Morningstar(US:MORN)2025-05-16 08:45Financial Performance - Morningstar's revenue increased from $227.1 million in 2005 to $2,275.1 million in 2024[42] - The company's revenue grew by 11.6% in 2024, reaching $2,275.1 million[142] - Adjusted operating income increased by 51.2% to $493.8 million in 2024[142] - Free cash flow increased by 127.5% to $448.9 million in 2024[142] - In Q1 2025, revenue increased by 7.2% to $581.9 million[145] - Adjusted operating income in Q1 2025 increased by 22.2% to $135.4 million[145] Segment Performance - Morningstar Direct Platform's revenue increased by 5.5% in 2024[113] - PitchBook's revenue increased by 12.0% in 2024[116] - Morningstar Credit's revenue increased by 35.1% in 2024[121] - Morningstar Wealth's revenue increased by 8.0% in 2024[124] - Morningstar Retirement's revenue increased by 15.0% in 2024[128] - Corporate and All Other (including Morningstar Indexes and Sustainalytics) saw revenue increase by 29.3%[131] and decrease by -0.8%[131] respectively in 2024 Market Opportunity - The global spend on financial data/analysis is a $44.3 billion market with a 6.4% year-over-year growth[52, 53] - The managed account market size is $13.8 trillion with a 20.0% year-over-year growth[55] - The global indexes industry revenue is $6.4 billion with a 12.8% year-over-year growth[55]