MORNINGSTAR, INC., 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Cover page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 000-51280  
Entity Registrant Name MORNINGSTAR, INC.  
Entity Central Index Key 0001289419  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Common stock, no par value  
Entity Incorporation, State or Country Code IL  
Entity Tax Identification Number 36-3297908  
Entity Address, Address Line One 22 West Washington Street  
Entity Address, City or Town Chicago,  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60602  
Trading Symbol MORN  
Security Exchange Name NASDAQ  
City Area Code 312  
Local Phone Number 696-6000  
Entity Current Reporting Status Yes  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   42,249,193
v3.25.1
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 581.9 $ 542.8
Operating expense:    
Cost of revenue 231.4 218.1
Sales and marketing 112.6 104.6
General and administrative 76.5 80.3
Depreciation and amortization 47.3 47.2
Total operating expense 467.8 450.2
Operating income 114.1 92.6
Non-operating expense, net:    
Interest expense, net (5.4) (11.5)
Net realized gains on sale of investments, reclassified from other comprehensive income 0.3 2.6
Other income (expense), net (0.5) 3.3
Non-operating expense, net (5.6) (5.6)
Income before income taxes and equity in investments of unconsolidated entities 108.5 87.0
Equity in investments of unconsolidated entities (2.6) (1.5)
Income tax expense 27.4 21.3
Consolidated net income $ 78.5 $ 64.2
Net income per share:    
Basic (in dollars per share) $ 1.83 $ 1.50
Diluted (in dollars per share) 1.82 1.49
Dividends declared (in dollars per share) 0.46 0.41
Dividends paid per common share (in dollars per share) $ 0.46 $ 0.41
Weighted average shares outstanding:    
Basic (in shares) 42.8 42.7
Diluted (in shares) 43.1 43.0
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Consolidated net income $ 78.5 $ 64.2
Other comprehensive income (loss), net    
Foreign currency translation adjustment 17.0 (10.6)
Unrealized gains on securities:    
Unrealized holding gains arising during period 0.2 1.9
Reclassification of net realized gains on investments included in net income (0.2) (1.9)
Other comprehensive income (loss), net 17.0 (10.6)
Comprehensive income $ 95.5 $ 53.6
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 511.5 $ 502.7
Investments 47.7 48.3
Accounts receivable, less allowance for credit losses of $8.5 million and $7.1 million, respectively 342.1 358.1
Income tax receivable 9.4 12.4
Deferred commissions 37.2 39.2
Prepaid expenses 53.5 42.1
Other current assets 10.9 11.3
Total current assets 1,012.3 1,014.1
Goodwill 1,601.1 1,562.0
Intangible assets, net 420.4 408.8
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $821.5 million and $790.4 million, respectively 221.6 218.9
Operating lease assets 172.1 181.2
Investments in unconsolidated entities 76.2 85.3
Deferred tax assets 45.9 43.2
Deferred commissions 27.6 26.6
Other assets 9.1 8.8
Total assets 3,586.3 3,548.9
Current liabilities:    
Deferred revenue 595.3 540.8
Accrued compensation 132.6 272.2
Accounts payable and accrued liabilities 92.6 87.3
Operating lease liabilities 37.7 35.1
Income tax payable 46.7 30.5
Other current liabilities 7.4 1.4
Total current liabilities 912.3 967.3
Operating lease liabilities 161.7 170.3
Accrued compensation 22.6 21.0
Deferred tax liabilities 29.8 27.6
Long-term debt 803.7 698.6
Deferred revenue 21.7 22.4
Income tax payable 12.5 11.7
Other long-term liabilities 12.8 11.4
Total liabilities 1,977.1 1,930.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 42,501,250 and 42,869,380 shares were outstanding as of March 31, 2025 and December 31, 2024, respectively 0.0 0.0
Treasury stock at cost, 12,378,739 and 12,010,630 shares as of March 31, 2025 and December 31, 2024, respectively (1,104.6) (993.9)
Additional paid-in capital 847.8 822.7
Retained earnings 1,968.4 1,909.2
Accumulated other comprehensive loss:    
Currency translation adjustment (102.3) (119.3)
Unrealized loss on available-for-sale investments (0.1) (0.1)
Total accumulated other comprehensive loss (102.4) (119.4)
Total equity 1,609.2 1,618.6
Total liabilities and equity $ 3,586.3 $ 3,548.9
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 8.5 $ 7.1
Accumulated depreciation and amortization $ 821.5 $ 790.4
Common Stock, No Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 200,000,000 200,000,000
Common Stock, Shares, Outstanding (in shares) 42,501,250 42,869,380
Treasury Stock, Common, Shares 12,378,739 12,010,630
v3.25.1
Condensed Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Common Stock
Treasury Stock, Common
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2023   42,728,182        
Balance at Dec. 31, 2023 $ 1,327.8 $ 0.0 $ (985.5) $ 789.0 $ 1,610.8 $ (86.5)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 64.2       64.2  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 1.9         1.9
Reclassification of realized gains on investments included in net income, net of tax (1.9)         (1.9)
Foreign currency translation adjustment (10.6)         (10.6)
Other comprehensive income (loss), net (10.6)         (10.6)
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   17,388        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units (3.2)     (3.2)    
Reclassification of awards previously liability-classified that were converted to equity 10.8     10.8    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation $ 11.4     11.4    
Dividends declared (in dollars per share) $ 0.41          
Dividends declared $ (17.3)       (17.3)  
Balance (in shares) at Mar. 31, 2024   42,745,570        
Balance at Mar. 31, 2024 $ 1,383.1 $ 0.0 (985.5) 808.0 1,657.7 (97.1)
Balance (in shares) at Dec. 31, 2024 42,869,380 42,869,380        
Balance at Dec. 31, 2024 $ 1,618.6 $ 0.0 (993.9) 822.7 1,909.2 (119.4)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 78.5       78.5  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 0.2         0.2
Reclassification of realized gains on investments included in net income, net of tax (0.2)         (0.2)
Foreign currency translation adjustment 17.0         17.0
Other comprehensive income (loss), net 17.0         17.0
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   69        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units 0.0     0.0    
Reclassification of awards previously liability-classified that were converted to equity 16.0     16.0    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation 9.1     9.1    
Common share repurchased (in shares)   (368,199)        
Common shares repurchased $ (110.7)   (110.7)      
Dividends declared (in dollars per share) $ 0.46          
Dividends declared $ (19.3)       (19.3)  
Balance (in shares) at Mar. 31, 2025 42,501,250 42,501,250        
Balance at Mar. 31, 2025 $ 1,609.2 $ 0.0 $ (1,104.6) $ 847.8 $ 1,968.4 $ (102.4)
v3.25.1
Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.46 $ 0.41
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Consolidated net income $ 78.5 $ 64.2
Adjustments to reconcile consolidated net income to net cash flows from operating activities:    
Depreciation and amortization 47.3 47.2
Deferred income taxes (6.9) (7.5)
Stock-based compensation expense 9.1 11.4
Provision for bad debt 2.5 1.4
Equity in investments of unconsolidated entities 2.6 1.5
Other, net (1.1) (11.0)
Changes in operating assets and liabilities:    
Accounts receivable 17.3 13.7
Accounts payable and accrued liabilities 0.2 (4.3)
Accrued compensation and deferred commissions (120.5) (79.2)
Income taxes, current 20.1 16.3
Deferred revenue 47.9 50.0
Other assets and liabilities (6.0) (10.1)
Cash provided by operating activities 91.0 93.6
Investing activities    
Purchases of investment securities (3.3) (7.2)
Proceeds from maturities and sales of investment securities 4.5 17.4
Capital expenditures (32.2) (34.1)
Acquisitions, net of cash acquired (38.5) 0.0
Purchases of investments in unconsolidated entities (1.2) (2.8)
Cash used for investing activities (70.7) (26.7)
Financing activities    
Common shares repurchased (109.6) 0.0
Dividends paid (19.5) (17.3)
Proceeds from revolving credit facility 145.0 90.0
Repayment of revolving credit facility (40.0) (105.0)
Repayment of term facility 0.0 (8.1)
Employee taxes withheld for stock awards 0.0 (3.2)
Other, net 0.0 0.1
Cash used for financing activities (24.1) (43.5)
Effect of exchange rate changes on cash and cash equivalents 12.6 (7.6)
Net increase in cash and cash equivalents 8.8 15.8
Cash and cash equivalents—beginning of period 502.7 337.9
Cash and cash equivalents—end of period 511.5 353.7
Supplemental disclosure of cash flow information    
Cash paid for income taxes 14.2 12.5
Cash paid for interest $ 6.4 $ 11.5
v3.25.1
Basis of Presentation of Interim Financial Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation of Interim Financial Information Basis of Presentation of Interim Financial Information
 
The accompanying unaudited consolidated financial statements of Morningstar, Inc. and subsidiaries (Morningstar, we, our, the company) have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. In the opinion of management, the statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position, results of operations, equity, and cash flows. These financial statements and notes are unaudited and should be read in conjunction with our Audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 (our Annual Report).

The acronyms that appear in the Notes to our Unaudited Consolidated Financial Statements refer to the following:

ASC: Accounting Standards Codification
ASU: Accounting Standards Update
FASB: Financial Accounting Standards Board
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Our significant accounting policies are included in Note 2 of the Notes to our Audited Consolidated Financial Statements included in our Annual Report.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes: In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The standard applies on a prospective basis to annual financial statements for periods beginning after December 15, 2024. However, early adoption and retrospective application in all prior periods presented is permitted. We are evaluating the effect that ASU No. 2023-09 will have on our income tax disclosures.

Income Statement: In November 2024, the FASB issued ASU No. 2024-03: Disaggregation of Income Statement Expenses (DISE) (ASU No. 2024-03), which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This standard is effective for our fiscal year beginning on January 1, 2027 and interim periods beginning on January 1, 2028. Early adoption is permitted. Entities should apply the guidance prospectively although retrospective application is permitted. We have not made a decision on early adoption and are evaluating the effect that ASU No. 2024-03 will have on our disclosures.
v3.25.1
Credit Arrangements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
Debt

The following table summarizes our debt as of March 31, 2025 and December 31, 2024:

(in millions)As of March 31, 2025As of December 31, 2024
Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively$349.8 $349.8 
Amended 2022 Revolving Credit Facility105.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.1 million and $1.2 million, respectively
348.9 348.8 
Total debt$803.7 $698.6 
Credit Agreement

On May 6, 2022, the company entered into a senior credit agreement (the 2022 Credit Agreement), providing the company with a five-year multi-currency credit facility with an initial borrowing capacity of up to $1.1 billion, including a $650.0 million term loan and a $450.0 million revolving credit facility. The 2022 Credit Agreement also provided for the issuance of letters of credit and a swingline facility. The 2022 Credit Agreement was amended twice in September 2022 and again most recently in June 2024 (Amended 2022 Credit Agreement) to, among other items, eliminate the options for a second term loan draw and increase both the term loan and revolving credit facility to $650.0 million each, raising the total borrowing capacity to $1.3 billion (Amended 2022 Term Facility and Amended 2022 Revolving Credit Facility, respectively), and to update the reference rate for credit extensions in Canadian dollars. Aside from the increased borrowing capacity, the Amended 2022 Credit Agreement left the 2022 Credit Agreement terms largely unchanged. As of March 31, 2025, our total outstanding debt under the Amended 2022 Credit Agreement was $454.8 million, net of debt issuance costs, with borrowing availability of $545.0 million under the Amended 2022 Revolving Credit Facility.

The interest rate applicable to any loan under the Amended 2022 Credit Agreement is, at the company's option, either: (i) the applicable Secured Overnight Financing Rate plus an applicable margin for such loans, which ranges between 1.00% and 1.48%, based on the company's consolidated leverage ratio or (ii) the lender's base rate plus the applicable margin for such loans, which ranges between 0.00% and 0.38%, based on the company's consolidated leverage ratio.

The portions of deferred debt issuance costs related to the Amended 2022 Revolving Credit Facility are included in other current and non-current assets, and the portion of deferred debt issuance costs related to the Amended 2022 Term Facility is reported as a reduction to the carrying amount of the Amended 2022 Term Facility. Debt issuance costs related to the Amended 2022 Revolving Credit Facility are amortized on a straight-line basis to interest expense over the term of the Amended 2022 Credit Agreement. Debt issuance costs related to the Amended 2022 Term Facility are amortized to interest expense using the effective interest method over the term of the Amended 2022 Credit Agreement.

Private Placement Debt Offering

On October 26, 2020, we completed the issuance and sale of $350.0 million aggregate principal amount of 2.32% senior notes due October 26, 2030 (the 2030 Notes), in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. Proceeds were primarily used to repay a portion of the company's outstanding debt under the company's prior credit facility. Interest on the 2030 Notes is paid semi-annually on each October 30 and April 30 during the term of the 2030 Notes and at maturity, with the first interest payment date having occurred on April 30, 2021. As of March 31, 2025, our total outstanding debt, net of issuance costs, under the 2030 Notes was $348.9 million.

Compliance with Covenants

Each of the Amended 2022 Credit Agreement and the 2030 Notes include customary representations, warranties, and covenants, including financial covenants, that require us to maintain specified ratios of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges and consolidated funded indebtedness to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of March 31, 2025.
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Goodwill and Other Intangible Assets Acquisitions, Goodwill, and Other Intangible Assets
2025 Acquisitions

Dealview Technologies Limited (DealX)

On March 1, 2025, we completed our acquisition of the remaining 65% equity interest in DealX, a provider of standardized US commercial mortgage-backed security (CMBS) and global collateralized loan obligation (CLO) data. We began consolidating the financial results of DealX in our consolidated financial statements as of March 1, 2025. DealX is included in the Morningstar Credit segment.
The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to FASB ASC 805, Business Combinations (FASB ASC 805), which requires that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. As of March 31, 2025, we completed our initial determination of the fair values of the acquired identifiable assets and liabilities based on the financial data available. Based on the timing of the close of this transaction, certain valuation calculations are considered preliminary due to information that may subsequently become available, and values assigned to various assets and liabilities could change.

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected life calculations, are provisional and subject to revision within one year of the acquisition date. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill.

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:
(in millions)Weighted average useful life (years)
Customer-related assets$0.6 10
Technology-based assets12.5 5
Total intangible assets$13.1 

Lumonic Inc. (Lumonic)

On March 3, 2025, we acquired Lumonic, a private credit portfolio monitoring and management platform. We began consolidating the financial results of Lumonic in our consolidated financial statements as of March 3, 2025. Lumonic is included in the PitchBook segment.

The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to FASB ASC 805, which requires that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. As of March 31, 2025, we completed our initial determination of the fair values of the acquired identifiable assets and liabilities based on the financial data available. Based on the timing of the close of this transaction, certain valuation calculations are considered preliminary due to information that may subsequently become available, and values assigned to various assets and liabilities could change.

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected life calculations, are provisional and subject to revision within one year of the acquisition date. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill.

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$1.4 15
Technology-based assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
Goodwill

The company has seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. Beginning with the first quarter of 2025 reporting, the company changed the name of the Morningstar Data and Analytics reportable segment to the Morningstar Direct Platform.

The company's operating segments also represent the company's reporting units to which goodwill is assigned. The company allocated goodwill by reporting unit in accordance with FASB ASC 350 Intangibles—Goodwill and Other (FASB ASC 350). Under this reporting unit structure, the consolidated goodwill balance was allocated based on each reporting unit's relative fair value at January 1, 2021. The company used a market approach and assigned goodwill to the reporting units. The following table shows the changes in our goodwill balances from December 31, 2024 to March 31, 2025:

 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of December 31, 2024$594.0 $607.4 $105.2 $92.7 $93.5 $1,492.8 $69.2 $1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 22.4 — — — 22.4 — 22.4 
Foreign currency translation4.9 — 1.4 0.4 — 6.7 0.3 7.0 
Balance as of March 31, 2025$598.9 $629.8 $116.3 $93.1 $93.5 $1,531.6 $69.5 $1,601.1 

We perform our annual impairment reviews in the fourth quarter or when impairment indicators and triggering events are identified. The company did not record any goodwill impairment in the first three months of 2025. Refer to Note 7 for detailed segment information.

Intangible Assets

The following table summarizes our intangible assets: 

 As of March 31, 2025As of December 31, 2024
(in millions)GrossAccumulated AmortizationNetWeighted Average Useful
 Life (years)		GrossAccumulated AmortizationNetWeighted Average Useful Life (years)
Customer-related assets$577.7 $(292.5)$285.2 14$572.4 $(281.1)$291.3 14
Technology-based assets326.1 (211.0)115.1 8301.9 (205.5)96.4 8
Intellectual property & other89.0 (68.9)20.1 888.6 (67.5)21.1 8
Total intangible assets$992.8 $(572.4)$420.4 12$962.9 $(554.1)$408.8 12
 
The following table summarizes our amortization expense related to intangible assets:

 Three months ended March 31,
(in millions)20252024
Amortization expense$14.4 $17.7 
 
We amortize intangible assets using the straight-line method over their estimated useful lives.
As of March 31, 2025, we expect intangible amortization expense for the remainder of 2025 and subsequent years to be as follows:

 (in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$44.7 
202655.5 
202748.9 
202845.0 
202942.0 
Thereafter184.3 
Total$420.4 

Our estimates of future amortization expense for intangible assets may be affected by future acquisitions, divestitures, changes in the estimated useful lives, impairments, and foreign currency translation.
v3.25.1
Income Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Income Per Share Income Per Share
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
 Three months ended March 31,
(in millions, except per share amounts)20252024
Basic net income per share:
Consolidated net income $78.5 $64.2 
Weighted average common shares outstanding42.8 42.7 
Basic net income per share$1.83 $1.50 
Diluted net income per share:
Consolidated net income$78.5 $64.2 
Weighted average common shares outstanding42.8 42.7 
Net effect of dilutive stock awards0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share43.1 43.0 
Diluted net income per share$1.82 $1.49 

During the periods presented, we have outstanding restricted stock units (RSUs), market stock units (MSUs), and performance stock units (PSUs) that are excluded from our calculation of diluted earnings per share as their effect is antidilutive. The amount of these potential antidilutive shares was immaterial.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended March 31,
(in millions)20252024
License-based $418.0 $400.2 
Asset-based85.7 77.0 
Transaction-based78.2 65.6 
Consolidated revenue$581.9 $542.8 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. As of March 31, 2025, the contract liabilities balance increased $53.8 million from December 31, 2024, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $252.9 million of revenue in the three months ended March 31, 2025 that was included in the contract liabilities balance as of December 31, 2024.

We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2025 and subsequent years as follows:

(in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$933.4 
2026375.1 
2027113.3 
202832.8 
202915.1 
Thereafter19.5 
Total$1,489.2 

The aggregate amount of revenue we expect to recognize for the remainder of 2025 and subsequent years is higher than our contract liability balance of $617.0 million as of March 31, 2025. The difference represents the value of future obligations for signed contracts that have yet to be billed.

The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of March 31, 2025. We are applying the optional exemption available under FASB ASC 606 Revenue from Contracts with Customers (FASB ASC 606), as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For certain license-based contracts, variable consideration is received for services performed based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, all the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration received for most Internet advertising services performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated.
As of March 31, 2025, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under FASB ASC 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from March 31, 2025. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months.

Contract Assets

Our contract assets represent accounts receivable, less allowance for credit losses, and deferred commissions.

The following table summarizes our contract assets balance:

(in millions)As of March 31, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$342.1 $358.1 
Deferred commissions64.8 65.8 
Total contract assets$406.9 $423.9 
v3.25.1
Segment and Geographical Area Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographical Area Information Segment and Geographical Area Information
 
Segment Information

Our segments are generally organized around the company's products offerings. The company concluded that it has seven operating segments, which are presented as the following five reportable segments:

•Morningstar Direct Platform
•PitchBook
•Morningstar Credit
•Morningstar Wealth
•Morningstar Retirement

The operating segments of Morningstar Sustainalytics and Morningstar Indexes do not individually meet the quantitative segment reporting thresholds and have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Corporate and All Other provides a reconciliation between revenue from our total reportable segments and consolidated revenue amounts.

Beginning with the first quarter of 2025 reporting, the company changed the name of the Morningstar Data and Analytics reportable segment to Morningstar Direct Platform.

Morningstar Direct Platform provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making. Morningstar Direct Platform includes product areas such as Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation.

PitchBook provides investors with access to a broad collection of data and research covering the private capital markets, including venture capital, private equity, private credit and bank loans, and merger and acquisition (M&A) activities. Investors can also access Morningstar's data and research on public equities.

Morningstar Credit provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. Morningstar Credit includes the Morningstar DBRS product area and the Morningstar Credit data and credit analytics product areas.

Morningstar Wealth provides investment products, platform capabilities, and individual investor tools powered by Morningstar’s independent research and data. We serve financial advisors through model portfolios, separately managed accounts, and technology platforms, and individuals through Morningstar Investor, which offers direct access to Morningstar’s research and insights.
Morningstar Retirement offers products designed to help individuals reach their retirement goals. Its offerings include managed retirement accounts, fiduciary services, Morningstar Lifetime Allocation funds, and custom models.

FASB ASC 280 establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (CODM), in deciding how to allocate resources and assess performance. The company's chief executive officer, who is considered to be its CODM, reviews segment revenue and Segment Adjusted Operating Income presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. For each segment, the CODM uses segment revenue and Segment Adjusted Operating Income in the annual budget and forecasting process. The CODM considers budget-to-actual variance when making decisions about allocating capital and personnel.

We define Segment Adjusted Operating Income as operating income (loss) excluding intangible amortization expense, the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance. Although these adjustments are excluded from segment Adjusted Operating Income, they are included in reported consolidated operating income and are included in the reconciliation to consolidated results. The CODM does not consider these adjustments for the purposes of making decisions to allocate resources among segments or to assess segment performance.

Expenses presented as part of the company's segments include allocations of shared costs. Shared costs include technology, investment research, sales, facilities, and marketing. These allocations are based on expected utilization of shared resources. Adjusted Operating Income is the reported measure that the company believes is most consistent with those used in measuring the corresponding amount in the consolidated financial statements.

The CODM does not review any information regarding total assets on a segment basis. Operating segments do not record intersegment revenues; therefore, there is none to be reported.

The following tables present information about the company’s reportable segments for the three months ended March 31, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.
Three months ended March 31, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$199.2 $161.8 $4.6 $19.1 $0.5 $385.2 
Asset-based— — — 36.1 32.4 68.5 
Transaction-based— 1.9 68.4 6.1 — 76.4 
Total segment revenue199.2 163.7 73.0 61.3 32.9 530.1 
Less:
Compensation expense(1)
57.7 76.1 38.5 30.2 11.6 
Other segment items(2)
54.4 35.3 13.1 31.9 6.7 
Adjusted operating income (loss)$87.1 $52.3 $21.4 $(0.8)$14.6 $174.6 
Three months ended March 31, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$196.7 $145.6 $4.2 $20.5 $0.5 $367.5 
Asset-based— — — 33.6 27.9 61.5 
Transaction-based— 2.0 56.1 4.9 — 63.0 
Total segment revenue196.7 147.6 60.3 59.0 28.4 492.0 
Less:
Compensation expense(1)
53.6 76.1 35.4 32.4 10.5 
Other segment items(2)
51.9 31.5 12.6 32.2 3.7 
Adjusted operating income (loss)$91.2 $40.0 $12.3 $(5.6)$14.2 $152.1 
___________________________________________________________________________________________
(1) Compensation expense includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation incurred for employees directly associated with each reportable segment. Allocated compensation expense related to corporate and centralized functions is reported within Other segment items.

(2) Other segment items for each reportable segment includes:
Morningstar Direct Platform - allocated expenses, infrastructure costs, and other overhead costs.
PitchBook - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Credit - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Wealth - allocated expenses, infrastructure costs, and other overhead costs.
Morningstar Retirement - allocated expenses, infrastructure costs, and other overhead costs.

Three months ended March 31,
(in millions)20252024
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$530.1 $492.0 
Corporate and All Other (3)
51.8 50.8 
Total consolidated revenue$581.9 $542.8 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$174.6 $152.1 
Corporate and All Other (4)
(39.2)(41.3)
Intangible amortization expense (14.4)(17.7)
M&A-related expenses(6.9)(0.5)
Operating Income114.1 92.6 
Non-operating expense, net(5.6)(5.6)
Equity in investments of unconsolidated entities(2.6)(1.5)
Income before income taxes$105.9 $85.5 
___________________________________________________________________________________________
(3) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $28.8 million and $30.8 million for the three months ended March 31, 2025 and 2024, respectively. Revenue from Morningstar Indexes was $23.0 million and $20.0 million for the three months ended March 31, 2025 and 2024, respectively.

(4) Corporate and All Other includes unallocated corporate expenses of $41.8 million and $40.9 million during the first quarter of 2025 and 2024, respectively, as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
The following table presents depreciation expense by reportable segment:
Three months ended March 31,
(in millions)20252024
Morningstar Direct Platform$10.8 $8.2 
PitchBook7.8 7.4 
Morningstar Credit2.0 1.9 
Morningstar Wealth4.5 4.7 
Morningstar Retirement2.6 2.8 
Total Reportable Segments27.7 25.0 
Corporate and All Other (5)
5.1 4.2 
Total$32.8 $29.2 
___________________________________________________________________________________________
(5) Corporate and All Other provides a reconciliation between depreciation expense from our Total Reportable Segments and consolidated depreciation expense. Corporate and All Other includes unallocated corporate expenses of depreciation expense related to finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated as well as depreciation expense from Morningstar Sustainalytics and Morningstar Indexes.

Geographical Area Information

The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area. Revenue is attributed to geographical area based
on country in which the sale was contracted.
Revenue by geographical areaThree months ended March 31,
(in millions)20252024
United States$424.5 $390.9 
Asia11.9 12.7 
Australia15.1 15.0 
Canada33.1 32.6 
Continental Europe50.6 49.7 
United Kingdom43.7 38.9 
Other3.0 3.0 
Total International157.4 151.9 
Consolidated revenue$581.9 $542.8 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of March 31, 2025As of December 31, 2024
United States$187.2 $189.5 
Asia9.0 9.6 
Australia1.5 1.6 
Canada12.2 6.6 
Continental Europe5.7 5.3 
United Kingdom5.7 6.1 
Other0.3 0.2 
Total International34.4 29.4 
Consolidated property, equipment, and capitalized software, net$221.6 $218.9 

Operating lease assets by geographical area
(in millions)As of March 31, 2025As of December 31, 2024
United States$88.8 $92.9 
Asia42.6 44.2 
Australia2.2 2.4 
Canada7.0 7.7 
Continental Europe18.1 19.1 
United Kingdom13.3 14.7 
Other0.1 0.2 
Total International83.3 88.3 
Consolidated operating lease assets$172.1 $181.2 
v3.25.1
Fair Value Measurement of Investments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
The tables below show the fair value of items that are measured at fair value using the fair value hierarchy:

 Fair Value as ofLevel within the Fair Value Hierarchy as of March 31, 2025
(in millions)March 31, 2025Level 1Level 2Level 3
Cash equivalents$46.4 $46.4 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds41.7 41.7 — — 
Marketable debt securities2.3 2.3 — — 
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors26.2 26.2 — — 
Total$116.6 $116.6 $— $— 
 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 
In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates.
v3.25.1
Investments in Unconsolidated Entities
 3 Months Ended
Mar. 31, 2025
Investments in Unconsolidated Entities [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
As of March 31, 2025 and December 31, 2024, our investment in unconsolidated entities balance totaled $76.2 million and $85.3 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value.

The carrying amount of investments in unconsolidated entities without a readily determinable fair value was $42.0 million and $41.1 million as of March 31, 2025 and December 31, 2024, respectively. We did not record any material adjustments or impairment losses in the first three months of 2025 or 2024.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space.

We determine whether an arrangement is, or includes, an embedded lease at contract inception. Operating lease assets and lease liabilities are recognized at the commencement date and are initially measured using the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, we also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization.

A contract is or contains an embedded lease if the contract meets all the below criteria:

•there is an identified asset;
•we obtain substantially all the economic benefits of the asset; and
•we have the right to direct the use of the asset.

For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach.

Our leases have remaining lease terms of approximately 1 year to 10 years, which may include the option to extend the lease when it is reasonably certain we will exercise that option. We do not have lease agreements with residual value guarantees, sale leaseback terms, or material restrictive covenants.
Leases with an initial term of 12 months or less are not recognized on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term.

Our operating lease expense for the three months ended March 31, 2025 was $11.0 million, compared with $10.4 million for the three months ended March 31, 2024. Charges related to our operating leases that are variable and, therefore, not included in the measurement of the lease liabilities were $2.8 million for the three months ended March 31, 2025, compared with $3.2 million for the three months ended March 31, 2024. We made lease payments of $9.4 million during the three months ended March 31, 2025, compared with $10.7 million during the three months ended March 31, 2024.

The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases:

(in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$34.1 
202644.9 
202738.6 
202832.4 
202921.2 
Thereafter60.4 
Total minimum lease commitments231.6 
Adjustment for discount to present value32.2 
Present value of lease liabilities
$199.4 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of March 31, 2025
Weighted-average remaining lease term (in years)6.1
Weighted-average discount rate4.5 %
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
Stock-Based Compensation Plans
 
Our employees and our non-employee directors are eligible for awards under the Morningstar Amended and Restated 2011 Stock Incentive Plan, which provides for a variety of equity-based awards, including stock options, RSUs, MSUs, PSUs, and restricted stock.

The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
Three months ended March 31,
(in millions)20252024
Cost of revenue$3.5 $4.6 
Sales and marketing1.9 1.9 
General and administrative3.7 4.9 
Total stock-based compensation expense$9.1 $11.4 

As of March 31, 2025, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $76.5 million, which we expect to recognize over a weighted average period of 24 months.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows our effective tax rate for the three months ended March 31, 2025 and March 31, 2024:

 Three months ended March 31,
(in millions)20252024
Income before income taxes and equity in investments of unconsolidated entities$108.5 $87.0 
Equity in investments of unconsolidated entities(2.6)(1.5)
Income before income taxes$105.9 $85.5 
Income tax expense$27.4 $21.3 
Effective tax rate25.9 %24.9 %

Our effective tax rate in the first three months of 2025 was 25.9%, an increase of 1.0 percentage point compared with the same period in the prior year.

The Organization for Economic Co-operation and Development (OECD) has proposed a global minimum tax of 15% of reported profits (Pillar Two) that has been agreed upon in principle by over 140 countries. Since the proposal, many countries incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly different than the model rules and on different timelines. Other countries are also considering changes to their tax laws to adopt certain parts of the OECD’s proposals. In addition, in January 2025, the US issued an executive order announcing opposition to aspects of these rules. Legislation associated with the proposal represents a significant change in the international tax regime and could result in increases to our effective tax rate as a result of the imposition of minimum taxes. Pillar Two did not have a material impact to our consolidated financial statements as of March 31, 2025. We are continuing to monitor developments and administrative guidance in addition to evaluating the potential impact of Pillar Two on our consolidated financial statements for future periods.

Unrecognized Tax Benefits

The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2025 and December 31, 2024, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.

(in millions)As of March 31, 2025As of December 31, 2024
Gross unrecognized tax benefits$11.8 $11.1 
Gross unrecognized tax benefits that would affect income tax expense$11.8 $11.1 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$11.5 $10.9 

Our Unaudited Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.

Liabilities for Unrecognized Tax Benefits (in millions)As of March 31, 2025As of December 31, 2024
Current liability$0.1 $0.1 
Non-current liability12.5 11.7 
Total liability for unrecognized tax benefits$12.6 $11.8 

We conduct business globally, and, as a result, we file income tax returns in US federal, state, local, and foreign jurisdictions. In the normal course of business, we are subject to examination by tax authorities throughout the world. The open tax years for our US Federal tax returns and most state tax returns include the years 2020 to the present.

We are currently under audit by state and local tax authorities in the US as well as tax authorities in certain non-US jurisdictions. It is likely that the examination phase of some of these state, local, and non-US audits will conclude in 2025. It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits.
Approximately 79% of our cash, cash equivalents, and investments balance as of March 31, 2025, was held by our operations outside of the US. With the exception of $142.0 million in earnings of certain of our foreign subsidiaries that we disclosed in the fourth quarter of 2024, we generally consider most of our US directly-owned foreign subsidiary earnings to be permanently reinvested. We anticipate a one-time repatriation of these earnings back to the US via distribution later in 2025. We have recorded a deferred tax liability of $7.1 million that reflects the income tax effects of the repatriation of these earnings, mostly due to non-US withholding taxes, that would be due at the time of remittance. We have not recorded deferred income taxes on the remaining balance of accumulated undistributed earnings of our foreign subsidiaries because we consider those earnings to be permanently reinvested, and we do not anticipate dividends in the foreseeable future.

Certain of our non-US operations have incurred net operating losses (NOLs), which may become deductible to the extent these operations become profitable. For each of our operations, we evaluate whether it is more likely than not that the tax benefits related to NOLs will be realized. As part of this evaluation, we consider evidence such as tax planning strategies, historical operating results, forecasted taxable income, and recent financial performance. In the year that certain non-US operations record a loss, we do not recognize a corresponding tax benefit, which increases our effective tax rate. Upon determining that it is more likely than not that the NOLs will be realized, we reduce the tax valuation allowances related to these NOLs, which results in a reduction to our income tax expense and our effective tax rate in that period.
v3.25.1
Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
We record accrued liabilities for litigation, regulatory, and other business matters when those matters represent loss contingencies that are both probable and estimable. In these cases, there may be an exposure to loss in excess of any amounts accrued. Unless a loss contingency is both probable and estimable, we do not establish an accrued liability. As litigation, regulatory, or other business matters develop, we evaluate on an ongoing basis whether such matters present a loss contingency that is probable and estimable.

Data Audits and Reviews

In our global data business, we include in our products, or directly redistribute to our customers, data and information licensed from third-party vendors. Our compliance with the terms of these licenses is reviewed internally and is also subject to audit by the third-party vendors. At any given time, we may be undergoing several such internal reviews and third-party vendor audits, and the results and findings may indicate that we may be required to make a payment for prior data usage. Due to a lack of available information and data, as well as potential variations of any audit or internal review findings, we generally are not able to reasonably estimate a possible loss, or range of losses, for these matters. In situations where more information or specific areas subject to audit are available, we may be able to estimate a potential range of losses. While we cannot predict the outcome of these processes, we do not anticipate they will have a material adverse effect on our business, operating results, or financial position.

Ratings and Regulatory Matters

Our ratings and related research activities, including credit ratings, environmental, social, and governance ratings, managed investment, and equity ratings, are or may in the future become subject to regulation or increased scrutiny from executive, legislative, regulatory, and private parties. As a result, those activities may be subject to governmental, regulatory, and legislative investigations, regulatory examinations in the ordinary course of business, subpoenas, and other forms of legal process, which may lead to claims and litigation that are based on these ratings and related research activities. Our regulated businesses are generally subject to periodic reviews, inspections, examinations, and investigations by regulators in the jurisdictions in which they operate, any of which may result in claims, legal proceedings, assessments, fines, penalties, disgorgement, or restrictions on business activities. While it is difficult to predict the outcome of any particular investigation or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.

Other Matters

We are involved from time to time in commercial disputes and legal proceedings that arise in the normal course of our business. While it is difficult to predict the outcome of any particular dispute or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.
v3.25.1
Share Repurchase Program
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Treasury Stock Share Repurchase Program
 
On December 6, 2022, the board of directors approved a share repurchase program that authorizes the company to repurchase up to $500.0 million in shares of the company's outstanding common stock, effective January 1, 2023 (the Share Repurchase Program). This authorization replaced the then-existing share repurchase program and expires on December 31, 2025. Under this authorization, we may repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate.

For the three months ended March 31, 2025, we repurchased a total of 368,199 shares for $109.6 million. As of March 31, 2025, we have repurchased a total of 409,983 shares for $122.6 million under the Share Repurchase Program, leaving $377.4 million available for future repurchases.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Name Michael HoltChief Financial Officer (1)
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated true
Non-Rule 10b5-1 Arrangement Terminated false
Termination Date March 19, 2025
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Policy
Income Taxes: In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The standard applies on a prospective basis to annual financial statements for periods beginning after December 15, 2024. However, early adoption and retrospective application in all prior periods presented is permitted. We are evaluating the effect that ASU No. 2023-09 will have on our income tax disclosures.

Income Statement: In November 2024, the FASB issued ASU No. 2024-03: Disaggregation of Income Statement Expenses (DISE) (ASU No. 2024-03), which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This standard is effective for our fiscal year beginning on January 1, 2027 and interim periods beginning on January 1, 2028. Early adoption is permitted. Entities should apply the guidance prospectively although retrospective application is permitted. We have not made a decision on early adoption and are evaluating the effect that ASU No. 2024-03 will have on our disclosures.
v3.25.1
Leases, Codification Topic 842 (Policies)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lessee, Leases
We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space.

We determine whether an arrangement is, or includes, an embedded lease at contract inception. Operating lease assets and lease liabilities are recognized at the commencement date and are initially measured using the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, we also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization.

A contract is or contains an embedded lease if the contract meets all the below criteria:

•there is an identified asset;
•we obtain substantially all the economic benefits of the asset; and
•we have the right to direct the use of the asset.

For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach.
v3.25.1
Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Total Debt and Long-term Debt
The following table summarizes our debt as of March 31, 2025 and December 31, 2024:

(in millions)As of March 31, 2025As of December 31, 2024
Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively$349.8 $349.8 
Amended 2022 Revolving Credit Facility105.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.1 million and $1.2 million, respectively
348.9 348.8 
Total debt$803.7 $698.6 
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:
(in millions)Weighted average useful life (years)
Customer-related assets$0.6 10
Technology-based assets12.5 5
Total intangible assets$13.1 
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$1.4 15
Technology-based assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
Schedule of Goodwill
 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of December 31, 2024$594.0 $607.4 $105.2 $92.7 $93.5 $1,492.8 $69.2 $1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 22.4 — — — 22.4 — 22.4 
Foreign currency translation4.9 — 1.4 0.4 — 6.7 0.3 7.0 
Balance as of March 31, 2025$598.9 $629.8 $116.3 $93.1 $93.5 $1,531.6 $69.5 $1,601.1 
Schedule of Intangible Assets
The following table summarizes our intangible assets: 

 As of March 31, 2025As of December 31, 2024
(in millions)GrossAccumulated AmortizationNetWeighted Average Useful
 Life (years)		GrossAccumulated AmortizationNetWeighted Average Useful Life (years)
Customer-related assets$577.7 $(292.5)$285.2 14$572.4 $(281.1)$291.3 14
Technology-based assets326.1 (211.0)115.1 8301.9 (205.5)96.4 8
Intellectual property & other89.0 (68.9)20.1 888.6 (67.5)21.1 8
Total intangible assets$992.8 $(572.4)$420.4 12$962.9 $(554.1)$408.8 12
Schedule of Intangible Asset, Amortization Expense
The following table summarizes our amortization expense related to intangible assets:

 Three months ended March 31,
(in millions)20252024
Amortization expense$14.4 $17.7 
Schedule of Expected Amortization Expense
As of March 31, 2025, we expect intangible amortization expense for the remainder of 2025 and subsequent years to be as follows:

 (in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$44.7 
202655.5 
202748.9 
202845.0 
202942.0 
Thereafter184.3 
Total$420.4 
v3.25.1
Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
 Three months ended March 31,
(in millions, except per share amounts)20252024
Basic net income per share:
Consolidated net income $78.5 $64.2 
Weighted average common shares outstanding42.8 42.7 
Basic net income per share$1.83 $1.50 
Diluted net income per share:
Consolidated net income$78.5 $64.2 
Weighted average common shares outstanding42.8 42.7 
Net effect of dilutive stock awards0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share43.1 43.0 
Diluted net income per share$1.82 $1.49 
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended March 31,
(in millions)20252024
License-based $418.0 $400.2 
Asset-based85.7 77.0 
Transaction-based78.2 65.6 
Consolidated revenue$581.9 $542.8 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2025 and subsequent years as follows:

(in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$933.4 
2026375.1 
2027113.3 
202832.8 
202915.1 
Thereafter19.5 
Total$1,489.2 
Summary of Contract Assets and Change in Deferred Commissions
The following table summarizes our contract assets balance:

(in millions)As of March 31, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$342.1 $358.1 
Deferred commissions64.8 65.8 
Total contract assets$406.9 $423.9 
v3.25.1
Segment and Geographical Area Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present information about the company’s reportable segments for the three months ended March 31, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.
Three months ended March 31, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$199.2 $161.8 $4.6 $19.1 $0.5 $385.2 
Asset-based— — — 36.1 32.4 68.5 
Transaction-based— 1.9 68.4 6.1 — 76.4 
Total segment revenue199.2 163.7 73.0 61.3 32.9 530.1 
Less:
Compensation expense(1)
57.7 76.1 38.5 30.2 11.6 
Other segment items(2)
54.4 35.3 13.1 31.9 6.7 
Adjusted operating income (loss)$87.1 $52.3 $21.4 $(0.8)$14.6 $174.6 
Three months ended March 31, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$196.7 $145.6 $4.2 $20.5 $0.5 $367.5 
Asset-based— — — 33.6 27.9 61.5 
Transaction-based— 2.0 56.1 4.9 — 63.0 
Total segment revenue196.7 147.6 60.3 59.0 28.4 492.0 
Less:
Compensation expense(1)
53.6 76.1 35.4 32.4 10.5 
Other segment items(2)
51.9 31.5 12.6 32.2 3.7 
Adjusted operating income (loss)$91.2 $40.0 $12.3 $(5.6)$14.2 $152.1 
___________________________________________________________________________________________
(1) Compensation expense includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation incurred for employees directly associated with each reportable segment. Allocated compensation expense related to corporate and centralized functions is reported within Other segment items.

(2) Other segment items for each reportable segment includes:
Morningstar Direct Platform - allocated expenses, infrastructure costs, and other overhead costs.
PitchBook - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Credit - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Wealth - allocated expenses, infrastructure costs, and other overhead costs.
Morningstar Retirement - allocated expenses, infrastructure costs, and other overhead costs.
Reconciliation of Select Segment Information to Consolidated [Table Text Block]
Three months ended March 31,
(in millions)20252024
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$530.1 $492.0 
Corporate and All Other (3)
51.8 50.8 
Total consolidated revenue$581.9 $542.8 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$174.6 $152.1 
Corporate and All Other (4)
(39.2)(41.3)
Intangible amortization expense (14.4)(17.7)
M&A-related expenses(6.9)(0.5)
Operating Income114.1 92.6 
Non-operating expense, net(5.6)(5.6)
Equity in investments of unconsolidated entities(2.6)(1.5)
Income before income taxes$105.9 $85.5 
___________________________________________________________________________________________
(3) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $28.8 million and $30.8 million for the three months ended March 31, 2025 and 2024, respectively. Revenue from Morningstar Indexes was $23.0 million and $20.0 million for the three months ended March 31, 2025 and 2024, respectively.

(4) Corporate and All Other includes unallocated corporate expenses of $41.8 million and $40.9 million during the first quarter of 2025 and 2024, respectively, as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Segment, Reconciliation of Other Items from Segments to Consolidated
The following table presents depreciation expense by reportable segment:
Three months ended March 31,
(in millions)20252024
Morningstar Direct Platform$10.8 $8.2 
PitchBook7.8 7.4 
Morningstar Credit2.0 1.9 
Morningstar Wealth4.5 4.7 
Morningstar Retirement2.6 2.8 
Total Reportable Segments27.7 25.0 
Corporate and All Other (5)
5.1 4.2 
Total$32.8 $29.2 
___________________________________________________________________________________________
(5) Corporate and All Other provides a reconciliation between depreciation expense from our Total Reportable Segments and consolidated depreciation expense. Corporate and All Other includes unallocated corporate expenses of depreciation expense related to finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated as well as depreciation expense from Morningstar Sustainalytics and Morningstar Indexes.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area. Revenue is attributed to geographical area based
on country in which the sale was contracted.
Revenue by geographical areaThree months ended March 31,
(in millions)20252024
United States$424.5 $390.9 
Asia11.9 12.7 
Australia15.1 15.0 
Canada33.1 32.6 
Continental Europe50.6 49.7 
United Kingdom43.7 38.9 
Other3.0 3.0 
Total International157.4 151.9 
Consolidated revenue$581.9 $542.8 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of March 31, 2025As of December 31, 2024
United States$187.2 $189.5 
Asia9.0 9.6 
Australia1.5 1.6 
Canada12.2 6.6 
Continental Europe5.7 5.3 
United Kingdom5.7 6.1 
Other0.3 0.2 
Total International34.4 29.4 
Consolidated property, equipment, and capitalized software, net$221.6 $218.9 

Operating lease assets by geographical area
(in millions)As of March 31, 2025As of December 31, 2024
United States$88.8 $92.9 
Asia42.6 44.2 
Australia2.2 2.4 
Canada7.0 7.7 
Continental Europe18.1 19.1 
United Kingdom13.3 14.7 
Other0.1 0.2 
Total International83.3 88.3 
Consolidated operating lease assets$172.1 $181.2 
v3.25.1
Fair Value Measures and Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The tables below show the fair value of items that are measured at fair value using the fair value hierarchy:

 Fair Value as ofLevel within the Fair Value Hierarchy as of March 31, 2025
(in millions)March 31, 2025Level 1Level 2Level 3
Cash equivalents$46.4 $46.4 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds41.7 41.7 — — 
Marketable debt securities2.3 2.3 — — 
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors26.2 26.2 — — 
Total$116.6 $116.6 $— $— 
 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Assets and Liabilities, Lessee
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of March 31, 2025
Weighted-average remaining lease term (in years)6.1
Weighted-average discount rate4.5 %
Lessee, Operating Lease, Liability, Maturity
The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases:

(in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$34.1 
202644.9 
202738.6 
202832.4 
202921.2 
Thereafter60.4 
Total minimum lease commitments231.6 
Adjustment for discount to present value32.2 
Present value of lease liabilities
$199.4 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule Of Compensation Cost By Expense Category
The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
Three months ended March 31,
(in millions)20252024
Cost of revenue$3.5 $4.6 
Sales and marketing1.9 1.9 
General and administrative3.7 4.9 
Total stock-based compensation expense$9.1 $11.4 
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table shows our effective tax rate for the three months ended March 31, 2025 and March 31, 2024:

 Three months ended March 31,
(in millions)20252024
Income before income taxes and equity in investments of unconsolidated entities$108.5 $87.0 
Equity in investments of unconsolidated entities(2.6)(1.5)
Income before income taxes$105.9 $85.5 
Income tax expense$27.4 $21.3 
Effective tax rate25.9 %24.9 %
Schedule of Gross Unrecognized Tax Benefits
The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2025 and December 31, 2024, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.

(in millions)As of March 31, 2025As of December 31, 2024
Gross unrecognized tax benefits$11.8 $11.1 
Gross unrecognized tax benefits that would affect income tax expense$11.8 $11.1 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$11.5 $10.9 
Schedule of Liabilities for Unrecognized Tax Benefits
Our Unaudited Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.

Liabilities for Unrecognized Tax Benefits (in millions)As of March 31, 2025As of December 31, 2024
Current liability$0.1 $0.1 
Non-current liability12.5 11.7 
Total liability for unrecognized tax benefits$12.6 $11.8 
v3.25.1
Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2022
May 06, 2022
Oct. 26, 2020
Debt Instrument [Line Items]          
Long-term debt $ 803.7 $ 698.6      
Long-term debt 803.7 698.6      
Debt Instrument, Interest Rate, Stated Percentage         2.32%
Maximum borrowing capacity     $ 650.0    
Medium-term Notes [Member] | Term Loan Facility [Member]          
Debt Instrument [Line Items]          
Long-term debt 349.8 349.8      
Debt Issuance Costs, Gross 1.3 1.4      
Notes Payable, Other Payables | Private Placement          
Debt Instrument [Line Items]          
Long-term debt 348.9 348.8      
Debt Issuance Costs, Gross $ 1.1 $ 1.2      
Debt Instrument, Interest Rate, Stated Percentage 2.32% 2.32%      
Revolving Credit Facility | Line of Credit [Member] | July 2019 Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Long-term debt   $ 0.0      
Revolving Credit Facility | Line of Credit [Member] | May 2022 Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt $ 105.0        
Maximum borrowing capacity       $ 450.0  
v3.25.1
Credit Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended
May 06, 2022
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2022
Oct. 26, 2020
Line of Credit Facility [Line Items]          
Maximum borrowing capacity       $ 650.0  
Remaining borrowing capacity   $ 545.0      
Long-term debt, outstanding   454.8      
Debt Instrument, Interest Rate, Stated Percentage         2.32%
Long-term debt   803.7 $ 698.6    
Medium-term Notes [Member] | Term Loan Facility [Member]          
Line of Credit Facility [Line Items]          
Long-term debt   $ 349.8 349.8    
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Lender's base rate [Member]          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   0.38%      
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   1.48%      
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Lender's base rate [Member]          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   0.00%      
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   1.00%      
Line of Credit [Member] | July 2019 Revolving Credit Facility [Member] | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Long-term debt     $ 0.0    
Line of Credit [Member] | May 6, 2022 Credit Agreement | Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Debt Instrument, Term 5 years        
Maximum borrowing capacity $ 1,100.0        
Line of Credit [Member] | May 2022 Revolving Credit Facility | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity 450.0        
Long-term debt   $ 105.0      
Line of Credit [Member] | September 30, 2022, Credit Agreement Second Amendment | Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity       $ 1,300.0  
Notes Payable, Other Payables | Private Placement          
Line of Credit Facility [Line Items]          
Other Long-term Debt         $ 350.0
Debt Instrument, Interest Rate, Stated Percentage   2.32% 2.32%    
Long-term debt   $ 348.9 $ 348.8    
Long-Term Debt | May 6, 2022 Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity $ 650.0        
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segments
Mar. 31, 2024
USD ($)
Mar. 01, 2025
Business Acquisition [Line Items]      
Goodwill, impairment loss $ 0.0 $ 0.0  
Number of Reportable Segments | segments 5    
Number of Reportable Segments | segments 5    
DealX      
Business Acquisition [Line Items]      
Goodwill, Acquired During Period $ 9.7    
Finite-lived Intangible Assets Acquired 13.1    
Business Acquisition, Percentage of Voting Interests Acquired     65.00%
DealX | Customer-Related Intangible Assets      
Business Acquisition [Line Items]      
Finite-lived Intangible Assets Acquired 0.6    
DealX | Technology-Based Intangible Assets      
Business Acquisition [Line Items]      
Finite-lived Intangible Assets Acquired $ 12.5    
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 01, 2022
Mar. 31, 2025
Business Acquisition [Line Items]    
Goodwill   $ 1,601.1
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   1,562.0
Foreign currency translation   7.0
Goodwill, Ending Balance   1,601.1
Operating Segments    
Business Acquisition [Line Items]    
Goodwill   1,531.6
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   1,492.8
Foreign currency translation   6.7
Goodwill, Ending Balance   1,531.6
Morningstar Data and Analytics Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   598.9
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   594.0
Foreign currency translation   4.9
Goodwill, Ending Balance   598.9
PitchBook Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   629.8
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   607.4
Foreign currency translation   0.0
Goodwill, Ending Balance   629.8
Morningstar Credit Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   116.3
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   105.2
Foreign currency translation   1.4
Goodwill, Ending Balance   116.3
Morningstar Wealth Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   93.1
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   92.7
Foreign currency translation   0.4
Goodwill, Ending Balance   93.1
Morningstar Retirement Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   93.5
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   93.5
Foreign currency translation   0.0
Goodwill, Ending Balance   93.5
Corporate and Other | Operating Segments    
Business Acquisition [Line Items]    
Goodwill   69.5
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   69.2
Foreign currency translation   0.3
Goodwill, Ending Balance   69.5
DealX    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Morningstar Data and Analytics Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | PitchBook Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Morningstar Credit Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Morningstar Wealth Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Morningstar Retirement Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Corporate and Other | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period $ 22.4  
Lumonic | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   22.4
Lumonic | Morningstar Data and Analytics Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | PitchBook Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   22.4
Lumonic | Morningstar Credit Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Morningstar Wealth Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Morningstar Retirement Segment | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Corporate and Other | Operating Segments    
Business Acquisition [Line Items]    
Goodwill, Acquired During Period   $ 0.0
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 992.8 $ 962.9
Accumulated Amortization (572.4) (554.1)
Total $ 420.4 $ 408.8
Weighted-Average Useful Life (years) 12 years 12 years
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:
(in millions)Weighted average useful life (years)
Customer-related assets$0.6 10
Technology-based assets12.5 5
Total intangible assets$13.1 
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$1.4 15
Technology-based assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
  
Customer-related assets    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 577.7 $ 572.4
Accumulated Amortization (292.5) (281.1)
Total $ 285.2 $ 291.3
Weighted-Average Useful Life (years) 14 years 14 years
Intellectual property & other    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 89.0 $ 88.6
Accumulated Amortization (68.9) (67.5)
Total $ 20.1 $ 21.1
Weighted-Average Useful Life (years) 8 years 8 years
Technology-Based Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 326.1 $ 301.9
Accumulated Amortization (211.0) (205.5)
Total $ 115.1 $ 96.4
Weighted-Average Useful Life (years) 8 years 8 years
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 14.4 $ 17.7  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Remainder of 2025 (April 1 through December 31) 44.7    
2026 55.5    
2027 48.9    
2028 45.0    
2029 42.0    
Thereafter 184.3    
Total $ 420.4   $ 408.8
v3.25.1
Acquisitions, Goodwill and Other Intangible Assets - Acquired Intangibles (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross $ 992.8 $ 962.9
Accumulated Amortization (572.4) (554.1)
Intangible assets, net $ 420.4 $ 408.8
Weighted-Average Useful Life (years) 12 years 12 years
DealX    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 13.1  
Finite-lived Intangible Assets Acquired 13.1  
Lumonic    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired 10.6  
Finite-lived Intangible Assets Acquired 10.6  
Customer-related assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 577.7 $ 572.4
Accumulated Amortization (292.5) (281.1)
Intangible assets, net $ 285.2 $ 291.3
Weighted-Average Useful Life (years) 14 years 14 years
Intellectual property & other    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross $ 89.0 $ 88.6
Accumulated Amortization (68.9) (67.5)
Intangible assets, net $ 20.1 $ 21.1
Weighted-Average Useful Life (years) 8 years 8 years
Intellectual property & other | Lumonic    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 0.1  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 3 years  
Finite-lived Intangible Assets Acquired $ 0.1  
Technology-Based Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 326.1 $ 301.9
Accumulated Amortization (211.0) (205.5)
Intangible assets, net $ 115.1 $ 96.4
Weighted-Average Useful Life (years) 8 years 8 years
Technology-Based Intangible Assets | DealX    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 12.5  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 5 years  
Finite-lived Intangible Assets Acquired $ 12.5  
Technology-Based Intangible Assets | Lumonic    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 9.1  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 8 years  
Finite-lived Intangible Assets Acquired $ 9.1  
Customer-Related Intangible Assets | DealX    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 0.6  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 10 years  
Finite-lived Intangible Assets Acquired $ 0.6  
Customer-Related Intangible Assets | Lumonic    
Acquired Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 1.4  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 15 years  
Finite-lived Intangible Assets Acquired $ 1.4  
v3.25.1
Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share, Basic [Abstract]    
Consolidated net income $ 78.5 $ 64.2
Weighted average common shares outstanding 42.8 42.7
Basic net income per share attributable to Morningstar, Inc. $ 1.83 $ 1.50
Earnings Per Share, Diluted [Abstract]    
Consolidated net income $ 78.5 $ 64.2
Weighted average common shares outstanding 42.8 42.7
Net effect of dilutive stock options and restricted stock units 0.3 0.3
Weighted average common shares outstanding for computing diluted income per share 43.1 43.0
Diluted net income per share attributable to Morningstar, Inc. $ 1.82 $ 1.49
v3.25.1
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Consolidated revenue $ 581.9 $ 542.8
License-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue 418.0 400.2
Asset-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue 85.7 77.0
Transaction-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue $ 78.2 $ 65.6
v3.25.1
Revenue (Disaggregation of Revenue, Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ 581.9 $ 542.8
Minimum [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 1 year  
Maximum [member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 3 years  
Licensed-based Revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ 418.0 400.2
Asset-based Revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ 85.7 $ 77.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 9 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 3 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 4 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 5 years  
v3.25.1
Revenue (Schedule of Contract Liabilities) (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 1,489.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 933.4
Revenue performance period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 375.1
Revenue performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 113.3
Revenue performance period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 32.8
Revenue performance period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 15.1
Revenue performance period 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 19.5
Revenue performance period 5 years
v3.25.1
Revenue (Contract Liabilities, Additional Information Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Increase in contract liabilities from cash payments received $ 53.8
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized 252.9
Accounts payable and accrued liabilities $ 617.0
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended March 31,
(in millions)20252024
License-based $418.0 $400.2 
Asset-based85.7 77.0 
Transaction-based78.2 65.6 
Consolidated revenue$581.9 $542.8 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. As of March 31, 2025, the contract liabilities balance increased $53.8 million from December 31, 2024, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $252.9 million of revenue in the three months ended March 31, 2025 that was included in the contract liabilities balance as of December 31, 2024.

We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2025 and subsequent years as follows:

(in millions)As of March 31, 2025
Remainder of 2025 (April 1 through December 31)$933.4 
2026375.1 
2027113.3 
202832.8 
202915.1 
Thereafter19.5 
Total$1,489.2 

The aggregate amount of revenue we expect to recognize for the remainder of 2025 and subsequent years is higher than our contract liability balance of $617.0 million as of March 31, 2025. The difference represents the value of future obligations for signed contracts that have yet to be billed.

The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of March 31, 2025. We are applying the optional exemption available under FASB ASC 606 Revenue from Contracts with Customers (FASB ASC 606), as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For certain license-based contracts, variable consideration is received for services performed based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, all the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration received for most Internet advertising services performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated.
As of March 31, 2025, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under FASB ASC 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from March 31, 2025. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months.

Contract Assets

Our contract assets represent accounts receivable, less allowance for credit losses, and deferred commissions.

The following table summarizes our contract assets balance:

(in millions)As of March 31, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$342.1 $358.1 
Deferred commissions64.8 65.8 
Total contract assets$406.9 $423.9 
v3.25.1
Revenue (Summary of Contract Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, less allowance for credit losses $ 342.1 $ 358.1
Deferred commissions, current and non-current 64.8 65.8
Total contract assets $ 406.9 $ 423.9
v3.25.1
Segment and Geographical Area Information (Details) (Table 1)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segments
Mar. 31, 2024
USD ($)
Segment Reporting Information [Line Items]    
Consolidated revenue $ 581.9 $ 542.8
Number of Operating Segments | segments 7  
Number of Reportable Segments | segments 5  
Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue $ 530.1 492.0
Reportable Segment Profitability 174.6 152.1
Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 199.2 196.7
Compensation Expense, Excluding Cost of Good and Service Sold 57.7 53.6
Segment Reporting, Other Segment Item, Amount 54.4 51.9
Morningstar Data and Analytics Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 87.1 91.2
PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 163.7 147.6
Compensation Expense, Excluding Cost of Good and Service Sold 76.1 76.1
Segment Reporting, Other Segment Item, Amount 35.3 31.5
PitchBook Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 52.3 40.0
Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 61.3 59.0
Compensation Expense, Excluding Cost of Good and Service Sold 30.2 32.4
Segment Reporting, Other Segment Item, Amount 31.9 32.2
Morningstar Credit Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability (0.8) (5.6)
Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 73.0 60.3
Compensation Expense, Excluding Cost of Good and Service Sold 38.5 35.4
Segment Reporting, Other Segment Item, Amount 13.1 12.6
Morningstar Wealth Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 21.4 12.3
Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 32.9 28.4
Compensation Expense, Excluding Cost of Good and Service Sold 11.6 10.5
Segment Reporting, Other Segment Item, Amount 6.7 3.7
Morningstar Retirement Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 14.6 14.2
License-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 418.0 400.2
License-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 385.2 367.5
License-based | Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 199.2 196.7
License-based | PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 161.8 145.6
License-based | Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 19.1 20.5
License-based | Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 4.6 4.2
License-based | Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.5 0.5
Asset-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 85.7 77.0
Asset-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 68.5 61.5
Asset-based | Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.0 0.0
Asset-based | PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.0 0.0
Asset-based | Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 36.1 33.6
Asset-based | Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.0 0.0
Asset-based | Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 32.4 27.9
Transaction-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 78.2 65.6
Transaction-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 76.4 63.0
Transaction-based | Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.0 0.0
Transaction-based | PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 1.9 2.0
Transaction-based | Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 6.1 4.9
Transaction-based | Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 68.4 56.1
Transaction-based | Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue $ 0.0 $ 0.0
v3.25.1
Segment and Geographical Area Information (Details) (Table 2) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue $ 581.9 $ 542.8
Amortization expense (14.4) (17.7)
Business Combination, Acquisition and Integration Related Costs (6.9) (0.5)
Operating income 114.1 92.6
Nonoperating Income (Expense) (5.6) (5.6)
Equity in investments of unconsolidated entities (2.6) (1.5)
Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign 105.9 85.5
Unallocated Corporate Expenses 41.8 40.9
Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 530.1 492.0
Reportable Segment Profitability 174.6 152.1
Morningstar Data and Analytics Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 87.1 91.2
PitchBook Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 52.3 40.0
Morningstar Credit Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability (0.8) (5.6)
Morningstar Wealth Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 21.4 12.3
Morningstar Retirement Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 14.6 14.2
Corporate and Other | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 51.8 50.8
Reportable Segment Profitability (39.2) (41.3)
Sustainalytics    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 28.8 30.8
Morningstar Indexes [Member]    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue $ 23.0 $ 20.0
v3.25.1
Segment and Geographical Area Information (Details) (Table 3) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation $ 32.8 $ 29.2
Stock-based compensation expense 9.1 11.4
Operating Segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 27.7 25.0
Operating Segments | Morningstar Data and Analytics Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 10.8 8.2
Operating Segments | PitchBook Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 7.8 7.4
Operating Segments | Morningstar Credit Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 4.5 4.7
Operating Segments | Morningstar Wealth Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 2.0 1.9
Operating Segments | Morningstar Retirement Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 2.6 2.8
Operating Segments | Corporate and Other    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation $ 5.1 $ 4.2
v3.25.1
Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue $ 581.9 $ 542.8  
Long-lived assets 221.6   $ 218.9
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 424.5 390.9  
Long-lived assets 187.2   189.5
Total International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 157.4 151.9  
Long-lived assets 34.4   29.4
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 43.7 38.9  
Long-lived assets 5.7   6.1
Continental Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 50.6 49.7  
Long-lived assets 5.7   5.3
Australia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 15.1 15.0  
Long-lived assets 1.5   1.6
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 33.1 32.6  
Long-lived assets 12.2   6.6
United Kingdom      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 11.9 12.7  
Long-lived assets 9.0   9.6
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 3.0 $ 3.0  
Long-lived assets $ 0.3   $ 0.2
v3.25.1
Segment and Geographical Area Information Segment and Geographical Area Information - Operating Lease Assets by Geographical Area (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 172.1 $ 181.2
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 88.8 92.9
Total International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 83.3 88.3
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 13.3 14.7
Continental Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 18.1 19.1
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 2.2 2.4
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 7.0 7.7
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 42.6 44.2
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 0.1 $ 0.2
v3.25.1
Fair Value Measures and Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Method Investment, Other-than-Temporary Impairment $ 12.4    
Fair Value, Recurring | Fair Value, Inputs, Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   $ 46.4 $ 43.5
Investments, Fair Value Disclosure   116.6 113.1
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   41.7 42.3
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   2.3 2.4
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   26.2 24.9
Fair Value, Recurring | Fair Value, Inputs, Level 1 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   0.0 0.0
Investments, Fair Value Disclosure   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   0.0 0.0
Investments, Fair Value Disclosure   0.0 24.7
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     24.7
Estimate of Fair Value Measurement | Fair Value, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   46.4 43.5
Investments, Fair Value Disclosure   116.6 137.8
Estimate of Fair Value Measurement | Fair Value, Recurring | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   41.7 42.3
Estimate of Fair Value Measurement | Fair Value, Recurring | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   2.3 2.4
Estimate of Fair Value Measurement | Fair Value, Recurring | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   $ 26.2 24.9
Estimate of Fair Value Measurement | Fair Value, Recurring | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     $ 24.7
v3.25.1
Investments in Unconsolidated Entities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Investments in Unconsolidated Entities [Line Items]      
Investments in unconsolidated entities $ 76.2   $ 85.3
Net realized gains on sale of investments, reclassified from other comprehensive income $ 0.3 $ 2.6  
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
As of March 31, 2025 and December 31, 2024, our investment in unconsolidated entities balance totaled $76.2 million and $85.3 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value.

The carrying amount of investments in unconsolidated entities without a readily determinable fair value was $42.0 million and $41.1 million as of March 31, 2025 and December 31, 2024, respectively. We did not record any material adjustments or impairment losses in the first three months of 2025 or 2024.
    
Equity Securities without Readily Determinable Fair Value, Amount $ 42.0   $ 41.1
v3.25.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 11.0 $ 10.4
Variable lease, cost 2.8 3.2
Operating lease payments $ 9.4 $ 10.7
Minimum [Member]    
Lessee, Lease, Description [Line Items]    
Operating lease, weighted average remaining lease term 1 year  
Maximum [member]    
Lessee, Lease, Description [Line Items]    
Operating lease, weighted average remaining lease term 10 years  
v3.25.1
Leases - Operating Lease Minimum Future Lease Commitments (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Leases [Abstract]  
Remainder of 2019 $ 34.1
2020 44.9
2021 38.6
2022 32.4
2023 21.2
Thereafter 60.4
Total minimum lease commitments 231.6
Adjustment for discount to present value 32.2
Present value of lease liabilities $ 199.4
v3.25.1
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Mar. 31, 2025
Weighted-average remaining lease term (in years)  
Weighted-average remaining lease term (in years) 6 years 1 month 6 days
Weighted-average discount rate  
Weighted-average discount rate 4.50%
v3.25.1
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 9.1 $ 11.4
Cost of revenue    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 3.5 4.6
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 1.9 1.9
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 3.7 $ 4.9
v3.25.1
Stock-Based Compensation (Narrative) (Details) - Restricted Stock Units and Performance Share Awards
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 76.5
Expected amortization period (months) 24 months
v3.25.1
Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income before income taxes and equity in net income (loss) of unconsolidated entities $ 108.5 $ 87.0  
Equity in investments of unconsolidated entities (2.6) (1.5)  
Total 105.9 85.5  
Income tax expense $ 27.4 $ 21.3  
Effective income tax rate 25.90%    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]      
Current liability $ 0.1   $ 0.1
Non-current liability 12.5   11.7
Total liability for unrecognized tax benefits $ 12.6   11.8
Concentration Risk [Line Items]      
Effective Income Tax Rate Reconciliation, Increase (Decrease) From Prior Year, PercentTaxes 1.00%    
Unrecognized Tax Benefits $ 11.8   11.1
Total Liability For Unrecognized Tax Benefits $ 12.6   11.8
Effective tax rate   24.9  
Undistributed Earnings of Foreign Subsidiaries not Permanently Reinvested     142.0
Deferred Tax Liabilities, Undistributed Foreign Earnings     $ 7.1
Geographic Concentration Risk | Cash, Cash Equivalents and Investments | Total International      
Concentration Risk [Line Items]      
Percentage of cash, cash equivalents and investments held by operations outside of US 79.00%    
v3.25.1
Income Taxes (Income Tax Contingency) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Gross unrecognized tax benefits $ 11.8 $ 11.1
Gross unrecognized tax benefits that would affect income tax expense 11.8 11.1
Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 11.5 $ 10.9
v3.25.1
Contingencies Contingencies (Details)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Document Period End Date Mar. 31, 2025
v3.25.1
Share Repurchase Program (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
shares
Subsequent Event [Line Items]  
Share repurchase program, authorized amount $ 500.0
Shares repurchased (in shares) | shares 368,199
Shares repurchased, value $ 109.6
Stock repurchase program, remaining authorized repurchase amount $ 377.4
Total Stock Repurchased Under Current Program, Shares | shares 409,983
Total Stock Repurchased Under Current Program, amount $ 122.6