MORN · Morningstar, Inc.

Morningstar delivered robust Q1 2026 results, with revenue growth of 10.8% to $644.8 million reflecting strong contributions from Morningstar Credit (up 38.4% to $101.0 million, driven by robust issuance across geographies and asset classes including Canadian/European corporates and US structured finance), Morningstar Direct Platform ($215.2 million, +8.0% reported/+5.0% organic from data expansion and license revenue), and PitchBook ($172.4 million, +5.3%). Organic revenue grew 7.6%, excluding M&A and FX impacts. Operating expenses rose only 4.7% to $489.8 million despite compensation increases from currency and CRSP-related amortization, yielding 36.6% operating income growth to $155.9 million and adjusted operating income up 31.9% to $178.6 million (margin 27.7% vs. 23.3%). CRSP acquisition, closed in the quarter for $359.6 million net, proved accretive to margins via Morningstar Indexes. CEO Kunal Kapoor highlighted >30% operating income growth and 4% share reduction, with new IP like PitchBook's daily VC valuations. Morningstar Wealth declined 5.4% amid Morningstar Office sunsetting, offset by model portfolio gains; Retirement grew 17.9% with AUMA up 11.7% to $310 billion. Balance sheet shows $532.2 million cash/investments vs. $1,712.8 million debt (up from debt increase), supporting $300 million buybacks and $19.9 million dividends. No forward guidance provided; focus on sustained profitability momentum amid CRSP integration and private markets positioning.