Morningstar, Inc. revenue
Morningstar, Inc.'s revenue was $2.45bn in fiscal 2025, up 7.5% on the year before. Since fiscal 2009 ($479m) it has grown at a compound 10.7% a year. Over the last twelve months it was $2.62bn.
Revenue history
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 479 | 555 | 631 | 658 | 698 | 760 | 789 | 799 | 912 | 1,020 | 1,179 | 1,390 | 1,699 | 1,871 | 2,039 | 2,275 | 2,446 | 2,621 |
| Growth on the year before | — | +15.9% | +13.7% | +4.3% | +6.1% | +8.9% | +3.8% | +1.2% | +14.2% | +11.9% | +15.6% | +17.9% | +22.3% | +10.1% | +9.0% | +11.6% | +7.5% | — |
| Gross profit | 350 | 398 | 396 | 412 | 427 | 442 | 459 | 454 | 525 | 609 | 696 | 833 | 1,001 | 1,091 | 1,195 | 1,379 | 1,493 | 1,653 |
| Gross margin | 73.1% | 71.7% | 62.7% | 62.5% | 61.1% | 58.1% | 58.2% | 56.9% | 57.6% | 59.7% | 59.0% | 60.0% | 58.9% | 58.3% | 58.6% | 60.6% | 61.0% | 63.1% |
Where the revenue comes from
| Line of business | Revenue | YoY |
|---|---|---|
| Morningstar Data and Analytics | $831M | ▲ 5.4% |
| Pitch Book | $672M | ▲ 8.6% |
| Morningstar Credit | $354M | ▲ 21.7% |
| Morningstar Wealth | $251M | ▲ 1.2% |
| Morningstar Retirement | $138M | ▲ 8.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | YoY |
|---|---|---|
| Licensed Based | $1.7B | ▲ 5.8% |
| Transaction Based | $383M | ▲ 21.0% |
| Asset Based | $343M | ▲ 2.9% |
| Morningstar Sustainalytics | $112M | ▼ 4.5% |
| Morningstar Indexes | $87.7M | ▲ 3.5% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.8B | 71.8% | ▲ 7.1% |
| Non United States | $691M | 28.2% | ▲ 8.5% |
| Europe Excluding United Kingdom (part of Non United States) | $220M | 31.8% | ▲ 7.8% |
| United Kingdom (part of Non United States) | $190M | 27.5% | ▲ 13.4% |
| Canada (part of Non United States) | $155M | 22.4% | ▲ 10.3% |
| Australia (part of Non United States) | $65.3M | 9.5% | ▲ 4.6% |
| Asia (part of Non United States) | $48M | 7.0% | ▼ 3.2% |
| Segment Geographical Group of Other Countries (part of Non United States) | $13M | 1.9% | ▲ 2.4% |
From Morningstar, Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Revenue against peers
| Company | Revenue | Growth | 3-year growth a year |
|---|---|---|---|
| Morningstar, Inc. | $2.62bn | 9.4% | 9.9% |
| Factset Research Systems Inc | $2.48bn | 6.7% | 5.9% |
| Tradeweb Markets Inc. | $2.28bn | 14.4% | 21.9% |
| MSCI | $3.43bn | 12.3% | 12.4% |
| Cboe Global Markets | $5.28bn | 14.3% | 11.5% |
| Coinbase | $5.63bn | -26.6% | 26.5% |
Compare with peers
- Factset Research Systems Inc revenue
- Tradeweb Markets Inc. revenue
- MSCI revenue
- Cboe Global Markets revenue
- Coinbase revenue
Head to head: FDS vs MORNMORN vs TWMORN vs MSCI
More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies