Morningstar Data Revenue Increases by 12.6% in Q2 25

By Philip Seaworth • Saturday, August 30 10:23 • Permanent Link

In Q2 25, Morningstar Data revenue increased to $106.2 million, a 12.6% increase compared to Q2 24, and a 6.4% increase from Q1 25. The primary driver of the increase in revenue was managed products data, with higher revenue for exchange market data and Morningstar Essentials also contributing to the increase on both a year-over-year and sequential basis.

Morningstar Credit's structured finance ratings revenue increased by 13.8% in Q2 25 compared to the prior-year period, reflecting increases in ratings-related revenue for asset-backed securities, residential mortgage-backed securities, and commercial mortgage-backed securities. Private credit ratings accounted for roughly a quarter of Morningstar Credit’s transaction-based revenue in 2024, an increase from 2021 when that level was slightly less than a fifth of transaction-based revenue.

PitchBook’s total client count was down slightly compared to year-end 2024, reflecting a modest net decrease in the first half of 2025. Revenue growth in the first half of 2025 was primarily driven by existing clients expanding their license counts and price increases on existing accounts. Implied revenue per licensed user turned positive in the quarter for the first time since Q1 24, with no broad-based pricing action in Q2 25.

In Q2 25, Morningstar Retirement revenues declined y/y, “primarily due to an isolated Following these announcements, the company's shares moved 0.44%, and are now trading at a price of $262.42. Check out the company's full 8-K submission here.

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