Morningstar, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
MORN$244.15-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001289419-25-000145
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001289419-25-000168
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 171 previous paragraphs and 175 current paragraphs.
96 unchanged; 63 reworded; 15 added; 11 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
•Failing to consummate the Center for Research in Security Prices, LLC (CRSP) acquisition on a timely basis or at all, or failing to achieve the anticipated benefits of the CRSP acquisition;
Current report
License-based revenue increased 6.4%, or 5.9% on an organic basis, during the third quarter of 2025, primarily driven by strong demand for Morningstar Direct Platform and PitchBook products.
Current report
General and administ rative expense increased $8.3 million in the third quarter of 2025 and $6.2 million in the first nine months of 2025. Higher compensation expense was the largest contributor to the increase in both periods, driven primarily by higher company-sponsored benefits and stock-based compensation reflecting strong results relative to targets.
Current report
Morningstar Direct Platform adjusted operating income increased $2.3 million, or 2.5%, and adjusted operating margin decreased 1.6 percentage points for the three months ended September 30, 2025. The decline in adjusted operating margin reflected higher compensation costs, primarily driven by the annual merit increase and higher bonus expense reflecting outperformance relative to targets; the impact of the sale of the company's Commodity and Energy Data business; and increased depreciation primarily driven by higher capitalized software costs for product enhancements in prior periods.
Current report
PitchBook total revenue increased $12.4 million, or 7.9%, for the three months ended September 30, 2025. Revenue grew 7.7% on an organic basis.
Current report
PitchBook adjusted operating income increased $2.5 million, or 5.0%, and adjusted operating margin decreased 0.9 percentage points for thethree months ended September 30, 2025. The decline in adjusted operating margin was primarily due to higher compensation costs, which included the impact of increased headcount in product development and technology, as well as higher health care costs.
Current report
PitchBook adjusted operating income increased$20.3 million, or 14.7%, and adjusted operating margin increased 1.5 percentage points for the nine months ended September 30, 2025.
Current report
Morningstar Credit total revenue increased $20.2 million, or 28.5%, for thethree months ended September 30, 2025. Revenue grew 27.0% on an organic basis, supported by a robust issuance market. Revenue grew across asset classes and geographies, with particular strength in US commercial mortgage- and asset-backed securities ratings revenue and Canadian and European corporate ratings revenue. Organic revenue growth excludes revenue associated with the Dealview Technologies Limited (DealX) acquisition, which was completed in the first quarter of 2025, and foreign currency impact.
Current report
Morningstar Credit adjusted operating income increased$12.9 million, or 84.9%, and adjusted operating margin increased 9.4 percentage points for thethree months ended September 30, 2025. The increase in adjusted operating income and margin reflected higher revenue, partially offset by higher compensation costs. The increase in compensation was primarily driven by higher salaries and benefits due to increased headcount to support growth and higher bonus expense, reflecting strong performance relative to targets.
Current report
Morningstar Credit total revenue increased $40.3 million, or 19.3%, for the nine months ended September 30, 2025. Revenue grew 19.0% on an organic basis. Revenue grew across asset classes and geographies, with particular strength in US commercial mortgage- and asset-backed securities ratings revenue and Canadian and European corporate ratings revenue.
Current report
Morningstar Sustainalytics revenue increased$0.2 million, or 0.7%, for the three months ended September 30, 2025. Organic revenue decreased 3.0% due to the impact of foreign currency.
Current report
Morningstar Sustainalytics revenue decreased$3.7 million, or 4.2%, for thenine months ended September 30, 2025. Organic revenue decreased 5.9%, which was primarily due to a decline in revenue from the corporate licensed-rating product.
Current report
Non-Operating Income (Expense), Net
Current report
Effective September 30, 2024, we sold our Commodity and Energy Data business from the Morningstar Direct Platform segment for a purchase price of $52.4 million and recorded a $45.3 million gain on sale of business in the Consolidated Statements of Income for the three and nine months ended September 30, 2024.
Current report
On September 23, 2025, we announced the entry into an agreement to acquire the Center for Research in Security Prices, LLC (CRSP), a provider of historical stock market data and indexes, from the University of Chicago. The transaction consideration includes a cash payment at closing of approximately $375.0 million, subject to customary post-closing adjustment. We expect the transaction, which is subject to customary closing conditions, including regulatory approval, to be completed during the fourth quarter of 2025.
Removed paragraphs (11)
Previous report
General and administrative expense increased $1.7 million in the second quarter of 2025 and decreased $2.1 million in thefirst six months of 2025. The increase in the second quarter of 2025 was driven primarily by higher facilities-related expense and stock-based compensation. The decline in general and administrative expense during the first six months of 2025 was due to lower professional fees.
Previous report
Morningstar Direct Platform adjusted operating income increased $9.0 million, or 10.3%, and adjusted operating margin increased 1.7 percentage points for the three months ended June 30, 2025.
Previous report
PitchBook total revenue increased $14.8 million, or 9.8%, for the three months ended June 30, 2025. Revenue grew 9.6% on an organic basis.
Previous report
PitchBook adjusted operating income increased $5.5 million, or 11.6%, and adjusted operating margin increased 0.5 percentage points for thethree months ended June 30, 2025.
Previous report
PitchBook adjusted operating income increased$17.8 million, or 20.4%, and adjusted operating margin increased 2.6 percentage points for the six months ended June 30, 2025.
Previous report
Morningstar Credit total revenue increased $7.4 million, or 9.5%, for thethree months ended June 30, 2025. Revenue grew 8.4% on an organic basis. Higher asset-backed, residential mortgage-backed, and commercial mortgage-backed securities ratings revenue, together with an increase in licensed data revenue, were the primary drivers of growth. An increase in the US and Europe contributed to reported and organic revenue growth, partially offset by a modest revenue decline in Canada. Organic revenue growth excludes current-period revenue associated with Morningstar Credit Analytics (formerly Dealview Technologies Limited (DealX)), which was acquired in the first quarter, and foreign currency impact.
Previous report
Morningstar Credit adjusted operating income increased$2.6 million, or 9.3%, and adjusted operating margin decreased 0.1 percentage points for thethree months ended June 30, 2025.
Previous report
Morningstar Credit total revenue increased $20.1 million, or 14.6%, for the six months ended June 30, 2025. Revenue grew 14.8% on an organic basis. Growth was driven by strength in commercial mortgage-backed, asset-backed, and residential mortgage-backed securities, particularly in Europe and the US.
Previous report
Morningstar Sustainalytics revenue decreased$1.9 million or 6.5% for the three months ended June 30, 2025. Organic revenue decreased 9.8%, which was primarily driven by the ongoing streamlining of the licensed-ratings offering, as well as lower revenues for ESG Risk Ratings, due in part to vendor consolidation.
Previous report
Morningstar Sustainalytics revenue decreased$3.9 million or 6.5% for thesix months ended June 30, 2025. Organic revenue decreased 7.3%, which was primarily driven by the ongoing streamlining of the licensed-ratings offering; lower revenues for ESG Risk Ratings, due in part to vendor consolidation; and softness in second-party opinions.
Previous report
Non-Operating Expense, Net
Reworded paragraphs (63)
Previous wording
•changing economic conditions, including prolonged volatility, recessions, or downturns affecting the financial sector and global financial markets, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses;
Current wording
•changing economic conditions, including prolonged volatility, recessions, or downturns affecting the financial sector and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses;
Previous wording
•failing to innovate our product and service offerings or meet or anticipate our clients’ changing needs;
Current wording
•failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs;
Previous wording
•failing to scale our operations and increase productivity in order to implement our business plans and strategies;
Current wording
•failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto;
Previous wording
A more complete description of these risks and uncertainties can be found in our other filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2024 (our Annual Report), and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 as supplemented by this Quarterly Report on Form 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events, or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties, and assumptions in our filings with the SEC on Forms 10-K, 10-Q, and 8-K.
Current wording
A more complete description of these risks and uncertainties can be found in our other filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2024 (our Annual Report), and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, as supplemented by this Quarterly Report on Form 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events, or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties, and assumptions in our filings with the SEC on Forms 10-K, 10-Q, and 8-K.
Previous wording
Three and Six Months Ended June 30, 2025 vs. Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 vs. Three and Nine Months Ended September 30, 2024
Previous wording
In the second quarter of 2025, consolidated revenue increased 5.8% to $605.1 million. Foreign currency movements decreased revenue by$5.1 million.
Current wording
In the third quarter of 2025, consolidated revenue increased 8.4% to $617.4 million. Foreign currency movements increased revenue by $4.5 million.
Previous wording
Asset-based revenue decreased 2.7% on a reported basis and increased 0.2% on an organic basis during the second quarter of 2025. The decline in reported revenue was primarily driven by decreases in Morningstar Indexes and Morningstar Retirement products. Organic revenue growth was primarily driven by increases in Morningstar Wealth.
Current wording
Asset-based revenue increased 1.1% on a reported basis, or 7.9% on an organic basis, during the third quarter of 2025. The increase in reported asset-based revenue was primarily driven by an increase in Morningstar Retirement products. Asset-based organic revenue growth was primarily driven by increases in Morningstar Wealth and Morningstar Retirement.
Previous wording
Transaction-based revenue increased 10.3%, or 9.4% on an organic basis, during the second quarter of 2025, primarily driven by Morningstar Credit revenue.
Current wording
Transaction-based revenue increased 27.2%, or 26.1% on an organic basis, during the third quarter of 2025, primarily driven by Morningstar Credit revenue.
Previous wording
In the first six months of 2025, consolidated revenue increased 6.5% to$1,187.0 million. Foreign currency movements decreased revenue by$0.5 million.
Current wording
In the first nine months of 2025, consolidated revenue increased 7.1% to$1,804.4 million. Foreign currency movements increased revenue by $5.0 million.
Previous wording
License-based revenue increased 5.5%, or 6.2% on an organic basis, during the first six months of 2025, primarily driven by strong demand for PitchBook and Morningstar Direct Platform products.
Current wording
License-based revenue increased 5.8%, or 6.1% on an organic basis, during the first nine months of 2025, primarily driven by strong demand for PitchBook and Morningstar Direct Platform products.
Previous wording
Asset-based revenue increased 4.0%, or 7.0% on an organic basis, during the first six months of 2025, primarily driven by increases in Morningstar Retirement, Morningstar Wealth, and Morningstar Indexes.
Current wording
Asset-based revenue increased 3.0%, or 7.3% on an organic basis, during the first nine months of 2025, primarily driven by increases in Morningstar Wealth and Morningstar Retirement.
Previous wording
Transaction-based revenue increased 14.2%, or 14.5% on an organic basis, during the first six months of 2025, primarily driven by Morningstar Credit revenue.
Current wording
Transaction-based revenue increased 18.6%, or 18.4% on an organic basis, during the first nine months of 2025, primarily driven by Morningstar Credit revenue.
Previous wording
Organic revenue increased 5.9% in the second quarter of 2025 and 7.5% in the first six months of 2025, driven by organic growth in PitchBook, Morningstar Direct Platform, and Morningstar Credit.
Current wording
Organic revenue increased 9.0% in the third quarter of 2025 and 8.0% in the first nine months of 2025, driven by organic growth in PitchBook, Morningstar Credit, and Morningstar Direct Platform.
Previous wording
International revenue comprised 29% of our consolidated revenue in the second quarter of 2025 and 28% in thefirst six months of 2025, as well as in both corresponding periods in 2024. Approxima tely 59% and 60% of international revenue was generated in Continental Europe and the United Kingdom during the second quarter and first six months of 2025, respectively, compared to 57% and 58% during the second quarter and first six months of 2024, respectively. Revenue from international operations increased 7.4% and 5.6% during the second quarter andfirst six monthsof 2025, respectively, driven by strong demand for Morningstar Credit, Morningstar Direct Platform, and PitchBook products.
Current wording
International revenue comprised 29% of our consolidated revenue in the third quarter of 2025 and 28% in thefirst nine months of 2025, as well as in both corresponding periods in 2024. Approxima tely 58% of international revenue was generated in Continental Europe and the United Kingdom during the third quarter and first nine months of 2025, which was comparable to the same periods in 2024. Revenue from international operations increased 11.8% and 7.6% during the third quarter andfirst nine monthsof 2025, respectively, driven by strong demand for Morningstar Credit and Morningstar Direct Platform products.
Previous wording
Cost of revenue increased $7.9 million in the second quarter of 2025 and $21.2 million in thefirst six months of 2025. Higher compensation expense of $10.9 million and $17.1 million in the second quarter and the first six months of 2025, respect ively, was the largest contributor to the increase, primarily driven byan increase in salaries related in part to the Company's annual merit increase as well ashigher severance costs related to a targeted reorganization in Morningstar Sustainalytics. Higher severance costs in the first six months of 2025 were also driven by the announced sunsetting of Morningstar Office during the first quarter of 2025.
Current wording
Cost of revenue increased $19.0 million in the third quarter of 2025 and $40.2 million in thefirst nine months of 2025. Higher compensation expense of $15.8 million and $32.9 million in the third quarter and the first nine months of 2025, respectively, was the largest contributor to the increase, primarily driven by an increase in salaries related in part to the company's annual merit increase. Higher bonus expense was also a contributor during the third quarter of 2025, reflecting strong results relative to targets. Higher severance costs was also a driver to the increase in the first nine months of 2025 driven by the announced sunsetting of Morningstar Office during the first quarter of 2025 and a targeted reorganization in Morningstar Sustainanalytics during the second quarter of 2025.
Previous wording
Sales and marketing expense increased $8.4 million in the second quarter of 2025 and $16.4 million in thefirst six months of 2025. Compensation expense increased $4.7 million during the second quarter of 2025 and $8.6 million in the first six months of 2025 due to an increase in salaries and payroll taxes. In addition, approximately a third of the increase during the first six months of 2025 was due to higher sales commission expense. Advertising and marketing costs increased $2.8 million during the second quarter of 2025 and $5.8 million during the first six months of 2025 due to increased costs associated with marketing and brand campaigns, as well as paid advertising.
Current wording
Sales and marketing expense increased $7.6 million in the third quarter of 2025 and $24.0 million in thefirst nine months of 2025. Compensation expense increased $6.6 million during the third quarter of 2025 and $15.2 million in the first nine months of 2025 due to an increase in sales commission expense, company-sponsored benefits, salaries, and payroll taxes. Advertising and marketing costs also increased $7.1 million during the first nine months of 2025 due to increased costs associated with marketing and brand campaigns, as well as paid advertising.
Previous wording
Depreciation expense increased $1.7 million in the second quarter of 2025 and $5.3 million in thefirst six months of 2025 due primarily to higher capitalized software costs for product enhancements in prior periods.
Current wording
Depreciation expense increased $1.0 million in the third quarter of 2025 and $6.3 million in thefirst nine months of 2025 due primarily to higher capitalized software costs for product enhancements in prior periods.
Previous wording
Intangible amortization expense decreased $2.2 million during the second quarter of 2025 and $5.5 million in thefirst six months of 2025 as certain intangible assets from some of our earlier acquisitions became fully amortized.
Current wording
Intangible amortization expense was flat during the third quarter of 2025 and decreased $5.1 million in thefirst nine months of 2025 as certain intangible assets from some of our earlier acquisitions became fully amortized.
Previous wording
Consolidated operating income increased $16.6 million in the second quarter of 2025, reflecting an increase in revenue of $33.2 million, partially offset by an increase in operating expense of $17.4 million. Operating margin was 20.7%, an increase of 1.7 percentage points compared with the second quarter of 2024.
Current wording
Consolidated operating income increased $12.3 million in the third quarter of 2025, reflecting an increase in revenue of $48.0 million, partially offset by an increase in operating expense of $36.2 million. Operating margin was 20.7%, an increase of 0.4 percentage points compared with the third quarter of 2024.
Previous wording
Consolidated operating income increased $38.1 million in thefirst six months of 2025, reflecting an increase in revenue of $72.3 million offset by an increase in operating expense of $35.0 million. Operating margin was 20.2% in thefirst six months of 2025, an increase of 2.2 percentage points compared with thefirst six months of 2024.
Current wording
Consolidated operating income increased $50.4 million in thefirst nine months of 2025, reflecting an increase in revenue of $120.3 million, partially offset by an increase in operating expense of $71.2 million. Operating margin was 20.3% in thefirst nine months of 2025, an increase of 1.5 percentage points compared with thefirst nine months of 2024.
Previous wording
We reported adjusted operating income of $143.4 million and $278.8 million in the second quarter of 2025 and first six months of 2025, respectively. The table below shows a reconciliation of adjusted operating income to the most directly comparable GAAP financial measure.
Current wording
We reported adjusted operating income of $150.6 million and $429.4 million in the third quarter of 2025 and first nine months of 2025, respectively. The table below shows a reconciliation of adjusted operating income to the most directly comparable GAAP financial measure.
Previous wording
(1) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the second quarters of 2025 and 2024, unallocated corporate expenses were $50.1 million and $46.1 million, respectively. For the first six months of 2025 and 2024, unallocated corporate expenses were $91.9 million and $87.0 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Current wording
(1) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the third quarters of 2025 and 2024, unallocated corporate expenses were $47.1 million and $43.5 million, respectively. For the first nine months of 2025 and 2024, unallocated corporate expenses were $139.0 million and $130.4 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Previous wording
We reported adjusted operating margin of 23.7% in the second quarter of 2025 and 23.5% in thefirst six months of 2025. The table below shows a reconciliation of adjusted operating margin to the most directly comparable GAAP financial measure.
Current wording
We reported adjusted operating margin of 24.4% in the third quarter of 2025 and 23.8% in thefirst nine months of 2025. The table below shows a reconciliation of adjusted operating margin to the most directly comparable GAAP financial measure.
Previous wording
Morningstar Direct Platform total revenue increased $12.3 million, or 6.2%, for the three months ended June 30, 2025. Revenue grew 6.3% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct. Organic revenue growth excludes revenue associated with the divested Commodity and Energy Data business from the prior-year period and foreign currency impact.
Current wording
Morningstar Direct Platform total revenue increased $12.6 million, or 6.3%, for the three months ended September 30, 2025. Revenue grew 6.2% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct. Organic revenue growth excludes revenue associated with the divested Commodity and Energy Data business from the prior-year period and foreign currency impact.
Previous wording
Morningstar Data contributed $11.9 million to revenue growth, with revenue increasing 12.6% or 10.1%on an organic basis. Increases in managed investment (fund) data helped drive Morningstar Data growth.
Current wording
Morningstar Data contributed $10.6 million to revenue growth, with revenue increasing 10.9% or 7.7%on an organic basis. Increases in managed investment data helped drive Morningstar Data growth.
Previous wording
Morningstar Direct contributed $4.2 million to revenue growth, with revenue increasing 6.0%, or 4.5%, on an organic basis, with growth across geographies. Morningstar Direct licenses increased 0.6%.
Current wording
Morningstar Direct contributed $5.2 million to revenue growth, with revenue increasing 7.3% or 5.6% on an organic basis, with growth across geographies. Morningstar Direct licenses were flat compared to the prior-year period.
Previous wording
Morningstar Direct Platform total revenue increased $14.8 million, or 3.8%, for thesix months ended June 30, 2025. Revenue grew 5.3% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Current wording
Morningstar Direct Platform total revenue increased $27.4 million, or 4.6%, for thenine months ended September 30, 2025. Revenue grew 5.6% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Previous wording
Morningstar Direct Platform adjusted operating income increased $4.9 million, or 2.7%, and adjusted operating margin decreased 0.5 percentage points for thesix months ended June 30, 2025.
Current wording
Morningstar Direct Platform adjusted operating income increased $7.2 million, or 2.7%, and adjusted operating margin decreased 0.9 percentage points for thenine months ended September 30, 2025 driven by the same factors noted above.
Previous wording
Morningstar Direct Platform depreciation expense was $11.2 million and $9.5 million for the three months ended June 30, 2025 and 2024, respectively, and $22.0 million and $17.7 million for thesix months ended June 30, 2025 and 2024, respectively.
Current wording
Morningstar Direct Platform depreciation expense was $11.3 million and $9.8 million for the three months ended September 30, 2025 and 2024, respectively, and $33.3 million and $27.5 million for thenine months ended September 30, 2025 and 2024, respectively.
Previous wording
Growth was primarily driven by the PitchBook platform. PitchBook platform growth drivers were consistent with recent quarters and reflected strength in PitchBook's core investor and advisor client segments, including commercial banks, private equity, credit investors, and investment banks. This was partially offset by continued softness in the corporate client segment, especially with smaller firms with more limited use cases when deal activity is depressed. PitchBook licensed users grew 7.6%, driven primarily by growth among PitchBook clients and the addition of new clients. With the Leveraged Commentary & Data (LCD) user migration near completion, the total user counts reflect legacy LCD clients, most of whom transitioned to the PitchBook platform in 2024 and are now included in licensed user counts.
Current wording
Growth was primarily driven by the PitchBook platform with contributions from the small-but-growing direct data business. PitchBook platform growth drivers were consistent with recent quarters with strength in PitchBook's core investor and advisor client segments, including private equity, credit, and investment banks, partially offset by continued softness in the corporate client segment, especially among smaller firms with more limited use cases during periods of slower deal activity. PitchBook licensed users were flat compared to the prior-year period, reflecting the addition of new logos offset by churn and including the impact of the rationalization of user lists associated with recent large enterprise renewals. In the quarter, the company updated its definition of licensed user counts, primarily to exclude Morningstar and PitchBook employees.
Previous wording
PitchBook total revenue increased $30.9 million, or 10.3% on a reported and organic basis for the six months ended June 30, 2025. Revenue growth was primarily driven by the PitchBook platform.
Current wording
PitchBook total revenue increased $43.3 million, or 9.5% for the nine months ended September 30, 2025. Revenue grew 9.4% on an organic basis, primarily driven by the PitchBook platform.
Previous wording
PitchBook depreciation expense was$8.1 million and $8.3 million for thethree months ended June 30, 2025 and 2024, respectively, and $15.9 million and $15.7 million for thesix months ended June 30, 2025 and 2024, respectively.
Current wording
PitchBook depreciation expense was$8.7 million and $7.6 million for thethree months ended September 30, 2025 and 2024, respectively, and $24.6 million and $23.3 million for thenine months ended September 30, 2025 and 2024, respectively.
Previous wording
Morningstar Credit adjusted operating income increased$11.7 million, or 29.1%, and adjusted operating margin increased 3.6 percentage points for the six months ended June 30, 2025.
Current wording
Morningstar Credit adjusted operating income increased$24.6 million, or 44.4%, and adjusted operating margin increased 5.6 percentage points for the nine months ended September 30, 2025.
Previous wording
Morningstar Credit depreciation expense was $2.0 million and $1.7 million for the three months ended June 30, 2025 and 2024, respectively, and $4.0 million and $3.6 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Morningstar Credit depreciation expense was $2.0 million and $2.2 million for the three months ended September 30, 2025 and 2024, respectively, and $6.0 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Morningstar Wealth total revenue increased $1.7 million, or 2.7%, for the three months ended June 30, 2025. Revenue grew 7.2% on an organic basis, primarily driven by an increase in advertising sales and Investment Management, supported by higher revenue for Morningstar Model Portfolios offered on third-party platforms. Organic revenue growth excludes platform revenue associated with US TAMP assets sold to AssetMark from the prior-year period, interim service fees received from AssetMark in the current period, and foreign currency impact.
Current wording
Morningstar Wealth total revenue increased $0.3 million, or 0.5%, for the three months ended September 30, 2025. Revenue grew 9.8% on an organic basis, primarily driven by Investment Management and increased advertising sales. Organic revenue growth excludes platform revenue associated with US TAMP assets sold to AssetMark from the prior-year period and foreign currency impact. Reported and organic growth included a $1.5 million negative impact from the ongoing sunsetting of Morningstar Office.
Previous wording
Investment Management total revenue decreased $0.6 million, or 1.7% on a reported basis. Revenue increased 6.2% on an organic basis. Reported AUMA increased 13.0% to $66.8 billion compared with the prior-year period, helped by market performance, which contributed to higher asset values, and positive net flows to Morningstar Model Portfolios offered on third-party platforms outside the US and to the International Wealth Platform.
Current wording
Investment Management total revenue decreased $0.4 million, or 1.1% on a reported basis for the three months ended September 30, 2025. Revenue increased 16.1% on an organic basis. Reported AUMA increased 11.1% to $70.8 billion compared with the prior-year period, primarily driven by market performance, which contributed to higher asset values, and positive net flows to Morningstar Model Portfolios offered on third-party platforms and to the International Wealth Platform, partially offset by net outflows related to the sale of US TAMP assets to AssetMark.
Previous wording
Morningstar Wealth adjusted operating income increased$5.2 million and adjusted operating margin increased 8.2 percentage points for the three months ended June 30, 2025.
Current wording
Morningstar Wealth adjusted operating income increased$3.8 million and adjusted operating margin increased 6.1 percentage points for the three months ended September 30, 2025.
Previous wording
Morningstar Wealth total revenue increased $4.0 million, or 3.3%, for thesix months ended June 30, 2025. Revenue grew 7.5% on an organic basis, primarily driven by growth in Investment Management and advertising sales.
Current wording
Morningstar Wealth total revenue increased $4.3 million, or 2.3%, for thenine months ended September 30, 2025. Revenue grew 8.3% on an organic basis, primarily driven by growth in Investment Management and increased advertising sales.
Previous wording
Morningstar Wealth adjusted operating income increased$10.0 million and adjusted operating margin increased 8.2 percentage points for the six months ended June 30, 2025.
Current wording
Morningstar Wealth adjusted operating income increased$13.8 million and adjusted operating margin increased 7.4 percentage points for the nine months ended September 30, 2025.
Previous wording
Morningstar Wealth depreciation expense was $4.4 million and $5.0 million for the three months ended June 30, 2025 and 2024, respectively, and $8.9 million and $9.7 million for thesix months ended June 30, 2025 and 2024, respectively.
Current wording
Morningstar Wealth depreciation expense was $3.0 million and $4.3 million for the three months ended September 30, 2025 and 2024, respectively, and $11.9 million and $14.0 million for thenine months ended September 30, 2025 and 2024, respectively.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In October 2025, Morningstar completed repurchases under the 2022 Share Repurchase program, and the board of directors approved (i) the termination of the 2022 Share Repurchase Program and (ii) a new three-year share repurchase program that authorizes the company to repurchase up to $1.0 billion in shares of the company's outstanding common stock, effective October 31, 2025. The share repurchase authorization permits the company to repurchase shares of common stock from time to time at prevailing market prices on the open market or in private transactions in amounts that management deems appropriate.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
License-based revenue increased 6.6%, or 6.3% on an organic basis, during the second quarter of 2025, primarily driven by strong demand for PitchBook and Morningstar Direct Platform products.