Welcome to our dedicated page for Morningstar SEC filings (Ticker: MORN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Morningstar, Inc.'s SEC filings document formal disclosures for a public investment-research, data, ratings, indexes, and advisory-services company. Recent 8-K reports cover operating results, supplemental presentations, shareholder letters, Regulation FD investor Q&A materials, quarterly dividend declarations, and other material-event reporting.
Proxy and annual meeting filings document board composition, director elections, advisory executive-compensation votes, auditor ratification, and related governance matters. The company's filings also discuss capital-structure items, material agreements, and risk factors tied to brand independence, cybersecurity, data and information liability, artificial intelligence, strategic transactions, indebtedness, regulatory conditions, and business continuity.
Morningstar, Inc. outlines its diversified 2025 business across data, research, software, indexes, credit ratings, wealth and retirement solutions, all aimed at empowering investor success. The company reported approximately $378.0 billion in assets under management and advisement across Morningstar Wealth and Morningstar Retirement as of December 31, 2025.
Key franchises include Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, Morningstar Retirement, Sustainalytics and Morningstar Indexes. Renewal rates remained strong in core data and software, with Morningstar Data at 101%, Morningstar Direct at 104%, PitchBook at 103%, and Sustainalytics license-based products at 93% in 2025.
Asset-based revenue represented 14.0% of consolidated 2025 revenue, license-based 70.3%, and transaction-based 15.7%. Morningstar Retirement AUMA was $305.2 billion and Investment Management AUMA $72.8 billion as of December 31, 2025. The firm employed 10,973 permanent full-time staff worldwide, with a highly distributed global workforce and no single customer contributing more than 3% of revenue.
Morningstar, Inc. reported fourth-quarter 2025 revenue of $641.1 million, up 8.5%, with organic revenue up 8.1%. Operating income fell 5.1% to $159.6 million because last year included a larger one-time gain, but adjusted operating income rose 26.1% to $153.5 million and adjusted margin improved to 23.9%.
For full-year 2025, revenue grew 7.5% to $2.45 billion and adjusted diluted EPS increased 25.0% to $9.86. Free cash flow was $442.6 million. The company repurchased $787.0 million of stock, reducing diluted shares, and ended the year with $589.7 million of operating cash flow and $1.07 billion of debt after refinancing its credit facilities and funding the CRSP acquisition.
Morningstar, Inc. (MORN) received an amended Schedule 13G filing from Daniel Mansueto reporting his beneficial ownership in the company’s common stock as of 12/31/2025. He reports beneficial ownership of 3,757,306 shares of common stock, representing 9.5% of the outstanding class.
Mansueto has sole voting power over 3,686,056 shares, all held by grantor retained annuity trusts where he serves as voting agent. He has shared voting and shared dispositive power over 71,250 shares held by a trust for which he serves as trustee, and no sole dispositive power.
He certifies that the securities were not acquired and are not held for the purpose of changing or influencing control of Morningstar, and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.
Morningstar, Inc. discloses that founder Joseph D. Mansueto beneficially owns 14,909,759 shares of its common stock, representing 37.5% of the outstanding class as of 12/31/2025.
He has sole voting power over 10,829,431 shares and shared voting power over 394,272 shares. He also holds sole dispositive power over 14,515,487 shares and shared dispositive power over 394,272 shares, underscoring his significant ongoing influence over Morningstar’s equity and strategic direction.
Morningstar, Inc. executive chairman and major shareholder Joseph D. Mansueto reported open-market stock sales under a Rule 10b5-1 trading plan adopted on November 15, 2024. On February 9, 2026, he sold 1,129 common shares at $164.5982 and 524 shares at $165.876. On February 10, 2026, he sold 3,214 shares at $162.8363.
Following these transactions, Mansueto directly owned 8,212,442 Morningstar common shares. He also had indirect ownership of 6,282,935 shares held in grantor retained annuity trusts for his and his children’s benefit, where he serves as trustee, and 150,000 shares in trusts for his children, where his spouse is trustee.
Morningstar, Inc. Executive Chairman, director, and 10% owner Joseph D. Mansueto reported multiple open‑market sales of Morningstar common stock from February 4–6, 2026 under a Rule 10b5‑1 trading plan adopted on November 15, 2024.
The transactions totaled 20,066 shares sold at per‑share prices ranging from $168.5265 to $188.1150. Following these sales, he directly owned 8,217,309 shares, with an additional 6,282,935 shares and 150,000 shares held indirectly in trusts for his benefit and his children.
Morningstar, Inc. executive chairman and 10% owner Joseph D. Mansueto reported small open-market sales of company stock. On February 2, 2026, he sold 439 Morningstar common shares at a weighted average price of $201.4725 and 418 shares at a weighted average price of $203.3404, both coded as open-market sales.
The filing states these trades were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 15, 2024. After these transactions, Mansueto directly held 8,237,375 Morningstar shares and also had indirect beneficial ownership of 6,282,935 shares held in grantor retained annuity trusts for his and his children’s benefit, and 150,000 shares held in separate trusts for his children.
Joseph D. Mansueto has filed a Form 144 to sell 100,000 Morningstar, Inc. Class A common shares. The shares are to be sold through Charles Schwab & Co. on or about February 2, 2026 on the NASDAQ, with an indicated aggregate market value of 20238350.00.
Morningstar had 41,129,198 Class A common shares outstanding at the time of the notice. The 100,000 shares being sold were originally acquired as founders shares from Morningstar, Inc. on May 1, 1984, paid for in stock. The form also lists multiple prior sales of Morningstar securities by Mansueto during November 2025, each with specific dates, amounts, and gross proceeds.
Morningstar, Inc. director files initial ownership report with no holdings
Morningstar, Inc. director Anne L. Bramman filed an initial ownership report as a director of the company, with an event date of 01/02/2026. The filing states in the remarks that no securities are beneficially owned, meaning she reports no direct or indirect ownership of Morningstar stock or derivative securities at this time.
Morningstar, Inc. reported an insider transaction by a director, 10% owner, and Executive Chairman involving 27,775 shares of common stock on 12/12/2025, coded "G" at a price of $0 per share. After this transaction, the reporting person beneficially owned 8,238,232 shares directly, 6,282,935 shares indirectly through a trust, and 150,000 shares indirectly through another trust.
The notes explain that in the fourth quarter of 2025 the reporting person contributed 1,500,000 Morningstar shares to a grantor retained annuity trust for the benefit of the reporting person and his children, and 1,165,192 shares were distributed to the reporting person from similar trusts, shifting some holdings from indirect to direct. The grantor retained annuity trusts are for the benefit of the reporting person and his children, with the reporting person serving as trustee, while separate trusts for the children are administered by the reporting person’s spouse.