MORNINGSTAR, INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 000-51280  
Entity Registrant Name MORNINGSTAR, INC.  
Entity Central Index Key 0001289419  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Title of 12(b) Security Common stock, no par value  
Entity Incorporation, State or Country Code IL  
Entity Tax Identification Number 36-3297908  
Entity Address, Address Line One 22 West Washington Street  
Entity Address, City or Town Chicago,  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60602  
Trading Symbol MORN  
Security Exchange Name NASDAQ  
City Area Code 312  
Local Phone Number 696-6000  
Entity Current Reporting Status Yes  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   42,177,737
v3.25.2
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7
Operating expense:        
Cost of revenue 230.6 222.7 462.0 440.8
Sales and marketing 119.7 111.3 232.3 215.9
General and administrative 82.0 80.3 158.5 160.6
Depreciation and amortization 48.5 49.1 95.8 96.3
Total operating expense 480.8 463.4 948.6 913.6
Other operating income 0.8 0.0 0.8 0.0
Operating income 125.1 108.5 239.2 201.1
Non-operating expense, net:        
Interest expense, net (7.4) (10.3) (12.8) (21.8)
Net realized gains on sale of investments, reclassified from other comprehensive income 1.9 0.2 2.2 2.8
Other expense, net (3.1) (8.9) (3.6) (5.6)
Non-operating expense, net (8.6) (19.0) (14.2) (24.6)
Income before income taxes and equity in investments of unconsolidated entities 116.5 89.5 225.0 176.5
Equity in investments of unconsolidated entities (1.2) (1.2) (3.8) (2.7)
Income tax expense 26.3 19.2 53.7 40.5
Consolidated net income $ 89.0 $ 69.1 $ 167.5 $ 133.3
Net income per share:        
Basic (in dollars per share) $ 2.11 $ 1.61 $ 3.94 $ 3.11
Diluted (in dollars per share) 2.09 1.60 3.91 3.09
Dividends declared (in dollars per share) 0.46 0.41 0.91 0.81
Dividends paid per common share (in dollars per share) $ 0.46 $ 0.41 $ 0.91 $ 0.81
Weighted average shares outstanding:        
Basic (in shares) 42.2 42.8 42.5 42.8
Diluted (in shares) 42.5 43.1 42.8 43.1
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Consolidated net income $ 89.0 $ 69.1 $ 167.5 $ 133.3
Other comprehensive income (loss), net        
Foreign currency translation adjustment 41.6 (1.4) 58.6 (12.0)
Unrealized gains on securities:        
Unrealized holding gains arising during period 1.5 0.2 1.7 2.1
Reclassification of net realized gains on investments included in net income (1.4) (0.2) (1.6) (2.1)
Other comprehensive income (loss), net 41.7 (1.4) 58.7 (12.0)
Comprehensive income $ 130.7 $ 67.7 $ 226.2 $ 121.3
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 503.5 $ 502.7
Investments 38.1 48.3
Accounts receivable, less allowance for credit losses of $7.2 million and $7.1 million, respectively 384.0 358.1
Income tax receivable 18.0 12.4
Deferred commissions 38.6 39.2
Prepaid expenses 49.3 42.1
Other current assets 10.8 11.3
Total current assets 1,042.3 1,014.1
Goodwill 1,618.2 1,562.0
Intangible assets, net 413.3 408.8
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $854.6 million and $790.4 million, respectively 225.6 218.9
Operating lease assets 164.5 181.2
Investments in unconsolidated entities 77.2 85.3
Deferred tax assets 51.9 43.2
Deferred commissions 28.8 26.6
Other assets 8.7 8.8
Total assets 3,630.5 3,548.9
Current liabilities:    
Deferred revenue 594.2 540.8
Accrued compensation 179.5 272.2
Accounts payable and accrued liabilities 90.2 87.3
Operating lease liabilities 39.3 35.1
Income tax payable 8.0 30.5
Other current liabilities 9.8 1.4
Total current liabilities 921.0 967.3
Operating lease liabilities 155.9 170.3
Accrued compensation 21.7 21.0
Deferred tax liabilities 29.9 27.6
Long-term debt 838.8 698.6
Deferred revenue 21.9 22.4
Income tax payable 13.1 11.7
Other long-term liabilities 13.7 11.4
Total liabilities 2,016.0 1,930.3
Morningstar, Inc. shareholders’ equity:    
Common stock, no par value, 200,000,000 shares authorized, of which 42,176,959 and 42,869,380 shares were outstanding as of June 30, 2025 and December 31, 2024, respectively 0.0 0.0
Treasury stock at cost, 12,773,450 and 12,010,630 shares as of June 30, 2025 and December 31, 2024, respectively (1,216.0) (993.9)
Additional paid-in capital 853.0 822.7
Retained earnings 2,038.2 1,909.2
Accumulated other comprehensive loss:    
Currency translation adjustment (60.7) (119.3)
Unrealized loss on available-for-sale investments 0.0 (0.1)
Total accumulated other comprehensive loss (60.7) (119.4)
Total equity 1,614.5 1,618.6
Total liabilities and equity $ 3,630.5 $ 3,548.9
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 7.2 $ 7.1
Accumulated depreciation and amortization $ 821.5 $ 790.4
Common Stock, No Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 200,000,000 200,000,000
Common Stock, Shares, Outstanding (in shares) 42,176,959 42,869,380
Treasury Stock, Common, Shares 12,773,450 12,010,630
v3.25.2
Condensed Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Common Stock
Treasury Stock, Common
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2023   42,728,182        
Balance at Dec. 31, 2023 $ 1,327.8 $ 0.0 $ (985.5) $ 789.0 $ 1,610.8 $ (86.5)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 64.2       64.2  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 1.9         1.9
Reclassification of realized gains on investments included in net income, net of tax (1.9)         (1.9)
Foreign currency translation adjustment (10.6)         (10.6)
Other comprehensive income (loss), net (10.6)         (10.6)
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   17,388        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units (3.2)     (3.2)    
Reclassification of awards previously liability-classified that were converted to equity 10.8     10.8    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation $ 11.4     11.4    
Dividends declared (in dollars per share) $ 0.41          
Dividends declared $ (17.3)       (17.3)  
Balance (in shares) at Mar. 31, 2024   42,745,570        
Balance at Mar. 31, 2024 1,383.1 $ 0.0 (985.5) 808.0 1,657.7 (97.1)
Balance (in shares) at Dec. 31, 2023   42,728,182        
Balance at Dec. 31, 2023 1,327.8 $ 0.0 (985.5) 789.0 1,610.8 (86.5)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 133.3          
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 2.1          
Reclassification of realized gains on investments included in net income, net of tax (2.1)          
Foreign currency translation adjustment (12.0)          
Other comprehensive income (loss), net $ (12.0)          
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Dividends declared (in dollars per share) $ 0.81          
Balance (in shares) at Jun. 30, 2024   42,838,572        
Balance at Jun. 30, 2024 $ 1,433.7 $ 0.0 (983.9) 806.7 1,709.4 (98.5)
Balance (in shares) at Mar. 31, 2024   42,745,570        
Balance at Mar. 31, 2024 1,383.1 $ 0.0 (985.5) 808.0 1,657.7 (97.1)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 69.1       69.1  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 0.2         0.2
Reclassification of realized gains on investments included in net income, net of tax (0.2)         (0.2)
Foreign currency translation adjustment (1.4)         (1.4)
Other comprehensive income (loss), net (1.4)         (1.4)
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   93,002        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units (14.3)   1.6 (15.9)    
Reclassification of awards previously liability-classified that were converted to equity 0.4     0.4    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation $ 14.2     14.2    
Dividends declared (in dollars per share) $ 0.41          
Dividends declared $ (17.4)       (17.4)  
Balance (in shares) at Jun. 30, 2024   42,838,572        
Balance at Jun. 30, 2024 $ 1,433.7 $ 0.0 (983.9) 806.7 1,709.4 (98.5)
Balance (in shares) at Dec. 31, 2024 42,869,380 42,869,380        
Balance at Dec. 31, 2024 $ 1,618.6 $ 0.0 (993.9) 822.7 1,909.2 (119.4)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 78.5       78.5  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 0.2         0.2
Reclassification of realized gains on investments included in net income, net of tax (0.2)         (0.2)
Foreign currency translation adjustment 17.0         17.0
Other comprehensive income (loss), net 17.0         17.0
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   69        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units 0.0     0.0    
Reclassification of awards previously liability-classified that were converted to equity 16.0     16.0    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation 9.1     9.1    
Common share repurchased (in shares)   (368,199)        
Common shares repurchased $ (110.7)   (110.7)      
Dividends declared (in dollars per share) $ 0.46          
Dividends declared $ (19.3)       (19.3)  
Balance (in shares) at Mar. 31, 2025   42,501,250        
Balance at Mar. 31, 2025 $ 1,609.2 $ 0.0 (1,104.6) 847.8 1,968.4 (102.4)
Balance (in shares) at Dec. 31, 2024 42,869,380 42,869,380        
Balance at Dec. 31, 2024 $ 1,618.6 $ 0.0 (993.9) 822.7 1,909.2 (119.4)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 167.5          
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 1.7          
Reclassification of realized gains on investments included in net income, net of tax (1.6)          
Foreign currency translation adjustment 58.6          
Other comprehensive income (loss), net $ 58.7          
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Dividends declared (in dollars per share) $ 0.91          
Balance (in shares) at Jun. 30, 2025 42,176,959 42,176,959        
Balance at Jun. 30, 2025 $ 1,614.5 $ 0.0 (1,216.0) 853.0 2,038.2 (60.7)
Balance (in shares) at Mar. 31, 2025   42,501,250        
Balance at Mar. 31, 2025 1,609.2 $ 0.0 (1,104.6) 847.8 1,968.4 (102.4)
Increase (Decrease) in Stockholders' Equity            
Consolidated net income 89.0       89.0  
Other comprehensive income (loss):            
Unrealized gain on available-for-sale investments, net of tax 1.5         1.5
Reclassification of realized gains on investments included in net income, net of tax (1.4)         (1.4)
Foreign currency translation adjustment 41.6         41.6
Other comprehensive income (loss), net 41.7         41.7
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units   74,151        
Issuance of common stock related to vesting of stock units, net of shares withheld for taxes on settlements of stock units (12.0)   1.2 (13.2)    
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition            
Stock-based compensation 18.4     18.4    
Common share repurchased (in shares)   (398,442)        
Common shares repurchased $ (112.6)   (112.6)      
Dividends declared (in dollars per share) $ 0.46          
Dividends declared $ (19.2)       (19.2)  
Balance (in shares) at Jun. 30, 2025 42,176,959 42,176,959        
Balance at Jun. 30, 2025 $ 1,614.5 $ 0.0 $ (1,216.0) $ 853.0 $ 2,038.2 $ (60.7)
v3.25.2
Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]            
Dividends declared (in dollars per share) $ 0.46 $ 0.46 $ 0.41 $ 0.41 $ 0.91 $ 0.81
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Consolidated net income $ 167.5 $ 133.3
Adjustments to reconcile consolidated net income to net cash flows from operating activities:    
Depreciation and amortization 95.8 96.3
Deferred income taxes (13.8) (13.9)
Stock-based compensation expense 27.5 25.6
Provision for bad debt 1.9 4.5
Equity in investments of unconsolidated entities 3.8 2.7
Other, net (1.0) 1.5
Changes in operating assets and liabilities:    
Accounts receivable (17.4) 0.1
Accounts payable and accrued liabilities (4.3) 1.0
Accrued compensation and deferred commissions (78.0) (31.6)
Income taxes, current (26.1) 10.4
Deferred revenue 35.4 32.6
Other assets and liabilities (1.3) (16.2)
Cash provided by operating activities 190.0 246.3
Investing activities    
Purchases of investment securities (15.2) (9.6)
Proceeds from maturities and sales of investment securities 26.1 19.7
Capital expenditures (68.8) (66.0)
Acquisitions, net of cash acquired (39.1) 0.0
Purchases of investments in unconsolidated entities (2.5) (3.6)
Other, net 4.9 0.0
Cash used for investing activities (94.6) (59.5)
Financing activities    
Common shares repurchased (221.6) 0.0
Dividends paid (38.8) (34.6)
Proceeds from revolving credit facility 265.0 90.0
Repayment of revolving credit facility (125.0) (105.0)
Repayment of term facility 0.0 (58.1)
Employee taxes withheld for stock awards (12.0) (17.5)
Other, net (0.2) 0.1
Cash used for financing activities (132.6) (125.1)
Effect of exchange rate changes on cash and cash equivalents 38.0 (8.4)
Net increase in cash and cash equivalents 0.8 53.3
Cash and cash equivalents—beginning of period 502.7 337.9
Cash and cash equivalents—end of period 503.5 391.2
Supplemental disclosure of cash flow information    
Cash paid for income taxes 93.7 44.1
Cash paid for interest $ 17.1 $ 25.2
v3.25.2
Basis of Presentation of Interim Financial Information
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation of Interim Financial Information Basis of Presentation of Interim Financial Information
 
The accompanying unaudited consolidated financial statements of Morningstar, Inc. and subsidiaries (Morningstar, we, our, the company) have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. In the opinion of management, the statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position, results of operations, equity, and cash flows. These financial statements and notes are unaudited and should be read in conjunction with our Audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 (our Annual Report).

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

ASC: Accounting Standards Codification
ASU: Accounting Standards Update
FASB: Financial Accounting Standards Board
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Our significant accounting policies are included in Note 2 of the Notes to our Audited Consolidated Financial Statements included in our Annual Report.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes: In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual financial periods beginning after December 15, 2024. The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating the effect that ASU No. 2023-09 will have on our income tax disclosures.

Income Statement: In November 2024, the FASB issued ASU No. 2024-03: Disaggregation of Income Statement Expenses (DISE) (ASU No. 2024-03), which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This standard is effective for our fiscal year beginning on January 1, 2027 and interim periods beginning on January 1, 2028. Early adoption is permitted. Entities should apply the guidance prospectively although retrospective application is permitted. We have not made a decision on early adoption and are evaluating the effect that ASU No. 2024-03 will have on our disclosures.
v3.25.2
Credit Arrangements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
Debt

The following table summarizes our debt as of June 30, 2025 and December 31, 2024:

(in millions)As of June 30, 2025As of December 31, 2024
Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively$349.8 $349.8 
Amended 2022 Revolving Credit Facility140.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.0 million and $1.2 million, respectively
349.0 348.8 
Total debt$838.8 $698.6 
Credit Agreement

On May 6, 2022, the company entered into a senior credit agreement (the 2022 Credit Agreement), providing the company with a five-year multi-currency credit facility with an initial borrowing capacity of up to $1.1 billion, including a $650.0 million term loan and a $450.0 million revolving credit facility. The 2022 Credit Agreement also provided for the issuance of letters of credit and a swingline facility. The 2022 Credit Agreement was amended twice in September 2022 and again most recently in June 2024 (Amended 2022 Credit Agreement) to, among other items, eliminate the options for a second term loan draw and increase both the term loan and revolving credit facility to $650.0 million each, raising the total borrowing capacity to $1.3 billion (Amended 2022 Term Facility and Amended 2022 Revolving Credit Facility, respectively), and to update the reference rate for credit extensions in Canadian dollars. Aside from the increased borrowing capacity, the Amended 2022 Credit Agreement left the 2022 Credit Agreement terms largely unchanged. As of June 30, 2025, our total outstanding debt under the Amended 2022 Credit Agreement was $489.8 million, net of debt issuance costs, with borrowing availability of $510.0 million under the Amended 2022 Revolving Credit Facility.

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

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

Private Placement Debt Offering

On October 26, 2020, we completed the issuance and sale of $350.0 million aggregate principal amount of 2.32% senior notes due October 26, 2030 (the 2030 Notes), in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. Proceeds were primarily used to repay a portion of the company's outstanding debt under the company's prior credit facility. Interest on the 2030 Notes is paid semi-annually on each October 30 and April 30 during the term of the 2030 Notes and at maturity, with the first interest payment date having occurred on April 30, 2021. As of June 30, 2025, our total outstanding debt, net of issuance costs, under the 2030 Notes was $349.0 million.

Compliance with Covenants

Each of the Amended 2022 Credit Agreement and the 2030 Notes include customary representations, warranties, and covenants, including financial covenants, that require us to maintain specified ratios of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges and consolidated funded indebtedness to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of June 30, 2025.
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisitions, Goodwill and Other Intangible Assets Acquisitions, Goodwill, and Other Intangible Assets
2025 Acquisitions

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

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected life calculations, are provisional and subject to revision within one year of the acquisition date. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. During the second quarter of 2025, we did not record significant adjustments to the purchase price allocation compared with the preliminary estimates recorded in the first quarter of 2025.

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

Lumonic Inc. (Lumonic)

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

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

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected life calculations, are provisional and subject to revision within one year of the acquisition date. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. During the second quarter of 2025, we did not record significant adjustments to the purchase price allocation compared with the preliminary estimates recorded in the first quarter of 2025.

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

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

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

The company's operating segments also represent the company's reporting units to which goodwill is assigned. The company allocated goodwill by reporting unit in accordance with FASB ASC 350 Intangibles—Goodwill and Other (FASB ASC 350). Under this reporting unit structure, the consolidated goodwill balance was allocated based on each reporting unit's relative fair value at January 1, 2021. The company used a market approach and assigned goodwill to the reporting units. The following table shows the changes in our goodwill balances from December 31, 2024 to June 30, 2025:

 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of December 31, 2024$594.0 $607.4 $105.2 $92.7 $93.5 $1,492.8 $69.2 $1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 22.4 — — — 22.4 — 22.4 
Foreign currency translation16.2 — 5.3 1.7 — 23.2 0.9 24.1 
Balance as of June 30, 2025$610.2 $629.8 $120.2 $94.4 $93.5 $1,548.1 $70.1 $1,618.2 

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

Intangible Assets

The following table summarizes our intangible assets: 

 As of June 30, 2025As of December 31, 2024
(in millions)GrossAccumulated AmortizationNetWeighted Average Useful
 Life (years)		GrossAccumulated AmortizationNetWeighted Average Useful Life (years)
Customer-related assets$590.8 $(309.7)$281.1 14$572.4 $(281.1)$291.3 14
Technology-based assets331.9 (219.1)112.8 8301.9 (205.5)96.4 8
Intellectual property & other91.4 (72.0)19.4 888.6 (67.5)21.1 8
Total intangible assets$1,014.1 $(600.8)$413.3 12$962.9 $(554.1)$408.8 12
 
The following table summarizes our amortization expense related to intangible assets:

 Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Amortization expense$15.3 $17.5 $29.7 $35.2 
 
We amortize intangible assets using the straight-line method over their estimated useful lives.
As of June 30, 2025, we expect intangible amortization expense for the remainder of 2025, each of the next four subsequent years and thereafter to be as follows:

(in millions)
As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$30.9 
202657.0 
202750.4 
202846.3 
202943.1 
Thereafter185.6 
Total$413.3 

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.
v3.25.2
Income Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Income Per Share Income Per Share
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
 Three months ended June 30,Six months ended June 30,
(in millions, except per share amounts)2025202420252024
Basic net income per share:  
Consolidated net income $89.0 $69.1 $167.5 $133.3 
Weighted average common shares outstanding42.2 42.8 42.5 42.8 
Basic net income per share$2.11 $1.61 $3.94 $3.11 
Diluted net income per share:
Consolidated net income$89.0 $69.1 $167.5 $133.3 
Weighted average common shares outstanding42.2 42.8 42.5 42.8 
Net effect of dilutive stock awards0.3 0.3 0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share42.5 43.1 42.8 43.1 
Diluted net income per share$2.09 $1.60 $3.91 $3.09 

During the periods presented, we have outstanding restricted stock units (RSUs), market stock units (MSUs), and performance stock units (PSUs) that are excluded from our calculation of diluted earnings per share as their effect is antidilutive. The amount of these potential antidilutive shares was immaterial.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
License-based $428.4 $401.7 $846.4 $801.9 
Asset-based82.4 84.7 168.1 161.7 
Transaction-based94.3 85.5 172.5 151.1 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. As of June 30, 2025, the contract liabilities balance increased $52.9 million from December 31, 2024, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $395.5 million of revenue in the six months ended June 30, 2025 that was included in the contract liabilities balance as of December 31, 2024.

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

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$703.2 
2026517.4 
2027148.7 
202844.7 
202918.5 
Thereafter21.9 
Total$1,454.4 

The aggregate amount of revenue we expect to recognize for the remainder of 2025 and subsequent years is higher than our contract liability balance of $616.1 million as of June 30, 2025. The difference represents the value of future obligations for signed contracts that have yet to be billed.

The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of June 30, 2025. We are applying the optional exemption available under FASB ASC 606 Revenue from Contracts with Customers (FASB ASC 606), as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For certain license-based contracts, variable consideration is received for services performed based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, all the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration received for most Internet advertising services performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated.
As of June 30, 2025, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under FASB ASC 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from June 30, 2025. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months.

Contract Assets

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

The following table summarizes our contract assets balance:

(in millions)As of June 30, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$384.0 $358.1 
Deferred commissions67.4 65.8 
Total contract assets$451.4 $423.9 
v3.25.2
Segment and Geographical Area Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographical Area Information Segment and Geographical Area Information
 
Segment Information

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

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

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

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

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

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

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

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

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

We define Segment Adjusted Operating Income as operating income (loss) excluding intangible amortization expense, the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items).

Although these adjustments are excluded from Segment Adjusted Operating Income, they are included in reported consolidated operating income and are included in the reconciliation to consolidated results. The CODM does not consider these adjustments for the purposes of making decisions to allocate resources among segments or to assess segment performance.

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

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

The following tables present information about the company’s reportable segments for the three and six months ended June 30, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.
Three months ended June 30, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$207.7 $164.7 $5.0 $19.7 $0.4 $397.5 
Asset-based— — — 35.2 32.0 67.2 
Transaction-based1.5 1.8 80.0 9.4 — 92.7 
Total segment revenue209.2 166.5 85.0 64.3 32.4 557.4 
Less:
Compensation expense(1)
58.2 76.3 41.1 28.7 11.3 
Other segment items(2)
54.7 37.4 13.4 32.6 5.7 
Adjusted operating income (loss)$96.3 $52.8 $30.5 $3.0 $15.4 $198.0 
Six months ended June 30, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$406.9 $326.5 $9.6 $38.8 $0.9 $782.7 
Asset-based— — — 71.3 64.4 135.7 
Transaction-based1.5 3.7 148.4 15.5 — 169.1 
Total segment revenue408.4 330.2 158.0 125.6 65.3 1,087.5 
Less:
Compensation expense(1)
115.9 152.4 79.6 58.9 22.9 
Other segment items(2)
109.1 72.7 26.5 64.5 12.4 
Adjusted operating income (loss)$183.4 $105.1 $51.9 $2.2 $30.0 $372.6 
Three months ended June 30, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$195.7 $150.1 $3.7 $19.9 $0.5 $369.9 
Asset-based— — — 35.8 32.8 68.6 
Transaction-based1.2 1.6 73.9 6.9 — 83.6 
Total segment revenue196.9 151.7 77.6 62.6 33.3 522.1 
Less:
Compensation expense(1)
54.0 70.2 37.7 31.2 10.8 
Other segment items(2)
55.6 34.2 12.0 33.6 5.2 
Adjusted operating income (loss)$87.3 $47.3 $27.9 $(2.2)$17.3 $177.6 

Six months ended June 30, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$392.4 $295.7 $7.9 $40.4 $1.0 $737.4 
Asset-based— — — 69.4 60.7 130.1 
Transaction-based1.2 3.6 130.0 11.8 — 146.6 
Total segment revenue393.6 299.3 137.9 121.6 61.7 1,014.1 
Less:
Compensation expense(1)
107.6 146.3 73.1 63.6 21.3 
Other segment items(2)
107.5 65.7 24.6 65.8 8.9 
Adjusted operating income (loss)$178.5 $87.3 $40.2 $(7.8)$31.5 $329.7 
________________________________________________________________________________________
(1) Compensation expense includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation incurred for employees directly associated with each reportable segment. Allocated compensation expense related to corporate and centralized functions is reported within Other segment items.

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

Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$557.4 $522.1 $1,087.5 $1,014.1 
Corporate and All Other (3)
47.7 49.8 99.5 100.6 
Total consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$198.0 $177.6 $372.6 $329.7 
Corporate and All Other (4)
(54.6)(46.6)(93.8)(87.9)
Intangible amortization expense (15.3)(17.5)(29.7)(35.2)
M&A-related expenses(3.8)(5.0)(10.7)(5.5)
Other non-recurring items0.8 — 0.8 — 
Operating Income125.1 108.5 239.2 201.1 
Non-operating expense, net(8.6)(19.0)(14.2)(24.6)
Equity in investments of unconsolidated entities(1.2)(1.2)(3.8)(2.7)
Income before income taxes$115.3 $88.3 $221.2 $173.8 
___________________________________________________________________________________________
(3) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $27.3 million and $29.2 million for the three months ended June 30, 2025 and 2024, respectively, and $56.1 million and $60.0 million for the six months ended June 30, 2025 and 2024, respectively. Revenue from Morningstar Indexes was $20.4 million and $20.6 million for the three months ended June 30, 2025 and 2024, respectively, and $43.4 million and $40.6 million for the six months ended June 30, 2025 and 2024, respectively.

(4) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the second quarters of 2025 and 2024, unallocated corporate expenses were $50.1 million and $46.1 million, respectively. For the first six months of 2025 and 2024, unallocated corporate expenses were $91.9 million and $87.0 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.

The following table presents depreciation expense by reportable segment:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Morningstar Direct Platform$11.2 $9.5 $22.0 $17.7 
PitchBook8.1 8.3 15.9 15.7 
Morningstar Credit2.0 1.7 4.0 3.6 
Morningstar Wealth4.4 5.0 8.9 9.7 
Morningstar Retirement2.7 2.6 5.3 5.4 
Total Reportable Segments28.4 27.1 56.1 52.1 
Corporate and All Other (5)
4.8 4.4 9.9 8.6 
Total$33.2 $31.5 $66.0 $60.7 
___________________________________________________________________________________________
(5) Corporate and All Other provides a reconciliation between depreciation expense from our Total Reportable Segments and consolidated depreciation expense. Corporate and All Other includes unallocated corporate expenses of depreciation expense related to finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated as well as depreciation expense from Morningstar Sustainalytics and Morningstar Indexes.
Geographical Area Information

The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area. Revenue is attributed to geographical area based on country in which the sale was contracted.
Revenue by geographical areaThree months ended June 30,Six months ended June 30,
(in millions)2025202420252024
United States$431.6 $410.3 $856.1 $801.2 
Asia12.2 13.0 24.1 25.7 
Australia16.2 15.7 31.3 30.7 
Canada38.6 37.8 71.7 70.4 
Continental Europe55.0 50.1 105.6 99.8 
United Kingdom48.2 42.0 91.9 80.9 
Other3.3 3.0 6.3 6.0 
Total International173.5 161.6 330.9 313.5 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of June 30, 2025As of December 31, 2024
United States$184.3 $189.5 
Asia9.8 9.6 
Australia1.5 1.6 
Canada17.6 6.6 
Continental Europe6.5 5.3 
United Kingdom5.7 6.1 
Other0.2 0.2 
Total International41.3 29.4 
Consolidated property, equipment, and capitalized software, net$225.6 $218.9 

Operating lease assets by geographical area
(in millions)As of June 30, 2025As of December 31, 2024
United States$84.9 $92.9 
Asia41.7 44.2 
Australia2.0 2.4 
Canada6.8 7.7 
Continental Europe17.1 19.1 
United Kingdom11.9 14.7 
Other0.1 0.2 
Total International79.6 88.3 
Consolidated operating lease assets$164.5 $181.2 
v3.25.2
Fair Value Measurement of Investments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
The tables below present information about items that are measured at fair value:

 Fair Value as ofLevel within the Fair Value Hierarchy as of June 30, 2025
(in millions)June 30, 2025Level 1Level 2Level 3
Cash equivalents$70.6 $70.6 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds32.9 32.9 — — 
Marketable debt securities1.4 1.4 — — 
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors27.3 27.3 — — 
Total$132.2 $132.2 $— $— 

 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 
In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates.
v3.25.2
Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2025
Investments in Unconsolidated Entities [Abstract]  
Equity Method Investments and Joint Ventures Disclosure Investments in Unconsolidated Entities
As of June 30, 2025 and December 31, 2024, our investment in unconsolidated entities balance totaled $77.2 million and $85.3 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value.

The carrying amount of investments in equity securities without a readily determinable fair value was $42.8 million and $41.1 million as of June 30, 2025 and December 31, 2024, respectively. We did not record any material adjustments or impairment losses in the first six months of 2025 or 2024.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space.

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

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

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

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

Our leases have remaining lease terms of approximately 1 year to 10 years, which may include the option to extend the lease when it is reasonably certain we will exercise that option. We do not have lease agreements with residual value guarantees, sale leaseback terms, or material restrictive covenants.

Leases with an initial term of 12 months or less are not recognized on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term.

Our operating lease expense for the three months ended June 30, 2025 was $11.2 million, compared with $10.4 million for the three months ended June 30, 2024. Charges related to our operating leases that are variable and, therefore, not included in the measurement of the lease liabilities were $5.0 million for the three months ended June 30, 2025, compared with $3.1 million for the three months ended June 30, 2024. We made lease payments of $11.4 million during the three months ended June 30, 2025 and June 30, 2024.

Our operating lease expense for the six months ended June 30, 2025 was $22.2 million, compared with $20.8 million for the six months ended June 30, 2024. Charges related to our operating leases that are variable and, therefore, not included in the measurement of the lease liabilities were $7.8 million for the six months ended June 30, 2025, compared with $6.3 million for the six months ended June 30, 2024. We made lease payments of $20.8 million during the six months ended June 30, 2025, compared with $22.1 million during the six months ended June 30, 2024.
The following table shows our minimum future lease commitments due in the remainder of 2025, each of the next four subsequent years and thereafter for operating leases:

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$24.5 
202646.2 
202739.3 
202832.9 
202921.5 
Thereafter61.4 
Total minimum lease commitments225.8 
Adjustment for discount to present value30.6 
Present value of lease liabilities
$195.2 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of June 30, 2025
Weighted-average remaining lease term (in years)6.0
Weighted-average discount rate4.5 %
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
Stock-Based Compensation Plans
 
Our employees and our non-employee directors are eligible for awards under the Morningstar Amended and Restated 2011 Stock Incentive Plan, which provides for a variety of equity-based awards, including stock options, RSUs, MSUs, PSUs, and restricted stock.

The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Cost of revenue$8.2 $7.0 $11.7 $11.6 
Sales and marketing3.1 2.6 5.0 4.5 
General and administrative7.1 4.6 10.8 9.5 
Total stock-based compensation expense$18.4 $14.2 $27.5 $25.6 

As of June 30, 2025, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $91.1 million, which we expect to recognize over a weighted average period of 29 months.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows our effective tax rate for the three and six months ended June 30, 2025 and June 30, 2024:

 Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Income before income taxes and equity in investments of unconsolidated entities$116.5 $89.5 $225.0 $176.5 
Equity in investments of unconsolidated entities(1.2)(1.2)(3.8)(2.7)
Income before income taxes$115.3 $88.3 $221.2 $173.8 
Income tax expense$26.3 $19.2 $53.7 $40.5 
Effective tax rate22.8 %21.7 %24.3 %23.3 %

Our effective tax rate in the second quarter and first six months of 2025 was 22.8% and 24.3%, respectively, reflecting an increase of 1.1 and 1.0 percentage points, respectively, compared with the same periods in the prior year.

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. We are currently assessing the potential implications of the OBBB; however, an estimate of the impact of the OBBB on our consolidated financial statements cannot be made at this time.

The Organization for Economic Co-operation and Development (OECD) has proposed a global minimum tax of 15% of reported profits (Pillar Two) that has been agreed upon in principle by over 140 countries. Since the proposal, many countries incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly different than the model rules and on different timelines. Other countries are also considering changes to their tax laws to adopt certain parts of the OECD’s proposals. Pillar Two represents a significant change in the international tax regime and could result in increases to our effective tax rate as a result of the imposition of minimum taxes. Pillar Two did not have a material impact to our consolidated financial statements as of June 30, 2025. We are continuing to monitor developments and administrative guidance in addition to evaluating the potential impact of Pillar Two on our consolidated financial statements for future periods.

Unrecognized Tax Benefits

The table below provides information concerning our gross unrecognized tax benefits as of June 30, 2025 and December 31, 2024, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.

(in millions)As of June 30, 2025As of December 31, 2024
Gross unrecognized tax benefits$12.3 $11.1 
Gross unrecognized tax benefits that would affect income tax expense$12.3 $11.1 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$11.9 $10.9 

Our Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
Liabilities for Unrecognized Tax Benefits (in millions)As of June 30, 2025As of December 31, 2024
Current liability$0.1 $0.1 
Non-current liability13.1 11.7 
Total liability for unrecognized tax benefits$13.2 $11.8 

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

We are currently under audit by state and local tax authorities in the US as well as tax authorities in certain non-US jurisdictions. It is likely that the examination phase of some of these state, local, and non-US audits will conclude in 2025. It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits.

Approximately 83% of our cash, cash equivalents, and investments balance as of June 30, 2025, was held by our operations outside of the US. With the exception of $142.0 million in earnings of certain of our foreign subsidiaries that we disclosed in the fourth quarter of 2024, we generally consider most of our US directly-owned foreign subsidiary earnings to be permanently reinvested. We anticipate a one-time repatriation of these earnings back to the US via distribution later in 2025. We have recorded a deferred tax liability of $7.1 million that reflects the income tax effects of the repatriation of these earnings, mostly due to non-US withholding taxes, that would be due at the time of remittance. We have not recorded deferred income taxes on the remaining balance of accumulated undistributed earnings of our foreign subsidiaries because we consider those earnings to be permanently reinvested, and we do not anticipate dividends in the foreseeable future.

Certain of our non-US operations have incurred net operating losses (NOLs), which may become deductible to the extent these operations become profitable. For each of our operations, we evaluate whether it is more likely than not that the tax benefits related to NOLs will be realized. As part of this evaluation, we consider evidence such as tax planning strategies, historical operating results, forecasted taxable income, and recent financial performance. In the year that certain non-US operations record a loss, we do not recognize a corresponding tax benefit, which increases our effective tax rate. Upon determining that it is more likely than not that the NOLs will be realized, we reduce the tax valuation allowances related to these NOLs, which results in a reduction to our income tax expense and our effective tax rate in that period.
v3.25.2
Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
We record accrued liabilities for litigation, regulatory, and other business matters when those matters represent loss contingencies that are both probable and estimable. In these cases, there may be an exposure to loss in excess of any amounts accrued. Unless a loss contingency is both probable and estimable, we do not establish an accrued liability. As litigation, regulatory, or other business matters develop, we evaluate on an ongoing basis whether such matters present a loss contingency that is probable and estimable.

Data Audits and Reviews

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

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

Other Matters

We are involved from time to time in commercial disputes and legal proceedings that arise in the normal course of our business. While it is difficult to predict the outcome of any particular dispute or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.
v3.25.2
Share Repurchase Program
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Treasury Stock Share Repurchase Program
 
On December 6, 2022, the board of directors approved a share repurchase program that authorizes the company to repurchase up to $500.0 million in shares of the company's outstanding common stock, effective January 1, 2023 (the Share Repurchase Program). This authorization replaced the then-existing share repurchase program and expires on December 31, 2025. Under this authorization, we may repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate.

For the three months ended June 30, 2025, we repurchased a total of 398,442 shares for $112.0 million. For the six months ended June 30, 2025, we repurchased a total of 766,641 shares for $221.6 million. As of June 30, 2025, we have repurchased a total of 808,425 shares for $234.6 million under the Share Repurchase Program, leaving $265.4 million available for future repurchases.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Policy
Income Taxes: In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual financial periods beginning after December 15, 2024. The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating the effect that ASU No. 2023-09 will have on our income tax disclosures.

Income Statement: In November 2024, the FASB issued ASU No. 2024-03: Disaggregation of Income Statement Expenses (DISE) (ASU No. 2024-03), which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This standard is effective for our fiscal year beginning on January 1, 2027 and interim periods beginning on January 1, 2028. Early adoption is permitted. Entities should apply the guidance prospectively although retrospective application is permitted. We have not made a decision on early adoption and are evaluating the effect that ASU No. 2024-03 will have on our disclosures.
v3.25.2
Leases, Codification Topic 842 (Policies)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lessee, Leases
We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space.

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

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

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

For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach.
v3.25.2
Credit Arrangements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Total Debt and Long-term Debt
The following table summarizes our debt as of June 30, 2025 and December 31, 2024:

(in millions)As of June 30, 2025As of December 31, 2024
Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively$349.8 $349.8 
Amended 2022 Revolving Credit Facility140.0 — 
2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.0 million and $1.2 million, respectively
349.0 348.8 
Total debt$838.8 $698.6 
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:
(in millions)Weighted average useful life (years)
Customer-related assets$0.6 10
Technology-based assets12.5 5
Total intangible assets$13.1 
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$1.4 15
Technology-based assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
Schedule of Goodwill
 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
Balance as of December 31, 2024$594.0 $607.4 $105.2 $92.7 $93.5 $1,492.8 $69.2 $1,562.0 
Acquisition of DealX— — 9.7 — — 9.7 — 9.7 
Acquisition of Lumonic— 22.4 — — — 22.4 — 22.4 
Foreign currency translation16.2 — 5.3 1.7 — 23.2 0.9 24.1 
Balance as of June 30, 2025$610.2 $629.8 $120.2 $94.4 $93.5 $1,548.1 $70.1 $1,618.2 
Schedule of Intangible Assets
The following table summarizes our intangible assets: 

 As of June 30, 2025As of December 31, 2024
(in millions)GrossAccumulated AmortizationNetWeighted Average Useful
 Life (years)		GrossAccumulated AmortizationNetWeighted Average Useful Life (years)
Customer-related assets$590.8 $(309.7)$281.1 14$572.4 $(281.1)$291.3 14
Technology-based assets331.9 (219.1)112.8 8301.9 (205.5)96.4 8
Intellectual property & other91.4 (72.0)19.4 888.6 (67.5)21.1 8
Total intangible assets$1,014.1 $(600.8)$413.3 12$962.9 $(554.1)$408.8 12
Schedule of Intangible Asset, Amortization Expense
The following table summarizes our amortization expense related to intangible assets:

 Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Amortization expense$15.3 $17.5 $29.7 $35.2 
Schedule of Expected Amortization Expense
As of June 30, 2025, we expect intangible amortization expense for the remainder of 2025, each of the next four subsequent years and thereafter to be as follows:

(in millions)
As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$30.9 
202657.0 
202750.4 
202846.3 
202943.1 
Thereafter185.6 
Total$413.3 
v3.25.2
Income Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
 Three months ended June 30,Six months ended June 30,
(in millions, except per share amounts)2025202420252024
Basic net income per share:  
Consolidated net income $89.0 $69.1 $167.5 $133.3 
Weighted average common shares outstanding42.2 42.8 42.5 42.8 
Basic net income per share$2.11 $1.61 $3.94 $3.11 
Diluted net income per share:
Consolidated net income$89.0 $69.1 $167.5 $133.3 
Weighted average common shares outstanding42.2 42.8 42.5 42.8 
Net effect of dilutive stock awards0.3 0.3 0.3 0.3 
Weighted average common shares outstanding for computing diluted income per share42.5 43.1 42.8 43.1 
Diluted net income per share$2.09 $1.60 $3.91 $3.09 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
License-based $428.4 $401.7 $846.4 $801.9 
Asset-based82.4 84.7 168.1 161.7 
Transaction-based94.3 85.5 172.5 151.1 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2025, each of the next four subsequent years and thereafter as follows:

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$703.2 
2026517.4 
2027148.7 
202844.7 
202918.5 
Thereafter21.9 
Total$1,454.4 
Summary of Contract Assets and Change in Deferred Commissions
The following table summarizes our contract assets balance:

(in millions)As of June 30, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$384.0 $358.1 
Deferred commissions67.4 65.8 
Total contract assets$451.4 $423.9 
v3.25.2
Segment and Geographical Area Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present information about the company’s reportable segments for the three and six months ended June 30, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.
Three months ended June 30, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$207.7 $164.7 $5.0 $19.7 $0.4 $397.5 
Asset-based— — — 35.2 32.0 67.2 
Transaction-based1.5 1.8 80.0 9.4 — 92.7 
Total segment revenue209.2 166.5 85.0 64.3 32.4 557.4 
Less:
Compensation expense(1)
58.2 76.3 41.1 28.7 11.3 
Other segment items(2)
54.7 37.4 13.4 32.6 5.7 
Adjusted operating income (loss)$96.3 $52.8 $30.5 $3.0 $15.4 $198.0 
Six months ended June 30, 2025
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$406.9 $326.5 $9.6 $38.8 $0.9 $782.7 
Asset-based— — — 71.3 64.4 135.7 
Transaction-based1.5 3.7 148.4 15.5 — 169.1 
Total segment revenue408.4 330.2 158.0 125.6 65.3 1,087.5 
Less:
Compensation expense(1)
115.9 152.4 79.6 58.9 22.9 
Other segment items(2)
109.1 72.7 26.5 64.5 12.4 
Adjusted operating income (loss)$183.4 $105.1 $51.9 $2.2 $30.0 $372.6 
Three months ended June 30, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$195.7 $150.1 $3.7 $19.9 $0.5 $369.9 
Asset-based— — — 35.8 32.8 68.6 
Transaction-based1.2 1.6 73.9 6.9 — 83.6 
Total segment revenue196.9 151.7 77.6 62.6 33.3 522.1 
Less:
Compensation expense(1)
54.0 70.2 37.7 31.2 10.8 
Other segment items(2)
55.6 34.2 12.0 33.6 5.2 
Adjusted operating income (loss)$87.3 $47.3 $27.9 $(2.2)$17.3 $177.6 

Six months ended June 30, 2024
(in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable Segments
Revenue by type:
License-based$392.4 $295.7 $7.9 $40.4 $1.0 $737.4 
Asset-based— — — 69.4 60.7 130.1 
Transaction-based1.2 3.6 130.0 11.8 — 146.6 
Total segment revenue393.6 299.3 137.9 121.6 61.7 1,014.1 
Less:
Compensation expense(1)
107.6 146.3 73.1 63.6 21.3 
Other segment items(2)
107.5 65.7 24.6 65.8 8.9 
Adjusted operating income (loss)$178.5 $87.3 $40.2 $(7.8)$31.5 $329.7 
________________________________________________________________________________________
(1) Compensation expense includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation incurred for employees directly associated with each reportable segment. Allocated compensation expense related to corporate and centralized functions is reported within Other segment items.

(2) Other segment items for each reportable segment includes:
Morningstar Direct Platform - allocated expenses, infrastructure costs, and other overhead costs.
PitchBook - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Credit - allocated expenses, infrastructure costs, professional fees, and other overhead costs.
Morningstar Wealth - allocated expenses, infrastructure costs, and other overhead costs.
Morningstar Retirement - allocated expenses, infrastructure costs, and other overhead costs.
Reconciliation of Select Segment Information to Consolidated [Table Text Block]
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Reconciliation of reportable segment revenue to consolidated revenue:
Total reportable segment revenue$557.4 $522.1 $1,087.5 $1,014.1 
Corporate and All Other (3)
47.7 49.8 99.5 100.6 
Total consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 
Reconciliation of reportable segment adjusted operating income to income before income taxes:
Total reportable segment adjusted operating income$198.0 $177.6 $372.6 $329.7 
Corporate and All Other (4)
(54.6)(46.6)(93.8)(87.9)
Intangible amortization expense (15.3)(17.5)(29.7)(35.2)
M&A-related expenses(3.8)(5.0)(10.7)(5.5)
Other non-recurring items0.8 — 0.8 — 
Operating Income125.1 108.5 239.2 201.1 
Non-operating expense, net(8.6)(19.0)(14.2)(24.6)
Equity in investments of unconsolidated entities(1.2)(1.2)(3.8)(2.7)
Income before income taxes$115.3 $88.3 $221.2 $173.8 
___________________________________________________________________________________________
(3) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $27.3 million and $29.2 million for the three months ended June 30, 2025 and 2024, respectively, and $56.1 million and $60.0 million for the six months ended June 30, 2025 and 2024, respectively. Revenue from Morningstar Indexes was $20.4 million and $20.6 million for the three months ended June 30, 2025 and 2024, respectively, and $43.4 million and $40.6 million for the six months ended June 30, 2025 and 2024, respectively.

(4) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the second quarters of 2025 and 2024, unallocated corporate expenses were $50.1 million and $46.1 million, respectively. For the first six months of 2025 and 2024, unallocated corporate expenses were $91.9 million and $87.0 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.
Segment, Reconciliation of Other Items from Segments to Consolidated
The following table presents depreciation expense by reportable segment:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Morningstar Direct Platform$11.2 $9.5 $22.0 $17.7 
PitchBook8.1 8.3 15.9 15.7 
Morningstar Credit2.0 1.7 4.0 3.6 
Morningstar Wealth4.4 5.0 8.9 9.7 
Morningstar Retirement2.7 2.6 5.3 5.4 
Total Reportable Segments28.4 27.1 56.1 52.1 
Corporate and All Other (5)
4.8 4.4 9.9 8.6 
Total$33.2 $31.5 $66.0 $60.7 
___________________________________________________________________________________________
(5) Corporate and All Other provides a reconciliation between depreciation expense from our Total Reportable Segments and consolidated depreciation expense. Corporate and All Other includes unallocated corporate expenses of depreciation expense related to finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated as well as depreciation expense from Morningstar Sustainalytics and Morningstar Indexes.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area. Revenue is attributed to geographical area based on country in which the sale was contracted.
Revenue by geographical areaThree months ended June 30,Six months ended June 30,
(in millions)2025202420252024
United States$431.6 $410.3 $856.1 $801.2 
Asia12.2 13.0 24.1 25.7 
Australia16.2 15.7 31.3 30.7 
Canada38.6 37.8 71.7 70.4 
Continental Europe55.0 50.1 105.6 99.8 
United Kingdom48.2 42.0 91.9 80.9 
Other3.3 3.0 6.3 6.0 
Total International173.5 161.6 330.9 313.5 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 
Property, equipment, and capitalized software, net by geographical area
(in millions)As of June 30, 2025As of December 31, 2024
United States$184.3 $189.5 
Asia9.8 9.6 
Australia1.5 1.6 
Canada17.6 6.6 
Continental Europe6.5 5.3 
United Kingdom5.7 6.1 
Other0.2 0.2 
Total International41.3 29.4 
Consolidated property, equipment, and capitalized software, net$225.6 $218.9 

Operating lease assets by geographical area
(in millions)As of June 30, 2025As of December 31, 2024
United States$84.9 $92.9 
Asia41.7 44.2 
Australia2.0 2.4 
Canada6.8 7.7 
Continental Europe17.1 19.1 
United Kingdom11.9 14.7 
Other0.1 0.2 
Total International79.6 88.3 
Consolidated operating lease assets$164.5 $181.2 
v3.25.2
Fair Value Measures and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The tables below present information about items that are measured at fair value:

 Fair Value as ofLevel within the Fair Value Hierarchy as of June 30, 2025
(in millions)June 30, 2025Level 1Level 2Level 3
Cash equivalents$70.6 $70.6 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds32.9 32.9 — — 
Marketable debt securities1.4 1.4 — — 
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors27.3 27.3 — — 
Total$132.2 $132.2 $— $— 

 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Assets and Liabilities, Lessee
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of June 30, 2025
Weighted-average remaining lease term (in years)6.0
Weighted-average discount rate4.5 %
Lessee, Operating Lease, Liability, Maturity
The following table shows our minimum future lease commitments due in the remainder of 2025, each of the next four subsequent years and thereafter for operating leases:

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$24.5 
202646.2 
202739.3 
202832.9 
202921.5 
Thereafter61.4 
Total minimum lease commitments225.8 
Adjustment for discount to present value30.6 
Present value of lease liabilities
$195.2 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule Of Compensation Cost By Expense Category
The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Cost of revenue$8.2 $7.0 $11.7 $11.6 
Sales and marketing3.1 2.6 5.0 4.5 
General and administrative7.1 4.6 10.8 9.5 
Total stock-based compensation expense$18.4 $14.2 $27.5 $25.6 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table shows our effective tax rate for the three and six months ended June 30, 2025 and June 30, 2024:

 Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Income before income taxes and equity in investments of unconsolidated entities$116.5 $89.5 $225.0 $176.5 
Equity in investments of unconsolidated entities(1.2)(1.2)(3.8)(2.7)
Income before income taxes$115.3 $88.3 $221.2 $173.8 
Income tax expense$26.3 $19.2 $53.7 $40.5 
Effective tax rate22.8 %21.7 %24.3 %23.3 %
Schedule of Gross Unrecognized Tax Benefits
The table below provides information concerning our gross unrecognized tax benefits as of June 30, 2025 and December 31, 2024, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.

(in millions)As of June 30, 2025As of December 31, 2024
Gross unrecognized tax benefits$12.3 $11.1 
Gross unrecognized tax benefits that would affect income tax expense$12.3 $11.1 
Decrease in income tax expense upon recognition of gross unrecognized tax benefits$11.9 $10.9 
Schedule of Liabilities for Unrecognized Tax Benefits
Our Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
Liabilities for Unrecognized Tax Benefits (in millions)As of June 30, 2025As of December 31, 2024
Current liability$0.1 $0.1 
Non-current liability13.1 11.7 
Total liability for unrecognized tax benefits$13.2 $11.8 
v3.25.2
Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2022
May 06, 2022
Oct. 26, 2020
Debt Instrument [Line Items]          
Long-term debt $ 838.8 $ 698.6      
Long-term debt 838.8 698.6      
Debt Instrument, Interest Rate, Stated Percentage         2.32%
Maximum borrowing capacity     $ 650.0    
Medium-term Notes [Member] | Term Loan Facility [Member]          
Debt Instrument [Line Items]          
Long-term debt 349.8 349.8      
Debt Issuance Costs, Gross 1.2 1.4      
Notes Payable, Other Payables | Private Placement          
Debt Instrument [Line Items]          
Long-term debt 349.0 348.8      
Debt Issuance Costs, Gross $ 1.0 $ 1.2      
Debt Instrument, Interest Rate, Stated Percentage 2.32% 2.32%      
Revolving Credit Facility | Line of Credit [Member] | July 2019 Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Long-term debt   $ 0.0      
Revolving Credit Facility | Line of Credit [Member] | May 2022 Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt $ 140.0        
Maximum borrowing capacity       $ 450.0  
v3.25.2
Credit Arrangements (Details) - USD ($)
$ in Millions
 6 Months Ended
May 06, 2022
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2022
Oct. 26, 2020
Line of Credit Facility [Line Items]          
Maximum borrowing capacity       $ 650.0  
Remaining borrowing capacity   $ 510.0      
Long-term debt, outstanding   489.8      
Debt Instrument, Interest Rate, Stated Percentage         2.32%
Long-term debt   838.8 $ 698.6    
Medium-term Notes [Member] | Term Loan Facility [Member]          
Line of Credit Facility [Line Items]          
Long-term debt   $ 349.8 349.8    
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Lender's base rate [Member]          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   0.38%      
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   1.48%      
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Lender's base rate [Member]          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   0.00%      
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Line of Credit Facility [Line Items]          
Basis spread on variable rate debt   1.00%      
Line of Credit [Member] | July 2019 Revolving Credit Facility [Member] | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Long-term debt     $ 0.0    
Line of Credit [Member] | May 6, 2022 Credit Agreement | Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Debt Instrument, Term 5 years        
Maximum borrowing capacity $ 1,100.0        
Line of Credit [Member] | May 2022 Revolving Credit Facility | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity 450.0        
Long-term debt   $ 140.0      
Line of Credit [Member] | September 30, 2022, Credit Agreement Second Amendment | Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity       $ 1,300.0  
Notes Payable, Other Payables | Private Placement          
Line of Credit Facility [Line Items]          
Other Long-term Debt         $ 350.0
Debt Instrument, Interest Rate, Stated Percentage   2.32% 2.32%    
Long-term debt   $ 349.0 $ 348.8    
Long-Term Debt | May 6, 2022 Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity $ 650.0        
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
segments
Jun. 30, 2024
USD ($)
Mar. 01, 2025
Business Combination [Line Items]      
Goodwill, impairment loss $ 0.0 $ 0.0  
Number of Reportable Segments | segments 5    
Number of Reportable Segments | segments 5    
DealX      
Business Combination [Line Items]      
Goodwill, Acquired During Period $ 9.7    
Finite-lived Intangible Assets Acquired 13.1    
Business Combination, Voting Equity Interest Acquired, Percentage     65.00%
DealX | Customer-Related Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired 0.6    
DealX | Technology-Based Intangible Assets      
Business Combination [Line Items]      
Finite-lived Intangible Assets Acquired $ 12.5    
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 01, 2022
Jun. 30, 2025
Business Combination [Line Items]    
Goodwill   $ 1,618.2
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   1,562.0
Foreign currency translation   24.1
Goodwill, Ending Balance   1,618.2
Operating Segments    
Business Combination [Line Items]    
Goodwill   1,548.1
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   1,492.8
Foreign currency translation   23.2
Goodwill, Ending Balance   1,548.1
Morningstar Data and Analytics Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill   610.2
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   594.0
Foreign currency translation   16.2
Goodwill, Ending Balance   610.2
PitchBook Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill   629.8
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   607.4
Foreign currency translation   0.0
Goodwill, Ending Balance   629.8
Morningstar Credit Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill   120.2
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   105.2
Foreign currency translation   5.3
Goodwill, Ending Balance   120.2
Morningstar Wealth Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill   94.4
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   92.7
Foreign currency translation   1.7
Goodwill, Ending Balance   94.4
Morningstar Retirement Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill   93.5
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   93.5
Foreign currency translation   0.0
Goodwill, Ending Balance   93.5
Corporate and Other | Operating Segments    
Business Combination [Line Items]    
Goodwill   70.1
Goodwill [Roll Forward]    
Goodwill, Beginning Balance   69.2
Foreign currency translation   0.9
Goodwill, Ending Balance   70.1
DealX    
Business Combination [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Morningstar Data and Analytics Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | PitchBook Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Morningstar Credit Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   9.7
DealX | Morningstar Wealth Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Morningstar Retirement Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
DealX | Corporate and Other | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic    
Business Combination [Line Items]    
Goodwill, Acquired During Period $ 22.4  
Lumonic | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   22.4
Lumonic | Morningstar Data and Analytics Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | PitchBook Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   22.4
Lumonic | Morningstar Credit Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Morningstar Wealth Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Morningstar Retirement Segment | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   0.0
Lumonic | Corporate and Other | Operating Segments    
Business Combination [Line Items]    
Goodwill, Acquired During Period   $ 0.0
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,014.1 $ 962.9
Accumulated Amortization (600.8) (554.1)
Total $ 413.3 $ 408.8
Weighted-Average Useful Life (years) 12 years 12 years
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:
(in millions)Weighted average useful life (years)
Customer-related assets$0.6 10
Technology-based assets12.5 5
Total intangible assets$13.1 
The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$1.4 15
Technology-based assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
  
Customer-related assets    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 590.8 $ 572.4
Accumulated Amortization (309.7) (281.1)
Total $ 281.1 $ 291.3
Weighted-Average Useful Life (years) 14 years 14 years
Intellectual property & other    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 91.4 $ 88.6
Accumulated Amortization (72.0) (67.5)
Total $ 19.4 $ 21.1
Weighted-Average Useful Life (years) 8 years 8 years
Technology-Based Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Gross $ 331.9 $ 301.9
Accumulated Amortization (219.1) (205.5)
Total $ 112.8 $ 96.4
Weighted-Average Useful Life (years) 8 years 8 years
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Amortization expense $ 15.3 $ 17.5 $ 29.7 $ 35.2  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]          
Remainder of 2025 (July 1 through December 31) 30.9   30.9    
2026 57.0   57.0    
2027 50.4   50.4    
2028 46.3   46.3    
2029 43.1   43.1    
Thereafter 185.6   185.6    
Total $ 413.3   $ 413.3   $ 408.8
v3.25.2
Acquisitions, Goodwill and Other Intangible Assets - Acquired Intangibles (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross $ 1,014.1 $ 962.9
Accumulated Amortization (600.8) (554.1)
Intangible assets, net $ 413.3 $ 408.8
Weighted-Average Useful Life (years) 12 years 12 years
DealX    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 13.1  
Finite-lived Intangible Assets Acquired 13.1  
Lumonic    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired 10.6  
Finite-lived Intangible Assets Acquired 10.6  
Customer-related assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 590.8 $ 572.4
Accumulated Amortization (309.7) (281.1)
Intangible assets, net $ 281.1 $ 291.3
Weighted-Average Useful Life (years) 14 years 14 years
Intellectual property & other    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross $ 91.4 $ 88.6
Accumulated Amortization (72.0) (67.5)
Intangible assets, net $ 19.4 $ 21.1
Weighted-Average Useful Life (years) 8 years 8 years
Intellectual property & other | Lumonic    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 0.1  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 3 years  
Finite-lived Intangible Assets Acquired $ 0.1  
Technology-Based Intangible Assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 331.9 $ 301.9
Accumulated Amortization (219.1) (205.5)
Intangible assets, net $ 112.8 $ 96.4
Weighted-Average Useful Life (years) 8 years 8 years
Technology-Based Intangible Assets | DealX    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 12.5  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 5 years  
Finite-lived Intangible Assets Acquired $ 12.5  
Technology-Based Intangible Assets | Lumonic    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 9.1  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 8 years  
Finite-lived Intangible Assets Acquired $ 9.1  
Customer-Related Intangible Assets | DealX    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 0.6  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 10 years  
Finite-lived Intangible Assets Acquired $ 0.6  
Customer-Related Intangible Assets | Lumonic    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Finite-lived Intangible Assets Acquired $ 1.4  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 15 years  
Finite-lived Intangible Assets Acquired $ 1.4  
v3.25.2
Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share, Basic [Abstract]            
Consolidated net income $ 89.0 $ 78.5 $ 69.1 $ 64.2 $ 167.5 $ 133.3
Weighted average common shares outstanding 42.2   42.8   42.5 42.8
Basic net income per share attributable to Morningstar, Inc. $ 2.11   $ 1.61   $ 3.94 $ 3.11
Earnings Per Share, Diluted [Abstract]            
Consolidated net income $ 89.0   $ 69.1   $ 167.5 $ 133.3
Weighted average common shares outstanding 42.2   42.8   42.5 42.8
Net effect of dilutive stock options and restricted stock units 0.3   0.3   0.3 0.3
Weighted average common shares outstanding for computing diluted income per share 42.5   43.1   42.8 43.1
Diluted net income per share attributable to Morningstar, Inc. $ 2.09   $ 1.60   $ 3.91 $ 3.09
v3.25.2
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Consolidated revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7
License-based        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 428.4 401.7 846.4 801.9
Asset-based        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 82.4 84.7 168.1 161.7
Transaction-based        
Disaggregation of Revenue [Line Items]        
Consolidated revenue $ 94.3 $ 85.5 $ 172.5 $ 151.1
v3.25.2
Revenue (Disaggregation of Revenue, Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7
Minimum [Member]        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 1 year   1 year  
Maximum [member]        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 3 years   3 years  
Licensed-based Revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues $ 428.4 401.7 $ 846.4 801.9
Asset-based Revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues $ 82.4 $ 84.7 $ 168.1 $ 161.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 6 months   6 months  
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   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 2 years   2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 3 years   3 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 4 years   4 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue performance period 5 years   5 years  
v3.25.2
Revenue (Schedule of Contract Liabilities) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 1,454.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 703.2
Revenue performance period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 517.4
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, Amount $ 148.7
Revenue performance period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 44.7
Revenue performance period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 18.5
Revenue performance period 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 21.9
Revenue performance period 5 years
v3.25.2
Revenue (Contract Liabilities, Additional Information Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Increase in contract liabilities from cash payments received $ 52.9
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized 395.5
Accounts payable and accrued liabilities $ 616.1
Revenue Revenue
Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
License-based $428.4 $401.7 $846.4 $801.9 
Asset-based82.4 84.7 168.1 161.7 
Transaction-based94.3 85.5 172.5 151.1 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. As of June 30, 2025, the contract liabilities balance increased $52.9 million from December 31, 2024, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $395.5 million of revenue in the six months ended June 30, 2025 that was included in the contract liabilities balance as of December 31, 2024.

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

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$703.2 
2026517.4 
2027148.7 
202844.7 
202918.5 
Thereafter21.9 
Total$1,454.4 

The aggregate amount of revenue we expect to recognize for the remainder of 2025 and subsequent years is higher than our contract liability balance of $616.1 million as of June 30, 2025. The difference represents the value of future obligations for signed contracts that have yet to be billed.

The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of June 30, 2025. We are applying the optional exemption available under FASB ASC 606 Revenue from Contracts with Customers (FASB ASC 606), as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For certain license-based contracts, variable consideration is received for services performed based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, all the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration received for most Internet advertising services performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated.
As of June 30, 2025, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under FASB ASC 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from June 30, 2025. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months.

Contract Assets

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

The following table summarizes our contract assets balance:

(in millions)As of June 30, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$384.0 $358.1 
Deferred commissions67.4 65.8 
Total contract assets$451.4 $423.9 
v3.25.2
Revenue (Summary of Contract Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, less allowance for credit losses $ 384.0 $ 358.1
Deferred commissions, current and non-current 67.4 65.8
Total contract assets $ 451.4 $ 423.9
v3.25.2
Segment and Geographical Area Information (Details) (Table 1)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segments
Jun. 30, 2024
USD ($)
Segment Reporting Information [Line Items]        
Consolidated revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7
Number of Operating Segments | segments     7  
Number of Reportable Segments | segments     5  
Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenue 557.4 522.1 $ 1,087.5 1,014.1
Reportable Segment Profitability 198.0 177.6 372.6 329.7
Morningstar Data and Analytics Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 209.2 196.9 408.4 393.6
Compensation Expense, Excluding Cost of Good and Service Sold 58.2 54.0 115.9 107.6
Segment Reporting, Other Segment Item, Amount 54.7 55.6 109.1 107.5
Morningstar Data and Analytics Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Reportable Segment Profitability 96.3 87.3 183.4 178.5
PitchBook Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 166.5 151.7 330.2 299.3
Compensation Expense, Excluding Cost of Good and Service Sold 76.3 70.2 152.4 146.3
Segment Reporting, Other Segment Item, Amount 37.4 34.2 72.7 65.7
PitchBook Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Reportable Segment Profitability 52.8 47.3 105.1 87.3
Morningstar Credit Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 64.3 62.6 158.0 121.6
Compensation Expense, Excluding Cost of Good and Service Sold 28.7 31.2 58.9 63.6
Segment Reporting, Other Segment Item, Amount 32.6 33.6 64.5 65.8
Morningstar Credit Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Reportable Segment Profitability 3.0 (2.2) 2.2 (7.8)
Morningstar Wealth Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 85.0 77.6 125.6 137.9
Compensation Expense, Excluding Cost of Good and Service Sold 41.1 37.7 79.6 73.1
Segment Reporting, Other Segment Item, Amount 13.4 12.0 26.5 24.6
Morningstar Wealth Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Reportable Segment Profitability 30.5 27.9 51.9 40.2
Morningstar Retirement Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 32.4 33.3 65.3 61.7
Compensation Expense, Excluding Cost of Good and Service Sold 11.3 10.8 22.9 21.3
Segment Reporting, Other Segment Item, Amount 5.7 5.2 12.4 8.9
Morningstar Retirement Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Reportable Segment Profitability 15.4 17.3 30.0 31.5
License-based        
Segment Reporting Information [Line Items]        
Consolidated revenue 428.4 401.7 846.4 801.9
License-based | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenue 397.5 369.9 782.7 737.4
License-based | Morningstar Data and Analytics Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 207.7 195.7 406.9 392.4
License-based | PitchBook Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 164.7 150.1 326.5 295.7
License-based | Morningstar Credit Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 19.7 19.9 9.6 40.4
License-based | Morningstar Wealth Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 5.0 3.7 38.8 7.9
License-based | Morningstar Retirement Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 0.4 0.5 0.9 1.0
Asset-based        
Segment Reporting Information [Line Items]        
Consolidated revenue 82.4 84.7 168.1 161.7
Asset-based | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenue 67.2 68.6 135.7 130.1
Asset-based | Morningstar Data and Analytics Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 0.0 0.0 0.0 0.0
Asset-based | PitchBook Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 0.0 0.0 0.0 0.0
Asset-based | Morningstar Credit Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 35.2 35.8 0.0 69.4
Asset-based | Morningstar Wealth Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 0.0 0.0 71.3 0.0
Asset-based | Morningstar Retirement Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 32.0 32.8 64.4 60.7
Transaction-based        
Segment Reporting Information [Line Items]        
Consolidated revenue 94.3 85.5 172.5 151.1
Transaction-based | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenue 92.7 83.6 169.1 146.6
Transaction-based | Morningstar Data and Analytics Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 1.5 1.2 1.5 1.2
Transaction-based | PitchBook Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 1.8 1.6 3.7 3.6
Transaction-based | Morningstar Credit Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 9.4 6.9 148.4 11.8
Transaction-based | Morningstar Wealth Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue 80.0 73.9 15.5 130.0
Transaction-based | Morningstar Retirement Segment        
Segment Reporting Information [Line Items]        
Consolidated revenue $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.2
Segment and Geographical Area Information (Details) (Table 2) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7
Amortization expense (15.3) (17.5) (29.7) (35.2)
Business Combination, Acquisition and Integration Related Costs (3.8) (5.0) (10.7) (5.5)
Operating income 125.1 108.5 239.2 201.1
Nonoperating Income (Expense) (8.6) (19.0) (14.2) (24.6)
Equity in investments of unconsolidated entities (1.2) (1.2) (3.8) (2.7)
Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign 115.3 88.3 221.2 173.8
Unallocated Corporate Expenses 50.1 46.1 91.9 87.0
Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Revenue 557.4 522.1 1,087.5 1,014.1
Reportable Segment Profitability 198.0 177.6 372.6 329.7
Morningstar Data and Analytics Segment | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Reportable Segment Profitability 96.3 87.3 183.4 178.5
PitchBook Segment | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Reportable Segment Profitability 52.8 47.3 105.1 87.3
Morningstar Credit Segment | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Reportable Segment Profitability 3.0 (2.2) 2.2 (7.8)
Morningstar Wealth Segment | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Reportable Segment Profitability 30.5 27.9 51.9 40.2
Morningstar Retirement Segment | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Reportable Segment Profitability 15.4 17.3 30.0 31.5
Corporate and Other | Operating Segments        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Revenue 47.7 49.8 99.5 100.6
Reportable Segment Profitability (54.6) (46.6) (93.8) (87.9)
Sustainalytics        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Revenue 27.3 29.2 56.1 60.0
Morningstar Indexes [Member]        
Reconciliation of Select Segment Information to Consolidated [Line Items]        
Revenue $ 20.4 $ 20.6 $ 43.4 $ 40.6
v3.25.2
Segment and Geographical Area Information (Details) (Table 3) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation $ 33.2 $ 31.5 $ 66.0 $ 60.7
Stock-based compensation expense     27.5 25.6
Operating Segments        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 28.4 27.1 56.1 52.1
Operating Segments | Morningstar Data and Analytics Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 11.2 9.5 22.0 17.7
Operating Segments | PitchBook Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 8.1 8.3 15.9 15.7
Operating Segments | Morningstar Credit Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 4.4 5.0 8.9 9.7
Operating Segments | Morningstar Wealth Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 2.0 1.7 4.0 3.6
Operating Segments | Morningstar Retirement Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation 2.7 2.6 5.3 5.4
Operating Segments | Corporate and Other        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Depreciation $ 4.8 $ 4.4 $ 9.9 $ 8.6
v3.25.2
Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7  
Long-lived assets 225.6   225.6   $ 218.9
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 431.6 410.3 856.1 801.2  
Long-lived assets 184.3   184.3   189.5
Total International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 173.5 161.6 330.9 313.5  
Long-lived assets 41.3   41.3   29.4
Canada          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 48.2 42.0 91.9 80.9  
Long-lived assets 5.7   5.7   6.1
Continental Europe          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 55.0 50.1 105.6 99.8  
Long-lived assets 6.5   6.5   5.3
Australia          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 16.2 15.7 31.3 30.7  
Long-lived assets 1.5   1.5   1.6
Canada          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 38.6 37.8 71.7 70.4  
Long-lived assets 17.6   17.6   6.6
United Kingdom          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 12.2 13.0 24.1 25.7  
Long-lived assets 9.8   9.8   9.6
Other          
Revenues from External Customers and Long-Lived Assets [Line Items]          
External revenue 3.3 $ 3.0 6.3 $ 6.0  
Long-lived assets $ 0.2   $ 0.2   $ 0.2
v3.25.2
Segment and Geographical Area Information Segment and Geographical Area Information - Operating Lease Assets by Geographical Area (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 164.5 $ 181.2
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 84.9 92.9
Total International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 79.6 88.3
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 11.9 14.7
Continental Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 17.1 19.1
Australia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 2.0 2.4
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 6.8 7.7
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets 41.7 44.2
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Consolidated operating lease assets $ 0.1 $ 0.2
v3.25.2
Fair Value Measures and Disclosures (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Method Investment, Other-than-Temporary Impairment $ 12.4    
Fair Value, Recurring | Fair Value, Inputs, Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   $ 70.6 $ 43.5
Investments, Fair Value Disclosure   132.2 113.1
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   32.9 42.3
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   1.4 2.4
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   27.3 24.9
Fair Value, Recurring | Fair Value, Inputs, Level 1 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   0.0 0.0
Investments, Fair Value Disclosure   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 2 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   0.0 0.0
Investments, Fair Value Disclosure   0.0 24.7
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Level 3 | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     24.7
Estimate of Fair Value Measurement | Fair Value, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents, Fair Value Disclosure   70.6 43.5
Investments, Fair Value Disclosure   132.2 137.8
Estimate of Fair Value Measurement | Fair Value, Recurring | Equity Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity Securities, FV-NI   32.9 42.3
Estimate of Fair Value Measurement | Fair Value, Recurring | Debt Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt Securities, Available-for-Sale   1.4 2.4
Estimate of Fair Value Measurement | Fair Value, Recurring | Wealth Advisors [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost   $ 27.3 24.9
Estimate of Fair Value Measurement | Fair Value, Recurring | SmartX      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment Owned, Cost     $ 24.7
v3.25.2
Investments in Unconsolidated Entities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investments in Unconsolidated Entities [Line Items]          
Investments in unconsolidated entities $ 77.2   $ 77.2   $ 85.3
Net realized gains on sale of investments, reclassified from other comprehensive income 1.9 $ 0.2 $ 2.2 $ 2.8  
Equity Method Investments and Joint Ventures Disclosure     Investments in Unconsolidated Entities
As of June 30, 2025 and December 31, 2024, our investment in unconsolidated entities balance totaled $77.2 million and $85.3 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value.

The carrying amount of investments in equity securities without a readily determinable fair value was $42.8 million and $41.1 million as of June 30, 2025 and December 31, 2024, respectively. We did not record any material adjustments or impairment losses in the first six months of 2025 or 2024.
    
Equity Securities without Readily Determinable Fair Value, Amount $ 42.8   $ 42.8   $ 41.1
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Lessee, Lease, Description [Line Items]        
Operating lease expense $ 11.2 $ 10.4 $ 22.2 $ 20.8
Variable lease, cost 5.0 $ 3.1 7.8 6.3
Operating lease payments $ 11.4   $ 20.8 $ 22.1
Minimum [Member]        
Lessee, Lease, Description [Line Items]        
Operating lease, weighted average remaining lease term 1 year   1 year  
Maximum [member]        
Lessee, Lease, Description [Line Items]        
Operating lease, weighted average remaining lease term 10 years   10 years  
v3.25.2
Leases - Operating Lease Minimum Future Lease Commitments (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Leases [Abstract]  
Remainder of 2019 $ 24.5
2020 46.2
2021 39.3
2022 32.9
2023 21.5
Thereafter 61.4
Total minimum lease commitments 225.8
Adjustment for discount to present value 30.6
Present value of lease liabilities $ 195.2
v3.25.2
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Jun. 30, 2025
Weighted-average remaining lease term (in years)  
Weighted-average remaining lease term (in years) 6 years
Weighted-average discount rate  
Weighted-average discount rate 4.50%
v3.25.2
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 18.4 $ 14.2 $ 27.5 $ 25.6
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 8.2 7.0 11.7 11.6
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 3.1 2.6 5.0 4.5
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 7.1 $ 4.6 $ 10.8 $ 9.5
v3.25.2
Stock-Based Compensation (Narrative) (Details) - Restricted Stock Units and Performance Share Awards
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 91.1
Expected amortization period (months) 29 months
v3.25.2
Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Amount [Abstract]          
Income before income taxes and equity in net income (loss) of unconsolidated entities $ 116.5 $ 89.5 $ 225.0 $ 176.5  
Equity in investments of unconsolidated entities (1.2) (1.2) (3.8) (2.7)  
Total 115.3 88.3 221.2 173.8  
Income tax expense $ 26.3 $ 19.2 $ 53.7 $ 40.5  
Effective income tax rate 22.80% 21.70% 24.30%    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]          
Current liability $ 0.1   $ 0.1   $ 0.1
Non-current liability 13.1   13.1   11.7
Total liability for unrecognized tax benefits $ 13.2   $ 13.2   11.8
Concentration Risk [Line Items]          
Effective Income Tax Rate Reconciliation, Increase (Decrease) From Prior Year, PercentTaxes 1.10%   1.00%    
Unrecognized Tax Benefits $ 12.3   $ 12.3   11.1
Total Liability For Unrecognized Tax Benefits $ 13.2   $ 13.2   11.8
Effective tax rate       23.3  
Undistributed Earnings of Foreign Subsidiaries not Permanently Reinvested         142.0
Deferred Tax Liabilities, Undistributed Foreign Earnings         $ 7.1
Geographic Concentration Risk | Cash, Cash Equivalents and Investments | Total International          
Concentration Risk [Line Items]          
Percentage of cash, cash equivalents and investments held by operations outside of US     83.00%    
v3.25.2
Income Taxes (Income Tax Contingency) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Gross unrecognized tax benefits $ 12.3 $ 11.1
Gross unrecognized tax benefits that would affect income tax expense 12.3 11.1
Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 11.9 $ 10.9
v3.25.2
Contingencies Contingencies (Details)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Document Period End Date Jun. 30, 2025
v3.25.2
Share Repurchase Program (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
shares
Subsequent Event [Line Items]    
Share repurchase program, authorized amount $ 500.0 $ 500.0
Shares repurchased (in shares) | shares 398,442 766,641
Shares repurchased, value $ 112.0 $ 221.6
Stock repurchase program, remaining authorized repurchase amount $ 265.4 $ 265.4
Total Stock Repurchased Under Current Program, Shares | shares 808,425 808,425
Total Stock Repurchased Under Current Program, amount $ 234.6 $ 234.6