Morningstar Inc.'s fourth-quarter revenue rose by 14% year-over-year to $380.4 million, and operating income was particularly strong, growing by 64% to $65.1 million. For the year, revenue and operating income growth were 18% and 14%, respectively.
The results are due to a mix of acquisitions and organic growth. Acquisitions, such as purchasing the remaining 60% of ESG rating and research company Sustainalytics it didn't already own, contributed more than half of 2020's annual revenue growth. When stripping out the effects of acquisitions and foreign-currency translations, organic revenue growth was more than 8%.