[Form 4] Morningstar, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) CFO reported equity award activity involving common stock and market stock units on 11/15/2025. The filing shows 163 shares of common stock were acquired at $0 upon vesting of a prior market stock unit grant, and 73 shares were disposed of at $211.95, typically reflecting shares withheld to cover obligations. After these transactions, the CFO directly owned 5,592 shares of common stock.

The report also discloses derivative awards. A prior market stock unit award tied to 163 shares was settled, leaving no remaining balance from that grant. In addition, 1,946 market stock units were acquired, each linked to one share of common stock and expiring on 11/14/2028. The number of units ultimately earned will depend on Morningstar’s cumulative total shareholder return over the three-year performance period ending November 14, 2028.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Holt Michael

(Last) (First) (Middle)

22 WEST WASHINGTON STREET

(Street)

CHICAGO IL 60602

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/15/2025		M		163	A	$0(1)	5,665	D
Common Stock	11/15/2025		F		73	D	$211.95	5,592	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Market Stock Units	(1)	11/15/2025		M			163	(1)	11/15/2025	Common Stock	163	(1)	0	D
Market Stock Units	(2)	11/15/2025		A		1,946		(2)	11/14/2028	Common Stock	1,946	$0	1,946	D

Explanation of Responses:

1. Represents common stock earned from the vesting of a market stock unit grant on November 15, 2022.

2. The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2028.

Remarks:

	/s/Kathleen Peacock, by power of attorney	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Morningstar (MORN) report for its CFO?

The CFO of Morningstar, Inc. (MORN) reported equity award activity on 11/15/2025, including the acquisition of 163 shares of common stock from a vested market stock unit grant and the disposition of 73 shares, with updated direct ownership of 5,592 shares.

How many Morningstar (MORN) shares does the CFO own after the reported Form 4 transactions?

Following the reported transactions, the CFO directly owned 5,592 shares of Morningstar common stock.

What are the key details of the new market stock unit grant reported by Morningstar (MORN)?

The filing shows the CFO acquired 1,946 market stock units on 11/15/2025, each tied to one share of common stock, with an expiration date of 11/14/2028.

How will the 1,946 market stock units for Morningstar (MORN) be earned?

The 1,946 market stock units will be earned based on Morningstar’s cumulative total shareholder return over a three-year performance period ending November 14, 2028.

What does the acquisition of 163 Morningstar (MORN) shares at $0 represent?

The 163 shares acquired at $0 represent common stock earned from the vesting of a market stock unit grant that was originally granted on November 15, 2022.

Why were 73 Morningstar (MORN) shares disposed of at $211.95 in the Form 4?

The filing lists a disposition of 73 shares of common stock at $211.95. In similar transactions, this often reflects shares withheld to satisfy related obligations, consistent with Form 4 reporting codes.