Morningstar, Inc. (MORN) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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MORN Revenue Growth
Revenue Breakdown (FY 2025)
MORN's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
MORN Revenue Analysis (2014–2025)
As of May 8, 2026, Morningstar, Inc. (MORN) generated trailing twelve-month (TTM) revenue of $2.51 billion, reflecting strong growth of +10.8% year-over-year. The most recent quarter (Q1 2026) recorded $644.8 million in revenue, up 0.6% sequentially.
Looking at the longer-term picture, MORN's 5-year compound annual growth rate (CAGR) stands at +12.0%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.45 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows MORN's business is primarily driven by Licensed-Based (70%), Transaction-Based (16%), and Asset-Based (14%). With over half of revenue concentrated in Licensed-Based, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including MSCI, SPGI, and MCO. Compare MORN vs MSCI →
MORN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MORNCurrent | $2.5B | +10.8% | +12.0% | 21.5% | |
 MSCI | $3.1B | - | - | 54.7% | |
 SPGI | $15.3B | - | - | 42.2% | |
 MCO | $7.7B | - | - | 44.8% | |
 FDS | $2.3B | - | - | 32.2% | |
 ICE | $12.6B | - | - | 38.7% |
MORN Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.45B | - | $1.49B | 61.0% | $526.6M | 21.5% |
| 2024 | $2.28B | - | $1.38B | 60.6% | $484.8M | 21.3% |
| 2023 | $2.04B | - | $1.20B | 58.6% | $230.6M | 11.3% |
| 2022 | $1.87B | - | $1.09B | 58.3% | $167.8M | 9.0% |
| 2021 | $1.70B | - | $1.00B | 58.9% | $257.0M | 15.1% |
| 2020 | $1.39B | - | $833.1M | 60.0% | $215.2M | 15.5% |
| 2019 | $1.18B | - | $695.9M | 59.0% | $189.6M | 16.1% |
| 2018 | $1.02B | - | $608.8M | 59.7% | $215.8M | 21.2% |
| 2017 | $911.7M | - | $525.1M | 57.6% | $169.8M | 18.6% |
| 2016 | $798.6M | - | $454.3M | 56.9% | $180.8M | 22.6% |
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Start ComparisonMORN — Frequently Asked Questions
Quick answers to the most common questions about buying MORN stock.
Is MORN's revenue growth accelerating or slowing?
MORN maintains +10.8% revenue growth, in line with its 5-year CAGR of +12.0%. TTM revenue stands at $2.5B. Growth rate remains consistent with historical average.
What is MORN's long-term revenue growth rate?
Morningstar, Inc.'s 5-year revenue CAGR of +12.0% reflects the sustained expansion pattern. Current YoY growth of +10.8% is near this long-term average.
How is MORN's revenue distributed by segment?
MORN reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.