United States was Morningstar’s largest region in fiscal 2025, bringing in $1.75B of $2.45B (72%).
| Geography | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $1.35B | $1.47B | $1.64B | $1.75B | |||||||||||||
| Europe Excluding The United Kingdom | $162.90M | $185.50M | $203.80M | $219.60M | |||||||||||||
| United Kingdom | $133.60M | $148.00M | $167.40M | $189.80M | |||||||||||||
| Canada | $109.80M | $116.30M | $140.40M | $154.90M | |||||||||||||
| Australia | $55.80M | $58.40M | $62.40M | $65.30M | |||||||||||||
| Europe, Excluding The United Kingdom | — | — | — | — | |||||||||||||
| Asia | $44.80M | $49.30M | $49.60M | $48.00M | |||||||||||||
| Asia, Excluding Japan | — | — | — | — | |||||||||||||
| Segment, Geographical, Group Of Other Countries | $9.80M | $10.50M | $12.70M | $13.00M | |||||||||||||
| Other | — | — | — | — | |||||||||||||
| Japan | — | — | — | — | |||||||||||||
| Total | $1.87B | $2.04B | $2.28B | $2.45B |
Morningstar brought in $2.45B from its seven regions in fiscal 2025, the year ended December 31, 2025. That was up 7.5% from $2.28B in fiscal 2024. United States was the largest at $1.75B (71.8%), ahead of Europe Excluding The United Kingdom at $219.60M (9.0%) and United Kingdom at $189.80M (7.8%). The other four regions brought in $281.20M combined.
Compared with fiscal 2024, United Kingdom grew fastest, up 13.4% to $189.80M. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $1.87B to $2.45B, a compound annual growth rate of 9.3%. United States' share of the total fell from 72.4% to 71.8%.
License-Based was Morningstar’s largest segment in fiscal 2023, bringing in $745.50M of $1.26B (59%).
| Segment | FY 2011 | FY 2012 | FY 2022 | FY 2023 |
|---|---|---|---|---|
| License-Based | $695.10M | $745.50M | ||
| Investment Information | — | — | ||
| Transaction-Based | $236.90M | $203.70M | ||
| Investment Management | — | — | ||
| Asset-Based | $117.60M | $122.60M | ||
| Morningstar Sustainalytics | $103.30M | $118.20M | ||
| Morningstar Indexes | $50.20M | $65.50M | ||
| Total | $1.20B | $1.26B |
Morningstar brought in $1.26B from its five segments in fiscal 2023, the year ended December 31, 2023. That is less than the $1.49B it reports by statement business segments, so these segments do not cover all of its revenue. License-Based was the largest at $745.50M (59.4%), ahead of Transaction-Based at $203.70M (16.2%) and Asset-Based at $122.60M (9.8%). The other two segments brought in $183.70M combined.
Compared with fiscal 2022, Morningstar Indexes grew fastest, up 30.5% to $65.50M, while Transaction-Based fell the most, down 14.0% to $203.70M.
Morningstar Data & Analytics was Morningstar’s largest segment in fiscal 2023, bringing in $745.50M of $1.49B (50%).
| Statement Business Segments | FY 2009 | FY 2010 | FY 2021 | FY 2022 | FY 2023 |
|---|---|---|---|---|---|
| Morningstar Data & Analytics | $667.50M | $695.10M | $745.50M | ||
| Investment Information | — | — | — | ||
| Pitchbook | $301.60M | $450.70M | — | ||
| Morningstar Credit | $271.20M | $236.90M | $215.40M | ||
| Morningstar Wealth | $238.40M | $117.60M | $229.90M | ||
| Corporate Segment & Other Operating | — | $153.50M | $183.70M | ||
| Corporate & Other | $116.00M | — | — | ||
| Morningstar Retirement | $104.60M | $101.80M | $110.50M | ||
| Investment Management | — | — | — | ||
| Total | $1.70B | $1.76B | $1.49B |
Morningstar brought in $1.49B from its five segments in fiscal 2023, the year ended December 31, 2023. Morningstar regrouped these segments after fiscal 2022, so the total does not compare directly with that year's $1.76B. Morningstar Data & Analytics was the largest at $745.50M (50.2%), ahead of Morningstar Wealth at $229.90M (15.5%) and Morningstar Credit at $215.40M (14.5%). The other two segments brought in $294.20M combined.
Compared with fiscal 2022, Morningstar Wealth grew fastest, up 95.5% to $229.90M, while Morningstar Credit fell the most, down 9.1% to $215.40M.
Morningstar began breaking out Corporate Segment & Other Operating in fiscal 2022, when it brought in $153.50M. Morningstar stopped reporting Pitchbook ($450.70M in fiscal 2022) and Corporate & Other ($116.00M in fiscal 2021) as separate segments.
Morningstar (MORN) reports its revenue by geography, by segment and by statement business segments. In fiscal 2025, United States was its largest region, bringing in $1.75B (71.8% of the total), followed by Europe Excluding The United Kingdom at $219.60M (9.0%).
United States was Morningstar's largest region in fiscal 2025, bringing in $1.75B, or 71.8% of the $2.45B total across its seven regions.
License-Based was Morningstar's largest segment in fiscal 2023, bringing in $745.50M, or 59.4% of the $1.26B total across its five segments.
Among Morningstar's regions that make up at least 2% of revenue, United Kingdom grew fastest in fiscal 2025, up 13.4% from $167.40M to $189.80M.
Every figure comes from Morningstar's annual financial filings, as reported. Each line keeps the name Morningstar gives it, and years follow its fiscal calendar.
Morningstar's revenue by geography goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.