MORNINGSTAR, INC., 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 2026  
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   38,028,018
v3.26.1
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 644.8 $ 581.9
Operating expense:    
Cost of revenue 238.9 231.4
Sales and marketing 115.2 112.6
General and administrative 84.0 76.5
Depreciation and amortization 51.7 47.3
Total operating expense 489.8 467.8
Other operating income 0.9 0.0
Operating income 155.9 114.1
Non-operating expense, net:    
Interest expense, net (13.7) (5.4)
Other expense, net (0.4) (0.2)
Non-operating expense, net (14.1) (5.6)
Income before income taxes and equity in investments of unconsolidated entities 141.8 108.5
Equity in investments of unconsolidated entities (0.1) (2.6)
Income tax expense 34.6 27.4
Consolidated net income $ 107.1 $ 78.5
Net income per share:    
Basic (in dollars per share) $ 2.74 $ 1.83
Diluted (in dollars per share) 2.73 1.82
Dividends declared (in dollars per share) 0.50 0.46
Dividends paid per common share (in dollars per share) $ 0.50 $ 0.46
Weighted average shares outstanding:    
Basic (in shares) 39.1 42.8
Diluted (in shares) 39.3 43.1
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Consolidated net income $ 107.1 $ 78.5
Other comprehensive income (loss), net    
Foreign currency translation adjustment (11.3) 17.0
Other comprehensive income (loss), net (11.3) 17.0
Comprehensive income $ 95.8 $ 95.5
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 492.8 $ 474.5
Investments 39.4 54.2
Accounts receivable, less allowance for credit losses of $7.4 million and $7.1 million, respectively 402.6 390.4
Income tax receivable 15.4 16.2
Deferred commissions 36.5 35.4
Prepaid expenses 57.1 42.5
Other current assets 19.5 24.8
Total current assets 1,063.3 1,038.0
Goodwill 1,747.2 1,610.8
Intangible assets, net 591.4 379.3
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $930.2 million and $899.9 million, respectively 234.8 231.9
Operating lease assets 166.0 159.0
Investments in unconsolidated entities 50.3 50.3
Deferred tax assets, net 86.0 78.7
Deferred commissions 29.8 30.1
Other assets 17.5 12.1
Total assets 3,986.3 3,590.2
Current liabilities:    
Deferred revenue 669.3 586.1
Accrued compensation 144.9 294.2
Accounts payable and accrued liabilities 104.6 97.9
Current portion of long-term debt 18.2 0.0
Operating lease liabilities 42.7 41.8
Income tax payable 43.1 24.0
Other current liabilities 7.9 9.3
Total current liabilities 1,030.7 1,053.3
Operating lease liabilities 151.0 146.7
Accrued compensation 20.3 20.1
Deferred tax liabilities, net 21.5 27.2
Long-term debt 1,694.6 1,072.6
Deferred revenue 21.3 21.0
Income tax payable 13.8 13.1
Other long-term liabilities 14.4 14.3
Total liabilities 2,967.6 2,368.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 38,027,605 and 39,740,881 shares were outstanding as of March 31, 2026 and December 31, 2025, respectively 0.0 0.0
Treasury stock at cost, 17,000,866 and 15,277,454 shares as of March 31, 2026 and December 31, 2025, respectively (2,088.7) (1,785.7)
Additional paid-in capital 892.5 869.5
Retained earnings 2,294.3 2,206.2
Accumulated other comprehensive loss:    
Currency translation adjustment (79.4) (68.1)
Total accumulated other comprehensive loss (79.4) (68.1)
Total equity 1,018.7 1,221.9
Total liabilities and equity $ 3,986.3 $ 3,590.2
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 7.4 $ 7.1
Accumulated depreciation and amortization $ 930.2 $ 899.9
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) 38,027,605 39,740,881
CommonStockSharesIssuedNotDisclosed true  
Treasury Stock, Common, Shares 17,000,866 15,277,454
v3.26.1
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, 2024   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):            
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 awards, net of shares withheld for taxes on settlements of stock awards   69        
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards 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        
Balance at Mar. 31, 2025 $ 1,609.2 $ 0.0 (1,104.6) 847.8 1,968.4 (102.4)
Balance (in shares) at Dec. 31, 2025 39,740,881 39,740,881        
Balance at Dec. 31, 2025 $ 1,221.9 $ 0.0 (1,785.7) 869.5 2,206.2 (68.1)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 107.1       107.1  
Other comprehensive income (loss):            
Foreign currency translation adjustment (11.3)         (11.3)
Other comprehensive income (loss), net (11.3)         (11.3)
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards   10,136        
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards (0.8)     (0.8)    
Reclassification of awards previously liability-classified that were converted to equity 13.0     13.0    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation 10.8     10.8    
Common share repurchased (in shares)   (1,723,412)        
Common shares repurchased $ (303.0)   (303.0)      
Dividends declared (in dollars per share) $ 0.50          
Dividends declared $ (19.0)       (19.0)  
Balance (in shares) at Mar. 31, 2026 38,027,605 38,027,605        
Balance at Mar. 31, 2026 $ 1,018.7 $ 0.0 $ (2,088.7) $ 892.5 $ 2,294.3 $ (79.4)
v3.26.1
Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.50 $ 0.46
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Consolidated net income $ 107.1 $ 78.5
Adjustments to reconcile consolidated net income to net cash flows from operating activities:    
Depreciation and amortization 51.7 47.3
Deferred income taxes (12.7) (6.9)
Stock-based compensation expense 10.8 9.1
Provision for credit losses 1.8 2.5
Equity in investments of unconsolidated entities 0.1 2.6
Other, net 0.1 (1.1)
Changes in operating assets and liabilities:    
Accounts receivable (9.0) 17.3
Accounts payable and accrued liabilities 6.7 0.2
Accrued compensation and deferred commissions (138.7) (120.5)
Income taxes 20.3 20.1
Deferred revenue 63.7 47.9
Other assets and liabilities (10.4) (6.0)
Cash provided by operating activities 91.5 91.0
Investing activities    
Purchases of investment securities (10.7) (3.3)
Proceeds from maturities and sales of investment securities 23.9 4.5
Capital expenditures (37.9) (32.2)
Acquisitions, net of cash acquired (359.6) (38.5)
Purchases of investments in unconsolidated entities (0.1) (1.2)
Cash used for investing activities (384.4) (70.7)
Financing activities    
Common shares repurchased (300.0) (109.6)
Dividends paid (19.9) (19.5)
Proceeds from revolving credit facility 295.0 145.0
Repayment of revolving credit facility (30.0) (40.0)
Proceeds from term facility 375.0 0.0
Employee taxes withheld for stock awards (0.8) 0.0
Other, net (2.4) 0.0
Cash provided by (used for) financing activities 316.9 (24.1)
Effect of exchange rate changes on cash and cash equivalents (5.7) 12.6
Net increase in cash and cash equivalents 18.3 8.8
Cash and cash equivalents—beginning of period 474.5 502.7
Cash and cash equivalents—end of period 492.8 511.5
Supplemental disclosure of cash flow information    
Cash paid for income taxes 26.8 14.2
Cash paid for interest $ 12.3 $ 6.4
v3.26.1
Basis of Presentation of Interim Financial Information
 3 Months Ended
Mar. 31, 2026
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, 2025, filed with the SEC on February 13, 2026 (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
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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 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 are evaluating the effect that ASU No. 2024-03 will have on our disclosures.

Capitalized Software: In September 2025, the FASB issued ASU No. 2025-06: Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06) to clarify and modernize the recognition and disclosure framework for internal-use software costs. This standard removes all references to software development project stages and requires capitalization to begin once (1) management commits funding and (2) completion and intended use are probable, considering whether significant development uncertainties have been resolved. This standard is effective for our fiscal year beginning on January 1, 2028 and interim reporting periods within that fiscal year. Early adoption is permitted. Entities may apply the guidance using a prospective, retrospective, or modified transition approach. We have not made a decision regarding early adoption and are evaluating the effect that ASU No. 2025-06 will have on our consolidated financial statements.
v3.26.1
Credit Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
Debt

The following table summarizes our debt as of March 31, 2026 and December 31, 2025:

(in millions)As of March 31, 2026As of December 31, 2025
2025 Term Facility, net of unamortized debt issuance costs of $1.3 million and $1.5 million, respectively$748.7 $373.5 
2025 Revolving Credit Facility615.0 350.0 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $0.9 million and $0.9 million, respectively
349.1 349.1 
Total debt$1,712.8 $1,072.6 

Credit Agreement

On October 31, 2025, the company entered into a new senior credit agreement (the 2025 Credit Agreement).The 2025 Credit Agreement provides the company with a multi-currency credit facility with a borrowing capacity of up to $1.5 billion, including a five-year $750.0 million revolving credit facility (the 2025 Revolving Credit Facility), a five-year delayed draw term facility of up to $375.0 million (the 2025 A-1 Facility), and a three-year term facility of up to $375.0 million (the 2025 A-2 Facility and, together with the 2025 A-1 Facility, the 2025 Term Facility; and, together with the 2025 Revolving Credit Facility, the 2025 Facility). The 2025 Credit Agreement also provides for the issuance of up to $50.0 million of letters of credit and a $100.0 million sublimit for a swingline facility under the 2025 Revolving Credit Facility.

As of March 31, 2026, the total outstanding debt under the 2025 Credit Agreement was $1.4 billion, net of debt issuance costs, including $375.0 million drawn under the 2025 A-1 Facility, $375.0 million drawn under the 2025 A-2 Facility, and $615.0 million drawn under the 2025 Revolving Credit Facility. The company's borrowing availability includes $135.0 million under the 2025 Revolving Credit Facility.

The proceeds borrowed under the 2025 Facility were used to refinance existing indebtedness under the company's prior credit agreement, pay fees and expenses in connection with the 2025 Facility, finance the acquisition of the Center for Research in Security Prices (CRSP), and for general corporate purposes.

The interest rate applicable to loans under the 2025 Credit Agreement will be based on the SOFR, SONIA, EURIBOR, Term CORRA, or BBSY depending on the currency of the loan and will include an applicable margin for such loans, which ranges between 1.05% and 1.425%, based on Morningstar’s consolidated net leverage ratio and other applicable adjustments as further described in the 2025 Credit Agreement.

The portions of deferred debt issuance costs related to the 2025 Revolving Credit Facility are included in other current and non-current assets, and the portion of deferred debt issuance costs related to the 2025 Term Facility is reported as a reduction to the carrying amount of the 2025 Term Facility. Debt issuance costs related to the 2025 Revolving Credit Facility are amortized on a straight-line basis to interest expense over the term of the 2025 Credit Agreement. Debt issuance costs related to the 2025 Term Facility are amortized to interest expense using the effective interest method over the term of the 2025 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 pay off a portion of the company's outstanding debt under a prior credit agreement. Interest on the 2030 Notes will be 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 occurring on April 30, 2021. As of March 31, 2026, our total outstanding debt, net of issuance costs, under the 2030 Notes was $349.1 million.
Compliance with Covenants

Each of the 2025 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 net funded indebtedness (in the case of the 2025 Credit Agreement) or consolidated funded indebtedness (in the case of the 2030 Notes) to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of March 31, 2026.
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Goodwill and Other Intangible Assets Acquisitions, Goodwill, and Other Intangible Assets
2026 Acquisitions

Acquisition of the Center for Research in Security Prices, LLC (CRSP)

On February 2, 2026, we completed our acquisition of 100% of the equity interests in CRSP, a provider of historical stock market data and indexes, from the University of Chicago. The closing consideration of $363.0 million was paid in cash and reflects adjustments for estimated available cash, indebtedness, and working capital. We began consolidating the financial results of CRSP in our consolidated financial statements as of February 2, 2026. CRSP is included in the Morningstar Indexes operating 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, 2026, 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 closing 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 following table summarizes our preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
(in millions)
Fair value of consideration transferred$363.0 
Cash and cash equivalents$3.4 
Accounts receivable6.4 
Other current and non-current assets15.1 
Intangible assets, net233.0 
Deferred revenue(22.8)
Other current and non-current liabilities(11.7)
Total fair value of net assets acquired$223.4 
Goodwill$139.6 

Acquired accounts receivable were recorded at fair value and reflect the best estimate at the acquisition date of the contractual cash flows expected to be collected.
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $233.0 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$113.0 13
Technology-based assets115.0 8
Intellectual property5.0 7
Total intangible assets$233.0 

Goodwill of $139.6 million represents the excess over the fair value of the net tangible and intangible assets acquired. We paid this premium for several reasons, including the opportunity to strengthen our market position and expand our presence among index providers of US equity index funds.

The value assigned to goodwill and intangible assets are deductible for income tax purposes over a period of approximately 15 years from the acquisition date.

2025 Acquisitions

Morningstar Credit Analytics (formerly Dealview Technologies Limited (DealX))

On March 1, 2025, we completed our acquisition of the remaining 65% of the equity interests 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 and has been renamed Morningstar Credit Analytics.

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. We finalized the purchase price allocation during the fourth quarter of 2025 and did not record any significant adjustments compared to the preliminary estimates.

The allocation of the 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 100% of the equity interests in 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. We finalized the purchase price allocation during the fourth quarter of 2025 and did not record any significant adjustments compared to the preliminary estimates.
The allocation of the fair values of the assets acquired and liabilities assumed includes $21.3 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 following table shows the changes in our goodwill balances from December 31, 2025 to March 31, 2026:

 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of December 31, 2025$608.6 $628.7 $119.6 $90.3 $93.5 $1,540.7 $70.1 $1,610.8 
Acquisition of CRSP— — — — — — 139.6 139.6 
Foreign currency translation and other(3.3)— (0.9)1.1 — (3.1)(0.1)(3.2)
Balance as of March 31, 2026$605.3 $628.7 $118.7 $91.4 $93.5 $1,537.6 $209.6 $1,747.2 

Refer to Note 7 for detailed segment information.


Intangible Assets

The following table summarizes our intangible assets:
 As of March 31, 2026As of December 31, 2025
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer-related assets$693.0 $(331.9)$361.1 $583.9 $(324.1)$259.8 
Technology-based assets439.5 (229.8)209.7 328.0 (225.5)102.5 
Intellectual property & other95.7 (75.1)20.6 91.2 (74.2)17.0 
Total intangible assets$1,228.2 $(636.8)$591.4 $1,003.1 $(623.8)$379.3 
 
The following table summarizes our amortization expense related to intangible assets:

 Three months ended March 31,
(in millions)20262025
Amortization expense$19.0 $14.4 
 
We amortize intangible assets using the straight-line method over their estimated useful lives.
Based on acquisitions completed through March 31, 2026, we expect intangible amortization expense for each of the next five years and thereafter as follows:

(in millions)
As of March 31, 2026
Remainder of 2026 (April 1 through December 31)$59.0 
202773.3 
202869.3 
202966.2 
203060.4 
Thereafter263.2 
Total$591.4 

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.
v3.26.1
Income Per Share
 3 Months Ended
Mar. 31, 2026
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)20262025
Basic net income per share:  
Consolidated net income $107.1 $78.5 
Weighted average common shares outstanding39.1 42.8 
Basic net income per share$2.74 $1.83 
Diluted net income per share:
Consolidated net income$107.1 $78.5 
Weighted average common shares outstanding39.1 42.8 
Net effect of dilutive stock awards0.2 0.3 
Weighted average common shares outstanding for computing diluted income per share39.3 43.1 
Diluted net income per share$2.73 $1.82 

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.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type:
Three months ended March 31,
(in millions)20262025
License-based $444.9 $418.0 
Asset-based95.1 85.7 
Transaction-based104.8 78.2 
Consolidated revenue$644.8 $581.9 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record deferred revenue when a contract requires a customer to be billed in advance. The following table summarizes our contract liabilities balance:
(in millions)As of March 31, 2026As of December 31, 2025
Deferred revenue (current)$669.3 $586.1 
Deferred revenue (non-current)21.3 21.0 
Total contract liabilities$690.6 $607.1 

The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
Three months ended March 31,
(in millions)20262025
Revenue recognized that was included in opening deferred revenue$273.7 $252.9 

Remaining Performance Obligations

Remaining performance obligations include both amounts recorded as deferred revenue in our Consolidated Balance Sheets as of March 31, 2026 as well as amounts not yet invoiced to customers as of March 31, 2026, largely reflecting future revenue related to signed multi-year arrangements. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.7 billion. We expect to recognize into revenue 58% of this balance during the remainder of 2026, 25% of this balance in 2027, 11% of this balance in 2028, and the remaining amount thereafter.

The percentages in the prior paragraph exclude variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as we apply the optional exemption available under FASB ASC Topic 606. These performance obligations are expected to be satisfied over the next one to three years. Variable consideration for these contracts cannot be reasonably estimated because it depends on factors such as future user licenses, changes in the underlying asset values, or the number of internet advertising impressions in any given period, which are only known as services are performed.

The percentages above also exclude unsatisfied performance obligations for certain license-based contracts with durations of one year or less as we apply the optional exemption under FASB ASC Topic 606. For certain license-based contracts, the remaining performance obligations are expected to be less than one year based on the 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, 2026.
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, 2026As of December 31, 2025
Accounts receivable, less allowance for credit losses$402.6 $390.4 
Deferred commissions66.3 65.5 
Total contract assets$468.9 $455.9 
v3.26.1
Segment and Geographical Area Information
 3 Months Ended
Mar. 31, 2026
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 has 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.

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 access to data, proprietary research, analytics, and AI-enabled software across private capital markets, including venture capital, private equity, private credit, bank loans, and M&A. The platform offers access to Morningstar’s public-equity data and research.

Morningstar Credit provides investors with credit ratings, research, data, and credit analytics solutions. Morningstar Credit includes the Morningstar DBRS product area and the Morningstar Credit data and credit analytics product areas.

Morningstar Wealth provides investment products, investor tools, and an advisor platform powered by our research and data. Morningstar Wealth serves financial advisors through model portfolios, separately managed accounts, and an advisor platform powered by our research and data, and individuals through Morningstar Investor.

Morningstar Retirement offers products designed to help individuals reach their retirement goals. Its offerings include managed retirement accounts, fiduciary services, and custom models.
FASB ASC 280 Segment Reporting (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 (other non-recurring items).

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, 2026 and 2025, 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, 2026
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$215.2 $170.5 $5.8 $14.2 $0.4 $406.1 
Asset-based— — — 36.5 38.4 74.9 
Transaction-based— 1.9 95.2 7.3 — 104.4 
Total segment revenue215.2 172.4 101.0 58.0 38.8 585.4 
Less:
Compensation expense(1)
68.6 79.4 44.4 24.9 12.0 
Other segment items(2)
55.6 41.4 15.4 27.5 7.0 
Adjusted operating income$91.0 $51.6 $41.2 $5.6 $19.8 $209.2 
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 
___________________________________________________________________________________________
(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)20262025
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$585.4 $530.1 
Corporate and All Other (3)
59.4 51.8 
Total consolidated revenue$644.8 $581.9 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$209.2 $174.6 
Corporate and All Other (4)
(30.6)(39.2)
Intangible amortization expense (19.0)(14.4)
M&A-related expenses(4.6)(6.9)
Other non-recurring items0.9 — 
Operating Income155.9 114.1 
Non-operating expense, net(14.1)(5.6)
Equity in investments of unconsolidated entities(0.1)(2.6)
Income before income taxes$141.7 $105.9 
___________________________________________________________________________________________
(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 $26.6 million and $28.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $32.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.
(4) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the first quarters of 2026 and 2025, unallocated corporate expenses were $41.8 million in each period. 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)20262025
Morningstar Direct Platform$9.5 $10.8 
PitchBook7.9 7.8 
Morningstar Credit1.4 2.0 
Morningstar Wealth1.6 4.5 
Morningstar Retirement2.3 2.6 
Total Reportable Segments22.7 27.7 
Corporate and All Other (5)
9.9 5.1 
Total$32.6 $32.8 
___________________________________________________________________________________________
(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)20262025
United States$462.0 $424.5 
Asia11.8 11.9 
Australia18.1 15.1 
Canada42.7 33.1 
Continental Europe57.0 50.6 
United Kingdom49.2 43.7 
Other4.0 3.0 
Total International182.8 157.4 
Consolidated revenue$644.8 $581.9 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of March 31, 2026As of December 31, 2025
United States$177.8 $178.6 
Asia27.7 22.8 
Australia1.0 1.1 
Canada17.6 17.9 
Continental Europe5.8 6.3 
United Kingdom4.7 4.9 
Other0.2 0.3 
Total International57.0 53.3 
Consolidated property, equipment, and capitalized software, net$234.8 $231.9 

Operating lease assets by geographical area
(in millions)As of March 31, 2026As of December 31, 2025
United States$75.4 $74.9 
Asia57.5 48.7 
Australia1.3 1.5 
Canada8.3 7.8 
Continental Europe15.4 16.5 
United Kingdom7.5 9.0 
Other0.6 0.6 
Total International90.6 84.1 
Consolidated operating lease assets$166.0 $159.0 
v3.26.1
Fair Value Measurement of Investments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
The tables below present information about items that are measured at fair value:

 Fair Value as ofLevel within the Fair Value Hierarchy as of March 31, 2026
(in millions)March 31, 2026Level 1Level 2Level 3
Cash equivalents$48.2 $48.2 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds35.2 35.2 — — 
Marketable debt securities1.4 1.4 — — 
Total$84.8 $84.8 $— $— 
 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2025
(in millions)December 31, 2025Level 1Level 2Level 3
Cash equivalents$40.1 $40.1 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds50.0 50.0 — — 
Marketable debt securities1.5 1.5 — — 
Total$91.6 $91.6 $— $— 
v3.26.1
Investments in Unconsolidated Entities
 3 Months Ended
Mar. 31, 2026
Investments in Unconsolidated Entities [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
As of March 31, 2026 and December 31, 2025, our investment in unconsolidated entities balance totaled $50.3 million. 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 equity securities without a readily determinable fair value, including our investment in SmartX Advisory Solutions, was $44.4 million and $44.0 million as of March 31, 2026 and December 31, 2025, respectively. We did not record any material adjustments or impairment losses in the first three months of 2026 or 2025.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
We lease office space and certain equipment under various operating leases, with most of our lease portfolio consisting of operating leases for office space. 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.

The following table presents the components of lease cost:
Three months ended March 31,
(in millions)20262025
Operating lease cost$12.1 $11.0 
Variable lease cost$3.9 $2.8 

The following table presents other information related to operating leases:
Three months ended March 31,
(in millions)20262025
Cash paid for amounts included in the measurement for operating lease liabilities $12.3 $9.4 
Right of use assets obtained in exchange for operating lease liability$18.6 $— 
The following table shows our minimum future lease commitments due in the remainder of 2026, each of the next four subsequent years, and thereafter, for operating leases:

(in millions)As of March 31, 2026
Remainder of 2026 (April1 through December 31)$37.3 
202744.6 
202837.6 
202926.5 
203020.0 
Thereafter59.2 
Total minimum lease commitments225.2 
Adjustment for discount to present value31.5 
Present value of lease liabilities
$193.7 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of March 31, 2026
Weighted-average remaining lease term (in years)5.8
Weighted-average discount rate4.7 %
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
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)20262025
Cost of revenue$4.3 $3.5 
Sales and marketing1.3 1.9 
General and administrative5.2 3.7 
Total stock-based compensation expense$10.8 $9.1 

As of March 31, 2026, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $77.9 million, which we expect to recognize over a weighted average period of 24 months.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows our effective tax rate for the three months ended March 31, 2026 and March 31, 2025:

 Three months ended March 31,
(in millions)20262025
Income before income taxes and equity in investments of unconsolidated entities$141.8 $108.5 
Equity in investments of unconsolidated entities(0.1)(2.6)
Income before income taxes$141.7 $105.9 
Income tax expense$34.6 $27.4 
Effective tax rate24.4 %25.9 %

Our effective tax rate in the first quarter of 2026 was 24.4%, reflecting a decrease of 1.5 percentage points, 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 differently than the model rules and on different timelines. On January 5, 2026, the OECD announced changes to the model rules to include the “side by side” arrangement, which contains simplification measures as well as an exemption for US parented companies from certain aspects of the Pillar Two regime. The updated model rules will need to be enacted into local legislation to become effective. Pillar Two did not have a material impact on our consolidated financial statements as of March 31, 2026. 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.

On July 4, 2025, the One Big Beautiful Bill Act (the OBBB) was enacted in the United States. The OBBB contains several changes impacting corporate taxpayers, including modifications to the capitalization of research and development expenses, changes to calculations for the limitation on deductions for interest expense, and the reestablishment of accelerated depreciation (full expensing) on fixed assets. The OBBB also includes adjustments to the calculation of certain international tax framework provisions, which were initially established by the Tax Cuts and Jobs Act of 2017. The OBBB has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBB did not have a material impact on our consolidated financial statements as of March 31, 2026.

Unrecognized Tax Benefits

The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2026 and December 31, 2025, 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, 2026As of December 31, 2025
Gross unrecognized tax benefits$12.9 $12.3 
Gross unrecognized tax benefits that would affect income tax expense$12.9 $12.3 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$12.4 $11.9 

As of March 31, 2026, our Unaudited Consolidated Balance Sheet included a liability of $13.9 million for unrecognized tax benefits. As of December 31, 2025, our Consolidated Balance Sheet included a liability of $13.1 million for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.

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 2026. It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits.

Approximately 81% of our cash, cash equivalents, and investments balance as of March 31, 2026 and December 31, 2025, was held by our operations outside of the US. We generally consider the accumulated undistributed earnings of most of our foreign subsidiaries to be indefinitely reinvested, and it is not practicable to determine the amount of the unrecognized deferred tax liability related to these earnings. The amount of indefinitely reinvested earnings is based on our estimates and assumptions. This amount is subject to change in the normal course of business as we evaluate operational cash flows, working capital needs, regulatory requirements, investment needs, and other factors. Accordingly, we regularly update our earnings and profits analysis to reflect these developments.

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.
v3.26.1
Contingencies
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Share Repurchase Program
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Treasury Stock Share Repurchase Program
 
On October 29, 2025, the board of directors approved a share repurchase program that authorizes the company to repurchase up to $1.0 billion in shares of the company's outstanding common stock, effective October 31, 2025 (the Share Repurchase Program). The current share repurchase program is set to expire on October 30, 2028. 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, 2026, we repurchased a total of 1,723,412 shares for $300.0 million. As of March 31, 2026, we have repurchased a total of 3,126,261 shares for $600.0 million under the Share Repurchase Program, leaving $400.0 million available for future repurchases.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Policy
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 are evaluating the effect that ASU No. 2024-03 will have on our disclosures.

Capitalized Software: In September 2025, the FASB issued ASU No. 2025-06: Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06) to clarify and modernize the recognition and disclosure framework for internal-use software costs. This standard removes all references to software development project stages and requires capitalization to begin once (1) management commits funding and (2) completion and intended use are probable, considering whether significant development uncertainties have been resolved. This standard is effective for our fiscal year beginning on January 1, 2028 and interim reporting periods within that fiscal year. Early adoption is permitted. Entities may apply the guidance using a prospective, retrospective, or modified transition approach. We have not made a decision regarding early adoption and are evaluating the effect that ASU No. 2025-06 will have on our consolidated financial statements.
v3.26.1
Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Total Debt and Long-term Debt
The following table summarizes our debt as of March 31, 2026 and December 31, 2025:

(in millions)As of March 31, 2026As of December 31, 2025
2025 Term Facility, net of unamortized debt issuance costs of $1.3 million and $1.5 million, respectively$748.7 $373.5 
2025 Revolving Credit Facility615.0 350.0 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $0.9 million and $0.9 million, respectively
349.1 349.1 
Total debt$1,712.8 $1,072.6 
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes our preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
(in millions)
Fair value of consideration transferred$363.0 
Cash and cash equivalents$3.4 
Accounts receivable6.4 
Other current and non-current assets15.1 
Intangible assets, net233.0 
Deferred revenue(22.8)
Other current and non-current liabilities(11.7)
Total fair value of net assets acquired$223.4 
Goodwill$139.6 
  
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $233.0 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$113.0 13
Technology-based assets115.0 8
Intellectual property5.0 7
Total intangible assets$233.0 
The allocation of the 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 allocation of the fair values of the assets acquired and liabilities assumed includes $21.3 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, 2025$608.6 $628.7 $119.6 $90.3 $93.5 $1,540.7 $70.1 $1,610.8 
Acquisition of CRSP— — — — — — 139.6 139.6 
Foreign currency translation and other(3.3)— (0.9)1.1 — (3.1)(0.1)(3.2)
Balance as of March 31, 2026$605.3 $628.7 $118.7 $91.4 $93.5 $1,537.6 $209.6 $1,747.2 
  
Schedule of Intangible Assets
The following table summarizes our intangible assets:
 As of March 31, 2026As of December 31, 2025
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer-related assets$693.0 $(331.9)$361.1 $583.9 $(324.1)$259.8 
Technology-based assets439.5 (229.8)209.7 328.0 (225.5)102.5 
Intellectual property & other95.7 (75.1)20.6 91.2 (74.2)17.0 
Total intangible assets$1,228.2 $(636.8)$591.4 $1,003.1 $(623.8)$379.3 
  
Schedule of Intangible Asset, Amortization Expense
The following table summarizes our amortization expense related to intangible assets:

 Three months ended March 31,
(in millions)20262025
Amortization expense$19.0 $14.4 
  
Schedule of Expected Amortization Expense
Based on acquisitions completed through March 31, 2026, we expect intangible amortization expense for each of the next five years and thereafter as follows:

(in millions)
As of March 31, 2026
Remainder of 2026 (April 1 through December 31)$59.0 
202773.3 
202869.3 
202966.2 
203060.4 
Thereafter263.2 
Total$591.4 
  
v3.26.1
Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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)20262025
Basic net income per share:  
Consolidated net income $107.1 $78.5 
Weighted average common shares outstanding39.1 42.8 
Basic net income per share$2.74 $1.83 
Diluted net income per share:
Consolidated net income$107.1 $78.5 
Weighted average common shares outstanding39.1 42.8 
Net effect of dilutive stock awards0.2 0.3 
Weighted average common shares outstanding for computing diluted income per share39.3 43.1 
Diluted net income per share$2.73 $1.82 
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Three months ended March 31,
(in millions)20262025
License-based $444.9 $418.0 
Asset-based95.1 85.7 
Transaction-based104.8 78.2 
Consolidated revenue$644.8 $581.9 
Summary of Contract Assets and Change in Deferred Commissions
The following table summarizes our contract assets balance:

(in millions)As of March 31, 2026As of December 31, 2025
Accounts receivable, less allowance for credit losses$402.6 $390.4 
Deferred commissions66.3 65.5 
Total contract assets$468.9 $455.9 
Contract with Customer, Receivable
The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
Three months ended March 31,
(in millions)20262025
Revenue recognized that was included in opening deferred revenue$273.7 $252.9 
Contract with Customer, Liability The following table summarizes our contract liabilities balance:
(in millions)As of March 31, 2026As of December 31, 2025
Deferred revenue (current)$669.3 $586.1 
Deferred revenue (non-current)21.3 21.0 
Total contract liabilities$690.6 $607.1 
v3.26.1
Segment and Geographical Area Information (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and 2025, 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, 2026
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$215.2 $170.5 $5.8 $14.2 $0.4 $406.1 
Asset-based— — — 36.5 38.4 74.9 
Transaction-based— 1.9 95.2 7.3 — 104.4 
Total segment revenue215.2 172.4 101.0 58.0 38.8 585.4 
Less:
Compensation expense(1)
68.6 79.4 44.4 24.9 12.0 
Other segment items(2)
55.6 41.4 15.4 27.5 7.0 
Adjusted operating income$91.0 $51.6 $41.2 $5.6 $19.8 $209.2 
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 
___________________________________________________________________________________________
(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)20262025
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$585.4 $530.1 
Corporate and All Other (3)
59.4 51.8 
Total consolidated revenue$644.8 $581.9 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$209.2 $174.6 
Corporate and All Other (4)
(30.6)(39.2)
Intangible amortization expense (19.0)(14.4)
M&A-related expenses(4.6)(6.9)
Other non-recurring items0.9 — 
Operating Income155.9 114.1 
Non-operating expense, net(14.1)(5.6)
Equity in investments of unconsolidated entities(0.1)(2.6)
Income before income taxes$141.7 $105.9 
___________________________________________________________________________________________
(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 $26.6 million and $28.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $32.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.
(4) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the first quarters of 2026 and 2025, unallocated corporate expenses were $41.8 million in each period. 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)20262025
Morningstar Direct Platform$9.5 $10.8 
PitchBook7.9 7.8 
Morningstar Credit1.4 2.0 
Morningstar Wealth1.6 4.5 
Morningstar Retirement2.3 2.6 
Total Reportable Segments22.7 27.7 
Corporate and All Other (5)
9.9 5.1 
Total$32.6 $32.8 
___________________________________________________________________________________________
(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)20262025
United States$462.0 $424.5 
Asia11.8 11.9 
Australia18.1 15.1 
Canada42.7 33.1 
Continental Europe57.0 50.6 
United Kingdom49.2 43.7 
Other4.0 3.0 
Total International182.8 157.4 
Consolidated revenue$644.8 $581.9 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of March 31, 2026As of December 31, 2025
United States$177.8 $178.6 
Asia27.7 22.8 
Australia1.0 1.1 
Canada17.6 17.9 
Continental Europe5.8 6.3 
United Kingdom4.7 4.9 
Other0.2 0.3 
Total International57.0 53.3 
Consolidated property, equipment, and capitalized software, net$234.8 $231.9 

Operating lease assets by geographical area
(in millions)As of March 31, 2026As of December 31, 2025
United States$75.4 $74.9 
Asia57.5 48.7 
Australia1.3 1.5 
Canada8.3 7.8 
Continental Europe15.4 16.5 
United Kingdom7.5 9.0 
Other0.6 0.6 
Total International90.6 84.1 
Consolidated operating lease assets$166.0 $159.0 
v3.26.1
Fair Value Measures and Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The tables below present information about items that are measured at fair value:

 Fair Value as ofLevel within the Fair Value Hierarchy as of March 31, 2026
(in millions)March 31, 2026Level 1Level 2Level 3
Cash equivalents$48.2 $48.2 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds35.2 35.2 — — 
Marketable debt securities1.4 1.4 — — 
Total$84.8 $84.8 $— $— 
 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2025
(in millions)December 31, 2025Level 1Level 2Level 3
Cash equivalents$40.1 $40.1 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds50.0 50.0 — — 
Marketable debt securities1.5 1.5 — — 
Total$91.6 $91.6 $— $— 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026
Weighted-average remaining lease term (in years)5.8
Weighted-average discount rate4.7 %
Lessee, Operating Lease, Liability, Maturity
The following table shows our minimum future lease commitments due in the remainder of 2026, each of the next four subsequent years, and thereafter, for operating leases:

(in millions)As of March 31, 2026
Remainder of 2026 (April1 through December 31)$37.3 
202744.6 
202837.6 
202926.5 
203020.0 
Thereafter59.2 
Total minimum lease commitments225.2 
Adjustment for discount to present value31.5 
Present value of lease liabilities
$193.7 
Lease, Cost
The following table presents the components of lease cost:
Three months ended March 31,
(in millions)20262025
Operating lease cost$12.1 $11.0 
Variable lease cost$3.9 $2.8 

The following table presents other information related to operating leases:
Three months ended March 31,
(in millions)20262025
Cash paid for amounts included in the measurement for operating lease liabilities $12.3 $9.4 
Right of use assets obtained in exchange for operating lease liability$18.6 $— 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
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)20262025
Cost of revenue$4.3 $3.5 
Sales and marketing1.3 1.9 
General and administrative5.2 3.7 
Total stock-based compensation expense$10.8 $9.1 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and March 31, 2025:

 Three months ended March 31,
(in millions)20262025
Income before income taxes and equity in investments of unconsolidated entities$141.8 $108.5 
Equity in investments of unconsolidated entities(0.1)(2.6)
Income before income taxes$141.7 $105.9 
Income tax expense$34.6 $27.4 
Effective tax rate24.4 %25.9 %
Schedule of Gross Unrecognized Tax Benefits
(in millions)As of March 31, 2026As of December 31, 2025
Gross unrecognized tax benefits$12.9 $12.3 
Gross unrecognized tax benefits that would affect income tax expense$12.9 $12.3 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$12.4 $11.9 
Schedule of Liabilities for Unrecognized Tax Benefits
As of March 31, 2026, our Unaudited Consolidated Balance Sheet included a liability of $13.9 million for unrecognized tax benefits. As of December 31, 2025, our Consolidated Balance Sheet included a liability of $13.1 million for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
v3.26.1
Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Oct. 31, 2025
Oct. 26, 2020
Debt Instrument [Line Items]        
Long-term debt $ 1,694.6 $ 1,072.6    
Long-term debt 1,712.8 1,072.6    
Private Placement        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage       2.32%
Medium-term Notes [Member] | Term Loan Facility [Member]        
Debt Instrument [Line Items]        
Debt Issuance Costs, Gross 1.3 1.5    
Notes Payable, Other Payables | Private Placement        
Debt Instrument [Line Items]        
Long-term debt 349.1 349.1    
Debt Issuance Costs, Gross $ 0.9 $ 0.9    
Debt Instrument, Interest Rate, Stated Percentage 2.32% 2.32%    
Long-Term Debt | Term Loan Facility [Member]        
Debt Instrument [Line Items]        
Long-term debt $ 375.0      
Long-Term Debt | October 2025 Delayed Draw Term Facility [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 375.0  
Long-Term Debt | October 2025 Term Facility -A1 [Member]        
Debt Instrument [Line Items]        
Long-term debt 375.0      
Long-Term Debt | October 2025 Term Facility -A2 [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity     375.0  
Revolving Credit Facility | October 2025 Revolving Credit Facility        
Debt Instrument [Line Items]        
Long-term debt 615.0 $ 350.0    
Revolving Credit Facility | Line of Credit [Member] | October 2025 Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 750.0  
Term Loan Facility [Member]        
Debt Instrument [Line Items]        
Long-term debt $ 748.7 $ 373.5    
v3.26.1
Credit Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Oct. 31, 2025
Oct. 26, 2020
Line of Credit Facility [Line Items]        
Long-term debt, outstanding $ 1,400.0      
Long-term debt $ 1,694.6 $ 1,072.6    
Letters of Credit, Maximum Amount     $ 50.0  
Swingline Facility Sublimit     100.0  
Private Placement        
Line of Credit Facility [Line Items]        
Other Long-term Debt       $ 350.0
Debt Instrument, Interest Rate, Stated Percentage       2.32%
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 1.425%      
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 1.05%      
Notes Payable, Other Payables | Private Placement        
Line of Credit Facility [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 2.32% 2.32%    
Long-term debt $ 349.1 $ 349.1    
Long-Term Debt | Term Loan Facility [Member]        
Line of Credit Facility [Line Items]        
Long-term debt 375.0      
Long-Term Debt | October 2025 Credit Agreement        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 1,500.0  
Remaining borrowing capacity $ 135.0      
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segments
Mar. 31, 2025
USD ($)
Mar. 01, 2025
Business Combination [Line Items]      
Payments to Acquire Businesses, Gross $ 363.0    
Business Combination, Recognized Asset Acquired, Other Asset, Current and Non-current 15.1    
Goodwill, impairment loss $ 0.0 $ 0.0  
Number of Reportable Segments | segments 5    
Number of Reportable Segments | segments 5    
DealX      
Business Combination [Line Items]      
Goodwill, Acquired During Period $ 139.6 9.7  
Finite-lived Intangible Assets Acquired   13.1  
Business Combination, Voting Equity Interest Acquired, Percentage     65.00%
DealX | Customer-Related Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired   0.6  
DealX | Technology-Based Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired   $ 12.5  
CRSP      
Business Combination [Line Items]      
Business Combination, Consideration Transferred 363.0    
Business Combination, Recognized Asset Acquired, Cash and Cash Equivalent 3.4    
Business Combination, Recognized Asset Acquired, Receivable, Current 6.4    
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill 233.0    
Goodwill, Acquired During Period 139.6    
Finite-lived Intangible Assets Acquired 233.0    
Business Combination, Recognized Liability Assumed, Deferred Revenue, Current (22.8)    
Business Combination, Voting Equity Interest Acquired, Percentage     100.00%
Business Combination, Recognized Asset Acquired, Asset 223.4    
Business Combination, Recognized Liability Assumed, Other Liability, Current (11.7)    
CRSP | Customer-Related Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired 113.0    
CRSP | Technology-Based Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired $ 115.0    
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination [Line Items]    
Goodwill $ 1,747.2  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 1,610.8  
Foreign currency translation and other (3.2)  
Goodwill, Ending Balance 1,747.2  
Operating Segments    
Business Combination [Line Items]    
Goodwill 1,537.6  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 1,540.7  
Foreign currency translation and other (3.1)  
Goodwill, Ending Balance 1,537.6  
Morningstar Data and Analytics Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill 605.3  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 608.6  
Foreign currency translation and other (3.3)  
Goodwill, Ending Balance 605.3  
PitchBook Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill 628.7  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 628.7  
Foreign currency translation and other 0.0  
Goodwill, Ending Balance 628.7  
Morningstar Credit Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill 118.7  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 119.6  
Foreign currency translation and other (0.9)  
Goodwill, Ending Balance 118.7  
Morningstar Wealth Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill 91.4  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 90.3  
Foreign currency translation and other 1.1  
Goodwill, Ending Balance 91.4  
Morningstar Retirement Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill 93.5  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 93.5  
Foreign currency translation and other 0.0  
Goodwill, Ending Balance 93.5  
Corporate and Other | Operating Segments    
Business Combination [Line Items]    
Goodwill 209.6  
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 70.1  
Foreign currency translation and other (0.1)  
Goodwill, Ending Balance 209.6  
DealX    
Business Combination [Line Items]    
Goodwill, Acquired During Period 139.6 $ 9.7
DealX | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Data and Analytics Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | PitchBook Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Credit Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Wealth Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Retirement Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period 0.0  
DealX | Corporate and Other | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period $ 139.6  
Lumonic    
Business Combination [Line Items]    
Goodwill, Acquired During Period   $ 21.3
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]      
Gross $ 1,228.2   $ 1,003.1
Accumulated Amortization (636.8)   (623.8)
Total $ 591.4   379.3
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $233.0 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$113.0 13
Technology-based assets115.0 8
Intellectual property5.0 7
Total intangible assets$233.0 
The allocation of the 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 allocation of the fair values of the assets acquired and liabilities assumed includes $21.3 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 $ 693.0   583.9
Accumulated Amortization (331.9)   (324.1)
Total 361.1   259.8
Intellectual property & other      
Finite-Lived Intangible Assets [Line Items]      
Gross 95.7   91.2
Accumulated Amortization (75.1)   (74.2)
Total 20.6   17.0
Technology-Based Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Gross 439.5   328.0
Accumulated Amortization (229.8)   (225.5)
Total $ 209.7   $ 102.5
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 19.0 $ 14.4  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Remainder of 2026 (April 1 through December 31) 59.0    
2027 73.3    
2028 69.3    
2029 66.2    
2030 60.4    
Thereafter 263.2    
Total $ 591.4   $ 379.3
v3.26.1
Acquisitions, Goodwill and Other Intangible Assets - Acquired Intangibles (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Mar. 03, 2025
Mar. 01, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Gross $ 1,228.2   $ 1,003.1    
Accumulated Amortization (636.8)   (623.8)    
Intangible assets, net 591.4   379.3    
DealX          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 13.1      
Goodwill, Acquired During Period 139.6 9.7      
Business Combination, Voting Equity Interest Acquired, Percentage         65.00%
Lumonic          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   10.6      
Goodwill, Acquired During Period   21.3      
Business Combination, Voting Equity Interest Acquired, Percentage       100.00%  
CRSP          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired 233.0        
Goodwill, Acquired During Period 139.6        
Business Combination, Voting Equity Interest Acquired, Percentage         100.00%
Customer-related assets          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Gross 693.0   583.9    
Accumulated Amortization (331.9)   (324.1)    
Intangible assets, net 361.1   259.8    
Intellectual property & other          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Gross 95.7   91.2    
Accumulated Amortization (75.1)   (74.2)    
Intangible assets, net 20.6   17.0    
Intellectual property & other | Lumonic          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 0.1      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   3 years      
Intellectual property & other | CRSP          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired $ 5.0        
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 7 years        
Technology-Based Intangible Assets          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Gross $ 439.5   328.0    
Accumulated Amortization (229.8)   (225.5)    
Intangible assets, net 209.7   $ 102.5    
Technology-Based Intangible Assets | DealX          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 12.5      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   5 years      
Technology-Based Intangible Assets | Lumonic          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 9.1      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   8 years      
Technology-Based Intangible Assets | CRSP          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired $ 115.0        
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 8 years        
Customer-Related Intangible Assets | DealX          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 0.6      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   10 years      
Customer-Related Intangible Assets | Lumonic          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 1.4      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   15 years      
Customer-Related Intangible Assets | CRSP          
Intangible Asset, Acquired, Finite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired $ 113.0        
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 13 years        
v3.26.1
Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Basic [Abstract]    
Consolidated net income $ 107.1 $ 78.5
Weighted average common shares outstanding 39.1 42.8
Basic net income per share attributable to Morningstar, Inc. $ 2.74 $ 1.83
Earnings Per Share, Diluted [Abstract]    
Consolidated net income $ 107.1 $ 78.5
Weighted average common shares outstanding 39.1 42.8
Net effect of dilutive stock options and restricted stock units 0.2 0.3
Weighted average common shares outstanding for computing diluted income per share 39.3 43.1
Diluted net income per share attributable to Morningstar, Inc. $ 2.73 $ 1.82
v3.26.1
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Consolidated revenue $ 644.8 $ 581.9
Revenue, Remaining Performance Obligation, Amount 1,700.0  
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized 273.7 252.9
Deferred revenue, current and non-current $ 690.6 607.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01    
Disaggregation of Revenue [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 58.00%  
Revenue, Remaining Performance Obligation, Percentage 58.00%  
Revenue performance period 9 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Disaggregation of Revenue [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 25.00%  
Revenue, Remaining Performance Obligation, Percentage 25.00%  
Revenue performance period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01    
Disaggregation of Revenue [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 11.00%  
Revenue, Remaining Performance Obligation, Percentage 11.00%  
Revenue performance period 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01    
Disaggregation of Revenue [Line Items]    
Revenue performance period 3 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01    
Disaggregation of Revenue [Line Items]    
Revenue performance period 4 years  
License-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue $ 444.9 418.0
Asset-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue 95.1 85.7
Transaction-based    
Disaggregation of Revenue [Line Items]    
Consolidated revenue $ 104.8 $ 78.2
v3.26.1
Revenue (Disaggregation of Revenue, Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ 644.8 $ 581.9
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 $ 444.9 418.0
Asset-based Revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ 95.1 $ 85.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01    
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]: 2027-01-01    
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]: 2028-01-01    
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]: 2029-01-01    
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]: 2030-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue performance period 4 years  
v3.26.1
Revenue (Schedule of Contract Liabilities) (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 1,700.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
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]: 2027-01-01  
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]: 2028-01-01  
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]: 2029-01-01  
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]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue performance period 4 years
v3.26.1
Revenue (Contract Liabilities, Additional Information Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized $ 273.7 $ 252.9
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type:
Three months ended March 31,
(in millions)20262025
License-based $444.9 $418.0 
Asset-based95.1 85.7 
Transaction-based104.8 78.2 
Consolidated revenue$644.8 $581.9 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record deferred revenue when a contract requires a customer to be billed in advance. The following table summarizes our contract liabilities balance:
(in millions)As of March 31, 2026As of December 31, 2025
Deferred revenue (current)$669.3 $586.1 
Deferred revenue (non-current)21.3 21.0 
Total contract liabilities$690.6 $607.1 

The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
Three months ended March 31,
(in millions)20262025
Revenue recognized that was included in opening deferred revenue$273.7 $252.9 

Remaining Performance Obligations

Remaining performance obligations include both amounts recorded as deferred revenue in our Consolidated Balance Sheets as of March 31, 2026 as well as amounts not yet invoiced to customers as of March 31, 2026, largely reflecting future revenue related to signed multi-year arrangements. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.7 billion. We expect to recognize into revenue 58% of this balance during the remainder of 2026, 25% of this balance in 2027, 11% of this balance in 2028, and the remaining amount thereafter.

The percentages in the prior paragraph exclude variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as we apply the optional exemption available under FASB ASC Topic 606. These performance obligations are expected to be satisfied over the next one to three years. Variable consideration for these contracts cannot be reasonably estimated because it depends on factors such as future user licenses, changes in the underlying asset values, or the number of internet advertising impressions in any given period, which are only known as services are performed.

The percentages above also exclude unsatisfied performance obligations for certain license-based contracts with durations of one year or less as we apply the optional exemption under FASB ASC Topic 606. For certain license-based contracts, the remaining performance obligations are expected to be less than one year based on the 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, 2026.
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, 2026As of December 31, 2025
Accounts receivable, less allowance for credit losses$402.6 $390.4 
Deferred commissions66.3 65.5 
Total contract assets$468.9 $455.9 
  
v3.26.1
Revenue (Summary of Contract Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Accounts receivable, less allowance for credit losses $ 402.6 $ 390.4
Deferred commissions, current and non-current 66.3 65.5
Total contract assets $ 468.9 $ 455.9
v3.26.1
Segment and Geographical Area Information (Details) (Table 1)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segments
Mar. 31, 2025
USD ($)
Segment Reporting Information [Line Items]    
Consolidated revenue $ 644.8 $ 581.9
Number of Operating Segments | segments 7  
Number of Reportable Segments | segments 5  
Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue $ 585.4 530.1
Reportable Segment Profitability 209.2 174.6
Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 215.2 199.2
Compensation Expense, Excluding Cost of Good and Service Sold 68.6 57.7
Segment Reporting, Other Segment Item, Amount 55.6 54.4
Morningstar Data and Analytics Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 91.0 87.1
PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 172.4 163.7
Compensation Expense, Excluding Cost of Good and Service Sold 79.4 76.1
Segment Reporting, Other Segment Item, Amount 41.4 35.3
PitchBook Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 51.6 52.3
Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 58.0 61.3
Compensation Expense, Excluding Cost of Good and Service Sold 24.9 30.2
Segment Reporting, Other Segment Item, Amount 27.5 31.9
Morningstar Credit Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 5.6 (0.8)
Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 101.0 73.0
Compensation Expense, Excluding Cost of Good and Service Sold 44.4 38.5
Segment Reporting, Other Segment Item, Amount 15.4 13.1
Morningstar Wealth Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 41.2 21.4
Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 38.8 32.9
Compensation Expense, Excluding Cost of Good and Service Sold 12.0 11.6
Segment Reporting, Other Segment Item, Amount 7.0 6.7
Morningstar Retirement Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Reportable Segment Profitability 19.8 14.6
License-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 444.9 418.0
License-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 406.1 385.2
License-based | Morningstar Data and Analytics Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 215.2 199.2
License-based | PitchBook Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 170.5 161.8
License-based | Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 14.2 19.1
License-based | Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 5.8 4.6
License-based | Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 0.4 0.5
Asset-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 95.1 85.7
Asset-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 74.9 68.5
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 36.5 36.1
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 38.4 32.4
Transaction-based    
Segment Reporting Information [Line Items]    
Consolidated revenue 104.8 78.2
Transaction-based | Operating Segments    
Segment Reporting Information [Line Items]    
Consolidated revenue 104.4 76.4
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 1.9
Transaction-based | Morningstar Credit Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 7.3 6.1
Transaction-based | Morningstar Wealth Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue 95.2 68.4
Transaction-based | Morningstar Retirement Segment    
Segment Reporting Information [Line Items]    
Consolidated revenue $ 0.0 $ 0.0
v3.26.1
Segment and Geographical Area Information (Details) (Table 2) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue $ 644.8 $ 581.9
Amortization expense (19.0) (14.4)
Business Combination, Acquisition and Integration Related Costs (4.6) (6.9)
Operating income 155.9 114.1
Nonoperating Income (Expense) (14.1) (5.6)
Equity in investments of unconsolidated entities (0.1) (2.6)
Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign 141.7 105.9
Unallocated Corporate Expenses 41.8  
Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 585.4 530.1
Reportable Segment Profitability 209.2 174.6
Morningstar Data and Analytics Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 91.0 87.1
PitchBook Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 51.6 52.3
Morningstar Credit Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 5.6 (0.8)
Morningstar Wealth Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 41.2 21.4
Morningstar Retirement Segment | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Reportable Segment Profitability 19.8 14.6
Corporate and Other | Operating Segments    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 59.4 51.8
Reportable Segment Profitability (30.6) (39.2)
Sustainalytics    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue 26.6 28.8
Morningstar Indexes [Member]    
Reconciliation of Select Segment Information to Consolidated [Line Items]    
Revenue $ 32.8 $ 23.0
v3.26.1
Segment and Geographical Area Information (Details) (Table 3) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation $ 32.6 $ 32.8
Stock-based compensation expense 10.8 9.1
Operating Segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 22.7 27.7
Operating Segments | Morningstar Data and Analytics Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 9.5 10.8
Operating Segments | PitchBook Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 7.9 7.8
Operating Segments | Morningstar Credit Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 1.6 4.5
Operating Segments | Morningstar Wealth Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 1.4 2.0
Operating Segments | Morningstar Retirement Segment    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation 2.3 2.6
Operating Segments | Corporate and Other    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation $ 9.9 $ 5.1
v3.26.1
Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue $ 644.8 $ 581.9  
Long-lived assets 234.8   $ 231.9
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 462.0 424.5  
Long-lived assets 177.8   178.6
Total International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 182.8 157.4  
Long-lived assets 57.0   53.3
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 49.2 43.7  
Long-lived assets 4.7   4.9
Continental Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 57.0 50.6  
Long-lived assets 5.8   6.3
Australia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 18.1 15.1  
Long-lived assets 1.0   1.1
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 42.7 33.1  
Long-lived assets 17.6   17.9
United Kingdom      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 11.8 11.9  
Long-lived assets 27.7   22.8
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
External revenue 4.0 $ 3.0  
Long-lived assets $ 0.2   $ 0.3
v3.26.1
Segment and Geographical Area Information Segment and Geographical Area Information - Operating Lease Assets by Geographical Area (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 166.0 $ 159.0
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 75.4 74.9
Total International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 90.6 84.1
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 7.5 9.0
Continental Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 15.4 16.5
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 1.3 1.5
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 8.3 7.8
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 57.5 48.7
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 0.6 $ 0.6
v3.26.1
Fair Value Measures and Disclosures (Details) - Fair Value, Recurring - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
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 $ 48.2 $ 40.1
Investments, Fair Value Disclosure 84.8 91.6
Fair Value, Inputs, Level 1 | Equity Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, FV-NI 35.2 50.0
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 1.4 1.5
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, 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, 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, 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 0.0
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, 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
Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure 48.2 40.1
Investments, Fair Value Disclosure 84.8 91.6
Estimate of Fair Value Measurement | Equity Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, FV-NI 35.2 50.0
Estimate of Fair Value Measurement | Debt Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale $ 1.4 $ 1.5
v3.26.1
Investments in Unconsolidated Entities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Investments in Unconsolidated Entities [Line Items]    
Investments in unconsolidated entities $ 50.3 $ 50.3
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
As of March 31, 2026 and December 31, 2025, our investment in unconsolidated entities balance totaled $50.3 million. 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 equity securities without a readily determinable fair value, including our investment in SmartX Advisory Solutions, was $44.4 million and $44.0 million as of March 31, 2026 and December 31, 2025, respectively. We did not record any material adjustments or impairment losses in the first three months of 2026 or 2025.
  
Equity Securities without Readily Determinable Fair Value, Amount $ 44.4 $ 44.0
v3.26.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 12.1 $ 11.0
Variable lease, cost 3.9 2.8
Operating lease payments 12.3 9.4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 18.6 $ 0.0
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  
v3.26.1
Leases - Operating Lease Minimum Future Lease Commitments (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Leases [Abstract]  
Remainder of 2019 $ 37.3
2020 44.6
2021 37.6
2022 26.5
2023 20.0
Thereafter 59.2
Total minimum lease commitments 225.2
Adjustment for discount to present value 31.5
Present value of lease liabilities $ 193.7
v3.26.1
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Mar. 31, 2026
Weighted-average remaining lease term (in years)  
Weighted-average remaining lease term (in years) 5 years 9 months 18 days
Weighted-average discount rate  
Weighted-average discount rate 4.70%
v3.26.1
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 10.8 $ 9.1
Cost of revenue    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 4.3 3.5
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 1.3 1.9
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 5.2 $ 3.7
v3.26.1
Stock-Based Compensation (Narrative) (Details) - Restricted Stock Units and Performance Share Awards
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 77.9
Expected amortization period (months) 24 months
v3.26.1
Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income before income taxes and equity in net income (loss) of unconsolidated entities $ 141.8 $ 108.5  
Equity in investments of unconsolidated entities (0.1) (2.6)  
Total 141.7 105.9  
Income tax expense $ 34.6 $ 27.4  
Effective income tax rate 24.40% 25.90%  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]      
Total Liability For Unrecognized Tax Benefits $ 13.9   $ 13.1
Concentration Risk [Line Items]      
Effective Income Tax Rate Reconciliation, Increase (Decrease) From Prior Year, PercentTaxes (1.50%)    
Unrecognized Tax Benefits $ 12.9   12.3
Total Liability For Unrecognized Tax Benefits $ 13.9   $ 13.1
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 81.00%    
v3.26.1
Income Taxes (Income Tax Contingency) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Income Tax Disclosure [Abstract]    
Gross unrecognized tax benefits $ 12.9 $ 12.3
Gross unrecognized tax benefits that would affect income tax expense 12.9 12.3
Decrease in income tax expense upon recognition of gross unrecognized tax benefits 12.4 11.9
Total Liability For Unrecognized Tax Benefits $ 13.9 $ 13.1
v3.26.1
Contingencies Contingencies (Details)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Document Period End Date Mar. 31, 2026
v3.26.1
Share Repurchase Program (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
shares
Subsequent Event [Line Items]  
Shares repurchased (in shares) | shares 1,723,412
Shares repurchased, value $ 300.0
Stock repurchase program, remaining authorized repurchase amount $ 400.0
Total Stock Repurchased Under Current Program, Shares | shares 3,126,261
Total Stock Repurchased Under Current Program, amount $ 600.0
2025 Share Repurchase Program  
Subsequent Event [Line Items]  
Share repurchase program, authorized amount $ 1,000.0