Morningstar (MORN) Revenue & Revenue Breakdown

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Morningstar Revenue Highlights

Latest Revenue (Y)

$2.28B

Latest Revenue (Q)

$605.10M

Main Segment (Y)

Licensed-Based

Main Geography (Y)

UNITED STATES

Morningstar Revenue by Period

Morningstar Revenue by Year

Date	Revenue	Change
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	$760.07M	8.85%
2013-12-31	$698.27M	6.07%
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 $2.28B in revenue during NA 2024, up 11.60% compared to the previous quarter, and up 192.97% compared to the same period a year ago.

Morningstar Revenue by Quarter

Date	Revenue	Change
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 $605.10M in revenue during Q2 2025, up 3.99% compared to the previous quarter, and up 111.23% compared to the same period a year ago.

Morningstar Revenue Breakdown

Morningstar Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 24	Dec 23	Dec 22	Dec 21	Dec 20
Asset-Based	$333.20M	$279.60M	$269.40M	$264.90M	$223.80M
Licensed-Based	$1.63B	$1.52B	$1.33B	$1.13B	$934.90M
Transaction-Based	$316.80M	$241.50M	$269.50M	$302.70M	$230.80M

Morningstar's latest annual revenue breakdown by segment (product or service), as of Dec 24: Licensed-Based (71.43%), Asset-Based (14.65%), and Transaction-Based (13.92%).

Quarterly Revenue by Product

Product/Service	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	Dec 20	Sep 20
Licensed-Based	$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	$254.90M	$242.90M
Asset-Based	$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	$59.40M	$55.40M
Transaction-Based	$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	$66.10M	$58.90M

Morningstar's latest quarterly revenue breakdown by segment (product or service), as of Jun 25: Licensed-Based (70.80%), Transaction-Based (15.58%), and Asset-Based (13.62%).

Morningstar Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 24	Dec 23	Dec 22	Dec 21	Dec 20
Europe excluding the United Kingdom	$203.80M	$185.50M	$162.90M	$159.10M	$113.80M
UNITED STATES	$1.64B	$1.47B	$1.35B	$1.18B	$970.80M
Segment, Geographical, Group of Other Countries	$12.70M	$10.50M	$9.80M	$9.30M	$6.70M
Non United States	$636.30M	$568.00M	$516.70M	$515.00M	$418.70M
AUSTRALIA	$62.40M	$58.40M	$55.80M	$56.90M	$45.60M
Asia	$49.60M	$49.30M	$44.80M	$41.10M	$33.60M
CANADA	$140.40M	$116.30M	$109.80M	$112.90M	$101.50M

Morningstar's latest annual revenue breakdown by geography, as of Dec 24: UNITED STATES (59.72%), Non United States (23.19%), Europe excluding the United Kingdom (7.43%), CANADA (5.12%), AUSTRALIA (2.27%), Asia (1.81%), and Segment, Geographical, Group of Other Countries (0.46%).

Quarterly Revenue by Country

Country	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	Dec 20	Sep 20
UNITED STATES	$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	$260.10M	$247.80M
AUSTRALIA	$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	$12.70M	$11.90M
Asia	$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	$9.10M	$8.60M
CANADA	$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	$27.50M	$25.00M
Europe excluding the United Kingdom	$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	$34.60M	$32.30M
Non United States	$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	$120.30M	$109.40M
Segment, Geographical, Group of Other Countries	$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	$1.90M	$1.60M

Morningstar's latest quarterly revenue breakdown by geography, as of Jun 25: UNITED STATES (59.09%), Non United States (23.75%), Europe excluding the United Kingdom (7.53%), CANADA (5.28%), AUSTRALIA (2.22%), Asia (1.67%), and Segment, Geographical, Group of Other Countries (0.45%).

Morningstar Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
XP	XP	$6.53B	$1.94B
WBS	Webster Financial	$3.93B	$1.10B
WTFC	Wintrust Financial	$3.48B	$1.04B
FDS	FactSet Research Systems	$2.32B	$585.52M
MORN	Morningstar	$2.28B	$605.10M
UMBF	UMB Financial	$2.17B	$737.98M
SSB	SouthState	$2.14B	$840.50M
SEIC	SEI Investments	$2.13B	$578.51M
FHN	First Horizon	$1.16B	$1.24B
WAL	Western Alliance Ban	-	$1.30B

MORN Revenue FAQ

What is Morningstar’s yearly revenue?

Morningstar's yearly revenue for 2024 was $2.28B, representing an increase of 11.60% compared to 2023. The company's yearly revenue for 2023 was $2.04B, representing an increase of 8.98% compared to 2022. MORN's yearly revenue for 2022 was $1.87B, representing an increase of 10.08% compared to 2021.

What is Morningstar’s quarterly revenue?

Morningstar'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). The company'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). MORN's quarterly revenue for Q4 2024 was $591M, a 3.79% increase from the previous quarter (Q3 2024), and a 8.96% increase year-over-year (Q4 2023).

What is Morningstar’s revenue growth rate?

Morningstar's revenue growth rate for the last 3 years (2022-2024) was 21.62%, and for the last 5 years (2020-2024) was 63.74%.

What are Morningstar’s revenue streams?

Morningstar's revenue streams in c 24 are Asset-Based, Licensed-Based, and Transaction-Based. Asset-Based generated $333.2M in revenue, accounting 14.65% of the company's total revenue, up 19.17% year-over-year. Licensed-Based generated $1.63B in revenue, accounting 71.43% of the company's total revenue, up 7.09% year-over-year. Transaction-Based generated $316.8M in revenue, accounting 13.92% of the company's total revenue, up 31.18% year-over-year.

What is Morningstar’s main source of revenue?

For the fiscal year ending Dec 24, the largest source of revenue of Morningstar was Licensed-Based. This segment made a revenue of $1.63B, representing 71.43% of the company's total revenue.