Saturday 31 October 2026 Export MORN’s income statement to Excel — free account

Morningstar, Inc.

MORN Financial Financial Data & Stock Exchanges

Morningstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 7.49% from fiscal 2024.

Revenue: +9.60%
EPS: +35.1%
Free cash flow: +96.3%
Total debt: +104.3%

Quarter to June 2026, against a year earlier

226.19 3.65 +1.64%

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Market cap: $8.3B
P/E: 21.4×
Fwd P/E: 19.7×
Dividend yield: 0.88%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Segments Filings

Morningstar, Inc. (MORN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Morningstar Data and Analytics Segment	831	33.96%
PitchBook Segment	672	27.47%
Morningstar Credit Segment	354	14.49%
Morningstar Wealth Segment	251	10.28%
Corporate and Other	200	8.17%
Morningstar Retirement Segment	138	5.63%
Gross margin		61.03%
Operating margin		21.53%
Pre-tax margin		20.40%

Revenue by segment $m

Line	FY2025	FY2024	FY2023
Morningstar Data and Analytics Segment	831 33.96%	788 34.64%	747 36.65%
PitchBook Segment	672 27.47%	618 27.18%	552 27.07%
Morningstar Credit Segment	354 14.49%	291 12.80%	215 10.57%
Morningstar Wealth Segment	251 10.28%	248 10.92%	230 11.28%
Corporate and Other	200 8.17%	202 8.88%	184 9.01%
Morningstar Retirement Segment	138 5.63%	127 5.59%	111 5.42%
Revenue	2,446	2,275	2,039

Revenue by region $m

Line	FY2025	FY2024	FY2023
United States	1,755 71.76%	1,639 72.03%	1,471 72.14%
Continental Europe	220 8.98%	204 8.96%	186 9.10%
Canada	190 7.76%	167 7.36%	148 7.26%
Canada	155 6.33%	140 6.17%	116 5.70%
Australia	65 2.67%	62 2.74%	58 2.86%
United Kingdom	48 1.96%	50 2.18%	49 2.42%
Other	13 0.53%	13 0.56%	11 0.52%
Non United States	691	636	568
Revenue	2,446	2,275	2,039

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$1.7B	$1.5B	+10.11%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.