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Mar 31
Morningstar Q1 2025 Earnings Report
Morningstar reported solid top-line and bottom-line growth, driven by strong performances from PitchBook and Morningstar Credit.
Key Takeaways
The company delivered a strong Q1 2025 with increased revenue, net income, and adjusted EPS. PitchBook and Morningstar Credit fueled growth, supported by recent acquisitions.
Revenue grew 7.2% YoY to $581.9M, with organic growth at 9.1%
Net income rose to $78.5M with adjusted EPS increasing to $2.23
Strong performance in PitchBook and Morningstar Credit segments
Increased share repurchases and continued investment in strategic acquisitions
Morningstar
Morningstar
Morningstar Revenue by Segment
Revenue by Segment
Morningstar Direct Revenue
CapyFin.comPitchBook Revenue
CapyFin.comMorningstar Credit Revenue
CapyFin.comMorningstar Wealth Revenue
CapyFin.comMorningstar Retirement Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
The company remains cautiously optimistic amid market volatility and plans to continue supporting high-growth areas like PitchBook and private credit.
Positive Outlook
- Continued revenue growth driven by PitchBook and Morningstar Credit
- Strategic acquisitions expanding private credit and structured finance
- Improved adjusted operating margins
- Higher adjusted EPS performance
- Strong client growth in key segments
Challenges Ahead
- Caution due to market volatility and economic uncertainty
- Decreased cash flow from operations YoY
- Decline in Morningstar Direct Platform margin due to higher costs
- Softness in research distribution and Direct Web Services
- Increased debt and higher compensation expenses