Key Points
CME currently generates significantly higher absolute revenue totals in direct comparison, while Morningstar presents a more consistent sequential growth pattern over the measured eight-quarter timeframe.
Over the last eight quarters, Morningstar maintained an unbroken trend of quarter-over-quarter revenue increases, whereas CME recorded a comparatively stable baseline featuring moderate sequential fluctuations and occasional temporary spikes.
Investors analyzing these trends should monitor whether the absolute revenue gap separating the two companies remains consistent or begins to change in upcoming quarters if their respective historical trajectory patterns continue.
CME: Moderately Fluctuating Quarterly Revenue Baseline
CME Group Inc. primarily generates revenue by operating global electronic marketplaces that facilitate the trading of futures and options contracts across various asset classes, including interest rates, foreign exchange, agricultural commodities, and energy, and by providing clearinghouse services for transaction settlement. It introduced new single-stock futures covering more than 50 different U.S. equities during July 2026, and it announced formal plans to launch a dedicated securities clearing operation serving the broader U.S. Treasury market later in the calendar year.
Morningstar: Steady Quarter-Over-Quarter Revenue Growth Trend
Morningstar Inc. (NASDAQ:MORN) primarily earns its revenue by supplying comprehensive independent investment research, fundamental market data, managed portfolio solutions, credit ratings, and online analytical workstations to financial advisors, institutional asset managers, and individual retail investors globally. It announced new technical data integrations with Microsoft Corp. (NASDAQ:MSFT) enterprise platforms like Azure OpenAI, while it simultaneously relocated its regional operations in London to a newly consolidated office space designed for housing multiple internal divisions.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income statement revenue line item, which, for banks in this data set, is defined as interest income plus non-interest income and is not net of interest expense, helping investors measure the total cash a business brings in before operating costs are deducted.
Quarterly Revenue for CME and Morningstar
| Calendar quarter | CME Revenue | Morningstar Revenue |
|---|---|---|
| Q3 2024 | $1.6 billion (quarter ended Sept. 30, 2024) | $569.4 million (quarter ended Sept. 30, 2024) |
| Q4 2024 | $1.5 billion (quarter ended Dec. 31, 2024) | $591.0 million (quarter ended Dec. 31, 2024) |
| Q1 2025 | $1.6 billion (quarter ended March 31, 2025) | $581.9 million (quarter ended March 31, 2025) |
| Q2 2025 | $1.7 billion (quarter ended June 30, 2025) | $605.1 million (quarter ended June 30, 2025) |
| Q3 2025 | $1.5 billion (quarter ended Sept. 30, 2025) | $617.4 million (quarter ended Sept. 30, 2025) |
| Q4 2025 | $1.6 billion (quarter ended Dec. 31, 2025) | $641.1 million (quarter ended Dec. 31, 2025) |
| Q1 2026 | $1.9 billion (quarter ended March 31, 2026) | $644.8 million (quarter ended March 31, 2026) |
| Q2 2026 | $1.7 billion (quarter ended June 30, 2026) | $663.2 million (quarter ended June 30, 2026) |
Foolish Take
Normally, the first thing to note when examining a company's revenue trend is seasonality: some times of the year have stronger buying patterns than others. For most stocks, compare revenue year over year, by quarter. It may be surprising to hear, but there is seasonality in financials, too. Exchange trading businesses like CME experience seasonality in revenue from trading and fund asset management, with the end of the year seeing more trading activity and portfolio rebalancing. The business largely makes money from trading volume.
Morningstar, meanwhile, as a publisher, probably faces less seasonality, but still likely sees fourth-quarter upticks in sales as financially minded consumers seek to subscribe to its data and advice services as part of their portfolio rebalancing planning.
CME's chart does show some volatility, and even suggests some weakness in comparable quarterly revenue. Morningstar presents a much calmer, steadier growth pattern, even if it has less sales than CME. Based on the chart, it is the stock to consider more heavily.
Revenue is perhaps the simplest metric investors have to judge a business by. As the chart shows, look for rising revenue, especially over similar periods of each year, and take comparable-quarter stagnation, or worse, declines, as a red flag.
Data source: Financial Modeling Prep. Data as of Sept. 21, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends CME Group and Microsoft. The Motley Fool has a disclosure policy.