[Form 4] Morningstar, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reported insider activity by its Chief Revenue Officer on a Form 4. On 11/15/2025, the officer acquired 346 shares of common stock at $0 through the vesting of a market stock unit grant originally awarded on November 15, 2022. On the same date, the officer disposed of 154 shares of common stock at a price of $211.95 per share. Following these transactions, the officer directly owned 14,851 shares of Morningstar common stock.

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
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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^*

Dunn Daniel Joseph

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Revenue 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		346	A	$0(1)	15,005	D
Common Stock	11/15/2025		F		154	D	$211.95	14,851	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			346	(1)	11/15/2025	Common Stock	346	(1)	0	D

Explanation of Responses:

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

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 Chief Revenue Officer acquired 346 shares of common stock at $0 from vesting of market stock units and disposed of 154 shares at $211.95 per share on 11/15/2025.

Who is the reporting person in Morningstar (MORN)'s latest Form 4 filing?

The reporting person is Morningstar's Chief Revenue Officer, who is listed as an officer of the company and files individually as one reporting person.

How many Morningstar (MORN) shares does the insider own after the reported transactions?

After the reported transactions on 11/15/2025, the Chief Revenue Officer directly owned 14,851 shares of Morningstar common stock.

What was the source of the 346 Morningstar (MORN) shares acquired by the insider?

The 346 shares of Morningstar common stock were earned from the vesting of a market stock unit grant that was awarded on November 15, 2022.

At what price were Morningstar (MORN) shares sold in this Form 4 filing?

The Form 4 shows that 154 shares of Morningstar common stock were disposed of at a price of $211.95 per share on 11/15/2025.

What transaction codes are used in Morningstar (MORN)'s Form 4 for these insider trades?

The Form 4 uses transaction code M for the acquisition of 346 shares related to market stock units and code F for the disposition of 154 shares at $211.95 per share.