Morningstar Inc (MORN)

PitchBook’s VC Exit Predictor Now Forecasts When Companies Will ExitJuly 9, 2026 12:01 AM
Business Wire The new Time to Exit tool uses machine learning to predict the likelihood that a VC-backed company will exit within one, three, or five years PitchBook, the leading private capital market intelligence platform, today announced the launch of Time to Exit, a new predictive tool within its VC Exit Predictor that forecasts when a venture-backed company is likely to exit. Powered by machine learning, Time to Exit estimates the probability of a successful exit within one, three, or five years, bringing timing intelligence to a question that has long relied on manual modeling or instinct. The tool arrives as venture exits rebound from a prolonged drought — IPOs are returning and M&A is picking up — but the recovery is uneven, making the question of when more consequential than ever. Timing shapes nearly every decision in venture capital, from how general partners size portfolio reserves to how limited partners evaluate fund performance and plan for liquidity, yet existing tools could signal whether and how a company might exit while offering little insight into when. "For venture investors, knowing whether a company will exit has always been only half the question — the harder part is knowing when," said Andrew Akers, Associate Director, Quantitative Research at PitchBook. "Exit timing has become one of the most pressing questions across the industry, shaping everything from fund returns to how LPs plan for liquidity. Time to Exit brings real data to a decision that has long relied on instinct, giving investors a more consistent way to anticipate when an exit is likely." Time to Exit is the newest addition to PitchBook's VC Exit Predictor, which launched in 2023. The tool already estimates whether a company will exit and how — through a public listing or an acquisition. Now it also forecasts when. These estimates update daily as a company's profile evolves, incorporating market conditions, employee data, fundraising pace, and time since last funding round, among other factors. Available within Market Analysis on the PitchBook Platform, the combined analysis supports workflows across the private capital lifecycle: Deal sourcing: Screen for companies by likely to exit timing and outcome, and prioritize those closest to a near-term liquidity event. Portfolio monitoring: Track how a company's exit probability and expected timing shift quarter over quarter to inform follow-on and reserve decisions. LP reporting: Replace informal projections with model-driven estimates of when capital is likely to be returned. Benchmarking: Compare exit profiles — likelihood, path, and timing — across companies, sectors, and geographies. "Private markets continue to experience extended holding periods where investment cycles are stretching, and LPs have more infrequent liquidity events," said Nizar Tarhuni, Executive Vice President of Research and Market Intelligence. "With Time to Exit, both allocators and GPs have a tool to help them better anticipate and model their expected liquidity outcomes. This offers a signal that touches every consequential decision in the fund lifecycle, providing data-backed predictions where the industry has historically relied on assumption.” Time to Exit joins a growing body of proprietary, machine learning–driven research from PitchBook's quantitative research team. Following the launch of PitchBook Valuation Estimates earlier this year, the team continues to turn PitchBook's private market data into forward-looking signals that help investors price, time, and manage their investments with greater confidence. Together with generative AI experiences like PitchBook Navigator, these tools reinforce PitchBook's position as a trusted, independent authority on private market intelligence. To learn more about PitchBook’s VC Exit Predictor, click here. About PitchBook, a Morningstar company As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc. For more information, visit www.pitchbook.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260708382165/en/ PR@pitchbook.com Original: PitchBook’s VC Exit Predictor Now Forecasts When Companies Will Exit

Morningstar, Inc. to Announce Second-Quarter 2026 Financial Results on July 29June 29, 2026 4:15 PM
Business Wire Morningstar, Inc. (Nasdaq: MORN), plans to report its second-quarter 2026 financial results after the market closes on Wednesday, July 29, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at investors@morningstar.com. About Morningstar 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 $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. ©2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260629604396/en/ Stephanie Lerdall, +1 312 696-6037, Newsroom@morningstar.com Original: Morningstar, Inc. to Announce Second-Quarter 2026 Financial Results on July 29

Morningstar Expands AI Integrations with Microsoft to Bring Trusted Investment Intelligence into Enterprise WorkflowsJune 25, 2026 9:30 AM
Business Wire Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today announced a suite of integrations with Microsoft technologies designed to bring Morningstar’s trusted investment intelligence directly into AI-powered workflows used by financial services firms. The integrations span Microsoft 365 Copilot, Copilot Studio, and Microsoft 365 ecosystems, enabling investment professionals to access Morningstar’s analyst-driven insights and investment data within the tools they already use for research, analysis, and client servicing. Together, these capabilities are designed to help reduce the gap between data and decision-making by embedding trusted investment intelligence directly into AI-driven workflows. “Investment teams are embracing AI to work faster and more efficiently, but trust remains essential,” said Adam Wheat, chief technology officer for the Direct Platform at Morningstar. “Bringing Morningstar’s data and research into Microsoft tools embeds our independent investment intelligence into the everyday workflows firms already use—helping support more informed decisions across the investment process.” Expanding Access to Morningstar Intelligence Across the Microsoft Ecosystem Morningstar’s new Microsoft 365 Copilot connector uses Model Context Protocol (MCP) to expand how its data and research can be accessed within AI-driven workflows Morningstar Federated Copilot Connector
The federated Copilot connector enables Morningstar data and research to surface alongside internal datasets within Microsoft tools like Copilot Chat, Copilot in Excel, and Researcher agent. Users can draw on Morningstar’s data in real time for more in-depth AI-driven investment research, analysis, and reporting without switching platforms. The connector is designed to work within firms’ existing security controls, helping support compliance and oversight requirements. Morningstar agent in Microsoft 365 Copilot
A dedicated Copilot agent allows users to surface analyst-backed information grounded in Morningstar’s proprietary data and analytics. The experience is designed to support faster, more efficient workflows while maintaining the transparency and rigor that investors rely on. Morningstar Plugin for Microsoft 365 Copilot Cowork
The Morningstar plugin for Copilot Cowork seeks to bring an expert approach to fund screening, analysis and comparison through investment research, trusted data, and proprietary analytics across global asset classes. This aims to increase transparency, accuracy, and consistency in investment workflows. Copilot Cowork extends this across the Microsoft ecosystem, providing teams with access to Morningstar insights in broader enterprise work. Across these integrations, Morningstar expands the reach and accessibility of its insights for asset and wealth managers, advisors, and other financial services firms. These launches advance Morningstar’s broader AI strategy, which is to transform the way investment intelligence is curated, delivered, and applied. The strategy is grounded in combining AI with human expertise at scale, embedding intelligence into the workflows where investment decisions happen and delivering proprietary data and insights through the platforms clients already use. Through these efforts, Morningstar aims to be the trusted foundation for investors, empowering more informed decisions grounded in independent research and insights. “AI is transforming how financial institutions make decisions—and those decisions must be grounded in trusted, high-quality data,” said Bill Borden, corporate vice president, Worldwide Financial Services, Microsoft. “Through our collaboration with Morningstar, we’re bringing independent investment insights directly into Microsoft 365 Copilot, Copilot in Excel, and other Microsoft tools—helping teams move faster and act with greater confidence.” Learn more about Morningstar Direct AI Solutions here. 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 $370 billion in AUMA as of March 31, 2026. 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 “ consider,” “future,” “maintain,” “may,” “expect,” “potential,” “anticipate,” “believe,” “continue,” “will,” “intend,” “aim,” “seek,” “designed,” 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 other things, failing to innovate our product and service offerings or anticipate our clients’ changing needs. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Report on Form 10-K. 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 or 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. ©2026 Morningstar, Inc. All rights reserved. MORN-P View source version on businesswire.com: https://www.businesswire.com/news/home/20260624692304/en/ Michael Claussen, +1 312 696-6037, Newsroom@morningstar.com Original: Morningstar Expands AI Integrations with Microsoft to Bring Trusted Investment Intelligence into Enterprise Workflows

PitchBook Expands Premium AI Integrations with Microsoft 365 Copilot and Copilot in ExcelJune 25, 2026 9:15 AM
Business Wire New integrations bring trusted private market intelligence directly into Microsoft 365 and Excel workflows PitchBook, a leading private capital market intelligence platform, today announced a new federated Copilot connector with Microsoft, bringing trusted private capital market data into Microsoft 365 Copilot — including Copilot in Excel, Copilot Chat, and Researcher. The connector brings trusted private capital market data into secure enterprise AI environments and enables licensed users to interact with PitchBook intelligence directly within the Microsoft 365 Suite. Through this collaboration, enterprise teams can access and apply PitchBook data within Microsoft 365 Copilot, combining AI-powered productivity tools with trusted market intelligence. Licensed users of both Microsoft 365 Copilot and PitchBook can now engage directly with the PitchBook Copilot agent using natural language to surface insights, build models, summarize research, and create presentations—all within Microsoft 365 applications. Within Copilot in Excel, the same connector extends this capability directly into the workbook, allowing finance teams to build target lists, run diligence workflows, and screen investments with PitchBook's institutional-grade private capital market intelligence — company profiles, deal histories, fund data, and analyst research — grounding every answer in a traceable, trusted source. The announcement marks a key milestone in PitchBook’s deliberate, data-first approach to AI and ML. Powered by the most reliable, human-verified private capital market data, PitchBook’s AI capabilities are designed to prioritize accuracy and purpose, delivering the trusted market intelligence investors and dealmakers rely on every day. The integration builds on PitchBook’s broader AI and ML strategy, which includes building AI experiences within its platform through PitchBook Navigator, developing proprietary tools, such as the VC Exit Predictor, and expanding integrations with leading LLM and AI-powered platforms through its Premium and Essential partner programs. These partnerships make it easier for professionals to access PitchBook data within the tools they already use to simplify data navigation and accelerate informed decision-making. Key benefits of PitchBook’s LLM and AI integrations include: Seamless workflow integration – Access PitchBook insights securely within enterprise-grade AI environments. Enhanced data discoverability – Use natural language to surface tailored, actionable insights for deal sourcing, valuation, due diligence, and strategic decision-making. Security and privacy – Built with a deep commitment to data privacy, PitchBook’s integrations ensure client data remains siloed and fully under user control. Our AI technologies do not learn from or retain proprietary client data, ensuring that sensitive information is handled responsibly and protected at all times. “The value of any AI-driven insight starts with the quality of the underlying data,” said Tom Van Buskirk, EVP of Technology and Engineering at PitchBook. “PitchBook’s trusted private market data provides the foundation that AI tools need to deliver insights that professionals can rely on. Through our collaboration with Microsoft and integration with Microsoft 365 Copilot and Excel, we’re expanding access to that intelligence within one of the most widely adopted productivity platforms in the world, helping customers move from question to insight more seamlessly.” “By integrating PitchBook’s high-quality private market data into Microsoft 365 Copilot and Copilot in Excel, we’re enabling professionals to unlock deeper financial insights directly within the tools they use every day,” said Chantrelle Nielsen, Principal Product Management for Microsoft 365 Copilot at Microsoft. “This collaboration brings together trusted data and powerful AI to streamline complex workflows, helping users move from questions to decisions with greater speed, clarity, and confidence.” To learn more about PitchBook’s AI partnerships, click here. About PitchBook, a Morningstar company As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc. For more information, visit www.pitchbook.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260625592324/en/ PR@pitchbook.com Original: PitchBook Expands Premium AI Integrations with Microsoft 365 Copilot and Copilot in Excel

Morningstar Indexes & Houlihan Lokey to Launch Daily Valued Index Suite for the Collateralized Loan Obligation (CLO) Market.June 24, 2026 11:00 AM
Business WireMorningstar Houlihan CLO Indexes, to be introduced later this year, are designed to improve transparency and consistency in rapidly growing but still underserved market for CLO indexes, data, and research. Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights and market data, today announced a strategic collaboration with leading global investment bank Houlihan Lokey (NYSE: HLI) to develop a new suite of daily valuation indexes to help investors measure and invest in collateralized loan obligations (CLOs).Through this new initiative, Morningstar Indexes will work with Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services team to develop the Morningstar Houlihan CLO Indexes. The index series will combine Morningstar’s design and governance with Houlihan Lokey’s valuation framework and credit market expertise to address the growing need for reliable benchmarks in the rapidly expanding CLO market.CLOs have evolved in the last decade from a niche structured product into a trillion-dollar global asset class, driven by growing investor demand for yield, floating-rate exposure, and diversified credit alternatives. Industry experts estimate that the global CLO market, which has grown into more than $1.5 trillion in assets, could exceed $3 trillion in investor assets by 2030.*As the market has expanded, however, the availability of consistent benchmarks and transparent, frequent pricing has not kept pace, making it harder for investors to assess performance and risk with confidence. The new indexes will establish a new benchmark standard for the CLO market, enabling investors to better assess performance, manage risk, and navigate an increasingly important segment of private credit.Sanjay Arya, head of innovation for Morningstar Indexes, commented: “We’re thrilled to join forces with Houlihan Lokey, the market leader in valuations for illiquid assets and a recognized authority in CLO pricing and credit market analytics, to address a clear investor need. Alongside our existing category leading leveraged loan indexes, this collaboration will enable Morningstar to introduce a new family of benchmarks in one of the fastest-growing segments of private credit and bring more transparency to private markets.”Dr. Cindy Ma, managing director and global head of portfolio valuation and fund advisory services for Houlihan Lokey, commented: “The growth of the CLO market, a highly specialized asset class, has outpaced the development of high-quality investor tools. As complexity and assets rise, data, transparency, and advanced analytics are becoming critical competitive differentiators for investors operating in this market. We’re excited to work with Morningstar Indexes to better serve the rapidly growing CLO investor market.”About Morningstar IndexesMorningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity research and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.About Houlihan LokeyHoulihan Lokey, Inc. is a leading global investment bank recognized for delivering independent strategic and financial advice to corporations, financial sponsors, and governments. With uniquely deep industry expertise, broad international reach, and a partnership approach rooted in trust, the firm provides innovative, integrated solutions across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Our unmatched transaction volumes provide differentiated, data-driven perspectives that help our clients achieve their most critical goals. To learn more about Houlihan Lokey, please visit HL.com.Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services practice is a leading advisor to many of the world’s largest asset managers who rely on our (i) strong reputation with regulators, auditors, and investors; (ii) private company, structured product, and derivative valuation experience; and (iii) independent voice.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 $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.©2026 Morningstar, Inc. All rights reserved.*Source: Bank of America and The Business Research CompanyMORN-PView source version on businesswire.com: https://www.businesswire.com/news/home/20260624539691/en/Tim Benedict, +1 203 339-1912, tim.benedict@morningstar.com
Louis Hogan, + 44 73454 40330, louis.hogan@morningstar.com
John Gallagher (Houlihan Lokey), +1 917 331 1580, jgallagher@HL.com Original: Morningstar Indexes & Houlihan Lokey to Launch Daily Valued Index Suite for the Collateralized Loan Obligation (CLO) Market.

Morningstar Sustainalytics Enhances Physical Climate Risk Capabilities with XDI and VeridionJune 24, 2026 4:36 AM
Business Wire Dataset is designed to translate asset-level climate hazards into risk metrics for investors Morningstar Sustainalytics, a leading provider of sustainable investing research, ratings, and data, today announced it is collaborating with XDI (Cross Dependency Initiative), physical climate risk specialists, and Veridion, an AI-powered business data platform to further develop its physical climate risk product for asset managers and asset owners. This development intends to address a key gap in existing climate risk tools by seeking to translate physical hazard exposure into financially relevant insights. While the industry has made progress in identifying which assets face exposure to floods, wildfires, heat stress and other climate hazards, converting that exposure into metrics that support real investment decisions remains an evolving challenge. A group of asset managers and asset owners will act as partners, providing ongoing input on use cases, data needs, and integration into existing investment workflows. This will build on Morningstar Sustainalytics’ broader climate offering, including its Low Carbon Transition Ratings and existing Physical Climate Risk Metrics. David Pagliaro, president, Morningstar Sustainalytics, commented: “Working with XDI and Veridion reflects an important evolution in how physical climate risk is assessed and applied in investments. Physical asset-level hazard data has become more available, but investors have lacked a consistent framework to determine financial relevance at the portfolio level. By connecting exposure, asset materiality and financial impact through business interruption, this approach aims to help institutional investors identify where physical risks are most likely to affect long-term value and inform the integration of those insights into portfolio construction and risk management.” This development brings together three complementary capabilities from each organization to create a more integrated view of physical climate risk. XDI will provide asset-level hazard impact analysis through its engineering-based Climate Risk Engines, combining sub-asset data, hazard modeling and forward-looking climate scenarios to estimate how climate hazards translate into operational disruption. These are designed to be consistent with key industry frameworks such as the Task Force on Climate-Related Financial Disclosures (TCFD) and the International Sustainability Standards Board (ISSB). Veridion will supply the geolocation and business intelligence layer needed to help map companies to their physical assets and operations globally. Veridion’s AI-enabled company intelligence platform supports the mapping of corporate entities to their physical assets and operations at global scale. Veridion's business and asset intelligence will connect directly to XDI's physical asset models. Morningstar Sustainalytics will integrate each component of the product through its proprietary investment research framework. Central to this is a new Asset Materiality Assessment. This is a structured methodology for determining which physical assets are likely to be material to a company's core business activities. Not all assets exposed to climate hazards are equally consequential for investors. The Asset Materiality Assessment will seek to make that distinction clearer, with the aim of ensuring that physical risk signals are weighted by their estimated relevance to operations, revenue generation and long-term earnings capacity. The output is expected to combine asset-level physical risk data with company-level financial signals, giving investors a view that is intended to span granular exposure detail to portfolio-level financial implications. Dr. Karl Mallon, founder and head of science and technology, XDI commented: "For nearly two decades, the XDI team has been pioneering physical climate risk analysis. The XDI Climate Risk Engines have always been designed to utilize detailed information on asset design, construction, and materiality. Until now, however, acquiring that level of intelligence at scale has been extremely difficult. Veridion helps make this rich business and asset data accessible. XDI translates it into sophisticated climate risk metrics. Morningstar Sustainalytics then seeks to transform those insights into a new generation of decision-ready intelligence for investors and the broader financial sector." Florin Tufan, CEO of Veridion, commented: "Physical climate risk hinges on a deceptively simple question: which company owns what, and where? Veridion's live company graph answers it at global scale, mapping which assets belong to which companies, where they operate, and what activity is occurring at each location, so when investors act on an exposure number, they're acting on the world as it is." 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 $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. About Morningstar Sustainalytics Morningstar Sustainalytics is a leading sustainable investment data, research, and ratings firm that supports investors around the world with the development and implementation of responsible investment strategies. For more than 30 years, the firm has been at the forefront of developing high-quality, innovative solutions to meet the evolving needs of global investors. Today, Morningstar Sustainalytics works with hundreds of the world’s leading asset managers and pension funds who incorporate sustainability information and assessments into their investment processes. The firm also works with hundreds of companies and their financial intermediaries to help them consider material sustainability factors in policies, practices, and capital projects. Morningstar Sustainalytics has analysts around the world with varied multidisciplinary expertise across more than 40 industry groups. For more information, visit www.sustainalytics.com. About Veridion Veridion is a global company-intelligence data provider that maintains a living knowledge graph of the world's businesses, fusing legal identity with operating reality across roughly 600 million companies and updating continuously as the world changes. Each company profile spans firmographics, locations and operational footprint, products and services, ownership and corporate linkage, ESG, and technographics. Organizations build on Veridion to automate decisions about companies at scale across risk, underwriting, and market intelligence. Data is delivered through APIs, batch, and warehouse-native feeds, with source provenance and a confidence score on every attribute. Learn more at veridion.com. About XDI (Cross Dependency Initiative) XDI is a global specialist in physical climate risk and adaptation analysis. Since 2007, the XDI team has helped governments, investors, insurers, banks and corporations understand the impacts of climate change and extreme weather on physical assets, infrastructure and operations. Combining climate science, engineering and financial analysis, XDI delivers asset-level physical climate risk analysis that support resilience planning, investment decision-making and climate adaptation. XDI is part of The Climate Risk Group. In 2025, XDI was recognised as market leader in both the Forrester Wave™: Climate Risk Analytics Software and Verdantix Smart Innovators: Physical Climate Risk Solutions assessments. ©2026 Morningstar, Inc. All rights reserved. MORN-P View source version on businesswire.com: https://www.businesswire.com/news/home/20260624453484/en/ Louis Hogan louis.hogan@morningstar.com +44 73454 40330 Original: Morningstar Sustainalytics Enhances Physical Climate Risk Capabilities with XDI and Veridion

Morningstar, Inc. Declares Quarterly Dividend of 50 Cents Per ShareJune 18, 2026 4:15 PM
Business Wire The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in April. The dividend is payable July 31, 2026, to shareholders of record as of July 10, 2026. Please contact investors@morningstar.com with any questions. 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 $370 billion in AUMA as of March 31, 2026. 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 achieve the anticipated benefits of the CRSP acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors 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; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology of our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; 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; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; 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 (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, 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 we operate in could materially affect our tax obligations and tax rates; the potential 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 repurchase shares of our common stock; 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; volatility in our stock price due to market conditions; any future sales of 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 Report on Form 10-K. 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Morningstar in any jurisdiction. ©2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260618663079/en/ Michael Claussen, +1 312 696-6037, newsroom@morningstar.com Original: Morningstar, Inc. Declares Quarterly Dividend of 50 Cents Per Share

Morningstar Report Finds Semiliquid Fund Market Nears $600 Billion as Private Credit Loses SteamJune 16, 2026 8:05 AM
Business Wire Latest State of Semiliquid Funds points to signs of a maturing market and highlights the importance of investor understanding as private market access expands. Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today released “The State of Semiliquid Funds 2026,” highlighting a rapidly evolving market approaching $600 billion in assets that is entering a new phase as investor demand shifts and key risks become more apparent. The report finds that semiliquid, or “evergreen,” fund assets have more than doubled since 2022, following several years of growth fueled by private credit. More recently, however, demand for credit strategies has cooled sharply, redemptions are rising, and capital is rotating into private equity and venture capital funds. At the same time, early signs of fee competition are emerging as asset managers respond to increased scrutiny around costs. “The semiliquid market has scaled rapidly on the back of investor enthusiasm, but over the past year it has begun to collide with questions about how these structures actually behave in practice,” said Jason Kephart, senior principal at Morningstar. “To effectively use private markets, we believe the focus should be on fundamentals, with investors taking a holistic view of how fees, leverage, and liquidity shape outcomes. Our independent research helps improve transparency and bring those trade-offs into focus.” Key Findings Semiliquid fund assets approached $600 billion as of March 2026.
Venture capital and private equity emerged as key growth drivers, with investors seeking exposure to high-profile AI and technology companies. Venture capital funds recorded approximately $8 billion in net inflows over the 12 months ended March 2026, while private equity inflows reached $14.5 billion. Private credit—previously the main growth engine—is losing momentum.
Concerns over software exposure and credit quality have dampened investor appetite, contributing to a roughly $1 billion dip in net assets for the category during the first quarter of 2026. High fees remain a core challenge for outperformance.
The average expense ratio for semiliquid funds is around 3%, significantly higher than traditional funds, and often excludes the full impact of incentive fees. Investors should also be aware that many complex fee structures continue to favor managers. Liquidity pressure is coming into focus.
Demand for redemptions has been rising, exposing the gap between limited withdrawal windows and hard-to-sell private assets. Most funds allow quarterly withdrawals, capped at 5%, which for some funds may not hold up when many investors try to exit at once. New pricing models could reshape how investors access private markets.
Blackstone, who dominates market share by assets, recently introduced a structure that gives 401(k) plans a choice between an incentive fee or a flat fee that may lead to lower expenses over time—an early indication that fee competition may be emerging, particularly in retirement channels. Few semiliquid funds earn strong ratings.
Morningstar rated 19 semiliquid funds last year, but only four received a forward-looking Medalist Rating of Bronze or Silver, reflecting Morningstar’s view that few funds are likely to outperform peers and public market equivalents after fees. The trends in the report underscore the view that access to private markets is only valuable if investors understand the management of funds in their portfolio. Yet a significant knowledge gap remains, with just 16% of financial advisors saying they are “very familiar” with semiliquid fund structures1. Morningstar’s research and semiliquid fund ratings aim to promote greater transparency and a more consistent language for investors and advisors to compare fees, liquidity, leverage, and potential outcomes. Read the full State of Semiliquid Funds 2026 report here. 1 Source: Morningstar Investor Perspectives. Data as of 2026. 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 $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc. Morningstar’s Manager Research Group Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Manager Research provides independent, fundamental analysis on managed investment strategies. Morningstar views are expressed in the form of Morningstar Medalist Ratings, which are derived through research of three key pillars—People, Process, and Parent. The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. A global research team issues detailed research reports on strategies that span vehicle, asset class, and geography. Medalist Ratings are not statements of fact, nor are they credit or risk ratings, and should not be used as the sole basis for investment decisions. A Medalist Rating is not intended to be nor is a guarantee of future performance. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities. ©2026 Morningstar, Inc. All rights reserved. MORN-R View source version on businesswire.com: https://www.businesswire.com/news/home/20260615497773/en/ Michael Claussen, +1 312 696-6037, newsroom@morningstar.com Original: Morningstar Report Finds Semiliquid Fund Market Nears $600 Billion as Private Credit Loses Steam

PitchBook Wins Lattice's 2026 Performance Impact AwardJune 11, 2026 4:19 PM
Business Wire PitchBook, the leading private capital market intelligence platform, has been named the winner of the Performance Impact Award at Lattice's 2026 People Success Awards, presented at Lattiverse, Lattice's annual people success conference. The award recognizes organizations whose people strategy directly impacts business performance and drives lasting success. PitchBook was selected for its work redesigning talent and performance processes to build a culture of continuous, high-quality feedback – connecting performance conversations to employee development and business outcomes. The results included review completion rates rising from 65% to over 90% in a single quarter, with 80% of employees now reporting they receive useful feedback from their manager. "At PitchBook, we're committed to empowering our people with meaningful feedback and the tools to do their best work," said Amy Whaley, Chief People Officer at PitchBook. "This recognition reflects the work our entire organization has put into making performance conversations more intentional, more actionable, and more connected to how people grow here. We're proud of what the team has built and look forward to the continued success of our people." This recognition reflects PitchBook’s broader commitment to investing in its people as the company continues to grow. With over 3,000 team members across offices in Seattle, San Francisco, New York, London, and Singapore, PitchBook provides comprehensive coverage of the private and public markets — delivering the data, research, and technology that investment and research professionals rely on. To learn more about careers at PitchBook, click here. About PitchBook, a Morningstar company As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260611982083/en/ PR@pitchbook.com Original: PitchBook Wins Lattice's 2026 Performance Impact Award

CME Group and Morningstar Announce Exclusive Index Derivatives Licensing AgreementJune 10, 2026 4:55 PM
PR Newswire (US) CHICAGO, June 10, 2026 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, along with Morningstar, a leading provider of independent investment insights, today announced that they have entered into a multi-year licensing agreement for CME Group to launch derivatives products based on key Morningstar equity index benchmarks, including the Morningstar US Total Market, Large Cap, Large Cap Value, Large Cap Growth, Mid Cap, and Small Cap Indexes.Through this exclusive agreement, CME Group will offer derivatives on the Morningstar Market Indexes, currently rebranding from CRSP, for the first time, enabling clients to utilize derivatives based on the indexes which underpin over $3 trillion in linked assets."We are pleased to partner with Morningstar to help unlock more precise, next-generation risk management tools for the global investment community," said Tim McCourt, CME Group Senior Managing Director and Global Head of Equities, FX and Alternative Products. "Together, CME Group's deeply liquid equity derivatives marketplace paired with Morningstar's data-driven, benchmark ecosystem is expected to allow us to provide our global clients with an optimized framework to safely navigate market volatility and capture new opportunities.""We're excited to collaborate with CME Group to offer derivative products for the first time on the Morningstar Market Indexes, the most definitive and comprehensive measures of the US equity market," added Morningstar Indexes President Amelia Furr. "With our acquisition of CRSP earlier this year, we have become a leading provider of U.S. equity benchmarks, and the new relationship with CME Group will accelerate our growth even further. Most exciting, we expect to open new doors and bring our high-quality equity indexes to an entirely new segment of the global investment marketplace."About CME Group 
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.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 $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.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 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. These risks and uncertainties include, among others, failing to achieve the anticipated benefits of the licensing agreement between CME Group and Morningstar. If any of these risks and uncertainties materialize, 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.About Morningstar Indexes
Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP's Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar's equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.CME-GMORN-C View original content:https://www.prnewswire.com/news-releases/cme-group-and-morningstar-announce-exclusive-index-derivatives-licensing-agreement-302797286.htmlSOURCE CME Group; Morningstar, Inc. Original: CME Group and Morningstar Announce Exclusive Index Derivatives Licensing Agreement

AI Research Integration Expands Morningstar (MORN) and PitchBook Distribution Through PerplexityMay 8, 2026 11:00 AM
IH Market News Morningstar and PitchBook are integrating their investment research and market intelligence into Perplexity’s AI platform as firms compete to embed financial data into AI-driven workflows. Key Investor Takeaways Morningstar, Inc. (NASDAQ:MORN) and PitchBook announced a new integration with Perplexity focused on AI-powered investment research workflows. The partnership allows eligible users to access Morningstar and PitchBook intelligence directly within Perplexity and Perplexity Computer. The companies are positioning analyst-backed financial research as a trusted data layer for AI-driven investment tools. The integration supports Morningstar’s broader strategy of distributing proprietary investment intelligence through external AI platforms. The announcement highlights growing competition around financial data integration within generative AI ecosystems. Why MORN Stock Is in Focus Morningstar, Inc. (NASDAQ:MORN) and PitchBook announced a new partnership with Perplexity that will integrate their investment data, research, and market intelligence into Perplexity’s AI platform.The integration uses Model Context Protocol (MCP) technology, allowing eligible users to incorporate Morningstar and PitchBook research directly into AI-assisted workflows within Perplexity and Perplexity Computer.According to the companies, the system combines natural-language AI search with citation-backed responses tied to analyst-driven investment research covering both public and private markets.Management said the integration is intended to help investors and financial advisors access trusted research more efficiently within AI-enabled environments.“Our focus is on delivering independent, analyst backed intelligence in ways that align with how investors and financial professionals work today,” said Adam Wheat, head of Data & Research Solutions, chief technology officer for Direct Platform at Morningstar.“By making Morningstar and PitchBook content available in Perplexity, we’re extending the reach of our data and research while maintaining the rigor investors require to act with confidence when it matters most.”The companies also framed the partnership as part of a broader AI strategy centered on embedding proprietary investment intelligence into the platforms and workflows already used by financial professionals.“The way investment research is conducted is evolving, and the data powering it has never mattered more,” said Tom Van Buskirk, executive vice president of technology and engineering at PitchBook.“When financial professionals need a source of truth in private and public markets, they come to us. By integrating with platforms like Perplexity, we’re bringing Morningstar and PitchBook intelligence to the center of the AI tools investors already rely on.” Why This Matters for Investors The integration may signal a broader shift in how financial research firms distribute proprietary content as AI-powered search and workflow platforms become more widely adopted.For investors, the announcement suggests Morningstar and PitchBook are attempting to position their analyst-driven research as foundational infrastructure for generative AI applications used by financial professionals.The partnership could also expand the reach and usage of Morningstar and PitchBook content by embedding it directly into AI research environments rather than relying solely on standalone subscription platforms.At the same time, the move reflects increasing competition among financial data providers seeking to establish their datasets as trusted sources within AI systems.The emphasis on citation-based responses and analyst-backed intelligence may also address concerns around AI-generated inaccuracies in financial research workflows.Investors may view the partnership as part of Morningstar’s long-term effort to maintain relevance as artificial intelligence reshapes how investment analysis is conducted and consumed. What to Watch Next Investors will likely monitor: Adoption of Morningstar and PitchBook integrations within Perplexity Expansion of additional AI distribution partnerships Monetization opportunities tied to AI-enabled workflows Competitive responses from other financial data and research providers How AI integration impacts Morningstar’s subscription and enterprise business models Further product launches tied to Morningstar Direct AI Solutions and PitchBook infrastructure Morningstar stock price Original: AI Research Integration Expands Morningstar (MORN) and PitchBook Distribution Through Perplexity

Morningstar and PitchBook Expand Access to Trusted Investment Intelligence Through PerplexityMay 8, 2026 9:00 AM
Business Wire Integration advances Morningstar and PitchBook’s vision of trusted, analyst-backed intelligence in AI-powered research workflows Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, and PitchBook, a Morningstar company and a leading private capital market intelligence provider, today announced a new integration with Perplexity that broadens access to Morningstar and PitchBook data, research, and intelligence through Perplexity’s AI platform. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507807687/en/ Through these Model Context Protocol (MCP) integrations, eligible users can incorporate Morningstar- and PitchBook-backed intelligence directly into their research workflows within Perplexity and Perplexity Computer, where they can move from questions to carrying out multi-step research tasks with trusted context. The experience pairs natural-language search with citation-based responses, drawing on the breadth of Morningstar and PitchBook’s analyst-driven investment research across public and private markets. This supports more efficient research by helping investors and financial advisors swiftly find and use trusted information in AI-enabled workflows. “Our focus is on delivering independent, analyst-backed intelligence in ways that align with how investors and financial professionals work today,” said Adam Wheat, head of Data & Research Solutions, chief technology officer for Direct Platform at Morningstar. “By making Morningstar and PitchBook content available in Perplexity, we’re extending the reach of our data and research while maintaining the rigor investors require to act with confidence when it matters most.” Perplexity’s focus is accurate AI, bringing users citation-based answers and, through Perplexity Computer, the ability to complete more complex research workflows with relevant context. This aligns closely with Morningstar’s longstanding commitment to investor trust and informed decision-making. Integrating Morningstar and PitchBook intelligence into this environment helps users answer questions about investment vehicles and develop perspectives that are grounded in Morningstar’s independent research and professional-grade data they can defend and trust. The collaboration reflects Morningstar and PitchBook’s broader AI strategy designed to reshape how investment intelligence is delivered and consumed. Key areas of focus include scaling AI alongside human expertise, embedding AI into workflows where investment decisions get made, and delivering proprietary data and intellectual property through channels clients use. Together, these efforts position Morningstar and PitchBook as the grounding source that investors and financial professionals use, supporting better-informed investment decisions while maintaining the independence and governance standards central to their approach. “The way investment research is conducted is evolving, and the data powering it has never mattered more,” said Tom Van Buskirk, executive vice president of technology and engineering at PitchBook. “When financial professionals need a source of truth in private and public markets, they come to us. By integrating with platforms like Perplexity, we’re bringing Morningstar and PitchBook intelligence to the center of the AI tools investors already rely on.” To learn more about PitchBook’s Premium Connector, click here. To learn more about Morningstar Direct AI Solutions, click here. 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 $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc. About PitchBook, a Morningstar company As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. For more information, visit www.pitchbook.com. ©2026 Morningstar, Inc. All rights reserved. MORN-P View source version on businesswire.com: https://www.businesswire.com/news/home/20260507807687/en/ Michael Claussen, +1 312 696-6037, Newsroom@morningstar.com Original: Morningstar and PitchBook Expand Access to Trusted Investment Intelligence Through Perplexity

Morningstar, Inc. Reports First-Quarter 2026 Financial ResultsApril 29, 2026 4:15 PM
Business Wire
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported increased revenues in the first quarter of 2026 with sustained momentum in profitability growth.


“In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months,” said Kunal Kapoor, Morningstar’s CEO. “On the product front, we introduced new proprietary intellectual property, including PitchBook's daily valuation estimates for venture capital-backed companies and public-market-style research on leading private firms.”


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


First-Quarter 2026 Financial Highlights



Reported revenue increased 10.8% to $644.8 million compared to the prior-year period; organic revenue increased 7.6%.




Reported operating income increased 36.6% to $155.9 million; adjusted operating income increased 31.9%.




Diluted net income per share increased 50.0% to $2.73; adjusted diluted net income per share increased 42.6% to $3.18.




Cash provided by operating activities was roughly flat at $91.5 million; free cash flow decreased 8.8% to $53.6 million.




Share repurchases totaled 1,723,412 shares for $300.0 million.



First-Quarter 2026 Results


Revenue increased 10.8% to $644.8 million on a reported basis and 7.6% on an organic basis versus the prior-year period. Morningstar Credit, Morningstar Direct Platform, and PitchBook were the largest contributors to organic revenue growth.


Operating expense increased 4.7% to $489.8 million versus the prior-year period. The largest contributor to higher operating expense was a $7.6 million increase in compensation costs, primarily driven by unfavorable currency translation related to US dollar weakness. Higher amortization costs, primarily due to the acquisition of the Center for Research in Security Prices (CRSP), which closed in the quarter, and increased technology infrastructure costs also contributed.


First-quarter operating income increased 36.6% to $155.9 million. Adjusted operating income was $178.6 million, an increase of 31.9%. First-quarter operating margin was 24.2%, compared with 19.6% in the prior-year period. Adjusted operating margin was 27.7% in the first quarter of 2026, versus 23.3% in the prior-year period. The acquisition of CRSP was accretive to adjusted operating margin in the quarter.


Net income in the first quarter of 2026 was $107.1 million, or $2.73 per diluted share, compared with net income of $78.5 million, or $1.82 per diluted share, in the prior-year period, an increase of 50.0% on a per diluted share basis. Adjusted diluted net income per share increased 42.6% to $3.18 in the first quarter of 2026, compared with $2.23 in the prior-year period.


The Company's effective tax rate was 24.4% in the first quarter of 2026 compared to 25.9% in the prior-year period.


Segment Highlights


Morningstar Direct Platform


Morningstar Direct Platform contributed $215.2 million to consolidated revenue and $16.0 million to consolidated revenue growth, with revenue increasing 8.0% compared to the prior-year period, or 5.0% on an organic basis. Higher revenue was primarily driven by Morningstar Data and Morningstar Direct. The increase in Morningstar Data was driven in part by expansion with existing clients supported by new use cases, with continued strength in managed investment data and Morningstar Essentials products. Morningstar Direct growth reflected increased revenue per license and expansion with existing clients in reporting solutions, despite a decline of 1.8% in Direct licenses compared with the prior-year period as some client workflows shifted.


Morningstar Direct Platform adjusted operating income increased 4.5% to $91.0 million, and adjusted operating margin decreased 1.4 percentage points to 42.3%, due in part to a shift of additional research and sales resources to support Direct Platform growth priorities, partially offset by targeted reorganizations in the fourth quarter of 2025.


PitchBook


PitchBook contributed $172.4 million to consolidated revenue and $8.7 million to consolidated revenue growth, with revenue increasing 5.3% compared to the prior-year period, or 4.8% on an organic basis. Revenue growth was primarily driven by the PitchBook platform with strength in the direct data business, which continued to expand from a smaller base. The increase in PitchBook revenue reflected contributions from its core investor and advisor client segments, although growth slowed, especially in venture capital, while the corporate client segment continued to experience softness. Licensed user counts were relatively flat compared to the prior-year period, reflecting the addition of new logos offset by churn within the corporate segment.


PitchBook adjusted operating income decreased 1.3% to $51.6 million, and adjusted operating margin decreased 2.0 percentage points to 29.9%. The decline in adjusted operating margin was due in part to higher advertising expenses and an increase in compensation costs, which included the impact of additional headcount to support new growth initiatives.


Morningstar Credit


Morningstar Credit contributed $101.0 million to consolidated revenue and $28.0 million to consolidated revenue growth, with revenue increasing 38.4% compared to the prior-year period, or 34.3% on an organic basis, supported by a robust issuance market. Revenue grew across geographies and asset classes, with particular strength in Canadian and European corporates and US structured finance ratings revenue. Organic revenue growth excludes revenue associated with DealX for the first two months of the quarter, and foreign currency impact.


Morningstar Credit adjusted operating income increased 92.5% to $41.2 million, and adjusted operating margin increased 11.5 percentage points to 40.8%. The increase in adjusted operating income and margin reflected higher revenue, partially offset by higher compensation costs. The increase in compensation was primarily driven by higher salaries and benefits due to increases in headcount to support growth.


Morningstar Wealth


Morningstar Wealth contributed $58.0 million to consolidated revenue and negative $3.3 million to consolidated revenue growth, with revenue decreasing 5.4% compared to the prior-year period, or 1.6% on an organic basis. Organic revenue excluded interim services fees received from AssetMark associated with the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Reported and organic revenue included a $5.5 million negative impact from the sunsetting of Morningstar Office, which was partially offset by growth in ad sales and Investment Management, which grew on an organic basis.


Reported assets under management and advisement (AUMA) decreased 5.3% to $60.4 billion compared with the prior-year period. Excluding the impact of the loss of an Asset Allocation Services client, which accounted for a negligible share of Investment Management revenue, AUMA increased compared to the prior-year period, supported by market appreciation and positive net flows to Morningstar Model Portfolios offered on third-party platforms and the International Wealth Platform.


Morningstar Wealth adjusted operating income was $5.6 million compared to a $0.8 million loss in the prior-year period, and adjusted operating margin was 9.7% compared with negative 1.3% in the prior-year period.


Morningstar Retirement


Morningstar Retirement contributed $38.8 million to consolidated revenue and $5.9 million to consolidated revenue growth. Revenue increased 17.9% on a reported and organic basis. AUMA increased 11.7% to $310.0 billion compared with the prior-year period, primarily due to market gains and supported by positive net flows to traditional and Advisor Managed Accounts.


Morningstar Retirement adjusted operating income increased 35.6% to $19.8 million, and adjusted operating margin increased 6.6 percentage points to 51.0%. Adjusted operating income included the impact of a discrete expense related to a correction of a client's participant accounts.


Corporate and All Other


Revenue attributable to Corporate and All Other contributed $59.4 million to consolidated revenue and $7.6 million to consolidated revenue growth, with reported revenue increasing 14.7%, or decreasing 8.1% on an organic basis, compared to the prior-year period. Organic revenue growth excludes revenue associated with CRSP and foreign currency impact.


Morningstar Sustainalytics revenue declined on a reported and organic basis primarily due to the retirement of the second party opinions product. Morningstar Indexes revenue was roughly flat on an organic basis.


The impact of Corporate and All Other on consolidated adjusted operating income was negative $30.6 million compared with negative $39.2 million in the prior-year period, primarily due to improved profitability for Morningstar Indexes, including the impact of the CRSP acquisition.


Balance Sheet and Capital Allocation


As of March 31, 2026, the Company had cash, cash equivalents, and investments totaling $532.2 million and $1,712.8 million of debt, compared with $528.7 million and $1,072.6 million, respectively, as of Dec. 31, 2025.


Cash provided by operating activities was roughly flat at $91.5 million, as higher cash earnings were offset by increases in working capital and higher cash taxes paid. Free cash flow decreased 8.8% to $53.6 million in the first quarter of 2026 reflecting an increase in capital expenditures compared to the prior-year period due in part to spending related to office refreshes across geographies.


During the quarter, the Company increased its debt by $640.0 million, net, spent $359.6 million on the CRSP acquisition, net of cash acquired, repurchased $300.0 million of its shares, and paid $19.9 million in dividends.


2026 Annual Meeting of Shareholders


The Company's 2026 Annual Meeting of Shareholders will be held at 9 a.m. Central Time on Thursday, May 7, at Morningstar's corporate headquarters at 22 W. Washington St. in Chicago. Registration details are available at shareholders.morningstar.com. The meeting will cover the official business described in Morningstar's 2026 proxy statement and include presentations from members of Morningstar's management team, along with a live question and answer session open to participants both in-person and online. New at this year's meeting, the Company has expanded the time available for product demonstrations, which will be available to in-person attendees before and after the formal meeting.


Use of Non-GAAP Financial Measures


Organic revenue, adjusted operating income (loss), 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), on a monthly basis, with the exception of months when it releases earnings.


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 $370 billion in AUMA as of March 31, 2026. 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 achieve the anticipated benefits of the CRSP acquisition; failing to maintain and protect our brand, independence, and reputation; failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors 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; compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; impact of artificial intelligence technologies on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; failing to detect errors in our products or methodology of our products performing improperly due to defects, malfunctions or similar problems; failing to recruit, develop, and retain qualified employees; failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; 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; our strategic transactions, acquisitions, divestitures and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; triggering events for impairment of goodwill or assets; failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; failing to recognize deferred revenue; 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 (and rising interest rates) on our cash flow and financial and operational flexibility; liability, regulatory scrutiny, 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 we operate in could materially affect our tax obligations and tax rates; the potential 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 repurchase shares of our common stock; 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; volatility in our stock price due to market conditions; any future sales of 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 Report on Form 10-K. 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Morningstar in any jurisdiction.


©2026 Morningstar, Inc. All Rights Reserved.


MORN-E




Morningstar, Inc. and Subsidiaries




Unaudited Condensed Consolidated Statements of Income








 








 






 






Three months ended March 31,








(in millions, except per share amounts)






 






 






2026






 






 






 






2025






 






 






Change








 






 






 






 






 






 






 








Revenue






 






$






644.8






 






 






$






581.9






 






 






10.8






%








Operating expense:






 






 






 






 






 






 








Cost of revenue






 






 






238.9






 






 






 






231.4






 






 






3.2






%








Sales and marketing






 






 






115.2






 






 






 






112.6






 






 






2.3






%








General and administrative






 






 






84.0






 






 






 






76.5






 






 






9.8






%








Depreciation and amortization






 






 






51.7






 






 






 






47.3






 






 






9.3






%








Total operating expense






 






 






489.8






 






 






 






467.8






 






 






4.7






%








 






 






 






 






 






 






 








Other operating income






 






 






0.9






 






 






 






—






 






 






NMF








 






 






 






 






 






 






 








Operating income






 






 






155.9






 






 






 






114.1






 






 






36.6






%








Operating margin






 






 






24.2






%






 






 






19.6






%






 






4.6 pp








 






 






 






 






 






 






 








Non-operating income (expense), net:






 






 






 






 






 






 








Interest expense, net






 






 






(13.7






)






 






 






(5.4






)






 






NMF








Other income (expense), net






 






 






(0.4






)






 






 






(0.2






)






 






NMF








Non-operating income (expense), net






 






 






(14.1






)






 






 






(5.6






)






 






NMF








 






 






 






 






 






 






 








Income before income taxes and equity in investments of unconsolidated entities






 






 






141.8






 






 






 






108.5






 






 






30.7






%








Equity in investments of unconsolidated entities






 






 






(0.1






)






 






 






(2.6






)






 






NMF








Income tax expense






 






 






34.6






 






 






 






27.4






 






 






26.3






%








Consolidated net income






 






$






107.1






 






 






$






78.5






 






 






36.4






%








 






 






 






 






 






 






 








Net income per share:






 






 






 






 






 






 








Basic






 






$






2.74






 






 






$






1.83






 






 






49.7






%








Diluted






 






$






2.73






 






 






$






1.82






 






 






50.0






%








Weighted average shares outstanding:






 






 






 






 






 






 








Basic






 






 






39.1






 






 






 






42.8






 






 






 








Diluted






 






 






39.3






 






 






 






43.1






 






 






 








 








NMF - Not meaningful, pp - percentage points









Morningstar, Inc. and Subsidiaries




Condensed Consolidated Balance Sheets








 








(in millions)






 






As of March 31, 2026

(unaudited)






 






As of December 31, 2025








 






 






 






 






 








Assets






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






492.8






 






$






474.5








Investments






 






 






39.4






 






 






54.2








Accounts receivable, net






 






 






402.6






 






 






390.4








Income tax receivable






 






 






15.4






 






 






16.2








Other current assets






 






 






113.1






 






 






102.7








Total current assets






 






 






1,063.3






 






 






1,038.0








 






 






 






 






 








Goodwill






 






 






1,747.2






 






 






1,610.8








Intangible assets, net






 






 






591.4






 






 






379.3








Property, equipment, and capitalized software, net






 






 






234.8






 






 






231.9








Operating lease assets






 






 






166.0






 






 






159.0








Investments in unconsolidated entities






 






 






50.3






 






 






50.3








Deferred tax assets






 






 






86.0






 






 






78.7








Other assets






 






 






47.3






 






 






42.2








Total assets






 






$






3,986.3






 






$






3,590.2








 






 






 






 






 








Liabilities and equity






 






 






 






 








Current liabilities:






 






 






 






 








Deferred revenue






 






$






669.3






 






$






586.1








Accrued compensation






 






 






144.9






 






 






294.2








Accounts payable and accrued liabilities






 






 






104.6






 






 






97.9








Operating lease liabilities






 






 






42.7






 






 






41.8








Current portion of long-term debt






 






 






18.2






 






 






—








Income tax payable






 






 






43.1






 






 






24.0








Other current liabilities






 






 






7.9






 






 






9.3








Total current liabilities






 






 






1,030.7






 






 






1,053.3








 






 






 






 






 








Operating lease liabilities






 






 






151.0






 






 






146.7








Accrued compensation






 






 






20.3






 






 






20.1








Deferred tax liabilities






 






 






21.5






 






 






27.2








Long-term debt






 






 






1,694.6






 






 






1,072.6








Income tax payable






 






 






13.8






 






 






13.1








Other long-term liabilities






 






 






35.7






 






 






35.3








Total liabilities






 






 






2,967.6






 






 






2,368.3








Total equity






 






 






1,018.7






 






 






1,221.9








Total liabilities and equity






 






$






3,986.3






 






$






3,590.2









Morningstar, Inc. and Subsidiaries




Unaudited Condensed Consolidated Statements of Cash Flows








 








 






 






Three months ended March 31,








(in millions)






 






 






2026






 






 






 






2025






 








Operating activities






 






 






 






 








Consolidated net income






 






$






107.1






 






 






$






78.5






 








Adjustments to reconcile consolidated net income to net cash flows from operating activities






 






 






51.8






 






 






 






53.5






 








Changes in operating assets and liabilities, net






 






 






(67.4






)






 






 






(41.0






)








Cash provided by operating activities






 






 






91.5






 






 






 






91.0






 








Investing activities






 






 






 






 








Capital expenditures






 






 






(37.9






)






 






 






(32.2






)








Acquisitions, net of cash acquired






 






 






(359.6






)






 






 






(38.5






)








Purchases of investments in unconsolidated entities






 






 






(0.1






)






 






 






(1.2






)








Other, net






 






 






13.2






 






 






 






1.2






 








Cash used for investing activities






 






 






(384.4






)






 






 






(70.7






)








Financing activities






 






 






 






 








Common shares repurchased






 






 






(300.0






)






 






 






(109.6






)








Dividends paid






 






 






(19.9






)






 






 






(19.5






)








Repayments of debt






 






 






(30.0






)






 






 






(40.0






)








Proceeds from debt






 






 






670.0






 






 






 






145.0






 








Other, net






 






 






(3.2






)






 






 






—






 








Cash provided by (used for) financing activities






 






 






316.9






 






 






 






(24.1






)








Effect of exchange rate changes on cash and cash equivalents






 






 






(5.7






)






 






 






12.6






 








Net increase in cash and cash equivalents






 






 






18.3






 






 






 






8.8






 








Cash and cash equivalents-beginning of period






 






 






474.5






 






 






 






502.7






 








Cash and cash equivalents-end of period






 






$






492.8






 






 






$






511.5






 









Morningstar, Inc. and Subsidiaries




Supplemental Data (Unaudited)








 








 






 






Three months ended March 31,








(in millions)






 






 






2026






 






 






 






2025






 






 






Change






 






Organic








Morningstar Direct Platform






 






 






 






 






 






 






 






 








Revenue






 






$






215.2






 






 






$






199.2






 






 






8.0






%






 






5.0






%








Adjusted Operating Income






 






$






91.0






 






 






$






87.1






 






 






4.5






%






 






 








Adjusted Operating Margin






 






 






42.3






%






 






 






43.7






%






 






(1.4) pp






 






 








 






 






 






 






 






 






 






 






 








PitchBook






 






 






 






 






 






 






 






 








Revenue






 






$






172.4






 






 






$






163.7






 






 






5.3






%






 






4.8






%








Adjusted Operating Income






 






$






51.6






 






 






$






52.3






 






 






(1.3)






%






 






 








Adjusted Operating Margin






 






 






29.9






%






 






 






31.9






%






 






(2.0) pp






 






 








 






 






 






 






 






 






 






 






 








Morningstar Credit






 






 






 






 






 






 






 






 








Revenue






 






$






101.0






 






 






$






73.0






 






 






38.4






%






 






34.3






%








Adjusted Operating Income






 






$






41.2






 






 






$






21.4






 






 






92.5






%






 






 








Adjusted Operating Margin






 






 






40.8






%






 






 






29.3






%






 






11.5 pp






 






 








 






 






 






 






 






 






 






 






 








Morningstar Wealth






 






 






 






 






 






 






 






 








Revenue






 






$






58.0






 






 






$






61.3






 






 






(5.4)






%






 






(1.6)






%








Adjusted Operating Income (Loss)






 






$






5.6






 






 






$






(0.8






)






 






NMF






 






 








Adjusted Operating Margin






 






 






9.7






%






 






 






(1.3)






%






 






11.0 pp






 






 








 






 






 






 






 






 






 






 






 








Morningstar Retirement






 






 






 






 






 






 






 






 








Revenue






 






$






38.8






 






 






$






32.9






 






 






17.9






%






 






17.9






%








Adjusted Operating Income






 






$






19.8






 






 






$






14.6






 






 






35.6






%






 






 








Adjusted Operating Margin






 






 






51.0






%






 






 






44.4






%






 






6.6 pp






 






 








 






 






 






 






 






 






 






 






 








Consolidated Revenue






 






 






 






 






 






 






 






 








Total Reportable Segments






 






$






585.4






 






 






$






530.1






 






 






10.4






%






 






 








Corporate and All Other (1)






 






 






59.4






 






 






 






51.8






 






 






14.7






%






 






 








Total Revenue






 






$






644.8






 






 






$






581.9






 






 






10.8






%






 






7.6






%








 






 






 






 






 






 






 






 






 








Consolidated Adjusted Operating Income






 






 






 






 






 






 






 






 








Total Reportable Segments






 






$






209.2






 






 






$






174.6






 






 






19.8






%






 






 








Less: Corporate and All Other (2)






 






 






(30.6






)






 






 






(39.2






)






 






NMF






 






 








Adjusted Operating Income






 






$






178.6






 






 






$






135.4






 






 






31.9






%






 






 








Adjusted Operating Margin






 






 






27.7






%






 






 






23.3






%






 






4.4 pp






 






 








 








(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. Revenue from Morningstar Sustainalytics was $26.6 million and $28.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $32.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.








(2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the first quarters of 2026 and 2025, unallocated corporate expenses were $41.8 million in each period. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated.









Morningstar, Inc. and Subsidiaries




Supplemental Data (Unaudited)








 








 






 






As of March 31,






 








AUMA (approximate) ($bil)






 






 






2026






 






 






2025






 






Change






 








Morningstar Retirement






 






 






 






 






 






 






 








Managed Accounts






 






$






191.7






 






$






162.8






 






17.8






%






 








Fiduciary Services






 






 






73.5






 






 






65.6






 






12.0






%






 








Custom Models/CIT






 






 






44.8






 






 






49.2






 






(8.9)






%






 








Morningstar Retirement (total)






 






$






310.0






 






$






277.6






 






11.7






%






 








Investment Management






 






 






 






 






 






 






 








Morningstar Model Portfolios (1)






 






$






51.9






 






$






44.5






 






16.6






%






 








Institutional Asset Management






 






 






5.9






 






 






6.9






 






(14.5)






%






 








Asset Allocation Services






 






 






2.6






 






 






12.4






 






(79.0)






%






 








Investment Management (total)






 






$






60.4






 






$






63.8






 






(5.3)






%






 








 






 






 






 






 






 






 






 








Asset value linked to Morningstar Indexes ($bil) (2)






 






$






3,170.1






 






$






208.7






 






NMF






 








 






 






 






 






 






 






 






 








 






 






Three months ended March 31,






 








 






 






 






2026






 






 






2025






 






Change






 








Average AUMA ($bil)






 






$






374.2






 






$






339.8






 






10.1






%






 








 








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




(2) Includes $2.9 trillion of assets linked to CRSP indexes as of March 31, 2026.







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:



"Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations.



"Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and (3) certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items).



"Adjusted Operating Margin" is operating margin excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items.



"Adjusted Diluted Net Income Per Share" is consolidated diluted net income per share excluding (1) intangible amortization expense, (2) M&A-related expenses, (3) other non-recurring items, and (4) non-operating gains and losses.



"Free Cash Flow" is cash provided by or used for operating activities less capital expenditures.



These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should not be considered an alternative to any measure of performance promulgated under GAAP.


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 (loss), adjusted operating margin, and adjusted diluted net income per share to better reflect period-over-period comparisons, and improve overall understanding of the underlying performance of the business absent the impact of intangible amortization expense, M&A-related expenses, and certain other one-time, non-recurring items.


In addition, Morningstar presents free cash flow as a 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.




 






 






Three months ended March 31,








(in millions)






 






 






2026






 






 






 






2025






 






 






Change








Reconciliation from consolidated revenue to organic revenue:






 






 






 






 






 






 








Consolidated revenue






 






$






644.8






 






 






$






581.9






 






 






10.8






%








Acquisitions






 






 






(10.5






)






 






 






—






 






 






NMF








Divestitures






 






 






(3.0






)






 






 






(7.6






)






 






NMF








Effect of foreign currency translations






 






 






(13.5






)






 






 






—






 






 






NMF








Organic revenue






 






$






617.8






 






 






$






574.3






 






 






7.6






%








 






 






 






 






 






 






 








Reconciliation from consolidated operating income to adjusted operating income:






 






 






 






 






 






 








Consolidated operating income






 






$






155.9






 






 






$






114.1






 






 






36.6






%








Intangible amortization expense






 






 






19.0






 






 






 






14.4






 






 






31.9






%








M&A-related expenses






 






 






4.6






 






 






 






6.9






 






 






(33.3






)%








Other non-recurring items






 






 






(0.9






)






 






 






—






 






 






NMF








Adjusted operating income






 






$






178.6






 






 






$






135.4






 






 






31.9






%








 






 






 






 






 






 






 








Reconciliation from consolidated operating margin to adjusted operating margin:






 






 






 






 






 






 








Consolidated operating margin






 






 






24.2






%






 






 






19.6






%






 






4.6 pp








Intangible amortization expense






 






 






2.9






%






 






 






2.5






%






 






0.4 pp








M&A-related expenses






 






 






0.7






%






 






 






1.2






%






 






(0.5) pp








Other non-recurring items






 






 






(0.1






)%






 






 






—






%






 






(0.1) pp








Adjusted operating margin






 






 






27.7






%






 






 






23.3






%






 






4.4 pp








 






 






 






 






 






 






 








Reconciliation from consolidated diluted net income per share to adjusted diluted net income per share:






 






 






 






 






 






 








Consolidated diluted net income per share






 






$






2.73






 






 






$






1.82






 






 






50.0






%








Intangible amortization expense






 






 






0.36






 






 






 






0.25






 






 






44.0






%








M&A-related expenses






 






 






0.09






 






 






 






0.12






 






 






(25.0






)%








Other non-recurring items






 






 






(0.02






)






 






 






—






 






 






NMF








Non-operating (gains) losses






 






 






0.02






 






 






 






0.04






 






 






(50.0






)%








Adjusted diluted net income per share






 






$






3.18






 






 






$






2.23






 






 






42.6






%








 






 






 






 






 






 






 








Reconciliation from cash provided by operating activities to free cash flow:






 






 






 






 






 






 








Cash provided by operating activities






 






$






91.5






 






 






$






91.0






 






 






0.5






%








Capital expenditures






 






 






(37.9






)






 






 






(32.2






)






 






17.7






%








Free cash flow






 






$






53.6






 






 






$






58.8






 






 






(8.8






)%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428737994/en/
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




Original: Morningstar, Inc. Reports First-Quarter 2026 Financial Results