晨星 2025年度报告

Dearfellow shareholders, 2025wasagoodyearforMorningstar'sbusiness.Wedeliveredbroad-basedrevenuegrowth,achieved new highs in operating and adjusted operating income,andmadetangibleprogress on thegoals we setforourselves.We are pleased with oursuccess inexecuting ourstrategy,theresilienceofourbusinessmodel,andthededicationofourteams. In2025,artificial intelligencedominated the headlines,withnearly everyweekbringingreportsofnewusecases.Marketsrewardedcompaniesseenas leaders inthisarea,as reflected in the Morningstar PitchBook GenAl 20 Index, which substantially out-performedthebroaderUS market during theyear.As always,weviewsuchdevelopmentswithinterest-butalsowithpatienceanda long-termperspective Ourfocusremains on building a businessthatcompounds value overtime.IstronglybelievethatMorningstariswell positionedtobenefitasAltoolsproliferate.Weare incorporatingAl where itstrengthens ourmoat,improving howwegatherandorganizedata,enhancingtheusefulnessofourproducts,andhelpingourteamsworkmoreeffectively. Since ourfounding,Morningstarhasgrown byembracing change andnewtechnologieswhilestayinganchoredtoourmissionofempoweringinvestorsuccess.Today isnodifferent. OurCompoundingCapabilitiesAreBuiltforanAiFuture Morningstarhas longfocusedon creatingvaluebyremoving friction for investors-collecting and curating difficult-to-source data,applying judgment,andtranslating thatdata intoactionable insights,leveraging trusted,proprietaryframeworks.Webelievethis work and the confidence of our clients will become more important in an Al-enabledworld.WeexpectAlmodelswill becomeubiquitousandcheap,whilehigh-qualitystructured,and verifiabledatabacked byhuman insight will become even more valuable We believe our competitive strength rests on four distinct but reinforcing capabilities:Data provides the foundation, research applies judgment, intellectual propertycreates a shared language of investing,and software allows our clients to leverage thoseinsightsto scaletheirworkflows. Data:OurFoundation Ourfoundation isbuilt ondecadesofhuman-curatedfinancialdataacrosspublicandprivate markets,built through sourcing and transformationmethodsthat,onthewhole,are difficulttoreplicate withtherigor and reliabilitythat investors demand.Wehavecontinuallyevolvedouruseoftechnology,fromearlyautomationtomore advanced Al-enabledcapabilities,reducing repetitive tasks while maintaininghigh standards for quality and consistency.Today,we use human-in-the-loop methods tocollect,standardize,andenrichdata across public andprivatemarkets. Intherelativelyopaqueprivatemarkets,we work withmillions ofraw,unstructured datapointsfromdisparate sources that areupdatedatunpredictableintervals.Wedevelopproprietary datasets through primary surveys,proprietary league tables,FreedomofInformation Actresponses,and journalist-ledresearch.Inthepublic markets,whereinvestorsfaceanexpandingand increasinglycomplexuniverseofinvestmentoptions,ourdata provides structureand consistency.Commondatadefinitions helpinvestorstomore easily compare investments across vehicles and investment types such asopen-end and exchange-tradedfunds.Togetherthese efforts haveproducedlongitudinaldatasetswiththedepth,breadth,quality,andtimelinessthatweviewasessentialtoearning and sustaining investor trust and critical to the accuracy of Al models. Asmoreclientsuseourplatforms,werefineourdatacollectionandenrichmentprocesses based on how our data is used in practice. Our clients'usage patterns demonstrate the value of our data: The vast majority of PitchBook user engagement, forexample,occursoncompanyprofilesthathavebeenenrichedwithdifficult-to-sourcedata and IP such as valuations, financials, and financing history. Research:ApplyingJudgmentand IndependentPerspective Welayerresearch-including analyst white papers and reports,articles,and insights-on topofdata tohelpempowerinvestordecision-making.AsofDec.31,2025,ourroughlyonmorethan300,000managedinvestmentshareclassesreflectedatleastoneinputfrom our approximately130-person-strong managerresearch team. Ourresearchistimely,andourindependentviewpointshinesthrough.Forexample,whilewe believe inthe broad theme of public/private convergence,ourmanagerresearchanalysts have been unsparing in theircriticism ofmanyof the initial semiliquid funds Research Highlights Tricolor Bankruptcy:Sector Red FlagorIdiosyncratic Event?Anthony Tran, MaureenLevelis, David LaterzaPrivate Credit RatingActionsChartbookMichael Dimler,Krutang Desai available toretail investors.Rooted in transparency,this researchalso guides howwe expand into new and evolving areas of themarket, as analysts help identify the datapointsthatmattermost,shaping thedatasets we build and the analytics wedevelop. Expert human judgmentmatters even more today.Ourclients have a lotat stake.Theyrangefrom individualswho aremaking significant lifedecisions about savingandinvesting tofinancial professionals withfiduciaryresponsibilitiesmanaging largeamounts ofmoney.Ourexperienced analysts providethe expertiseto