Morningstar, Inc. Reports Second-Quarter 2026 Financial Results

Morningstar, Inc. (July 28, 2026). Morningstar, Inc. reports second-quarter 2026 financial results [Press release]. Business Wire. https://www.businesswire.com/news/home/20260728222875/en/Morningstar-Inc.-Reports-Second-Quarter-2026-Financial-Results

• Morningstar reported second-quarter revenue of $663.2 million, up 9.6% on a reported basis and 6.8% organically, with Morningstar Credit, Morningstar Direct Platform, and PitchBook the largest contributors to organic growth.

• Operating income rose 28.4% to $160.6 million and operating margin reached 24.2% versus 20.7% a year earlier, while diluted net income per share increased 35.4% to $2.83.

• Morningstar Credit was the fastest-growing segment, with revenue up 23.4% to $104.9 million on robust issuance and particular strength in US structured finance ratings and Canadian and US corporates.

• Morningstar Wealth revenue declined 6.2% to $60.3 million and assets under management and advisement fell 4.5% to $63.8 billion, though excluding the sunsetting of Morningstar Office organic revenue would have increased 5.3%.

• Morningstar Retirement revenue grew 17.0% to $37.9 million and its AUMA rose 9.0% to $311.0 billion, driven by market gains and positive net flows to traditional and Advisor Managed Accounts.

• CEO Kunal Kapoor said the company is building agentic workflows and tools atop its data, research, and intellectual property, and is expanding collaborations with leading model and enterprise technology providers to broaden access to that content.

• Kapoor also pointed to the convergence of public and private markets, citing private ratings activity in Morningstar Credit, a Morningstar Wealth collaboration with leading asset managers to create public/private models, and the latest State of Semiliquid Funds report.

Knote: From a WealthTech standpoint, the drivers to watch are Credit Ratings, Private Asset Ratings (not there yet, although they might try to argue otherwise), and Public/Private Models.