[Form 4] Morningstar, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Morningstar, Inc. CEO Form 4 details equity award activity. On 11/15/2025, the reporting person acquired 1,861 shares of Morningstar common stock through the vesting of previously granted market stock units at a stated price of $0. On the same date, 826 shares of common stock were disposed of at $211.95 per share. After these transactions, the reporting person beneficially owned 140,330 shares of common stock directly.

In addition, 10,810 new market stock units were acquired, which may convert into common stock based on the company’s cumulative total shareholder return over a three-year performance period ending on November 14, 2028. The notes also clarify that the reported share total includes 1,237 restricted stock units scheduled to vest in full on May 15, 2026, which had been omitted from a prior report due to administrative error.

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

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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^*

Kapoor Kunal

(Last) (First) (Middle)

C/O MORNINGSTAR, INC.

22 W WASHINGTON ST

(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)

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

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		1,861	A	$0(1)	141,156(2)	D
Common Stock	11/15/2025		F		826	D	$211.95	140,330	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			1,861	(1)	11/15/2025	Common Stock	1,861	(1)	0	D
Market Stock Units	(3)	11/15/2025		A		10,810		(3)	11/14/2028	Common Stock	10,810	$0	10,810	D

Explanation of Responses:

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

2. Amount includes 1237 restricted stock units that vest in full on May 15, 2026 that were excluded from the prior filing due to administrative error.

3. 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 on this Form 4?

The Form 4 reports that Morningstar’s CEO acquired 1,861 shares of common stock on 11/15/2025 through the vesting of market stock units at a stated price of $0, and disposed of 826 shares at $211.95 per share on the same date.

How many Morningstar (MORN) shares does the CEO own after these transactions?

Following the reported transactions, the CEO beneficially owned 140,330 shares of Morningstar common stock directly, as shown in Table I.

What new equity awards were granted to the Morningstar (MORN) CEO?

The CEO acquired 10,810 market stock units on 11/15/2025. These units are tied to the company’s cumulative total shareholder return over a three-year performance period ending on November 14, 2028.

What is the source of the 1,861 Morningstar (MORN) shares acquired at $0?

The 1,861 shares of common stock acquired at a stated price of $0 represent stock earned from the vesting of a market stock unit grant that was originally granted on November 15, 2022, according to the explanation of responses.

What are the 1,237 restricted stock units mentioned in the Morningstar (MORN) Form 4?

The filing notes that the amount of stock beneficially owned includes 1,237 restricted stock units that will vest in full on May 15, 2026. These units had been excluded from a prior filing due to an administrative error.

How is the performance period defined for the new Morningstar (MORN) market stock units?

The market stock units granted on 11/15/2025 will be earned based on Morningstar’s cumulative total shareholder return over a three-year performance period ending on November 14, 2028, as stated in the explanation of responses.