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. 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.
Morningstar, Inc. (MORN) reported insider equity awards and related share activity for an officer serving as CAO & PAO. On November 15, 2025, the officer received 471 restricted stock units, each representing one share of common stock, which will vest in four equal annual installments beginning November 15, 2026. The filing also shows 12 market stock units converted into common stock earned from a prior grant, and a sale of 28 common shares at $211.95 per share, typically used to cover taxes. In addition, the officer was granted 294 new market stock units tied to total shareholder return over a three-year performance period ending November 14, 2028, leaving 1,871 common shares and 294 market stock units beneficially owned directly after these transactions.
Morningstar, Inc. (MORN) CFO reported equity award activity involving common stock and market stock units on 11/15/2025. The filing shows 163 shares of common stock were acquired at $0 upon vesting of a prior market stock unit grant, and 73 shares were disposed of at $211.95, typically reflecting shares withheld to cover obligations. After these transactions, the CFO directly owned 5,592 shares of common stock.
The report also discloses derivative awards. A prior market stock unit award tied to 163 shares was settled, leaving no remaining balance from that grant. In addition, 1,946 market stock units were acquired, each linked to one share of common stock and expiring on 11/14/2028. The number of units ultimately earned will depend on Morningstar’s cumulative total shareholder return over the three-year performance period ending November 14, 2028.
Morningstar, Inc. (MORN) reported insider share sales by a director, 10% owner and Executive Chairman on a Form 4. The insider sold 6,969 shares of common stock on 11/14/2025 at a weighted average price of $213.3175, and 1,070 shares on 11/17/2025 at a weighted average price of $211.1233, both coded as open-market sales. These transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 15, 2024. After the reported sales, the insider beneficially owns 8,631,417 shares directly, plus 5,948,127 shares held by grantor retained annuity trusts and 150,000 shares held in additional trusts.
Morningstar, Inc. (MORN) filed a Form 4 disclosing insider sales by its Executive Chairman, who is also a Director and 10% Owner. The reporting person executed multiple open‑market sales on November 7, 10, and 11, 2025 pursuant to a Rule 10b5‑1 trading plan adopted on November 15, 2024. The reported tranches reflect weighted average prices across ranges including $210.6400–$211.5900 and up to $217.1400–$217.1950.
Following these transactions, the reporting person beneficially owns 8,653,554 shares directly. Indirect holdings include 5,948,127 shares held by grantor retained annuity trusts and 150,000 shares held in trusts for the reporting person’s children, as disclosed.
Morningstar, Inc. (MORN) reported insider transactions by its Executive Chairman, who is also a Director and 10% Owner. On 11/05/2025 and 11/06/2025, the reporting person executed open‑market sales of common stock pursuant to a Rule 10b5‑1 trading plan adopted on November 15, 2024.
Reported sales included 6,668 shares at a weighted average price of $210.9357, 530 shares at $212.1119, 52 shares at $212.75, and 4,093 shares at $211.6135. Following these transactions, the reporting person beneficially owned 8,675,304 shares directly. Additional indirect holdings were reported as 5,948,127 shares held by grantor retained annuity trusts and 150,000 shares held in trusts for the reporting person’s children.
Prices reflect weighted averages across multiple trades, with the filer undertaking to provide full trade details upon request.
Morningstar, Inc. furnished an Investor Q&A under Item 7.01 (Regulation FD) as Exhibit 99.1. The Q&A compiles investor questions received primarily through September 30, 2025 and the company’s responses. It is expressly deemed furnished, not filed, and references to the company’s website are not incorporated by reference.
The filing includes a forward‑looking statements caution. Listed uncertainties span execution and integration risks related to the CRSP acquisition, brand and reputation, cybersecurity and data protection, macroeconomic and interest‑rate volatility affecting asset‑based businesses, compliance and regulatory changes, product innovation, potential impacts and legal considerations of AI technologies, product performance errors, talent retention, scaling and cost management, operational resilience, transaction outcomes, indebtedness and interest costs, ESG‑related liabilities, third‑party dependencies, insurance adequacy, tax complexities, vendor consolidation, renewal and new business dynamics, and protection of intellectual property.
Morningstar (MORN) Executive Chairman, Director, and 10% owner reported open-market sales of common stock under a Rule 10b5-1 plan adopted on November 15, 2024. Across November 3–4, 2025, the reporting person sold a total of 14,168 shares in multiple trades with weighted average prices reported at $211.708, $212.5344, $213.5507, $212.9336, $213.8782, and $214.5935.
After the transactions, directly held shares were 8,686,647. Additional indirect holdings were reported as 5,948,127 shares held by grantor retained annuity trusts and 150,000 shares held in trusts for the reporting person’s children.
Morningstar, Inc. entered a new multi-currency credit agreement providing up to $1.5 billion in borrowing capacity. The facility includes a five-year $750.0 million revolving credit facility, a five-year delayed draw term facility of up to $375.0 million (A-1), and a three-year $375.0 million term facility (A-2). It replaces the company’s May 2022 credit agreement.
As of October 31, 2025, $170.0 million was outstanding under the revolver, representing a rollover from the prior facility. Borrowings may be used to refinance existing debt, pay fees and expenses related to the facility, and for other lawful corporate purposes. Interest is based on SOFR, SONIA, EURIBOR, Term CORRA, or BBSY plus a margin of 1.05%–1.425% tied to the consolidated net leverage ratio.
Covenants include a maximum consolidated net leverage ratio of 3.50x (stepping to 4.00x for four quarters after a Material Acquisition) and a minimum consolidated interest coverage ratio of 3.00x. Certain subsidiaries guarantee the obligations, and dividend payments are restricted.
Morningstar, Inc. reported third-quarter results with higher revenue and operating profit. Revenue rose to $617.4 million from $569.4 million, while operating income increased to $127.8 million from $115.5 million. Net income was $91.6 million versus $119.7 million a year ago, reflecting the prior-year gain on a business sale; diluted EPS was $2.17 versus $2.77.
For the first nine months, revenue reached $1,804.4 million (from $1,684.1 million) and operating income was $367.0 million (from $316.6 million); net income was $259.1 million. Segment momentum included stronger transaction-based revenue in Morningstar Credit and continued growth in PitchBook and the Morningstar Direct Platform. Deferred revenue increased to $563.9 million current, supporting forward visibility.
Cash from operations was $385.7 million year-to-date. The company repurchased $391.7 million of shares in 2025, including $172.0 million in Q3. Total debt rose to $848.9 million, including a $150.0 million revolver draw. Morningstar announced a pending acquisition of CRSP for approximately $375.0 million in cash, subject to customary approvals. The quarterly dividend was $0.46 per share.