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Morningstar, Inc. (Nasdaq: MORN) lifts Q2 revenue, margins and free cash flow

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Morningstar, Inc. reported strong second-quarter 2026 results, with revenue of $663.2 million, up 9.6% year over year and 6.8% on an organic basis; excluding product sunsets, organic growth would have been 8.2%. Operating income rose to $160.6 million, up 28.4%, and adjusted operating income reached $175.9 million, up 22.7%, lifting operating and adjusted operating margins to 24.2% and 26.5%, respectively.

Diluted EPS increased to $2.83, up 35.4%, while adjusted diluted EPS was $3.10, up 29.2%. Cash generation was notably stronger, with free cash flow of $122.5 million, up 96.3%. Morningstar Credit and Retirement delivered the fastest growth, with Credit revenue up 23.4% to $104.9 million and Retirement revenue up 17.0% to $37.9 million, both with expanding margins. Morningstar Wealth’s revenue declined 6.2% to $60.3 million, but adjusted margin improved to 13.1%.

Morningstar continued to invest in AI-enabled workflows and in its Indexes business, including integrating the CRSP acquisition, while returning capital via $100.0 million of share repurchases in the quarter and $400.0 million year to date. Total debt stood at $1.7 billion and cash, cash equivalents, and investments at $523.8 million as of June 30, 2026.

Positive

  • Second-quarter diluted EPS grew 35.4% to $2.83 and adjusted diluted EPS rose 29.2% to $3.10, alongside a 96.3% increase in free cash flow to $122.5 million, indicating materially stronger profitability and cash generation.
  • High-growth segments Morningstar Credit and Morningstar Retirement delivered 23.4% and 17.0% revenue growth, respectively, with adjusted operating margins of 36.7% and 51.2%, supporting overall margin expansion.

Negative

  • Total debt increased to $1.7 billion as of June 30, 2026 from $1.1 billion at December 31, 2025, and quarterly net interest expense rose to $17.1 million from $7.4 million, raising the company’s interest burden.

Filing Explained

The July 29 filing records 567,844 repurchased shares and a completed CRSP rebranding, with new Morningstar benchmarks planned for October.

The July 29, 2026 8-K reports Morningstar’s second-quarter results under Items 2.02 and 7.01 and attaches an earnings release, presentation, and shareholder letter; the company states these materials are furnished, not filed.

Form 8-K is used to report specified material events, with item numbers identifying the disclosure category. Here, the reported event is the release of operating and financial information together with Regulation FD materials, rather than a separate transaction document.

The shareholder letter records that the acquired CRSP indexes were rebranded under the Morningstar name earlier in the week. It also says the company plans to introduce the rebranded indexes as Morningstar Category benchmarks starting in October, so that rollout remains a stated future milestone.

The materials report that 567,844 shares were repurchased during the quarter and state that buybacks reduced the company’s float by 5.6% since December 2025. The disclosure describes completed repurchases, not an authorization or maximum capacity.

The October benchmark rollout is the named next milestone for the CRSP integration described in the letter.

Item 0.8 Item 0.8
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 6.8 Item 6.8
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $663.2 million Three months ended June 30, 2026; up 9.6% year over year
Q2 2026 Diluted EPS $2.83 Diluted net income per share for the quarter; up 35.4% vs prior year
Q2 2026 Free Cash Flow $122.5 million Free cash flow for the quarter; increased 96.3% year over year
Q2 2026 Operating Margin 24.2% Consolidated operating margin; improved by 3.5 percentage points
Total Debt June 30, 2026 $1.7 billion Current portion and long-term debt outstanding as of June 30, 2026
Cash, Equivalents and Investments $523.8 million Cash, cash equivalents, and investments as of June 30, 2026
Share Repurchases YTD 2026 $400.0 million 2,291,256 shares repurchased in the first six months of 2026
Morningstar Retirement AUMA $311.0 billion Assets under management and advisement as of June 30, 2026; up 9.0%
organic revenue financial
"Reported revenue increased 9.6% to $663.2 million; organic revenue increased 6.8%."
Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.
adjusted operating income financial
"Adjusted operating income was $175.9 million, an increase of 22.7%."
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
free cash flow financial
"Free cash flow increased 96.3% to $122.5 million."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
AUMA financial
"Reported assets under management and advisement (AUMA) decreased 4.5% to $63.8 billion."
semiliquid funds financial
"including the latest State of Semiliquid Funds report."
Semiliquid funds are investment pools that let investors take money out only under certain conditions or at set times, rather than on demand like a bank account. They typically invest in assets that can be sold but may require notice periods, limited windows for withdrawals, or fees to access cash. For investors this matters because semiliquid funds balance higher potential returns from less-traded assets with reduced short-term access to cash—think of them as a savings jar you can open only on specific days.
Revenue $663.2 million up 9.6% year over year
Organic revenue growth 6.8% would have been 8.2% excluding product sunsets
Operating income $160.6 million up 28.4% year over year
Adjusted operating income $175.9 million up 22.7% year over year
Diluted EPS $2.83 up 35.4% year over year
Adjusted diluted EPS $3.10 up 29.2% year over year
Free cash flow $122.5 million up 96.3% year over year

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Morningstar (MORN) perform financially in the second quarter of 2026?
Morningstar reported Q2 2026 revenue of $663.2 million, up 9.6% year over year, with organic growth of 6.8%. Diluted EPS rose to $2.83, up 35.4%, and adjusted diluted EPS reached $3.10, up 29.2%, as operating and adjusted margins expanded.

Which segments drove Morningstar (MORN) growth in Q2 2026?
Morningstar Credit led growth with revenue of $104.9 million, up 23.4%, while Morningstar Retirement revenue rose 17.0% to $37.9 million. Morningstar Direct Platform and PitchBook posted mid-single-digit revenue increases, and Wealth improved profitability despite lower revenue.

What were Morningstar (MORN)’s cash flow and capital return metrics in Q2 2026?
Morningstar generated free cash flow of $122.5 million in Q2 2026, a 96.3% increase from the prior-year period. The company repurchased 567,844 shares for $100.0 million and paid $19.0 million in dividends, with year-to-date buybacks totaling $400.0 million.

How is Morningstar (MORN) using artificial intelligence according to the Q2 2026 update?
Morningstar is building agentic workflows and AI tools atop its data and research, enhancing products like PitchBook Navigator and Morningstar Direct Platform. It has integrations with providers such as Perplexity and Microsoft 365 Copilot and aims to have all core datasets AI-ready by year-end.

What progress has Morningstar (MORN) made integrating the CRSP acquisition?
Morningstar has rebranded acquired CRSP indexes under the Morningstar name, with Vanguard renaming major funds such as the Vanguard Morningstar Total Stock Market Index ETF. CRSP helped lift Morningstar Indexes revenue to $37.8 million and added $3.3 trillion of linked assets.

What are Morningstar (MORN)’s key balance sheet figures as of June 30, 2026?
Morningstar reported cash, cash equivalents, and investments of $523.8 million and total debt of $1.7 billion as of June 30, 2026. Total assets were $3,945.7 million, with total equity of $1,023.8 million, reflecting the impact of acquisitions and capital returns.

How large are Morningstar (MORN)’s assets under management and advisement?
Morningstar Retirement AUMA reached $311.0 billion, up 9.0% year over year, driven by market gains and positive net flows. Investment Management AUMA was $63.8 billion, including $55.3 billion in Morningstar Model Portfolios and International Wealth Platform assets.
0001289419false00012894192026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 8-K
______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026


MORNINGSTAR, INC.
(Exact name of registrant as specified in its charter)

Illinois
(State or other jurisdiction
of incorporation)
000-51280
(Commission
File Number)

36-3297908
(I.R.S. Employer
Identification No.)
22 West Washington Street
Chicago, Illinois
(Address of principal executive offices)

60602
(Zip Code)
(312) 696-6000
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)
__________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common stock, no par valueMORNThe Nasdaq Stock Market LLC






Item 2.02.    Results of Operations and Financial Condition.

On July 29, 2026, Morningstar, Inc. (the "Company" or "we") issued a press release announcing its financial results for the quarter ended June 30, 2026 (the "Earnings Release"). A copy of the Earnings Release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Additionally, on July 29, 2026, the Company published a Supplemental Presentation and a Shareholder Letter. A copy of the Supplemental Presentation and Shareholder Letter are attached hereto as Exhibits 99.2 and 99.3, respectively, and incorporated herein by reference.

The Earnings Release, Supplemental Presentation, and Shareholder Letter shall each be deemed furnished, not filed, for purposes of this Current Report on Form 8-K (this "Report").



Item 7.01.    Regulation FD Disclosure

The information set forth under Item 2.02, "Results of Operations and Financial Condition" is incorporated herein by reference.

Information or documents on the Company's website referred to in this Report or in the exhibits to this Report are not incorporated by reference into this Report.

Cautionary Note Regarding Forward-Looking Statements

This Report contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "future," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "will," "would," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to achieve the anticipated benefits of the Center for Research in Security Prices, LLC (CRSP) acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies and related costs on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology or our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address



materially disruptive events; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, costs and reputational risks relating to environmental, social, and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions we operate in could materially affect our tax obligations and tax rates; the potential impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to repurchase shares of our common stock; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosures; impact on our stock price due to market conditions; any future sales of our common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K.


Item 9.01. Financial Statements and Exhibits.
    (d)    Exhibits:
Exhibit No.Description
99.1
Earnings Release dated July 29, 2026.
99.2
Supplemental Presentation dated July 29, 2026.
99.3
Shareholder Letter dated July 29, 2026.
104The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).
_____________________________________________________________________________________







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MORNINGSTAR, INC.
Date: July 29, 2026By:/s/ Michael Holt
Name: Michael Holt
Title: Chief Financial Officer


image_0.jpg
image_1.jpg        News Release
22 West Washington Street         Telephone: +1 312 696-6000
Chicago                Facsimile: +1 312 696-6009
Illinois 60602                


FOR IMMEDIATE RELEASE
Morningstar, Inc. Reports Second-Quarter 2026 Financial Results
CHICAGO, July 29, 2026 - Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported growth in revenue, operating and adjusted operating income, and margins in the second quarter.
“We are continuing to deliver profitable growth with meaningful increases in operating and free cash flows," said Kunal Kapoor, Morningstar's CEO. "Morningstar is accelerating an ambitious strategy, unlocking speed to insights by building agentic workflows and tools atop our data, research, and intellectual property. We’re enabling broader access to this content through new and expanded collaborations with leading model and enterprise technology providers.
"We are also doubling down on helping investors navigate the convergence of public and private markets. Momentum is building with continued strength in Morningstar Credit partly driven by private ratings activity, Morningstar Wealth’s recent announcement of a collaboration to create public/private models with leading asset managers, and expanded research coverage including the latest State of Semiliquid Funds report."
The Company's quarterly shareholder letter available at shareholders.morningstar.com provides more context on its second-quarter results and business performance.
Second-Quarter 2026 Financial Highlights
•Reported revenue increased 9.6% to $663.2 million compared to the prior-year period; organic revenue increased 6.8%. Excluding the impact from the sunsetting of certain products, organic revenue would have increased 8.2%.
•Reported operating income increased 28.4% to $160.6 million; adjusted operating income increased 22.7%.
•Diluted net income per share increased 35.4% to $2.83; adjusted diluted net income per share increased 29.2% to $3.10.
•Cash provided by operating activities increased 57.3% to $155.7 million; free cash flow increased 96.3% to $122.5 million.
•Share repurchases totaled 567,844 shares for $100.0 million.
Year-To-Date Financial Highlights
•Reported revenue increased 10.2% to $1.3 billion compared to the prior-year period; organic revenue increased 7.2%. Excluding the impact from the sunsetting of certain products, organic revenue would have increased 8.5%.
•Reported operating income increased 32.3% to $316.5 million; adjusted operating income increased 27.2%.




•Diluted net income per share increased 41.9% to $5.55; adjusted diluted net income per share increased 35.4% to $6.27.
•Cash provided by operating activities increased 30.1% to $247.2 million; free cash flow increased 45.3% to $176.1 million.
•Share repurchases totaled 2,291,256 shares for $400.0 million.
Second-Quarter 2026 Results
Revenue increased 9.6% to $663.2 million on a reported basis and 6.8% on an organic basis versus the prior-year period. Morningstar Credit, Morningstar Direct Platform, and PitchBook were the largest contributors to organic revenue growth. Excluding the impact of the sunsetting of Morningstar Office in Morningstar Wealth and the second-party opinions product in Morningstar Sustainalytics, organic revenue would have increased 8.2%.
Operating expense increased 5.9% to $509.4 million versus the prior-year period. The largest driver was a $7.4 million increase in compensation costs, primarily due to higher stock-based compensation and bonus expense, which included the impact of strong performance compared to targets. A $6.7 million increase in certain technology infrastructure costs, including higher cloud spending primarily related to the migration from on-premise data centers and computer and software costs associated with AI initiatives also contributed, as did a $5.6 million increase in intangible amortization expenses primarily due to the February 2026 acquisition of the Center for Research in Security Prices (CRSP).
Second-quarter operating income increased 28.4% to $160.6 million. Adjusted operating income was $175.9 million, an increase of 22.7%. Second-quarter operating margin was 24.2%, compared with 20.7% in the prior-year period. Adjusted operating margin was 26.5% in the second quarter of 2026, versus 23.7% in the prior-year period. The acquisition of CRSP was accretive to adjusted operating margin in the quarter.
Net income in the second quarter of 2026 was $107.8 million, or $2.83 per diluted share, compared with net income of $89.0 million, or $2.09 per diluted share, in the prior-year period, an increase of 35.4% on a per diluted share basis. Adjusted diluted net income per share increased 29.2% to $3.10 in the second quarter of 2026, compared with $2.40 in the prior-year period.
The Company's effective tax rate increased to 26.2% in the second quarter of 2026 versus 22.8% in the prior-year period, primarily due to a negative tax impact resulting from the vesting of employee stock-based compensation in 2026 compared with a tax benefit resulting from vesting activity in 2025. Deferred taxes recorded in the second quarter of 2026 with respect to unremitted foreign earnings also contributed.
Segment Highlights
Morningstar Direct Platform
Morningstar Direct Platform contributed $222.1 million to consolidated revenue and $12.9 million to consolidated revenue growth, with revenue increasing 6.2% compared to the prior-year period, or 4.8% on an organic basis. Higher revenue was primarily driven by Morningstar Data and Morningstar Direct. Morningstar Data organic revenue growth was driven in part by expansion with existing clients supported by new use cases, with continued strength in the managed investment data and Morningstar Essentials products, partially offset by softness in exchange market data. Morningstar Direct growth reflected
Page 2 of 13


increased revenue per license and expansion with existing clients in reporting solutions. Direct licenses were relatively flat compared with the prior-year period.
Morningstar Direct Platform adjusted operating income increased 4.2% to $100.3 million, and adjusted operating margin decreased 0.8 percentage points to 45.2%, due in part to higher compensation costs largely driven by a shift of additional research and sales resources to support Direct Platform growth priorities, partially offset by targeted reorganizations in the fourth quarter of 2025. Increased technology infrastructure costs primarily driven by cloud migration also contributed.
PitchBook
PitchBook contributed $174.7 million to consolidated revenue and $8.2 million to consolidated revenue growth, with revenue increasing 4.9% on a reported and organic basis compared to the prior-year period. The increase in revenue was primarily driven by the PitchBook platform and strength in the direct data business, which continued to expand from a smaller revenue base. Growth reflected contributions from most core investor and advisor client segments, partially offset by softness in venture capital and elevated churn in the corporate client segment. Licensed user counts were relatively flat compared to the prior-year period.
PitchBook adjusted operating income increased 0.4% to $53.0 million, and adjusted operating margin decreased 1.4 percentage points to 30.3%. The decline in adjusted operating margin was largely driven by an increase in compensation costs, which included the impact of additional headcount to support new growth initiatives. Increased technology infrastructure costs primarily related to AI initiatives also contributed.
Morningstar Credit
Morningstar Credit contributed $104.9 million to consolidated revenue and $19.9 million to consolidated revenue growth, with revenue increasing 23.4% compared to the prior-year period, or 23.3% on an organic basis, supported by robust issuance. Revenue grew across geographies and most asset classes, with particular strength in US structured finance ratings and Canadian and US corporates.
Morningstar Credit adjusted operating income increased 26.2% to $38.5 million, and adjusted operating margin increased 0.8 percentage points to 36.7%. The increase in adjusted operating income and margin reflected revenue growth, partially offset by higher compensation costs. The increase in compensation was driven by higher salaries and benefits due to added headcount to support growth and higher bonus expense reflecting strong performance against targets.
Morningstar Wealth
Morningstar Wealth contributed $60.3 million to consolidated revenue and negative $4.0 million to consolidated revenue growth, with revenue decreasing 6.2% compared to the prior-year period, or 4.6% on an organic basis. Organic revenue excluded interim service fees received from AssetMark associated with the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact from the sunsetting of Morningstar Office, organic revenue would have increased 5.3%, supported by growth in Investment Management.
Page 3 of 13


Reported assets under management and advisement (AUMA) decreased 4.5% to $63.8 billion compared with the prior-year period. Excluding the impact of the loss of an Asset Allocation Services client, which accounted for a negligible share of Investment Management revenue, AUMA would have increased compared to the prior-year period. Combined Morningstar Model Portfolio and International Wealth Platform AUMA increased 16.2% to $55.3 million, supported by market appreciation and positive net flows outside the US.
Morningstar Wealth adjusted operating income increased 163.3% to $7.9 million, and adjusted operating margin increased 8.4 percentage points to 13.1%.
Morningstar Retirement
Morningstar Retirement contributed $37.9 million to consolidated revenue and $5.5 million to consolidated revenue growth. Revenue increased 17.0% on a reported and organic basis. AUMA increased 9.0% to $311.0 billion compared with the prior-year period, primarily due to market gains and supported by positive net flows to traditional and Advisor Managed Accounts.
Morningstar Retirement adjusted operating income increased 26.0% to $19.4 million, and adjusted operating margin increased 3.7 percentage points to 51.2%.
Corporate and All Other
Revenue attributable to Corporate and All Other contributed $63.3 million to consolidated revenue and $15.6 million to consolidated revenue growth, with reported revenue increasing 32.7%, or 1.2% on an organic basis, compared to the prior-year period, driven by Morningstar Indexes. Organic revenue growth excludes revenue associated with the CRSP acquisition and foreign currency impact.
Morningstar Indexes revenue increased on a reported and organic basis, with reported growth driven primarily by the CRSP acquisition. Morningstar Sustainalytics revenue declined on a reported and organic basis primarily due to the retirement of the second-party opinions product.
The impact of Corporate and All Other on consolidated adjusted operating income was negative $43.2 million compared with negative $54.6 million in the prior-year period.
Balance Sheet and Capital Allocation
As of June 30, 2026, the Company had cash, cash equivalents, and investments totaling $523.8 million and $1.7 billion of debt, compared with $528.7 million and $1.1 billion, respectively, as of Dec. 31, 2025.
Cash provided by operating activities increased 57.3% to $155.7 million. Free cash flow increased 96.3% to $122.5 million in the second quarter of 2026, mainly reflecting higher cash earnings as well as a decrease in capital expenditures compared to the prior-year period.
During the quarter, the Company increased its debt by $0.3 million, net, repurchased $100.0 million of its shares, and paid $19.0 million in dividends.


Page 4 of 13


Use of Non-GAAP Financial Measures
Organic revenue, adjusted operating income (loss), adjusted operating margin, adjusted diluted net income per share, and free cash flow are non-GAAP financial measures. The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the Company to comparable GAAP measures and an explanation of why the Company uses them.
Investor Communication
Morningstar encourages all interested parties — including securities analysts, current shareholders, potential shareholders, and others — to submit questions in writing. Investors and others may send questions about Morningstar’s business to investors@morningstar.com. Morningstar will make written responses to selected inquiries available to all investors at the same time in Form 8-Ks furnished to the Securities and Exchange Commission (the SEC), on a monthly basis, with the exception of months when it releases earnings.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $375 billion in AUMA as of June 30, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "future," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "possible," "potential," "predict," "prospects," "continue," "strategy," "will," "would," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to achieve the anticipated benefits of the CRSP acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies and related costs on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology or our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address materially disruptive events; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth
Page 5 of 13


across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, costs and reputational risks relating to environmental, social, and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions we operate in could materially affect our tax obligations and tax rates; the potential impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to repurchase shares of our common stock; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosures; impact on our stock price due to market conditions, any future sales of our common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Morningstar in any jurisdiction.

Articles, documents and links referred to or included in this press release are not incorporated by reference into this press release or any other SEC filing.
# # #





Media Relations Contact:
Stephanie Lerdall, +1 312-244-7805, stephanie.lerdall@morningstar.com
Investor Relations Contact:
Sarah Bush, +1 312-384-3754, sarah.bush@morningstar.com
©2026 Morningstar, Inc. All Rights Reserved.
MORN-E
Page 6 of 13



Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
Three months ended June 30,Six months ended June 30,
(in millions, except per share amounts)20262025Change20262025Change
Revenue$663.2 $605.1 9.6 %$1,308.0 $1,187.0 10.2 %
Operating expense:
Cost of revenue239.3 230.6 3.8 %478.2 462.0 3.5 %
Sales and marketing118.1 119.7 (1.3)%233.3 232.3 0.4 %
General and administrative98.5 82.0 20.1 %182.5 158.5 15.1 %
Depreciation and amortization53.5 48.5 10.3 %105.2 95.8 9.8 %
Total operating expense509.4 480.8 5.9 %999.2 948.6 5.3 %
Other operating income
6.8 0.8 NMF7.7 0.8 NMF
Operating income160.6 125.1 28.4 %316.5 239.2 32.3 %
Operating margin24.2 %20.7 %3.5 pp24.2 %20.2 %4.0 pp
Non-operating expense, net:
Interest expense, net
(17.1)(7.4)NMF(30.8)(12.8)NMF
Other income (expense), net
3.5 (1.2)NMF3.1 (1.4)NMF
Non-operating expense, net
(13.6)(8.6)NMF(27.7)(14.2)NMF
Income before income taxes and equity in investments of unconsolidated entities
147.0 116.5 26.2 %288.8 225.0 28.4 %
Equity in investments of unconsolidated entities
(0.9)(1.2)NMF(1.0)(3.8)NMF
Income tax expense
38.3 26.3 45.6 %72.9 53.7 35.8 %
Consolidated net income
$107.8 $89.0 21.1 %$214.9 $167.5 28.3 %
Net income per share:
Basic$2.85 $2.11 35.1 %$5.59 $3.94 41.9 %
Diluted$2.83 $2.09 35.4 %$5.55 $3.91 41.9 %
Weighted average shares outstanding:
Basic37.8 42.2 38.5 42.5 
Diluted38.1 42.5 38.7 42.8 
___________________________________________________________________________________________________________________________________________________________________
NMF - Not meaningful, pp - percentage points
Page 7 of 13


Morningstar, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions) As of June 30, 2026 (unaudited)As of December 31, 2025
   
Assets  
Current assets:  
Cash and cash equivalents $489.5 $474.5 
Investments 34.3 54.2 
Accounts receivable, net 382.9 390.4 
Income tax receivable
 12.7 16.2 
Other current assets 115.5 102.7 
Total current assets 1,034.9 1,038.0 
  
Goodwill1,745.6 1,610.8 
Intangible assets, net569.2 379.3 
Property, equipment, and capitalized software, net 239.6 231.9 
Operating lease assets164.7 159.0 
Investments in unconsolidated entities 49.8 50.3 
Deferred tax assets
90.8 78.7 
Other assets 51.1 42.2 
Total assets $3,945.7 $3,590.2 
  
Liabilities and equity 
Current liabilities: 
Deferred revenue$628.4 $586.1 
Accrued compensation181.3 294.2 
Accounts payable and accrued liabilities 91.9 97.9 
Operating lease liabilities41.8 41.8 
Current portion of long-term debt18.2 — 
Income tax payable
14.7 24.0 
Other current liabilities 4.0 9.3 
Total current liabilities 980.3 1,053.3 
  
Operating lease liabilities
149.7 146.7 
Accrued compensation 20.2 20.1 
Deferred tax liabilities
 22.1 27.2 
Long-term debt 1,695.1 1,072.6 
Income tax payable
14.4 13.1 
Other long-term liabilities 40.1 35.3 
Total liabilities 2,921.9 2,368.3 
Total equity 1,023.8 1,221.9 
Total liabilities and equity $3,945.7 $3,590.2 

Page 8 of 13


Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
  Three months ended June 30, Six months ended June 30,
(in millions) 20262025 20262025
Operating activities    
Consolidated net income
 $107.8 $89.0 $214.9 $167.5 
Adjustments to reconcile consolidated net income to net cash flows from operating activities
 67.3 60.7 119.1 114.2 
Changes in operating assets and liabilities, net (19.4)(50.7)(86.8)(91.7)
Cash provided by operating activities 155.7 99.0 247.2 190.0 
Investing activities 
Capital expenditures (33.2)(36.6)(71.1)(68.8)
Acquisitions, net of cash acquired — (0.6)(359.6)(39.1)
Purchases of investments in unconsolidated entities (0.4)(1.3)(0.5)(2.5)
Other, net 7.6 14.6 20.8 15.8 
Cash used for investing activities
 (26.0)(23.9)(410.4)(94.6)
Financing activities 
Common shares repurchased (100.0)(112.0)(400.0)(221.6)
Dividends paid (19.0)(19.3)(38.9)(38.8)
Repayments of debt
 (84.7)(85.0)(114.7)(125.0)
Proceeds from debt
85.0 120.0 755.0 265.0 
Other, net (11.9)(12.2)(15.1)(12.2)
Cash provided by (used for) financing activities
 (130.6)(108.5)186.3 (132.6)
Effect of exchange rate changes on cash and cash equivalents (2.4)25.4 (8.1)38.0 
Net increase (decrease) in cash and cash equivalents
 (3.3)(8.0)15.0 0.8 
Cash and cash equivalents-beginning of period 492.8 511.5 474.5 502.7 
Cash and cash equivalents-end of period $489.5 $503.5 $489.5 $503.5 

Page 9 of 13


Morningstar, Inc. and Subsidiaries
Supplemental Data (Unaudited)
Three months ended June 30,Six months ended June 30,
(in millions)20262025ChangeOrganic20262025ChangeOrganic
Morningstar Direct Platform
Revenue
$222.1 $209.2 6.2 %4.8 %$437.3 $408.4 7.1 %4.9 %
Adjusted Operating Income
$100.3 $96.3 4.2 %$191.3 $183.4 4.3 %
Adjusted Operating Margin
45.2 %46.0 %(0.8) pp43.7 %44.9 %(1.2) pp
PitchBook
Revenue$174.7 $166.5 4.9 %4.9 %$347.1 $330.2 5.1 %4.9 %
Adjusted Operating Income$53.0 $52.8 0.4 %$104.6 $105.1 (0.5)%
Adjusted Operating Margin30.3 %31.7 %(1.4) pp30.1 %31.8 %(1.7) pp
Morningstar Credit
Revenue$104.9 $85.0 23.4 %23.3 %$205.9 $158.0 30.3 %28.3 %
Adjusted Operating Income$38.5 $30.5 26.2 %$79.7 $51.9 53.6 %
Adjusted Operating Margin36.7 %35.9 %0.8 pp38.7 %32.8 %5.9 pp
Morningstar Wealth
Revenue$60.3 $64.3 (6.2)%(4.6)%$118.3 $125.6 (5.8)%(3.2)%
Adjusted Operating Income$7.9 $3.0 163.3 %$13.5 $2.2 NMF
Adjusted Operating Margin13.1 %4.7 %8.4 pp11.4 %1.8 %9.6 pp
Morningstar Retirement
Revenue$37.9 $32.4 17.0 %17.0 %$76.7 $65.3 17.5 %17.5 %
Adjusted Operating Income$19.4 $15.4 26.0 %$39.2 $30.0 30.7 %
Adjusted Operating Margin51.2 %47.5 %3.7 pp51.1 %45.9 %5.2 pp
Consolidated Revenue
Total Reportable Segments$599.9 $557.4 7.6 %$1,185.3 $1,087.5 9.0 %
Corporate and All Other (1)
63.3 47.7 32.7 %122.7 99.5 23.3 %
Total Revenue$663.2 $605.1 9.6 %6.8 %$1,308.0 $1,187.0 10.2 %7.2 %
Consolidated Adjusted Operating Income
Total Reportable Segments$219.1 $198.0 10.7 %$428.3 $372.6 14.9 %
Less: Corporate and All Other (2)
(43.2)(54.6)NMF(73.8)(93.8)NMF
Adjusted Operating Income$175.9 $143.4 22.7 %$354.5 $278.8 27.2 %
Adjusted Operating Margin26.5 %23.7 %2.8 pp27.1 %23.5 %3.6 pp
___________________________________________________________________________________________________________________________________________________________________

(1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $25.5 million and $27.3 million for the three months ended June 30, 2026 and 2025, respectively, and $52.1 million and $56.1 million for the six months ended June 30, 2026, and 2025, respectively. Revenue from Morningstar Indexes was $37.8 million and $20.4 million for the three months ended June 30, 2026 and 2025, respectively, and $70.6 million and $43.4 million for the six months ended June 30, 2026, and 2025, respectively.
(2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the three months ended June 30, 2026 and 2025, unallocated corporate expenses were $55.6 million and $50.1 million, respectively. For the six months ended June 30, 2026 and 2025, unallocated corporate expenses were $97.4 million and $91.9 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.





Page 10 of 13


Morningstar, Inc. and Subsidiaries
Supplemental Data (Unaudited)
As of June 30,
AUMA (approximate) ($bil)
20262025Change
Morningstar Retirement
Managed Accounts$194.4 $171.7 13.2 %
Fiduciary Services 71.0 63.3 12.2 %
Custom Models/CIT45.6 50.4 (9.5)%
Morningstar Retirement (total)
$311.0 $285.4 9.0 %
Investment Management
Morningstar Model Portfolios (1)
$55.3 $47.6 16.2 %
Institutional Asset Management5.7 5.8 (1.7)%
Asset Allocation Services2.8 13.4 (79.1)%
Investment Management (total)$63.8 $66.8 (4.5)%
Asset value linked to Morningstar Indexes ($bil) (2)
$3,608.5 $221.0 NMF
Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Average AUMA ($bil)
$358.1 $346.8 3.3 %$364.7 $343.9 6.0 %
____________________________________________________________________________________________________________________________________________________________________________________________________________

(1) Includes AUMA in Morningstar Model Portfolios and assets on the International Wealth Platform invested in third-party model portfolios.
(2) Includes $3.3 trillion of assets linked to CRSP indexes as of June 30, 2026.



Page 11 of 13


Morningstar, Inc. and Subsidiaries
Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited)
To supplement Morningstar’s condensed consolidated financial statements presented in accordance with US Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the SEC, including:

•"Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations.
•"Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and (3) certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items).
•"Adjusted Operating Margin" is operating margin excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items.
•"Adjusted Diluted Net Income Per Share" is consolidated diluted net income per share excluding (1) intangible amortization expense, (2) M&A-related expenses, (3) other non-recurring items, and (4) non-operating gains and losses.
•"Free Cash Flow" is cash provided by or used for operating activities less capital expenditures.
These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should not be considered an alternative to any measure of performance promulgated under GAAP.
Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. Morningstar excludes revenue from acquired businesses from its organic revenue growth calculation for a period of 12 months after it completes the acquisition. For divestitures (including sale of assets), Morningstar excludes revenue in the prior-year period for which there is no comparable revenue in the current period.

Morningstar presents adjusted operating income (loss), adjusted operating margin, and adjusted diluted net income per share to better reflect period-over-period comparisons, and improve overall understanding of the underlying performance of the business absent the impact of intangible amortization expense, M&A-related expenses, and certain other one-time, non-recurring items.
In addition, Morningstar presents free cash flow as a supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. Morningstar's management team uses free cash flow to evaluate the health of its business.

 Three months ended June 30, Six months ended June 30,
(in millions) 20262025 Change 20262025 Change
Reconciliation from consolidated revenue to organic revenue: 
Consolidated revenue $663.2 $605.1 9.6 %$1,308.0 $1,187.0 10.2 %
Acquisitions
 (14.5)— NMF(25.0)— NMF
Divestitures(5.7)(6.4)NMF(8.7)(14.0)NMF
Effect of foreign currency translations (3.5)— NMF(17.0)— NMF
Organic revenue$639.5 $598.7 6.8 %$1,257.3 $1,173.0 7.2 %
Reconciliation from consolidated operating income to adjusted operating income: 
Consolidated operating income $160.6 $125.1 28.4 %$316.5 $239.2 32.3 %
Intangible amortization expense
 20.9 15.3 36.6 %39.9 29.7 34.3 %
M&A-related expenses
 1.2 3.8 (68.4)%5.8 10.7 (45.8)%
Other non-recurring items
(6.8)(0.8)NMF(7.7)(0.8)NMF
Adjusted operating income$175.9 $143.4 22.7 %$354.5 $278.8 27.2 %
Reconciliation from consolidated operating margin to adjusted operating margin: 
Consolidated operating margin 24.2 %20.7 %3.5 pp24.2 %20.2 %4.0 pp
Intangible amortization expense 3.1 %2.5 %0.6 pp3.1 %2.5 %0.6 pp
M&A-related expenses 0.2 %0.6 %(0.4) pp0.4 %0.9 %(0.5) pp
Other non-recurring items(1.0)%(0.1)%(0.9) pp(0.6)%(0.1)%(0.5) pp
Adjusted operating margin26.5 %23.7 %2.8 pp27.1 %23.5 %3.6 pp
Reconciliation from consolidated diluted net income per share to adjusted diluted net income per share:
 
Consolidated diluted net income per share
 $2.83 $2.09 35.4 %$5.55 $3.91 41.9 %
Page 12 of 13


 Three months ended June 30, Six months ended June 30,
(in millions) 20262025 Change 20262025 Change
Intangible amortization expense 0.40 0.26 53.8 %0.76 0.51 49.0 %
M&A-related expenses 0.02 0.07 (71.4)%0.11 0.19 (42.1)%
Other non-recurring items(0.13)(0.01)NMF(0.15)(0.01)NMF
Non-operating (gains) losses(0.02)(0.01)NMF— 0.03 NMF
Adjusted diluted net income per share
$3.10 $2.40 29.2 %$6.27 $4.63 35.4 %
Reconciliation from cash provided by operating activities to free cash flow:
Cash provided by operating activities$155.7 $99.0 57.3 %$247.2 $190.0 30.1 %
Capital expenditures(33.2)(36.6)(9.3)%(71.1)(68.8)3.3 %
Free cash flow$122.5 $62.4 96.3 %$176.1 $121.2 45.3 %






Page 13 of 13
Second-Quarter 2026 Supplemental Presentation July 29, 2026 2 This presentation contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. These statements are based on Morningstar's current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." These statements involve known or unknown risks and uncertainties that may cause actual results to differ significantly from what Morningstar expects. More information about factors that could affect Morningstar's business and financial results are in its filings with the SEC, including its most recent Forms 8-K, 10-K, and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. 3 This presentation includes references to the non-GAAP financial measures listed below (including percentage growth or decline of those numbers). These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the appendix to this presentation and in the Company's filings with the SEC, including its most recent Forms 8-K, 10-K, and 10-Q. "Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and (3) certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items). "Adjusted Operating Margin" is operating margin excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. "Adjusted Operating Expense" is operating expenses excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. "Free Cash Flow" is cash provided by or used for operating activities less capital expenditures. "Free Cash Flow Conversion" is free cash flow divided by adjusted operating income. 4 Table of Contents Q2 26 Results Summary 5 Q2 26 Segment Detail 13 Appendix A: Additional Segment Detail 24 Appendix B: Reconciliations and Additional Information 38

 

Q2 26 Results Summary 6 Q2 26 Financial Performance ($mil) +9.6% Reported +6.8% Organic* +22.7% +96.3%+28.4% $605.1 $663.2 $125.1 $160.6 $143.4 $175.9 $62.4 $122.5 Revenue Operating Income Adjusted Operating Income Free Cash Flow 25 26 25 26 25 26 25 26 *Excluding the impact from the sunsetting of Morningstar Office and Morningstar Sustainalytics' second-party opinions product, organic revenue would have increased 8.2%. 7 Adjusted Operating Income Walk Q2 25 to Q2 26 Q2 25 Adjusted Operating Income Change in Revenue Professional Fees Advertising & Marketing Travel & Related Activities Compensation* Infrastructure Costs & Other** Q2 26 Adjusted Operating Income Changes in this chart reflect adjustments made in the calculation of adjusted operating income, as defined on p. 3 of this presentation, and may not match changes in reported expenses. *Includes salaries, bonus, commissions, severance, employee benefits, payroll taxes, and stock-based compensation. **Includes infrastructure costs (including third-party contracts with data providers, cloud costs, and SaaS-based software subscriptions), facilities, depreciation/amortization, and capitalized labor. $143.4 $58.1 ($1.2) ($9.3)($0.9) ($14.5) $0.3 $175.9 ($mil) 8 Quarterly Operating Margin Trends 19.0% 20.3% 28.5% 19.6% 20.7% 20.7% 24.9% 24.2% 24.2% 22.9% 22.9% 20.6% 23.3% 23.7% 24.4% 23.9% 27.7% 26.5% Operating Margin Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26

 

9 Revenue vs. Adjusted Operating Expense Growth 13.3% 10.5% 9.7% 7.2% 5.8% 8.4% 8.5% 10.8% 9.6% 1.4% 3.7% 10.2% 3.4% 4.7% 6.3% 3.9% 4.4% 5.5% Reported Revenue Growth Adjusted Operating Expense Growth Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 10 Quarterly Adjusted Operating Income & Free Cash Flow ($mil) TTM Free Cash Flow Conversion 10 68.2% 87.2% 91.5% 90.9% 86.5% 73.4% 71.5% 75.9% 69.9% 75.5% Adjusted Operating Income Free Cash Flow TTM Free Cash Flow Conversion Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $50 $100 $150 $200 Bars represent quarterly adjusted operating income and free cash flow ($mil). Line represents trailing 12-month (TTM) free cash flow conversion as of the end of each quarter shown, calculated as TTM free cash flow divided by TTM adjusted operating income. 11 Headcount Trends Headcount represents permanent, full-time employees. As of June 30, 2026, headcount was 10,825. (8.1%) (3.6%) (2.2%) (1.4%) (0.7%) 0.0% (1.0%) (1.5%) (2.2%) (1.1%) 0.0% (0.6%) 0.3% (0.5%) 0.8% (1.6%) (0.2%) (1.1%) Headcount (000s) Headcount Growth YOY Sequential Headcount Growth Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 11.1 11.1 11.1 11.1 11.1 11.2 11.0 10.9 10.8 12 Capital Allocation ($mil) 12 *Consolidated funded indebtedness to EBITDA as defined in our then-existing credit agreements. $0 $100 $200 $300 $400 $500 $600 $700 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Share Repurchase $0.0 $0.0 $11.6 $109.6 $112.0 $170.1 $395.3 $300.0 $100.0 Total Debt $899.6 $864.7 $698.6 $803.7 $838.8 $848.9 $1,072.6 $1,712.8 $1,713.3 Leverage Ratio* 1.4x 1.2x 0.9x 1.0x 1.0x 1.0x 1.3x 2.0x 1.9x Share Repurchases Dividends Paid Acquisitions, Net of Cash Capital Expenditures $100.0 $19.0 $33.2

 

Q2 26 Segment Detail 14 Morningstar Reportable Segments and Representative Products Morningstar Direct Platform Provides investors comprehensive data, research, and insights, and investment analysis to empower investment decision- making. Morningstar Data Morningstar Direct Morningstar Advisor Workstation PitchBook Provides investors access to data, proprietary research, analytics, and AI-enabled software across private capital markets. Supports decision-making across the private-markets lifecycle. PitchBook Platform Direct Data Morningstar Wealth Serves financial advisors through model portfolios, separately managed accounts, and an advisor platform powered by our research and data, and individuals through Morningstar Investor. Morningstar Model Portfolios (Managed Portfolios) Morningstar Investor International Wealth Platform Morningstar Credit Provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. Morningstar DBRS Morningstar Credit (Credit Data and Analytics) Morningstar Retirement Offers products to help individuals reach their retirement goals with highly personalized savings and investment advice at the employee level and scalable investment advisory and risk mitigation services at the employer and advisor level. Managed Accounts Corporate and All Other The operating segments of Morningstar Sustainalytics and Morningstar Indexes have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Morningstar Sustainalytics Morningstar Indexes 15 Q2 26 Contribution to Revenue 15 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 *Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenue. $ 700 600 500 400 300 200 100 $0 ($mil) PitchBook Morningstar Credit Corporate and All Other* Morningstar Retirement Morningstar Wealth Morningstar Direct Platform 16 Q2 26 Contribution to Adjusted Operating Income (Loss) 16 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Morningstar Direct Platform *Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. $ 250 200 150 100 50 0 (50) ($100) PitchBook Morningstar Credit Morningstar Wealth Morningstar Retirement Corporate and All Other* ($mil)

 

17 Organic Revenue Walk Q2 25 to Q2 26 Q2 25 Reported Revenue Morningstar Credit Morningstar Direct Platform PitchBook Morningstar Retirement Morningstar Wealth* Corporate and All Other** M&A and Foreign Currency Adjustments Q2 26 Reported Revenue The Company's five reportable segment bars represent organic revenue growth and may not match changes in reported revenue. *In Q2 26, Morningstar Wealth organic revenue includes a $5.8 million negative impact from the sunsetting of Morningstar Office. **Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenue. Corporate and All other organic revenue includes a $1.7 million negative impact from the sunsetting of the second-party opinions product. $605.1 $8.2$19.8 $9.8 ($2.9) $5.4 $0.6 $17.2 $663.2 ($mil) 18 Adjusted Operating Income Contributions Q2 25 to Q2 26 Q2 25 Adjusted Operating Income Morningstar Credit Morningstar Wealth Morningstar Direct Platform Morningstar Retirement PitchBook Corporate and All Other* Q2 26 Adjusted Operating Income *Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include finance, human resources, legal, marketing, and other management-related costs that are not considered when segment performance is evaluated. ($mil) $143.4 $4.9 $4.0$4.0$8.0 $11.4 $175.9$0.2 19 Morningstar Direct Platform Quarterly Segment Trends 19 6.2% 4.7% 3.6% 4.2% 6.3% 6.2% 6.0% 5.0% 4.8% Morningstar Direct Platform Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $50 $100 $150 $200 $250 44.3% 46.0% 43.6% 43.7% 46.0% 44.4% 43.7% 42.3% 45.2% Morningstar Direct Platform Adjusted Operating Income Morningstar Direct Platform Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 $120 Morningstar Direct Platform Revenue ($mil) Morningstar Direct Platform Adjusted Operating Income ($mil) 20 PitchBook Quarterly Segment Trends 20 10.9% 12.2% 12.7% 11.1% 9.6% 7.7% 5.9% 4.8% 4.9% PitchBook Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 31.2% 32.2% 30.0% 31.9% 31.7% 31.3% 30.2% 29.9% 30.3% PitchBook Adjusted Operating Income PitchBook Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 $50 $60 PitchBook Revenue ($mil) PitchBook Adjusted Operating Income ($mil)

 

21 21 44.2% 34.0% 34.5% 23.2% 8.4% 27.0% 25.7% 34.3% 23.3% Morningstar Credit Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 $120 36.0% 21.4% 24.5% 29.3% 35.9% 30.8% 33.0% 40.8% 36.7% Morningstar Credit Adjusted Operating Income Morningstar Credit Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 $50 Morningstar Credit Revenue ($mil) Morningstar Credit Adjusted Operating Income ($mil) Morningstar Credit Quarterly Segment Trends 22 Morningstar Wealth Quarterly Segment Trends 22 12.4% 6.1% 6.2% 7.9% 7.2% 9.8% 6.3% (1.6%) (4.6%) Morningstar Wealth Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 (3.5%) (1.1%) (1.2%) (1.3%) 4.7% 5.0% 6.8% 9.7% 13.1% Morningstar Wealth Adjusted Operating Income Morningstar Wealth Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ($4) ($2) $0 $2 $4 $6 $8 $10 Morningstar Wealth Revenue* ($mil) Morningstar Wealth Adjusted Operating Income ($mil) *In Q2 26, the sunsetting of Morningstar Office had a $5.8 million negative impact on organic revenue. Excluding Morningstar Office, Morningstar Wealth organic revenue would have increased 5.3%. 23 Morningstar Retirement Quarterly Segment Trends 21.5% 14.8% 11.3% 15.8% (2.7%) 7.5% 13.4% 17.9% 17.0% Morningstar Retirement Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 52.0% 53.1% 51.2% 44.4% 47.5% 49.4% 54.6% 51.0% 51.2% Morningstar Retirement Adjusted Operating Income Morningstar Retirement Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $5 $10 $15 $20 $25 Morningstar Retirement Revenue ($mil) Morningstar Retirement Adjusted Operating Income ($mil) Appendix A: Additional Segment Detail

 

25 Historical Segment Performance *Corporate and All Other provides a reconciliation between revenue from the Company's Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. **Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. (in millions) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Morningstar Direct Platform Revenue $196.9 $198.5 $196.0 $199.2 $209.2 $211.1 $211.1 $215.2 $222.1 Adjusted Operating Income $87.3 $91.4 $85.5 $87.1 $96.3 $93.7 $92.3 $91.0 $100.3 Adjusted Operating Margin 44.3% 46.0% 43.6% 43.7% 46.0% 44.4% 43.7% 42.3% 45.2% PitchBook Revenue $151.7 $156.6 $162.5 $163.7 $166.5 $169.0 $172.6 $172.4 $174.7 Adjusted Operating Income $47.3 $50.4 $48.7 $52.3 $52.8 $52.9 $52.1 $51.6 $53.0 Adjusted Operating Margin 31.2% 32.2% 30.0% 31.9% 31.7% 31.3% 30.2% 29.9% 30.3% Morningstar Credit Revenue $77.6 $70.9 $82.3 $73.0 $85.0 $91.1 $105.3 $101.0 $104.9 Adjusted Operating Income $27.9 $15.2 $20.2 $21.4 $30.5 $28.1 $34.8 $41.2 $38.5 Adjusted Operating Margin 36.0% 21.4% 24.5% 29.3% 35.9% 30.8% 33.0% 40.8% 36.7% Morningstar Wealth Revenue $62.6 $61.8 $65.0 $61.3 $64.3 $62.1 $63.7 $58.0 $60.3 Adjusted Operating Income (Loss) ($2.2) ($0.7) ($0.8) ($0.8) $3.0 $3.1 $4.3 $5.6 $7.9 Adjusted Operating Margin (3.5%) (1.1%) (1.2%) (1.3%) 4.7% 5.0% 6.8% 9.7% 13.1% Morningstar Retirement Revenue $33.3 $31.8 $33.6 $32.9 $32.4 $34.2 $38.1 $38.8 $37.9 Adjusted Operating Income $17.3 $16.9 $17.2 $14.6 $15.4 $16.9 $20.8 $19.8 $19.4 Adjusted Operating Margin 52.0% 53.1% 51.2% 44.4% 47.5% 49.4% 54.6% 51.0% 51.2% Consolidated Revenue Total Reportable Segments $522.1 $519.6 $539.4 $530.1 $557.4 $567.5 $590.8 $585.4 $599.9 Corporate and All Other* $49.8 $49.8 $51.6 $51.8 $47.7 $49.9 $50.3 $59.4 $63.3 Total Revenue $571.9 $569.4 $591.0 $581.9 $605.1 $617.4 $641.1 $644.8 $663.2 Consolidated Adjusted Operating Income Total Reportable Segments $177.6 $173.2 $170.8 $174.6 $198.0 $194.7 $204.3 $209.2 $219.1 Less: Corporate and All Other** ($46.6) ($42.9) ($49.1) ($39.2) ($54.6) ($44.1) ($50.8) ($30.6) ($43.2) Adjusted Operating Income $131.0 $130.3 $121.7 $135.4 $143.4 $150.6 $153.5 $178.6 $175.9 Adjusted Operating Margin 22.9% 22.9% 20.6% 23.3% 23.7% 24.4% 23.9% 27.7% 26.5% 26 Quarterly Revenue Trend: Revenue by Type ($mil) 13.6% 10.1% 10.6% 9.1% 5.9% 9.0% 8.1% 7.6% 6.8% Consolidated Organic Revenue Trend Transaction-Based Revenue Asset-Based Revenue License-Based Revenue Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $100 $200 $300 $400 $500 $600 $700 37.2% 25.9% 7.5% 25.9% 16.9% 6.4% 25.1% 16.4% 6.8% 21.4% 14.5% 6.2% 9.4% 0.2% 6.3% 26.1% 7.9% 5.9% 25.6% 9.4% 4.1% 30.6% 11.0% 2.6% 17.8% 13.8% 3.1% Bars represent reported revenue. Percentages represent YOY organic revenue growth (decline). In Q2 26, excluding the sunsetting of certain products, license-based organic revenue would have grown 4.5%, transaction-based organic revenue would have grown 19.9%, and total organic revenue would have grown 8.2%. 27 Revenue by Type ($mil) *Corporate and All Other provides a reconciliation between revenue from the Company's Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Morningstar Direct Platform Q2 25 Q2 26 Morningstar Wealth Q2 25 Q2 26 License-Based $207.7 $220.6 License-Based $19.7 $13.5 Asset-Based 0.0 0.0 Asset-Based 35.2 37.6 Transaction-Based 1.5 1.5 Transaction-Based 9.4 9.2 Morningstar Direct Platform Total $209.2 $222.1 Morningstar Wealth Total $64.3 $60.3 PitchBook Q2 25 Q2 26 Morningstar Retirement Q2 25 Q2 26 License-Based $164.7 $172.7 License-Based $0.4 $0.4 Asset-Based 0.0 0.0 Asset-Based 32.0 37.5 Transaction-Based 1.8 2.0 Transaction-Based 0.0 0.0 PitchBook Total $166.5 $174.7 Morningstar Retirement Total $32.4 $37.9 Morningstar Credit Q2 25 Q2 26 Corporate and All Other* Q2 25 Q2 26 License-Based $5.0 $6.4 License-based $30.9 $41.5 Asset-Based 0.0 0.0 Asset-based 15.2 21.7 Transaction-Based 80.0 98.5 Transaction-based 1.6 0.1 Morningstar Credit Total $85.0 $104.9 Corporate and All Other Total $47.7 $63.3 28 Key Product Area Revenue ($mil) *Includes revenue attributable to Morningstar Direct Advisory Suite. **In Q2 26, Morningstar Wealth organic revenue included a $5.8 million negative impact from the sunsetting of Morningstar Office; excluding Morningstar Office, Morningstar Wealth organic revenue would have increased 5.3% in Q2 26. ***In Q2 26, Morningstar Sustainalytics organic revenue included a $1.7 million negative impact from the sunsetting of second-party opinions; excluding second-party opinions, Morningstar Sustainalytics organic revenue would have decreased 1.6% in Q2 26. ****Beginning in Q1 26, includes revenue attributable to Center for Research in Security Prices (CRSP). Q2 25 Q2 26 % Change % Organic Change Morningstar Direct Platform $209.2 $222.1 6.2% 4.8% Morningstar Data $106.2 $113.0 6.4% 4.2% Morningstar Direct $74.3 $80.4 8.2% 7.1% Morningstar Advisor Workstation* $23.4 $24.5 4.7% 4.8% PitchBook $166.5 $174.7 4.9% 4.9% Morningstar Credit $85.0 $104.9 23.4% 23.3% Morningstar Wealth** $64.3 $60.3 (6.2%) (4.6%) Investment Management $35.2 $37.7 7.1% 11.9% Morningstar Retirement $32.4 $37.9 17.0% 17.0% Corporate and All Other Morningstar Sustainalytics*** $27.3 $25.5 (6.6%) (7.7%) Morningstar Indexes**** $20.4 $37.8 85.3% 13.0%

 

29 License Trends 29 *In Q3 25, the Company updated its definition of PitchBook licensed users, primarily to remove Morningstar and PitchBook employee users. Q2 25 user counts reported here reflects the updated methodology. The timing of activities, such as user maintenance, user audits, provisioning access, shutting off of users, and updates to the user lists when enterprise clients renew, results in fluctuations in licensed user counts over time. As a result, licensed user growth trends are best assessed on a rolling 12-month basis. (0.6%) 18,810 18,688 Morningstar Direct Licenses Q2 25 Q2 26 +0.6% 116,421 117,170 PitchBook Platform Licensed Users* Q2 25 Q2 26 30 Quarterly Segment Product Trends: Morningstar Direct Platform 30 11.7% 9.6% 9.2% 6.8% 4.5% 5.6% 6.3% 6.0% 7.1% Morningstar Direct Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 5.3% 4.2% 1.8% 4.1% 10.1% 7.7% 7.8% 6.3% 4.2% Morningstar Data Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 $120 Morningstar Data ($mil) Morningstar Direct ($mil) 31 Quarterly Segment Product Trends: Morningstar Direct Platform 31 2.5% (2.4%) (0.5%) (0.4%) (0.1%) 5.9% 3.9% 3.8% 4.8% Morningstar Advisor Workstation Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 *Starting in Q2 25 includes revenue attributable to Direct Advisory Suite. Prior quarterly supplemental decks inadvertently excluded this impact. Morningstar Advisor Workstation* ($mil) 32 Quarterly Segment Trends: Morningstar Credit 32 Bars represent reported revenue. Percentages represent YOY organic revenue growth (decline). 44.2% 34.0% 34.5% 23.2% 8.4% 27.0% 25.7% 34.3% 23.3% $0 $20 $40 $60 $80 $100 $120 Revenue by Geography ($mil) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 USA 59.9% 51.7% 46.2% 27.0% 11.9% 22.4% 27.2% 37.1% 25.4% Canada 30.3% 13.1% 36.9% 6.4% (2.7%) 50.0% 18.9% 40.3% 35.5% EMEA 27.6% 19.6% 6.6% 37.1% 15.5% 13.6% 30.6% 19.7% 2.1% YOY Organic Revenue Growth (Decline)

 

33 33 Bars represent reported revenue. In Q2 26, Structured Finance Ratings, Fundamental Ratings, and Data Licensing accounted for 60.6%, 33.4%, and 6.0% of revenue. Transaction-based new issuance revenue increased 31.4%, transaction-based recurring revenue increased 8.7%, and license-based revenue increased 24.8% in Q2 26 compared to the prior-year period. *Structured Finance Ratings includes Asset-Backed Securities, Commercial Mortgage-Backed Securities, and Residential Mortgage-Backed Securities. **Fundamental Ratings includes Corporate, Financial Institutions, Sovereign, and Other. ***Recurring Revenue includes transaction-based recurring revenue and license-based revenue. $29.2 $30.8 $30.9 $30.3 $33.5 $36.7 $36.6 $35.4 $37.3 Structured Finance Ratings* Fundamental Ratings** Data Licensing Recurring Revenue*** Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 $100 $120 Revenue by Asset Class ($mil) Quarterly Segment Trends: Morningstar Credit 34 Quarterly Segment Product Trends: Morningstar Wealth 34 22.0% 13.3% 16.2% 14.8% 6.2% 16.1% 12.3% 10.6% 11.9% Investment Management Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 Investment Management ($mil) 35 35 Morningstar Wealth AUMA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $20 $40 $60 $80 Morningstar Wealth Assets Under Management and Advisement (AUMA) ($bil) Quarterly Segment Trends: Morningstar Wealth 36 36 Morningstar Retirement AUMA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $100 $200 $300 $400 Morningstar Retirement AUMA ($bil) Quarterly Segment Trends: Morningstar Retirement

 

37 Quarterly Product Trends: Corporate and All Other 37 37.8% 23.7% 21.9% 15.7% (1.3%) (0.8%) 0.9% (0.7%) 13.0% Morningstar Indexes Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 0.7% (10.3%) (3.3%) (4.9%) (9.8%) (3.0%) (10.3%) (14.1%) (7.7%) Morningstar Sustainalytics Revenue YOY Organic Revenue Trend Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $10 $20 $30 $40 *Beginning in Q1 26 includes revenue attributable to CRSP. **Excluding the retirement of the second-party opinions product, Morningstar Sustainalytics organic revenue would have decreased 1.6% in Q2 26. Morningstar Indexes* ($mil) Morningstar Sustainalytics** ($mil) Appendix B: Reconciliations and Additional Information 39 Quarterly Operating Income & Operating Cash Flow ($mil) 39 Operating Income Operating Cash Flow Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $0 $50 $100 $150 $200 $250 40 Reconciliation from Reported to Organic Revenue Change by Revenue Type Consolidated Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 13.3% 10.5% 9.7% 7.2% 5.8% 8.4% 8.5% 10.8% 9.6% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.8% 0.9% 1.0% 1.2% 0.9% (1.0%) (2.3%) Effect of foreign currency transactions 0.3% (0.4%) 0.1% 1.0% (0.9%) (0.6%) (1.3%) (2.2%) (0.5%) Organic Change in Revenue 13.6% 10.1% 10.6% 9.1% 5.9% 9.0% 8.1% 7.6% 6.8% License-Based Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 6.8% 6.3% 5.4% 4.4% 6.6% 6.4% 5.6% 6.4% 6.2% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.9% 0.8% 0.6% 0.3% (0.1%) (1.7%) (2.6%) Effect of foreign currency transactions 0.7% 0.1% 0.5% 1.0% (0.9%) (0.8%) (1.4%) (2.1%) (0.5%) Organic Change in Revenue 7.5% 6.4% 6.8% 6.2% 6.3% 5.9% 4.1% 2.6% 3.1%

 

41 Reconciliation from Reported to Organic Revenue Change by Revenue Type Asset-Based Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 25.9% 17.2% 16.2% 11.3% (2.7%) 1.1% 2.9% 11.0% 17.5% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.5% 2.0% 3.6% 6.9% 6.8% 1.3% (3.3%) Effect of foreign currency transactions 0.0% (0.3%) (0.3%) 1.2% (0.7%) (0.1%) (0.3%) (1.3%) (0.4%) Organic Change in Revenue 25.9% 16.9% 16.4% 14.5% 0.2% 7.9% 9.4% 11.0% 13.8% Transaction-Based Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 39.3% 29.1% 26.6% 19.2% 10.3% 27.2% 27.2% 34.0% 18.0% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions (2.1%) (3.2%) (1.5%) 2.2% (0.9%) (1.1%) (1.6%) (3.4%) (0.2%) Organic Change in Revenue 37.2% 25.9% 25.1% 21.4% 9.4% 26.1% 25.6% 30.6% 17.8% 42 Reconciliation from Reported to Organic Revenue Change by Segment Morningstar Direct Platform Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 5.9% 5.2% 1.7% 1.3% 6.2% 6.3% 7.7% 8.0% 6.2% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 2.0% 1.9% 1.6% 1.1% 0.3% 0.2% (0.7%) Effect of foreign currency transactions 0.3% (0.5%) (0.1%) 1.0% (1.5%) (1.2%) (2.0%) (3.2%) (0.7%) Organic Change in Revenue 6.2% 4.7% 3.6% 4.2% 6.3% 6.2% 6.0% 5.0% 4.8% PitchBook Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 10.9% 12.2% 12.5% 10.9% 9.8% 7.9% 6.2% 5.3% 4.9% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% (0.2%) (0.2%) (0.3%) (0.2%) 0.0% Effect of foreign currency transactions 0.0% 0.0% 0.2% 0.2% 0.0% 0.0% 0.0% (0.3%) 0.0% Organic Change in Revenue 10.9% 12.2% 12.7% 11.1% 9.6% 7.7% 5.9% 4.8% 4.9% Morningstar Credit Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 43.2% 34.0% 33.8% 21.1% 9.5% 28.5% 27.9% 38.4% 23.4% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.4% (0.3%) (0.7%) (0.7%) (0.6%) 0.0% Effect of foreign currency transactions 1.0% 0.0% 0.7% 1.7% (0.8%) (0.8%) (1.5%) (3.5%) (0.1%) Organic Change in Revenue 44.2% 34.0% 34.5% 23.2% 8.4% 27.0% 25.7% 34.3% 23.3% 43 Reconciliation from Reported to Organic Revenue Change by Segment Morningstar Wealth Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 12.2% 6.6% 6.2% 3.9% 2.7% 0.5% (2.0%) (5.4%) (6.2%) Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.5% 2.4% 5.0% 9.6% 9.3% 7.5% 3.7% Effect of foreign currency transactions 0.2% (0.5%) (0.5%) 1.6% (0.5%) (0.3%) (1.0%) (3.7%) (2.1%) Organic Change in Revenue 12.4% 6.1% 6.2% 7.9% 7.2% 9.8% 6.3% (1.6%) (4.6%) Morningstar Retirement Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 21.5% 14.8% 11.3% 15.8% (2.7%) 7.5% 13.4% 17.9% 17.0% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Organic Change in Revenue 21.5% 14.8% 11.3% 15.8% (2.7%) 7.5% 13.4% 17.9% 17.0% 44 Reconciliation from Reported to Organic Revenue Change by Product Area Morningstar Data Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 5.0% 4.9% 1.9% 3.1% 12.6% 10.9% 9.6% 9.4% 6.4% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% (0.4%) (1.4%) 0.5% 0.3% (1.5%) Effect of foreign currency transactions 0.3% (0.7%) (0.1%) 1.0% (2.1%) (1.8%) (2.3%) (3.4%) (0.7%) Organic Change in Revenue 5.3% 4.2% 1.8% 4.1% 10.1% 7.7% 7.8% 6.3% 4.2% Morningstar Direct Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 11.3% 10.0% 9.2% 5.6% 6.0% 7.3% 8.5% 9.4% 8.2% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions 0.4% (0.4%) 0.0% 1.2% (1.5%) (1.7%) (2.2%) (3.4%) (1.1%) Organic Change in Revenue 11.7% 9.6% 9.2% 6.8% 4.5% 5.6% 6.3% 6.0% 7.1% Morningstar Advisor Workstation* Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 2.3% (2.6%) (0.7%) (1.3%) (0.2%) 5.7% 3.9% 4.3% 4.7% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions 0.2% 0.2% 0.2% 0.9% 0.1% 0.2% 0.0% (0.5%) 0.1% Organic Change in Revenue 2.5% (2.4%) (0.5%) (0.4%) (0.1%) 5.9% 3.9% 3.8% 4.8% *Includes revenue attributable to Morningstar Direct Advisory Suite.

 

45 Reconciliation from Reported to Organic Revenue Change by Product Area Morningstar Credit Canada Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 27.9% 11.2% 33.0% 0.0% (3.5%) 48.5% 19.4% 46.8% 34.4% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions 2.4% 1.9% 3.9% 6.4% 0.8% 1.5% (0.5%) (6.5%) 1.1% Organic Change in Revenue 30.3% 13.1% 36.9% 6.4% (2.7%) 50.0% 18.9% 40.3% 35.5% Morningstar Credit EMEA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 27.3% 22.1% 7.9% 36.4% 26.9% 24.2% 43.1% 32.7% 3.5% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% (4.6%) (4.8%) (4.0%) (2.9%) 0.0% Effect of foreign currency transactions 0.3% (2.5%) (1.3%) 0.7% (6.8%) (5.8%) (8.5%) (10.1%) (1.4%) Organic Change in Revenue 27.6% 19.6% 6.6% 37.1% 15.5% 13.6% 30.6% 19.7% 2.1% Morningstar Credit USA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 59.9% 51.7% 46.2% 27.0% 10.8% 21.9% 26.7% 37.1% 25.4% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 1.1% 0.5% 0.5% 0.0% 0.0% Effect of foreign currency transactions 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Organic Change in Revenue 59.9% 51.7% 46.2% 27.0% 11.9% 22.4% 27.2% 37.1% 25.4% 46 Reconciliation from Reported to Organic Revenue Change by Product Area Investment Management Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 21.8% 14.5% 14.8% 7.4% (1.7%) (1.1%) (3.5%) 1.1% 7.1% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 1.0% 4.6% 9.4% 17.9% 17.5% 13.5% 6.9% Effect of foreign currency transactions 0.2% (1.2%) 0.4% 2.8% (1.5%) (0.7%) (1.7%) (4.0%) (2.1%) Organic Change in Revenue 22.0% 13.3% 16.2% 14.8% 6.2% 16.1% 12.3% 10.6% 11.9% Morningstar Indexes Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 37.3% 24.4% 22.0% 15.0% (1.0%) (0.5%) 1.4% 42.6% 85.3% Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (42.3%) (71.4%) Effect of foreign currency transactions 0.5% (0.7%) (0.1%) 0.7% (0.3%) (0.3%) (0.5%) (1.0%) (0.9%) Organic Change in Revenue 37.8% 23.7% 21.9% 15.7% (1.3%) (0.8%) 0.9% (0.7%) 13.0% Morningstar Sustainalytics Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Reported Change in Revenue 0.0% (9.7%) (3.3%) (6.5%) (6.5%) 0.7% (5.4%) (7.6%) (6.6%) Acquisitions, divestitures, and accounting changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effect of foreign currency transactions 0.7% (0.6%) 0.0% 1.6% (3.3%) (3.7%) (4.9%) (6.5%) (1.1%) Organic Change in Revenue 0.7% (10.3%) (3.3%) (4.9%) (9.8%) (3.0%) (10.3%) (14.1%) (7.7%) 47 Reconciliation from Consolidated Adjusted Operating Income to Consolidated Operating Income ($mil) *Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income/(loss) from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. Q2 25 Q2 26 Adjusted Operating Income (Loss) Morningstar Direct Platform $96.3 $100.3 PitchBook 52.8 53.0 Morningstar Credit 30.5 38.5 Morningstar Wealth 3.0 7.9 Morningstar Retirement 15.4 19.4 Total Reportable Segments $198.0 $219.1 Less: Corporate and All Other* (54.6) (43.2) Total Adjusted Operating Income $143.4 $175.9 Intangible amortization expense (15.3) (20.9) M&A-related expenses (3.8) (1.2) Other non-recurring items 0.8 6.8 Operating Income $125.1 $160.6 48 Reconciliation from Operating Income to Adjusted Operating Income ($mil) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating Income (Quarterly) $92.6 $108.5 $115.5 $168.2 $114.1 $125.1 $127.8 $159.6 $155.9 $160.6 Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. (Quarterly) 18.2 22.5 14.8 (46.5) 21.3 18.3 22.8 (6.1) 22.7 15.3 Adjusted Operating Income (Quarterly) $110.8 $131.0 $130.3 $121.7 $135.4 $143.4 $150.6 $153.5 $178.6 $175.9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating Income (TTM*) $298.7 $365.5 $411.0 $484.8 $506.3 $522.9 $535.2 $526.6 $568.4 $603.9 Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. (TTM) 86.8 81.3 74.1 9.0 12.1 7.9 15.9 56.3 57.7 54.7 Adjusted Operating Income (TTM) $385.5 $446.8 $485.1 $493.8 $518.4 $530.8 $551.1 $582.9 $626.1 $658.6 *Trailing 12 months.

 

49 Reconciliation from Operating Margin to Adjusted Operating Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating Margin 19.0% 20.3% 28.5% 19.6% 20.7% 20.7% 24.9% 24.2% 24.2% Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. 3.9% 2.6% (7.9%) 3.7% 3.0% 3.7% (1.0%) 3.5% 2.3% Adjusted Operating Margin 22.9% 22.9% 20.6% 23.3% 23.7% 24.4% 23.9% 27.7% 26.5% 50 Reconciliation from Total Operating Expenses to Adjusted Operating Expense ($mil) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating Expense $463.4 $453.9 $486.8 $467.8 $480.8 $490.1 $505.1 $489.8 $509.4 Excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. (22.5) (14.8) (17.5) (21.3) (19.1) (23.3) (17.5) (23.6) (22.1) Adjusted Operating Expense $440.9 $468.7 $469.3 $446.5 $461.7 $466.8 $487.6 $466.2 $487.3 51 Operating and Free Cash Flow ($mil) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Cash provided by operating activities (Quarterly) $93.6 $152.7 $191.9 $153.4 $91.0 $99.0 $195.7 $204.0 $91.5 $155.7 Capital expenditures (Quarterly) (34.1) (31.9) (36.1) (40.6) (32.2) (36.6) (35.6) (42.7) (37.9) (33.2) Free cash flow (Quarterly) $59.5 $120.8 $155.8 $112.8 $58.8 $62.4 $160.1 $161.3 $53.6 $122.5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Cash provided by operating activities (TTM*) $386.6 $514.8 $576.0 $591.6 $589.0 $535.3 $539.1 $589.7 $590.2 $646.9 Capital expenditures (TTM) (123.7) (125.3) (132.1) (142.7) (140.8) (145.5) (145.0) (147.1) (152.8) (149.4) Free cash flow (TTM) $262.9 $389.5 $443.9 $448.9 $448.2 $389.8 $394.1 $442.6 $437.4 $497.5 *Trailing 12 months. Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Free cash flow (TTM) $262.9 $389.5 $443.9 $448.9 $448.2 $389.8 $394.1 $442.6 $437.4 $497.5 Adjusted operating income (TTM) 385.5 446.8 485.1 493.8 518.4 530.8 551.1 582.9 626.1 658.6 Free cash flow conversion (TTM) 68.2 % 87.2 % 91.5 % 90.9 % 86.5 % 73.4 % 71.5 % 75.9 % 69.9 % 75.5 % 52 Investor Q&A Schedule For questions received by 5pm CT on: Expected 8-K Response Date: Aug. 5, 2026 Aug. 25, 2026 Sep. 4, 2026 Sep. 25, 2026 Nov. 5, 2026 Nov. 25, 2026 The Company follows a schedule for responding to investor questions. It provides responses during months when it is not reporting earnings. The Company continues to consolidate responses to questions addressing similar themes. If we have not received any questions for which we are providing a new or updated response, we will not file an 8-K. Please see below for the expected schedule.

 

 

© July 29, 2026. Morningstar. All Rights Reserved. Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 Dear Morningstar shareholders, In the second quarter of 2026, Morningstar reported 9.6% revenue growth, with organic growth of 6.8%. Excluding the impact from the sunsetting of certain products, organic revenue would have increased 8.2%. Operating and adjusted operating income increased 28.4% and 22.7%, respectively, driving operating and adjusted operating margins to 24.2% and 26.5%. Operating and free cash flow grew meaningfully, supporting an increase in our trailing one-year AOI to free cash flow conversion rate; see slide 10 of our supplemental deck for more detail on this trend. Morningstar is scaling profitably— and quickly. We repurchased shares totaling $100 million in the quarter, bringing total year-to-date purchases to $400 million and reducing our float by 5.6% since December 2025. While the AI narrative has weighed on investors’ minds across our sector, we remain optimistic about our prospects and ability to compound the value of the business. It’s a silver lining that these buybacks mean that each of you owns a greater share of Morningstar. In this letter, I’ll dig into how we’re executing against two of our key strategic priorities and share an update on the integration of the Center for Research in Security Prices (CRSP) into Morningstar Indexes. Business Update In June, we hosted our 38th annual Morningstar Investment Conference at Navy Pier in Chicago. Our two key themes— artificial intelligence and public/private market convergence—took center stage. We were pleased to see increased engagement from private market managers including Blackstone’s Jon Gray, who joined me for a conversation on the growing interest from firms like Blackstone in retail and retirement channels. (You can view the conversation here.) Owning the language of public and private markets Across Morningstar, we're focused on helping investors compare opportunities across increasingly connected asset classes. We're leading with research, including recent work on semiliquid and evergreen funds, and the SpaceX IPO. We also continue to roll out new intellectual property-backed capabilities, including a new methodology and standardized data points that allow users to compare fees across semiliquid funds in Morningstar Direct Platform and Time To Exit, a new machine-learning-powered addition to PitchBook’s VC Exit Predictor that forecasts when a venture-based company’s investors are likely to exit. In April, we launched the Morningstar PitchBook Europe Modern Market 50 index, which blends the largest and most significant Europe-based publicly listed and late-stage venture-capital based private companies in a single index. In June, Morningstar Wealth announced that it is working with Apollo, Franklin Templeton, and J.P. Morgan Asset Management to launch a suite of public/private model portfolios. Many of these efforts share a common objective: bringing the transparency, comparability, and analytical frameworks investors expect in public markets to a growing set of private market investments. We are seeing these dynamics play out particularly clearly in Morningstar Credit. The business generated more than $100 million in revenue for the third consecutive quarter, benefiting from strength across multiple areas including digital infrastructure projects to support the expansion of AI systems (an area where we’ve been actively investing) and in private ratings across asset classes. Private credit and the broader public/private convergence theme represent a notable secular

 

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 © July 29, 2026. Morningstar. All Rights Reserved. tailwind, supported by the post-great financial crisis shrinking of bank balance sheets and the institutional assets that have flowed into private credit. Additionally, as aging populations around the world need more income exposure, we expect this asset class to continue to gain prominence. Just this month, for instance, AustralianSuper, Australia’s largest superannuation fund shared that it plans to double its exposure to private credit. Becoming AI-native Our AI initiative has the ultimate goal of expanding and speeding our clients’ access to data, research, and intellectual property. We’re investing in our teams to support this work, and more than half of our employees have participated in our 10-week AI Academy. Meanwhile, we are enhancing AI capabilities on our platforms, where we’re able to tailor workflows developed for our clients’ specific needs. In recent months, updates included enhancements to PitchBook Navigator that are designed to expand its natural language capabilities and new web search, earnings call transcript, and investor data functionality. We also continue to broaden our AI distribution footprint. With recent announcements including Morningstar Direct Platform’s integration with Perplexity and PitchBook’s launch of the Premium Connector in Microsoft 365 Copilot, Morningstar and PitchBook licensed users now have access to data, research, and IP across four of the five most prominent large language model and enterprise AI providers. We’re also expanding the data available via these integrations with the goal of having all core datasets AI-ready by year-end. Collectively, these efforts, taken together with investment in our products’ AI capabilities, are helping embed Morningstar data, research, and intellectual property into our clients’ workflows wherever investment decisions are made. We’ve seen encouraging adoption and usage trends. From the late 2025 launch of our MCP connectors through mid-July, more than 20% of accounts with a Direct license had accessed the Morningstar connector. Over the same time period, roughly 20% of PitchBook accounts had accessed the PitchBook Premium Connector, while the ratio of monthly active users in June to all users who have accessed the PitchBook connector was approximately 55%. We’d note that many of our clients operate in highly regulated industries, so compliance hurdles can be a challenge to their adoption of these tools, but overall, we’re pleased with the trends we’re seeing. As we move along the adoption curve, our teams are wrestling with important questions around our commercialization effort. These include whether we allow token usage on our platform and at what levels we might introduce a cap. We’re also working with clients to evolve our pricing and have plans to introduce models aligned with consumption to reflect the value delivered from our data and research. Ultimately, we are focused on continuing to grow revenue per account. AI is changing how we and our clients work, but it is also accelerating the flywheel created by our curated data, trusted research, differentiated intellectual property, and embedded software. We’re seeing continued momentum in demand for data across client segments to support AI use cases. As we continue to adapt and innovate, we believe these capabilities position us to better meet our clients’ needs and advance our mission of empowering investor success. We’ll continue to evaluate and evolve our disclosures to communicate our progress on this front—we know it’s on your minds!

 

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 © July 29, 2026. Morningstar. All Rights Reserved. CRSP Integration Update Our thesis for the CRSP acquisition was straightforward. We expected CRSP to bring additional scale to Morningstar Indexes, help build our brand, and expand our client footprint. Earlier this week, we achieved an important milestone: The acquired indexes were rebranded under the Morningstar name, alongside Vanguard’s addition of the Morningstar name to its leading mutual funds and ETFs based on the indexes. For example, VTI, formerly the Vanguard Total Stock Market ETF, is now the Vanguard Morningstar Total Stock Market Index ETF. One of our top priorities is to expand the reach of the acquired indexes and we view CRSP’s rules-based methodology as a key differentiator in this effort. The CRSP indexes were built for scale and are designed to provide broad representation of the investable market and support efficient implementation. They feature a fast-track IPO methodology that is particularly relevant in today’s market as companies stay private longer and then come to market as much larger entrants. We see a particularly interesting opportunity with asset owners and consultants, a client segment that CRSP has not historically targeted. We also plan to roll out the rebranded CRSP indexes as Morningstar Category benchmarks where appropriate, starting in October (formal announcement forthcoming). We are starting to see success in our efforts to build a broader ecosystem around the indexes. In June, we entered a multi- year licensing agreement for CME Group to launch derivatives products based on the Morningstar Market Indexes with use cases including hedging, trading, and risk management. Earlier in July, the Morningstar Total Stock Market Index fund was designated as an eligible investment for rollovers from the newly introduced Trump accounts, which would not have been possible without the introduction of live futures on the index. Beyond indexes, we also see opportunities to extend the reach of CRSP’s deep and well-respected equity database to a broader commercial audience, drawing on Morningstar’s product infrastructure and data capabilities. We’re working to add more flexibility for end users and modernize the delivery mechanism. Overall, I’m excited about what lies ahead and will keep you updated on our progress. Closing Thoughts Finally, just a reminder that we will be taking investor question submissions through Wednesday, Aug. 5, 2026, with a targeted 8-K response date of Tuesday, Aug. 25. For the full schedule through November, please see page 52 of our investor presentation.

 

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 © July 29, 2026. Morningstar. All Rights Reserved. What I'm Reading Here is recent commentary by our researchers that I especially enjoyed:  Q1 2026 Warning Signs: Non-accruals, PIK discounts, and distress rise across top BDCs, Sebastian Kian and Armando Di Cicco, July 15, 2026  Canadian Life Insurers' Private Credit Portfolios: More Traditional Than Feared, Less Comparable Than Needed, Nadja Dreff and Marcos Alvarez, July 8, 2026  Is Active or Passive Investing the Best Long-Term Approach? Yes!, Dan Lefkovitz, Alex Poukchanski, Hank Bessembinder, July 7, 2026  Q2 2026 US Evergreen Fund Landscape, Juan Mier, Hilary Wiek, Nick Rescigno, Jason Kephart, Jack Shannon, Steven Buibish, July 7, 2026  Morningstar to Congress: Investor Success Hinges on Lower Costs, Greater Transparency, Jeffrey Ptak, June 25, 2026  Q2 2026 Bit by Qubit: Global Quantum Computing Funding Hits New Records and Is Accelerating, Dimitri Zabelin, June 25, 2026  Big IPO Energy: Making Room for Mega IPOs, Rolf Agather, June 22, 2026  ESG Transparency in Private Markets, Melissa Bird, Tatiana Vediakova, Margaret Stafford, Carmen Simion, June 22, 2026  The State of Semiliquid Funds 2026, Jack Shannon, Jason Kephart, Brian Moriarty, June 16, 2026  Testing the Sky's Limits: Our Realistic Starlink Market Sizing, Nicolas Owens, Suryansh Sharma, Andy Huang, June 8, 2026  When Unicorns Fly: SpaceX Prepares History's Largest IPO: We expect the transition to be spectacular, with a chance of turbulence ahead., Nicolas Owens, Suryansh Sharma, Yashaar Daad, Andy Huang, June 2, 2026  Credit Estimates Portfolio Chartbook: Evolving Credit Dynamics in Middle Market Software Companies, Tanvi Nargundkar and Toby Moerschen, June 1, 2026  Q2 2026 SpaceX Update: Starlink Prints, AI Burns—A Dissection of Its S-1, Franco Granda, May 22, 2026  Unicorn Market Monitor: Q1 2026, Atiq Rahman, May 18, 2026  Q&A | Controversies in the Private Market: A Conversation With Sustainalytics' Senior ESG Product Manager, Ben Schofield, May 15, 2026  AI Stocks: Where Are the Next Opportunities for Investors?, Michael Field, May 11, 2026  Opportunities in Artificial Intelligence—US, Kenneth Lamont and Michael Field, May 5, 2026  Don't Go It Alone: Collaboration Matters When Implementing Private Assets in Defined-Contribution Plans, Hal Ratner and Miguel Puerto, April 2026

 

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 © July 29, 2026. Morningstar. All Rights Reserved. You may also appreciate these recent pieces that share more about our strategy and product innovations:  Apollo, J.P. Morgan, Franklin Templeton, and Morningstar Team Up on Model Portfolios, Barron’s, June 17, 2026  CME Group Enters Licensing Agreement With Morningstar to Offer Derivatives Products, MarketWatch, June 10, 2026  Why Morningstar Thinks SpaceX Is Worth So Much Less Than Elon Musk Does, The Wall Street Journal, June 8, 2026  Building resilient portfolios is 'key question' facing large asset owners, Morningstar says, Pensions & Investments, May 27, 2026  Morningstar CEO: I agree with the SEC on ending quarterly reporting—with conditions, Fortune, May 5, 2026  Vanguard to Update Names of U.S. Equity Index Funds Tracking Morningstar Indexes, Vanguard, April 29, 2026 Thank you for your continued trust. Best regards, Kunal

 

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2026 © July 29, 2026. Morningstar. All Rights Reserved. This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial or operating performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “will,” “can,” “estimate,” “predict,” “potential,” “prospects,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar’s business and financial results, including expectations regarding company strategies and objectives, value creation, Morningstar Credit, AI initiatives and Morningstar Indexes, among others, are in our filings with the SEC, including our most recent reports on Forms 8-K, 10-K and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. In addition, this letter references non-GAAP financial measures including, but not limited to, organic revenue, free cash flow, adjusted operating income and adjusted operating margin. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A discussion of our second-quarter results, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures described in this letter, is provided in our earnings materials for the second quarter, which have been furnished to the SEC and is available on our website. Articles, videos and links referred to or included in this letter are not incorporated by reference into this letter or any other SEC filing.

 

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