Morningstar (MORN) revenue breakdown
By segment, Morningstar Data and Analytics Segment is the largest at 37% of fiscal 2023 revenue; PitchBook Segment grew fastest, 35% a year over 2 years.
By product, License-based is the largest at 70% of fiscal 2025 revenue; Transaction-based grew fastest, 26% a year over 8 years.
Revenue by segment
Fiscal years, as Morningstar reports them in its 10-K filings; fiscal 2023 total $2.0B.
| Segments | 2021 | 2022 | 2023 | Share |
|---|---|---|---|---|
| Morningstar Data and Analytics Segment | $668M | $697M | $747M | 37% |
| PitchBook Segment | $302M | $451M | $552M | 27% |
| Morningstar Wealth Segment | $238M | $229M | $230M | 11% |
| Morningstar Credit Segment | $271M | $237M | $215M | 11% |
| Corporate and Other | $116M | $154M | $184M | 9% |
| Morningstar Retirement Segment | $105M | $104M | $110M | 5% |
Revenue by product
Fiscal years, as Morningstar reports them in its 10-K filings; fiscal 2025 total $2.4B.
| Products | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| License-based | $668M | $752M | $813M | $935M | $1.1B | $1.3B | $1.5B | $1.6B | $1.7B | 70% |
| Transaction-based | $62M | $68M | $155M | $231M | $303M | $270M | $242M | $317M | $383M | 16% |
| Asset-based | $182M | $200M | $212M | $224M | $265M | $269M | $280M | $333M | $343M | 14% |
Revenue by region
Fiscal years, as Morningstar reports them in its 10-K filings; fiscal 2025 total $2.4B.
| Regions | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| United States | $687M | $764M | $866M | $971M | $1.2B | $1.4B | $1.5B | $1.6B | $1.8B | 72% |
| Europe excluding the United Kingdom | $70M | $81M | $88M | $114M | $159M | $163M | $186M | $204M | $220M | 9% |
| UNITED KINGDOM | $65M | $72M | $94M | $118M | $136M | $134M | $148M | $167M | $190M | 8% |
| CANADA | $29M | $31M | $57M | $102M | $113M | $110M | $116M | $140M | $155M | 6% |
| AUSTRALIA | $35M | $41M | $40M | $46M | $57M | $56M | $58M | $62M | $65M | 3% |
| Asia | $21M | $24M | $28M | $34M | $41M | $45M | $49M | $50M | $48M | 2% |
| Segment, Geographical, Group of Other Countries | $5M | $6M | $6M | $7M | $9M | $10M | $10M | $13M | $13M | 1% |
Questions
Where does Morningstar make its money?
In fiscal 2023, by segment: Morningstar Data and Analytics Segment $747M, PitchBook Segment $552M, Morningstar Wealth Segment $230M, Morningstar Credit Segment $215M, Corporate and Other $184M.
From Morningstar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.