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% | |
| 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 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% |
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.
