Morningstar, Inc. released its Q2 25 Investor Questions and Answers, providing insights into the company's performance and key factors driving revenue changes. Here are some of the highlights from the release:
Morningstar Data: Q2 25 Morningstar Data revenue was $106.2 million, a 12.6% increase from 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 to the growth. * Q2 25 revenue included the impact of a large data contract and increased revenue related to updated client usage reporting for redistributor agreements.
Morningstar Credit: Morningstar Credit's transaction-based new issuance revenue for the trailing 12 months ended June 30, 2025, was $185.6 million, accounting for 60% of the total revenue. Morningstar Credit's structured finance ratings revenue increased by 13.8% in Q2 25 compared to the prior-year period, driven by increases in ratings-related revenue for asset-backed securities, residential mortgage-backed securities, and commercial mortgage-backed securities.
PitchBook: PitchBook's total client count was slightly down 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. * Q2 25 operating costs increased by 8.9% compared to Q2 24, mainly due to increased compensation expense, higher professional fees, and increased marketing spend.
Morningstar Retirement: * Q2 25 revenues declined year-over-year, primarily due to an isolated incident.
As a result of these announcements, the company's shares have moved 0.44% on the market, and are now trading at a price of $262.42. For more information, read the company's full 8-K submission here.
