Segment and Geographical Area Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

The following tables present information about the company’s reportable segments for the three months ended March 31, 2026 and 2025, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.


	Three months ended March 31, 2026
(in millions)	Morningstar Direct Platform		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments
Revenue by type:
License-based	$	215.2	$	170.5	$	5.8	$	14.2	$	0.4	$	406.1
Asset-based	—		—		—		36.5		38.4		74.9
Transaction-based	—		1.9		95.2		7.3		—		104.4
Total segment revenue	215.2		172.4		101.0		58.0		38.8		585.4

Less:
Compensation expense(1)	68.6		79.4		44.4		24.9		12.0
Other segment items(2)	55.6		41.4		15.4		27.5		7.0
Adjusted operating income	$	91.0	$	51.6	$	41.2	$	5.6	$	19.8	$	209.2


	Three months ended March 31, 2025
(in millions)	Morningstar Direct Platform		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments
Revenue by type:
License-based	$	199.2	$	161.8	$	4.6	$	19.1	$	0.5	$	385.2
Asset-based	—		—		—		36.1		32.4		68.5
Transaction-based	—		1.9		68.4		6.1		—		76.4
Total segment revenue	199.2		163.7		73.0		61.3		32.9		530.1

Less:
Compensation expense(1)	57.7		76.1		38.5		30.2		11.6
Other segment items(2)	54.4		35.3		13.1		31.9		6.7
Adjusted operating income (loss)	$	87.1	$	52.3	$	21.4	$	(0.8)	$	14.6	$	174.6

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(1) Compensation expense includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation incurred for employees directly associated with each reportable segment. Allocated compensation expense related to corporate and centralized functions is reported within Other segment items.

(2) Other segment items for each reportable segment includes:

Morningstar Direct Platform - allocated expenses, infrastructure costs, and other overhead costs.

PitchBook - allocated expenses, infrastructure costs, professional fees, and other overhead costs.

Morningstar Credit - allocated expenses, infrastructure costs, professional fees, and other overhead costs.

Morningstar Wealth - allocated expenses, infrastructure costs, and other overhead costs.

Morningstar Retirement - allocated expenses, infrastructure costs, and other overhead costs.

Reconciliation of Select Segment Information to Consolidated [Table Text Block]


	Three months ended March 31,
(in millions)	2026		2025
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue	$	585.4	$	530.1
Corporate and All Other (3)	59.4		51.8
Total consolidated revenue	$	644.8	$	581.9

Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income	$	209.2	$	174.6
Corporate and All Other (4)	(30.6)		(39.2)
Intangible amortization expense	(19.0)		(14.4)
M&A-related expenses	(4.6)		(6.9)





Other non-recurring items	0.9		—
Operating Income	155.9		114.1
Non-operating expense, net	(14.1)		(5.6)
Equity in investments of unconsolidated entities	(0.1)		(2.6)
Income before income taxes	$	141.7	$	105.9

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(3) 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 $26.6 million and $28.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $32.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.

(4) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the first quarters of 2026 and 2025, unallocated corporate expenses were $41.8 million in each period. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.

Segment, Reconciliation of Other Items from Segments to Consolidated

The following table presents depreciation expense by reportable segment:



	Three months ended March 31,
(in millions)	2026		2025
Morningstar Direct Platform	$	9.5	$	10.8
PitchBook	7.9		7.8
Morningstar Credit	1.4		2.0
Morningstar Wealth	1.6		4.5
Morningstar Retirement	2.3		2.6
Total Reportable Segments	22.7		27.7
Corporate and All Other (5)	9.9		5.1
Total	$	32.6	$	32.8

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(5) Corporate and All Other provides a reconciliation between depreciation expense from our Total Reportable Segments and consolidated depreciation expense. Corporate and All Other includes unallocated corporate expenses of depreciation expense related to finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated as well as depreciation expense from Morningstar Sustainalytics and Morningstar Indexes.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area. Revenue is attributed to geographical area based on country in which the sale was contracted.



Revenue by geographical area	Three months ended March 31,
(in millions)	2026		2025
United States	$	462.0	$	424.5

Asia	11.8		11.9
Australia	18.1		15.1
Canada	42.7		33.1
Continental Europe	57.0		50.6
United Kingdom	49.2		43.7
Other	4.0		3.0
Total International	182.8		157.4

Consolidated revenue	$	644.8	$	581.9



Property, equipment, and capitalized software, net by geographical area
(in millions)	As of March 31, 2026		As of December 31, 2025
United States	$	177.8	$	178.6

Asia	27.7		22.8
Australia	1.0		1.1
Canada	17.6		17.9
Continental Europe	5.8		6.3
United Kingdom	4.7		4.9
Other	0.2		0.3
Total International	57.0		53.3

Consolidated property, equipment, and capitalized software, net	$	234.8	$	231.9


Operating lease assets by geographical area
(in millions)	As of March 31, 2026		As of December 31, 2025
United States	$	75.4	$	74.9

Asia	57.5		48.7
Australia	1.3		1.5
Canada	8.3		7.8
Continental Europe	15.4		16.5
United Kingdom	7.5		9.0
Other	0.6		0.6
Total International	90.6		84.1

Consolidated operating lease assets	$	166.0	$	159.0