Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 8-K

______________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2025

MORNINGSTAR, INC.

(Exact name of registrant as specified in its charter)

Illinois

(State or other jurisdiction

of incorporation)

000-51280

(Commission

File Number)

36-3297908

(I.R.S. Employer

Identification No.)

22 West Washington Street

Chicago, Illinois

(Address of principal executive offices)

60602

(Zip Code)

(312) 696-6000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

__________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, no par value	MORN	The Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2025, Morningstar, Inc. (the "Company" or "we") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2024 (the "Earnings Release"). A copy of the Earnings Release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Additionally, on February 26, 2025, the Company published a Supplemental Presentation. A copy of the Supplemental Presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference. The Earnings Release and Supplemental Presentation shall each be deemed furnished, not filed, for purposes of this Current Report on Form 8-K (this "Report").

Item 7.01. Regulation FD Disclosure.

On February 26, 2025, the Company published a Shareholder Letter. The Shareholder Letter is included as Exhibit 99.3 to this Report and incorporated herein by reference. The Shareholder Letter shall be deemed furnished, not filed, for purposes of this Report.

The information set forth under Item 2.02, "Results of Operations and Financial Condition" is incorporated herein by reference.

Information or documents on the Company's website referred to in this Report or in the exhibits to this Report are not incorporated by reference into this Report.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," “may,” "might," "objective," "ongoing," “could,” “expect,” “intend,” “plan,” "possible," "potential," “seek,” “anticipate,” “believe,” “predict,” "prospects," “continue,” "strategy," "strive," "will," "would," determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to maintain and protect our brand, independence, and reputation; failure to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; compliance failures, regulatory action, or changes in laws applicable to our regulated businesses; failing to innovate our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, and the legal risks as they are incorporated into our products and tools; failing to detect errors in our products or the failure of our products to perform properly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; prolonged volatility or downturns affecting the financial sector, global financial markets, and the global economy and the effect on our revenue from asset-based fees and our credit ratings business; failing to scale our operations, increase productivity in order to implement our business plans and strategies; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address materially disruptive events; failure of our strategic transactions, acquisitions, divestitures and investments in companies or technologies to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; failing to maintain growth across our businesses due to changes in geopolitics and the

regulatory landscape; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness on our cash flow and financial and operational flexibility; liability, costs and reputational risks relating to environmental, social and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions which we operate in and their effect on our tax obligations and tax rates; the potential and impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosure; impact on our stock price due to future sales of our common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Reports on Forms 10-K and 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 future filings with the SEC on Forms 10-K, 10-Q and 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:


Exhibit No.						Description
99.1						Earnings Release dated February 26, 2025.
99.2						Supplemental Presentation dated February 26, 2025.
99.3						Shareholder Letter dated February 26, 2025.
104						The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

_____________________________________________________________________________________

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						MORNINGSTAR, INC.
Date: February 26, 2025						By:/s/ Michael Holt
						Name: Michael Holt
						Title: Chief Financial Officer

News Release

22 West Washington Street Telephone: +1 312 696-6000

Chicago Facsimile: +1 312 696-6009

Illinois 60602

FOR IMMEDIATE RELEASE

Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2024 Financial Results

CHICAGO, Feb. 26, 2025 - Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported double-digit revenue growth for 2024 and meaningful increases in operating and free cash flow, with fourth-quarter revenue increasing 9.7%, or 10.6% on an organic basis.

"We finished 2024 strongly by executing on themes such as the convergence of public and private markets and using AI to transform client workflows," said Kunal Kapoor, Morningstar's chief executive officer. "Recent product enhancements include PitchBook's integration of aftermarket equity research and introduction of an improved research center experience, and the January launch of the Direct Advisory Suite, which expands our financial advisor offering with a modernized software solution that is designed to improve workflows and efficiency."

The Company's quarterly shareholder letter provides more context on Morningstar's results and business and can be found at shareholders.morningstar.com.

Fourth-Quarter 2024 Financial Highlights

•Reported revenue increased 9.7% to $591.0 million compared to the prior-year period; organic revenue increased 10.6%.

•Operating income increased 78.2% to $168.2 million; adjusted operating income increased 7.7%. Operating income included a $64.0 million gain related to the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform to AssetMark (sale of US TAMP assets), which is excluded from adjusted operating income.

•Diluted net income per share increased 58.5% to $2.71 versus $1.71 in the prior-year period. Adjusted diluted net income per share increased 8.6% to $2.14.

•Cash provided by operating activities increased 11.3% to $153.4 million, and free cash flow increased 4.6% to $112.8 million.

•Share repurchases settled totaled 33,300 shares for $11.6 million.

Full-Year 2024 Financial Highlights

•Reported revenue increased 11.6% to $2.3 billion compared to the prior year; organic revenue increased 11.8%.

•Operating income increased 110.2% to $484.8 million; adjusted operating income increased 51.2%.

•Diluted net income per share increased 160.8% to $8.58 versus $3.29 in the prior year. Adjusted diluted net income per share increased by 54.1% to $7.89.

•Cash provided by operating activities increased 87.0% to $591.6 million. Free cash flow increased 127.5% to $448.9 million. Cash flows were negatively impacted by certain items totaling $1.8 million in 2024 and $90.8 million in 2023. Excluding these items, operating cash flow and free cash flow would have increased by 45.7% and 56.4%, respectively.

•Share repurchases settled totaled 33,300 shares for $11.6 million.

Fourth-Quarter 2024 Results

Revenue increased 9.7% to $591.0 million on a reported basis and 10.6% on an organic basis versus the prior-year period. Organic revenue growth excludes the impact of divestitures and foreign currency effects. Morningstar Credit and PitchBook were the largest contributors to reported revenue growth.

Operating expense increased 9.6% to $486.8 million in the fourth quarter versus the prior-year period. Excluding the impact of intangible amortization and M&A-related expenses, operating expense increased 10.2% in the quarter.

The largest contributors to the increase in reported operating expense were compensation costs, driven by higher bonus expense; depreciation expense; and advertising and marketing costs.

•Compensation costs increased $31.7 million, including the impact of a $20.4 million increase in bonus expense compared to the prior-year period. Higher bonus expense was primarily driven by Morningstar Credit reflecting both strong performance versus plan targets and the comparison to relatively low bonus expense in the prior-year period. Higher stock-based compensation compared to the prior-year period also contributed to the increase, primarily due to expense associated with the treatment of equity awards granted in prior periods to former employees. During the quarter, the Company updated its definition of compensation costs to incorporate commissions, severance, and stock-based compensation, in addition to salaries, bonus, employee benefits, and payroll taxes, which were all included in the prior definition.

•Depreciation expense increased $5.1 million primarily due to higher capitalized software costs for product enhancements in prior periods, as well as the impact of accelerated depreciation related to the sale of US TAMP assets.

Page 2 of 16

•Advertising and marketing costs increased $3.5 million primarily due to higher advertising spending for PitchBook.

Fourth-quarter operating income was $168.2 million, an increase of 78.2% compared with the prior-year period. Adjusted operating income was $121.7 million in the fourth quarter of 2024, an increase of 7.7% compared with the prior-year period. Fourth-quarter operating margin was 28.5%, compared with 17.5% in the prior-year period. Adjusted operating margin was 20.6% in the fourth quarter of 2024, versus 21.0% in the prior-year period. During the quarter, operating income included a $64.0 million gain on the sale of US TAMP assets, which had a 10.9 percentage point impact on operating margin.

Net income in the fourth quarter of 2024 was $116.9 million, or $2.71 per diluted share, compared with $73.5 million, or $1.71 per diluted share, in the fourth quarter of 2023. The gain on the sale of US TAMP assets had a $1.10 impact on diluted net income per share. Adjusted diluted net income per share increased 8.6% to $2.14 in the fourth quarter of 2024, compared with $1.97 in the prior-year period.

The Company's effective tax rate increased to 22.5% in the fourth quarter of 2024 versus 16.1% in the prior-year period, primarily due to deferred taxes recorded with respect to unremitted foreign earnings.

Full-Year 2024 Results

For the full year, revenue increased 11.6% to $2.3 billion compared with the prior year. Organic revenue increased 11.8%. Morningstar Credit, PitchBook, and Morningstar Data and Analytics were the largest contributors to reported revenue growth.

Operating income increased 110.2% to $484.8 million in 2024, compared with the prior year. Adjusted operating income was $493.8 million, an increase of 51.2%. Operating margin was 21.3%, compared with 11.3% in the prior year. The gain on the sale of US TAMP assets had a 2.8 percentage point impact on full-year operating margin. Adjusted operating margin was 21.7%, compared with 16.0% in the prior year.

Full-year 2024 net income increased 162.2% to $369.9 million, or $8.58 per diluted share. Adjusted diluted net income per share increased 54.1% to $7.89, compared with $5.12 in the prior year. Gains on the sales of the US TAMP assets and the Company's Commodity and Energy Data business had a $1.10 and $1.05 impact, respectively, on diluted net income per share.

The effective tax rate for the full year 2024 increased to 21.9% versus 19.0% in the prior year. The Company's effective tax rate was negatively impacted by deferred taxes recorded with respect to unremitted foreign earnings and was favorably impacted by the book gain in excess of taxable gain on the sale of its Commodity and Energy Data business. The Company's prior-year effective tax rate was lower due to the recognition of tax benefits related to a retroactive tax election.

Page 3 of 16

Fourth-Quarter Segment Highlights

Morningstar Data and Analytics

Morningstar Data and Analytics contributed $196.0 million to consolidated revenue and $3.3 million to consolidated revenue growth, with revenue increasing 1.7% compared to the prior-year period, or 3.6% on an organic basis. Organic revenue growth excludes revenue associated with the Commodity and Energy Data business from the prior-year period and foreign currency impact. Higher revenue was driven primarily by increases in Morningstar Direct and Morningstar Data revenue, partially offset by softness in research distribution and Direct Web Services, which experienced higher churn as clients transitioned to an updated product. Morningstar Direct licenses increased 1.1% with higher revenue across major geographies driving growth. Increases in managed investment (fund) data helped drive Morningstar Data growth, partially offset by continued softness in exchange market data.

Morningstar Data and Analytics adjusted operating income decreased 5.4% to $85.5 million, and adjusted operating margin decreased 3.3 percentage points to 43.6% compared to the prior-year period, due in part to higher compensation, reflecting growth in headcount and merit increases; increased spending on sales and marketing; and the impact of the sale of the Company's Commodity and Energy Data business.

PitchBook

PitchBook contributed $162.5 million to consolidated revenue and $18.1 million to consolidated revenue growth, with revenue increasing 12.5% compared to the prior-year period, or 12.7% on an organic basis. Higher revenue was primarily driven by the PitchBook platform, with licensed users growing 16.4%, reflecting both new client users and expansion with existing clients, as well as variability driven by user maintenance activities and updates to user lists when enterprise clients renew. PitchBook clients who were not previously Leveraged Commentary & Data (LCD) clients drove the majority of the increase in licensed users, although growth continued to reflect the impact of legacy LCD clients who have moved to the PitchBook platform and are now reflected in licensed user counts. PitchBook growth drivers were consistent with recent quarters and reflected strength in PitchBook's core investor and advisor client segments, including venture capital, private equity, and investment banks. This was partially offset by continued softness in the corporate client segment, especially with smaller firms with more limited use cases.

PitchBook segment adjusted operating income increased 17.6% to $48.7 million, and adjusted operating margin increased 1.3 percentage points to 30.0% compared to the prior-year period.

Morningstar Credit

Morningstar Credit contributed $82.3 million to consolidated revenue and $20.8 million to consolidated revenue growth, with revenue increasing 33.8% compared to the prior-year period, or 34.5% on an organic basis. The increase was primarily driven by higher revenue from the US and

Page 4 of 16

Canada, with strength in commercial mortgage-backed securities, corporates, and residential mortgage-backed securities ratings-related revenue.

Morningstar Credit adjusted operating income increased 12.8% to $20.2 million and adjusted operating margin decreased 4.6 percentage points to 24.5% compared to the prior-year period. The decline in adjusted operating margin was primarily due to higher compensation costs in the quarter, reflecting a significant increase in bonus expense. Bonus expense increased due to favorable performance versus plan targets, compared to relatively low bonus expense in the prior-year period.

Morningstar Wealth

Morningstar Wealth contributed $65.0 million to consolidated revenue and $3.8 million to consolidated revenue growth, with revenue increasing 6.2% on a reported and organic basis. Organic revenue growth excludes platform revenue from the US TAMP from the prior-year period starting Dec. 1, interim service fees received from AssetMark associated with the sale of US TAMP assets, and foreign currency impact. Growth was primarily driven by Investment Management, supported by higher revenue for Morningstar Model Portfolios (also referred to as Morningstar Managed Portfolios), partially offset by softness in advertising sales.

Reported assets under management and advisement (AUMA) increased 12.3% to $62.3 billion compared to prior year, helped by strong market performance which drove higher asset values and positive net flows to Morningstar Model Portfolios on third-party platforms and to the International Wealth Platform.

Morningstar Wealth adjusted operating loss was $0.8 million compared to a $5.3 million loss in the prior-year period, and adjusted operating margin was negative 1.2% compared with negative 8.7%. The adjusted operating loss in the fourth quarter of 2024 excludes the gain on the sale of US TAMP assets, as well as related expenses.

Morningstar Retirement

Morningstar Retirement contributed $33.6 million to consolidated revenue and $3.4 million to consolidated revenue growth, with revenue increasing 11.3% on a reported and organic basis compared to the prior-year period. AUMA increased 19.7% to $275.9 billion compared to prior year, reflecting market gains and positive net flows, supported by strong growth in traditional and Advisor Managed Accounts, fiduciary services, and custom models.

Morningstar Retirement adjusted operating income increased 16.2% to $17.2 million, and adjusted operating margin increased 2.2 percentage points to 51.2% compared to the prior-year period.

Corporate and All Other

Page 5 of 16

Revenue attributable to Corporate and All Other contributed $51.6 million to consolidated revenue and $2.9 million to consolidated revenue growth, with reported revenue increasing 6.0% compared to the prior-year period, driven by growth in Morningstar Indexes.

The increase in Morningstar Indexes revenue was primarily due to higher investable product revenue as asset value linked to Morningstar Indexes increased by 19.4% to $210.9 billion compared to prior year, largely driven by strong market performance over the trailing 12 months.

Morningstar Sustainalytics revenues declined compared to the prior-year period, primarily reflecting the impact of the ongoing streamlining of the licensed-ratings offering and softness in second-party opinions.

The impact of Corporate and All Other on consolidated adjusted operating income was negative $49.1 million compared with negative $46.2 million in the prior-year period.

Balance Sheet and Capital Allocation
As of Dec. 31, 2024, the Company had cash, cash equivalents, and investments totaling $551.0 million and $698.6 million of debt, compared with cash, cash equivalents, and investments of $389.0 million and $972.4 million of debt as of Dec. 31, 2023.

Cash provided by operating activities increased by 87.0% to $591.6 million for the full year 2024, compared with $316.4 million in 2023. Free cash flow increased by 127.5% to $448.9 million for the full year 2024, compared with $197.3 million in the prior year. The increases in operating cash flow and free cash flow were primarily driven by higher cash earnings.

As previously disclosed, operating cash flow and free cash flow were negatively impacted in 2023 by certain items totaling $90.8 million. Excluding these items and $1.8 million in severance related to the sale of US TAMP assets in 2024, operating cash flow and free cash flow would have increased by 45.7% and 56.4%, respectively.

In 2024, the Company reduced its debt by $273.8 million, net, paid $69.3 million in dividends, spent $7.3 million related to other minority investments, and repurchased $11.6 million of its shares.

Page 6 of 16

Use of Non-GAAP Financial Measures

Organic revenue, adjusted operating income, adjusted operating margin, adjusted diluted net income per share, and free cash flow are non-GAAP financial measures. The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the Company to comparable GAAP measures and an explanation of why the Company uses them.

Investor Communication

Morningstar encourages all interested parties — including securities analysts, current shareholders, potential shareholders, and others — to submit questions in writing. Investors and others may send questions about Morningstar’s business to investors@morningstar.com. Morningstar will make written responses to selected inquiries available to all investors at the same time in Form 8-Ks furnished to the Securities and Exchange Commission (the SEC), generally every month.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $338 billion in AUMA as of Dec. 31, 2024. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to maintain and protect our brand, independence, and reputation; failure to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; compliance failures, regulatory action, or changes in laws applicable to our regulated businesses; failing to innovate our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, and the legal risks as they are incorporated into our products and tools; failing to detect errors in our products or the failure of our products to perform properly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; prolonged volatility or downturns affecting the financial sector, global financial markets, and the global economy and the effect on our revenue from asset-

Page 7 of 16

based fees and our credit ratings business; failing to scale our operations, increase productivity in order to implement our business plans and strategies; liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; inadequacy of our operational risk management and business continuity programs to address materially disruptive events; failure of our strategic transactions, acquisitions, divestitures and investments in companies or technologies to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the potential adverse effect of our indebtedness on our cash flow and financial and operational flexibility; liability, costs and reputational risks relating to environmental, social and governance considerations; our dependence on third-party service providers in our operations; inadequacy of our insurance coverage; challenges in accounting for tax complexities in the global jurisdictions which we operate in and their effect on our tax obligations and tax rates; the potential and impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; our ability to maintain existing business and renewal rates and to gain new business; the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosure; impact on our stock price due to future sales of our common stock and fluctuations in our operating results; and failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our filings with the SEC, including our most recent Reports on Forms 10-K and 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 future filings with the SEC on Forms 10-K, 10-Q and 8-K.

# # #

Media Relations Contact:

Stephanie Lerdall, +1 312-244-7805, stephanie.lerdall@morningstar.com

Investor Relations Contact:

Sarah Bush, +1 312-384-3754, sarah.bush@morningstar.com

MORN-E

Page 8 of 16

Morningstar, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Income


	Three months ended December 31,								Year ended December 31,
(in millions, except per share amounts)	2024			2023			Change		2024			2023			Change

Revenue	$	591.0		$	538.7		9.7	%	$	2,275.1		$	2,038.6		11.6	%
Operating expense:
Cost of revenue	232.2			205.4			13.0	%	895.7			843.5			6.2	%
Sales and marketing	117.2			100.4			16.7	%	441.0			423.8			4.1	%
General and administrative	89.0			92.0			(3.3)	%	327.2			355.8			(8.0)	%
Depreciation and amortization	48.4			46.5			4.1	%	190.4			184.9			3.0	%

Total operating expense	486.8			444.3			9.6	%	1,854.3			1,808.0			2.6	%

Gain on sale of customer assets	64.0			—			NMF		64.0			—			NMF

Operating income	168.2			94.4			78.2	%	484.8			230.6			110.2	%
Operating margin	28.5		%	17.5		%	11.0 pp		21.3		%	11.3		%	10.0 pp

Non-operating income (expense), net:
Interest expense, net	(7.0)			(11.5)			NMF		(37.7)			(51.7)			NMF

Gain on sale of business	—			—			—	%	45.3			—			NMF

Expense from equity method transaction, net	—			—			—	%	—			(11.8)			NMF

Other income (expense), net	1.7			7.4			(77.0)	%	(1.1)			14.4			NMF
Non-operating income (expense), net	(5.3)			(4.1)			NMF		6.5			(49.1)			NMF

Income before income taxes and equity in investments of unconsolidated entities	162.9			90.3			80.4	%	491.3			181.5			170.7	%
Equity in investments of unconsolidated entities	(12.1)			(2.7)			NMF		(17.4)			(7.4)			NMF
Income tax expense	33.9			14.1			140.4	%	104.0			33.0			215.2	%
Consolidated net income	$	116.9		$	73.5		59.0	%	$	369.9		$	141.1		162.2	%

Net income per share:
Basic	$	2.72		$	1.72		58.1	%	$	8.64		$	3.31		161.0	%
Diluted	$	2.71		$	1.71		58.5	%	$	8.58		$	3.29		160.8	%
Weighted average shares outstanding:
Basic	42.9			42.7					42.8			42.6
Diluted	43.1			43.0					43.1			42.9

_________________________________________________________________

NMF - Not meaningful, pp - percentage points

Page 9 of 16

Morningstar, Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets


	As of December 31,		As of December 31,
(in millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	502.7	$	337.9
Investments	48.3		51.1
Accounts receivable, net	358.1		343.9

Income tax receivable	12.4		0.6
Other current assets	92.6		82.2
Total current assets	1,014.1		815.7

Goodwill	1,562.0		1,578.8
Intangible assets, net	408.8		484.4
Property, equipment, and capitalized software, net	218.9		207.7
Operating lease assets	181.2		163.9

Investments in unconsolidated entities	85.3		100.2
Deferred tax assets, net	43.2		14.6
Other assets	35.4		38.1
Total assets	$	3,548.9	$	3,403.4

Liabilities and equity
Current liabilities:
Deferred revenue	$	540.8	$	517.7
Accrued compensation	272.2		214.4
Accounts payable and accrued liabilities	87.3		78.4

Operating lease liabilities	35.1		36.4
Current portion of long-term debt	—		32.1

Income tax payable	30.5		—
Other current liabilities	1.4		1.8
Total current liabilities	967.3		880.8

Operating lease liabilities	170.3		151.4
Accrued compensation	21.0		23.7
Deferred tax liabilities, net	27.6		35.6
Long-term debt	698.6		940.3
Income tax payable	11.7		8.3
Other long-term liabilities	33.8		35.5
Total liabilities	1,930.3		2,075.6
Total equity	1,618.6		1,327.8
Total liabilities and equity	$	3,548.9	$	3,403.4

Page 10 of 16

Morningstar, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows



	Three months ended December 31,				Year ended December 31,
(in millions)	2024		2023		2024		2023
Operating activities
Consolidated net income	$	116.9	$	73.5	$	369.9	$	141.1
Adjustments to reconcile consolidated net income to net cash flows from operating activities	—		27.9		128.9		147.2
Changes in operating assets and liabilities, net	36.5		36.4		92.8		28.1
Cash provided by operating activities	153.4		137.8		591.6		316.4
Investing activities
Capital expenditures	(40.6)		(30.0)		(142.7)		(119.1)

Acquisitions, net of cash acquired	—		(0.8)		—		(0.8)
Proceeds from sale of business	0.2		—		52.4		—
Proceeds from sale of customer assets	65.0		—		65.0		—
Purchases of investments in unconsolidated entities	(0.5)		(2.6)		(7.3)		(3.7)
Other, net	—		0.6		11.3		41.7
Cash provided by (used for) investing activities	24.1		(32.8)		(21.3)		(81.9)
Financing activities
Common shares repurchased	(11.6)		—		(11.6)		(1.4)
Dividends paid	(17.3)		(16.0)		(69.3)		(63.9)
Repayments of debt	(166.3)		(83.1)		(364.4)		(397.5)
Proceeds from debt	—		—		90.0		260.0
Payment for acquisition-related earn-outs	—		—		—		(45.5)
Other, net	(3.9)		(4.3)		(29.1)		(30.1)
Cash used for financing activities	(199.1)		(103.4)		(384.4)		(278.4)
Effect of exchange rate changes on cash and cash equivalents	(28.6)		11.3		(21.1)		5.2
Net increase (decrease) in cash and cash equivalents	(50.2)		12.9		164.8		(38.7)
Cash and cash equivalents-beginning of period	552.9		325.0		337.9		376.6
Cash and cash equivalents-end of period	$	502.7	$	337.9	$	502.7	$	337.9

Page 11 of 16

Morningstar, Inc. and Subsidiaries

Supplemental Data (Unaudited)



	Three months ended December 31,										Year ended December 31,
(in millions)	2024			2023			Change		Organic (1)		2024			2023			Change		Organic (1)
Morningstar Data and Analytics
Revenue	$	196.0		$	192.7		1.7	%	3.6	%	$	788.1		$	747.2		5.5	%	5.8	%
Adjusted Operating Income	85.5			90.4			(5.4)	%			355.4			339.8			4.6	%
Adjusted Operating Margin	43.6		%	46.9		%	(3.3) pp				45.1		%	45.5		%	(0.4) pp

PitchBook
Revenue	$	162.5		$	144.4		12.5	%	12.7	%	$	618.4		$	551.9		12.0	%	12.1	%
Adjusted Operating Income	48.7			41.4			17.6	%			186.4			148.1			25.9	%
Adjusted Operating Margin	30.0		%	28.7		%	1.3 pp				30.1		%	26.8		%	3.3 pp

Morningstar Credit
Revenue	$	82.3		$	61.5		33.8	%	34.5	%	$	291.1		$	215.4		35.1	%	35.3	%
Adjusted Operating Income	20.2			17.9			12.8	%			75.6			21.7			248.4	%
Adjusted Operating Margin	24.5		%	29.1		%	(4.6) pp				26.0		%	10.1		%	15.9 pp

Morningstar Wealth
Revenue	$	65.0		$	61.2		6.2	%	6.2	%	$	248.4		$	229.9		8.0	%	8.1	%
Adjusted Operating Income (Loss)	(0.8)			(5.3)			NMF				(9.3)			(40.4)			NMF
Adjusted Operating Margin	(1.2)		%	(8.7)		%	7.5 pp				(3.7)		%	(17.6)		%	13.9 pp

Morningstar Retirement
Revenue	$	33.6		$	30.2		11.3	%	11.3	%	$	127.1		$	110.5		15.0	%	15.0	%
Adjusted Operating Income	17.2			14.8			16.2	%			65.6			54.1			21.3	%
Adjusted Operating Margin	51.2		%	49.0		%	2.2 pp				51.6		%	49.0		%	2.6 pp

Consolidated Revenue
Total Reportable Segments	$	539.4		$	490.0		10.1	%			$	2,073.1		$	1,854.9		11.8	%
Corporate and All Other (2)	51.6			48.7			6.0	%			202.0			183.7			10.0	%
Total Revenue	$	591.0		$	538.7		9.7	%	10.6	%	$	2,275.1		$	2,038.6		11.6	%	11.8	%

Consolidated Adjusted Operating Income
Total Reportable Segments	$	170.8		$	159.2		7.3	%			$	673.7		$	523.3		28.7	%
Less: Corporate and All Other (3)	(49.1)			(46.2)			NMF				(179.9)			(196.8)			NMF
Adjusted Operating Income	$	121.7		$	113.0		7.7	%			$	493.8		$	326.5		51.2	%
Adjusted Operating Margin	20.6		%	21.0		%	(0.4) pp				21.7		%	16.0		%	5.7 pp

____________________________________________________________________________

(1) Organic revenue is a non-GAAP measure that excludes acquisitions, divestitures, the impacts of the adoption of new accounting standards or revisions to accounting practices, and the effect of foreign currency translations.

(2) Corporate and All Other provides a reconciliation between revenue from the Company's Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $29.4 million and $30.4 million for the three months ended Dec. 31, 2024 and 2023, respectively and $117.3 million and $118.2 million for the year ended Dec. 31, 2024 and 2023, respectively. Revenue from Morningstar Indexes was $22.2 million and $18.3 million for the three months ended Dec. 31, 2024 and 2023, respectively and $84.7 million and $65.5 million for the year ended Dec. 31, 2024 and 2023, respectively.

(3) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. During the fourth quarter of 2024 and 2023, unallocated corporate expenses were $51.0 million and $42.1 million, respectively. For the years ended 2024 and 2023, unallocated corporate expenses were $181.4 million and $153.5 million, respectively. Unallocated corporate expenses include finance, human resources, legal, marketing, and other management-related costs that are not considered when segment performance is evaluated.

Page 12 of 16

Morningstar, Inc. and Subsidiaries

Supplemental Data (Unaudited)


		As of December 31,
AUMA (approximate) ($bil)		2024		2023		Change
	Morningstar Retirement
	Managed Accounts	$	160.4	$	134.8	19.0	%
	Fiduciary Services	65.8		56.2		17.1	%
	Custom Models/CIT	49.7		39.4		26.1	%
	Morningstar Retirement (total)	$	275.9	$	230.4	19.7	%

	Investment Management
	Morningstar Model Portfolios (1)	$	43.8	$	38.7	13.2	%
	Institutional Asset Management	7.0		7.7		(9.1)	%
	Asset Allocation Services	11.5		9.1		26.4	%
	Investment Management (total)	$	62.3	$	55.5	12.3	%

Asset value linked to Morningstar Indexes ($bil)		$	210.9	$	176.7	19.4	%



		Three months ended December 31,						Year ended December 31,
		2024		2023		Change		2024		2023		Change
Average AUMA ($bil)		$	333.2	$	274.8	21.3	%	$	312.4	$	261.4	19.5	%

____________________________________________________________________________

(1) Includes AUMA in Morningstar Model Portfolios and assets on the International Wealth Platform invested in third-party model portfolios.

Page 13 of 16

Morningstar, Inc. and Subsidiaries

Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited)

To supplement Morningstar’s condensed consolidated financial statements presented in accordance with US Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the SEC, including:

•consolidated revenue, excluding acquisitions, divestitures, adoption of new accounting standards or revisions to accounting practices (accounting changes), and the effect of foreign currency translations (organic revenue);

•consolidated operating income, excluding all mergers and acquisitions (M&A)-related expenses and gains (related to merger, acquisition, and divestiture activity including earn-outs), intangible amortization, and expenses related to the significant reduction and shift of the Company's operations in China (adjusted operating income);

•consolidated operating margin, excluding all M&A-related expenses and gains, intangible amortization, and expenses related to the significant reduction and shift of the Company's operations in China (adjusted operating margin);

•consolidated diluted net income per share, excluding all M&A-related expenses and gains, intangible amortization, items related to the significant reduction and shift of the Company's operations in China, and certain non-operating gains/losses and other (adjusted diluted net income per share); and

•cash provided by or used for operating activities less capital expenditures (free cash flow).

These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. Morningstar excludes revenue from acquired businesses from its organic revenue growth calculation for a period of 12 months after it completes the acquisition. For divestitures (including sale of assets), Morningstar excludes revenue in the prior-year period for which there is no comparable revenue in the current period.

Morningstar presents adjusted operating income, adjusted operating margin, and adjusted net income per share to show the effect of significant acquisition activity, better compare period-over-period results, and improve overall understanding of the underlying performance of the business absent the impact of acquisitions.

In addition, Morningstar presents free cash flow solely as supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. Morningstar's management team uses free cash flow to evaluate the health of its business. Free cash flow should not be considered an alternative to any measure required to be reported under GAAP (such as cash provided by (used for) operating, investing, and financing activities).


	Three months ended December 31,						Year ended December 31,
(in millions)	2024		2023		Change		2024		2023		Change







Reconciliation from consolidated revenue to organic revenue:
Consolidated revenue	$	591.0	$	538.7	9.7	%	$	2,275.1	$	2,038.6	11.6	%
Acquisitions	—		—		—	%	—		—		—	%
Divestitures	(1.3)		(5.3)		NMF		(1.3)		(5.3)		NMF

Effect of foreign currency translations	0.1		—		NMF		(1.3)		—		NMF
Organic revenue	$	589.8	$	533.4	10.6	%	$	2,272.5	$	2,033.3	11.8	%










Reconciliation from consolidated operating income to adjusted operating income:
Consolidated operating income	$	168.2	$	94.4	78.2	%	$	484.8	$	230.6	110.2	%
Intangible amortization expense (1)	14.6		17.6		(17.0)	%	64.5		70.5		(8.5)	%
M&A-related expenses (2)	2.9		0.9		222.2	%	8.5		9.8		(13.3)	%

M&A-related gains (3)	(64.0)		—		NMF		(64.0)		—		NMF
Severance and personnel expenses (4)	—		0.1		NMF		—		5.5		NMF
Transformation costs (4)	—		—		—	%	—		7.0		NMF
Asset impairment costs (4)	—		—		—	%	—		3.1		NMF
Adjusted operating income	$	121.7	$	113.0	7.7	%	$	493.8	$	326.5	51.2	%

Page 14 of 16


	Three months ended December 31,								Year ended December 31,
(in millions)	2024			2023			Change		2024			2023			Change


Reconciliation from consolidated operating margin to adjusted operating margin:
Consolidated operating margin	28.5		%	17.5		%	11.0 pp		21.3		%	11.3		%	10.0 pp
Intangible amortization expense (1)	2.5		%	3.3		%	(0.8) pp		2.8		%	3.5		%	(0.7) pp
M&A-related expenses (2)	0.5		%	0.2		%	0.3 pp		0.4		%	0.4		%	—	pp

M&A-related gains (3)	(10.9)		%	—		%	(10.9) pp		(2.8)		%	—		%	(2.8) pp
Severance and personnel expenses (4)	—		%	—		%	—	pp	—		%	0.3		%	(0.3) pp
Transformation costs (4)	—		%	—		%	—	pp	—		%	0.3		%	(0.3) pp
Asset impairment costs (4)	—		%	—		%	—	pp	—		%	0.2		%	(0.2) pp
Adjusted operating margin	20.6		%	21.0		%	(0.4) pp		21.7		%	16.0		%	5.7 pp


Reconciliation from consolidated diluted net income per share to adjusted diluted net income per share:
Consolidated diluted net income per share	$	2.71		$	1.71		58.5	%	$	8.58		$	3.29		160.8	%
Intangible amortization expense (1)	0.25			0.30			(16.7)	%	1.11			1.22			(9.0)	%
M&A-related expenses (2)	0.05			0.02			150.0	%	0.15			0.17			(11.8)	%
M&A-related gains (3)	(1.10)			—			NMF		(1.10)			—			NMF

Severance and personnel expenses (4)	—			—			—	%	—			0.09			NMF
Transformation costs (4)	—			—			—	%	—			0.12			NMF
Asset impairment costs (4)	—			—			—	%	—			0.05			NMF
Non-operating (gains) losses and other (5)	0.23			(0.06)			NMF		(0.85)			0.18			NMF
Adjusted diluted net income per share	$	2.14		$	1.97		8.6	%	$	7.89		$	5.12		54.1	%

Reconciliation from cash provided by operating activities to free cash flow:
Cash provided by operating activities	$	153.4		$	137.8		11.3	%	$	591.6		$	316.4		87.0	%
Capital expenditures	(40.6)			(30.0)			35.3	%	(142.7)			(119.1)			19.8	%
Free cash flow	$	112.8		$	107.8		4.6	%	$	448.9		$	197.3		127.5	%

_____________________________________________________________________

NMF - Not meaningful, pp - percentage points

(1) Excludes finance lease amortization expense of $0.0 million and $0.2 million during the three months ended Dec. 31, 2024 and 2023, respectively, and $0.5 million and $1.2 million during the 12 months ended Dec. 31, 2024 and 2023, respectively.

(2) Reflects non-recurring expenses related to merger, acquisition, and divestiture activity such as pre-deal due diligence, transaction costs, severance, and post-close integration costs.

(3) Reflects the gain on sale of US TAMP assets.

(4) Reflects costs associated with the significant reduction of the Company's operations in Shenzhen, China, and the shift of work related to its global business functions to other Morningstar locations.

Severance and personnel expenses include severance charges, incentive payments related to early signing of severance agreements, transition bonuses, and stock-based compensation related to the accelerated vesting of restricted stock unit and market stock unit awards. In addition, the reversal of accrued sabbatical liabilities is included in this category.

Transformation costs include professional fees and the temporary duplication of headcount. As the Company hired replacement roles in other markets and shifted capabilities, it employed certain Shenzhen-based staff through the transition period, which resulted in elevated compensation costs on a temporary basis.

Asset impairment costs include the write-off or accelerated depreciation of fixed assets in the Shenzhen, China office that were not redeployed, in addition to lease abandonment costs as the Company downsized its office space prior to the lease termination date.

Page 15 of 16

(5) Reflects realized and unrealized gains and losses on investments in the three and 12 months ended Dec. 31, 2024 and 2023. For the three months ended Dec. 31. 2024, includes an impairment loss on an investment in unconsolidated entities. In addition, for the 12 months ended Dec. 31, 2024, includes gain on the sale of the Company's Commodity and Energy Data business and impairment losses on an investment in unconsolidated entities. For the 12 months ended Dec. 31, 2023, includes expense from equity method transaction, net.

Page 16 of 16

Fourth-Quarter 2024 Supplemental Presentation February 26, 2025 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “prospects,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar’s business and financial results are in our filings with the SEC, including our most recent Forms 8-K, 10-K, and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. In addition, this presentation references non-GAAP financial measures including, but not limited to, organic revenue, adjusted operating income, adjusted operating margin, adjusted operating expense, and free cash flow. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the appendix to this presentation and in our filings with the SEC, including our most recent Forms 8-K, 10-K and 10-Q. 2 2 Q4 24 Financial Performance ($mil) $168.2 $94.4 2423 $121.7 ＋9.7% ＋7.7% 2423 $591.0$538.7 2423 $113.0 $112.8 2423 $107.8 Operating Income Free Cash Flow** Revenue Adjusted Operating Income* * 3 3 Adjusted operating income is a non-GAAP measure and excludes all M&A-related expenses and gains (related to merger, acquisition, and divestiture activity, including earn-outs), intangible amortization, and expenses related to the significant reduction and shift of the Company’s operations in China in 2023 (“China transition”). **Free cash flow is a non-GAAP measure and is defined as cash provided by or used for operating activities less capital expenditures. See reconciliation tables in the appendix of this presentation. +4.6% ＋78.2% 2024 Financial Performance ($mil) $484.8 $230.6 2423 $493.8 ＋11.6% ＋51.2% 2423 $2,275.1 $2,038.6 2423 $326.5 $448.9 2423 $197.3 Operating Income Free Cash Flow*Revenue Adjusted Operating Income* * 4 4 Adjusted operating income and free cash flow are non-GAAP measures. See reconciliation tables in the appendix of this presentation. +127.5%＋110.2%

2024 Organic Revenue* Walk ($mil) 5 5 * 2023 Reported Revenue PitchBook Morningstar Data and Analytics Morningstar Credit Morningstar Wealth Corporate and All Other** Morningstar Retirement 2024 Reported Revenue $2,038.6 76.0 66.6 43.4 16.7 18.0 $2,275.1 Organic revenue is a non-GAAP measure that excludes acquisitions, divestitures, the impacts of the adoption of new accounting standards or revisions to accounting practices, and the effect of foreign currency translations. The Company's five reportable segment bars represent organic growth and may not match changes in reported revenue. See reconciliation tables in the appendix of this presentation. **Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. 18.4 Foreign Currency Adjustments –2.6 Quarterly Revenue Trend: Revenue Type ($mil) Bars represent reported revenue. Percentages represent YOY organic revenue growth (decline), which is a non-GAAP measure. *In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022, based on the updated classifications; these adjustments are reflected in the Currency and Other line of the reconciliation tables in the appendix of this presentation. 6 Q4 24 Operating Margins 7 7 Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *During the quarter, the Company updated its definition of compensation costs to incorporate commissions, stock-based compensation, and severance, in addition to salaries, bonus, employee benefits, and payroll taxes, which were all included in the previous definition. Adjusted Operating Margin Operating Margin 2423 28.5% 20.6% 2423 17.5% 21.0% Key Drivers: Revenue growth was primarily driven by Morningstar Credit and PitchBook. Q4 24 operating income included the impact of a $64.0 million gain on the sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform to AssetMark. The largest contributors to expense growth were compensation costs*, driven primarily by increased bonus expense due to favorable performance compared to plan targets, depreciation expense, and advertising and marketing costs. Adjusted Operating Income(1) Walk Q4 23 to Q4 24 ($mil) (1) Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, all M&A-related expenses and gains, and items related to the China transition in 2023. See reconciliation table in the appendix of this presentation. Changes in this chart reflect these adjustments and may not match changes in reported expenses. (2) Includes infrastructure costs (including 3rd party contracts with data providers, cloud costs, and SaaS-based software subscriptions), facilities, depreciation/amortization, and capitalized labor. (3) During the quarter, the Company updated its definition of compensation costs to incorporate commissions, stock-based compensation, and severance, in addition to salaries, bonus, employee benefits, and payroll taxes, which were all included in the previous definition. 8 8 Q4 23 Change in Revenue Travel & Related Activities Professional Fees Advertising & Marketing $113.0 –3.5 52.3 Infrastructure Costs & Other (2) –1.5 –6.4–2.1 –30.1 Q4 24 $121.7 Compensation (3)

Infrastructure Costs & Other (2) Compensation (3) 2024 Adjusted Operating Income(1) Walk ($mil) (1) Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, all M&A-related expenses and gains, and items related to the China transition in 2023. See reconciliation table in the appendix of this presentation. Changes in this chart reflect these adjustments and may not match changes in reported expenses. (2) Includes infrastructure costs (including 3rd party contracts with data providers, cloud costs, and SaaS-based software subscriptions), facilities, depreciation/amortization, and capitalized labor. (3) During the quarter, the Company updated its definition of compensation costs to incorporate commissions, stock-based compensation, and severance, in addition to salaries, bonus, employee benefits, and payroll taxes, which were all included in the previous definition. 9 9 2023 Change in Revenue Travel & Related Activities Professional Fees Advertising & Marketing 2024 $326.5 236.5 –1.8 –5.4 –48.1 –10.1–3.8 $493.8 Quarterly Operating Margin Trends Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. During the fourth quarter of 2024, operating income included a $64.0 million gain on the sale of US TAMP assets which had a 10.9 percentage point impact on operating margin. 10 10 Revenue vs. Adjusted Operating Expense Growth 11 11 Adjusted operating expense growth is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Headcount Trends 12 12 Headcount represents permanent, full-time employees. As of December 31, 2024, headcount was 11,085.

2024 Cash Flow and Capital Allocation ($mil) 2 $591.6 $448.9 Operating Cash Flow Free Cash Flow Capital Allocation 13 13 ($mil) Debt Repayments, Net 274.4 Capital Expenditures 142.7 Dividends Paid 69.3 Share Repurchases 11.6 Free cash flow, a non-GAAP measure, is defined as cash provided by or used for operating activities less capital expenditures. See reconciliation table in the appendix of this presentation. Morningstar Reportable Segments and Representative Products 14 Morningstar Data and Analytics Provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making. Morningstar Retirement Offers products to help individuals reach their retirement goals with highly personalized savings and investment advice at the employee level and scalable investment advisory and risk mitigation services at the employer and advisor level. Morningstar Credit Provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. Morningstar Wealth Brings together our model portfolios and wealth platforms; practice and portfolio management software for registered investment advisers (RIAs); data aggregation and enrichment capabilities; and our individual investor platform. PitchBook Licensed Data (Morningstar Data) Morningstar Direct Morningstar Advisor Workstation Provides investors with access to a broad collection of data and research covering the private capital markets, including venture capital, private equity, private credit and bank loans, and merger and acquisition (M&A) activities. Investors can also access Morningstar’s data and research on public equities. PitchBook Platform Morningstar Model Portfolios Morningstar.com Morningstar Office Morningstar DBRS Morningstar Credit (Credit data and analytics) Managed Accounts Corporate and All Other* The operating segments of Morningstar Sustainalytics and Morningstar Indexes have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Morningstar Sustainalytics Morningstar Indexes * Morningstar Data and Analytics Q4 24Q4 23 Q4 24 Performance Drivers: Morningstar Direct (+9.3% organic) and Morningstar Data (+4.8% organic) were the primary revenue contributors. Morningstar Direct benefited from growth across geographies. Increases in managed investment (fund) data helped drive Morningstar Data growth, partially offset by continued softness in exchange market data. Organic revenue, adjusted operating income, and adjusted operating margin are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $192.7 $196.0 15 15 Revenue ($mil) Q4 24Q4 23 $90.4 $85.5 Adjusted Operating Income ($mil) -5.4% 46.9% 43.6% Adj. Operating Margin +1.7% Reported +3.6% Organic Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Direct* ($mil) 16 16 Morningstar Data ($mil) Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. *Morningstar Direct licenses totaled 18,761 as of the end of the fourth quarter of 2024, compared to 18,562 at the end of the prior-year quarter.

Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Advisor Workstation ($mil) 17 17 Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation PitchBook Q4 24Q4 23 Q4 24 Performance Drivers: PitchBook revenue increased 12.5% on a reported and 12.7% on an organic basis compared to the prior-year period, as PitchBook platform licensed users grew 16.4%. PitchBook growth drivers were consistent with recent quarters and reflected strength in PitchBook’s core investor and advisor client segments, including venture capital, private equity, and investment banks. This was partially offset by continued softness in the corporate client segment, especially with smaller firms with more limited use cases. Organic revenue, adjusted operating income, and adjusted operating margin are non-GAAP measures. See reconciliation table in the appendix of this presentation. $144.4 $162.5 18 18 Revenue ($mil) Q4 24Q4 23 $41.4 $48.7 Adjusted Operating Income ($mil) +17.6% 28.7% 30.0% Adj. Operating Margin +12.5% Reported +12.7% Organic Quarterly Segment Product Trends: PitchBook PitchBook Platform and LCD* ($mil) 19 19 Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *Includes revenue from the PitchBook platform, direct data, and LCD. In quarterly supplemental presentations prior to Q1 2024, the PitchBook product area did not include LCD. PitchBook platform licensed users totaled 125,491 as of the end of the fourth quarter of 2024, compared to 107,840 at the end of the prior-year quarter. License counts reflect active users, including Morningstar active users, as well as legacy LCD clients who have migrated to PitchBook licenses, and are normalized for clients who are currently in the renewal process. The timing of activities, such as user maintenance, user audits, provisioning access, shutting off of users, and updates to the user lists when enterprise clients renew, result in fluctuations in license counts over time. As a result, license growth trends are best assessed on a rolling 12-month basis. Morningstar Credit Q4 24Q4 23 Q4 24 Performance Drivers: Morningstar Credit revenue increased 34.5% on an organic basis compared to the prior-year period, with strength in commercial mortgage-backed securities (CMBS), corporates, and residential mortgage-backed securities (RMBS). The revenue increase was primarily driven by higher revenue from the United States and Canada. Organic revenue, adjusted operating income, and adjusted operating margin are non-GAAP measures. See reconciliation table in the appendix of this presentation. $61.5 $82.3 20 20 Revenue ($mil) Q4 24Q4 23 $17.9 $20.2 Adjusted Operating Income ($mil) 29.1% 24.5% Adj. Operating Margin +33.8% Reported +34.5% Organic +12.8%

Quarterly Segment Product Trends: Morningstar Credit Revenue by Asset Class ($mil) Morningstar Credit Q4 24: In Q4 24, structured finance ratings, fundamental ratings, and data licensing accounted for 61.8%, 33.1%, and 5.1% of revenue respectively. Recurring revenue, which is derived primarily from surveillance, research, and other transaction-related services, represented 37.6% of total Morningstar Credit revenue. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. (1) Structured Finance: Asset-Backed Securities, CMBS, RMBS. (2) Fundamental Ratings include Corporate, Financial Institutions, Sovereign, and Other. (3) In quarterly supplemental presentations prior to Q4 23, data licensing revenue was included in “Other” under Fundamental Ratings. 21 21 Quarterly Segment Product Trends: Morningstar Credit Revenue by Geography ($mil) Morningstar Credit Q4 24: Organic revenue increased 46.2% in the U.S., primarily due to higher CMBS and RMBS revenue. Organic revenue increased 36.9% in Canada, primarily due to higher corporate and CMBS revenue, and 6.6% in EMEA, primarily due to higher corporate ratings revenue. Bars represent reported revenue. Percentages represent organic revenue growth (decline). Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. 22 22 27.6% 59.9% Morningstar Wealth Q4 24Q4 23 Q4 24 Performance Drivers: Morningstar Wealth revenue increased 6.2% on an organic basis compared to the prior-year period, primarily driven by growth in Investment Management, supported by higher revenue for Morningstar Model Portfolios (also referred to as Morningstar Managed Portfolios). Organic revenue, adjusted operating income (loss), and adjusted operating margin are non-GAAP measures. Organic revenue excludes platform revenue associated with the US Morningstar Wealth TAMP from the prior-year starting Dec. 1, interim service fees received from AssetMark associated with the sale of customer assets from the US Morningstar Wealth TAMP, and foreign currency impact. Adjusted operating income (loss) excludes the gain on the sale of US Morningstar Wealth TAMP assets, as well as related expenses. $61.2 $65.0 23 23 Revenue ($mil) Q4 24Q4 23 ($5.3) ($0.8) Adjusted Operating Income (Loss) ($mil) (8.7%) (1.2%) Adj. Operating Margin +6.2% Reported and Organic NMF Quarterly Segment Product Trends: Investment Management ($mil) Investment Management Q4 24: Investment Management's revenue increased 16.2% on an organic basis as assets under management (AUMA) increased 12.3% compared with the prior- year period, supported by strong market performance which drove higher asset value. Positive net flows to Morningstar Model Portfolios on third-party platforms and to the International Wealth Platform contributed to higher AUMA. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. 24 24

Morningstar Retirement Q4 24Q4 23 Q4 24 Performance Drivers: Morningstar Retirement revenue increased 11.3% on an organic basis compared to the prior-year period as AUMA increased 19.7%. $30.2 $33.6 25 25 Revenue ($mil) Q4 24Q4 23 $14.8 $17.2 Adjusted Operating Income ($mil) +16.2% 49.0% 51.2% Adj. Operating Margin +11.3% Reported and Organic Organic revenue, adjusted operating income, and adjusted operating margin are non-GAAP measures. See reconciliation tables in the appendix of this presentation. Morningstar Retirement Q4 24: AUMA increased 19.7%, reflecting market gains and positive net flows over the trailing 12 months, supported by strong growth in traditional and Advisor Managed Accounts, and custom models. Quarterly Segment Product Trends: Morningstar Retirement ($mil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. 26 26 Quarterly Product Trends: Corporate and All Other Morningstar Sustainalytics ($mil) 27 27 Morningstar Indexes ($mil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Appendix

2024 Operating and Free Cash Flow Excluding Certain Items ($mil) Free cash flow is a non-GAAP measure and is defined as cash provided by or used for operating activities less capital expenditures. *Relates to the 2023 termination of the Company’s license agreement with Morningstar Japan K.K. (renamed SBI Global Asset Management). **Includes the operating cash flow impact of contingent consideration payments related to the LCD earn-out payment in 2023. 2024 2023 % Change Cash provided by operating activities $591.6 $316.4 87.0% Capital expenditures (142.7) (119.1) 19.8% Free cash flow $448.9 $197.3 127.5% Items included in cash provided by operating activities Payments related to the Termination Agreement* — 59.9 Non-recurring severance and related costs paid for the China transition and related to merger, acquisition, and divestiture activity 1.8 26.4 Contingent consideration related to acquisitions** — 4.5 Cash provided by operating activities, excluding certain items $593.4 $407.2 45.7% Free cash flow, excluding certain items $450.7 $288.1 56.4% 29 29 Key Product Area Revenue ($mil) 30 30 Organic revenue change is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. *Also includes PitchBook direct data. In quarterly supplemental presentations prior to Q1 2024, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. Q4 24 Q4 23 % Change % Organic Change Morningstar Data and Analytics $196.0 $192.7 1.7% 3.6% Morningstar Data $76.9 $73.3 4.9% 4.8% Morningstar Direct $56.9 $52.0 9.4% 9.3% Morningstar Advisor Workstation $24.9 $25.1 (0.8%) (0.8%) PitchBook $162.5 $144.4 12.5% 12.7% PitchBook Platform and LCD* $159.6 $141.5 12.8% 12.8% Morningstar Credit $82.3 $61.5 33.8% 34.5% Morningstar Wealth $65.0 $61.2 6.2% 6.2% Investment Management $37.3 $32.5 14.8% 16.2% Morningstar Retirement $33.6 $30.2 11.3% 11.3% Corporate and All Other Morningstar Sustainalytics $29.4 $30.4 (3.3%) (3.3%) Morningstar Indexes $22.2 $18.2 22.0% 21.9% 31 31 Historical Segment Performance (1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. (2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. Reconciliation from Reported to Organic Revenue Change by Revenue Type 32 32 Organic revenue is a non-GAAP number. In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022 based on the updated classifications; these adjustments are reflected in the Currency and Other line.

Reconciliation from Reported to Organic Revenue Change by Revenue Type 33 33 Organic revenue is a non-GAAP number. In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022 based on the updated classifications; these adjustments are reflected in the Currency and Other line. Reconciliation from Reported to Organic Revenue Change by Product Area 34 34 Organic revenue is a non-GAAP measure. Reconciliation from Reported to Organic Revenue Change by Product Area 35 35 Organic revenue is a non-GAAP measure. *Also includes PitchBook direct data. In quarterly supplemental presentations prior to Q1 2024, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. Reconciliation from Reported to Organic Revenue Change by Product Area 36 36 Organic revenue is a non-GAAP measure.

37 37 Reconciliation from Reported to Organic Revenue Change by Segment Organic revenue is a non-GAAP measure. Reconciliation from Consolidated Adjusted Operating Income to Consolidated Operating Income ($mil) 38 38 Adjusted operating income is a non-GAAP measure. (1) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. (2) Excludes finance lease amortization expense. (3) Reflects non-recurring expenses related to merger, acquisition, and divestiture activity such as pre-deal due diligence, transaction costs, severance, and post-close integration costs. (4) Reflects gain on sale of customer assets from the US Morningstar Wealth TAMP. (5) Reflects costs associated with the significant reduction of the Company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations. Reconciliation from Operating Margin to Adjusted Operating Margin 39 39 Adjusted operating margin is a non-GAAP measure. Reconciliation from Total Operating Expenses to Adjusted Operating Expense ($mil) 40 40 Adjusted operating expense is a non-GAAP measure.

© February 26, 2025. Morningstar. All Rights Reserved. Letter from CEO Kunal Kapoor Fourth-Quarter Earnings 2024 Dear Morningstar shareholders, In the fourth quarter, revenue grew 9.7%, or 10.6% on an organic basis, with higher operating margins compared to the prior-year period. Adjusted operating margin decreased slightly due in large part to a jump in bonus expense, primarily in Morningstar Credit, which delivered robust year-over-year growth. Overall, 2024 was a good year. Revenue grew by double digits on a reported and organic basis and the business generated meaningful increases in reported and adjusted operating income, margins, and operating and free cash flows. I’ll provide a few thoughts on what drove our financial results and use this quarter’s letter to share updates on PitchBook and our advisor offerings. A strong close to the year Morningstar Credit once again led the way in the fourth quarter as ratings-related revenue increased across multiple asset classes including commercial and residential mortgage-backed securities and corporate ratings. Higher corporate ratings revenue for the quarter and the full year reflected both growth in Canada, a market where we’ve long had a leading market position, as well as healthy increases in Europe and the US, where we’ve built capacity to serve middle- and private-market companies. Most parts of the business grew in the quarter compared to the prior-year period, including PitchBook, which I’ll address in more detail below, and Morningstar Data and Analytics, driven primarily by Morningstar Direct and Morningstar Data. Strong market performance over the past year and positive net flows contributed to higher assets under management and advisement, and revenues for Morningstar Wealth and Morningstar Retirement; Morningstar Indexes also grew nicely in the quarter. Against this generally strong backdrop, Morningstar Sustainalytics revenue declined, primarily reflecting the impact of the ongoing streamlining of the licensed-ratings offering and softness in second-party opinions. We continue to manage costs thoughtfully. For the full year, operating margin increased to 21.3%, compared to 11.3% in 2023 and adjusted operating margin increased to 21.7% from 16.0%. We’re pleased with our rising profitability in 2024 and remain focused on increasing adjusted operating income and margins as our business scales. Strong profitability supported higher operating and free cash flows during the quarter. We reduced outstanding debt by $166.3 million and paid a dividend of 40.5 cents per share, or $17.3 million, in the quarter. We announced in December that we would increase our quarterly dividend to 45.5 cents per share for 2025, an increase of 12.3% from the 2024 quarterly rate. During the quarter, we bought back 33,300 shares for $11.6 million. PitchBook Update In 2024, PitchBook made significant contributions to Morningstar revenue growth and reported a healthy improvement in adjusted operating margins, which increased from 26.8% to 30.1%. The increase in profitability partially reflected lower stock-based compensation costs due to the cancellation of the PitchBook management bonus plan after founder John Gabbert’s departure. We’re also seeing the impact of the inherent operating leverage in the business as we grow. Growth slowed in 2024 compared to prior years as the macro environment continued to limit capital raising and deal activity. Rising inflation and interest rates in 2022 and 2023 made for a difficult backdrop as IPOs, M&A, and private equity and venture capital deal flow dropped sharply. While some of these metrics started to recover in 2024, we’re not back to where we were several years ago. Depressed deal activity has put the most pressure on our non-core client segments which have experienced higher churn and weaker conversion rates. These customers typically have fewer use cases in stressed markets. For example, a smaller company might use PitchBook to explore potential M&A opportunities in a healthy market but won’t prioritize that work when market conditions are uncertain. The good news is that demand from our core investor and advisor clients remained robust. Our core clients include venture capital and private equity firms, and investment banks who are regular participants in the private capital value chain; they’re still focused on research, due diligence, and execution to get deals done and PitchBook is core to these workflows. We’ve seen some softening of conversion rates with new clients in our core, and modest pressure on revenue renewal rates, but overall renewal rates have remained relatively robust.

Letter from CEO Kunal Kapoor Fourth-Quarter Earnings 2024 © February 26, 2025. Morningstar. All Rights Reserved. We believe PitchBook has a significant runway for continued growth, supported by strength in our core client segments and favorable longer-term trends in the capital markets. It has become integral to clients who simply love it, as reflected in its high NPS scores. Meanwhile, public and private market convergence only accelerated in 2024. Companies are staying private longer, and at times reaching the scale of public firms, which has further expanded the investor base. Advisors and asset managers are increasingly looking to private markets for diversification and access to wealth assets, accelerating demand for semi-liquid fund structures like interval funds, business development companies (BDCs), and non-listed real estate investment trusts, particularly in private credit. Meanwhile, the private credit market is evolving, with direct lending surging and financial institutions including banks, insurers, and alternative lenders forming strategic tie-ups. We expect these trends to drive continued increases in deal activity, which in turn will drive demand for data and transparency - PitchBook’s bread and butter. Our teams continue to do the hard work to anticipate this demand. Data is at the center of everything we do, and we’re focused on continually expanding and improving our core datasets globally. In 2024, the count of public and private companies on the PitchBook platform crossed the 5.0 million mark, up from 3.8 million at the end of 2023. As of February 2025, PitchBook covers more than 2.5 million investments, 500,000 investors, and 140,000 funds globally. In 2024, we also continued to enhance the PitchBook platform, adding and enriching our clients’ key use cases. We expanded access to public equity data and research, which help support core valuation and due diligence workflows, with the introduction of third-party equity research to complement the Morningstar Institutional Equity Research available on the platform. We also unveiled significant enhancements to PitchBook’s Research Center, including advanced search and filtering capabilities and improved reader view tools, to streamline market analysis and due diligence workflows. We continued to build out our private credit capabilities, with the launch of PitchBook Credit, a centralized resource on the PitchBook platform that combines PitchBook’s proprietary data with Leveraged Commentary & Data (LCD) news, research, and tools to streamline credit workflows. PitchBook integrated LCD’s BDC portfolio holdings data and collateralized loan obligation data into PitchBook Credit, which, combined with PitchBook’s existing coverage, deliver transparency into historically opaque debt deals and fund disclosures. These enhancements helped support the migration of clients who joined with the LCD acquisition to the PitchBook platform; that process is nearly complete with close to 90% of clients transitioned. Finally, as I noted in my Q3 24 letter, our efforts to stay ahead of public-private market convergence extend across the business and include a close collaboration between PitchBook and Morningstar Indexes. In January, we launched the Morningstar PitchBook Unicorn 30 Index which tracks the 30 largest and most liquid late-stage venture capital-backed private companies valued at $1 billion or more, providing investors with access to some of the most innovative and fastest growing companies across developed global markets. Meanwhile, Morningstar Credit is meeting the increased demand for private credit ratings in sectors ranging from so-called esoteric asset-backed securities and asset-based lending to investment grade and non-investment grade private placement corporate transactions. We estimate that roughly a quarter of Morningstar Credit’s 2024 revenue was related to ratings on private transactions, a share that’s up from 18% in 2022. PitchBook is a leader in private market data, with a position built on the breadth and depth of its data, complemented by its research, news, and analytics. We’re gaining good traction in private credit and were recently named Data Provider of the Year for Credit in Europe by Private Equity Wire. As private markets continue to grow, we believe we’re well-positioned to grow with them, deepening our reach with existing and new clients alike. Changes to our advisor line up Earlier this month, we announced an agreement with SS&C Technologies that will make SS&C’s Black Diamond Wealth Platform the first portfolio management system to integrate with Direct Advisory Suite, a newly launched global solution that represents the next generation of Morningstar Advisor Workstation. At the same time, we announced our plans to retire Morningstar Office. We have worked closely with Black Diamond to design a smooth process for Morningstar Office clients who choose to transition to Black Diamond; these clients will continue to have access to Morningstar data and research. The agreement with SS&C Technologies and the decision to retire Morningstar Office mark an important step in our efforts to streamline our Morningstar Wealth offering and focus on areas where we have the greatest confidence that we can scale without making significant new capital investments. While the business will look a lot different—and smaller—than it previously did, it will be more focused and, we anticipate, more profitable.

Letter from CEO Kunal Kapoor Fourth-Quarter Earnings 2024 © February 26, 2025. Morningstar. All Rights Reserved. What I'm Reading Here’s recent commentary by our researchers that I especially enjoyed: • The Best Robo-Advisors of 2025, Dan Culloton, Feb. 19, 2025 • Low-Cost Provider Vanguard Gathers the Most Fee Revenue, Bridget B. Hughes, Jason Kephart, and Jack Shannon, Feb. 12, 2025 • How Unequal Shareholder Rights Influence Proxy Voting Outcomes and Corporate Governance, Jackie Cook, Matteo Felleca, Ignacio Garcia Giner, Feb. 4, 2025 • ETFs drive recent growth in leveraged loan fund AUM, Brenn Jones, Jan. 31, 2025 • PitchBook Global M&A Report, Garrett Hinds, Jinny Choi, Kyle Walters, Aaron DeGagne, and Nicolas Moura, Jan. 29, 2025 • In a Mixed Year for Sustainable Investing – Most Climate and Net Zero-Aligned Indexes Outperformed in 2024, Rob Edwards and Dan Lefkovitz, Jan. 28, 2025 • Global Sustainable Fund Flows: Q4 2024 in Review, Hortense Bioy, Jan. 27, 2025 • Industry Landscape: Defense, Loredana Muharremi and Nicolas Owens, Jan. 21, 2025 • Unicorns and the Growth of Private Markets, Morningstar Indexes, Jan. 21, 2025 • Los Angeles Area Wildfires Will Cause Record Insured Losses; Solutions to Address Insurability Are Needed, Patrick Douville and Marcos Alvarez, Jan. 15, 2024 • Voting on ESG: A Gap Becomes a Gulf, Lindsey Stewart, Jan. 2025 • PitchBook LCD US Credit Markets Quarterly Wrap, Q4 2024 • Private Credit Outlook: Pace of Downgrades May Slow in 2025, Michael Dimler, Michael Zbinovec, Toby Moerschen, and Krutang Desai, Dec. 12, 2024 • 9 VC firms collected half of all money raised by US funds in 2024, Rosie Bradbury, Dec. 11, 2024 • AI Exuberance Has Overripened Apple's Valuation, William Kerwin, Nov. 20, 2024 • European Automotive and Pharmaceutical Industries Highly Exposed to U.S. Tariffs, Patrick Douville and Marcos Alvarez, Nov. 5, 2024 • The Top US Fund Families in 5 Charts, Alyssa Stankiewicz and Bridget B. Hughes, Oct. 15, 2024 • When Will Public and Private Equity Markets Finally Converge?, Jack Shannon, Oct. 7, 2024

Letter from CEO Kunal Kapoor Fourth-Quarter Earnings 2024 © February 26, 2025. Morningstar. All Rights Reserved. You may also appreciate these recent pieces that share more about our strategy and product innovations: • Morningstar CEO: 'We Win When Investors Win,' At Barron’s podcast, Feb. 20, 2025 • Morningstar CEO: The battle to get private markets data, Citywire, Feb. 13, 2025 • Investors First: Demystifying Private Capital Markets, Morningstar, Feb. 13, 2025 • Morningstar advisory platform integrates with Black Diamond, Citywire, Feb. 13, 2025 • 60 seconds with Morningstar's Nick Cheung, Ignites Asia, Feb. 5, 2025 • India in early stages of shift towards passive funds: Morningstar CEO Kunal Kapoor, The Economic Times, Feb. 4, 2025 • UIC lands donation to start 2 scholarship funds for design school, Crain’s Chicago Business, Jan. 23, 2025 • Morningstar, PitchBook Create Index for VC Unicorns, WealthManagement.com, Jan. 22, 2025 • AI powers new tech for advisors to manage tax, research and more, InvestmentNews, Jan. 14, 2025 • Where Data Speaks Materiality, Morningstar, Nov. 13, 2024 • What's in a name? A lot, when it comes to humanizing AI, Financial Planning, Nov. 5, 2025 • Investors First: Morningstar’s Outlook on Nvidia, AI Computing, and the Semiconductor Industry, Morningstar, Oct. 31, 2024 • Private market investing is on the rise. Here's why., Yahoo Finance, Oct. 24, 2024 Best regards, Kunal This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “will,” “estimate,” “predict,” “potential,” “prospects,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar’s business and financial results are in our filings with the SEC, including our most recent reports on Forms 8-K, 10-K and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. In addition, this letter references non-GAAP financial measures including, but not limited to, organic revenue, free cash flow, adjusted operating income and adjusted operating margin. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A discussion of our fourth quarter and full year results, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures described in this letter, is provided in our earnings release for the three months ended December 31, 2024, which has been furnished to the SEC and is available on our website.

Cover	Feb. 26, 2025
Entity Information [Line Items]
Document Period End Date	Feb. 26, 2025
Entity Registrant Name	MORNINGSTAR, INC.
Entity Incorporation, State or Country Code	IL
Entity File Number	000-51280
Entity Tax Identification Number	36-3297908
Entity Address, State or Province	IL
Entity Address, Address Line One	22 West Washington Street
Entity Address, City or Town	Chicago
Entity Address, Postal Zip Code	60602
Local Phone Number	696-6000
City Area Code	312
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	MORN
Security Exchange Name	NASDAQ
Document Type	8-K
Entity Central Index Key	0001289419
Amendment Flag	false

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