Morningstar, Inc. recently released its Investor Questions and Answers for August 29, 2025, providing insights into the company's performance and various segments. Here are some key takeaways from the report:
Morningstar Data: In Q2 25, Morningstar Data revenue was $106.2 million, showing a 12.6% increase compared to Q2 24 and a 6.4% increase from Q1 25. Managed products data was the primary driver of the revenue increase, with higher revenue for exchange market data and Morningstar Essentials also contributing.
Morningstar Credit: Morningstar Credit's total transaction-based new issuance revenue stood at $185.6 million, accounting for 60% of the total revenue in Q2 25. Private credit ratings accounted for roughly a quarter of Morningstar Credit’s transaction-based revenue in 2024, an increase from 2021.
PitchBook: As of June 30, 2025, PitchBook’s total client count was slightly down compared to year-end 2024, with revenue growth primarily driven by existing clients expanding their license counts and price increases on existing accounts. Operating costs for PitchBook increased 8.9% in Q2 25 compared to Q2 24 and 2.1% compared to Q1 25, with increased compensation expense, higher professional fees, and marketing spend driving the cost increase.
Following these announcements, the company's shares moved 0.44%, and are now trading at a price of $262.42. For the full picture, make sure to review Morningstar's 8-K report.
