M
MORN
MORNUnverified5 segments tracked|5 years of data|Annual (10-K)
Total Revenue
$2.2B8.3%
FY2025
Operating Segments
5Active segments
Blended Margin
0.0%Operating margin
Highest Margin
0.0%Morningstar Data And Analytics Segment
Segment Shift
Morningstar Data And Analytics Segment has grown from 42.2% to 37.0% of total revenue since FY2021, with 0.0% operating margins. Meanwhile, Morningstar Credit Segment is the fastest growing at +21.7% YoY.
Segment Revenue Over Time
Revenue Mix
Segment Breakdown — FY2025
| Segment | Revenue | Op. Income | Margin | % of Total | YoY |
|---|---|---|---|---|---|
| Morningstar Data And Analytics Segment | $831M | $0 | 0.0% | 37.0% | +5.4% |
| Pitch Book Segment | $672M | $0 | 0.0% | 29.9% | +8.6% |
| Morningstar Credit Segment | $354M | $0 | 0.0% | 15.8% | +21.7% |
| Morningstar Wealth Segment | $251M | $0 | 0.0% | 11.2% | +1.2% |
| Morningstar Retirement Segment | $138M | $0 | 0.0% | 6.1% | +8.3% |
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