Morningstar Q4 revenue up 8.5%, adj. EPS +26.6%; FY2025 adj. EPS $9.86

Morningstar, Inc.

2025-FY EPS reported $8.87 revenue$2,445,500,000

Q4 revenue $641.1M (+8.5%); adj. operating income $153.5M (+26.1%); adj. diluted EPS $2.71 (+26.6%).
FY2025 revenue $2.4B (+7.5%); adj. operating income $582.9M (+18.0%); adj. diluted EPS $9.86 (+25.0%).
Repurchased 3.28M shares for $787M in 2025; Q4 alone $385.3M at avg $216.42.
Morningstar Credit segment revenue surpassed $100M in Q4, +27.9% reported; full-year growth across geographies.
Completed CRSP acquisition Feb 2, 2026; CRSP indexes rebranded Morningstar; Vanguard extends index usage.

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