Business Segments Morningstar, Inc.

Equities

Market Closed - Nasdaq Other stock markets 21:00:00 06/02/2026 GMT			5-day change	1st Jan Change
165.47 ^USD	-2.24%		-18.12%	-23.86%

02-06	Toyota changes CEO despite its strength through industry turmoil	RE
02-06	Morningstar Insider Sold Shares Worth $3,585,120, According to a Recent SEC Filing	MT

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Breakdown by Business Segment (USD)

Fiscal Period: December	2020	2021	2022	2023	2024
Financial Data Feeds
Morningstar Direct Platform	-	-	-	747M	788M
D&A	-	-	-	31M	37.9M
Operating Income	-	-	-	340M	355M
Pitchbook	-	-	-	552M	618M
D&A	-	-	-	26.8M	31.8M
Operating Income	-	-	-	148M	186M
OnLine Financial Information Providers	1.39B	1.7B	1.87B	-	-
Total Assets	2.7B	2.86B	3.47B	-	-
Interest Expense	-11.1M	-10.4M	-28.4M	-	-
Income Tax Expense	59.7M	62.6M	56.5M	-	-
CAPEX	-76.7M	-102M	-130M	-	-
EBT	283M	256M	127M	-	-
D&A	85.6M	90.8M	102M	-	-
Operating Income	215M	257M	168M	-	-
Net Income	224M	193M	70.5M	-	-
Credit Reporting Services
Morningstar Credit	-	-	-	215M	291M
D&A	-	-	-	9.1M	8.9M
Operating Income	-	-	-	21.7M	75.6M
Online Services
Morningstar Wealth	-	-	-	230M	248M
D&A	-	-	-	15.8M	18.5M
Operating Income	-	-	-	-40.4M	-9.3M
Corporate and ALL Other	-	-	-	184M	202M
D&A	-	-	-	19.5M	18.3M
Operating Income	-	-	-	-	-180M
Investment Funds
Morningstar Retirement	-	-	-	110M	127M
D&A	-	-	-	11M	10M
Operating Income	-	-	-	54.1M	65.6M

Geographical breakdown of sales (USD)

Fiscal Period: December	2020	2021	2022	2023	2024
United States	971M	1.18B	1.35B	1.47B	1.64B
Total Assets	216M	222M	286M	279M	282M
Continental Europe	114M	159M	163M	186M	204M
Total Assets	23.2M	25.9M	27M	24.6M	24.4M
United Kingdom	118M	136M	134M	148M	167M
Total Assets	22.9M	20.8M	26M	24.1M	20.8M
Canada	102M	113M	110M	116M	140M
Total Assets	10.3M	10.9M	10M	11.8M	14.3M
Australia	45.6M	56.9M	55.8M	58.4M	62.4M
Total Assets	8.9M	7.7M	6.2M	5.1M	4M
Asia	33.6M	41.1M	44.8M	49.3M	49.6M
Total Assets	20.1M	32.9M	35.4M	26.4M	53.8M
Other	6.7M	9.3M	9.8M	10.5M	12.7M
Total Assets	1.2M	800K	800K	400K	400K