Morningstar (MORN) chair Mansueto sells 21,228 shares under 10b5-1 plan

Q: How many Morningstar (MORN) shares did Joseph Mansueto sell?

Joseph D. Mansueto sold 21,228 shares of Morningstar Common Stock. These were reported as multiple open-market sales over May 18–20, 2026, at various prices around the high $170s and low $180s per share.

Q: At what prices did Joseph Mansueto sell Morningstar (MORN) stock?

The reported sales include prices such as $173.1127 and $180.3891 per share. Each transaction was executed through multiple trades, with the filing reporting a weighted average sales price for the shares sold.

Q: Was Joseph Mansueto’s Morningstar (MORN) stock sale pre-planned?

Yes. The filing states the sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025 . Such plans pre-arrange trades, reducing the significance of the precise timing of these sales for investors.

Q: What indirect Morningstar (MORN) holdings are reported for Joseph Mansueto?

The filing shows 150,000 shares held in grantor retained annuity trusts benefiting Mansueto and his children, and 6,277,675 shares held in trusts for his children. He serves as trustee for the annuity trusts, while his spouse is trustee of the children’s trusts.

Q: What is a Rule 10b5-1 trading plan in the context of Morningstar (MORN)?

A Rule 10b5-1 trading plan allows insiders to pre-schedule stock trades when they are not aware of material nonpublic information. Mansueto’s Morningstar sales were executed under such a plan adopted on November 19, 2025 .

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Morningstar, Inc. Executive Chairman Joseph D. Mansueto reported open-market sales of 21,228 shares of Common Stock over May 18–20, 2026. Reported sale prices include $173.1127 and $180.3891 per share, based on multiple trades each day.

The filing states these sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025, indicating they were pre-arranged rather than timed discretionarily. Following the sales, he holds 8,053,012 shares directly.

In addition, the filing shows indirect holdings of 150,000 shares in grantor retained annuity trusts for his benefit and his children, where he serves as trustee, and 6,277,675 shares in trusts for his children, where his spouse is trustee.

Insider Trade Summary 10b5-1

Net Seller: 21,228 shares ($3,718,526)

Net Sell 18 txns

Insider Mansueto Joseph D

Role Executive Chairman

Sold 21,228 shs ($3.72M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,704	$171.3247	$977K
Sale	Common Stock	1,255	$172.3331	$216K
Sale	Common Stock	291	$173.1127	$50K
Sale	Common Stock	2,629	$176.6647	$464K
Sale	Common Stock	1,446	$178.061	$257K
Sale	Common Stock	676	$179.0768	$121K
Sale	Common Stock	1,726	$180.3891	$311K
Sale	Common Stock	227	$181.0465	$41K
Sale	Common Stock	24	$182.135	$4K
Sale	Common Stock	559	$171.3338	$96K
Sale	Common Stock	300	$172.4283	$52K
Sale	Common Stock	116	$173.3755	$20K
Sale	Common Stock	500	$174.514	$87K
Sale	Common Stock	1,620	$175.8026	$285K
Sale	Common Stock	3,515	$176.8454	$622K
Sale	Common Stock	640	$177.4179	$114K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 8,054,558 shares (Direct, null); Common Stock — 6,277,675 shares (Indirect, By Trust)

Footnotes (1)

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025. The transaction was executed in multiple trades at prices ranging from $170.7250 to $171.6900. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $172.1400 to $172.6150. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $173.1600 to $173.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $174.1850 to $174.9750. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $175.2450 to $176.2200. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $176.2450 to $177.2350. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $177.2600 to $177.6850. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $176.4650 to $177.4500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $177.5900 to $178.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $178.6550 to $179.5500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $180.0100 to $180.7450. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $181.0200 to $181.2700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $170.8350 to $171.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $171.8700 to $172.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $172.8800 to $173.3300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts. The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.

Key Figures

Shares sold: 21,228 shares Example sale price: $173.1127/share Example sale price: $180.3891/share +4 more

7 metrics

Shares sold 21,228 shares Open-market sales on May 18–20, 2026

Example sale price $173.1127/share Common Stock open-market sale

Example sale price $180.3891/share Common Stock open-market sale

Direct holdings after sales 8,053,012 shares Common Stock directly owned post-transaction

GRAT trust holdings 150,000 shares Grantor retained annuity trusts benefiting Mansueto and children

Children’s trust holdings 6,277,675 shares Trusts for reporting person’s children

10b5-1 plan adoption date November 19, 2025 Plan governing these sales

Key Terms

Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts, Form 4, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sales price financial

"The price reported above reflects the weighted average sales price."

grantor retained annuity trusts financial

"The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children."

A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.

Form 4 regulatory

"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan..."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

open market or private transaction financial

"Sale in open market or private transaction"

Form 4 Insider Transactions: What Each Field Means →

05/20/2026 - 05:06 PM

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^*

Mansueto Joseph D

(Last)

(First)

(Middle)

22 W. WASHINGTON

(Street)

CHICAGO

ILLINOIS

60602

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/18/2026		S⁽¹⁾		559	D	$171.3338⁽²⁾	8,073,681	D
Common Stock	05/18/2026		S⁽¹⁾		300	D	$172.4283⁽³⁾	8,073,381	D
Common Stock	05/18/2026		S⁽¹⁾		116	D	$173.3755⁽⁴⁾	8,073,265	D
Common Stock	05/18/2026		S⁽¹⁾		500	D	$174.514⁽⁵⁾	8,072,765	D
Common Stock	05/18/2026		S⁽¹⁾		1,620	D	$175.8026⁽⁶⁾	8,071,145	D
Common Stock	05/18/2026		S⁽¹⁾		3,515	D	$176.8454⁽⁷⁾	8,067,630	D
Common Stock	05/18/2026		S⁽¹⁾		640	D	$177.4179⁽⁸⁾	8,066,990	D
Common Stock	05/19/2026		S⁽¹⁾		2,629	D	$176.6647⁽⁹⁾	8,064,361	D
Common Stock	05/19/2026		S⁽¹⁾		1,446	D	$178.061⁽¹⁰⁾	8,062,915	D
Common Stock	05/19/2026		S⁽¹⁾		676	D	$179.0768⁽¹¹⁾	8,062,239	D
Common Stock	05/19/2026		S⁽¹⁾		1,726	D	$180.3891⁽¹²⁾	8,060,513	D
Common Stock	05/19/2026		S⁽¹⁾		227	D	$181.0465⁽¹³⁾	8,060,286	D
Common Stock	05/19/2026		S⁽¹⁾		24	D	$182.135	8,060,262	D
Common Stock	05/20/2026		S⁽¹⁾		5,704	D	$171.3247⁽¹⁴⁾	8,054,558	D
Common Stock	05/20/2026		S⁽¹⁾		1,255	D	$172.3331⁽¹⁵⁾	8,053,303	D
Common Stock	05/20/2026		S⁽¹⁾		291	D	$173.1127⁽¹⁶⁾	8,053,012	D
Common Stock								6,277,675	I	By Trust⁽¹⁷⁾
Common Stock								150,000	I	By Trust⁽¹⁸⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025.

2. The transaction was executed in multiple trades at prices ranging from $170.7250 to $171.6900. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

3. The transaction was executed in multiple trades at prices ranging from $172.1400 to $172.6150. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

4. The transaction was executed in multiple trades at prices ranging from $173.1600 to $173.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

5. The transaction was executed in multiple trades at prices ranging from $174.1850 to $174.9750. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

6. The transaction was executed in multiple trades at prices ranging from $175.2450 to $176.2200. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

7. The transaction was executed in multiple trades at prices ranging from $176.2450 to $177.2350. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

8. The transaction was executed in multiple trades at prices ranging from $177.2600 to $177.6850. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

9. The transaction was executed in multiple trades at prices ranging from $176.4650 to $177.4500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

10. The transaction was executed in multiple trades at prices ranging from $177.5900 to $178.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

11. The transaction was executed in multiple trades at prices ranging from $178.6550 to $179.5500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

12. The transaction was executed in multiple trades at prices ranging from $180.0100 to $180.7450. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

13. The transaction was executed in multiple trades at prices ranging from $181.0200 to $181.2700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

14. The transaction was executed in multiple trades at prices ranging from $170.8350 to $171.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

15. The transaction was executed in multiple trades at prices ranging from $171.8700 to $172.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

16. The transaction was executed in multiple trades at prices ranging from $172.8800 to $173.3300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

17. The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.

18. The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

How many Morningstar (MORN) shares did Joseph Mansueto sell?

Joseph D. Mansueto sold 21,228 shares of Morningstar Common Stock. These were reported as multiple open-market sales over May 18–20, 2026, at various prices around the high $170s and low $180s per share.

At what prices did Joseph Mansueto sell Morningstar (MORN) stock?

The reported sales include prices such as $173.1127 and $180.3891 per share. Each transaction was executed through multiple trades, with the filing reporting a weighted average sales price for the shares sold.

Was Joseph Mansueto’s Morningstar (MORN) stock sale pre-planned?

Yes. The filing states the sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025. Such plans pre-arrange trades, reducing the significance of the precise timing of these sales for investors.

How many Morningstar (MORN) shares does Joseph Mansueto hold after these trades?

After the reported sales, Joseph D. Mansueto directly holds 8,053,012 shares of Morningstar Common Stock. The filing also lists substantial indirect holdings in various trusts benefiting him and his children.

What indirect Morningstar (MORN) holdings are reported for Joseph Mansueto?

The filing shows 150,000 shares held in grantor retained annuity trusts benefiting Mansueto and his children, and 6,277,675 shares held in trusts for his children. He serves as trustee for the annuity trusts, while his spouse is trustee of the children’s trusts.

What is a Rule 10b5-1 trading plan in the context of Morningstar (MORN)?

A Rule 10b5-1 trading plan allows insiders to pre-schedule stock trades when they are not aware of material nonpublic information. Mansueto’s Morningstar sales were executed under such a plan adopted on November 19, 2025.