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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

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