Morningstar reports $91.6 million net income for Q3 2025

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FOR THE QUARTERLY PERIOD ENDED June September 30, 2025

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As of July 25, October 24, 2025 , there were 42,177,737 41,129,198 shares of the company's common stock, no par value, outstanding.

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Financial statements 446 changes

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Three months ended June 30, Six months ended June 30,

Revenue $ 605.1 $ 571.9 $ 1,187.0 $ 1,114.7

Cost of revenue 230.6 222.7 462.0 440.8

Sales and marketing 119.7 111.3 232.3 215.9

General and administrative 82.0 80.3 158.5 160.6

Depreciation and amortization 48.5 49.1 95.8 96.3

Total operating expense 480.8 463.4 948.6 913.6

Operating income 125.1 108.5 239.2 201.1

Interest expense, net ( 7.4 ) ( 10.3 ) ( 12.8 ) ( 21.8 )

Net realized gains on sale of investments, reclassified from other comprehensive income 1.9 0.2 2.2 2.8

Other expense, net ( 3.1 ) ( 8.9 ) ( 3.6 ) ( 5.6 )

Non-operating expense, net ( 8.6 ) ( 19.0 ) ( 14.2 ) ( 24.6 )

Income tax expense 26.3 19.2 53.7 40.5

Consolidated net income $ 89.0 $ 69.1 $ 167.5 $ 133.3

Three months ended September 30, Nine months ended September 30, (in millions, except per share amounts) 2025 2024 2025 2024

Revenue $ 617.4 $ 569.4 $ 1,804.4 $ 1,684.1

Cost of revenue 241.7 222.7 703.7 663.5

Sales and marketing 115.5 107.9 347.8 323.8

General and administrative 85.9 77.6 244.4 238.2

Depreciation and amortization 47.0 45.7 142.8 142.0

Total operating expense 490.1 453.9 1,438.7 1,367.5

Other operating income 0.8 0.5 — 0.8 1.3 —

Operating income 127.8 115.5 367.0 316.6

Non-operating income (expense), net:

Interest expense, net ( 7.0 ) ( 8.9 ) ( 19.8 ) ( 30.7 )

Gain on sale of business — 45.3 — 45.3

Other income (expense), net 2.3 — 0.9 ( 2.8 )

Non-operating income (expense), net ( 4.7 ) 36.4 ( 18.9 ) 11.8

Income before income taxes and equity in investments of unconsolidated entities 116.5 89.5 225.0 176.5 123.1 151.9 348.1 328.4

Equity in investments of unconsolidated entities ( 1.2 0.1 ) ( 1.2 2.6 ) ( 3.8 3.9 ) ( 2.7 5.3 )

Income tax expense 31.4 29.6 85.1 70.1

Consolidated net income $ 91.6 $ 119.7 $ 259.1 $ 253.0

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Basic $ 2.11 $ 1.61 $ 3.94 $ 3.11

Diluted $ 2.09 $ 1.60 $ 3.91 $ 3.09

Basic $ 2.18 $ 2.79 $ 6.12 $ 5.91

Diluted $ 2.17 $ 2.77 $ 6.08 $ 5.87

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Dividends declared per common share $ 0.46 $ 0.41 $ 0.91 1.37 $ 0.81 1.22

Dividends paid per common share $ 0.46 $ 0.41 $ 0.91 1.37 $ 0.81 1.22

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Basic 42.2 42.8 42.5 42.8

Diluted 42.5 43.1 42.8 43.1

Basic 42.1 42.9 42.4 42.8

Diluted 42.3 43.2 42.6 43.1

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Three months ended June 30, Six months ended June 30,

Consolidated net income $ 89.0 $ 69.1 $ 167.5 $ 133.3

Three months ended September 30, Nine months ended September 30, (in millions) 2025 2024 2025 2024

Consolidated net income $ 91.6 $ 119.7 $ 259.1 $ 253.0

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Foreign currency translation adjustment 41.6 ( 1.4 ) 58.6 ( 12.0 )

Unrealized gains on securities:

Unrealized holding gains arising during period 1.5 0.2 1.7 2.1

Reclassification of net realized gains on investments included in net income ( 1.4 ) ( 0.2 ) ( 1.6 ) ( 2.1 )

Other comprehensive income (loss), net 41.7 ( 1.4 ) 58.7 ( 12.0 )

Comprehensive income $ 130.7 $ 67.7 $ 226.2 $ 121.3

Foreign currency translation adjustment ( 10.7 ) 24.3 47.9 12.3

Unrealized gains (losses) on securities, net of tax — — 0.1 —

Other comprehensive income (loss), net ( 10.7 ) 24.3 48.0 12.3

Comprehensive income $ 80.9 $ 144.0 $ 307.1 $ 265.3

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(unaudited) As of December 31, 2024

Investments 38.1 48.3

Deferred commissions 38.6 39.2

Prepaid expenses 49.3 42.1

Deferred commissions 28.8 26.6

Other assets 8.7 8.8

(in millions, except share amounts) As of June September 30, 2025 (unaudited) As of December 31, 2024

Cash and cash equivalents $ 503.5 474.2 $ 502.7

Investments 40.3 48.3

Accounts receivable, less allowance for credit losses of $7.2 $6.3 million and $7.1 million, respectively 384.0 363.9 358.1

Income tax receivable 18.0 12.9 12.4

Deferred commissions 34.9 39.2

Prepaid expenses 41.8 42.1

Other current assets 10.8 11.2 11.3

Total current assets 1,042.3 979.2 1,014.1

Goodwill 1,618.2 1,614.7 1,562.0

Intangible assets, net 413.3 396.0 408.8

Property, equipment, and capitalized software, less accumulated depreciation and amortization of $854.6 $884.9 million and $790.4 million, respectively 225.6 225.9 218.9

Operating lease assets 164.5 164.4 181.2

Investments in unconsolidated entities 77.2 71.8 85.3

Deferred tax assets 51.9 65.7 43.2

Deferred commissions 29.5 26.6

Other assets 10.4 8.8

Total assets $ 3,630.5 3,557.6 $ 3,548.9

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and 366 more changes in the filing

MD&A 5 changes

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• Failing to consummate the Center for Research in Security Prices, LLC (CRSP) acquisition on a timely basis or at all, or failing to achieve the anticipated benefits of the CRSP acquisition;

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• changing economic conditions, including prolonged volatility, recessions, or downturns affecting the financial sector and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses;

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• failing to innovate or streamline our product and service offerings or meet or anticipate our clients' changing needs;

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• failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto;

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A more complete description of these risks and uncertainties can be found in our other filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2024 (our Annual Report), and our Quarterly Report Reports on Form 10-Q for the quarter quarters ended March 31, 2025 and June 30, 2025, as supplemented by this Quarterly Report on Form 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events, or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties, and assumptions in our filings with the SEC on Forms 10-K, 10-Q, and 8-K.

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Business 339 changes

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The company has seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform (formerly named Morningstar Data and Analytics), PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The operating segments of Morningstar Sustainalytics and Morningstar Indexes do not individually meet the quantitative segment reporting thresholds and have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Prior-period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the chief operating decision maker (CODM). For additional information about our segment reporting, refer to Note 7 8 of the Notes to our Unaudited Consolidated Financial Statements.

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Three and Six Nine Months Ended June September 30, 2025 vs. Three and Six Nine Months Ended June September 30, 2024

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Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

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Consolidated revenue $ 605.1 $ 571.9 5.8 % $ 1,187.0 $ 1,114.7 6.5 %

Operating income $ 125.1 $ 108.5 15.3 % $ 239.2 $ 201.1 18.9 %

Operating margin 20.7 % 19.0 % 1.7 pp 20.2 % 18.0 % 2.2 pp

Cash provided by operating activities $ 99.0 $ 152.7 (35.2) % $ 190.0 $ 246.3 (22.9) %

Capital expenditures (36.6) (31.9) 14.7 % (68.8) (66.0) 4.2 %

Free cash flow $ 62.4 $ 120.8 (48.3) % $ 121.2 $ 180.3 (32.8) %

Cash used for financing activities $ (108.5) $ (81.6) 33.0 % $ (132.6) $ (125.1) 6.0 %

Consolidated revenue $ 617.4 $ 569.4 8.4 % $ 1,804.4 $ 1,684.1 7.1 %

Operating income $ 127.8 $ 115.5 10.6 % $ 367.0 $ 316.6 15.9 %

Operating margin 20.7 % 20.3 % 0.4 pp 20.3 % 18.8 % 1.5 pp

Cash provided by operating activities $ 195.7 $ 191.9 2.0 % $ 385.7 $ 438.2 (12.0) %

Capital expenditures (35.6) (36.1) (1.4) % (104.4) (102.1) 2.3 %

Free cash flow $ 160.1 $ 155.8 2.8 % $ 281.3 $ 336.1 (16.3) %

Cash provided by (used for) investing activities

$ (33.0) $ 14.1 NMF $ (127.6) $ (45.4) 181.1 %

Cash used for financing activities $ (188.1) $ (60.2) 212.5 % $ (320.7) $ (185.3) 73.1 %

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NMF — not meaningful

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Revenue by type Three months ended June September 30, Six Nine months ended June September 30, (in millions) 2025 2024 Change 2025 2024 Change

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License-based $ 207.7 $ 195.7 6.1 % $ 406.9 $ 392.4 3.7 %

License-based $ 211.1 $ 198.5 6.3 % $ 618.0 $ 590.9 4.6 %

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Morningstar Direct Platform total $ 209.2 $ 196.9 6.2 % $ 408.4 $ 393.6 3.8 %

License-based $ 164.7 $ 150.1 9.7 % $ 326.5 $ 295.7 10.4 %

Transaction-based 1.5 1.2 25.0 — — — % 1.5 1.2 25.0 %

Morningstar Direct Platform total $ 211.1 $ 198.5 6.3 % $ 619.5 $ 592.1 4.6 %

License-based $ 166.9 $ 154.7 7.9 % $ 493.4 $ 450.4 9.5 %

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Transaction-based 1.8 1.6 12.5 % 3.7 3.6 2.8 %

PitchBook total $ 166.5 $ 151.7 9.8 % $ 330.2 $ 299.3 10.3 %

License-based $ 5.0 $ 3.7 35.1 % $ 9.6 $ 7.9 21.5 %

Transaction-based 2.1 1.9 10.5 % 5.8 5.5 5.5 %

PitchBook total $ 169.0 $ 156.6 7.9 % $ 499.2 $ 455.9 9.5 %

License-based $ 5.4 $ 4.3 25.6 % $ 15.0 $ 12.2 23.0 %

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Transaction-based 80.0 73.9 8.3 % 148.4 130.0 14.2 %

Morningstar Credit total $ 85.0 $ 77.6 9.5 % $ 158.0 $ 137.9 14.6 %

License-based $ 19.7 $ 19.9 (1.0) % $ 38.8 $ 40.4 (4.0) %

Asset-based 35.2 35.8 (1.7) % 71.3 69.4 2.7 %

Transaction-based 9.4 6.9 36.2 % 15.5 11.8 31.4 %

Morningstar Wealth total $ 64.3 $ 62.6 2.7 % $ 125.6 $ 121.6 3.3 %

Transaction-based 85.7 66.6 28.7 % 234.1 196.6 19.1 %

Morningstar Credit total $ 91.1 $ 70.9 28.5 % $ 249.1 $ 208.8 19.3 %

License-based $ 18.3 $ 20.1 (9.0) % $ 57.1 $ 60.5 (5.6) %

Asset-based 35.2 35.5 (0.8) % 106.5 104.9 1.5 %

Transaction-based 8.6 6.2 38.7 % 24.1 18.0 33.9 %

Morningstar Wealth total $ 62.1 $ 61.8 0.5 % $ 187.7 $ 183.4 2.3 %

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License-based $ 0.4 $ 0.5 (20.0) % $ 0.9 $ 1.0 (10.0) %

Asset-based 32.0 32.8 (2.4) % 64.4 60.7 6.1 %

License-based $ 0.4 $ 0.4 — % $ 1.3 $ 1.4 (7.1) %

Asset-based 33.8 31.4 7.6 % 98.2 92.1 6.6 %

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Morningstar Retirement total $ 32.4 $ 33.3 (2.7) % $ 65.3 $ 61.7 5.8 %

Morningstar Retirement total $ 34.2 $ 31.8 7.5 % $ 99.5 $ 93.5 6.4 %

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License-based $ 30.9 $ 31.8 (2.8) % $ 63.7 $ 64.5 (1.2) %

Asset-based 15.2 16.1 (5.6) % 32.4 31.6 2.5 %

Transaction-based 1.6 1.9 (15.8) % 3.4 4.5 (24.4) %

Corporate and All Other total $ 47.7 $ 49.8 (4.2) % $ 99.5 $ 100.6 (1.1) %

License-based $ 428.4 $ 401.7 6.6 % $ 846.4 $ 801.9 5.5 %

Asset-based 82.4 84.7 (2.7) % 168.1 161.7 4.0 %

Transaction-based 94.3 85.5 10.3 % 172.5 151.1 14.2 %

Consolidated revenue $ 605.1 $ 571.9 5.8 % $ 1,187.0 $ 1,114.7 6.5 %

License-based $ 32.9 $ 30.8 6.8 % $ 96.6 $ 95.3 1.4 %

Asset-based 15.7 16.9 (7.1) % 48.1 48.5 (0.8) %

Transaction-based 1.3 2.1 (38.1) % 4.7 6.6 (28.8) %

Corporate and All Other total $ 49.9 $ 49.8 0.2 % $ 149.4 $ 150.4 (0.7) %

License-based $ 435.0 $ 408.8 6.4 % $ 1,281.4 $ 1,210.7 5.8 %

Asset-based 84.7 83.8 1.1 % 252.8 245.5 3.0 %

Transaction-based 97.7 76.8 27.2 % 270.2 227.9 18.6 %

Consolidated revenue $ 617.4 $ 569.4 8.4 % $ 1,804.4 $ 1,684.1 7.1 %

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In the second quarter of 2025, consolidated revenue increased 5.8% to $605.1 million. Foreign currency movements decreased revenue by $5.1 million .

In the third quarter of 2025, consolidated revenue increased 8.4% to $617.4 million. Foreign currency movements increased revenue by $4.5 million.

License-based revenue increased 6.6%, 6.4%, or 6.3% 5.9% on an organic basis, during the second third quarter of 2025, primarily driven by strong demand for PitchBook and Morningstar Direct Platform and PitchBook products.

Asset-based revenue decreased 2.7% increased 1.1% on a reported basis, and increased 0.2% or 7.9% on an organic basis, during the second third quarter of 2025. The decline increase in reported asset-based revenue was primarily driven by decreases an increase in Morningstar Indexes and Morningstar Retirement products. Asset-based organic revenue growth was primarily driven by increases in Morningstar Wealth and Morningstar Retirement.

Transaction-based revenue increased 10.3%, 27.2%, or 9.4% 26.1% on an organic basis, during the second third quarter of 2025 , primarily driven by Morningstar Credit revenue.

In the first six nine months of 2025, consolidated revenue increased 6.5% 7.1% to $1,187.0 $1,804.4 million . Foreign currency movements decreased increased revenue by $0.5 $5.0 million. .

License-based revenue increased 5.5%, 5.8%, or 6.2% 6.1% on an organic basis, during the first six nine months of 2025, primarily driven by strong demand for PitchBook and Morningstar Direct Platform products.

Asset-based revenue increased 4.0%, 3.0%, or 7.0% 7.3% on an organic basis, during the first six nine months of 2025, primarily driven by increases in Morningstar Retirement, Morningstar Wealth and Morningstar Indexes. Retirement.

Transaction-based revenue increased 14.2%, 18.6%, or 14.5% 18.4% on an organic basis, during the first six nine months of 2025, primarily driven by Morningstar Credit revenue.

Organic revenue increase d 5.9% 9.0% in the second third quarter of 2025 and 7.5% 8.0% in the first six nine months of 2025, driven by organic growth in PitchBook, Morningstar Direct Platform, Credit, and Morningstar Credit. Direct Platform.

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Three months ended June 30, Six months ended June 30,

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and 259 more changes in the filing

Market risk 20 changes

Our investment portfolio is actively managed and may suffer losses from fluctuating interest rates, market prices, or adverse security selection. These accounts may consist of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. As of June September 30, 2025, our cash, cash equivalents, and investments balance was $541.6 $514.5 million. Based on our estimates, a 100 basis-point change in interest rates would not have a material effect on the fair value of our investment portfolio.

We are subject to risk from fluctuations in the interest rates related to a portion of our long-term debt. The interest rates are based upon the applicable Secured Overnight Financing Rate ( SOFR) plus an applicable margin for such loans or the lender's base rate plus an applicable m argin for such loans. On an annualized basis, we estimate a 100 basis-point change in the SOFR would have a $4.9 $5.0 milli on impact on our interest expense based on our outstanding principal balance and SOFR at June September 30, 2025.

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Six months ended June 30, 2025

The table below shows our exposure to foreign currency denominated revenue and operating income for the six nine months ended June September 30, 2025:

Nine months ended September 30, 2025

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Percentage of operating income (loss) 4.6 % (3.6) % 5.8 % 7.4 % (11.7) %

Currency rate in US dollars as of June September 30, 2025 0.6552 1.3715 0.7325 1.1744 0.6607 1.3443 0.7186 1.1738 n/a

Percentage of revenue 2.6 % 7.7 7.8 % 6.0 6.2 % 6.3 6.4 % 5.2 %

Percentage of operating income (loss) 4.8 % (3.4) % 7.5 % 8.2 % (11.2) %

Estimated effect of a 10% adverse currency fluctuation on revenue $ (3.1) (4.8) $ (9.7) (14.3) $ (7.4) (11.3) $ (8.1) (12.0) $ (6.5) (9.7)

Estimated effect of a 10% adverse currency fluctuation on operating income (loss) $ (1.1) (1.8) $ 0.9 1.3 $ (1.4) (2.8) $ (1.9) (3.2) $ 2.7 3.8

The table below shows our net investment exposure to foreign currencies as of June September 30, 2025:

As of September 30, 2025

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Assets, net of unconsolidated entities $ 69.2 $ 348.0 $ 237.1 $ 290.4 $ 248.6

Less: liabilities (32.9) (94.0) (88.9) (108.5) (65.9)

Net currency position $ 36.3 $ 254.0 $ 148.2 $ 181.9 $ 182.7

Assets, net of unconsolidated entities $ 75.8 $ 311.4 $ 242.1 $ 254.8 $ 250.2

Less: liabilities (33.9) (91.4) (84.8) (114.0) (119.0)

Net currency position $ 41.9 $ 220.0 $ 157.3 $ 140.8 $ 131.2

Estimated effect of a 10% adverse currency fluctuation on equity $ (3.6) (4.2) $ (25.4) (22.0) $ (14.8) (15.7) $ (18.2) (14.1) $ (18.3) (13.1)

Controls and procedures 2 changes

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We carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of June September 30, 2025. Based on that evaluation, our chief executive officer and chief financial officer concluded that as of June September 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC's rules and forms and to provide reasonable assurance that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

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There were no changes in our internal control over financial reporting that occurred during the three months ended June September 30, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Legal proceedings 1 change

We incorporate by reference the information regarding legal proceedings set forth in Note 13 14 of the Notes to our Unaudited Consolidated Financial Statements contained in Part 1, Item 1 of this Quarterly Report.

Unregistered sales of stock 10 changes

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The table below presents month-to-month information related to repurchases of common stock we made during the three months ended June September 30, 2025. Refer to Note 14 15 of the Notes to our Unaudited Consolidated Financial Statements for more information regarding our share repurchase program:

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April 1, 2025 - April 30, 2025 309,232 $ 276.87 309,232 $ 291,754,626

May 1, 2025 - May 31, 2025 89,210 295.83 89,210 $ 265,363,898

Total 398,442 $ 281.11 398,442

(a) Repurchases will only be effected pursuant to the $500.0 million share repurchase program authorized by our board of directors and announced publicly on December 6, 2022, which commenced on January 1, 2023 and which will expire on December 31, 2025.

June July 1, 2025 - June 30, July 31, 2025 — $ — — $ 265,363,898

August 1, 2025 - August 31, 2025 152,698 261.97 152,698 $ 225,361,994

September 1, 2025 - September 30, 2025 576,980 242.75 576,980 $ 85,297,761

Total 729,678 $ 246.77 729,678

(a) Repurchases effected pursuant to the $500.0 million 2022 Share Repurchase Program (announced December 6, 2022) which is now completed. In October 2025, our board of directors authorized (i) the termination of the 2022 Share Repurchase Program and (ii) a new $1.0 billion 3-year share repurchase program effective October 31, 2025 (announced October 29, 2025).

Other information 1 change

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During the three months ended June September 30, 2025, none of the company's officers (as defined in Section 16 of the Exchange Act) and directors adopted or terminated contracts, instructions, or written plans for the purchase or sale of the company's securities.

Exhibits 8 changes

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Form of Morningstar, Inc. Amended and Restated 2011 Stock Incentive Plan Market Stock Unit Award Agreement, for awards made on or after May 15, 2025.

Form of Morningstar, Inc. Amended and Restated 2011 Stock Incentive Plan Stretch Performance Stock Unit Award Agreement, for awards made on or after May 15, 2025.

Form of Morningstar, Inc. Amended and Restated 2011 Stock Incentive Plan Restricted Stock Unit Award Agreement, for awards made on or after May 15, 2025.

Form of Morningstar, Inc. Amended and Restated 2011 Stock Incentive Plan Director Restricted Stock Unit Award Agreement, for awards made on or after May 15, 2025.

Morningstar, Inc. Executive Severance Policy effective May 9, 2025.

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101† The following financial information from Morningstar, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June September 30, 2025, filed with the SEC o n July 31 October 30 , 2025 formatted in Inline XBRL: (i) Cover Page, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income (iv) Unaudited Consolidated Balance Sheets, (v) Unaudited Consolidated Statement of Equity, (vi) Unaudited Consolidated Statements of Cash Flows and (vii) the Notes to Unaudited Consolidated Financial Statements

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* Management contract with a director or executive officer or a compensatory plan or arrangement in which directors or executive officers are eligible to participate.

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Date: July 31, October 30, 2025 By: /s/ Michael Holt

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