MORNINGSTAR, INC., 10-K filed on 2/13/2026
Annual Report
v3.25.4
Cover Page Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 06, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Entity File Number 000-51280    
Entity Registrant Name MORNINGSTAR, INC.    
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    
City Area Code 312    
Local Phone Number 696-6000    
Title of 12(b) Security Common stock, no par value    
Trading Symbol MORN    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 8,300.0
Entity Common Stock, Shares Outstanding   39,583,760  
Entity Central Index Key 0001289419    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference [Text Block] Certain parts of the registrant's Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be filed not later than 120 days after the registrant's fiscal year ended December 31, 2025, are incorporated into Part III of this Form 10-K.    
ICFR Auditor Attestation Flag true    
Auditor Firm ID 185    
Auditor Location Chicago, IL    
Auditor Name KPMG LLP    
Document Transition Report false    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue $ 2,445.5 $ 2,275.1 $ 2,038.6
Operating expense:      
Cost of revenue 952.9 895.7 843.5
Sales and marketing 467.0 441.0 423.8
General and administrative 334.0 327.2 355.8
Depreciation and amortization 189.9 190.4 184.9
Total operating expense 1,943.8 1,854.3 1,808.0
Gain on sale of customer assets 22.7 64.0 0.0
Other operating income 2.2 0.0 0.0
Operating income 526.6 484.8 230.6
Non-operating income (expense), net:      
Interest expense, net (28.6) (37.7) (51.7)
Gain on sale of business 0.0 45.3 0.0
Expense from equity method transaction, net 0.0 0.0 (11.8)
Other income (expense), net 1.0 (1.1) 14.4
Non-operating income (expense), net (27.6) 6.5 (49.1)
Income before income taxes and equity in investments of unconsolidated entities 499.0 491.3 181.5
Equity in investments of unconsolidated entities (3.3) (17.4) (7.4)
Income tax expense 121.5 104.0 33.0
Consolidated net income $ 374.2 $ 369.9 $ 141.1
Net income per share:      
Basic net income per share (in dollars per share) $ 8.93 $ 8.64 $ 3.31
Diluted net income per share (in dollars per share) 8.87 8.58 3.29
Dividends per common share:      
Dividends declared per common share (in dollars per share) 1.87 1.67 1.53
Dividends paid per common share (in dollars per share) $ 1.82 $ 1.62 $ 1.50
Weighted average shares outstanding:      
Basic (in shares) 41.9 42.8 42.6
Diluted (in shares) 42.2 43.1 42.9
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Consolidated net income $ 374.2 $ 369.9 $ 141.1
Other comprehensive income (loss), net:      
Foreign currency translation adjustment 51.2 (32.9) 12.6
Unrealized gains (losses) on securities:      
Unrealized gains (losses) on securities, net of tax 0.1 0.0 (0.1)
Other comprehensive income (loss), net 51.3 (32.9) 12.5
Comprehensive income $ 425.5 $ 337.0 $ 153.6
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 474.5 $ 502.7
Investments 54.2 48.3
Accounts receivable, less allowance for credit losses of $7.1 million and $7.1 million, respectively 390.4 358.1
Income tax receivable 16.2 12.4
Deferred commissions 35.4 39.2
Prepaid expenses 42.5 42.1
Other current assets 24.8 11.3
Total current assets 1,038.0 1,014.1
Goodwill 1,610.8 1,562.0
Intangible assets, net 379.3 408.8
Property, equipment, and capitalized software, net 231.9 218.9
Operating lease assets 159.0 181.2
Investments in unconsolidated entities 50.3 85.3
Deferred tax asset, net 78.7 43.2
Deferred commissions 30.1 26.6
Other assets 12.1 8.8
Total assets 3,590.2 3,548.9
Current liabilities:    
Deferred revenue 586.1 540.8
Accrued compensation 294.2 272.2
Accounts payable and accrued liabilities 97.9 87.3
Operating lease liabilities 41.8 35.1
Income tax payable 24.0 30.5
Other current liabilities 9.3 1.4
Total current liabilities 1,053.3 967.3
Operating lease liabilities 146.7 170.3
Accrued compensation 20.1 21.0
Deferred tax liabilities, net 27.2 27.6
Long-term debt 1,072.6 698.6
Deferred revenue 21.0 22.4
Income tax payable 13.1 11.7
Other long-term liabilities 14.3 11.4
Total liabilities 2,368.3 1,930.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 39,740,881 and 42,869,380 shares were outstanding as of December 31, 2025 and December 31, 2024, respectively 0.0 0.0
Treasury stock at cost, 15,277,454 and 12,010,630 shares as of December 31, 2025 and December 31, 2024 respectively (1,785.7) (993.9)
Additional paid-in capital 869.5 822.7
Retained earnings 2,206.2 1,909.2
Accumulated other comprehensive loss:    
Currency translation adjustment (68.1) (119.3)
Unrealized gain on available-for-sale investments, net of tax 0.0 (0.1)
Total accumulated other comprehensive loss (68.1) (119.4)
Total equity 1,221.9 1,618.6
Total liabilities and equity $ 3,590.2 $ 3,548.9
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 7.1 $ 7.1
Common stock, no par value $ 0 $ 0
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares outstanding 39,740,881 42,869,380
CommonStockSharesIssuedNotDisclosed true  
Treasury stock, shares 15,277,454 12,010,630
v3.25.4
Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock, Common
Balance (in shares) at Dec. 31, 2022   42,480,051        
Balance at Dec. 31, 2022 $ 1,207.1 $ 0.0 $ 757.8 $ 1,535.0 $ (99.0) $ (986.7)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 141.1     141.1    
Other Comprehensive Income (loss)            
Unrealized gains (losses) on securities, net of tax (0.1)       (0.1)  
Foreign currency translation adjustment 12.6       12.6  
Other comprehensive income (loss), net 12.5       12.5  
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards (30.3)   (32.9) 0.0 0.0 2.6
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards   256,615        
Reclassification of awards previously liability-classified that were converted to equity 11.3   11.3 0.0 0.0 0.0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition            
Stock-based compensation 52.8   52.8 0.0 0.0 0.0
Common shares repurchased   (8,484)        
Common shares repurchased $ (1.4)   0.0 0.0 0.0 (1.4)
Dividends declared per common share (in dollars per share) $ 1.53          
Dividends declared $ (65.3)   0.0 (65.3) 0.0 0.0
Balance (in shares) at Dec. 31, 2023   42,728,182        
Balance at Dec. 31, 2023 1,327.8 $ 0.0 789.0 1,610.8 (86.5) (985.5)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 369.9     369.9 0.0  
Other Comprehensive Income (loss)            
Unrealized gains (losses) on securities, net of tax 0.0          
Foreign currency translation adjustment (32.9)     0.0 (32.9)  
Other comprehensive income (loss), net (32.9)     0.0 (32.9)  
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards (29.1)   (32.3)     3.2
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards   174,498        
Reclassification of awards previously liability-classified that were converted to equity 11.3   11.3      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition            
Stock-based compensation 54.7   54.7      
Common shares repurchased   (33,300)        
Common shares repurchased $ (11.6)         (11.6)
Dividends declared per common share (in dollars per share) $ 1.67          
Dividends declared $ (71.5)     (71.5)    
Balance (in shares) at Dec. 31, 2024 42,869,380 42,869,380        
Balance at Dec. 31, 2024 $ 1,618.6 $ 0.0 822.7 1,909.2 (119.4) (993.9)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 374.2     374.2    
Other Comprehensive Income (loss)            
Unrealized gains (losses) on securities, net of tax 0.1   0.0 0.0   0.0
Foreign currency translation adjustment 51.2       51.2  
Other comprehensive income (loss), net 51.3       51.3  
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards (22.8)   (25.5)     2.7
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards   148,079        
Reclassification of awards previously liability-classified that were converted to equity 15.9   15.9      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition            
Stock-based compensation 56.4   56.4      
Common shares repurchased   (3,276,578)        
Common shares repurchased $ (794.5)         (794.5)
Dividends declared per common share (in dollars per share) $ 1.87          
Dividends declared $ (77.2)     (77.2)    
Balance (in shares) at Dec. 31, 2025 39,740,881 39,740,881        
Balance at Dec. 31, 2025 $ 1,221.9 $ 0.0 $ 869.5 $ 2,206.2 $ (68.1) $ (1,785.7)
v3.25.4
Consolidated Statement of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share (in dollars per share) $ 1.87 $ 1.67 $ 1.53
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Consolidated net income $ 374.2 $ 369.9 $ 141.1
Adjustments to reconcile consolidated net income to net cash flows from operating activities:      
Depreciation and amortization 189.9 190.4 184.9
Deferred income taxes (42.2) (34.8) (32.4)
Stock-based compensation expense 56.4 54.7 52.8
Provision for credit losses 5.1 8.1 5.3
Equity in investments of unconsolidated entities 3.3 17.4 7.4
Gain on equity method transaction 0.0 0.0 (49.6)
Gain on sale of business 0.0 (45.3) 0.0
Gain on sale of customer assets (22.7) (64.0) 0.0
Other, net 3.2 (2.4) 21.2
Changes in operating assets and liabilities:      
Accounts receivable (26.0) (30.3) (38.2)
Accounts payable and accrued liabilities 1.1 9.6 (1.5)
Accrued compensation and deferred commissions 37.7 76.9 14.9
Income taxes (8.0) 23.1 (7.8)
Deferred revenue 25.7 30.1 50.9
Other assets and liabilities (1.6) (16.6) 9.8
Cash provided by operating activities 589.7 591.6 316.4
Investing activities      
Purchases of investment securities (22.2) (16.0) (15.7)
Proceeds from maturities and sales of investment securities 45.5 27.1 31.1
Capital expenditures (147.1) (142.7) (119.1)
Acquisitions, net of cash acquired (39.0) 0.0 (0.8)
Proceeds from sale of business 0.0 52.4 0.0
Proceeds from sale of customer assets 22.7 65.0 0.0
Proceeds from sale of equity method investments, net 0.0 0.0 26.2
Purchases of investments in unconsolidated entities (4.1) (7.3) (3.7)
Other, net 4.9 0.2 0.1
Cash used for investing activities (139.3) (21.3) (81.9)
Financing activities      
Common shares repurchased (787.0) (11.6) (1.4)
Dividends paid (76.9) (69.3) (63.9)
Proceeds from revolving credit facility 800.0 90.0 260.0
Repayment of revolving credit facility (450.0) (105.0) (365.0)
Proceeds from term facility 375.0 0.0 0.0
Repayment of term facility 350.0 259.4 32.5
Employee taxes withheld for stock awards (22.8) (29.1) (30.2)
Payment of acquisition-related earn-outs 0.0 0.0 (45.5)
Other, net (3.0) 0.0 0.1
Cash used for financing activities (514.7) (384.4) (278.4)
Effect of exchange rate changes on cash and cash equivalents 36.1 (21.1) 5.2
Net increase (decrease) in cash and cash equivalents (28.2) 164.8 (38.7)
Cash and cash equivalents—beginning of period 502.7 337.9 376.6
Cash and cash equivalents—end of period 474.5 502.7 337.9
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 171.8 115.6 73.2
Cash paid for interest $ 37.3 $ 47.4 $ 58.4
v3.25.4
Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
 
Morningstar, Inc. and its subsidiaries (Morningstar, we, our, the company) provide independent investment insights for investors around the world. We offer an extensive line of products and services for individual and institutional investors in public and private capital markets, financial advisors, asset managers, retirement plan providers and sponsors, and issuers of securities. We conduct business operations through wholly-owned subsidiaries in 32 countries.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The acronyms that appear in these Notes to our Consolidated Financial Statements refer to the following:
ASCAccounting Standards Codification
ASUAccounting Standards Update
FASBFinancial Accounting Standards Board
SECSecurities and Exchange Commission

Principles of Consolidation

We conduct our business operations through wholly-owned operating subsidiaries. The accompanying consolidated financial statements include the accounts of Morningstar, Inc. and our subsidiaries. We consolidate assets, liabilities, and results of operations of subsidiaries in which we have a controlling interest and eliminate all significant intercompany accounts and transactions.

We account for investments in entities in which we exercise significant influence, but do not control, using the equity method.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the US (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. Significant judgments and estimates made by management include assessing goodwill and intangible assets for impairment and revenue recognition. We believe that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and investments with original maturities of three months or less. We state them at cost, which approximates fair value. We state the portion of our cash equivalents that are invested in money market funds at fair value, as these funds are actively traded and have quoted market prices.

Investments and Investments in Unconsolidated Entities

We account for our investments in debt securities in accordance with FASB ASC 320, Investments—Debt Securities (FASB ASC 320). We classify our debt securities into two categories: held-to-maturity and available-for-sale.

•Held-to-maturity: We classify certain investments as held-to-maturity securities, based on our intent and ability to hold these securities to maturity. We record held-to-maturity investments at amortized cost in our Consolidated Balance Sheets.
•Available-for-sale: Investments not considered held-to-maturity or trading securities are classified as available-for-sale securities. We report unrealized gains and losses for available-for-sale securities as other comprehensive income (loss), net of related income taxes. We record these securities at their fair values in our Consolidated Balance Sheets.

We account for our investments in equity securities in accordance with FASB ASC 321, Investments— Equity Securities (FASB ASC 321). We measure equity investments at fair value with the related realized and unrealized gains and losses recognized in our Consolidated Statements of Income. Equity investments without a readily determinable fair value are measured at cost, less impairment, and adjusted for observable price changes in orderly transactions. We will apply this measurement method to the investment until or if it becomes eligible to be measured at fair value, which is reassessed at each reporting period. Investments in equity securities that we do not intend to hold for more than a year are presented in "Investments" in our Consolidated Balance Sheets. Investments in equity securities that we intend to hold for more than one year are included in "Investments in unconsolidated entities" in our Consolidated Balance Sheets.

We account for our equity method investments in accordance with FASB ASC 323, Investments — Equity Method and Joint Ventures (FASB ASC 323). We account for non-marketable equity investments over which we exercise significant influence, but do not have control over the investee, under the equity method. We record our estimated share of earnings or losses in the periods they are reported by the investee and record any dividends as a reduction to the carrying amount of the investment. We evaluate our equity method investments for other than-temporary declines in value. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income in the period the impairment occurs. Our equity method investments are recorded within "Investments in unconsolidated entities" in our Consolidated Balance Sheets.

Fair Value Measurements

FASB ASC 820, Fair Value Measurements (FASB ASC 820) defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Under FASB ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standard applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.

FASB ASC 820 uses a fair value hierarchy based on three broad levels of valuation inputs:

•    Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access;

•    Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and

•    Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

We provide additional information about items that are measured at fair value in Note 8.

Business Combinations

When we acquire a business, we account for the business combination in accordance with FASB ASC 805, Business Combinations (FASB ASC 805). We recognize and measure the fair value of the acquired business and allocate the purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The difference between the purchase price and the estimated fair value of the net assets acquired or the excess of the aggregate estimated fair values of assets acquired and liabilities assumed is recorded as goodwill. In determining the estimated fair values of assets acquired and liabilities assumed in a business combination, we use various recognized valuation methods, including discounted cash flow, Monte Carlo simulations, and relief from royalty. For a business combination achieved in stages, we remeasure our previously held equity interest immediately before the acquisition to the acquisition date fair value and recognize any gains or losses in our Consolidated Statements of Income.
We recognize the fair value of any contingent payments at the date of acquisition as part of the consideration transferred to acquire a business. The liability associated with contingent consideration is remeasured to fair value at each reporting period subsequent to the date of acquisition considering factors that may impact the timing and amount of contingent payments until the term of the agreement has expired or the contingency is resolved. Any changes in the fair value measurement will be recorded in our Consolidated Statements of Income. In evaluating the characterization of contingent and deferred payments, we analyze relevant factors, including the nature of the payment, continuing employment requirements, incremental payments to employees of the acquired business, and timing and rationale underlying the transaction, to determine whether the payments should be accounted for as additional purchase consideration or post-combination related services.

We expense direct costs related to the business combination, such as accounting, legal, valuation, and other professional fees, as incurred. We recognize restructuring costs as post-combination expenses unless the target entity meets the criteria of FASB ASC 420, Exit or Disposal Cost Obligations, on the acquisition date.

As part of the purchase price allocation, we follow the requirements of FASB ASC 740, Income Taxes (FASB ASC 740). This includes establishing deferred tax assets or liabilities reflecting the difference between the values assigned for financial statement purposes and income tax purposes. In certain acquisitions, the goodwill resulting from the purchase price allocation may not be deductible for income tax purposes. FASB ASC 740 prohibits recognition of a deferred tax asset or liability for temporary differences in goodwill if goodwill is not amortizable and deductible for tax purposes.

Divestitures

We may sell certain portions of our business from time to time for various reasons. In accordance with FASB ASC 360, Property, Plant, and Equipment (FASB ASC 360), we classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management commits to a plan to sell the disposal group; the disposal group is available for immediate sale; the sale and transfer of the disposal group is expected within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell, and the assets are not depreciated or amortized.

If the disposal group meets the definition of a business, the goodwill within the reporting unit is allocated to the disposal group based on its relative fair value. When the disposal group is a component of a reporting unit, the remaining unallocated goodwill is assessed to determine if any triggering events have occurred in accordance with FASB ASC 350, Intangibles – Goodwill and Other (FASB ASC 350). We assess the fair value of a disposal group, less any costs to sell, each reporting period the disposal group remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group.

We recognize a gain or loss on divestiture activity when we transfer control of the disposal group and when it is probable that we will collect substantially all of the related consideration.

Goodwill

Changes in the carrying amount of our recorded goodwill are mainly the result of business acquisitions and the effect of foreign currency translations. In accordance with FASB ASC 350, we do not amortize goodwill; instead, goodwill is subject to an impairment test annually or whenever indicators of impairment exist. The test for impairment is performed at the reporting unit level. An impairment would occur if the carrying amount of a reporting unit exceeded the fair value of that reporting unit.
When reviewing goodwill for impairment, we first assess a number of qualitative factors to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying values. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then perform a quantitative impairment test. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying value, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, without exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of a reporting unit using a market approach. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, as well as revenue and earnings multiples of publicly traded companies whose services and markets are comparable.

We performed our annual impairment review in the fourth quarter and did not record any impairment losses in 2025, 2024, and 2023.

Intangible Assets

We amortize intangible assets using the straight-line method over their estimated useful lives, which typically range from one to 20 years. We have no intangible assets with indefinite useful lives other than goodwill. In accordance with FASB ASC 360-10-35, Subsequent Measurement—Impairment or Disposal of Long-Lived Assets, we review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, we record an impairment loss based on the excess of the carrying amount over the fair value of the asset group. We did not record any impairment losses in 2025, 2024, and 2023.

Property, Equipment, and Depreciation

We state property and equipment at historical cost, net of accumulated depreciation in accordance with FASB ASC 360-10, Property, Plant, and Equipment. We depreciate property and equipment using the straight-line method based on the useful life of the asset, which ranges from three to seven years. We amortize leasehold improvements over the lease term or their useful lives, whichever is shorter. Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, we record an impairment loss based on the excess of the carrying amount over the fair value of the asset group.

Computer Software and Internal Product Development Costs

We capitalize certain costs in accordance with FASB ASC 350-40, Internal-Use Software. Internal product development costs mainly consist of employee and third-party resource costs for developing new web-based products and certain major enhancements of existing products. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.

We amortize capitalized software costs on a straight-line basis over the estimated economic life, which is generally three years. We include capitalized software development costs related to projects that have not been placed into service in our construction in progress balance.

The table below summarizes our depreciation expense related to capitalized developed software for the past three years:
(in millions)202520242023
Capitalized software depreciation expense$102.7 $94.9 $81.2 

The table below summarizes our capitalized software development costs for the past three years:
(in millions)202520242023
Capitalized software development costs$98.0 $106.4 $100.0 
Leases

We account for our right-of-use assets and operating lease liabilities in accordance with FASB ASC 842, Leases (FASB ASC 842). We determine if a contract is or contains a lease at the inception of the contract. In cases where an agreement contains both lease and non-lease components, we do not allocate consideration between the components. We have elected the practical expedient to account for such components as a single lease component for certain classes of underlying assets when the lease component is predominant.

For identified operating leases, we recognize a lease liability and right-of-use asset on the consolidated balance sheet. The right-of-use asset represents our right to use an underlying asset for the lease term, and the operating lease liability represents our obligation to make lease payments. Right-of-use assets and operating lease liabilities are measured at the commencement date using the present value of future lease payments over the lease term. For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the commencement date of the lease. Right-of-use assets also include initial direct costs incurred by the company, net of prepayments and lease incentives. Operating lease expense is recognized on a straight-line basis over the life of the lease and are recognized as lease expense on the Consolidated Statements of Income.

Some of our lease agreements include variable costs such as real estate taxes, insurance, maintenance, and other operating expenses. Variable costs are recognized as lease expense on the Consolidated Statements of Income.

There are few instances of short-term agreements in our lease portfolio, which are typically arranged as needed and paid on a month-to-month basis. These leases are not recognized on the Consolidated Balance Sheet, but monthly lease expense is recognized on the Consolidated Statements of Income.

For finance leases, we recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization.

Revenue Recognition

We recognize revenue in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (FASB ASC Topic 606).

Under FASB ASC Topic 606, we recognize revenue by applying the following five-step model to all customer arrangements:

1.Identify the customer contract;
2.Identify the performance obligations in the contract;
3.Determine the transaction price;
4.Allocate the transaction price to the performance obligations; and
5.Recognize revenue when (or as) performance obligations are satisfied.

Revenues are recognized when (or as) performance obligations are satisfied by transferring a promised product or service to the customer. Products or services are transferred when (or as) the customer obtains control of the product or service. The transaction price for a customer arrangement is the amount we expect to be entitled to in exchange for transferring the promised product or service. The transaction price may include fixed amounts, variable amounts, or both. Sales and usage-based taxes are excluded from revenue.

Our contracts with customers may include multiple performance obligations. For most of these arrangements, we generally allocate revenue to each performance obligation based on its estimated standalone selling price. We generally determine standalone selling prices based on prices charged to customers when the same performance obligation is sold separately or historical pricing.

Customers are generally billed quarterly or annually and typically given payment terms of zero to 30 days. When the right to payment exceeds revenue recognized, the result is an increase to deferred revenue. Deferred revenue represents the amount billed or collected in advance of the service being provided, which we expect to recognize as revenue in future periods.
Revenue is derived from the following primary sources:
•License-based arrangements,
•Asset-based arrangements, and
•Transaction-based arrangements.

License-based revenue, which represents subscription services available to customers and not a license under the accounting guidance, is generated through subscription contracts. Our performance obligations under these contracts are typically satisfied over time, as the customer has access to the service during the term of the subscription license and the level of service is consistent during the contract period. Each individual day within the contract period is viewed to be a service and the entirety of the service subscription term is determined to be a series combined into a single performance obligation and recognized over time and on a straight-line basis, typically over noncancellable terms of one to three years.

Asset-based revenue is generated through contracts with daily asset management, which is determined to be a daily performance obligation and thus satisfied over time as the customer receives continuous access to a service for the contract term. Revenue is recognized daily based on the value of assets under management and the tiered fee structure agreed to with the customer. These arrangements typically have noncancellable terms of one to three years. The fees from such arrangements represent variable consideration, and the customer does not make separate purchasing decisions that result in additional performance obligations. Significant changes in the underlying fund assets, or significant disruptions in the market, are evaluated to determine if revisions to estimates of earned asset-based fees for the current quarter are needed. An estimate of the average daily portfolio balance is a key input in determining revenue for a given period. Estimates are based on the most recently reported quarter, and, as a result, it is unlikely a significant reversal of revenue would occur.

Transaction-based revenue is generated through contracts with performance obligations that are satisfied when the product or service is delivered. Certain performance obligations involve issuing a rating and may include ongoing surveillance services for a specified period. We allocate the transaction price to each deliverable based on its relative selling price, typically determined using historical pricing allocations. Revenue for the ratings issuance is recognized at the point in time when the rating is delivered, as this satisfies our performance obligation. Surveillance services provide the customer with continuous access to monitoring throughout the contract term, and because the service level remains consistent, revenue is recognized over time on a straight-line basis.

Accounts Receivables and Allowance for Credit Losses

We account for accounts receivable in accordance with FASB ASC Topic 310, Receivables (FASB ASC 310) and FASB ASC Topic 326, Financial Instruments - Credit Losses (FASB ASC 326). We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. Accounts receivables are measured at amortized cost basis. We evaluate our allowance for credit losses based on a variety of factors, including customer specific information and the current economic environment.

Sales Commissions

We capitalize sales commissions, which are considered directly attributable to obtaining a customer contract under FASB ASC Topic 606 and FASB ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers. Estimates of these capitalized costs are developed by using a portfolio approach that aggregates these costs by legal entity within their geographical regions. Capitalized sales commissions are amortized using the straight-line method over a period that is consistent with the transfer of the products or services to the customer to which the sales commission relates. The period of transfer for each portfolio is the shorter of the weighted-average customer life, or the economic life of the underlying technology that delivers the products or services. The period of transfer has been determined to be approximately three years. Discretionary amounts which are added to sales commission payments are expensed as incurred, as they are not considered to be directly attributable to obtaining a customer contract.

The table below summarizes the amortization of deferred commissions for the past three years:
(in millions)202520242023
Amortization of deferred commissions$47.4 $50.6 $48.6 
Advertising Costs

Advertising costs include expenses for various advertising campaigns, promotional activities, search engine fees, and other related expenses. We expense advertising costs as incurred.

The table below summarizes our advertising expense for the past three years:

(in millions)202520242023
Advertising expense$41.2 $33.6 $30.6 

Stock-Based Compensation Expense

We account for our stock-based compensation expense in accordance with FASB ASC 718, Compensation—Stock Compensation (FASB ASC 718). Our stock-based compensation expense reflects grants of restricted stock units, market stock units, and performance stock units. We measure the fair value of our restricted stock units and performance stock units on the grant date based on the closing market price of Morningstar's common stock on the day prior to the grant. For market stock units, we estimate the fair value of the awards using a Monte Carlo valuation model. For performance stock units, we estimate the probability of award achievement and adjust our stock-based compensation expense accordingly. We amortize the fair values to stock-based compensation expense, net of estimated forfeitures, ratably over the vesting period.

We estimate expected forfeitures on employee stock-based awards and recognize compensation cost only for those awards expected to vest. We determine forfeiture rates based on historical experience and adjust the estimated forfeitures to actual forfeiture experience, as needed.

Income Taxes

We record deferred income taxes for the temporary differences between the carrying amount of assets and liabilities for financial statement purposes and tax purposes in accordance with FASB ASC 740, which prescribes the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, and disclosure for uncertain tax positions.

We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in our Consolidated Statements of Income. We classify liabilities related to unrecognized tax benefits as either current or long-term liabilities in our Consolidated Balance Sheet, depending on when we expect to make payment.

Segment Reporting

Under FASB ASC 280, Segment Reporting (FASB ASC 280), operating segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which discrete financial information is available and is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. Aggregation of similar operating segments into a single reportable segment is permitted if the businesses have similar economic characteristics and meet established qualitative criteria.
We have seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and 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 reportable segments and consolidated revenue amounts.
v3.25.4
Credit Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
Debt

The following table summarizes our debt as of December 31, 2025 and 2024.
(in millions)As of December 31, 2025As of December 31, 2024
Term Facility, net of unamortized debt issuance costs of $1.5 million and $0.2 million, respectively$373.5 $349.8 
Revolving Credit Facility350.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $0.9 million and $1.2 million, respectively
349.1 348.8 
Total debt$1,072.6 $698.6 

The fair value of debt approximates carrying value. As of December 31, 2025, we expect maturities of the company’s principal debt payments for each of the next five years and thereafter as follows:
(in millions)As of December 31, 2025
2026$— 
2027— 
2028375.0 
2029— 
2030700.0 
Thereafter — 
Total$1,075.0 

Future maturities reflect contractual principal repayments, which differs from the carrying value of debt due to unamortized debt issuance costs. As of December 31, 2025, no amounts were classified as current maturities of long-term debt.

Credit Agreement

On May 6, 2022, the company entered into a senior credit agreement (the 2022 Credit Agreement), providing the company with a five-year multi-currency credit facility with an initial borrowing capacity of up to $1.1 billion, including a $650.0 million term loan and a $450.0 million revolving credit facility. The 2022 Credit Agreement also provided for the issuance of letters of credit and a swingline facility. The 2022 Credit Agreement was amended twice in September 2022 and again most recently in June 2024 (Amended 2022 Credit Agreement) to, among other items, eliminate the options for a second term loan draw and increase both the term loan and revolving credit facility to $650.0 million each, raising the total borrowing capacity to $1.3 billion (Amended 2022 Term Facility and Amended 2022 Revolving Credit Facility, respectively), and to update the reference rate for credit extensions in Canadian dollars. Aside from the increased borrowing capacity, the Amended 2022 Credit Agreement left the 2022 Credit Agreement terms largely unchanged. On October 31, 2025, the company terminated the 2022 Credit Agreement and 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 December 31, 2025, the total outstanding debt under the 2025 Credit Agreement was $723.5 million, net of debt issuance costs, including $373.5 million drawn under the 2025 A-2 Facility and $350.0 million drawn under the 2025 Revolving Credit Facility. The company's borrowing availability includes $400.0 million under the 2025 Revolving Credit Facility and $375.0 million under the 2025 A-1 Facility.
The proceeds borrowed under the 2025 Facility were used to refinance existing indebtedness under the 2022 Credit Agreement, pay fees and expenses in connection with the 2025 Facility, 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 December 31, 2025, 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 December 31, 2025.
v3.25.4
Income Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Income Per Share Income Per Share
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
(in millions, except per share amounts)202520242023
Basic net income per share:
Consolidated net income $374.2 $369.9 $141.1 
Weighted average common shares outstanding41.9 42.8 42.6 
Basic net income per share$8.93 $8.64 $3.31 
Diluted net income per share:
Consolidated net income$374.2 $369.9 $141.1 
Weighted average common shares outstanding41.9 42.8 42.6 
Net effect of dilutive stock awards0.3 0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share42.2 43.1 42.9 
Diluted net income per share$8.87 $8.58 $3.29 
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 number of these potential antidilutive shares was immaterial.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type(1):
Year ended December 31,
(in millions)202520242023
License-based $1,719.2 $1,625.1 $1,517.5 
Asset-based343.0 333.2 279.6 
Transaction-based383.3 316.8 241.5 
Consolidated revenue$2,445.5 $2,275.1 $2,038.6 
____________________________________________________________________________________________
(1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.

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:
As of December 31,
(in millions)20252024
Deferred revenue (current)$586.1 $540.8 
Deferred revenue (non-current)21.0 22.4 
Total contract liabilities$607.1 $563.2 

The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
Year ended December 31,
(in millions)202520242023
Revenue recognized that was included in opening deferred revenue$524.1 $480.5 $424.9 

Remaining Performance Obligations

Remaining performance obligations include both amounts recorded as deferred revenue in our Consolidated Balance Sheets as of December 31, 2025 as well as amounts not yet invoiced to customers as of December 31, 2025, largely reflecting future revenue related to signed multi-year arrangements.
As of December 31, 2025, we expect to recognize revenue related to our remaining performance obligations as follows:
(in millions)As of December 31, 2025
2026$1,067.4 
2027292.9 
2028117.1 
202932.5 
203010.4 
Thereafter 21.0 
Total$1,541.3 

The table above excludes 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 table above also excludes 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 December 31, 2025.

Contract Assets

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

The following table summarizes our contract assets balance:
As of December 31,
(in millions)20252024
Accounts receivable, less allowance for credit losses$390.4 $358.1 
Deferred commissions65.5 65.8 
Total contract assets$455.9 $423.9 
v3.25.4
Segment and Geographical Area Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographical Area Information Segment and Geographical Area Information
Segment Information

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

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

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

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

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 years ended December 31, 2025, 2024, and 2023 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.
Year ended December 31, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$829.1 $664.5 $20.7 $74.0 $1.7 $1,590.0 
Asset-based— — — 142.5 135.9 278.4 
Transaction-based1.5 7.3 333.7 34.9 — 377.4 
Total segment revenue830.6 671.8 354.4 251.4 137.6 2,245.8 
Less:
Compensation expense(2)
236.0 309.4 181.2 112.5 45.7 
Other segment items(3)
225.2 152.3 58.4 129.3 24.2 
Adjusted operating income$369.4 $210.1 $114.8 $9.6 $67.7 $771.6 

Year ended December 31, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$786.7 $611.6 $16.4 $80.4 $1.8 $1,496.9 
Asset-based— — — 142.3 125.3 267.6 
Transaction-based1.4 6.8 274.7 25.7 — 308.6 
Total segment revenue788.1 618.4 291.1 248.4 127.1 2,073.1 
Less:
Compensation expense(2)
216.1 289.5 162.5 124.6 43.9 
Other segment items(3)
216.6 142.5 53.0 133.1 17.6 
Adjusted operating income (loss)$355.4 $186.4 $75.6 $(9.3)$65.6 $673.7 

Year ended December 31, 2023
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$745.5 $551.9 $11.7 $80.8 $1.7 $1,391.6 
Asset-based— — — 122.6 108.5 231.1 
Transaction-based1.7 — 203.7 26.5 0.3 232.2 
Total segment revenue747.2 551.9 215.4 229.9 110.5 1,854.9 
Less:
Compensation expense(2)
173.8 281.0 128.2 151.5 41.0 
Other segment items(3)
233.6 122.8 65.5 118.8 15.4 
Adjusted operating income (loss)$339.8 $148.1 $21.7 $(40.4)$54.1 $523.3 
___________________________________________________________________________________________
(1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.
(2) 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.

(3) 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.

Year ended December 31,
(in millions)202520242023
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$2,245.8 $2,073.1 $1,854.9 
Corporate and All Other (4)
199.7 202.0 183.7 
Total consolidated revenue$2,445.5 $2,275.1 $2,038.6 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$771.6 $673.7 $523.3 
Corporate and All Other (5)
(188.7)(179.9)(196.8)
Intangible amortization expense(59.8)(64.5)(70.5)
M&A-related expenses(21.4)(8.5)(9.8)
Other non-recurring items (6)
24.9 64.0 (15.6)
Operating Income526.6 484.8 230.6 
Non-operating income (expense), net(27.6)6.5 (49.1)
Equity in investments of unconsolidated entities(3.3)(17.4)(7.4)
Income before income taxes$495.7 $473.9 $174.1 
___________________________________________________________________________________________
(4) 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 $112.0 million in 2025, $117.3 million in 2024, and $118.2 million in 2023. Revenue from Morningstar Indexes was $87.7 million in 2025, $84.7 million in 2024, and $65.5 million in 2023.

(5) Corporate and All Other includes unallocated corporate expenses of $186.1 million in 2025, $181.4 million in 2024, and $153.5 million in 2023, as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.

(6) Other non-recurring items primarily reflect the gain on sale of US TAMP assets for the years ended December 31, 2025 and 2024. For the year ended December 31, 2023, other non-recurring items reflect costs associated with the significant reduction of the company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations.
The following table presents depreciation expense by reportable segment:

Year ended December 31,
(in millions)202520242023
Morningstar Direct Platform$44.7 $37.9 $31.0 
PitchBook33.6 31.8 26.8 
Morningstar Credit8.1 8.9 9.1 
Morningstar Wealth14.9 18.5 15.8 
Morningstar Retirement10.4 10.0 11.0 
Total Reportable Segments111.7 107.1 93.7 
Corporate and All Other (7)
18.3 18.3 19.5 
Total$130.0 $125.4 $113.2 
___________________________________________________________________________________________
(7) 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 area
Year ended December 31,
(in millions)202520242023
United States$1,754.9 $1,638.8 $1,470.6 
Asia48.0 49.6 49.3 
Australia65.3 62.4 58.4 
Canada154.9 140.4 116.3 
Continental Europe219.6 203.8 185.5 
United Kingdom189.8 167.4 148.0 
Other13.0 12.7 10.5 
Total International690.6 636.3 568.0 
Consolidated revenue$2,445.5 $2,275.1 $2,038.6 
Property, equipment, and capitalized software, net by geographical area
As of December 31,
(in millions)20252024
United States$178.6 $189.5 
Asia22.8 9.6 
Australia1.1 1.6 
Canada17.9 6.6 
Continental Europe6.3 5.3 
United Kingdom4.9 6.1 
Other0.3 0.2 
Total International53.3 29.4 
Consolidated property, equipment, and capitalized software, net$231.9 $218.9 
Operating lease assets by geographical area
As of December 31,
(in millions)20252024
United States$74.9 $92.9 
Asia48.7 44.2 
Australia1.5 2.4 
Canada7.8 7.7 
Continental Europe16.5 19.1 
United Kingdom9.0 14.7 
Other0.6 0.2 
Total International84.1 88.3 
Consolidated operating lease assets$159.0 $181.2 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure Investments
Our investment portfolio consists of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. All investments have a readily determinable fair value based on quoted prices in active markets for identical assets or liabilities that we have the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy. We classify our investment portfolio as shown below:
 
As of December 31,
(in millions)20252024
Equity investments$50.0 $42.3 
Available-for-sale debt securities1.5 2.4 
Held-to-maturity debt securities2.7 3.6 
Total$54.2 $48.3 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
The tables below show the fair value of items that are measured at fair value using the fair value hierarchy:

 Fair Value as ofLevel within the Fair Value Hierarchy as of 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 $— $— 

 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 

In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates. Refer to Note 11 for more information about our investment in SmartX Advisory Solutions.
v3.25.4
Acquisitions, Goodwill, and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Acquisitions, Goodwill, and Other Intangible Assets [Abstract]  
Goodwill and Intangible Assets Disclosure Acquisitions, Goodwill, and Other Intangible Assets
2025 Acquisitions

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

On September 23, 2025, we entered into an agreement to acquire CRSP, a provider of historical stock market data and indexes, from the University of Chicago. On February 2, 2026, we completed the acquisition. The transaction consideration included a cash payment at closing of approximately $365.0 million, subject to customary adjustments. CRSP will be included in the Morningstar Indexes operating segment. Refer to Note 20 for more information regarding the acquisition of CRSP.

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

On March 1, 2025, we completed our acquisition of the remaining 65% equity interest in DealX, a provider of standardized US commercial mortgage-backed security (CMBS) and global collateralized loan obligation (CLO) data. We began consolidating the financial results of DealX in our consolidated financial statements as of March 1, 2025. DealX is included in the Morningstar Credit reportable 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. 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 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 reportable 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 

2024 Acquisitions

We did not make any acquisitions during 2024.

2023 Acquisitions

We did not make any significant acquisitions during 2023.
Goodwill
 
The following table shows the changes in our goodwill balances from January 1, 2024 to December 31, 2025:

 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of January 1, 2024$605.5 $607.4 $108.6 $94.2 $93.5 $1,509.2 $69.6 $1,578.8 
Divestiture of Commodity and Energy Data business (See Note 10)
(3.9)— — — — (3.9)— (3.9)
Foreign currency translation(7.6)— (3.4)(1.5)— (12.5)(0.4)(12.9)
Balance as of December 31, 2024594.0 607.4 105.2 92.7 93.5 1,492.8 69.2 1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 21.3 — — — 21.3 — 21.3 
Foreign currency translation and other14.6 — 4.7 (2.4)— 16.9 0.9 17.8 
Balance as of December 31, 2025$608.6 $628.7 $119.6 $90.3 $93.5 $1,540.7 $70.1 $1,610.8 

Refer to Note 6 for detailed segment information.

Intangible Assets

The following table summarizes our intangible assets: 
 As of December 31, 2025As of December 31, 2024
(in millions)GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
Customer-related assets$583.9 $(324.1)$259.8 $572.4 $(281.1)$291.3 
Technology-based assets328.0 (225.5)102.5 301.9 (205.5)96.4 
Intellectual property & other 91.2 (74.2)17.0 88.6 (67.5)21.1 
Total intangible assets$1,003.1 $(623.8)$379.3 $962.9 $(554.1)$408.8 
 
The following table summarizes our amortization expense related to intangible assets:

(in millions)202520242023
Amortization expense$59.8 $64.5 $70.5 
 
Based on acquisitions completed through December 31, 2025, we expect intangible amortization expense for each of the next five years and thereafter as follows:
(in millions)As of December 31, 2025
2026$56.6 
202749.9 
202845.9 
202942.7 
203036.9 
Thereafter147.3 
Total$379.3 

Our estimates of future amortization expense for intangible assets may be affected by future acquisitions, divestitures, changes in the estimated useful lives, impairments, and foreign currency translation.
v3.25.4
Divestitures
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures Divestitures
2025 Divestitures

We did not make any significant divestitures during 2025.

2024 Divestitures

Effective September 30, 2024, we sold our Commodity and Energy Data business from the Morningstar Direct Platform segment for a purchase price of $52.4 million. In the third quarter of 2024, we recorded a $45.3 million gain on sale of business in the Consolidated Statements of Income.

Effective December 1, 2024, we sold customer assets from the US Morningstar Wealth TAMP to AssetMark, Inc. for closing consideration of approximately $65.0 million. In December 2025, Morningstar received $22.7 million contingent consideration, which was determined based on the net flows of transitioned customers through December 1, 2025. The contingent consideration was accounted for as a gain contingency and was recorded in the fourth quarter of 2025, when it was determined to be realizable. We recorded a $64.0 million and $22.7 million gain on the sale of customer assets in our Consolidated Statements of Income for the year ended December 31, 2024 and December 31, 2025 respectively.

2023 Divestitures

We did not make any divestitures during 2023.
v3.25.4
Investments in Unconsolidated Entities
 12 Months Ended
Dec. 31, 2025
Investments in Unconsolidated Entities [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
 
Our investments in unconsolidated entities consist primarily of the following:
As of December 31,
(in millions)20252024
Investment in SmartX Advisory Solutions$24.7 $24.7 
Non-current investment in Wealth Advisors— 24.9 
Equity method investments6.3 19.3 
Other investments in unconsolidated entities19.3 16.4 
Total investments in unconsolidated entities$50.3 $85.3 

Our current investment in Wealth Advisors, included in "Investments" on our Consolidated Balance Sheets, was $24.6 million and $12.8 million as of December 31, 2025 and December 31, 2024, respectively.

The carrying amount of other investments in unconsolidated entities without a readily determinable fair value, including our investment in SmartX Advisory Solutions, was $44.0 million and $41.1 million as of December 31, 2025 and December 31, 2024, respectively. We recorded a $12.4 million impairment loss in 2024 related to our investment in SmartX Advisory Solutions. We did not record any material impairment losses in 2025 and 2023.
v3.25.4
Property, Equipment, and Capitalized Software
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment, and Capitalized Software Property, Equipment, and Capitalized Software, net
The following table shows our property, equipment, and capitalized software, net summarized by major category:
As of December 31,
(in millions)20252024
Capitalized software$826.7 $745.1 
Computer equipment108.6 96.9 
Furniture and fixtures46.3 40.0 
Leasehold improvements136.1 113.9 
Telephone equipment1.2 1.2 
Construction in progress12.9 12.2 
Property, equipment, and capitalized software, at cost1,131.8 1,009.3 
Less: accumulated depreciation(899.9)(790.4)
Property, equipment, and capitalized software, net$231.9 $218.9 

The following table summarizes our depreciation expense:
(in millions)202520242023
Depreciation expense$130.0 $125.4 $113.2 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases, Operating [Abstract]  
Lessee, Operating 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:
(in millions)202520242023
Operating lease cost$45.2 $44.1 $47.6 
Variable lease cost$17.0 $14.9 $18.0 

The following table presents other information related to operating leases:
(in millions)202520242023
Cash paid for amounts included in the measurement for operating lease liabilities $44.6 $43.9 $45.3 
Right of use assets obtained in exchange for operating lease liability$13.8 $54.4 $11.1 
As of December 31, 2025, our minimum future operating lease commitments due in each of the next five years and thereafter are as follows:
(in millions)As of December 31, 2025
2026$49.5 
202742.9 
202835.5 
202924.1 
203017.5 
Thereafter47.6 
Total minimum lease commitments217.1 
Adjustment for discount to present value28.6 
Present value of lease liabilities
$188.5 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of December 31, 2025
Weighted-average remaining lease term (in years)5.6
Weighted-average discount rate4.6 %
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Plans
 
Our shareholders approved the Morningstar, Inc. Amended and Restated 2011 Stock Incentive Plan (the 2021 Plan) on May 14, 2021 and authorized an additional 1,050,000 shares for issuance under the 2021 Plan. The 2021 Plan amended and restated the Morningstar, Inc. 2011 Stock Incentive Plan (the 2011 Plan), which itself had amended and restated the Morningstar, Inc. 2004 Stock Incentive Plan.
The 2021 Plan provides for a variety of equity-based awards, including restricted stock units, restricted stock, performance stock units, market stock units, and stock options. Under the 2021 Plan, we primarily grant restricted stock units, market stock units, and performance stock units. Under the 2011 Plan, we primarily granted restricted stock units, stock options, and market stock units.

All officers, other employees, non-employee directors, and consultants or other independent contractors of the company and its subsidiaries and persons expected to become the same are eligible to receive awards under the 2021 Plan.

Shares delivered under the 2021 Plan may be authorized but unissued shares, or authorized but issued shares that we reacquired and held as treasury shares or otherwise, or any combination of the foregoing. The 2021 Plan does not permit the replenishment of its share reserve with shares withheld by the company to pay the exercise price of an option or to pay tax withholdings on any award. Further, the 2021 Plan prohibits the replenishment of the share reserve with shares that are not issued as a result of the net settlement of a stock option or stock appreciation right (SAR) or shares that are repurchased on the open market using proceeds from the exercise of a stock option.

The following table summarizes the number of shares available for future grants under our 2021 Plan:
(in millions)As of December 31, 2025
Shares available for future grants1.7 
 
Accounting for Stock-Based Compensation Awards
 
The following table summarizes our stock-based compensation expense and the related income tax benefit we recorded in the past three years:
Year ended December 31,
(in millions)202520242023
Restricted stock units$37.1 $38.4 $38.8 
Market stock units17.2 16.2 7.5 
Performance stock units2.1 0.1 6.5 
Total stock-based compensation expense$56.4 $54.7 $52.8 
Income tax benefit related to the stock-based compensation expense$11.3 $11.2 $10.3 

The following table summarizes the stock-based compensation expense included in each of our operating expense categories for the past three years:
Year ended December 31,
(in millions)202520242023
Cost of revenue$26.4 $23.3 $23.8 
Sales and marketing8.4 9.0 8.3 
General and administrative21.6 22.4 20.7 
Total stock-based compensation expense$56.4 $54.7 $52.8 

The following table summarizes the amount of unrecognized stock-based compensation expense as of December 31, 2025 and the expected number of months over which the expense will be recognized:
Unrecognized stock-based compensation expense (in millions)Weighted average expected amortization period (months)
Restricted stock units$49.0 30
Market stock units23.4 26
Performance stock units0.9 16
Total unrecognized stock-based compensation expense$73.3 29

In accordance with FASB ASC 718, we estimate forfeitures of employee stock-based awards and recognize compensation cost only for those awards expected to vest.
 
Restricted Stock Units
 
RSUs represent the right to receive a share of Morningstar common stock when that unit vests. RSUs granted to employees typically vest within a four-year period. RSUs granted to non-employee directors vest ratably over a three-year period.

The following table summarizes restricted stock unit activity during the year:
Restricted Stock Units (RSUs)SharesWeighted Average Grant Date Fair Value
RSUs Outstanding - December 31, 2024280,859 $254.75 
Granted198,103 291.72 
Vested(197,591)272.56 
Forfeited(22,146)269.39 
RSUs Outstanding - December 31, 2025259,225 $268.17 

The total fair value of RSUs that vested in 2025, 2024, and 2023 was $53.9 million, $50.1 million, and $47.4 million, respectively.
Market Stock Units
MSUs represent the right to receive a target number of shares that will vest at the end of a three-year performance period depending on the company’s total shareholder return over that three-year period. The MSUs granted to the executive officers and certain other employees in 2021, 2022, and 2023 also had a feature to provide an increased number of shares to be earned at the vesting date if certain revenue metrics were exceeded.

We used the following assumptions to estimate the fair value of our MSUs:
Assumptions for Monte Carlo Valuation Model
Grant DateExpected volatilityDividend yieldRisk-free interest rate
May 15, 202331.7 %0.79 %3.65 %
November 15, 202331.9 %0.56 %4.56 %
May 15, 202431.1 %0.54 %4.62 %
November 15, 202431.1 %0.47 %4.30 %
May 15, 202529.6 %0.59 %4.05 %
November 15, 202527.3 %0.86 %3.61 %

The risk-free interest rate was determined based on the US Constant Maturity Treasury yield curve on the measurement date with a maturity commensurate with the terms. The expected volatility was determined using our historical stock price volatility over the three years preceding the measurement date.

The following table summarizes market stock unit activity during the year:
Market Stock Units (MSUs)SharesWeighted Average Grant Date Fair Value
MSUs Outstanding - December 31, 2024169,859 $277.37 
Granted66,826 261.48 
Vested(31,409)235.69 
Forfeited(35,823)278.51 
MSUs Outstanding - December 31, 2025169,453 $278.59 
The total fair value of MSUs that vested in 2025, 2024, and 2023 was $7.4 million, $5.6 million, and $6.5 million, respectively.
Performance Stock Units
PSUs represent the right to receive a target number of shares that will vest at the end of a three-year performance period depending on the company's financial results over that three-year period. Starting in 2024, the company awarded PSU opportunities to certain members of management (stretch PSUs). The number of PSUs that shall be eligible to be earned is based on adjusted operating income as of the end of the performance period. However, no PSUs will be earned unless performance exceeds the target performance level set by the Compensation Committee of the Board of Directors of the company.
In 2023, we renewed the PitchBook management bonus plan (the PitchBook Plan), a compensation vehicle designed to incentivize PitchBook leadership for the 2023-2025 period. Pursuant to the terms of this renewal, awards having an aggregate target value equal to $28.6 million would have been available for issuance with annual grants of $7.15 million for 2023, $7.15 million in 2024, and $14.3 million in 2025. In July 2024, we terminated the PitchBook Plan and all outstanding awards were forfeited.
The following table summarizes performance stock unit activity during the year:
Performance Stock Units (PSUs)SharesWeighted Average Grant Date Fair Value
PSUs Outstanding - December 31, 202444,644 $295.14 
Granted(1)
42,022 306.41 
Vested(866)242.95 
Forfeited(9,806)302.03 
PSUs Outstanding - December 31, 202575,994 $301.08 
___________________________________________________________________________________________
(1) Includes 42,009 stretch PSUs granted at the base number of shares issuable under the agreement; for these awards, zero percent is earned for target performance and up to 200% of the base number can be earned for performance exceeding target. The number of shares issuable under the stretch PSUs can range from zero to 84,018.

The total fair value of PSUs that vested in 2025, 2024, and 2023 was $0.2 million, $6.4 million, and $37.1 million, respectively.
v3.25.4
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2025
Defined Contribution Plan [Abstract]  
Defined Contribution Plan Defined-Contribution Plan
We sponsor a defined-contribution 401(k) plan, which allows our US-based employees to voluntarily contribute pretax dollars up to a maximum amount allowable by the US Internal Revenue Service. In 2025, 2024, and 2023, we made matching contributions to our 401(k) plan in an amount equal to 75 cents for every dollar of an employee's contribution, up to a maximum of 7% of the employee's compensation in the pay period.

The following table summarizes our matching contributions:
(in millions)202520242023
401(k) matching contributions$22.3 $22.9 $22.1 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 
Income Tax Expense and Effective Tax Rate

The following table shows our income tax expense and our effective tax rate for the years ended December 31, 2025, 2024, and 2023:
(in millions)202520242023
Income before income taxes and equity in investments of unconsolidated entities$499.0 $491.3 $181.5 
Equity in investments of unconsolidated entities(3.3)(17.4)(7.4)
Income before income taxes$495.7 $473.9 $174.1 
Income tax expense$121.5 $104.0 $33.0 
Effective tax rate24.5 %21.9 %19.0 %

Our effective tax rate in 2025 was 24.5%, an increase of 2.6 percentage points, compared with 21.9% in the prior year. The company's 2024 effective tax rate was favorably impacted by the book gain in excess of taxable gain on the sale of its Commodity and Energy Data business and was offset by deferred taxes that we recorded with respect to unremitted foreign earnings.

Our effective tax rate in 2024 was 21.9%, an increase of 2.9 percentage points, compared with 19.0% in 2023. The company's 2024 effective tax rate was favorably impacted by the book gain in excess of taxable gain on the sale of its Commodity and Energy Data business and was offset by deferred taxes that we recorded with respect to unremitted foreign earnings. Further, our 2023 effective tax rate was lower primarily due to the recognition of tax benefits related to a retroactive tax election.
The Organization for Economic Co-operation and Development (OECD) has proposed a global minimum tax of 15% of reported profits (Pillar Two) that has been agreed upon in principle by over 140 countries. Since the proposal, many countries incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly different than the model rules and on different timelines. 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 be effective. Pillar Two did not have a material impact to our consolidated financial statements as of December 31, 2025. We are continuing to monitor developments and administrative guidance in addition to evaluating the potential impact of Pillar Two on our consolidated financial statements for future periods.

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 December 31, 2025.

In the fourth quarter of 2024, we determined $142.0 million in earnings of certain of our foreign subsidiaries to be no longer permanently reinvested. During 2025, we completed a one-time repatriation of these earnings totaling $150.0 million ($141.4 million, net of applicable withholding taxes). We generally consider the remainder of 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 and regulatory requirements, investment needs, and other factors. Accordingly, we regularly update our earnings and profits analysis to reflect these developments.

We have elected to prospectively adopt the guidance in ASU No. 2023-09. Refer to Note 19 for more information regarding the adoption of ASU No. 2023-09. For the year ended December 31, 2025, the following table reconciles our income tax expense at the US federal income tax rate to income tax expense as recorded:
2025
(in millions, except percentages)Amount%
Income tax expense at US federal rate$104.1 21.0 %
State and local income tax, net of federal income tax effect(1)
20.0 4.0 %
Foreign tax effects
Canada
State and local6.0 1.2 %
Other(2.2)(0.4)%
Other foreign jurisdictions5.1 1.0 %
Effects of changes in tax laws or rates enacted in the current period— — %
Effect of cross-border tax laws
Foreign-derived intangible income deduction(17.4)(3.5)%
US tax on foreign branches, net of foreign tax credits(7.5)(1.5)%
Other2.3 0.5 %
Tax credits(4.1)(0.8)%
Changes in valuation allowances
Valuation allowance on foreign tax credits8.1 1.6 %
Other0.6 0.1 %
Nontaxable or nondeductible items5.2 1.0 %
Changes in unrecognized tax benefits1.3 0.3 %
Total income tax expense$121.5 24.5 %
__________________________________________________________________________________________________________________________________________________________
(1) State taxes in California, Illinois, New York City, and New York State make up the majority of the tax effect in this category.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU No. 2023-09, the following table reconciles our income tax expense at the US federal income tax rate to income tax expense as recorded:
20242023
(in millions, except percentages)Amount%Amount%
Income tax expense at US federal rate$99.5 21.0 %$36.6 21.0 %
State income taxes, net of federal income tax benefit18.4 3.9 %7.3 4.2 %
Stock-based compensation activity(2.3)(0.5)%1.6 0.9 %
Equity in net income (loss) of unconsolidated subsidiaries (including holding gains upon acquisition) 3.4 0.7 %1.1 0.6 %
Gain on Sale of Business(9.7)(2.0)%— — %
Net change in valuation allowance related to deferred tax assets, including net operating losses0.5 0.1 %(3.2)(1.8)%
Difference between US federal statutory and foreign tax rates and other impacts of foreign operations0.4 0.1 %1.7 1.0 %
Change in unrecognized tax benefits2.9 0.6 %(9.8)(5.6)%
Credits and incentives(5.9)(1.2)%(4.1)(2.4)%
Foreign tax provisions (GILTI, FDII, and BEAT)(2)
(16.1)(3.4)%(0.2)(0.1)%
Change in deferred taxes with respect to unremitted foreign earnings6.8 1.4 %— — %
Non-deductible expenses and other, net6.1 1.2 %2.0 1.2 %
Total income tax expense$104.0 21.9 %$33.0 19.0 %
___________________________________________________________________________________________
(2) The Tax Reform Act established the Global Intangible Low-Tax Income (GILTI) provision, which taxes US allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (FDII) provision, which allows a deduction against certain types of US taxable income resulting in a lower effective US tax rate on such income; and the Base Erosion Anti-Abuse Tax (BEAT), which is a minimum tax based on cross-border service payments by US entities.

The following table shows the components of our income tax expense:
Year ended December 31,
(in millions)202520242023
Current tax expense:
US
Federal$86.7 $74.3 $27.7 
State31.7 30.0 13.4 
Non-US45.4 34.3 24.3 
Current tax expense163.8 138.6 65.4 
Deferred tax expense (benefit):
US
Federal(29.1)(17.6)(15.6)
State(6.3)(6.5)(4.2)
Non-US(6.9)(10.5)(12.6)
Deferred tax expense, net(42.3)(34.6)(32.4)
Income tax expense$121.5 $104.0 $33.0 
The following table provides our income before income taxes and equity in investments of unconsolidated entities, generated by our US and non-US operations:
Year ended December 31,
(in millions)202520242023
US$357.5 $400.8 $101.4 
Non-US141.5 90.5 80.1 
Income before income taxes and equity in investments of unconsolidated entities$499.0 $491.3 $181.5 

Income Tax Payments

The following table shows cash paid for income taxes, net of refunds, for the year ended December 31, 2025:
(in millions)2025
US federal income taxes$77.9 
US state and local income taxes:
New York state8.8 
Other25.4 
Total state income taxes34.2 
Foreign income taxes:
Canada - Federal16.0 
Canada - Ontario8.7 
India13.2 
Other21.8 
Total foreign income taxes59.7 
Total cash paid for income taxes$171.8 

Jurisdictions that are equal or greater than 5% of the total cash paid for income taxes, net of refunds, for the year ended December 31, 2025 are disclosed in the table above.

Deferred Tax Assets and Liabilities

We recognize deferred income taxes for the temporary differences between the carrying amount of assets and liabilities for financial statement purposes and their tax basis. The tax effects of the temporary differences that give rise to the deferred income tax assets and liabilities are as follows:
As of December 31,
(in millions)20252024
Deferred tax assets:
Stock-based compensation$9.4 $7.8 
Accrued liabilities34.2 33.5 
Deferred revenue5.3 6.7 
Net operating loss carryforwards - US0.3 — 
Net operating loss carryforwards - Non-US21.7 18.9 
Capitalized expenses128.0 102.7 
Allowance for doubtful accounts2.6 2.4 
Lease liabilities 37.5 35.9 
Investments in unconsolidated entities2.1 — 
Capital loss and other carryforwards20.3 12.9 
Other0.1 — 
Total deferred tax assets261.5 220.8 
Deferred tax liabilities:
Acquired intangible assets(74.6)(68.5)
Property, equipment, and capitalized software(34.8)(39.6)
Lease right-of-use assets(32.7)(31.4)
Unrealized exchange gains, net(1.3)(1.7)
Prepaid expenses(18.5)(19.3)
Investments in unconsolidated entities— (11.4)
Withholding tax - foreign dividends— (7.1)
Total deferred tax liabilities(161.9)(179.0)
Net deferred tax asset before valuation allowance99.6 41.8 
Valuation allowance(48.1)(26.2)
Deferred tax asset (liability)$51.5 $15.6 

The net increase in our valuation allowance, from $26.2 million at December 31, 2024 to $48.1 million at December 31, 2025, is primarily attributable to current year movements in net operating losses, capital losses, and foreign tax credit carryforwards for which amounts are able to be realized or for which full realization is uncertain. Included in the valuation allowance of $48.1 million are $18.2 million of foreign tax credits that will expire in 2031 through 2035. In assessing the need for a valuation allowance, many factors are considered, including the specific taxing jurisdiction, the carryforward period, income tax strategies, and forecasted earnings for the entities in each jurisdiction. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The deferred tax assets and liabilities are presented in our Consolidated Balance Sheets as follows:
As of December 31,
(in millions)20252024
Deferred tax asset, net$78.7 $43.2 
Deferred tax liability, net(27.2)(27.6)
Deferred tax asset (liability), net$51.5 $15.6 
The following table summarizes our US net operating loss (NOL) carryforwards:
As of December 31,
(in millions)20252024
US federal NOLs subject to expiration dates$— $— 
US federal NOLs with no expiration dates1.5 — 
Total$1.5 $— 

The net increase in the US federal NOL carryforwards as of December 31, 2025 compared with 2024 reflects NOL carryforwards from an acquisition in 2025. We have not recorded a valuation allowance against US federal NOLs of $1.5 million because we expect the benefit of the US federal NOLs to be fully utilized.

The following table summarizes our NOL carryforwards for our non-US operations:
As of December 31,
(in millions)20252024
Non-US NOLs subject to expiration dates from 2027 through 2035$19.7 $22.8 
Non-US NOLs with no expiration date66.4 51.9 
Total$86.1 $74.7 
Non-US NOLs not subject to valuation allowances$10.1 $15.3 

The increase in non-US NOL carryforwards as of December 31, 2025 compared with the same period in 2024 primarily reflects NOLs from 2025 acquisitions offset by NOLs utilized in 2025.

In assessing the realizability of our deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recorded a valuation allowance against approximately $76.0 million of the non-US NOLs, reflecting the likelihood that the benefit of these NOLs will not be realized.

Unrecognized 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.

As of December 31, 2025, our Consolidated Balance Sheet included a liability of $13.1 million for unrecognized tax benefits. As of December 31, 2024, our Consolidated Balance Sheet included a liability of $11.8 million for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.

The table below reconciles the beginning and ending amount of the gross unrecognized tax benefits as follows:
(in millions)20252024
Gross unrecognized tax benefits - beginning of the year$11.1 $13.0 
Increases as a result of tax positions taken during a prior-year period0.8 0.9 
Decreases as a result of tax positions taken during a prior-year period— (0.1)
Increases as a result of tax positions taken during the current period2.3 2.1 
Decreases relating to settlements with tax authorities— (4.7)
Decreases as a result of lapse of the applicable statute of limitations(1.9)(0.1)
Gross unrecognized tax benefits - end of the year$12.3 $11.1 

In 2025, we recorded a net increase of $3.1 million of gross unrecognized tax benefits before settlements and lapses of statutes of limitations, of which $3.1 million increased our income tax expense by $2.8 million.
In addition, we reduced our gross unrecognized tax benefits by $1.9 million for settlements and lapses of statutes of limitations, of which $1.9 million decreased our income tax expense by $1.8 million.

As of December 31, 2025, we had $12.3 million of gross unrecognized tax benefits, which if recognized, would decrease our income tax expense by $11.9 million and reduce our effective income tax rate.

We record interest and penalties related to uncertain tax positions as part of our income tax expense. The following table summarizes our gross liability for interest and penalties:
As of December 31,
(in millions)20252024
Liabilities for interest and penalties$1.7 $1.3 

We recorded the increase in the liabilities for penalties and interest, net of any tax benefits, to income tax expense in our Consolidated Statements of Income in 2025.
v3.25.4
Contingencies
 12 Months Ended
Dec. 31, 2025
Loss Contingencies [Line Items]  
Contingencies Contingencies
We record accrued liabilities for litigation, regulatory, and other business matters when those matters represent loss contingencies that are both probable and estimable. In these cases, there may be an exposure to loss in excess of any amounts accrued. Unless a loss contingency is both probable and estimable, we do not establish an accrued liability. As litigation, regulatory, or other business matters develop, we evaluate on an ongoing basis whether such matters present a loss contingency that is probable and estimable.

Data Audits and Reviews

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

Ratings and Regulatory Matters

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

Other Matters

We are involved from time to time in commercial disputes and legal proceedings that arise in the normal course of our business. While it is difficult to predict the outcome of any particular dispute or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.
v3.25.4
Share Repurchase Program
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Treasury Stock Share Repurchase Program
On December 6, 2022, the board of directors approved a share repurchase program that authorized the company to repurchase up to $500.0 million in shares of the company's outstanding common stock, effective January 1, 2023 (the prior share repurchase program). The prior share repurchase program was completed in October 2025.

On October 29, 2025, the board of directors approved a new 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 new share repurchase program). The new share repurchase program, which is set to expire on October 30, 2028, replaced the prior share repurchase program. We may repurchase shares pursuant to the new share repurchase program from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate.

For the year ended December 31, 2025, we repurchased a total of 1,873,729 shares for $487.0 million under the prior share repurchase program, thereby completing the program, and 1,402,849 shares for $300.0 million under the new share purchase program. As of December 31, 2025, we have $700.0 million available for future repurchases under the new share repurchase program.
v3.25.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Recently adopted accounting pronouncements

Segment reporting: In November 2023, the FASB issued ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280) (ASU No. 2023-07), which requires improved reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The new standard was effective for our fiscal year beginning on January 1, 2024, and interim periods beginning on January 1, 2025. We applied the new guidance retrospectively to all prior periods presented in the financial statements. The standard did not impact our consolidated operating results, financial condition, or cash flows. See Note 6 for our segment disclosures.

Income Taxes: In December 2023, the FASB issued ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. This standard became effective for our fiscal year beginning on January 1, 2025. We applied the guidance prospectively. The standard did not impact our consolidated operating results, financial condition, or cash flows. See Note 16 for our income taxes disclosures.

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.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 2, 2026, we completed our previously announced acquisition of CRSP for a closing cash payment of approximately $365.0 million, subject to customary adjustments. CRSP will be included in the Morningstar Indexes operating segment. The acquisition was financed through borrowings under the 2025 A-1 Facility, which were drawn in 2026. Refer to Note 3 for more information regarding our credit arrangements.

Due to the limited time since the acquisition date and limitations on access to CRSP information prior to the acquisition date, the initial accounting for the business combination is incomplete at this time. As a result, we are unable to provide amounts recognized as of the acquisition date for major classes of assets and liabilities acquired and resulting from the transaction, including the information required for contingencies, intangible assets, and goodwill. This information will be included in our quarterly report on Form 10-Q for the three months ending March 31, 2026.
v3.25.4
Schedule II: Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II: Valuation and Qualifying Accounts
Schedule II: Valuation and Qualifying Accounts

All other schedules have been omitted as they are not required, not applicable, or the required information is otherwise included.
(in millions)Balance at Beginning of YearCharged (Credited) to Costs & ExpensesAdditions (Deductions) Including Currency TranslationsBalance at End of Year
Allowance for credit losses:
2025$7.1 $5.1 $(5.1)$7.1 
20245.6 8.1 (6.6)7.1 
2023$6.6 $5.3 $(6.3)$5.6 
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Joe Mansueto [Member]  
Trading Arrangements, by Individual  
Name Joe Mansueto Executive Chairman
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/19/2025
Expiration Date 10/31/2026
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Item 1C. Cybersecurity

The purpose of our information security program is to enable the business to effectively identify, assess, prioritize, and manage cybersecurity risk in order to support our long-term corporate objectives and to protect our employees, customers, and company assets from threats to our information systems. Cybersecurity is a critical component of our enterprise risk management, and the company has identified cybersecurity as one of the key risk categories it faces.

Risk Management and Strategy

Morningstar takes a risk-based approach for managing its cybersecurity program. The program is evaluated biennially, including against the NIST Cybersecurity Framework, most recently in 2024. The outcome of these reviews, as well as any changes implemented as a result of these reviews, are reported to the audit committee of our board of directors (the Audit Committee).

Morningstar deploys various safeguards to help protect against cybersecurity threats, including but not limited to, anti-malware (EDR) tools, email security, web filtering, multi-factor authentication and single-sign-on, regular patch cadence and vulnerability management, and hardened laptops with full disk encryption and admin permissions removed. For in-house developed software, Morningstar deploys various security tools to detect vulnerabilities, including but not limited to, static application security and dynamic application security testing, software composition analysis tooling, cloud security posture management, and central logging. We engage a third-party to conduct a NIST CSF assessment to measure the completeness and readiness of our cybersecurity program and have a third-party perform a security assessment of our network annually. Additionally, we have application security assessments and SOC 2 certifications performed by a third-party on products where we deem them beneficial.

The company's team of information security professionals (InfoSec Team), conducts vulnerability scans and third-party security assessments of operating systems, network devices, and web-facing applications. We require all Morningstar products to follow enterprise-wide Disaster Recovery (DR) standards. Identified vulnerabilities and DR tasks are assigned to appropriate owners and on a weekly basis we produce a cybersecurity scorecard for each Morningstar product. These scorecards are disseminated to the relevant leadership team.

The InfoSec Team, under the supervision of the chief information security officer (CISO), has also implemented processes to evaluate cybersecurity controls of third-party service providers. As part of the company’s processes for engaging vendors, subcontractors and other third-parties, the InfoSec Team evaluates any such entities that may process confidential information prior to conducting business with them.We also conduct periodic assessments of the security posture of critical third party vendors through the use of formal questionnaires and a review of pertinent documentation provided by those parties, to confirm their continued adherence to our security standards.
Employees undergo annual security awareness training, and a quarterly phishing exercise is conducted. Quarterly security incident tabletop exercises are conducted with appropriate stakeholders to practice response procedures, and an annual tabletop exercise is conducted with the executive leadership team to test our enterprise resilience. The enterprise resilience team manages both disaster recovery as well as business continuity plans in preparation to recover from high-impact events.

We believe that currently we have not encountered a cybersecurity event that has had a material impact on our business, financial condition, or results of our operation. We continue to invest in our IT security infrastructure, InfoSec Program and to enhance our internal controls and processes to help assess, identify, and protect against cybersecurity threats to our business. For a discussion of the risks cybersecurity threats pose to our business strategy, results of operations, and financial condition, please see “Item 1A. Risk Factors — Risks Related to Our Information Technology and Security” in this Report.

Governance

Our experienced InfoSec Team is headed by our CISO, who reports to a member of our executive leadership team. Our CISO holds a Ph.D. in Computer Science with a focus on Cybersecurity and Privacy and has more than 15 years of information security experience. The InfoSec Team is responsible for assessing and managing cybersecurity risks and threats. The InfoSec Team manages our Information Security Program (InfoSec Program), which has oversight of IT risk governance, IT third-party risk management, software and product security, security operations and incident management, IT compliance, technical disaster recovery, and establishing enterprise-wide information security policies and procedures.

Our CISO also meets regularly with senior leaders from the IT, Legal, Audit, and Compliance departments to discuss environmental, regulatory, and technological changes and associated risks to the security and confidentiality of our information.

Our Board of Directors has delegated oversight of cybersecurity risks to the Audit Committee. The Audit Committee reviews and discusses with management risks relating to our cybersecurity and data privacy practices and has oversight of our cybersecurity risks. Our Chief Information Officer (CIO) and CISO provide an update to the Audit Committee at each of its regular meetings, which covers recent trends, identifies emergent risks to our technology infrastructure, Disaster Recovery (DR) plan statistics, employee training metrics, and major updates on security assessments and threat landscape as needed. The Audit Committee is also provided a summary of events and reporting on how any such events were resolved.

Cybersecurity Event Management

We have instituted a specific event management process for the monitoring, prevention, detection, identification, mitigation, and remediation of cybersecurity incidents. Cybersecurity incidents are responded to and managed by our 24-hour Security Operations Center (SOC), and technical outages/accidental occurrences are reviewed and managed by operational teams at the relevant Morningstar product and by the SOC. Upon resolution of a cybersecurity incident, we conduct a retrospective analysis to inform our security and operational efforts going forward. We engage third parties, such as incident response service providers, as appropriate, based on the severity of the cybersecurity event and/or the work required to remediate. Upon identification of a cybersecurity event, we assign a significance rating to the event. All cybersecurity events that meet or exceed designated criteria are escalated to the CISO or CIO. Cybersecurity events which may be significant are further escalated to the Cyber Incident Disclosure Committee (Cyber Committee).
The Cyber Committee consists of the CIO, the CISO, the chief privacy officer, the chief legal officer, the head of corporate communications, and representatives of the affected business unit and/or their respective delegates.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation

We conduct our business operations through wholly-owned operating subsidiaries. The accompanying consolidated financial statements include the accounts of Morningstar, Inc. and our subsidiaries. We consolidate assets, liabilities, and results of operations of subsidiaries in which we have a controlling interest and eliminate all significant intercompany accounts and transactions.
We account for investments in entities in which we exercise significant influence, but do not control, using the equity method.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the US (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. Significant judgments and estimates made by management include assessing goodwill and intangible assets for impairment and revenue recognition. We believe that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consist of cash and investments with original maturities of three months or less. We state them at cost, which approximates fair value. We state the portion of our cash equivalents that are invested in money market funds at fair value, as these funds are actively traded and have quoted market prices.
Investments
Investments and Investments in Unconsolidated Entities

We account for our investments in debt securities in accordance with FASB ASC 320, Investments—Debt Securities (FASB ASC 320). We classify our debt securities into two categories: held-to-maturity and available-for-sale.

•Held-to-maturity: We classify certain investments as held-to-maturity securities, based on our intent and ability to hold these securities to maturity. We record held-to-maturity investments at amortized cost in our Consolidated Balance Sheets.
•Available-for-sale: Investments not considered held-to-maturity or trading securities are classified as available-for-sale securities. We report unrealized gains and losses for available-for-sale securities as other comprehensive income (loss), net of related income taxes. We record these securities at their fair values in our Consolidated Balance Sheets.

We account for our investments in equity securities in accordance with FASB ASC 321, Investments— Equity Securities (FASB ASC 321). We measure equity investments at fair value with the related realized and unrealized gains and losses recognized in our Consolidated Statements of Income. Equity investments without a readily determinable fair value are measured at cost, less impairment, and adjusted for observable price changes in orderly transactions. We will apply this measurement method to the investment until or if it becomes eligible to be measured at fair value, which is reassessed at each reporting period. Investments in equity securities that we do not intend to hold for more than a year are presented in "Investments" in our Consolidated Balance Sheets. Investments in equity securities that we intend to hold for more than one year are included in "Investments in unconsolidated entities" in our Consolidated Balance Sheets.
We account for our equity method investments in accordance with FASB ASC 323, Investments — Equity Method and Joint Ventures (FASB ASC 323). We account for non-marketable equity investments over which we exercise significant influence, but do not have control over the investee, under the equity method. We record our estimated share of earnings or losses in the periods they are reported by the investee and record any dividends as a reduction to the carrying amount of the investment. We evaluate our equity method investments for other than-temporary declines in value. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income in the period the impairment occurs. Our equity method investments are recorded within "Investments in unconsolidated entities" in our Consolidated Balance Sheets.
Fair Value Measurements
Fair Value Measurements

FASB ASC 820, Fair Value Measurements (FASB ASC 820) defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Under FASB ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standard applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.

FASB ASC 820 uses a fair value hierarchy based on three broad levels of valuation inputs:

•    Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access;

•    Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and

•    Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

We provide additional information about items that are measured at fair value in Note 8.
Our investment portfolio consists of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. All investments have a readily determinable fair value based on quoted prices in active markets for identical assets or liabilities that we have the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy.
Business Combinations
Business Combinations

When we acquire a business, we account for the business combination in accordance with FASB ASC 805, Business Combinations (FASB ASC 805). We recognize and measure the fair value of the acquired business and allocate the purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The difference between the purchase price and the estimated fair value of the net assets acquired or the excess of the aggregate estimated fair values of assets acquired and liabilities assumed is recorded as goodwill. In determining the estimated fair values of assets acquired and liabilities assumed in a business combination, we use various recognized valuation methods, including discounted cash flow, Monte Carlo simulations, and relief from royalty. For a business combination achieved in stages, we remeasure our previously held equity interest immediately before the acquisition to the acquisition date fair value and recognize any gains or losses in our Consolidated Statements of Income.
We recognize the fair value of any contingent payments at the date of acquisition as part of the consideration transferred to acquire a business. The liability associated with contingent consideration is remeasured to fair value at each reporting period subsequent to the date of acquisition considering factors that may impact the timing and amount of contingent payments until the term of the agreement has expired or the contingency is resolved. Any changes in the fair value measurement will be recorded in our Consolidated Statements of Income. In evaluating the characterization of contingent and deferred payments, we analyze relevant factors, including the nature of the payment, continuing employment requirements, incremental payments to employees of the acquired business, and timing and rationale underlying the transaction, to determine whether the payments should be accounted for as additional purchase consideration or post-combination related services.

We expense direct costs related to the business combination, such as accounting, legal, valuation, and other professional fees, as incurred. We recognize restructuring costs as post-combination expenses unless the target entity meets the criteria of FASB ASC 420, Exit or Disposal Cost Obligations, on the acquisition date.

As part of the purchase price allocation, we follow the requirements of FASB ASC 740, Income Taxes (FASB ASC 740). This includes establishing deferred tax assets or liabilities reflecting the difference between the values assigned for financial statement purposes and income tax purposes. In certain acquisitions, the goodwill resulting from the purchase price allocation may not be deductible for income tax purposes. FASB ASC 740 prohibits recognition of a deferred tax asset or liability for temporary differences in goodwill if goodwill is not amortizable and deductible for tax purposes.
Goodwill
Goodwill

Changes in the carrying amount of our recorded goodwill are mainly the result of business acquisitions and the effect of foreign currency translations. In accordance with FASB ASC 350, we do not amortize goodwill; instead, goodwill is subject to an impairment test annually or whenever indicators of impairment exist. The test for impairment is performed at the reporting unit level. An impairment would occur if the carrying amount of a reporting unit exceeded the fair value of that reporting unit.
When reviewing goodwill for impairment, we first assess a number of qualitative factors to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying values. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then perform a quantitative impairment test. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying value, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, without exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of a reporting unit using a market approach. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, as well as revenue and earnings multiples of publicly traded companies whose services and markets are comparable.

We performed our annual impairment review in the fourth quarter and did not record any impairment losses in 2025, 2024, and 2023.
Intangible Assets
Intangible Assets

We amortize intangible assets using the straight-line method over their estimated useful lives, which typically range from one to 20 years. We have no intangible assets with indefinite useful lives other than goodwill. In accordance with FASB ASC 360-10-35, Subsequent Measurement—Impairment or Disposal of Long-Lived Assets, we review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, we record an impairment loss based on the excess of the carrying amount over the fair value of the asset group. We did not record any impairment losses in 2025, 2024, and 2023.
Property, Equipment, and Depreciation
Property, Equipment, and Depreciation
We state property and equipment at historical cost, net of accumulated depreciation in accordance with FASB ASC 360-10, Property, Plant, and Equipment. We depreciate property and equipment using the straight-line method based on the useful life of the asset, which ranges from three to seven years. We amortize leasehold improvements over the lease term or their useful lives, whichever is shorter. Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, we record an impairment loss based on the excess of the carrying amount over the fair value of the asset group.
Computer Software and Internal Product Development Costs
Computer Software and Internal Product Development Costs

We capitalize certain costs in accordance with FASB ASC 350-40, Internal-Use Software. Internal product development costs mainly consist of employee and third-party resource costs for developing new web-based products and certain major enhancements of existing products. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
We amortize capitalized software costs on a straight-line basis over the estimated economic life, which is generally three years. We include capitalized software development costs related to projects that have not been placed into service in our construction in progress balance.
Lesses
Leases

We account for our right-of-use assets and operating lease liabilities in accordance with FASB ASC 842, Leases (FASB ASC 842). We determine if a contract is or contains a lease at the inception of the contract. In cases where an agreement contains both lease and non-lease components, we do not allocate consideration between the components. We have elected the practical expedient to account for such components as a single lease component for certain classes of underlying assets when the lease component is predominant.

For identified operating leases, we recognize a lease liability and right-of-use asset on the consolidated balance sheet. The right-of-use asset represents our right to use an underlying asset for the lease term, and the operating lease liability represents our obligation to make lease payments. Right-of-use assets and operating lease liabilities are measured at the commencement date using the present value of future lease payments over the lease term. For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the commencement date of the lease. Right-of-use assets also include initial direct costs incurred by the company, net of prepayments and lease incentives. Operating lease expense is recognized on a straight-line basis over the life of the lease and are recognized as lease expense on the Consolidated Statements of Income.

Some of our lease agreements include variable costs such as real estate taxes, insurance, maintenance, and other operating expenses. Variable costs are recognized as lease expense on the Consolidated Statements of Income.

There are few instances of short-term agreements in our lease portfolio, which are typically arranged as needed and paid on a month-to-month basis. These leases are not recognized on the Consolidated Balance Sheet, but monthly lease expense is recognized on the Consolidated Statements of Income.
For finance leases, we recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization.
Revenue from Contract with Customer
Revenue Recognition

We recognize revenue in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (FASB ASC Topic 606).

Under FASB ASC Topic 606, we recognize revenue by applying the following five-step model to all customer arrangements:

1.Identify the customer contract;
2.Identify the performance obligations in the contract;
3.Determine the transaction price;
4.Allocate the transaction price to the performance obligations; and
5.Recognize revenue when (or as) performance obligations are satisfied.

Revenues are recognized when (or as) performance obligations are satisfied by transferring a promised product or service to the customer. Products or services are transferred when (or as) the customer obtains control of the product or service. The transaction price for a customer arrangement is the amount we expect to be entitled to in exchange for transferring the promised product or service. The transaction price may include fixed amounts, variable amounts, or both. Sales and usage-based taxes are excluded from revenue.

Our contracts with customers may include multiple performance obligations. For most of these arrangements, we generally allocate revenue to each performance obligation based on its estimated standalone selling price. We generally determine standalone selling prices based on prices charged to customers when the same performance obligation is sold separately or historical pricing.

Customers are generally billed quarterly or annually and typically given payment terms of zero to 30 days. When the right to payment exceeds revenue recognized, the result is an increase to deferred revenue. Deferred revenue represents the amount billed or collected in advance of the service being provided, which we expect to recognize as revenue in future periods.
Revenue is derived from the following primary sources:
•License-based arrangements,
•Asset-based arrangements, and
•Transaction-based arrangements.

License-based revenue, which represents subscription services available to customers and not a license under the accounting guidance, is generated through subscription contracts. Our performance obligations under these contracts are typically satisfied over time, as the customer has access to the service during the term of the subscription license and the level of service is consistent during the contract period. Each individual day within the contract period is viewed to be a service and the entirety of the service subscription term is determined to be a series combined into a single performance obligation and recognized over time and on a straight-line basis, typically over noncancellable terms of one to three years.

Asset-based revenue is generated through contracts with daily asset management, which is determined to be a daily performance obligation and thus satisfied over time as the customer receives continuous access to a service for the contract term. Revenue is recognized daily based on the value of assets under management and the tiered fee structure agreed to with the customer. These arrangements typically have noncancellable terms of one to three years. The fees from such arrangements represent variable consideration, and the customer does not make separate purchasing decisions that result in additional performance obligations. Significant changes in the underlying fund assets, or significant disruptions in the market, are evaluated to determine if revisions to estimates of earned asset-based fees for the current quarter are needed. An estimate of the average daily portfolio balance is a key input in determining revenue for a given period. Estimates are based on the most recently reported quarter, and, as a result, it is unlikely a significant reversal of revenue would occur.

Transaction-based revenue is generated through contracts with performance obligations that are satisfied when the product or service is delivered. Certain performance obligations involve issuing a rating and may include ongoing surveillance services for a specified period. We allocate the transaction price to each deliverable based on its relative selling price, typically determined using historical pricing allocations. Revenue for the ratings issuance is recognized at the point in time when the rating is delivered, as this satisfies our performance obligation. Surveillance services provide the customer with continuous access to monitoring throughout the contract term, and because the service level remains consistent, revenue is recognized over time on a straight-line basis.
Sales Commissions
Sales Commissions
We capitalize sales commissions, which are considered directly attributable to obtaining a customer contract under FASB ASC Topic 606 and FASB ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers. Estimates of these capitalized costs are developed by using a portfolio approach that aggregates these costs by legal entity within their geographical regions. Capitalized sales commissions are amortized using the straight-line method over a period that is consistent with the transfer of the products or services to the customer to which the sales commission relates. The period of transfer for each portfolio is the shorter of the weighted-average customer life, or the economic life of the underlying technology that delivers the products or services. The period of transfer has been determined to be approximately three years. Discretionary amounts which are added to sales commission payments are expensed as incurred, as they are not considered to be directly attributable to obtaining a customer contract.
Stock-Based Compensation Expense
Stock-Based Compensation Expense

We account for our stock-based compensation expense in accordance with FASB ASC 718, Compensation—Stock Compensation (FASB ASC 718). Our stock-based compensation expense reflects grants of restricted stock units, market stock units, and performance stock units. We measure the fair value of our restricted stock units and performance stock units on the grant date based on the closing market price of Morningstar's common stock on the day prior to the grant. For market stock units, we estimate the fair value of the awards using a Monte Carlo valuation model. For performance stock units, we estimate the probability of award achievement and adjust our stock-based compensation expense accordingly. We amortize the fair values to stock-based compensation expense, net of estimated forfeitures, ratably over the vesting period.

We estimate expected forfeitures on employee stock-based awards and recognize compensation cost only for those awards expected to vest. We determine forfeiture rates based on historical experience and adjust the estimated forfeitures to actual forfeiture experience, as needed.
Income Taxes
Income Taxes

We record deferred income taxes for the temporary differences between the carrying amount of assets and liabilities for financial statement purposes and tax purposes in accordance with FASB ASC 740, which prescribes the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, and disclosure for uncertain tax positions.

We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in our Consolidated Statements of Income. We classify liabilities related to unrecognized tax benefits as either current or long-term liabilities in our Consolidated Balance Sheet, depending on when we expect to make payment.
Segment Information
Segment Reporting

Under FASB ASC 280, Segment Reporting (FASB ASC 280), operating segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which discrete financial information is available and is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. Aggregation of similar operating segments into a single reportable segment is permitted if the businesses have similar economic characteristics and meet established qualitative criteria.
We have seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and 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 reportable segments and consolidated revenue amounts.
Severance Costs
Severance

We account for post-employment benefits in accordance with FASB ASC 712, Compensation - Nonretirement Postemployment Benefits (FASB ASC 712). Under FASB ASC 712, we recognize compensation expense associated with these benefits as a liability when probable and reasonably estimable.
Accounts Receivable
Accounts Receivables and Allowance for Credit Losses

We account for accounts receivable in accordance with FASB ASC Topic 310, Receivables (FASB ASC 310) and FASB ASC Topic 326, Financial Instruments - Credit Losses (FASB ASC 326). We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. Accounts receivables are measured at amortized cost basis. We evaluate our allowance for credit losses based on a variety of factors, including customer specific information and the current economic environment.
Divestitures
Divestitures

We may sell certain portions of our business from time to time for various reasons. In accordance with FASB ASC 360, Property, Plant, and Equipment (FASB ASC 360), we classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management commits to a plan to sell the disposal group; the disposal group is available for immediate sale; the sale and transfer of the disposal group is expected within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell, and the assets are not depreciated or amortized.

If the disposal group meets the definition of a business, the goodwill within the reporting unit is allocated to the disposal group based on its relative fair value. When the disposal group is a component of a reporting unit, the remaining unallocated goodwill is assessed to determine if any triggering events have occurred in accordance with FASB ASC 350, Intangibles – Goodwill and Other (FASB ASC 350). We assess the fair value of a disposal group, less any costs to sell, each reporting period the disposal group remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group.

We recognize a gain or loss on divestiture activity when we transfer control of the disposal group and when it is probable that we will collect substantially all of the related consideration.
Advertising Cost
Advertising Costs
Advertising costs include expenses for various advertising campaigns, promotional activities, search engine fees, and other related expenses. We expense advertising costs as incurred.
v3.25.4
Investments, Debt and Equity Securities (Policies)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Fair Value Measurements
Fair Value Measurements

FASB ASC 820, Fair Value Measurements (FASB ASC 820) defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Under FASB ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standard applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.

FASB ASC 820 uses a fair value hierarchy based on three broad levels of valuation inputs:

•    Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access;

•    Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly; and

•    Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

We provide additional information about items that are measured at fair value in Note 8.
Our investment portfolio consists of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. All investments have a readily determinable fair value based on quoted prices in active markets for identical assets or liabilities that we have the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Acronyms Used
The acronyms that appear in these Notes to our Consolidated Financial Statements refer to the following:
ASCAccounting Standards Codification
ASUAccounting Standards Update
FASBFinancial Accounting Standards Board
SECSecurities and Exchange Commission
Summary of Depreciation for Internally Developed Software
The table below summarizes our depreciation expense related to capitalized developed software for the past three years:
(in millions)202520242023
Capitalized software depreciation expense$102.7 $94.9 $81.2 
Summary of Capitalized Software Development Costs
The table below summarizes our capitalized software development costs for the past three years:
(in millions)202520242023
Capitalized software development costs$98.0 $106.4 $100.0 
Capitalized Contract Cost
The table below summarizes the amortization of deferred commissions for the past three years:
(in millions)202520242023
Amortization of deferred commissions$47.4 $50.6 $48.6 
Advertising Expense
The table below summarizes our advertising expense for the past three years:

(in millions)202520242023
Advertising expense$41.2 $33.6 $30.6 
v3.25.4
Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Total Debt and Long-term Debt
The following table summarizes our debt as of December 31, 2025 and 2024.
(in millions)As of December 31, 2025As of December 31, 2024
Term Facility, net of unamortized debt issuance costs of $1.5 million and $0.2 million, respectively$373.5 $349.8 
Revolving Credit Facility350.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $0.9 million and $1.2 million, respectively
349.1 348.8 
Total debt$1,072.6 $698.6 
Schedule of Maturities of Long-Term Debt As of December 31, 2025, we expect maturities of the company’s principal debt payments for each of the next five years and thereafter as follows:
(in millions)As of December 31, 2025
2026$— 
2027— 
2028375.0 
2029— 
2030700.0 
Thereafter — 
Total$1,075.0 
v3.25.4
Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
(in millions, except per share amounts)202520242023
Basic net income per share:
Consolidated net income $374.2 $369.9 $141.1 
Weighted average common shares outstanding41.9 42.8 42.6 
Basic net income per share$8.93 $8.64 $3.31 
Diluted net income per share:
Consolidated net income$374.2 $369.9 $141.1 
Weighted average common shares outstanding41.9 42.8 42.6 
Net effect of dilutive stock awards0.3 0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share42.2 43.1 42.9 
Diluted net income per share$8.87 $8.58 $3.29 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our revenue disaggregated by revenue type(1):
Year ended December 31,
(in millions)202520242023
License-based $1,719.2 $1,625.1 $1,517.5 
Asset-based343.0 333.2 279.6 
Transaction-based383.3 316.8 241.5 
Consolidated revenue$2,445.5 $2,275.1 $2,038.6 
____________________________________________________________________________________________
(1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
As of December 31, 2025, we expect to recognize revenue related to our remaining performance obligations as follows:
(in millions)As of December 31, 2025
2026$1,067.4 
2027292.9 
2028117.1 
202932.5 
203010.4 
Thereafter 21.0 
Total$1,541.3 
Contract with Customer, Contract Asset
The following table summarizes our contract assets balance:
As of December 31,
(in millions)20252024
Accounts receivable, less allowance for credit losses$390.4 $358.1 
Deferred commissions65.5 65.8 
Total contract assets$455.9 $423.9 
Contract with Customer, Receivable
The following table presents revenue recognized that was included in the deferred revenue balance at the beginning of the period:
Year ended December 31,
(in millions)202520242023
Revenue recognized that was included in opening deferred revenue$524.1 $480.5 $424.9 
Contract with Customer, Liability The following table summarizes our contract liabilities balance:
As of December 31,
(in millions)20252024
Deferred revenue (current)$586.1 $540.8 
Deferred revenue (non-current)21.0 22.4 
Total contract liabilities$607.1 $563.2 
v3.25.4
Segment and Geographical Area Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present information about the company’s reportable segments for the years ended December 31, 2025, 2024, and 2023 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.
Year ended December 31, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$829.1 $664.5 $20.7 $74.0 $1.7 $1,590.0 
Asset-based— — — 142.5 135.9 278.4 
Transaction-based1.5 7.3 333.7 34.9 — 377.4 
Total segment revenue830.6 671.8 354.4 251.4 137.6 2,245.8 
Less:
Compensation expense(2)
236.0 309.4 181.2 112.5 45.7 
Other segment items(3)
225.2 152.3 58.4 129.3 24.2 
Adjusted operating income$369.4 $210.1 $114.8 $9.6 $67.7 $771.6 

Year ended December 31, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$786.7 $611.6 $16.4 $80.4 $1.8 $1,496.9 
Asset-based— — — 142.3 125.3 267.6 
Transaction-based1.4 6.8 274.7 25.7 — 308.6 
Total segment revenue788.1 618.4 291.1 248.4 127.1 2,073.1 
Less:
Compensation expense(2)
216.1 289.5 162.5 124.6 43.9 
Other segment items(3)
216.6 142.5 53.0 133.1 17.6 
Adjusted operating income (loss)$355.4 $186.4 $75.6 $(9.3)$65.6 $673.7 

Year ended December 31, 2023
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type(1):
License-based$745.5 $551.9 $11.7 $80.8 $1.7 $1,391.6 
Asset-based— — — 122.6 108.5 231.1 
Transaction-based1.7 — 203.7 26.5 0.3 232.2 
Total segment revenue747.2 551.9 215.4 229.9 110.5 1,854.9 
Less:
Compensation expense(2)
173.8 281.0 128.2 151.5 41.0 
Other segment items(3)
233.6 122.8 65.5 118.8 15.4 
Adjusted operating income (loss)$339.8 $148.1 $21.7 $(40.4)$54.1 $523.3 
___________________________________________________________________________________________
(1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.
(2) 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.

(3) 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
Year ended December 31,
(in millions)202520242023
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$2,245.8 $2,073.1 $1,854.9 
Corporate and All Other (4)
199.7 202.0 183.7 
Total consolidated revenue$2,445.5 $2,275.1 $2,038.6 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$771.6 $673.7 $523.3 
Corporate and All Other (5)
(188.7)(179.9)(196.8)
Intangible amortization expense(59.8)(64.5)(70.5)
M&A-related expenses(21.4)(8.5)(9.8)
Other non-recurring items (6)
24.9 64.0 (15.6)
Operating Income526.6 484.8 230.6 
Non-operating income (expense), net(27.6)6.5 (49.1)
Equity in investments of unconsolidated entities(3.3)(17.4)(7.4)
Income before income taxes$495.7 $473.9 $174.1 
___________________________________________________________________________________________
(4) 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 $112.0 million in 2025, $117.3 million in 2024, and $118.2 million in 2023. Revenue from Morningstar Indexes was $87.7 million in 2025, $84.7 million in 2024, and $65.5 million in 2023.

(5) Corporate and All Other includes unallocated corporate expenses of $186.1 million in 2025, $181.4 million in 2024, and $153.5 million in 2023, as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.

(6) Other non-recurring items primarily reflect the gain on sale of US TAMP assets for the years ended December 31, 2025 and 2024. For the year ended December 31, 2023, other non-recurring items reflect costs associated with the significant reduction of the company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations.
Segment, Reconciliation of Other Items from Segments to Consolidated
The following table presents depreciation expense by reportable segment:

Year ended December 31,
(in millions)202520242023
Morningstar Direct Platform$44.7 $37.9 $31.0 
PitchBook33.6 31.8 26.8 
Morningstar Credit8.1 8.9 9.1 
Morningstar Wealth14.9 18.5 15.8 
Morningstar Retirement10.4 10.0 11.0 
Total Reportable Segments111.7 107.1 93.7 
Corporate and All Other (7)
18.3 18.3 19.5 
Total$130.0 $125.4 $113.2 
___________________________________________________________________________________________
(7) 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
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 area
Year ended December 31,
(in millions)202520242023
United States$1,754.9 $1,638.8 $1,470.6 
Asia48.0 49.6 49.3 
Australia65.3 62.4 58.4 
Canada154.9 140.4 116.3 
Continental Europe219.6 203.8 185.5 
United Kingdom189.8 167.4 148.0 
Other13.0 12.7 10.5 
Total International690.6 636.3 568.0 
Consolidated revenue$2,445.5 $2,275.1 $2,038.6 
Property, equipment, and capitalized software, net by geographical area
As of December 31,
(in millions)20252024
United States$178.6 $189.5 
Asia22.8 9.6 
Australia1.1 1.6 
Canada17.9 6.6 
Continental Europe6.3 5.3 
United Kingdom4.9 6.1 
Other0.3 0.2 
Total International53.3 29.4 
Consolidated property, equipment, and capitalized software, net$231.9 $218.9 
Operating lease assets by geographical area
As of December 31,
(in millions)20252024
United States$74.9 $92.9 
Asia48.7 44.2 
Australia1.5 2.4 
Canada7.8 7.7 
Continental Europe16.5 19.1 
United Kingdom9.0 14.7 
Other0.6 0.2 
Total International84.1 88.3 
Consolidated operating lease assets$159.0 $181.2 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Investments We classify our investment portfolio as shown below:
 
As of December 31,
(in millions)20252024
Equity investments$50.0 $42.3 
Available-for-sale debt securities1.5 2.4 
Held-to-maturity debt securities2.7 3.6 
Total$54.2 $48.3 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The tables below show the fair value of items that are measured at fair value using the fair value hierarchy:

 Fair Value as ofLevel within the Fair Value Hierarchy as of 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 $— $— 

 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 

In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates. Refer to Note 11 for more information about our investment in SmartX Advisory Solutions.
v3.25.4
Acquisitions, Goodwill, and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Acquisitions, Goodwill, and Other Intangible Assets [Abstract]  
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
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 January 1, 2024$605.5 $607.4 $108.6 $94.2 $93.5 $1,509.2 $69.6 $1,578.8 
Divestiture of Commodity and Energy Data business (See Note 10)
(3.9)— — — — (3.9)— (3.9)
Foreign currency translation(7.6)— (3.4)(1.5)— (12.5)(0.4)(12.9)
Balance as of December 31, 2024594.0 607.4 105.2 92.7 93.5 1,492.8 69.2 1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 21.3 — — — 21.3 — 21.3 
Foreign currency translation and other14.6 — 4.7 (2.4)— 16.9 0.9 17.8 
Balance as of December 31, 2025$608.6 $628.7 $119.6 $90.3 $93.5 $1,540.7 $70.1 $1,610.8 
Schedule of Intangible Assets
The following table summarizes our intangible assets: 
 As of December 31, 2025As of December 31, 2024
(in millions)GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
Customer-related assets$583.9 $(324.1)$259.8 $572.4 $(281.1)$291.3 
Technology-based assets328.0 (225.5)102.5 301.9 (205.5)96.4 
Intellectual property & other 91.2 (74.2)17.0 88.6 (67.5)21.1 
Total intangible assets$1,003.1 $(623.8)$379.3 $962.9 $(554.1)$408.8 
Schedule of Intangible Asset, Amortization Expense
The following table summarizes our amortization expense related to intangible assets:

(in millions)202520242023
Amortization expense$59.8 $64.5 $70.5 
Schedule of Expected Amortization Expense
Based on acquisitions completed through December 31, 2025, we expect intangible amortization expense for each of the next five years and thereafter as follows:
(in millions)As of December 31, 2025
2026$56.6 
202749.9 
202845.9 
202942.7 
203036.9 
Thereafter147.3 
Total$379.3 
v3.25.4
Investments in Unconsolidated Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments in Unconsolidated Entities [Abstract]  
Schedule of Equity Method And Cost Method Investments
Our investments in unconsolidated entities consist primarily of the following:
As of December 31,
(in millions)20252024
Investment in SmartX Advisory Solutions$24.7 $24.7 
Non-current investment in Wealth Advisors— 24.9 
Equity method investments6.3 19.3 
Other investments in unconsolidated entities19.3 16.4 
Total investments in unconsolidated entities$50.3 $85.3 
v3.25.4
Property, Equipment, and Capitalized Software (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment, and Capitalized Software by Major Category
The following table shows our property, equipment, and capitalized software, net summarized by major category:
As of December 31,
(in millions)20252024
Capitalized software$826.7 $745.1 
Computer equipment108.6 96.9 
Furniture and fixtures46.3 40.0 
Leasehold improvements136.1 113.9 
Telephone equipment1.2 1.2 
Construction in progress12.9 12.2 
Property, equipment, and capitalized software, at cost1,131.8 1,009.3 
Less: accumulated depreciation(899.9)(790.4)
Property, equipment, and capitalized software, net$231.9 $218.9 
Summary of Depreciation Expense
The following table summarizes our depreciation expense:
(in millions)202520242023
Depreciation expense$130.0 $125.4 $113.2 
v3.25.4
Leases Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases, Operating [Abstract]  
Operating leases
The following table presents the components of lease cost:
(in millions)202520242023
Operating lease cost$45.2 $44.1 $47.6 
Variable lease cost$17.0 $14.9 $18.0 

The following table presents other information related to operating leases:
(in millions)202520242023
Cash paid for amounts included in the measurement for operating lease liabilities $44.6 $43.9 $45.3 
Right of use assets obtained in exchange for operating lease liability$13.8 $54.4 $11.1 
Lessee, Operating Lease, Liability, to be Paid, Maturity
As of December 31, 2025, our minimum future operating lease commitments due in each of the next five years and thereafter are as follows:
(in millions)As of December 31, 2025
2026$49.5 
202742.9 
202835.5 
202924.1 
203017.5 
Thereafter47.6 
Total minimum lease commitments217.1 
Adjustment for discount to present value28.6 
Present value of lease liabilities
$188.5 
Schedule of Lease Terms and Discount Rates
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of December 31, 2025
Weighted-average remaining lease term (in years)5.6
Weighted-average discount rate4.6 %
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Available for Future Grants
The following table summarizes the number of shares available for future grants under our 2021 Plan:
(in millions)As of December 31, 2025
Shares available for future grants1.7 
Schedule of Stock-Based Compensation Expense
The following table summarizes our stock-based compensation expense and the related income tax benefit we recorded in the past three years:
Year ended December 31,
(in millions)202520242023
Restricted stock units$37.1 $38.4 $38.8 
Market stock units17.2 16.2 7.5 
Performance stock units2.1 0.1 6.5 
Total stock-based compensation expense$56.4 $54.7 $52.8 
Income tax benefit related to the stock-based compensation expense$11.3 $11.2 $10.3 
Allocation of Stock-based Compensation Expense
The following table summarizes the stock-based compensation expense included in each of our operating expense categories for the past three years:
Year ended December 31,
(in millions)202520242023
Cost of revenue$26.4 $23.3 $23.8 
Sales and marketing8.4 9.0 8.3 
General and administrative21.6 22.4 20.7 
Total stock-based compensation expense$56.4 $54.7 $52.8 
Schedule of Uncategorized Stock-Based Compensation Expense
The following table summarizes the amount of unrecognized stock-based compensation expense as of December 31, 2025 and the expected number of months over which the expense will be recognized:
Unrecognized stock-based compensation expense (in millions)Weighted average expected amortization period (months)
Restricted stock units$49.0 30
Market stock units23.4 26
Performance stock units0.9 16
Total unrecognized stock-based compensation expense$73.3 29
Schedule of Restricted Stock Units Award Activity
The following table summarizes restricted stock unit activity during the year:
Restricted Stock Units (RSUs)SharesWeighted Average Grant Date Fair Value
RSUs Outstanding - December 31, 2024280,859 $254.75 
Granted198,103 291.72 
Vested(197,591)272.56 
Forfeited(22,146)269.39 
RSUs Outstanding - December 31, 2025259,225 $268.17 
Market Units, Valuation Assumptions
We used the following assumptions to estimate the fair value of our MSUs:
Assumptions for Monte Carlo Valuation Model
Grant DateExpected volatilityDividend yieldRisk-free interest rate
May 15, 202331.7 %0.79 %3.65 %
November 15, 202331.9 %0.56 %4.56 %
May 15, 202431.1 %0.54 %4.62 %
November 15, 202431.1 %0.47 %4.30 %
May 15, 202529.6 %0.59 %4.05 %
November 15, 202527.3 %0.86 %3.61 %
Schedule of Market Stocks Units
The following table summarizes market stock unit activity during the year:
Market Stock Units (MSUs)SharesWeighted Average Grant Date Fair Value
MSUs Outstanding - December 31, 2024169,859 $277.37 
Granted66,826 261.48 
Vested(31,409)235.69 
Forfeited(35,823)278.51 
MSUs Outstanding - December 31, 2025169,453 $278.59 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]
The following table summarizes performance stock unit activity during the year:
Performance Stock Units (PSUs)SharesWeighted Average Grant Date Fair Value
PSUs Outstanding - December 31, 202444,644 $295.14 
Granted(1)
42,022 306.41 
Vested(866)242.95 
Forfeited(9,806)302.03 
PSUs Outstanding - December 31, 202575,994 $301.08 
___________________________________________________________________________________________
(1) Includes 42,009 stretch PSUs granted at the base number of shares issuable under the agreement; for these awards, zero percent is earned for target performance and up to 200% of the base number can be earned for performance exceeding target. The number of shares issuable under the stretch PSUs can range from zero to 84,018.
v3.25.4
Defined Contribution Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Contribution Plan [Abstract]  
Schedule of Defined Contribution Plan, Employer Matching Contributions
The following table summarizes our matching contributions:
(in millions)202520242023
401(k) matching contributions$22.3 $22.9 $22.1 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Operating Loss Carryforwards [Line Items]  
Schedule of Income Tax Expense and Effective Tax Rate
The following table shows our income tax expense and our effective tax rate for the years ended December 31, 2025, 2024, and 2023:
(in millions)202520242023
Income before income taxes and equity in investments of unconsolidated entities$499.0 $491.3 $181.5 
Equity in investments of unconsolidated entities(3.3)(17.4)(7.4)
Income before income taxes$495.7 $473.9 $174.1 
Income tax expense$121.5 $104.0 $33.0 
Effective tax rate24.5 %21.9 %19.0 %
Schedule of Effective Income Tax Rate Reconciliation For the year ended December 31, 2025, the following table reconciles our income tax expense at the US federal income tax rate to income tax expense as recorded:
2025
(in millions, except percentages)Amount%
Income tax expense at US federal rate$104.1 21.0 %
State and local income tax, net of federal income tax effect(1)
20.0 4.0 %
Foreign tax effects
Canada
State and local6.0 1.2 %
Other(2.2)(0.4)%
Other foreign jurisdictions5.1 1.0 %
Effects of changes in tax laws or rates enacted in the current period— — %
Effect of cross-border tax laws
Foreign-derived intangible income deduction(17.4)(3.5)%
US tax on foreign branches, net of foreign tax credits(7.5)(1.5)%
Other2.3 0.5 %
Tax credits(4.1)(0.8)%
Changes in valuation allowances
Valuation allowance on foreign tax credits8.1 1.6 %
Other0.6 0.1 %
Nontaxable or nondeductible items5.2 1.0 %
Changes in unrecognized tax benefits1.3 0.3 %
Total income tax expense$121.5 24.5 %
__________________________________________________________________________________________________________________________________________________________
(1) State taxes in California, Illinois, New York City, and New York State make up the majority of the tax effect in this category.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU No. 2023-09, the following table reconciles our income tax expense at the US federal income tax rate to income tax expense as recorded:
20242023
(in millions, except percentages)Amount%Amount%
Income tax expense at US federal rate$99.5 21.0 %$36.6 21.0 %
State income taxes, net of federal income tax benefit18.4 3.9 %7.3 4.2 %
Stock-based compensation activity(2.3)(0.5)%1.6 0.9 %
Equity in net income (loss) of unconsolidated subsidiaries (including holding gains upon acquisition) 3.4 0.7 %1.1 0.6 %
Gain on Sale of Business(9.7)(2.0)%— — %
Net change in valuation allowance related to deferred tax assets, including net operating losses0.5 0.1 %(3.2)(1.8)%
Difference between US federal statutory and foreign tax rates and other impacts of foreign operations0.4 0.1 %1.7 1.0 %
Change in unrecognized tax benefits2.9 0.6 %(9.8)(5.6)%
Credits and incentives(5.9)(1.2)%(4.1)(2.4)%
Foreign tax provisions (GILTI, FDII, and BEAT)(2)
(16.1)(3.4)%(0.2)(0.1)%
Change in deferred taxes with respect to unremitted foreign earnings6.8 1.4 %— — %
Non-deductible expenses and other, net6.1 1.2 %2.0 1.2 %
Total income tax expense$104.0 21.9 %$33.0 19.0 %
___________________________________________________________________________________________
(2) The Tax Reform Act established the Global Intangible Low-Tax Income (GILTI) provision, which taxes US allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (FDII) provision, which allows a deduction against certain types of US taxable income resulting in a lower effective US tax rate on such income; and the Base Erosion Anti-Abuse Tax (BEAT), which is a minimum tax based on cross-border service payments by US entities.
Schedule of Components of Income Tax Expense
The following table shows the components of our income tax expense:
Year ended December 31,
(in millions)202520242023
Current tax expense:
US
Federal$86.7 $74.3 $27.7 
State31.7 30.0 13.4 
Non-US45.4 34.3 24.3 
Current tax expense163.8 138.6 65.4 
Deferred tax expense (benefit):
US
Federal(29.1)(17.6)(15.6)
State(6.3)(6.5)(4.2)
Non-US(6.9)(10.5)(12.6)
Deferred tax expense, net(42.3)(34.6)(32.4)
Income tax expense$121.5 $104.0 $33.0 
Schedule of Income before Income Tax
The following table provides our income before income taxes and equity in investments of unconsolidated entities, generated by our US and non-US operations:
Year ended December 31,
(in millions)202520242023
US$357.5 $400.8 $101.4 
Non-US141.5 90.5 80.1 
Income before income taxes and equity in investments of unconsolidated entities$499.0 $491.3 $181.5 
Schedule of Deferred Tax Assets and Liabilities The tax effects of the temporary differences that give rise to the deferred income tax assets and liabilities are as follows:
As of December 31,
(in millions)20252024
Deferred tax assets:
Stock-based compensation$9.4 $7.8 
Accrued liabilities34.2 33.5 
Deferred revenue5.3 6.7 
Net operating loss carryforwards - US0.3 — 
Net operating loss carryforwards - Non-US21.7 18.9 
Capitalized expenses128.0 102.7 
Allowance for doubtful accounts2.6 2.4 
Lease liabilities 37.5 35.9 
Investments in unconsolidated entities2.1 — 
Capital loss and other carryforwards20.3 12.9 
Other0.1 — 
Total deferred tax assets261.5 220.8 
Deferred tax liabilities:
Acquired intangible assets(74.6)(68.5)
Property, equipment, and capitalized software(34.8)(39.6)
Lease right-of-use assets(32.7)(31.4)
Unrealized exchange gains, net(1.3)(1.7)
Prepaid expenses(18.5)(19.3)
Investments in unconsolidated entities— (11.4)
Withholding tax - foreign dividends— (7.1)
Total deferred tax liabilities(161.9)(179.0)
Net deferred tax asset before valuation allowance99.6 41.8 
Valuation allowance(48.1)(26.2)
Deferred tax asset (liability)$51.5 $15.6 
Schedule of Deferred Tax Assets and Liabilities Included in Consolidated Balance Sheets
The deferred tax assets and liabilities are presented in our Consolidated Balance Sheets as follows:
As of December 31,
(in millions)20252024
Deferred tax asset, net$78.7 $43.2 
Deferred tax liability, net(27.2)(27.6)
Deferred tax asset (liability), net$51.5 $15.6 
Summary of Operating Loss Carryforwards
The following table summarizes our US net operating loss (NOL) carryforwards:
As of December 31,
(in millions)20252024
US federal NOLs subject to expiration dates$— $— 
US federal NOLs with no expiration dates1.5 — 
Total$1.5 $— 
Summary of Income Tax Examinations The following table summarizes our gross liability for interest and penalties:
As of December 31,
(in millions)20252024
Liabilities for interest and penalties$1.7 $1.3 
Schedule of Unrecognized Tax Benefits Roll Forward
The table below reconciles the beginning and ending amount of the gross unrecognized tax benefits as follows:
(in millions)20252024
Gross unrecognized tax benefits - beginning of the year$11.1 $13.0 
Increases as a result of tax positions taken during a prior-year period0.8 0.9 
Decreases as a result of tax positions taken during a prior-year period— (0.1)
Increases as a result of tax positions taken during the current period2.3 2.1 
Decreases relating to settlements with tax authorities— (4.7)
Decreases as a result of lapse of the applicable statute of limitations(1.9)(0.1)
Gross unrecognized tax benefits - end of the year$12.3 $11.1 
Schedule of Cash Flow, Supplemental Disclosures
The following table shows cash paid for income taxes, net of refunds, for the year ended December 31, 2025:
(in millions)2025
US federal income taxes$77.9 
US state and local income taxes:
New York state8.8 
Other25.4 
Total state income taxes34.2 
Foreign income taxes:
Canada - Federal16.0 
Canada - Ontario8.7 
India13.2 
Other21.8 
Total foreign income taxes59.7 
Total cash paid for income taxes$171.8 
Non-U.S. [Member]  
Operating Loss Carryforwards [Line Items]  
Summary of Operating Loss Carryforwards
The following table summarizes our NOL carryforwards for our non-US operations:
As of December 31,
(in millions)20252024
Non-US NOLs subject to expiration dates from 2027 through 2035$19.7 $22.8 
Non-US NOLs with no expiration date66.4 51.9 
Total$86.1 $74.7 
Non-US NOLs not subject to valuation allowances$10.1 $15.3 
v3.25.4
Description of Business (Details)
Dec. 31, 2025
Countries
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of countries in which entity operates 32
v3.25.4
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Depreciation expense $ 130.0 $ 125.4 $ 113.2
Capitalized software development costs $ 98.0 106.4 100.0
Property, Equipment, and Depreciation
Property, Equipment, and Depreciation
We state property and equipment at historical cost, net of accumulated depreciation in accordance with FASB ASC 360-10, Property, Plant, and Equipment. We depreciate property and equipment using the straight-line method based on the useful life of the asset, which ranges from three to seven years. We amortize leasehold improvements over the lease term or their useful lives, whichever is shorter. Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, we record an impairment loss based on the excess of the carrying amount over the fair value of the asset group. 		   
Capitalized Contract Cost [Line Items]      
Amortization of Deferred Sales Commissions $ 47.4 50.6 48.6
Advertising Expense $ 41.2 33.6 30.6
Minimum [Member]      
Business Combination [Line Items]      
Asset useful life 3 years    
Intangible assets useful life 1 year    
Revenue timing of cash payments 0 days    
Revenue performance period 1 year    
Maximum [Member]      
Business Combination [Line Items]      
Asset useful life 7 years    
Intangible assets useful life 20 years    
Revenue timing of cash payments 30 days    
Revenue performance period 3 years    
Sales commissions, period of transfer 3 years    
Internally developed software expense [Member]      
Business Combination [Line Items]      
Depreciation expense $ 102.7 $ 94.9 $ 81.2
Capitalized software [Member]      
Business Combination [Line Items]      
Asset useful life 3 years    
License-based | Minimum [Member]      
Business Combination [Line Items]      
Revenue performance period 1 year    
License-based | Maximum [Member]      
Business Combination [Line Items]      
Revenue performance period 3 years    
Asset-based | Minimum [Member]      
Business Combination [Line Items]      
Revenue performance period 1 year    
Asset-based | Maximum [Member]      
Business Combination [Line Items]      
Revenue performance period 3 years    
v3.25.4
Credit Arrangements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2025
Oct. 31, 2025
Dec. 31, 2024
Sep. 30, 2022
May 06, 2022
Oct. 26, 2020
Line of Credit Facility [Line Items]              
Maximum borrowing capacity         $ 650.0    
Long-term debt   $ 1,072.6   $ 698.6      
Long-term debt, outstanding   723.5          
Long-term Debt, Excluding Current Maturities   1,072.6   698.6      
Letters of Credit Outstanding, Maximum Amount   50.0          
Swingline Facility Sublimit   100.0          
Long-Term Debt, Maturities, Repayments of Principal in Next Rolling 12 Months   0.0          
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Two   0.0          
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three   375.0          
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four   0.0          
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Five   700.0          
Long-Term Debt, Maturities, Repayments of Principal in Rolling after Year Five   0.0          
Long-Term Debt, Gross   1,075.0          
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit agreement [Member]              
Line of Credit Facility [Line Items]              
Basis spread on variable rate debt 1.00%            
Private Placement              
Line of Credit Facility [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage             2.32%
Other Long-term Debt             $ 350.0
Other Long-term Debt             $ 350.0
October 2025 Revolving Credit Facility | Credit agreement [Member]              
Line of Credit Facility [Line Items]              
Long-term Debt   $ 350.0          
Medium-Term Note [Member] | Term Loan Facility [Member]              
Line of Credit Facility [Line Items]              
Long-term Debt       349.8      
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%          
Line of Credit [Member] | July 2019 Revolving Credit Facility [Member] | Credit agreement [Member]              
Line of Credit Facility [Line Items]              
Long-term Debt       0.0      
Line of Credit [Member] | May 2022 Revolving Credit Facility | Credit agreement [Member]              
Line of Credit Facility [Line Items]              
Long-term Debt   $ 350.0          
Maximum borrowing capacity           $ 450.0  
Line of Credit [Member] | May 6, 2022 Credit Agreement | Line of Credit [Member]              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity           1,100.0  
Line of Credit [Member] | September 30, 2022, Credit Agreement Second Amendment [Member] | Line of Credit [Member]              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity         $ 1,300.0    
Line of Credit [Member] | October 31, 2025 Credit Agreement | Line of Credit [Member]              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity     $ 1,500.0        
Line of Credit [Member] | October 2025 Revolving Credit Facility | Credit agreement [Member]              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity     750.0        
Remaining borrowing capacity   400.0          
Notes Payable, Other Payables | Private Placement Financing              
Line of Credit Facility [Line Items]              
Long-term Debt   $ 349.1   $ 348.8      
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 | May 6, 2022 Term Loan              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity           $ 650.0  
Long-Term Debt | October 2025 Term Facility              
Line of Credit Facility [Line Items]              
Long-term Debt   $ 373.5          
Maximum borrowing capacity     375.0        
Long-Term Debt | October 2025 Deayed Draw Term Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity     $ 375.0        
Remaining borrowing capacity   $ 375.0          
v3.25.4
Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic net income per share:      
Consolidated net income   $ 369.9 $ 141.1
Weighted average common shares outstanding (in shares) 41.9 42.8 42.6
Basic net income per share (in dollars per share) $ 8.93 $ 8.64 $ 3.31
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 374.2 $ 369.9 $ 141.1
Diluted net income per share:      
Consolidated net income   $ 369.9 $ 141.1
Weighted average common shares outstanding (in shares) 41.9 42.8 42.6
Net effect of dilutive stock options and restricted stock units (in shares) 0.3 0.3 0.3
Weighted average common shares outstanding for computing diluted income per share (in shares) 42.2 43.1 42.9
Diluted net income per share (in dollars per share) $ 8.87 $ 8.58 $ 3.29
v3.25.4
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Consolidated revenue $ 2,445.5 $ 2,275.1 $ 2,038.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Disaggregation of Revenue [Line Items]      
Revenue performance period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Disaggregation of Revenue [Line Items]      
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 performance period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01      
Disaggregation of Revenue [Line Items]      
Revenue performance period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Disaggregation of Revenue [Line Items]      
Revenue performance period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01      
Disaggregation of Revenue [Line Items]      
Revenue performance period 1 year    
License-based      
Disaggregation of Revenue [Line Items]      
Consolidated revenue $ 1,719.2 1,625.1 1,517.5
Asset-based      
Disaggregation of Revenue [Line Items]      
Consolidated revenue 343.0 333.2 279.6
Transaction-based      
Disaggregation of Revenue [Line Items]      
Consolidated revenue $ 383.3 $ 316.8 $ 241.5
v3.25.4
Revenue (Disaggregation of Revenue, Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 2,445.5 $ 2,275.1 $ 2,038.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 1 year    
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 1 year    
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 1 year    
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 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 1 year    
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 $ 1,719.2 1,625.1 1,517.5
Licensed-based Revenue | Minimum [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 1 year    
Licensed-based Revenue | Maximum [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 3 years    
Asset-based Revenue      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 343.0 $ 333.2 $ 279.6
Asset-based Revenue | Minimum [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 1 year    
Asset-based Revenue | Maximum [Member]      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue performance period 3 years    
v3.25.4
Revenue (Contract Liabilities, Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract liability $ 607.1 $ 563.2
Minimum [Member]    
Disaggregation of Revenue [Line Items]    
Revenue performance period 1 year  
Maximum [Member]    
Disaggregation of Revenue [Line Items]    
Revenue performance period 3 years  
v3.25.4
Revenue (Contract Liabilities, Expected Recognition) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 1,541.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 1,067.4
Revenue performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 292.9
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, remaining performance obligation $ 117.1
Revenue performance period 1 year
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, remaining performance obligation $ 32.5
Revenue performance period 1 year
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, remaining performance obligation $ 10.4
Revenue performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 21.0
Revenue performance period 1 year
v3.25.4
Revenue (Summary of Contract Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, less allowance for credit losses $ 390.4 $ 358.1
Deferred commissions 65.5 65.8
Total contract assets $ 455.9 $ 423.9
v3.25.4
Revenue Contract Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Deferred revenue $ 586.1 $ 540.8  
Deferred revenue 21.0 22.4  
Contract with Customer, Liability 607.1 563.2  
Contract with Customer, Liability, Revenue Recognized $ 524.1 $ 480.5 $ 424.9
v3.25.4
Segment Reporting (Details) - Table 1
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segments
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Revenue $ 2,445.5 $ 2,275.1 $ 2,038.6
Number of Operating Segments | segments 7    
Number of Reportable Segments | segments 5    
Operating Segments      
Segment Reporting Information [Line Items]      
Revenue $ 2,245.8 2,073.1 1,854.9
Reportable Segment Profitability 771.6 673.7 523.3
Morningstar Data and Analytics Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 830.6 788.1 747.2
Compensation Expense, Excluding Cost of Good and Service Sold 236.0 216.1 173.8
Segment Reporting, Other Segment Item, Amount 225.2 216.6 233.6
Morningstar Data and Analytics Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Reportable Segment Profitability 369.4 355.4 339.8
PitchBook Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 671.8 618.4 551.9
Compensation Expense, Excluding Cost of Good and Service Sold 309.4 289.5 281.0
Segment Reporting, Other Segment Item, Amount 152.3 142.5 122.8
PitchBook Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Reportable Segment Profitability 210.1 186.4 148.1
Morningstar Wealth Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 251.4 248.4 229.9
Compensation Expense, Excluding Cost of Good and Service Sold 112.5 124.6 151.5
Segment Reporting, Other Segment Item, Amount 129.3 133.1 118.8
Morningstar Wealth Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Reportable Segment Profitability 9.6 (9.3) (40.4)
Morningstar Credit Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 354.4 291.1 215.4
Compensation Expense, Excluding Cost of Good and Service Sold 181.2 162.5 128.2
Segment Reporting, Other Segment Item, Amount 58.4 53.0 65.5
Morningstar Credit Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Reportable Segment Profitability 114.8 75.6 21.7
Morningstar Retirement Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 137.6 127.1 110.5
Compensation Expense, Excluding Cost of Good and Service Sold 45.7 43.9 41.0
Segment Reporting, Other Segment Item, Amount 24.2 17.6 15.4
Morningstar Retirement Segment [Member] | Operating Segments      
Segment Reporting Information [Line Items]      
Reportable Segment Profitability 67.7 65.6 54.1
Corporate Segment and Other Operating Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 199.7 202.0 183.7
Reportable Segment Profitability (188.7) (179.9) (196.8)
License-based | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,590.0 1,496.9 1,391.6
License-based | Morningstar Data and Analytics Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 829.1 786.7 745.5
License-based | PitchBook Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 664.5 611.6 551.9
License-based | Morningstar Wealth Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 74.0 80.4 80.8
License-based | Morningstar Credit Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 20.7 16.4 11.7
License-based | Morningstar Retirement Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 1.7 1.8 1.7
Asset-based | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 278.4 267.6 231.1
Asset-based | Morningstar Data and Analytics Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 0.0 0.0 0.0
Asset-based | PitchBook Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 0.0 0.0 0.0
Asset-based | Morningstar Wealth Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 142.5 142.3 122.6
Asset-based | Morningstar Credit Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 0.0 0.0 0.0
Asset-based | Morningstar Retirement Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 135.9 125.3 108.5
Transaction-based | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 377.4 308.6 232.2
Transaction-based | Morningstar Data and Analytics Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 1.5 1.4 1.7
Transaction-based | PitchBook Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 7.3 6.8 0.0
Transaction-based | Morningstar Wealth Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 34.9 25.7 26.5
Transaction-based | Morningstar Credit Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue 333.7 274.7 203.7
Transaction-based | Morningstar Retirement Segment [Member]      
Segment Reporting Information [Line Items]      
Revenue $ 0.0 $ 0.0 $ 0.3
v3.25.4
Segment Reporting (Details) - Table 2 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue $ 2,445.5 $ 2,275.1 $ 2,038.6
Amortization expense (59.8) (64.5) (70.5)
Business Combination, Acquisition and Integration Related Costs (21.4) (8.5) (9.8)
Gain on sale of customer assets   64.0  
Other operating income 24.9 64.0 (15.6)
Operating income 526.6 484.8 230.6
Non-operating income (expense), net (27.6) 6.5 (49.1)
Equity in investments of unconsolidated entities (3.3) (17.4) (7.4)
Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign 495.7 473.9 174.1
Unallocated Corporate Expenses 186.1 181.4 153.5
Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 2,245.8 2,073.1 1,854.9
Reportable Segment Profitability 771.6 673.7 523.3
Morningstar Data and Analytics Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 830.6 788.1 747.2
Morningstar Data and Analytics Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Reportable Segment Profitability 369.4 355.4 339.8
PitchBook Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 671.8 618.4 551.9
PitchBook Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Reportable Segment Profitability 210.1 186.4 148.1
Morningstar Wealth Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 251.4 248.4 229.9
Morningstar Wealth Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Reportable Segment Profitability 9.6 (9.3) (40.4)
Morningstar Credit Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 354.4 291.1 215.4
Morningstar Credit Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Reportable Segment Profitability 114.8 75.6 21.7
Morningstar Retirement Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 137.6 127.1 110.5
Morningstar Retirement Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Reportable Segment Profitability 67.7 65.6 54.1
Corporate Segment and Other Operating Segment | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 199.7 202.0 183.7
Reportable Segment Profitability (188.7) (179.9) (196.8)
Morningstar Sustainalytics [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue 112.0 117.3 118.2
Morningstar Indexes [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Revenue $ 87.7 $ 84.7 $ 65.5
v3.25.4
Segment Reporting (Details) - Table 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense $ 130.0 $ 125.4 $ 113.2
Stock-based compensation expense 56.4 54.7 52.8
Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 111.7 107.1 93.7
Morningstar Data and Analytics Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 44.7 37.9 31.0
PitchBook Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 33.6 31.8 26.8
Morningstar Wealth Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 14.9 18.5 15.8
Morningstar Credit Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 8.1 8.9 9.1
Morningstar Retirement Segment [Member] | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense 10.4 10.0 11.0
Corporate Segment and Other Operating Segment | Operating Segments      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Depreciation expense $ 18.3 $ 18.3 $ 19.5
v3.25.4
Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 2,445.5 $ 2,275.1 $ 2,038.6
Long-lived assets 231.9 218.9  
Operating lease assets 159.0 181.2  
United States [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 1,754.9 1,638.8 1,470.6
Long-lived assets 178.6 189.5  
Operating lease assets 74.9 92.9  
UNITED KINGDOM      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 189.8 167.4 148.0
Long-lived assets 4.9 6.1  
Operating lease assets 9.0 14.7  
Europe excluding the United Kingdom [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 219.6 203.8 185.5
Long-lived assets 6.3 5.3  
Operating lease assets 16.5 19.1  
AUSTRALIA      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 65.3 62.4 58.4
Long-lived assets 1.1 1.6  
Operating lease assets 1.5 2.4  
CANADA      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 154.9 140.4 116.3
Long-lived assets 17.9 6.6  
Operating lease assets 7.8 7.7  
Asia [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 48.0 49.6 49.3
Long-lived assets 22.8 9.6  
Operating lease assets 48.7 44.2  
Segment, Geographical, Group of Other Countries [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 13.0 12.7 10.5
Long-lived assets 0.3 0.2  
Operating lease assets 0.6 0.2  
Non United States [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 690.6 636.3 $ 568.0
Long-lived assets 53.3 29.4  
Operating lease assets $ 84.1 $ 88.3  
v3.25.4
Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Equity investments $ 50.0 $ 42.3
Available-for-sale debt securities 1.5 2.4
Held-to-maturity debt securities 2.7 3.6
Total $ 54.2 $ 48.3
v3.25.4
Fair Value Measurements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments $ 50.0 $ 42.3
Available-for-sale debt securities 1.5 2.4
Cost method investments 19.3 16.4
Equity method investment, other than temporary impairment 0.0 12.4
SmartX    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments   24.7
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value disclosure 40.1 43.5
Investments, fair value disclosure 91.6 113.1
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 50.0 42.3
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1.5 2.4
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SmartX    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities   0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Wealth Advisors    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments   24.9
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value disclosure 0.0 0.0
Investments, fair value disclosure 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SmartX    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities   0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Wealth Advisors    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments   0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value disclosure 0.0 0.0
Investments, fair value disclosure 0.0 24.7
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SmartX    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities   24.7
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Wealth Advisors    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments   0.0
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value disclosure 40.1 43.5
Investments, fair value disclosure 91.6 137.8
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 50.0 42.3
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Debt Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale debt securities 1.5 2.4
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | SmartX    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments 24.7  
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Wealth Advisors    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cost method investments $ 0.0 $ 24.9
v3.25.4
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived - USD ($)
 12 Months Ended
Feb. 02, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 01, 2025
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill impairment loss   $ 0 $ 0 $ 0  
Impairment of intangible assets   0 $ 0 $ 0  
Subsequent event          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Cash paid to acquire the entity $ 365,000,000        
DealX          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   9,700,000      
Finite-lived Intangible Assets Acquired   13,100,000      
Percentage of voting interests acquired         65.00%
DealX | Customer-related intangible assets [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 600,000      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   10 years      
DealX | Technology-based assets [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 12,500,000      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   5 years      
Lumonic          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   $ 21,300,000      
Finite-lived Intangible Assets Acquired   10,600,000      
Lumonic | Customer-related intangible assets [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 1,400,000      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   15 years      
Lumonic | Technology-based assets [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 9,100,000      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   8 years      
Lumonic | Intellectual property [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Finite-lived Intangible Assets Acquired   $ 100,000      
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   3 years      
Operating Segments | DealX          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   $ 9,700,000      
Operating Segments | DealX | Morningstar Credit Segment [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   9,700,000      
Operating Segments | Lumonic          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   21,300,000      
Operating Segments | Lumonic | Morningstar Credit Segment [Member]          
Intangible Asset, Acquired, Indefinite-Lived [Line Items]          
Goodwill, Acquired During Period   $ 0      
v3.25.4
Acquisitions, Goodwill, and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, Beginning Balance $ 1,562.0 $ 1,578.8
Goodwill, Foreign Currency Translation, Gain (Loss) 17.8 12.9
Goodwill, Ending Balance 1,610.8 1,562.0
Goodwill, Written off Related to Sale of Business Unit   (3.9)
Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 1,492.8 1,509.2
Goodwill, Foreign Currency Translation, Gain (Loss) 16.9 12.5
Goodwill, Ending Balance 1,540.7 1,492.8
Goodwill, Written off Related to Sale of Business Unit   (3.9)
Morningstar Credit Segment [Member]    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 105.2 108.6
Goodwill, Foreign Currency Translation, Gain (Loss) 4.7 3.4
Goodwill, Ending Balance 119.6 105.2
Morningstar Credit Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   0.0
PitchBook Segment [Member]    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 607.4 607.4
Goodwill, Foreign Currency Translation, Gain (Loss) 0.0 0.0
Goodwill, Ending Balance 628.7 607.4
PitchBook Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   0.0
Morningstar Data and Analytics Segment [Member]    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 594.0 605.5
Goodwill, Foreign Currency Translation, Gain (Loss) 14.6 7.6
Goodwill, Ending Balance 608.6 594.0
Morningstar Data and Analytics Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   (3.9)
Morningstar Retirement Segment [Member]    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 93.5 93.5
Goodwill, Foreign Currency Translation, Gain (Loss) 0.0 0.0
Goodwill, Ending Balance 93.5 93.5
Morningstar Retirement Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   0.0
Corporate Segment and Other Operating Segment    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 69.2 69.6
Goodwill, Foreign Currency Translation, Gain (Loss) 0.9 0.4
Goodwill, Ending Balance 70.1 69.2
Corporate Segment and Other Operating Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   0.0
Morningstar Wealth Segment [Member]    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 92.7 94.2
Goodwill, Foreign Currency Translation, Gain (Loss) (2.4) 1.5
Goodwill, Ending Balance 90.3 92.7
Morningstar Wealth Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Written off Related to Sale of Business Unit   $ 0.0
DealX    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 9.7  
DealX | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 9.7  
DealX | Morningstar Credit Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 9.7  
DealX | PitchBook Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Data and Analytics Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Retirement Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
DealX | Corporate Segment and Other Operating Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
DealX | Morningstar Wealth Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
Lumonic    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 21.3  
Lumonic | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 21.3  
Lumonic | Morningstar Credit Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
Lumonic | PitchBook Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 21.3  
Lumonic | Morningstar Data and Analytics Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
Lumonic | Morningstar Retirement Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
Lumonic | Corporate Segment and Other Operating Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0.0  
Lumonic | Morningstar Wealth Segment [Member] | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period $ 0.0  
v3.25.4
Acquisitions, Goodwill, and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,003.1 $ 962.9
Accumulated Amortization (623.8) (554.1)
Net 379.3 408.8
Intellectual property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross 91.2 88.6
Accumulated Amortization (74.2) (67.5)
Net 17.0 21.1
Customer-related assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross 583.9 572.4
Accumulated Amortization (324.1) (281.1)
Net 259.8 291.3
Technology-based assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross 328.0 301.9
Accumulated Amortization (225.5) (205.5)
Net $ 102.5 $ 96.4
v3.25.4
Acquisitions, Goodwill, and Other Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Acquisitions, Goodwill, and Other Intangible Assets [Abstract]      
Amortization expense $ 59.8 $ 64.5 $ 70.5
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2017 56.6    
2018 49.9    
2019 45.9    
2020 42.7    
2021 36.9    
Thereafter 147.3    
Intangible assets, net $ 379.3 $ 408.8  
v3.25.4
Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]          
Proceeds from sale of customer assets $ 52.4        
Gain on sale of business   $ 45.3 $ 0.0 $ 45.3 $ 0.0
Proceeds from Sale of Intangible Assets       $ 65.0  
Contingent Consideration Received From Divestiture, Amount     $ 22.7    
v3.25.4
Investments in Unconsolidated Entities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Cost method investments $ 19.3 $ 16.4  
Total investments in unconsolidated entities 50.3 85.3  
Equity method investment, other than temporary impairment 0.0 12.4  
Proceeds from sale of equity method investments, net 0.0 0.0 $ 26.2
Investments 54.2 48.3  
Other Investment in Unconsolidated Entities, Other-than-Temporary Impairment 0.0 0.0  
Equity Securities without Readily Determinable Fair Value, Amount 44.0 41.1  
Proceeds from sale of equity method investments, net 0.0 0.0 $ 26.2
Investments 54.2 48.3  
Other Equity Method Investments [Member]      
Schedule of Equity Method Investments [Line Items]      
Equity method investments 6.3 19.3  
Ellevest [Member]      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage     17.00%
Wealth Advisors      
Schedule of Equity Method Investments [Line Items]      
Investments 24.6 12.8  
Investments $ 24.6 $ 12.8  
v3.25.4
Property, Equipment, and Capitalized Software (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost $ 1,131.8 $ 1,009.3  
Less accumulated depreciation (899.9) (790.4)  
Property, equipment, and capitalized software, net 231.9 218.9  
Depreciation expense 130.0 125.4 $ 113.2
Computer equipment [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost 108.6 96.9  
Capitalized software [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost 826.7 745.1  
Furniture and fixtures [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost 46.3 40.0  
Leasehold improvements [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost 136.1 113.9  
Telephone equipment [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost 1.2 1.2  
Construction in progress [Member]      
Property, Plant and Equipment, Net [Abstract]      
Property, equipment, and capitalized software, at cost $ 12.9 $ 12.2  
v3.25.4
Leases (Operating Leases) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]      
2026 $ 49.5    
2027 42.9    
2028 35.5    
2029 24.1    
2030 17.5    
Thereafter 47.6    
Total minimum lease commitments 217.1    
Adjustment for discount to present value 28.6    
Total lease liabilities $ 188.5    
Weighted-average remaining lease term (in years) 5 years 7 months 6 days    
Operating Lease, Weighted Average Discount Rate, Percent 4.60%    
Operating lease expense $ 45.2 $ 44.1 $ 47.6
Variable operating lease charges 17.0 14.9 18.0
Payments on operating leases 44.6 43.9 45.3
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 13.8 $ 54.4 $ 11.1
Minimum [Member]      
Lessee, Operating Lease, Liability, Payment, Due [Abstract]      
Lessee, Operating Lease, Term of Contract 1 year    
Maximum [Member]      
Lessee, Operating Lease, Liability, Payment, Due [Abstract]      
Lessee, Operating Lease, Term of Contract 10 years    
v3.25.4
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 14, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized 1,050,000      
Restricted stock units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   4 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 53.9 $ 50.1 $ 47.4
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 53.9 50.1 47.4
Performance share awards [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 0.2 6.4 37.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 0.2 6.4 37.1
PSUs Outstanding - December 31, 2024   42,022    
Market Stock Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 7.4 5.6 6.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value   $ 7.4 $ 5.6 $ 6.5
PSUs Outstanding - December 31, 2024   66,826    
Non-employee director [Member] | Restricted stock units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   3 years    
v3.25.4
Stock-Based Compensation (Shares Available for Future Grants) (Details)
shares in Millions
Dec. 31, 2025
shares
Share-Based Payment Arrangement [Abstract]  
Shares available for future grants 1.7
v3.25.4
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 56.4 $ 54.7 $ 52.8
Income tax benefit related to the stock-based compensation expense 11.3 11.2 10.3
Restricted stock units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 37.1 38.4 38.8
Performance share awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 2.1 0.1 6.5
Market Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 17.2 $ 16.2 $ 7.5
v3.25.4
Stock-Based Compensation (Unrecognized Stock-Based Compensation Expense) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Income tax benefit related to the stock-based compensation expense $ 73.3
Expected amortization period (months) 29 months
Restricted stock units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Income tax benefit related to the stock-based compensation expense $ 49.0
Expected amortization period (months) 30 months
Performance share awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Income tax benefit related to the stock-based compensation expense $ 0.9
Expected amortization period (months) 16 months
Market Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Income tax benefit related to the stock-based compensation expense $ 23.4
Expected amortization period (months) 26 months
v3.25.4
Stock-Based Compensation (Restricted Stock Units Activity) (Details) - Restricted stock units [Member]
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
RSUs Outstanding, Beginning Balance | shares 280,859
RSUs Outstanding, Beginning Balance, Weighted Average Grant Date Value per RSU | $ / shares $ 254.75
Granted | shares 198,103
Granted, Weighted Average Grant Date Value per RSU | $ / shares $ 291.72
Vested | shares (197,591)
Vested, Weighted Average Grant Date Value per RSU | $ / shares $ 272.56
Forfeited | shares (22,146)
Forfeited, Weighted Average Grant Date Value per RSU | $ / shares $ 269.39
RSUs Outstanding, Ending Balance | shares 259,225
RSUs Outstanding, Ending Balance, Weighted Average Grant Date Value per RSU | $ / shares $ 268.17
Award vesting period 4 years
v3.25.4
Stock-Based Compensation (Performance Shares) (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Performance share awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
PSUs Outstanding - December 31, 2024 42,022
Granted, Weighted Average Grant Date Value per RSU | $ / shares $ 306.41
Award vesting period 3 years
Stretch Performance Shares | PitchBook Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
PSUs Outstanding - December 31, 2024 42,009
v3.25.4
Stock-Based Compensation (Assumptions Used to Estimate Fair Value of Market Units (Details) - Market Stock Units [Member]
Nov. 15, 2024
May 15, 2024
Nov. 15, 2023
May 15, 2023
Nov. 15, 2022
May 15, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected volatility 27.30% 29.60% 31.10% 31.10% 31.90% 31.70%
Dividend yield 0.86% 0.59% 0.47% 0.54% 0.56% 0.79%
Risk-free interest rate 3.61% 4.05% 4.30% 4.62% 4.56% 3.65%
v3.25.4
Stock-Based Compensation (Market Units) (Details) - Market Stock Units [Member] - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Market stock units granted (in shares) 66,826  
Vested, Weighted Average Grant Date Value per RSU $ 235.69  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (31,409)  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value $ 278.51  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (35,823)  
Weighted average fair value per award (in dollars per share)   $ 277.37
Number of target market stock units outstanding (in shares) 278.59  
Award vesting period 3 years  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 169,453 169,859
Granted, Weighted Average Grant Date Value per RSU $ 261.48  
v3.25.4
Stock-Based Compensation (Additional Information on Options) (Details) - Range One [Member]
 12 Months Ended
Dec. 31, 2025
$ / shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Expected exercise price: $ 57.28
Exercise price range, lower range limit 57.28
Exercise price range, upper range limit 59.35
Options Outstanding, Weighted Average Exercise Price, Vested or Expected to Vest $ 57.28
v3.25.4
Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 56.4 $ 54.7 $ 52.8
Cost of revenue [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 26.4 23.3 23.8
Selling and marketing expense [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 8.4 9.0 8.3
General and administrative expense [Member]      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 21.6 $ 22.4 $ 20.7
v3.25.4
Stock-based Compensation (PitchBook Bonus Plan) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Performance share awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 3 years  
PSUs Outstanding - December 31, 2024 42,022  
Weighted average fair value per award   $ 295.14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 75,994 44,644
Granted, Weighted Average Grant Date Value per RSU $ 306.41  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (866)  
Vested, Weighted Average Grant Date Value per RSU $ 242.95  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (9,806)  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value $ 302.03  
Number of target market stock units outstanding (in shares) 301.08  
Market Stock Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period 3 years  
PSUs Outstanding - December 31, 2024 66,826  
Weighted average fair value per award   $ 277.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 169,453 169,859
Granted, Weighted Average Grant Date Value per RSU $ 261.48  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (31,409)  
Vested, Weighted Average Grant Date Value per RSU $ 235.69  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (35,823)  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value $ 278.51  
Number of target market stock units outstanding (in shares) 278.59  
PitchBook Plan, Renewal For 2023 To 2025 | Performance share awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance, aggregate target value $ 28,600  
PitchBook Plan, Renewal For 2023 | Performance share awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance, aggregate target value 7,150  
PitchBook Plan, Renewal For 2024 | Performance share awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance, aggregate target value 7,150  
PitchBook Plan, Renewal For 2025 | Performance share awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance, aggregate target value $ 14,300  
v3.25.4
Defined Contribution Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan [Abstract]      
401(k) matching contributions $ 22,300,000 $ 22,900,000 $ 22,100,000
Matching contribution to 401(k) for every dollar $ 0.75 $ 0.75 $ 0.75
Matching contribution percent to employee's contribution in pay period 7.00% 7.00% 7.00%
v3.25.4
Income Taxes (Schedule of Income Tax Expense and Effective Tax Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income before income taxes and equity in net income (loss) of unconsolidated entities $ 499.0 $ 491.3 $ 181.5
Equity in net income (loss) of unconsolidated entities (3.3) (17.4) (7.4)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 495.7 473.9 174.1
Income tax expense $ 121.5 $ 104.0 $ 33.0
Effective income tax rate 24.50% 21.90% 19.00%
Effective income tax rate, increase (decrease) from prior year (percent) 2.60% 2.90%  
Income Tax Examination [Line Items]      
Income tax expense at U.S. federal rate $ 104.1 $ 99.5 $ 36.6
State income taxes, net of federal income tax benefit, percent 4.00% 3.90% 4.20%
State income taxes, net of federal income tax benefit $ 20.0 $ 18.4 $ 7.3
Other - net, percent 1.00% 1.20% 1.20%
Other - net $ 5.2 $ 6.1 $ 2.0
Difference between U.S. federal statutory and foreign tax rates, percent   0.10% 1.00%
Difference between U.S. federal statutory and foreign tax rates   $ 0.4 $ 1.7
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Percent 0.50%    
Effective Income Tax Rate Reconciliation, Tax Credit, Percent (0.80%)    
Effective Income Tax Rate Reconciliation, Tax Credit, Amount $ (4.1)    
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses, percent   0.10% (1.80%)
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses   $ 0.5 $ (3.2)
Income tax expense at U.S. federal rate, percent 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount $ 2.3    
Change in unrecognized tax benefits $ 1.3 $ 2.9 $ (9.8)
Changes in unrecognized tax benefits, percent 0.30% 0.60% (5.60%)
Income tax expense $ 121.5 $ 104.0 $ 33.0
Effective income tax rate 24.50% 21.90% 19.00%
Canada Revenue Agency      
Income Tax Examination [Line Items]      
State income taxes, net of federal income tax benefit, percent 1.20%    
State income taxes, net of federal income tax benefit $ 6.0    
Difference between U.S. federal statutory and foreign tax rates, percent (0.40%)    
Difference between U.S. federal statutory and foreign tax rates $ (2.2)    
Foreign Tax Jurisdiction, Other      
Income Tax Examination [Line Items]      
Difference between U.S. federal statutory and foreign tax rates, percent 1.00%    
Difference between U.S. federal statutory and foreign tax rates $ 5.1    
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses, percent 1.60%    
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses $ 8.1    
Internal Revenue Service (IRS)      
Income Tax Examination [Line Items]      
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses, percent 0.10%    
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses $ 0.6    
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Effective income tax rate (percent) 24.50% 21.90% 19.00%
Effective income tax rate, increase (decrease) from prior year (percent) 2.60% 2.90%  
Operating loss carryforwards $ 1.5 $ 0.0  
Unrecognized tax benefits, period increase (decrease) 3.1    
Result of tax position taken during period 3.1    
Increase in income tax expense 2.8    
Reductions resulting from settlements and lapse of statute of limitations 1.9    
Decrease of unrecognized tax benefits relating to settlements with tax authorities 1.9    
Reductions resulting from settlements and lapse statute of limitations, tax effect 1.8    
Decreases relating to settlements with tax authorities 0.0 4.7  
Reductions as a result of lapse of the applicable statute of limitations 1.9 0.1  
Gross unrecognized tax benefits 12.3 11.1 $ 13.0
Decrease in income tax expense upon recognition of gross unrecognized tax benefits 11.9    
Undistributed Foreign Earnings not permanently reinvested   142.0  
Foreign Earnings Repatriated 150.0    
Foreign Earnings Repatriated (net of witholding taxes) 141.4    
Liability for unrecognized tax benefits 13.1 11.8  
Foreign Tax Jurisdiction [Member]      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 86.1 74.7  
Operating loss carryforwards, not subject to valuation allowances 10.1 15.3  
Subject to Expiration Date [Member]      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 0.0 0.0  
Subject to Expiration Date [Member] | Foreign Tax Jurisdiction [Member]      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 19.7 $ 22.8  
Valuation Allowance | Foreign Tax Jurisdiction [Member]      
Income Tax Contingency [Line Items]      
Operating Loss Carryforwards, Valuation Allowance $ 76.0    
v3.25.4
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Income tax expense at U.S. federal rate $ 104.1 $ 99.5 $ 36.6
Income tax expense at U.S. federal rate, percent 21.00% 21.00% 21.00%
State income taxes, net of federal income tax benefit $ 20.0 $ 18.4 $ 7.3
State income taxes, net of federal income tax benefit, percent 4.00% 3.90% 4.20%
Stock-based compensation activity   $ (2.3) $ 1.6
Stock-based compensation activity, percent   (0.50%) 0.90%
Equity in net income (loss) of unconsolidated subsidiaries (including holding gains upon acquisition)   $ 3.4 $ 1.1
Holding gain upon acquisition of additional ownership of equity method investments, percent   0.70% 0.60%
Effective Income Tax Rate Reconciliation, Gain on Sale of Business, Percent   (2.00%) 0.00%
Effective Income Tax Rate Reconciliation, Gain on Sale of Business   $ (9.7) $ 0.0
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses   $ 0.5 $ (3.2)
Net change in valuation allowance related to non-U.S. deffered tax assets, primarily net operating losses, percent   0.10% (1.80%)
Difference between U.S. federal statutory and foreign tax rates   $ 0.4 $ 1.7
Difference between U.S. federal statutory and foreign tax rates, percent   0.10% 1.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount 0.00%    
Effective Income Tax Rate Reconciliation, Changes in tax laws or rates, Amount $ 0.0    
Effective Income Tax Rate Reconciliation, FDII, Amount $ (17.4)    
Effective Income Tax Rate Reconciliation, US tax on foreign branches net of foreign tax credits, Percent (1.50%)    
Effective Income Tax Rate Reconciliation, US tax on foreign branches net of foreign tax credits, Amount $ (7.5)    
Foreign tax provisions (GILTI, FDII, and BEAT)   $ (16.1) $ (0.2)
Foreign tax provisions (GILTI, FDII, and BEAT), percent   (3.40%) (0.10%)
Change in deferred taxes with respect to unremitted foreign earnings, percent   1.40% 0.00%
Income Tax Rate Reconciliation, Change in deferred taxes with respect to unremitted foreign earnings   $ 6.8 $ 0.0
Change in unrecognized tax benefits $ 1.3 $ 2.9 $ (9.8)
Changes in unrecognized tax benefits, percent 0.30% 0.60% (5.60%)
Other tax credits   $ (5.9) $ (4.1)
Other tax credits, percent   (1.20%) (2.40%)
Other - net $ 5.2 $ 6.1 $ 2.0
Other - net, percent 1.00% 1.20% 1.20%
Income tax expense $ 121.5 $ 104.0 $ 33.0
Income tax expense, percent 24.50% 21.90% 19.00%
Effective Income Tax Rate Reconciliation, Cross-border, FDII, Percent (3.50%)    
v3.25.4
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 86.7 $ 74.3 $ 27.7
State 31.7 30.0 13.4
Non-U.S. 45.4 34.3 24.3
Current tax expense 163.8 138.6 65.4
Federal (29.1) (17.6) (15.6)
State (6.3) (6.5) (4.2)
Non-U.S. (6.9) (10.5) (12.6)
Deferred tax expense (benefit) (42.3) (34.6) (32.4)
Income tax expense $ 121.5 $ 104.0 $ 33.0
v3.25.4
Income Taxes (Schedule of Income before Income Taxes and Equity in Net Income of Unconsolidated Entities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 357.5 $ 400.8 $ 101.4
Non-U.S. 141.5 90.5 80.1
Income before income taxes and equity in investments of unconsolidated entities $ 499.0 $ 491.3 $ 181.5
v3.25.4
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Stock-based compensation expense $ 9.4 $ 7.8
Accrued liabilities 34.2 33.5
Deferred revenue 5.3 6.7
Net operating loss carryforwards - U.S. 0.3 0.0
Net operating loss carryforwards - Non-U.S. 21.7 18.9
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs 128.0 102.7
Allowance for doubtful accounts 2.6 2.4
Lease liabilities 37.5 35.9
Other 0.1 0.0
Total deferred tax assets 261.5 220.8
Deferred tax liabilities:    
Acquired intangible assets (74.6) (68.5)
Property, equipment and capitalized software (34.8) (39.6)
Deferred Tax Liabilities, Leasing Arrangements (32.7) (31.4)
Unrealized exchange gains, net (1.3) (1.7)
Prepaid expenses (18.5) (19.3)
Investments in unconsolidated entities 0.0 (11.4)
Withholding tax - foreign dividends 0.0 (7.1)
Total deferred tax liabilities (161.9) (179.0)
Net deferred tax liability before valuation allowance 99.6 41.8
Valuation allowance 48.1 26.2
Deferred Tax Assets, Net 51.5  
Total deferred tax liabilities   15.6
Deferred Tax Assets, Capital Loss Carryforwards 20.3 12.9
Foreign tax credits included in Valuation Allowance 18.2  
Deferred Tax Assets, Equity Method Investments $ 2.1 $ 0.0
v3.25.4
Income Taxes (Schedule of Deferred Tax Assets and Liabilities Included in Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax asset, net $ 78.7 $ 43.2
Deferred tax liability, net 27.2 27.6
Deferred Tax Assets, Net $ 51.5  
Deferred tax asset (liability), net   $ 15.6
v3.25.4
Income Taxes (Summary of Operating Loss Carryforwards - U.S and Non-U.S) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 1.5 $ 0.0
Subject to Expiration Date [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 0.0 0.0
No Expiration Date [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 1.5 0.0
Non-U.S. [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 86.1 74.7
Operating loss carryforwards, not subject to valuation allowances 10.1 15.3
Non-U.S. [Member] | Subject to Expiration Date [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 19.7 22.8
Non-U.S. [Member] | No Expiration Date [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 66.4 $ 51.9
v3.25.4
Income Taxes (Accounting for Uncertainty in Tax Positions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Gross unrecognized tax benefits - beginning of the year $ 11.1 $ 13.0
Increases as a resulting of tax positions taken during a prior-year period 0.8 0.9
Decreases as a result of tax positions taken during a prior-year period 0.0 (0.1)
Increases as a result of tax positions taken during the current period 2.3 2.1
Decreases relating to settlements with tax authorities 0.0 (4.7)
Decreases as a result of lapse of the applicable statute of limitations (1.9) (0.1)
Gross unrecognized tax benefits - end of the year $ 12.3 $ 11.1
v3.25.4
Income Taxes (Cash Paid Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, Federal, after Refund Received $ 77.9    
Income Tax Paid, State and Local, after Refund Received 34.2    
Income Tax Paid, Foreign, after Refund Received 59.7    
Cash paid for income taxes 171.8 $ 115.6 $ 73.2
New York State Division of Taxation and Finance      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, State and Local, after Refund Received 8.8    
State and Local Tax Jurisdiction, Other      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, State and Local, after Refund Received 25.4    
Canada Revenue Agency      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received 16.0    
ONTARIO      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received 8.7    
Ministry of Finance, India      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received 13.2    
Foreign Tax Jurisdiction, Other      
Income Taxes Paid, net of Refunds [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 21.8    
v3.25.4
Income Taxes (Summary of Income Tax Examinations) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Income Tax Examination, Penalties and Interest Accrued $ 1.7 $ 1.3
v3.25.4
Share Repurchase Program (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
2022 Share Repurchase Program [Member]  
Share Repurchase Program [Line Items]  
Stock repurchase program, authorized amount $ 500.0
Stock Repurchased During Period, Shares | shares 1,873,729
Stock Repurchased During Period, Value $ 487.0
2025 Share Repurchase Program [Member]  
Share Repurchase Program [Line Items]  
Stock repurchase program, authorized amount $ 1,000.0
Stock Repurchased During Period, Shares | shares 1,402,849
Stock Repurchased During Period, Value $ 300.0
Total Stock Repurchased Under Current Program, Value $ 700.0
v3.25.4
Subsequent Events (Details) - Subsequent event
$ in Millions
Feb. 02, 2026
USD ($)
Subsequent Events [Abstract]  
Cash paid to acquire the entity $ 365.0
Subsequent Event [Line Items]  
Cash paid to acquire the entity $ 365.0
v3.25.4
Subsequent Events (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]      
Payment for Contingent Consideration Liability, Financing Activities $ 0.0 $ 0.0 $ 45.5
v3.25.4
Schedule II: Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 7.1 $ 5.6 $ 6.6
Charged (Credited) to Costs & Expenses 5.1 8.1 5.3
Additions (Deductions) Including Currency Translations (5.1) (6.6) (6.3)
Balance at End of Year $ 7.1 $ 7.1 $ 5.6