Joseph Mansueto holds 37.5% of Morningstar (MORN) shares

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 22)

Morningstar, Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

617700109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 617700109

1

Names of Reporting Persons

Joseph D. Mansueto

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,829,431.00
6	Shared Voting Power 394,272.00
7	Sole Dispositive Power 14,515,487.00
8	Shared Dispositive Power 394,272.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,909,759.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

37.5 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Morningstar, Inc.
(b)	Address of issuer's principal executive offices: 22 West Washington Street, Chicago, IL 60602
Item 2.
(a)	Name of person filing: Joesph D. Mansueto
(b)	Address or principal business office or, if none, residence: 22 West Washington Street Chicago, IL 60602
(c)	Citizenship: U.S.A.
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 617700109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 14,909,759
(b)	Percent of class: 37.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10,829,431
	(ii) Shared power to vote or to direct the vote: 394,272
	(iii) Sole power to dispose or to direct the disposition of: 14,515,487
	(iv) Shared power to dispose or to direct the disposition of: 394,272
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Joseph D. Mansueto

Signature:	/s/ Joseph D. Mansueto
Name/Title:	Joseph D. Mansueto
Date:	02/12/2026

FAQ

What percentage of Morningstar (MORN) does Joseph D. Mansueto own?

Joseph D. Mansueto beneficially owns 37.5% of Morningstar’s common stock. He controls 14,909,759 shares as of December 31, 2025, giving him a substantial ownership position and significant influence over shareholder matters and corporate decisions.

How many Morningstar (MORN) shares does Joseph D. Mansueto control?

Joseph D. Mansueto beneficially owns 14,909,759 Morningstar shares. This total includes shares over which he has various voting and dispositive powers, representing a large block of the company’s common stock and reinforcing his role as a key shareholder.

What voting power does Joseph D. Mansueto have in Morningstar (MORN)?

Mansueto has sole voting power over 10,829,431 Morningstar shares. He also shares voting power over an additional 394,272 shares, which together support his ability to influence shareholder votes and major corporate governance decisions.

What is Joseph D. Mansueto’s dispositive power over Morningstar (MORN) shares?

Mansueto has sole dispositive power over 14,515,487 Morningstar shares. He also shares dispositive power over 394,272 shares, indicating primary control over when and how most of these shares could be sold or otherwise transferred.

Why is Joseph D. Mansueto’s 37.5% stake in Morningstar (MORN) important?

A 37.5% stake gives Mansueto substantial influence over Morningstar. Such a large holding can significantly affect voting outcomes on director elections, strategic initiatives, and other key shareholder proposals, shaping the company’s long-term direction.