The article compares CME Group, a derivatives exchange operator, with Morningstar, an investment research and data provider, on their finances and risks. CME's 2025 revenue reached $6.5 billion, up 6.4%, with net income of about $4.1 billion and a net margin of roughly 62%, while its second-quarter 2026 revenue rose 0.8% to $1.71 billion. Morningstar's 2025 revenue was $2.45 billion, up 7.5%, with net income of $374.2 million, and its second-quarter 2026 revenue rose 9.6% to $663.2 million. Morningstar completed its $363.0 million cash acquisition of CRSP in February 2026, and its debt-to-equity ratio of about 0.9x at end-2025 was higher than CME's roughly 0.12x. The piece also highlights concentration risk: one firm made up 12% of CME's clearing and transaction fees revenue, while Morningstar's largest customer accounted for less than 3% of its 2025 revenue.
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