Morningstar(MORN) - 2025 Q2 - Earnings Call Presentation

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]