Morningstar, Inc. splits its revenue into 4 lines in its filings. The largest line in fiscal 2025, which ended Dec 31, 2025 was Licensed Based at $1.7 billion, 70% of the total.
USD in millions. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
FY 2020
Dec 31, 2020
|
FY 2019
Dec 31, 2019
|
FY 2018
Dec 31, 2018
|
FY 2017
Dec 31, 2017
|
FY 2016
Dec 31, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
2,621
|
2,446
|
2,275
|
2,039
|
1,871
|
1,699
|
1,390
|
1,179
|
1,020
|
912
|
799
|
| Licensed Based |
1,797
+6.0%
share 68.5%
|
1,719
+5.8%
share 70.3%
|
1,625
+7.1%
share 71.4%
|
1,518
+14.0%
share 74.4%
|
1,332
+17.7%
share 71.2%
|
1,132
+21.1%
share 66.6%
|
935
+15.0%
share 67.3%
|
813
+8.1%
share 68.9%
|
752
+12.6%
share 73.7%
|
668
share 73.2%
|
—
|
| Transaction Based |
439
+22.3%
share 16.8%
|
383
+21.0%
share 15.7%
|
317
+31.2%
share 13.9%
|
242
-10.4%
share 11.8%
|
270
-11.0%
share 14.4%
|
303
+31.2%
share 17.8%
|
231
+49.2%
share 16.6%
|
155
+127.8%
share 13.1%
|
68
+9.9%
share 6.7%
|
62
share 6.8%
|
—
|
| Asset Based |
385
+13.1%
share 14.7%
|
343
+2.9%
share 14.0%
|
333
+19.2%
share 14.6%
|
280
+3.8%
share 13.7%
|
269
+1.7%
share 14.4%
|
265
+18.4%
share 15.6%
|
224
+5.8%
share 16.1%
|
212
+5.6%
share 17.9%
|
200
+10.0%
share 19.6%
|
182
share 20.0%
|
—
|
| Morningstar Indexes |
132
+51.1%
share 5.0%
|
88
+3.5%
share 3.6%
|
85
+29.3%
share 3.7%
|
66
+30.5%
share 3.2%
|
50
share 2.7%
|
—
|
—
|
—
|
—
|
—
|
—
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions. Each group is a separate split of total revenue, so the groups are not added together. Share of revenue is that line divided by total revenue. The first column adds the latest year-to-date segment amount to the last fiscal year and subtracts the year-ago year-to-date amount. More on our methodology.
Company profile
- Industry
- Investment Advice (SIC 6282)
- Listed as
- MORN (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- IL
- Headquarters
- Chicago, IL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1289419
Other Investment Advice companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.