Every material Form 8-K Morningstar has filed with the SEC since October 23, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Morningstar reported third-quarter 2026 results on October 28, 2026. Revenue rose 8.9% to $672.1 million and GAAP diluted earnings per share rose 41.0% to $3.06, while free cash flow fell 2.9% to $155.4 million. The company repurchased $100.0 million of its shares in the quarter, and its debt was $1.7 billion as of September 30, 2026, up from $1.1 billion at December 31, 2025.
Revenue of $672.1 million, up 8.9% reported and 6.8% organic, versus the prior-year quarter
Diluted EPS of $3.06 versus $2.17 a year earlier; adjusted diluted EPS of $3.48 versus $2.55
Free cash flow decreased 2.9% to $155.4 million, as working capital movements offset higher cash earnings
Share repurchases of 486,573 shares for $100.0 million; debt rose to $1.7 billion from $1.1 billion at year-end 2025
Morningstar reported second-quarter 2026 revenue of $663.2 million, up 9.6% from the prior-year period, and diluted net income per share of $2.83, up 35.4%. Reported operating income rose 28.4% to $160.6 million, and the filing shows total debt rose to $1.7 billion as of June 30, 2026, from $1.1 billion at December 31, 2025, following the February 2026 acquisition of CRSP.
Revenue rose 9.6% to $663.2 million; organic revenue rose 6.8%.
Diluted EPS was $2.83 versus $2.09; adjusted diluted EPS rose 29.2% to $3.10.
Free cash flow rose 96.3% to $122.5 million; the company repurchased $100.0 million of shares in the quarter.
Long-term debt was $1,695.1 million at June 30, 2026, versus $1,072.6 million at December 31, 2025.
At its May 7, 2026 annual meeting, Morningstar shareholders elected all 10 director nominees, approved executive compensation on an advisory basis, and ratified KPMG LLP as the independent auditor for 2026. Director Gail Landis did not stand for re-election because she reached the company's mandatory retirement age, and the board size was set at 10 directors effective at the meeting's conclusion. The filing describes routine governance matters and reports no financial results.
Gail Landis did not stand for re-election under the director retirement policy; board size set at 10 directors
Bill Lyons received the lowest support among nominees: 31,265,595 votes for and 2,434,521 against
Executive compensation advisory vote: 32,474,755 for and 1,206,815 against
KPMG LLP ratified as 2026 auditor: 34,861,651 for and 89,355 against
Morningstar reported first-quarter 2026 results on April 29, 2026, with revenue up 10.8% to $644.8 million and diluted net income per share up 50.0% to $2.73. Organic revenue grew 7.6%, and the CRSP acquisition closed in the quarter, which added $359.6 million in acquisition spending and raised debt to $1,712.8 million.
Reported revenue rose 10.8% to $644.8 million; organic revenue rose 7.6% to $617.8 million.
Adjusted operating income rose 31.9% to $178.6 million; adjusted diluted EPS rose 42.6% to $3.18.
Free cash flow fell 8.8% to $53.6 million, and the company repurchased $300.0 million of its shares.
Morningstar reported fourth-quarter 2025 revenue of $641.1 million, up 8.5%, and diluted earnings per share of $2.83, up 4.4%. GAAP operating income fell 5.1% to $159.6 million, reflecting a $22.7 million contingent payment gain on the sale of US TAMP assets versus $64.0 million a year earlier, along with higher operating expense that included $15.9 million in severance. Full-year 2025 revenue was $2.4 billion, up 7.5%, and the company repurchased $787.0 million of its shares, while long-term debt rose to $1,072.6 million ahead of the CRSP acquisition that closed Feb. 2, 2026.
Q4 2025 revenue was $641.1 million, up 8.5% reported and 8.1% organic.
Q4 diluted EPS was $2.83 versus $2.71; adjusted diluted EPS rose 26.6% to $2.71.
Q4 operating income was $159.6 million, down 5.1%, with the US TAMP contingent gain at $22.7 million versus $64.0 million a year earlier.
Full-year 2025 diluted EPS was $8.87, up 3.4%; the company repurchased $787.0 million of shares in 2025.
Morningstar's board increased its size from ten to eleven members and appointed Anne Bramman to the new seat effective January 2, 2026. She will serve on the Audit and Compensation Committees and is expected to stand for election at the 2026 Annual Meeting. The filing describes a routine board addition with no financial results disclosed.
Board size increased from ten to eleven members; Anne Bramman appointed effective January 2, 2026
Bramman to serve on the Audit Committee and Compensation Committee
Initial restricted stock unit grant with an approximate grant date value of $250,000, vesting over three years, upon election at the 2026 Annual Meeting
Bramman previously served as CFO at Circana (2023 to 2024) and as CFO at several companies including Nordstrom and Avery Dennison
Morningstar entered a new $1.5 billion multi-currency credit agreement with Bank of America, N.A. as administrative agent, and terminated its existing credit agreement dated May 6, 2022. The filing says the new facility can refinance existing debt and fund corporate purposes, and that $170.0 million was outstanding under the revolving facility as of October 31, 2025. The agreement adds covenants, including a net leverage limit of 3.50 to 1.00 and an interest coverage minimum of 3.00 to 1.00, and restricts dividend payments.
Facility totals up to $1.5 billion: $750.0 million five-year revolver, $375.0 million five-year delayed draw term facility, and $375.0 million three-year term facility
$170.0 million outstanding under the revolving facility as of October 31, 2025, described as a rollover of prior borrowings
Covenants require consolidated net leverage of no more than 3.50 to 1.00 and interest coverage of at least 3.00 to 1.00
Interest margins range from 1.05% to 1.425%, based on the consolidated net leverage ratio; the agreement also restricts dividend payments
Morningstar reported third-quarter 2025 revenue of $617.4 million, up 8.4%, and adjusted diluted earnings per share of $2.55, up 27.5%. GAAP diluted EPS fell 21.7% to $2.17 because the prior-year period included a gain from the sale of its Commodity and Energy Data business. The board also approved a new three-year buyback of up to $1 billion, effective October 31, 2025, which replaces the $500 million program the company completed in October.
Q3 reported revenue rose 8.4% to $617.4 million; organic revenue rose 9.0%.
Q3 operating income rose 10.6% to $127.8 million; adjusted operating income rose 15.6% to $150.6 million.
Q3 GAAP diluted EPS fell 21.7% to $2.17; the prior-year period had a $1.05 per-share gain from the Commodity and Energy Data sale.
New three-year share repurchase program authorizes up to $1 billion, effective October 31, 2025.
Morningstar said Chief Revenue Officer Daniel Dunn informed the company on October 8, 2025, that he will leave to pursue another opportunity, effective November 21, 2025. Julie Willoughby, Head of Global Sales with over 25 years at the company, will replace him in the role on the same date.
Daniel Dunn, Chief Revenue Officer, departs effective November 21, 2025, to pursue another opportunity
Julie Willoughby, Head of Global Sales, will replace Dunn effective November 21, 2025
Willoughby has over 25 years of experience at Morningstar in client-facing and sales roles
The filing does not disclose financial results or a reason beyond the new opportunity
Morningstar reported second-quarter 2025 results on July 30, 2025, with revenue up 5.8% to $605.1 million and diluted net income per share up 30.6% to $2.09. Operating cash flow fell 35.2% to $99.0 million, mainly because of higher income tax payments, and free cash flow fell 48.3% to $62.4 million, while the company repurchased $112.0 million of its shares.
Revenue rose 5.8% to $605.1 million; organic revenue rose 5.9%.
Diluted EPS rose 30.6% to $2.09; adjusted diluted EPS rose 19.4% to $2.40.
Cash provided by operating activities fell 35.2% to $99.0 million; free cash flow fell 48.3% to $62.4 million.
The company repurchased 398,442 shares for $112.0 million in the quarter and paid $79.5 million in income tax payments.
On May 9, 2025, Morningstar's board adopted an Executive Severance Policy covering the CEO, CFO, Chief Revenue Officer and other executives, and the company's annual shareholder meeting was held the same day. All ten director nominees were elected, and shareholders approved executive pay on an advisory basis and ratified KPMG as auditor for 2025, so the filing describes governance terms rather than a change in financial results.
Severance Policy gives the CEO 2x base salary and target bonus over 24 months; other executives 1x over 12 months, outside a change in control
Within 24 months after a change in control, the CEO receives 2.5x and other executives 1.5x base salary and target bonus in a lump sum
Joe Mansueto received 37,686,395 votes for and Bill Lyons received 35,439,407 votes for, the lowest vote count among the nominees, with 2,597,678 against
Shareholders ratified KPMG LLP as independent registered public accounting firm for 2025 with 39,245,136 votes for and 184,581 against
Morningstar reported first-quarter 2025 revenue of $581.9 million, up 7.2% from a year earlier, with operating income up 23.2% to $114.1 million and diluted net income per share of $1.82. Free cash flow fell 1.2% to $58.8 million, mainly because of higher bonus payments, and the company repurchased $109.6 million of its shares during the quarter. CEO Kunal Kapoor said the company is being more cautious because of recent market volatility and economic uncertainty.
Revenue rose 7.2% to $581.9 million; organic revenue grew 9.1%
Operating income rose 23.2% to $114.1 million; adjusted operating income rose 22.2% to $135.4 million
Diluted net income per share rose 22.1% to $1.82; adjusted diluted EPS rose 28.9% to $2.23
Free cash flow fell 1.2% to $58.8 million; share repurchases totaled $109.6 million
Morningstar reported fourth-quarter 2024 revenue up 9.7% to $591.0 million and full-year 2024 revenue up 11.6% to $2.3 billion. Fourth-quarter diluted EPS rose to $2.71 from $1.71, including a $64.0 million gain on the sale of US TAMP assets, while adjusted diluted EPS rose 8.6% to $2.14. Revenue and profit both improved, although the adjusted operating margin slipped to 20.6% from 21.0%.
Q4 2024 revenue was $591.0 million, up 9.7% on a reported basis and 10.6% on an organic basis.
Q4 diluted EPS was $2.71 versus $1.71; the $64.0 million gain on the sale of US TAMP assets added $1.10 per share.
Q4 adjusted diluted EPS was $2.14, up 8.6%, and adjusted operating margin was 20.6% versus 21.0%.
Full-year 2024 diluted EPS was $8.58 versus $3.29, and free cash flow rose 127.5% to $448.9 million.
Morningstar said Michael Holt, its chief strategy officer since 2018, will become chief financial officer effective January 1, 2025, reporting to CEO Kunal Kapoor. The company said Jason Dubinsky will step down at the end of 2024 and move into a consulting role during a transition period. The filing also discloses Holt's pay package, which ties part of his long-term equity to total shareholder return over three years.
Holt's annual base salary will be $450,000, with an annual cash bonus target of 100% of base salary.
Annual equity targets are $275,000 in restricted stock units and $825,000 in market stock units.
Market stock units vest on the third anniversary of the grant date based on total shareholder return over that period.
Jason Dubinsky will step down at the end of 2024 and assume a consulting role through a transition period.
Morningstar's board raised its quarterly dividend to 45.5 cents per share from 40.5 cents, an expected annualized dividend of $1.82 compared with $1.62. The company also said CFO Jason Dubinsky will step down effective December 31, 2024, then serve as a consultant through June 30, 2025, which is a change in the company's finance leadership.
Quarterly dividend of 45.5 cents per share, up from 40.5 cents, a 12.3% increase; payable Jan. 31, 2025 to holders of record as of Jan. 3, 2025
Expected annualized dividend of $1.82 per share versus $1.62 previously
CFO Jason Dubinsky steps down effective Dec. 31, 2024; consulting arrangement at $52,500 bi-weekly through June 30, 2025
Separation agreement dated Dec. 3, 2024 includes a one-time payment equal to his 2024 base salary and continued vesting of equity awards
Morningstar reported third-quarter 2024 revenue of $569.4 million, up 10.5% from a year earlier, and diluted net income per share of $2.77, up 204.4%. The EPS figure includes a $1.05 per-share gain from the sale of its Commodity and Energy Data business; adjusted diluted EPS was $2.00, up 56.3%. The company also said CFO Jason Dubinsky will step down effective December 31, 2024, and then serve as a consultant through June 30, 2025.
Revenue rose 10.5% to $569.4 million; organic revenue grew 10.1%.
Operating income rose 65.0% to $115.5 million; adjusted operating income rose 41.6% to $130.3 million.
Diluted EPS was $2.77 including a $45.3 million gain on the business sale; adjusted diluted EPS was $2.00.
Jason Dubinsky will leave the CFO role effective December 31, 2024, and consult through June 30, 2025.
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