ADDED
As of February 6, 2026, there were 39,583,760 shares of the registrant's common stock, no par value, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.
We deliver connected data, independent research, investor-first tools, and long-term portfolio strategies with a focus on removing frictions that can slow decisions, cloud markets, and drive up costs.
We offer a variety of products and solutions that serve a wide range of market participants.
We structure our business to help investors in three key areas: Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide selection of investment data, research, ratings, and tools on our proprietary desktop or web-based software platforms; through direct data feeds and application programming interfaces (APIs); and via artificial intelligence (AI) integrations, which offer AI-ready access to data, research, and capabilities through Model Context Protocol (MCP) and intelligent agents.
We also offer access via third parties in our alliances and redistributors customer segment.
Through our Morningstar Wealth and Morningstar Retirement segments, we provide investment management services to individuals and advisors, with approximately $378.0 billion in assets under management and advisement (AUMA) as of December 31, 2025.
In addition, we offer a broad range of indexes that can be used as performance benchmarks and as the basis for investment products and other portfolio strategies through our Morningstar Indexes products.
Our Segments and Products We operate our business through five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement.
Morningstar Direct Platform Morningstar Direct Platform provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making.
REMOVED
As of February 21, 2025, there were 42,839,680 shares of the registrant's common stock, no par value, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
The investing ecosystem is complex, and navigating it with confidence requires a trusted, independent voice.
We deliver our perspective to institutions, advisors, and individuals with a single-minded purpose: to empower every investor with conviction that they can make better-informed decisions and realize success on their own terms.
We offer a variety of products and solutions that serve a wide range of market participants, including individual and institutional investors in public and private capital markets; financial advisors and wealth managers; alliances and redistributors; asset managers; retirement plan providers, advisors and sponsors; and issuers of fixed-income securities.
We also leverage our investing expertise to manage assets for clients who value the guidance of professional portfolio management teams.
We structure our business to help investors in three key areas.
First, our products support individuals, financial advisors and wealth managers, asset managers, and institutions who make their own investment decisions.
Through our Morningstar Data and Analytics and PitchBook segments and Morningstar Sustainalytics products, our customers have access to a wide selection of investment data, fundamental equity research, manager research, private capital markets research, environmental, social, and governance ratings and data, fund ratings, and indexes directly on our proprietary desktop or web-based software platforms, or through direct data feeds, direct shares, streaming capabilities and application programming interfaces (APIs).
Second, through our Morningstar Wealth and Morningstar Retirement segments, we provide investment management services and advisor tools and platforms.