Morningstar Q2 revenue up 5.8% to $605.1M; adj. EPS $2.40 beats prior year $2.01

Morningstar, Inc.

2025-Q2 EPS reported $3.91 revenue$1,187,000,000

Revenue $605.1M (+5.8% reported, +5.9% organic); operating income $125.1M (+15.3%).
Diluted EPS GAAP $2.09 (+30.6% YoY); adjusted diluted EPS $2.40 (+19.4%).
PitchBook revenue $166.5M (+9.8%); Morningstar Credit $85.0M (+9.5%); Direct Platform $209.2M (+6.2%).
Free cash flow $62.4M, down 48.3% due to higher income tax payments of $79.5M.
Repurchased 398,442 shares for $112M; debt increased $35M net to $838.8M.

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