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%.
Morningstar Data & Analytics was Morningstar’s largest segment in fiscal 2025, bringing in $830.60M of $2.45B (34%).
| Segment | FY 2009 | FY 2010 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Morningstar Data & Analytics | $696.60M | $747.20M | $788.10M | $830.60M | |||
| Pitchbook | $450.70M | $551.90M | $618.40M | $671.80M | |||
| Investment Information | — | — | — | — | |||
| Morningstar Credit | $236.90M | $215.40M | $291.10M | $354.40M | |||
| Morningstar Wealth | $228.90M | $229.90M | $248.40M | $251.40M | |||
| Corporate Segment & Other Operating | $153.50M | $183.70M | $202.00M | $199.70M | |||
| Corporate & Other | — | — | — | — | |||
| Morningstar Retirement | $104.00M | $110.50M | $127.10M | $137.60M | |||
| Investment Management | — | — | — | — | |||
| Total | $1.87B | $2.04B | $2.28B | $2.45B |
Morningstar brought in $2.45B from its six segments in fiscal 2025, the year ended December 31, 2025. That was up 7.5% from $2.28B in fiscal 2024. Morningstar Data & Analytics was the largest at $830.60M (34.0%), ahead of Pitchbook at $671.80M (27.5%) and Morningstar Credit at $354.40M (14.5%). The other three segments brought in $588.70M combined.
Compared with fiscal 2024, Morningstar Credit grew fastest, up 21.7% to $354.40M, while Corporate Segment & Other Operating fell the most, down 1.1% to $199.70M. From fiscal 2022 to 2025, combined revenue from these segments grew from $1.87B to $2.45B, a compound annual growth rate of 9.3%. Morningstar Data & Analytics' share of the total fell from 37.2% to 34.0%.
License-Based was Morningstar’s largest product and service line in fiscal 2025, bringing in $1.59B of $2.45B (65%).
| Product and Service | FY 2011 | FY 2012 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| License-Based | $1.23B | $1.39B | $1.50B | $1.59B | ||
| Investment Information | — | — | — | — | ||
| Transaction-Based | $269.00M | $232.20M | $308.60M | $377.40M | ||
| Asset-Based | $219.40M | $231.10M | $267.60M | $278.40M | ||
| Investment Management | — | — | — | — | ||
| Morningstar Sustainalytics | $103.30M | $118.20M | $117.30M | $112.00M | ||
| Morningstar Indexes | $50.20M | $65.50M | $84.70M | $87.70M | ||
| Total | $1.87B | $2.04B | $2.28B | $2.45B |
Morningstar brought in $2.45B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 7.5% from $2.28B in fiscal 2024. License-Based was the largest at $1.59B (65.0%), ahead of Transaction-Based at $377.40M (15.4%) and Asset-Based at $278.40M (11.4%). The other two lines brought in $199.70M combined.
Compared with fiscal 2024, Transaction-Based grew fastest, up 22.3% to $377.40M, while Morningstar Sustainalytics fell the most, down 4.5% to $112.00M. From fiscal 2022 to 2025, combined revenue from these lines grew from $1.87B to $2.45B, a compound annual growth rate of 9.3%. License-Based's share of the total fell from 65.7% to 65.0%.
Morningstar (MORN) reports its revenue by geography, by segment and by product and service. 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.
Morningstar Data & Analytics was Morningstar's largest segment in fiscal 2025, bringing in $830.60M, or 34.0% of the $2.45B total across its six segments.
License-Based was Morningstar's largest product and service line in fiscal 2025, bringing in $1.59B, or 65.0% of the $2.45B total across its five product and service lines.
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.