Morningstar, Inc. reported a consolidated revenue of $2.45 billion for the fiscal year ending December 31, 2025, marking a 7.5% increase from $2.28 billion in 2024. The company's operating income also rose to $526.6 million, an 8.6% increase from the previous year's $484.8 million, resulting in an operating margin of 21.5%, up from 21.3% in 2024. The growth in revenue was primarily driven by strong demand for products from the PitchBook and Morningstar Direct Platform segments, which saw increases of 8.6% and 5.4%, respectively.

In terms of strategic developments, Morningstar made significant acquisitions in 2025, including the purchase of Lumonic, a portfolio monitoring solution, and the Center for Research in Security Prices (CRSP), which was finalized in early 2026 for approximately $365 million. These acquisitions are expected to enhance Morningstar's capabilities in private credit and historical stock market data. The company also reported a total of approximately $378 billion in assets under management and advisement (AUMA) across its wealth and retirement segments as of December 31, 2025.

Operationally, Morningstar's customer base expanded, with PitchBook serving approximately 10,200 client accounts and 113,451 licensed users. The Morningstar Wealth segment reported a total AUMA of $72.8 billion, reflecting a 16.9% increase from the previous year. The company also noted a flat employee headcount of 10,973, with a turnover rate remaining stable at 17%. Engagement scores among employees improved to 66%, up from 64% in 2024, indicating a positive workplace environment.

The filing indicated that Morningstar's revenue renewal rates improved, with the Morningstar Direct segment achieving a renewal rate of approximately 104% in 2025, while PitchBook's renewal rate was about 103%. The company attributed its revenue growth to a combination of strong product performance, increased customer engagement, and favorable market conditions. Looking ahead, Morningstar expressed confidence in its ability to maintain growth through continued investment in technology and product innovation, particularly in artificial intelligence and data analytics, which are expected to enhance its service offerings and operational efficiency.

About Morningstar, Inc.

Morningstar, Inc. is a global provider of independent investment data, research, ratings, and analytics across asset classes and markets. Its core segments include data and analytics, investment management, credit ratings, ESG ratings, and indexes. Serving individual investors, financial advisors, asset managers, and institutions, it offers tools, portfolio solutions, and proprietary indexes to support informed investment decisions and enhance market transparency.

This description was generated via AI from an annual report. Updated 8 months ago.

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