$30.6M+21.9% | -$50.8M-3.5% | -$44.1M-2.8% | -$54.6M-17.2% | -$39.2M+5.1% | |
| Morningstar Credit Segment | $5.6M+800% | $109.5M+30.2% | $3.1M+543% | $3M+236% | -$800K+85.7% | |
| Morningstar Data and Analytics Segment | $91M+4.5% | $92.3M+8.0% | $93.7M+2.5% | $96.3M+10.3% | $87.1M-4.5% | |
| Morningstar Retirement Segment | $19.8M+35.6% | $20.8M+20.9% | $16.9M0.0% | $15.4M-11.0% | $14.6M+2.8% | |
| Morningstar Wealth Segment | $41.2M+92.5% | —— | $28.1M+84.9% | $30.5M+9.3% | $21.4M+74.0% | |
| PitchBook Segment | $51.6M-1.3% | $52.1M+7.0% | $52.9M+5.0% | $52.8M+11.6% | $52.3M+30.8% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Morningstar Credit Segment | $27.5M-13.8% | —— | $32M-1.2% | $32.6M-3.0% | $31.9M-0.9% | |
| Morningstar Data and Analytics Segment | $55.6M+2.2% | $59.4M+5.9% | $56.7M+7.0% | $54.7M-1.6% | $54.4M+4.8% | |
| Morningstar Retirement Segment | $7M+4.5% | $6M+27.7% | $5.8M+45.0% | $5.7M+9.6% | $6.7M+81.1% | |
| Morningstar Wealth Segment | $15.4M+17.6% | $88.4M-7.5% | $14.4M+11.6% | $13.4M+11.7% | $13.1M+4.0% | |
| PitchBook Segment | $41.4M+17.3% | $40.5M-1.5% | $39.1M+9.5% | $37.4M+9.4% | $35.3M+12.1% | |
| Compensation Expense, Excluding Cost of Good and Service Sold by Business | ||||||
| Morningstar Credit Segment | $24.9M-17.5% | $95.3M+38.5% | $27M-10.3% | $28.7M-8.0% | $30.2M-6.8% | |
| Morningstar Data and Analytics Segment | $68.6M+18.9% | $59.4M+9.2% | $60.7M+12.2% | $58.2M+7.8% | $57.7M+7.6% | |
| Morningstar Retirement Segment | $12M+3.4% | $11.3M-3.4% | $11.5M+5.5% | $11.3M+4.6% | $11.6M+10.5% | |
| Morningstar Wealth Segment | $44.4M+15.3% | —— | $48.6M+13.6% | $41.1M+9.0% | $38.5M+8.8% | |
| PitchBook Segment | $79.4M+4.3% | $80M+10.0% | $77M+9.2% | $76.3M+8.7% | $76.1M0.0% | |
| Foreign currency translation and other by Business | ||||||
| Corporate and Other | -$100K-133% | $100K-66.7% | —— | $600K+700% | $300K+400% | |
| Morningstar Credit Segment | -$900K-164% | $500K-84.8% | —— | $3.9M+1,075% | $1.4M+227% | |
| Morningstar Data and Analytics Segment | -$3.3M-167% | $600K-84.6% | —— | $11.3M+357% | $4.9M+275% | |
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | $1.1M+175% | -$4M-671% | -$100K-108% | $1.3M+333% | $400K+157% | |
| 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 | $0-100% | —— | —— | —— | $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 | $0-100% | —— | —— | —— | $22.4M— | |
| Depreciation by Business | ||||||
| Corporate and Other | $9.9M+94.1% | $4.1M-16.3% | $4.3M-10.4% | $4.8M+9.1% | $5.1M+21.4% | |
| Morningstar Credit Segment | $1.6M-64.4% | —— | $3M-30.2% | $4.4M-12.0% | $4.5M-4.3% | |
| Morningstar Data and Analytics Segment | $9.5M-12.0% | $11.4M+9.6% | $11.3M+15.3% | $11.2M+17.9% | $10.8M+31.7% | |
| Morningstar Retirement Segment | $2.3M-11.5% | $2.5M+4.2% | $2.6M+18.2% | $2.7M+3.8% | $2.6M-7.1% | |
| Morningstar Wealth Segment | $1.4M-30.0% | $8.9M-29.9% | $2M-9.1% | $2M+17.6% | $2M+5.3% | |
| PitchBook Segment | $7.9M+1.3% | $9M+5.9% | $8.7M+14.5% | $8.1M-2.4% | $7.8M+5.4% | |
| Goodwill by Business | ||||||
| Corporate and Other | $209.6M+202% | $70.1M+1.3% | $70M+0.4% | $70.1M+1.0% | $69.5M0.0% | |
| Morningstar Credit Segment | $118.7M+2.1% | $119.6M+13.7% | $119.1M+9.6% | $120.2M+12.2% | $116.3M+8.2% | |
| Morningstar Data and Analytics Segment | $605.3M+1.1% | $608.6M+2.5% | $608M+0.4% | $610.2M+2.0% | $598.9M-0.6% | |
| Morningstar Retirement Segment | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | $93.5M0.0% | |
| Morningstar Wealth Segment | $91.4M-1.8% | $90.3M-2.6% | $94.3M-0.7% | $94.4M+0.6% | $93.1M-0.4% | |
| PitchBook Segment | $628.7M-0.2% | $628.7M+3.5% | $629.8M+3.7% | $629.8M+3.7% | $629.8M+3.7% | |
| Consolidated revenue by Product | ||||||
| Asset-based | $95.1M+11.0% | $90.2M+2.9% | $84.7M+1.1% | $82.4M-2.7% | $85.7M+11.3% | |
| License-based | $444.9M+6.4% | $437.8M+5.6% | $435M+6.4% | $428.4M+6.6% | $418M+4.4% | |
| Transaction-based | $104.8M+34.0% | $113.1M+27.2% | $97.7M+27.2% | $94.3M+10.3% | $78.2M+19.2% | |
| Revenue by Product | ||||||
| Morningstar Indexes | $32.8M+42.6% | $22.5M+1.4% | $21.8M-0.5% | $20.4M-1.0% | $23M+15.0% | |
| Sustainalytics | $26.6M-7.6% | $27.8M-5.4% | $28.1M+0.7% | $27.3M-6.5% | $28.8M-6.5% | |
| Revenue by Geography | ||||||
| Australia | $18.1M+19.9% | $17.3M+12.3% | $16.7M+2.5% | $16.2M+3.2% | $15.1M+0.7% | |
| Canada | $42.7M+29.0% | $42.2M+14.1% | $41M+24.2% | $38.6M+2.1% | $33.1M+1.5% | |
| Continental Europe | $57M+12.6% | $58.9M+12.4% | $55.1M+6.8% | $55M+9.8% | $50.6M+1.8% | |
| GB | $49.2M+12.6% | $49.7M+11.9% | $48.2M+14.5% | $48.2M+14.8% | $43.7M+12.3% | |
| Other | $4M+33.3% | $3.4M-2.9% | $3.3M+3.1% | $3.3M+10.0% | $3M0.0% | |
| United Kingdom | $11.8M-0.8% | $11.5M-4.2% | $12.4M+4.2% | $12.2M-6.2% | $11.9M-6.3% | |
| United States | $462M+8.8% | $458.1M+7.5% | $440.7M+7.1% | $431.6M+5.2% | $424.5M+8.6% | |
| Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively by Geography | ||||||
| Australia | $1M-33.3% | $1.1M-31.3% | $1.3M-27.8% | $1.5M-6.3% | $1.5M-6.3% | |
| Canada | $17.6M+44.3% | $17.9M+171% | $17.4M+657% | $17.6M+738% | $12.2M+294% | |
| Continental Europe | $5.8M+1.8% | $6.3M+18.9% | $6.3M+16.7% | $6.5M+18.2% | $5.7M-5.0% | |
| Other | $200K-33.3% | $300K+50.0% | $200K+100% | $200K0.0% | $300K+200% | |
| United Kingdom | $27.7M+208% | $22.8M+138% | $12.4M+34.8% | $9.8M+12.6% | $9M+3.4% | |
| United States | $177.8M-5.0% | $178.6M-5.8% | $183.3M-2.0% | $184.3M-0.7% | $187.2M+1.6% | |
| Operating lease assets by Geography | ||||||
| Australia | $1.3M-40.9% | $1.5M-37.5% | $1.7M-34.6% | $2M-28.6% | $2.2M-26.7% | |
| Canada | $8.3M+18.6% | $7.8M+1.3% | $6.7M-49.2% | $6.8M-16.0% | $7M-14.6% | |
| Continental Europe | $15.4M-14.9% | $16.5M-13.6% | $16.2M-9.5% | $17.1M+1.8% | $18.1M+2.8% | |
| Other | $600K+500% | $600K+200% | $600K+200% | $100K-50.0% | $100K-50.0% | |
| United Kingdom | $57.5M+35.0% | $48.7M+10.2% | $49.7M+340% | $41.7M+218% | $42.6M+188% | |
| United States | $75.4M-15.1% | $74.9M-19.4% | $79M-17.8% | $84.9M-8.1% | $88.8M-8.1% |
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.
