Strong Revenue Growth:
Reported and organic revenue increased in 2025 and accelerated into early 2026, with margins expanding. Q1 2026 showed re‑accelerated momentum supported by multiple engines.
Profitability:
Adjusted operating income and margins expanded in 2025 and improved further in Q1 2026. Results show stronger profitability alongside revenue gains.
Diversified Revenue Streams:
Multiple businesses—Morningstar Credit, the Morningstar Direct Platform (Data and Direct), PitchBook, and Retirement—drove broad‑based growth. Credit benefited from robust issuance across geographies and asset classes while platforms and data added steady subscription‑led expansion.
