Business UpdateMay 22, 2026, 04:23 PM
Morningstar Q1 2026 RPO $1.7B; Details PitchBook & CRSP Strategy
AI Summary
Morningstar, Inc. disclosed its Remaining Performance Obligations (RPO) grew to approximately $1.7 billion as of March 31, 2026, up from $1.489 billion in Q1 2025. The company provided updates on its PitchBook strategy, including AI-enabled product experiences, new access models, and the StepStone partnership. Morningstar also detailed its CRSP index business model and explained its 2025 bonus targets, which reflected strategic investments and portfolio optimization, leading to reported adjusted operating income of $582.9 million and revenue of $2.4 billion in 2025.
Key Highlights
- Remaining Performance Obligations (RPO) reached $1.7 billion as of March 31, 2026.
- RPO increased from $1.489 billion as of March 31, 2025.
- PitchBook's Perplexity integration offers full access to subscribers, limited access to non-subscribers.
- PitchBook targets large account expansion with AI-enabled products and new access models.
- StepStone partnership provides access to 127,000 deals and 2,300 general partners.
- CRSP's business model includes investable product revenue and data licensing; Vanguard is largest client.
- 2025 adjusted operating income rose to $582.9 million.
- 2025 revenue reached $2.4 billion, a 7.5% increase (8.0% organic) over 2024.
Price Impact
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