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Dec 31, 2025
Morningstar Q4 2025 Earnings Report
Morningstar reported solid fourth quarter 2025 revenue growth with double-digit operating income expansion and higher assets under management.
Key Takeaways
For Q4 2025, Morningstar generated revenue of 569400000, up 10.5% year-over-year, with operating income of 116900000 and net income of 90500000. Growth was driven by strength in Morningstar Data and Analytics and PitchBook, while assets under management increased to 305000000000.
Revenue increased 10.5% to 569400000.
Operating income rose 17.9% to 116900000.
Net income was 90500000, or 2.08 per diluted share.
Assets under management grew to 305000000000.
Revenue by Segment
Forward Guidance
Management expects continued organic revenue growth and operating margin expansion in 2026, supported by recurring revenue strength and disciplined expense management.
Positive Outlook
- Double-digit organic revenue growth in key segments.
- Strong recurring revenue base.
- Operating margin expansion trend.
- Growing assets under management and index-linked assets.
- Healthy cash position to support investment and M&A.
Challenges Ahead
- Market volatility may impact asset-based revenue.
- Exposure to capital markets and investor flows.
- Continued investment spending may pressure margins.
- Foreign currency fluctuations.
- Competitive pressure in data and analytics markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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