Morningstar provides independent investment research, data and software used by individual investors, advisors, asset managers and institutions. It is widely known for mutual-fund and ETF ratings and research, and also offers portfolio tools, indexes and wealth-management platforms. Through acquisitions such as PitchBook it expanded into private-market data and research. The business model is largely subscription- and license-based recurring revenue rather than transaction brokerage.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 605.1 | — | 89 | — |
| Q3 2025 | 617.4 | — | 91.6 | 6.9% |
| Q4 2025 | 641.1 | — | 115.1 | 25.4% |
| Q1 2026 | 644.8 | — | 107.1 | 12.1% |
| Q2 2026 | 663.2 | 9.6% | 107.8 | 21.1% |
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