Morningstar’s Direct Platform generated $215.2 million in Q1 2026 revenue, up 8% y/y with 42%+ margins, contributing to consolidated revenue of $644.8 million, up 10.8%. Over the past 12 months the firm repurchased $1.1 billion of shares, reducing its share count by over 10%, driving forward P/E to 17x.
Morningstar reported consolidated Q1 2026 revenue of $644.8 million, up 10.8% year over year, driven by organic growth of 7.6%. Adjusted operating income rose 31.9% to $178.6 million, lifting the operating margin to 27.7%, reflecting accelerating operating leverage.
The Direct Platform segment generated $215.2 million in revenue, up 8.0% y/y with adjusted operating margins above 42%, driven by recurring license and subscription fees. PitchBook revenue grew 5.3% to $172.4 million despite venture funding headwinds, while Credit revenue surged 38.4% to $101.0 million with margins expanding to 40.8%.
The CRSP acquisition, closed in February 2026 for $365 million, added $55 million in annual revenue and expanded index assets to over $4.2 trillion across 370+ products. Index licensing revenue scales with assets under management, offering cost-efficient, predictable growth tied to market appreciation and fund inflows.
Over the trailing twelve months the company deployed $1.1 billion to repurchase shares, cutting diluted share count by more than 10%. Funded by robust free cash flow, the accelerated buyback strategy has lowered outstanding shares and supports a forward P/E of roughly 17x, below peers.
