Morningstar, Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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, 2026 · Filed Oct 28, 2026
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 2026-06-30; filed 2026-07-29.
0001289419-26-000041
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001289419-26-000054
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 176 previous paragraphs and 178 current paragraphs.
106 unchanged; 58 reworded; 14 added; 11 removed; 1 previous and 0 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 (14)
Current report
2026 and 2025, respectively, and $109.6 million and $65.2 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Cost of revenue decreased $1.0 million in the third quarter and increased $15.2 million in the first nine months of 2026. The year over year decrease in the third quarter was primarily driven by lower compensation expense of $8.4 million, largely due to lower bonus expense compared to a relatively high level in the prior-year period, partially offset by a $6.6 million increase in certain technology infrastructure costs driven largely by cloud costs associated with the migration from on-premise data centers and costs associated with AI initiatives. The increase in cost of revenue for the first nine months of 2026 was primarily attributable to a $15.6 million increase in technology infrastructure costs, driven by the factors noted above, and an increase of $3.5 million in professional fees. These increases were offset by lower bonus expense of $5.4 million.
Current report
Sales and marketing expense increased $2.3 million in the third quarter and $3.3 million in the first nine months of 2026. The increases in the third quarter and first nine months were primarily driven by higher advertising and marketing costs of $5.3 million and $8.2 million, respectively, partially offset by lower compensation expense of $3.8 million and $5.5 million, respectively. Higher advertising and marketing costs were largely attributable to corporate brand activities and the launch of the Game On brand campaign, while lower compensation expense was primarily due to lower salary costs and stock-based compensation expense. A decrease in commission expense also contributed to lower compensation expense during the third quarter of 2026.
Current report
Depreciation expense increased $2.0 million in the third quarter and $1.3 million in the first nine months of 2026. Intangible amortization expense increased $4.1 million in the third quarter and $14.3 million in the first nine months of 2026, primarily due to additional amortization of intangible assets acquired in the CRSP acquisition.
Current report
Morningstar Direct Platform adjusted operating income increased $18.4 million, or 6.6%, and adjusted operating margin increased 0.1 percentage points for the nine months ended September 30, 2026.
Current report
PitchBook total revenue increased $6.6 million, or 3.9%, for the three months ended September 30, 2026. Revenue grew 4.0% on an organic basis.
Current report
The increase in revenue was primarily driven by strong growth across multiple core client segments in direct data, which continued to expand from a smaller revenue base. PitchBook platform growth slowed with particular softness in the corporate and venture capital client segments, which continued to experience higher churn. PitchBook licensed users grew 4.6% compared to the prior-year period, including the addition of new PitchBook Data Premium Connector licensed users in the quarter associated with a large renewal.
Current report
PitchBook adjusted operating income decreased $0.6 million, or 1.1%, and adjusted operating margin decreased 1.5 percentage points for the three months ended September 30, 2026. The decline in adjusted operating margin was primarily due to an increase in compensation and technology infrastructure costs. Higher compensation costs were largely driven by an increase in commissions related in part to several large direct data transactions and an increase in severance expense, while the increase in technology infrastructure costs was driven in part by AI initiatives.
Current report
PitchBook total revenue increased $23.5 million, or 4.7% for the nine months ended September 30, 2026. Revenue grew 4.6% on an organic basis.
Current report
Morningstar Wealth total revenue decreased$2.7 million, or 4.3%, for the three months ended September 30, 2026. Revenue decreased 6.0% on an organic basis. Excluding the impact of sunsetting Morningstar Office, organic revenue would have increased 2.1%, supported by growth in Investment Management, partially offset by lower advertising sales.
Current report
Morningstar Retirement total revenue increased $18.7 million, or 18.8% on a reported and organic basis for the nine months ended September 30, 2026.
Current report
Our effective tax rate in the third quarter and first nine months of 2026 was 25.0% and 25.2%, respectively, reflecting a decrease of 0.5 and an increase of 0.5 percentage points compared with the same prior year periods.
Current report
Leases
Current report
As of September 30, 2026, the company had executed operating lease agreements for office space in London, Chicago, and Frankfurt that had not yet commenced. These leases represent aggregate future lease obligations of approximately $178.0 million. For further information, see Note 10 of the Notes to our Unaudited Consolidated Financial Statements.
Removed paragraphs (11)
Previous report
•failing to achieve the anticipated benefits of the CRSP acquisition;
Previous report
Cost of revenue increased $8.7 million in the second quarter and $16.2 million in the first six months of 2026. An increase in certain technology infrastructure costs of $6.1 million and $9.0 million in the second quarter and first six months of 2026, respectively, was the largest contributor to the increase, which included higher cloud spending primarily related to the migration from on-premise data centers and computer and software costs associated with AI initiatives. Professional fees also contributed to the increase in both periods.
Previous report
Sales and marketing expense decreased $1.6 million in the second quarter and increased $1.0 million in the first six months of 2026. The quarterly decrease was primarily driven by lower compensation expense and professional fees of $1.6 million and $1.4 million, respectively, partially offset by a $0.9 million increase in advertising and marketing costs. The decrease in compensation expense was primarily due to lower salary and severance costs, while higher paid advertising drove the increase in advertising and marketing costs. For the first six months of 2026, advertising and marketing costs increased $2.8 million and were partially offset by a $1.7 million decrease in compensation expense, primarily due to the same factors noted above.
Previous report
Depreciation expense decreased slightly in the second quarter and firstsix months of 2026, while intangible amortization expense increased $5.6 million in the second quarter and $10.2 million in the first six months of 2026, primarily from additional amortization related to intangibles from the acquisition of CRSP.
Previous report
Morningstar Direct Platform adjusted operating income increased $4.0 million, or 4.2%, and adjusted operating margin decreased 0.8 percentage points for the three months ended June 30, 2026. The decline in adjusted operating margin was due in part to higher compensation costs largely driven by a shift of additional research and sales resources to support Direct Platform growth priorities, partially offset by targeted reorganizations in the fourth quarter of 2025. Increased technology infrastructure costs primarily driven by the cloud migration also contributed.
Previous report
PitchBook total revenue increased $8.2 million, or 4.9%on both a reported and organic basis for the three months ended June 30, 2026.
Previous report
Growth reflected contributions from most core investor and advisor client segments, partially offset by softness in venture capital and elevated churn in the corporate client segment. Increased revenue was primarily driven by the PitchBook platform and strength in the direct data business, which continued to expand from a smaller revenue base. Licensed user counts were relatively flat compared to the prior-year period.
Previous report
PitchBook adjusted operating income increased $0.2 million, or 0.4%, and adjusted operating margin decreased 1.4 percentage points for the three months ended June 30, 2026. The decline in adjusted operating margin was largely driven by an increase in compensation costs, which included the impact of additional headcount to support new growth initiatives. Increased technology infrastructure costs primarily related to AI initiatives also contributed.
Previous report
PitchBook total revenue increased $16.9 million, or 5.1% for the six months ended June 30, 2026. Revenue grew 4.9% on an organic basis.
Previous report
Morningstar Retirement total revenue increased $11.4 million, or 17.5% on a reported and organic basis for the six months ended June 30, 2026. Growth was driven by market gains and positive net flows, supported by growth in traditional and Advisor Managed Accounts.
Previous report
Our effective tax rate in the second quarter and first six months of 2026 was 26.2% and 25.3%, respectively, reflecting an increase of 3.4 and 1.0 percentage points compared with the same prior year periods. Our effective tax rate increased in 2026 due to deferred taxes recorded in the second quarter of 2026 with respect to unremitted foreign earnings from some of our non-US subsidiaries as well as from a negative tax impact dueto the vesting of employee stock-based compensation compared with the excess tax benefits that were recognized in 2025. When stock-based compensation vests at a lower share price than the original grant price, a negative tax impact results. This reduces our tax deduction for stock-based compensation and resulted in an increase to our effective tax rate in the second quarter of 2026.
Reworded paragraphs (58)
Previous wording
•changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors 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;
Current wording
•changing economic and market conditions, including prolonged volatility, recessions, inflation, or downturns affecting the financial, data and software sectors 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
A more complete description of these risks and uncertainties, among others, 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, 2025 (our Annual Report), and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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, among others, 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, 2025 (our Annual Report), and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, 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, 2026 vs. Three and Six Months Ended June 30, 2025
Current wording
Three and Nine Months Ended September 30, 2026 vs. Three and Nine Months Ended September 30, 2025
Previous wording
(1)Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $25.5 million and $27.3 million for the three months ended June 30, 2026 and 2025, respectively, and $52.1 million and $56.1 million for the six months ended June 30, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $37.8 million and $20.4 million for the three months ended June 30, 2026 and 2025, respectively, and $70.6 million and $43.4 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
(1)Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $26.3 million and $28.1 million for the three months ended September 30, 2026 and 2025, respectively, and $78.4 million and $84.2 million for the nine months ended September 30, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $39.0 million and $21.8 million for the three months ended September 30,
Previous wording
In the second quarter of 2026, consolidated revenue increased 9.6% to $663.2 million. Foreign currency movements increased revenue by $3.5 million.
Current wording
In the third quarter of 2026, consolidated revenue increased 8.9% to $672.1 million. Foreign currency movements decreased revenue by $0.2 million.
Previous wording
License-based revenue increased 6.2%, or 3.1% on an organic basis, during the second quarter of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products.
Current wording
License-based revenue increased 5.5%, or 3.7% on an organic basis, during the third quarter of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products.
Previous wording
Asset-based revenue increased 17.5%, or 13.8% on an organic basis, during the second quarter of 2026. The increase in reported and organic asset-based revenue was primarily driven by an increase in sales of Morningstar Retirement and Morningstar Wealth products.
Current wording
Asset-based revenue increased 21.6%, or 14.9% on an organic basis, during the third quarter of 2026. The increase in reported asset-based revenue was primarily driven by Morningstar Retirement and Morningstar Indexes products, while organic growth was primarily driven by Morningstar Retirement and Morningstar Wealth products.
Previous wording
Transaction-based revenue increased 18.0%, or 17.8% on an organic basis, during the second quarter of 2026, primarily driven by Morningstar Credit revenue.
Current wording
Transaction-based revenue increased 12.7%, or 13.3% on an organic basis, during the third quarter of 2026, primarily driven by Morningstar Credit revenue.
Previous wording
In the first six months of 2026, consolidated revenue increased 10.2% to$1,308.0 million. Foreign currency movements increased revenue by $17.0 million.
Current wording
In the first nine months of 2026, consolidated revenue increased 9.7% to$1,980.1 million. Foreign currency movements increased revenue by $16.8 million.
Previous wording
License-based revenue increased 6.3%, or 2.8% on an organic basis, during the first six months of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products.
Current wording
License-based revenue increased 6.1%, or 3.1% on an organic basis, during the first nine months of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products.
Previous wording
Asset-based revenue increased 14.2%, or 12.4% on an organic basis, during the first six months of 2026. The increase in reported and organic asset-based revenue was primarily driven by an increase in sales of Morningstar Retirement and Morningstar Wealth products.
Current wording
Asset-based revenue increased 16.7%, or 13.2% on an organic basis, during the first nine months of 2026. The increase in reported asset-based revenue was primarily driven by Morningstar Retirement and Morningstar Indexes products, while organic growth was primarily driven by Morningstar Retirement and Morningstar Wealth products.
Previous wording
Transaction-based revenue increased 25.3%, or 23.6% on an organic basis, during the first six months of 2026, primarily driven by Morningstar Credit revenue.
Current wording
Transaction-based revenue increased 20.7%, or 19.9% on an organic basis, during the first nine months of 2026, primarily driven by Morningstar Credit revenue.
Previous wording
Organic revenue increased 6.8% in the second quarter of 2026 and 7.2% in the first six months of 2026, driven by organic revenue growth in Morningstar Credit, Morningstar Direct Platform, and PitchBook.
Current wording
Organic revenue increased 6.8% in the third quarter of 2026 and 7.0% in the first nine months of 2026, driven by organic revenue growth in Morningstar Credit and Morningstar Direct Platform.
Previous wording
International revenue comprised 28% of our consolidated revenue in both the second quarter and first six months of 2026, comparable to the same periods in 2025. Approxima tely 56% of international revenue was generated in Continental Europe and the United Kingdom during both the second quarter and first six months of 2026, which was down slightly compared to the same periods in 2025. Revenue from international operations increased 6.1% and 10.9% during the second quarter and first six months of 2026, respectively, driven by strong demand for Morningstar Credit and Morningstar Wealth products as well as Morningstar Direct Platform during the first six months of 2026.
Current wording
International revenue comprised 28% of our consolidated revenue in both the third quarter and first nine months of 2026, comparable to the same periods in 2025. Approxima tely 57% of international revenue was generated in Continental Europe and the United Kingdom during both the third quarter and first nine months of 2026, down slightly from the same periods in 2025. Revenue from international operations increased 5.8% and 9.1% during the third quarter and first nine months of 2026, respectively, driven by strong demand for Morningstar Credit and Morningstar Wealth products in both periods and Morningstar Direct Platform products in the first nine months of 2026.
Previous wording
General and administ rative expense increased $16.5 million in the second quarter and $24.0 million in the first six months of 2026. Higher compensation expense of $12.6 million and $15.7 million in the second quarter and first six months of 2026, respectively, was the largest contributor to the increase, driven primarily by stock-based compensation, attributable to strong performance compared to targets, and salary costs. Facilities-related expenses also contributed to the increase in both periods.
Current wording
General and administ rative expense increased $7.2 million in the third quarter and $31.2 million in the first nine months of 2026. Higher compensation expense of $4.3 million was the largest contributor to the third-quarter increase, driven primarily by $2.6 million of severance expense in certain areas of the business and higher salary costs of $1.2 million. For the first nine months of 2026, higher compensation expense of $19.9 million was the largest contributor to the increase, driven primarily by higher stock-based compensation expense of $10.8 million attributable to strong performance compared to targets as well as higher salary costs and severance expense. Higher facilities-related expenses also contributed to the increases in both periods.
Previous wording
Consolidated operating income increased $35.5 million in the second quarter of 2026, reflecting increases in revenue of $58.1 million and other operating income of $6.0 million, partially offset by an increase in operating expense of $28.6 million. Operating margin was 24.2%, an increase of 3.5 percentage points compared with the prior year period.
Current wording
Consolidated operating income increased $39.6 million in the third quarter of 2026, reflecting increases in revenue of $54.7 million, partially offset by an increase in operating expense of $14.6 million and a decrease in other operating income of $0.5 million. Operating margin was 24.9%, an increase of 4.2 percentage points compared with the prior year period.
Previous wording
Consolidated operating income increased $77.3 million in thefirst six months of 2026, reflecting increases in revenue of $121.0 million and other operating income of $6.9 million, partially offset by an increase in operating expense of $50.6 million. Operating margin was 24.2% in the first six months of 2026, an increase of 4.0 percentage points compared with the prior year period.
Current wording
Consolidated operating income increased $116.9 million in thefirst nine months of 2026, reflecting increases in revenue of $175.7 million and other operating income of $6.4 million, partially offset by an increase in operating expense of $65.2 million. Operating margin was 24.4% in the first nine months of 2026, an increase of 4.1 percentage points compared with the prior year period.
Previous wording
We reported adjusted operating income of $175.9 million and $354.5 million in the second quarterand first six months of 2026, 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 $189.9 million and $544.4 million in the third quarterand first nine months of 2026, 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 three months ended June 30, 2026 and 2025, unallocated corporate expenses were $55.6 million and $50.1 million, respectively. For the six months ended June 30, 2026 and 2025, unallocated corporate expenses were $97.4 million and $91.9 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 three months ended September 30, 2026 and 2025, unallocated corporate expenses were $50.7 million and $47.1 million, respectively. For the nine months ended September 30, 2026 and 2025, unallocated corporate expenses were $148.1 million and $139.0 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Previous wording
We reported adjusted operating margin of 26.5% in the second quarter and 27.1% in the firstsix months of 2026. 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 28.3% in the third quarter and 27.5% in the first nine months of 2026. 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$12.9 million, or 6.2%, for the three months ended June 30, 2026. Revenue grew 4.8% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Current wording
Morningstar Direct Platform total revenue increased$11.4 million, or 5.4%, for the three months ended September 30, 2026. Revenue grew 6.2% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Previous wording
Morningstar Data contributed $6.8 million to revenue growth, with revenue increasing 6.4% or 4.2%on an organic basis. The increase in Morningstar Data was driven in part by expansion with existing clients supported by new use cases, with continued strength in managed investment data and Morningstar Essentials products, partially offset by softness in exchange market data.
Current wording
Morningstar Data contributed $6.5 million to revenue growth, with revenue increasing 6.0% or 7.8%on an organic basis. The increase in Morningstar Data was driven in part by continued expansion with existing clients supported by new use cases, with strength in the managed investment data and Morningstar Essentials products.
Previous wording
Morningstar Direct contributed $6.1 million to revenue growth, with revenue increasing 8.2% or 7.1% on an organic basis, reflecting increased revenue per license and expansion with existing clients in reporting solutions. Direct licenses were relatively flat compared with the prior-year period.
Current wording
Morningstar Direct contributed $4.3 million to revenue growth, with revenue increasing 5.6% or 5.8% on an organic basis, reflecting increased revenue per license and expansion with existing clients in reporting solutions. Direct licenses were relatively flat compared with the prior-year period.
Previous wording
Morningstar Direct Platform adjusted operating income increased $7.9 million, or 4.3%, and adjusted operating margin decreased 1.2 percentage points for the six months ended June 30, 2026. The decline in adjusted operating margin was driven by the same factors noted above
Current wording
Morningstar Direct Platform adjusted operating income increased $10.5 million, or 11.2%, and adjusted operating margin increased 2.4 percentage points for the three months ended September 30, 2026.
Previous wording
Morningstar Direct Platform total revenue increased $28.9 million, or 7.1%, for the six months ended June 30, 2026. Revenue grew 4.9% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Current wording
Morningstar Direct Platform total revenue increased $40.3 million, or 6.5%, for the nine months ended September 30, 2026. Revenue grew 5.4% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct.
Previous wording
Morningstar Direct Platform depreciation expense was $9.2 million and $11.2 million for the three months ended June 30, 2026 and 2025, respectively, and $18.7 million and $22.0 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Morningstar Direct Platform depreciation expense was $9.5 million and $11.3 million for the three months ended September 30, 2026 and 2025, respectively, and $28.2 million and $33.3 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
PitchBook adjusted operating income decreased $0.5 million, or 0.5%, and adjusted operating margin decreased 1.7 percentage points for the six months ended June 30, 2026. The decline in adjusted operating margin was driven by the same factors noted above, as well as higher advertising expenses.
Current wording
PitchBook adjusted operating income decreased $1.1 million, or 0.7%, and adjusted operating margin decreased 1.7 percentage points for the nine months ended September 30, 2026. The decline in adjusted operating margin was driven by higher compensation and technology infrastructure costs.
Previous wording
PitchBook depreciation expense was$8.8 million and $8.1 million for thethree months ended June 30, 2026 and 2025, respecti vely, and $16.7 million and$15.9 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
PitchBook depreciation expense was$8.5 million and $8.7 million for thethree months ended September 30, 2026 and 2025, respecti vely, and $25.2 million and$24.6 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Morningstar Credit total revenue increased $19.9 million, or 23.4%, for the three months ended June 30, 2026. Revenue grew 23.3% on an organic basis, supported by a robust issuance. Revenue grew across geographies and most asset classes, with particular strength in US structured finance ratings and Canadian and US corporates.
Current wording
Morningstar Credit total revenue increased $16.7 million, or 18.3%, for the three months ended September 30, 2026. Revenue grew 19.1% on an organic basis, supported by a robust issuance. Revenue grew across geographies and asset classes, with particular strength in corporates and US asset-backed and residential mortgage-backed securities ratings.
Previous wording
Morningstar Credit adjusted operating income increased $8.0 million, or 26.2%, and adjusted operating margin increased 0.8 percentage points for thethree months ended June 30, 2026. The increase in adjusted operating income and margin reflected revenue growth, partially offset by higher compensation costs. The increase in compensation was driven by higher salaries and benefits due to added headcount to support growth and higher bonus expense reflecting strong performance against targets.
Current wording
Morningstar Credit adjusted operating income increased $12.5 million, or 44.5%, and adjusted operating margin increased 6.9 percentage points for thethree months ended September 30, 2026. The increase in adjusted operating income and margin reflected revenue growth, partially offset by compensation costs driven by higher salaries due to added headcount to support growth.
Previous wording
Morningstar Credit total revenue increased $47.9 million, or 30.3%, for the six months ended June 30, 2026. Revenue grew 28.3% on an organic basis. Revenue grew across geographies and most asset classes, with particular strength in US structured finance ratings and global corporates.
Current wording
Morningstar Credit total revenue increased $64.6 million, or 25.9%, for the nine months ended September 30, 2026. Revenue grew 25.0% on an organic basis. Revenue grew across geographies and asset classes, with particular strength in US structured finance ratings and Canadian corporates.
Previous wording
Morningstar Credit adjusted operating income increased $27.8 million, or 53.6%, and adjusted operating margin increased 5.9 percentage points for the six months ended June 30, 2026.
Current wording
Morningstar Credit adjusted operating income increased $40.3 million, or 50.4%, and adjusted operating margin increased 6.2 percentage points for the nine months ended September 30, 2026.
Previous wording
Morningstar Credit depreciation expense was $1.4 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively, and $2.8 million and $4.0 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Morningstar Credit depreciation expense was $1.5 million and $2.0 million for the three months ended September 30, 2026 and 2025, respectively, and $4.3 million and $6.0 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Investment Management total revenue increased $2.5 million, or 7.1% on a reported basis for the three months ended June 30, 2026. Revenue increased 11.9% on an organic basis. Reported AUMA decreased 4.5% to $63.8 billion compared with the prior-year period. Excluding the impact of the loss of an Asset Allocation Services client, which accounted for a negligible share of Investment Management revenue, AUMA would have increased compared to the prior-year period. Combined Morningstar Model Portfolio and International Wealth Platform AUMA increased 16.2% to $55.3 million, supported by market appreciation and positive net flows outside the US.
Current wording
Investment Management total revenue increased $4.0 million, or 11.4% on a reported basis for the three months ended September 30, 2026. Revenue increased 9.6% on an organic basis. Morningstar Wealth reported AUMA decreased 8.5% to $64.8 billion compared with the prior-year period, primarily due to the loss of an Asset Allocation Services client in Japan, which accounted for a negligible share of Investment Management revenue. Combined Morningstar Model Portfolio and International Wealth Platform AUMA increased 12.1% to $56.5 billion, largely driven by market appreciation and supported by positive net flows outside the US.
Previous wording
Morningstar Wealth adjusted operating income increased $4.9 million and adjusted operating margin increased 8.4 percentage points for the three months ended June 30, 2026.
Current wording
Morningstar Wealth adjusted operating income increased $4.3 million and adjusted operating margin increased 7.5 percentage points for the three months ended September 30, 2026.
Previous wording
Morningstar Wealth total revenue decreased$4.0 million, or 6.2%, for the three months ended June 30, 2026. Revenue decreased 4.6% on an organic basis. Organic revenue growth excludes interim service fees received from AssetMark associated with the company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact from the sunsetting of Morningstar Office, organic revenue would have increased 5.3%, supported by growth in Investment Management.
Current wording
Morningstar Wealth total revenue decreased $10.0 million, or 5.3%, for the nine months ended September 30, 2026. Revenue declined 4.1% on an organic basis. Organic revenue growth excludes interim service fees received from AssetMark associated with the company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact of sunsetting Morningstar Office, organic revenue would have increased 5.3%, supported by growth in Investment Management, partially offset by lower advertising sales.
Previous wording
Morningstar Wealth adjusted operating income increased $11.3 million and adjusted operating margin increased 9.6 percentage points for the six months ended June 30, 2026.
Current wording
Morningstar Wealth adjusted operating income increased $15.6 million and adjusted operating margin increased 9.0 percentage points for the nine months ended September 30, 2026.
Previous wording
Morningstar Wealth depreciation expense was $1.2 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively, and $2.8 million and $8.9 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Morningstar Wealth depreciation expense was $1.1 million and $3.0 million for the three months ended September 30, 2026 and 2025, respectively, and $3.9 million and $11.9 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Morningstar Retirement total revenue increased $5.5 million, or 17.0% on both a reported and organic basis for the three months ended June 30, 2026. AUMA, calculated using the most recently available average quarterly or monthly data, increased 9.0% to $311.0 billion compared with the prior-year period, primarily due to market gains and supported by positive net flows to traditional and Advisor Managed Accounts.
Current wording
Morningstar Retirement total revenue increased $7.3 million, or 21.3% on both a reported and organic basis for the three months ended September 30, 2026. AUMA, calculated using the most recently available average quarterly or monthly data, increased 12.1% to $333.9 billion compared with the prior-year period primarily due to market gains. Positive net flows, primarily driven by Advisor Managed Accounts, also contributed.
Previous wording
Morningstar Retirement adjusted operating income increased $4.0 million and adjusted operating margin increased 3.7 percentage points for the three months ended June 30, 2026.
Current wording
Morningstar Retirement adjusted operating income increased $6.8 million and adjusted operating margin increased 7.7 percentage points for the three months ended September 30, 2026.
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Previous report — wording carried elsewhere
Morningstar Wealth total revenue decreased $7.3 million, or 5.8%, for the six months ended June 30, 2026. Revenue declined 3.2% on an organic basis. Organic revenue growth excludes interim service fees received from AssetMark associated with the company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact of the sunsetting of Morningstar Office, organic revenue would have increased 7.0%, supported by growth in Investment Management.