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-1.3% | $293M+0.7% | $295.4M+20.6% | $295.1M+25.0% | $293.4M+28.9% | |
| Morningstar Data and Analytics Segment | $846.6M+7.1% | $830.6M+5.4% | $815.5M+3.9% | $802.9M+3.6% | $790.6M+3.5% | |
| Morningstar Retirement Segment | $143.5M+9.0% | $137.6M+8.3% | $133.1M+7.6% | $130.7M+9.3% | $131.6M+15.7% | |
| Morningstar Wealth Segment | $340.8M+30.5% | $312.8M+25.9% | $288.7M+6.9% | $268.5M+4.4% | $261.1M+11.0% | |
| PitchBook Segment | $680.5M+7.2% | $671.8M+8.6% | $661.7M+10.2% | $649.3M+11.3% | $634.5M+11.6% | |
| Reportable Segment Profitability by Business | ||||||
| Corporate and Other | -$180.1M-1.3% | -$188.7M-4.9% | -$187M-5.6% | -$185.8M-3.9% | -$177.8M+4.4% | |
| Morningstar Credit Segment | $121.2M+50.7% | $114.8M+51.9% | $89.4M+851% | $85.6M+564% | $80.4M+300% | |
| Morningstar Data and Analytics Segment | $373.3M+6.3% | $369.4M+3.9% | $362.6M+0.6% | $360.3M+0.8% | $351.3M+0.3% | |
| Morningstar Retirement Segment | $72.9M+10.5% | $67.7M+3.2% | $64.1M+1.4% | $64.1M+5.1% | $66M+15.6% | |
| PitchBook Segment | $209.4M+5.4% | $210.1M+12.7% | $206.7M+15.4% | $204.2M+21.7% | $198.7M+26.0% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Morningstar Data and Analytics Segment | $226.4M+3.3% | $225.2M+4.0% | $221.9M+1.4% | $218.2M-2.7% | $219.1M-3.5% | |
| Morningstar Retirement Segment | $24.5M+18.9% | $24.2M+37.5% | $22.9M+36.7% | $21.1M+27.1% | $20.6M+35.1% | |
| Morningstar Wealth Segment | $131.6M-1.5% | $129.3M-2.9% | $136.5M+103% | $135M+60.7% | $133.6M+31.4% | |
| PitchBook Segment | $158.4M+8.3% | $152.3M+6.9% | $152.9M+15.7% | $149.5M+17.6% | $146.3M+18.4% | |
| Compensation Expense, Excluding Cost of Good and Service Sold by Business | ||||||
| Morningstar Credit Segment | $175.9M+9.7% | $181.2M+11.5% | $154.7M+23.0% | $157.8M+23.6% | $160.3M+24.7% | |
| Morningstar Data and Analytics Segment | $246.9M+12.1% | $236M+9.2% | $231M+12.6% | $224.4M+15.4% | $220.2M+19.7% | |
| Morningstar Retirement Segment | $46.1M+2.4% | $45.7M+4.1% | $46.1M+8.6% | $45.5M+8.9% | $45M+9.1% | |
| PitchBook Segment | $312.7M+8.0% | $309.4M+6.9% | $302.1M+5.2% | $295.6M+3.1% | $289.5M+0.9% | |
| Foreign currency translation and other by Business | ||||||
| Morningstar Retirement Segment | $0— | $0— | $0— | $0— | $0— | |
| Morningstar Wealth Segment | -$1.7M-165% | -$2.4M-260% | $2.3M+360% | $3.6M+460% | $2.6M+263% | |
| 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+20.3% | $18.3M0.0% | $19.1M+4.5% | $19.6M+6.8% | $19.2M+2.0% | |
| Morningstar Data and Analytics Segment | $43.4M+7.2% | $44.7M+17.9% | $43.7M+24.0% | $42.2M+27.1% | $40.5M+28.8% | |
| Morningstar Retirement Segment | $10.1M+3.1% | $10.4M+4.0% | $10.3M-0.5% | $9.9M-9.2% | $9.8M-11.3% | |
| Morningstar Wealth Segment | $14.3M-23.1% | $14.9M-19.5% | $18.7M+91.8% | $18.9M+64.3% | $18.6M+35.3% | |
| PitchBook Segment | $33.7M+4.7% | $33.6M+5.7% | $33.1M+10.3% | $32M+10.0% | $32.2M+17.1% | |
| Goodwill by Business | ||||||
| Corporate and Other | $419.8M+51.1% | $279.7M+0.7% | $278.8M+0.2% | $278.5M— | $277.8M— | |
| Morningstar Credit Segment | $477.6M+9.2% | $475.2M+10.9% | $460.8M+6.7% | $450.4M— | $437.3M— | |
| Morningstar Data and Analytics Segment | $2.43B+1.5% | $2.43B+1.1% | $2.41B0.0% | $2.41B— | $2.4B— | |
| Morningstar Retirement Segment | $374M0.0% | $374M0.0% | $374M0.0% | $374M— | $374M— | |
| Morningstar Wealth Segment | $370.4M-1.1% | $372.1M-0.8% | $374.5M-0.5% | $375.2M— | $374.6M— | |
| PitchBook Segment | $2.52B+2.7% | $2.52B+3.6% | $2.5B+2.8% | $2.47B— | $2.45B— | |
| Consolidated revenue by Product | ||||||
| Asset-based | $352.4M+3.1% | $343M+2.9% | $340.5M+6.1% | $339.6M+10.0% | $341.9M+17.4% | |
| License-based | $1.75B+6.3% | $1.72B+5.8% | $1.7B+5.7% | $1.67B+5.7% | $1.64B+5.7% | |
| Transaction-based | $409.9M+24.4% | $383.3M+21.0% | $359.1M+20.5% | $338.2M+20.4% | $329.4M+28.3% | |
| Revenue by Product | ||||||
| Morningstar Indexes | $97.5M+11.2% | $87.7M+3.5% | $87.4M+8.2% | $87.5M+14.4% | $87.7M+23.5% | |
| Sustainalytics | $109.8M-4.8% | $112M-4.5% | $113.6M-4.0% | $113.4M-6.6% | $115.3M-5.2% | |
| Revenue by Geography | ||||||
| Australia | $68.3M+9.3% | $65.3M+4.6% | $63.4M+2.4% | $63M+4.8% | $62.5M+5.9% | |
| Canada | $164.5M+16.7% | $154.9M+10.3% | $149.7M+12.1% | $141.7M+9.6% | $140.9M+15.9% | |
| Continental Europe | $226M+10.4% | $219.6M+7.8% | $213.1M+6.1% | $209.6M+6.6% | $204.7M+6.6% | |
| GB | $195.3M+13.4% | $189.8M+13.4% | $184.5M+12.0% | $178.4M+10.7% | $172.2M+12.0% | |
| Other | $14M+10.2% | $13M+2.4% | $13.1M+10.1% | $13M+13.0% | $12.7M+14.4% | |
| United Kingdom | $47.9M-1.8% | $48M-3.2% | $48.5M-3.4% | $48M-6.4% | $48.8M-2.2% | |
| United States | $1.79B+7.2% | $1.75B+7.1% | $1.72B+7.7% | $1.69B+8.6% | $1.67B+10.4% | |
| Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively by Geography | ||||||
| Australia | $4.9M-24.6% | $5.4M-18.2% | $5.9M-14.5% | $6.4M-8.6% | $6.5M-11.0% | |
| Canada | $70.5M+204% | $65.1M+362% | $53.8M+385% | $38.7M+205% | $23.2M+54.7% | |
| Continental Europe | $24.9M+13.7% | $24.8M+11.7% | $23.8M+1.7% | $22.9M-7.7% | $21.9M-18.0% | |
| Other | $900K+12.5% | $1M+66.7% | $900K+80.0% | $800K+33.3% | $800K+33.3% | |
| United Kingdom | $72.7M+99.2% | $54M+49.2% | $40.8M+11.8% | $37.6M+0.5% | $36.5M-11.0% | |
| United States | $724M-3.4% | $733.4M-1.8% | $744.3M+1.2% | $748.1M+3.6% | $749.4M+5.7% | |
| Operating lease assets by Geography | ||||||
| Australia | $6.5M-35.0% | $7.4M-31.5% | $8.3M-28.4% | $9.2M-25.8% | $10M-23.7% | |
| Canada | $29.6M-17.8% | $28.3M-23.9% | $28.2M-25.2% | $34.7M+24.8% | $36M+53.2% | |
| Continental Europe | $65.2M-9.3% | $67.9M-4.9% | $70.5M+0.1% | $72.2M+6.6% | $71.9M+7.2% | |
| Other | $1.9M+171% | $1.4M+75.0% | $1M+11.1% | $600K-40.0% | $700K-36.4% | |
| United Kingdom | $197.6M+77.7% | $182.7M+119% | $178.2M+220% | $139.8M+123% | $111.2M+61.4% | |
| United States | $314.2M-15.1% | $327.6M-13.3% | $345.6M-10.4% | $362.7M-8.1% | $370.2M-10.5% |
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.
