Morningstar (MORN) Revenue & Revenue Breakdown

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Morningstar Revenue Highlights

Latest Revenue (Y)

$2.46B

Latest Revenue (Q)

$617.40M

Main Segment (Y)

Licensed-Based

Main Geography (Y)

UNITED STATES

Morningstar Revenue by Period

Morningstar Revenue by Year

Date	Revenue	Change
2025-12-31	$2.46B	8.05%
2024-12-31	$2.28B	11.60%
2023-12-31	$2.04B	8.98%
2022-12-31	$1.87B	10.08%
2021-12-31	$1.70B	22.30%
2020-12-31	$1.39B	17.85%
2019-12-31	$1.18B	15.60%
2018-12-31	$1.02B	11.87%
2017-12-31	$911.70M	14.16%
2016-12-31	$798.60M	1.24%
2015-12-31	$788.80M	3.78%
2014-12-31	$760.10M	8.85%
2013-12-31	$698.30M	6.08%
2012-12-31	$658.29M	4.26%
2011-12-31	$631.40M	13.69%
2010-12-31	$555.35M	15.94%
2009-12-31	$479.00M	-4.67%
2008-12-31	$502.46M	15.48%
2007-12-31	$435.11M	38.05%
2006-12-31	$315.18M	38.77%
2005-12-31	$227.11M	26.41%
2004-12-31	$179.66M	28.79%
2003-12-31	$139.50M	27.26%
2002-12-31	$109.62M	20.16%
2001-12-31	$91.23M	21.68%
2000-12-31	$74.97M	-

Morningstar generated $2.46B in revenue during NA 2025, up 8.05% compared to the previous quarter, and up 176.91% compared to the same period a year ago.

Morningstar Revenue by Quarter

Date	Revenue	Change
2025-09-30	$617.40M	2.03%
2025-06-30	$605.10M	3.99%
2025-03-31	$581.90M	-1.54%
2024-12-31	$591.00M	3.79%
2024-09-30	$569.40M	-0.19%
2024-06-30	$570.50M	4.87%
2024-03-31	$544.00M	0.29%
2023-12-31	$542.40M	5.22%
2023-09-30	$515.50M	2.14%
2023-06-30	$504.70M	5.21%
2023-03-31	$479.70M	0.99%
2022-12-31	$475.00M	1.45%
2022-09-30	$468.20M	-0.47%
2022-06-30	$470.40M	2.93%
2022-03-31	$457.00M	-1.13%
2021-12-31	$462.20M	7.76%
2021-09-30	$428.90M	3.25%
2021-06-30	$415.40M	5.75%
2021-03-31	$392.80M	3.26%
2020-12-31	$380.40M	6.49%
2020-09-30	$357.20M	8.94%
2020-06-30	$327.90M	1.20%
2020-03-31	$324.00M	-2.53%
2019-12-31	$332.40M	5.93%
2019-09-30	$313.80M	14.57%
2019-06-30	$273.90M	5.79%
2019-03-31	$258.90M	-1.45%
2018-12-31	$262.70M	0.54%
2018-09-30	$261.30M	3.53%
2018-06-30	$252.40M	3.66%
2018-03-31	$243.50M	0.16%
2017-12-31	$243.10M	5.74%
2017-09-30	$229.90M	0.31%
2017-06-30	$229.20M	9.40%
2017-03-31	$209.50M	-1.27%
2016-12-31	$212.20M	8.21%
2016-09-30	$196.10M	-1.06%
2016-06-30	$198.20M	3.18%
2016-03-31	$192.10M	-4.71%
2015-12-31	$201.60M	3.23%
2015-09-30	$195.30M	-3.36%
2015-06-30	$202.10M	6.48%
2015-03-31	$189.80M	-3.37%
2014-12-31	$196.41M	1.71%
2014-09-30	$193.11M	1.96%
2014-06-30	$189.38M	4.54%
2014-03-31	$181.16M	0.37%
2013-12-31	$180.50M	4.05%
2013-09-30	$173.48M	-1.11%
2013-06-30	$175.43M	3.89%
2013-03-31	$168.86M	-1.03%
2012-12-31	$170.61M	6.00%
2012-09-30	$160.95M	-3.02%
2012-06-30	$165.97M	3.24%
2012-03-31	$160.76M	1.38%
2011-12-31	$158.57M	-0.92%
2011-09-30	$160.05M	-0.60%
2011-06-30	$161.01M	6.09%
2011-03-31	$151.77M	0.41%
2010-12-31	$151.15M	8.11%
2010-09-30	$139.82M	2.74%
2010-06-30	$136.09M	6.08%
2010-03-31	$128.29M	4.60%
2009-12-31	$122.64M	2.13%
2009-09-30	$120.09M	0.46%
2009-06-30	$119.53M	2.40%
2009-03-31	$116.73M	-2.13%
2008-12-31	$119.27M	-4.97%
2008-09-30	$125.50M	-5.09%
2008-06-30	$132.24M	5.42%
2008-03-31	$125.44M	6.20%
2007-12-31	$118.12M	-

Morningstar generated $617.40M in revenue during Q3 2025, up 2.03% compared to the previous quarter, and up 108.22% compared to the same period a year ago.

Morningstar Revenue Breakdown

Morningstar Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Licensed-Based	$1.72B	$1.63B	$1.52B	$1.33B	$1.13B
Asset-Based	$343.00M	$333.20M	$279.60M	$269.40M	$264.90M
Transaction-Based	$383.30M	$316.80M	$241.50M	$269.50M	$302.70M

Morningstar's latest annual revenue breakdown by segment (product or service), as of Dec 25: Licensed-Based (70.30%), Transaction-Based (15.67%), and Asset-Based (14.03%).

Quarterly Revenue by Product

Product/Service	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21
Transaction-Based	$113.10M	$97.70M	$94.30M	$78.20M	$88.90M	$76.80M	$85.50M	$65.60M	$70.20M	$59.50M	$61.40M	$50.40M	$59.30M	$58.30M	$75.30M	$76.60M	$90.50M	$73.50M	$73.40M	$65.30M
Asset-Based	$90.20M	$84.70M	$82.40M	$85.70M	$87.70M	$83.80M	$84.70M	$77.00M	$75.50M	$71.50M	$67.30M	$65.30M	$66.00M	$67.30M	$67.60M	$68.50M	$70.30M	$68.40M	$64.80M	$61.40M
Licensed-Based	$437.80M	$435.00M	$428.40M	$418.00M	$414.40M	$408.80M	$401.70M	$400.20M	$393.00M	$384.50M	$376.00M	$364.00M	$349.70M	$342.60M	$327.50M	$311.90M	$301.40M	$287.00M	$277.20M	$266.10M

Morningstar's latest quarterly revenue breakdown by segment (product or service), as of Dec 25: Licensed-Based (68.29%), Transaction-Based (17.64%), and Asset-Based (14.07%).

Morningstar Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Asia	$48.00M	$49.60M	$49.30M	$44.80M	$41.10M
AUSTRALIA	$65.30M	$62.40M	$58.40M	$55.80M	$56.90M
UNITED STATES	$1.75B	$1.64B	$1.47B	$1.35B	$1.18B
Europe excluding the United Kingdom	$219.60M	$203.80M	$185.50M	$162.90M	$159.10M
Segment, Geographical, Group of Other Countries	$13.00M	$12.70M	$10.50M	$9.80M	$9.30M
Non United States	$690.60M	$636.30M	$568.00M	$516.70M	$515.00M
CANADA	$154.90M	$140.40M	$116.30M	$109.80M	$112.90M

Morningstar's latest annual revenue breakdown by geography, as of Dec 25: UNITED STATES (59.56%), Non United States (23.44%), Europe excluding the United Kingdom (7.45%), CANADA (5.26%), AUSTRALIA (2.22%), Asia (1.63%), and Segment, Geographical, Group of Other Countries (0.44%).

Quarterly Revenue by Country

Country	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21
Segment, Geographical, Group of Other Countries	$6.40M	$3.30M	$3.30M	$3.00M	$3.50M	$3.20M	$3.00M	$3.00M	$2.70M	$2.80M	$2.60M	$2.40M	$2.20M	$2.60M	$2.50M	$2.50M	$2.30M	$2.60M	$2.30M	$2.10M
Europe excluding the United Kingdom	$109.50M	$55.10M	$55.00M	$50.60M	$52.40M	$51.60M	$50.10M	$49.70M	$49.50M	$47.30M	$45.60M	$43.10M	$41.30M	$39.10M	$41.20M	$41.30M	$42.90M	$41.10M	$38.90M	$36.20M
AUSTRALIA	$32.40M	$16.70M	$16.20M	$15.10M	$15.40M	$16.30M	$15.70M	$15.00M	$14.90M	$14.50M	$14.60M	$14.40M	$13.50M	$13.60M	$14.70M	$14.00M	$14.70M	$14.00M	$14.70M	$13.50M
UNITED STATES	$458.10M	$440.70M	$431.60M	$424.50M	$426.30M	$411.30M	$410.30M	$390.90M	$387.10M	$370.70M	$365.50M	$347.30M	$346.70M	$340.90M	$338.10M	$328.20M	$327.60M	$302.60M	$284.60M	$269.50M
Asia	$23.40M	$12.40M	$12.20M	$11.90M	$12.00M	$11.90M	$13.00M	$12.70M	$12.60M	$13.00M	$11.60M	$12.10M	$11.30M	$11.20M	$11.50M	$10.80M	$10.80M	$10.60M	$9.70M	$10.00M
CANADA	$75.30M	$41.00M	$38.60M	$33.10M	$37.00M	$33.00M	$37.80M	$32.60M	$30.10M	$28.80M	$30.10M	$27.30M	$26.00M	$27.20M	$29.50M	$27.10M	$28.80M	$25.90M	$30.80M	$27.40M
Non United States	$183.00M	$176.70M	$173.50M	$157.40M	$164.70M	$158.10M	$161.60M	$151.90M	$151.60M	$144.80M	$139.20M	$132.40M	$128.30M	$127.30M	$132.30M	$128.80M	$134.60M	$126.30M	$130.80M	$123.30M

Morningstar's latest quarterly revenue breakdown by geography, as of Dec 25: UNITED STATES (51.58%), Non United States (20.61%), Europe excluding the United Kingdom (12.33%), CANADA (8.48%), AUSTRALIA (3.65%), Asia (2.63%), and Segment, Geographical, Group of Other Countries (0.72%).

Morningstar Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
XP	XP	$6.53B	$1.94B
FHN	First Horizon	$4.99B	$889.00M
UMBF	UMB Financial	$4.44B	$600.16M
WBS	Webster Financial	$4.42B	$1.13B
WTFC	Wintrust Financial	$4.23B	$1.09B
SSB	SouthState	$3.76B	$980.77M
MORN	Morningstar	$2.46B	$617.40M
FDS	FactSet Research Systems	$2.32B	$611.02M
SEIC	SEI Investments	$2.30B	$578.51M
BMNR	Bitmine Immersion	$6.09M	$11.04M
WAL	Western Alliance Ban	-	$1.30B

MORN Revenue FAQ

What is Morningstar’s yearly revenue?

Morningstar's yearly revenue for 2025 was $2.46B, representing an increase of 8.05% compared to 2024. The company's yearly revenue for 2024 was $2.28B, representing an increase of 11.60% compared to 2023. MORN's yearly revenue for 2023 was $2.04B, representing an increase of 8.98% compared to 2022.

What is Morningstar’s quarterly revenue?

Morningstar's quarterly revenue for Q3 2025 was $617.4M, a 2.03% increase from the previous quarter (Q2 2025), and a 8.43% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $605.1M, a 3.99% increase from the previous quarter (Q1 2025), and a 6.06% increase year-over-year (Q2 2024). MORN's quarterly revenue for Q1 2025 was $581.9M, a -1.54% decrease from the previous quarter (Q4 2024), and a 6.97% increase year-over-year (Q1 2024).

What is Morningstar’s revenue growth rate?

Morningstar's revenue growth rate for the last 3 years (2023-2025) was 20.58%, and for the last 5 years (2021-2025) was 44.66%.

What are Morningstar’s revenue streams?

Morningstar's revenue streams in c 25 are Licensed-Based, Asset-Based, and Transaction-Based. Licensed-Based generated $1.72B in revenue, accounting 70.30% of the company's total revenue, up 5.79% year-over-year. Asset-Based generated $343M in revenue, accounting 14.03% of the company's total revenue, up 2.94% year-over-year. Transaction-Based generated $383.3M in revenue, accounting 15.67% of the company's total revenue, up 20.99% year-over-year.

What is Morningstar’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of Morningstar was Licensed-Based. This segment made a revenue of $1.72B, representing 70.30% of the company's total revenue.