Morningstar provides revenue mix details for Credit segment and data retention rates in investor Q&A

Morningstar, Inc.

Morningstar Credit revenue: 59% from new issuance fees, 35% recurring transaction-based, 6% data licensing in 2024.
For structured finance, ~30% of transaction-based revenue was recurring; for fundamental ratings, ~50%.
Managed investment data accounted for roughly half of Morningstar Data revenue for TTM ended June 30, 2025.
Retention rates from 2022-2024 were higher in managed investment data and Essentials, lower in exchange market data.
Plans to issue Morningstar Medalist Ratings for interval funds starting Q3 2025; expects to monetize through asset manager offerings.

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