Acquisitions, Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	0.6	10
Technology-based assets	12.5		5
Total intangible assets	$	13.1

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	1.4	15
Technology-based assets	9.1		8
Intellectual property	0.1		3
Total intangible assets	$	10.6

Schedule of Goodwill

(in millions)	Morningstar Direct Platform		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments		Corporate and All Other		Total
Balance as of December 31, 2024	$	594.0	$	607.4	$	105.2	$	92.7	$	93.5	$	1,492.8	$	69.2	$	1,562.0
Acquisition of DealX	—		—		9.7		—		—		9.7		—		9.7
Acquisition of Lumonic	—		22.4		—		—		—		22.4		—		22.4
Foreign currency translation	14.0		—		4.2		1.6		—		19.8		0.8		20.6
Balance as of September 30, 2025	$	608.0	$	629.8	$	119.1	$	94.3	$	93.5	$	1,544.7	$	70.0	$	1,614.7

Schedule of Intangible Assets

The following table summarizes our intangible assets: 

	As of September 30, 2025							As of December 31, 2024
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful  Life (years)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Customer-related assets	$	586.9	$	(316.4)	$	270.5	14	$	572.4	$	(281.1)	$	291.3	14
Technology-based assets	330.8		(223.4)		107.4		8	301.9		(205.5)		96.4		8
Intellectual property & other	90.8		(72.7)		18.1		8	88.6		(67.5)		21.1		8
Total intangible assets	$	1,008.5	$	(612.5)	$	396.0	12	$	962.9	$	(554.1)	$	408.8	12

Schedule of Intangible Asset, Amortization Expense

The following table summarizes our amortization expense related to intangible assets:

	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
Amortization expense	$	15.1	$	14.7	$	44.8	$	49.9

Schedule of Expected Amortization Expense

As of September 30, 2025, we expect intangible amortization expense for the remainder of 2025, each of the next four subsequent years, and thereafter, to be as follows:

(in millions)	As of September 30, 2025
Remainder of 2025 (October 1 through December 31)	$	15.4
2026	56.6
2027	50.0
2028	45.9
2029	42.8
Thereafter	185.3
Total	$	396.0