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. Executive Chairman and major shareholder Joseph D. Mansueto reported an open-market sale of 3,122 shares of common stock at a weighted average price of $182.3161 per share. The trades were executed in multiple lots between $182.14 and $182.83 under a pre-arranged Rule 10b5-1 trading plan adopted on November 15, 2024.
After this sale, Mansueto directly owned 8,138,232 common shares. He also had indirect holdings through trusts, including 6,282,935 shares 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.’s executive chairman and major shareholder Joseph D. Mansueto reported open-market sales of 14,500 shares of common stock in late February. The trades, all coded as sales, were executed on February 26 and 27, 2026 at prices generally between the mid‑$170s and low‑$180s per share.
The filing notes these sales were made under a Rule 10b5-1 trading plan adopted on November 15, 2024. After the transactions, Mansueto directly holds 8,141,354 Morningstar shares, and additional shares are held indirectly through trusts, including 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts for his children.
Morningstar, Inc. Executive Chairman and 10% owner Joseph D. Mansueto reported open-market sales of 14,500 shares of Morningstar common stock. The sales occurred on February 24 and 25, 2026, across multiple trades, with individual transactions such as 1,395 shares at $162.3243 and 3,650 shares at $164.7189.
According to a footnote, these sales were effected under a Rule 10b5-1 trading plan adopted on November 15, 2024. After the reported sales, Mansueto directly owned 8,155,854 shares. He also indirectly held 6,282,935 shares in grantor retained annuity trusts for himself and his children and 150,000 shares in trusts for his children.
Morningstar, Inc. Executive Chairman and 10% owner Joseph D. Mansueto reported open-market sales of a total of 13,858 shares of Morningstar common stock on February 19–20, 2026. The trades, all coded "S," were executed at weighted average prices around $161–$162 per share under a Rule 10b5-1 trading plan adopted on November 15, 2024.
After these sales, his reported direct ownership stood at 8,170,354 shares. The filing also notes indirect holdings of 6,282,935 shares 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 Joseph D. Mansueto reported open-market sales of 14,041 shares of Morningstar common stock in mid-February. The transactions were executed on February 17 and 18, 2026 under a pre-arranged Rule 10b5-1 trading plan adopted on November 15, 2024.
The reported sales were broken into multiple trades, with weighted-average prices generally between approximately $157 and $163 per share, as detailed in the filing footnotes. All reported transactions involve non-derivative common stock and are classified as open-market sales.
Morningstar, Inc. Executive Chairman Joseph D. Mansueto, a director and more than 10% owner, reported open-market sales of 14,189 shares of common stock on February 12–13, 2026, executed under a pre-arranged Rule 10b5-1 trading plan.
The weighted average sale prices ranged from $154.3500 to $160.1250 across multiple trades. Following these transactions, Mansueto directly holds 8,198,253 Morningstar shares, with additional indirect holdings of 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts for his children.
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.