Fourth-Quarter 2025 Supplemental Presentation February 12, 2026 including our most recent Forms 8-K, 10-K, and 10-Q. "Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisitio ...

Q3 2025 Financial Performance - Revenue increased to $617.4 million, representing an 8.4% reported increase and a 9.0% organic increase[13] - Adjusted Operating Income increased to $150.6 million, compared to $130.3 million in Q3 24[13] - Free Cash Flow increased to $160.1 million, a 2.8% increase from $155.8 million in Q3 24[13] - The Adjusted Operating Margin was 24.4%[102] Segment Performance - Morningstar Direct Platform revenue reached $211.1 million, with a 6.3% reported increase and a 6.2% organic increase; Adjusted Operating Income was $93.7 million[49] - PitchBook revenue reached $169.0 million, with a 7.9% reported increase and a 7.7% organic increase; Adjusted Operating Income was $52.9 million[58] - Morningstar Credit revenue reached $91.1 million, with a 28.5% reported increase and a 27.0% organic increase; Adjusted Operating Income was $28.1 million[67] - Morningstar Wealth revenue reached $62.1 million, with a 0.5% reported increase and a 9.8% organic increase; Adjusted Operating Income was $3.1 million[81] - Morningstar Retirement revenue reached $34.2 million, with a 7.5% reported and organic increase; Adjusted Operating Income was $16.9 million[93] Cash Flow and Capital Allocation - Operating Cash Flow was $195.7 million[26] - Capital Allocation included $170.1 million in share repurchases, $35.6 million in capital expenditures, and $19.2 million in dividends paid[27]

Financial Performance Summary - Revenue increased by 5.8% to $605.1 million in Q2 25, with organic revenue growth of 5.9%[12] - Adjusted Operating Income increased by 9.5% to $143.4 million in Q2 25[12] - Free Cash Flow decreased by 48.3% to $62.4 million in Q2 25[12] - Adjusted Operating Margin increased to 23.7% in Q2 25[141] Segment Performance - Morningstar Direct Platform revenue increased by 6.2% to $209.2 million, with an adjusted operating margin of 46.0%[50] - PitchBook revenue increased by 9.8% to $166.5 million, with an adjusted operating margin of 31.7%[58] - Morningstar Credit revenue increased by 9.5% to $85.0 million, with an adjusted operating margin of 35.9%[66] - Morningstar Wealth revenue increased by 2.7% to $64.3 million, with an adjusted operating margin of 4.7%[77] - Morningstar Retirement revenue decreased by 2.7% to $32.4 million, with an adjusted operating margin of 47.5%[87] Key Product Trends - Morningstar Data revenue increased by 12.6% to $106.2 million[103] - PitchBook Platform Licenses increased by 7.6% to 128,679[109]