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CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today announced the completion of the rebrand of the CRSP Market Indexes to the Morningstar Market Indexes, marking an important milestone in the company's strategy to expand its global indexes business to help better serve global investors. "We are excited to bring the highly respected CRSP Market Indexes, now with the added power of the Morningstar brand, to investors worldwide,".

Posted by Defense World Staff on Jul 28th, 2026

American Capital Management Inc. decreased its position in shares of Morningstar, Inc. (NASDAQ:MORN – Free Report) by 4.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 108,340 shares of the business services provider’s stock after selling 4,724 shares during the quarter. American Capital Management Inc. owned approximately 0.28% of Morningstar worth $18,315,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Morgan Stanley lifted its holdings in Morningstar by 2.4% during the fourth quarter. Morgan Stanley now owns 2,006,325 shares of the business services provider’s stock valued at $435,995,000 after purchasing an additional 47,360 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Morningstar by 85.4% in the fourth quarter. Wellington Management Group LLP now owns 1,136,213 shares of the business services provider’s stock worth $246,910,000 after purchasing an additional 523,387 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Morningstar by 48.0% in the fourth quarter. AQR Capital Management LLC now owns 900,297 shares of the business services provider’s stock worth $195,644,000 after purchasing an additional 292,053 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Morningstar by 9.7% in the first quarter. Dimensional Fund Advisors LP now owns 517,769 shares of the business services provider’s stock valued at $87,514,000 after purchasing an additional 45,798 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Morningstar by 38.6% in the first quarter. Renaissance Technologies LLC now owns 448,870 shares of the business services provider’s stock valued at $75,881,000 after purchasing an additional 125,100 shares during the period. Hedge funds and other institutional investors own 57.02% of the company’s stock.

Analyst Ratings Changes Several research firms recently commented on MORN. BMO Capital Markets reaffirmed an “outperform” rating and issued a $212.00 price objective on shares of Morningstar in a report on Friday, June 26th. UBS Group lowered their target price on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Wall Street Zen upgraded Morningstar from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Rothschild & Co Redburn set a $210.00 price target on Morningstar in a report on Thursday, June 18th. Finally, Weiss Ratings upgraded Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Morningstar has a consensus rating of “Moderate Buy” and a consensus price target of $227.33.

Check Out Our Latest Stock Analysis on Morningstar

Insider Activity at Morningstar In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $166.23, for a total value of $1,205,167.50. Following the transaction, the chairman owned 8,114,492 shares of the company’s stock, valued at approximately $1,348,872,005.16. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 64,720 shares of company stock worth $11,169,471. 38.80% of the stock is owned by insiders.

Morningstar Price Performance Shares of NASDAQ:MORN opened at $182.43 on Tuesday. The company has a 50 day moving average of $170.64 and a 200 day moving average of $177.63. The stock has a market cap of $6.94 billion, a P/E ratio of 18.58 and a beta of 1.01. Morningstar, Inc. has a 12 month low of $141.49 and a 12 month high of $289.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66.

Morningstar (NASDAQ:MORN – Get Free Report) last posted its earnings results on Wednesday, April 29th. The business services provider reported $3.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.77. Morningstar had a net margin of 16.06% and a return on equity of 33.14%. The business had revenue of $644.80 million for the quarter, compared to analyst estimates of $626.91 million.

Morningstar Profile (Free Report)

Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.

Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.

Featured Stories Five stocks we like better than Morningstar AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding MORN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morningstar, Inc. (NASDAQ:MORN – Free Report).

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Posted by Defense World Staff on Jul 26th, 2026

CI Investments Inc. decreased its holdings in Morningstar, Inc. (NASDAQ:MORN – Free Report) by 93.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,292 shares of the business services provider’s stock after selling 32,836 shares during the quarter. CI Investments Inc.’s holdings in Morningstar were worth $387,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Osterweis Capital Management Inc. bought a new stake in shares of Morningstar during the 2nd quarter worth $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Morningstar during the third quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Morningstar in the 4th quarter valued at $25,000. Cassaday & Co Wealth Management LLC purchased a new position in Morningstar in the 1st quarter worth about $26,000. Finally, V Square Quantitative Management LLC purchased a new position in Morningstar in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 57.02% of the company’s stock.

Analyst Upgrades and Downgrades Several research firms have issued reports on MORN. Wall Street Zen upgraded Morningstar from a “hold” rating to a “buy” rating in a report on Sunday, June 21st. UBS Group decreased their target price on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. Rothschild & Co Redburn set a $210.00 target price on shares of Morningstar in a research report on Thursday, June 18th. BMO Capital Markets restated an “outperform” rating and set a $212.00 price target on shares of Morningstar in a report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Morningstar has a consensus rating of “Moderate Buy” and an average price target of $227.33.

Get Our Latest Analysis on Morningstar

Morningstar Stock Up 3.0% NASDAQ:MORN opened at $172.61 on Friday. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 17.58 and a beta of 1.01. Morningstar, Inc. has a 1-year low of $141.49 and a 1-year high of $289.63. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66. The business’s fifty day moving average price is $170.53 and its 200 day moving average price is $178.12.

Morningstar (NASDAQ:MORN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The business services provider reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.77. Morningstar had a return on equity of 33.14% and a net margin of 16.06%.The firm had revenue of $644.80 million during the quarter, compared to the consensus estimate of $626.91 million.

Insider Buying and Selling at Morningstar In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $166.23, for a total value of $1,205,167.50. Following the completion of the sale, the chairman directly owned 8,114,492 shares of the company’s stock, valued at $1,348,872,005.16. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 64,720 shares of company stock valued at $11,169,471. 38.80% of the stock is owned by corporate insiders.

Morningstar Profile (Free Report)

Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar’s proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.

Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.

Read More Five stocks we like better than Morningstar Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding MORN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morningstar, Inc. (NASDAQ:MORN – Free Report).

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[url="]Morningstar, Inc.[/url] (NASDAQ: MORN), a leading provider of independent investment insights and market data, today introduced the [url="]Morningstar U

On July 21, 2026, Morningstar Inc (MORN) shares fell 3.5% today, closing at $165.57. The stock has experienced a 52-week range between $141.49 and $289.63, high

LONDON--(BUSINESS WIRE)--Morningstar (Nasdaq: MORN) today announced it will relocate its London operations to One Millennium Bridge, bringing colleagues from across Morningstar and PitchBook, a Morningstar company, together in one location. Following a rigorous evaluation process conducted with CBRE, Morningstar plans to occupy approximately 75,000 square feet in the building, with plans to move in June 2027. The new office has been selected to support the way colleagues work today, providing a.

Looking for broad exposure to the Small Cap Value segment of the US equity market? You should consider the iShares Morningstar Small-Cap Value ETF (ISCV - Free Report) , a passively managed exchange traded fund launched on June 28, 2004.

The fund is sponsored by Blackrock. It has amassed assets over $681.12 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.

Why Small Cap ValueWith more potential comes more risk, and small cap companies, with market capitalization below $2 billion, epitomizes this way of thinking.

Value stocks have lower than average price-to-earnings and price-to-book ratios. They also have lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.

CostsWhen considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.

Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 1.84%.

Sector Exposure and Top HoldingsEven though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Financials sector -- about 24.2% of the portfolio. Industrials and Consumer Discretionary round out the top three.

Looking at individual holdings, Cf Industries Holdings Inc (CF) accounts for about 0.72% of total assets, followed by Alcoa Corp (AA) and Ovintiv Inc (OVV).

The top 10 holdings account for about 5.68% of total assets under management.

Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.

The ETF has added roughly 15.91% so far this year and was up about 25.42% in the last one year (as of 07/06/2026). In the past 52-week period, it has traded between $61.33 and $78.79.

The ETF has a beta of 0.99 and standard deviation of 19.1% for the trailing three-year period. With about 1079 holdings, it effectively diversifies company-specific risk.

AlternativesiShares Morningstar Small-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCV is an excellent option for investors seeking exposure to the Style Box - Small Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.

The iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value Index Fund ETF Shares (VBR) track a similar index. While iShares Russell 2000 Value ETF has $14.37 billion in assets, Vanguard Small-Cap Value Index Fund ETF Shares has $36.74 billion. IWN has an expense ratio of 0.24% and VBR charges 0.05%.

Bottom-LineWhile an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

CHICAGO--(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 invest.

One of the most anticipated public offerings in recent memory is drawing skepticism. SpaceX (NASDAQ:SPCX) currently has a valuation of roughly $2.44 trillion, up nearly 40% from its $1.75 trillion IPO. Morningstar analysts have signaled the stock could be worth less than half that figure on a fundamentals basis. That gap was the centerpiece of a recent segment on the Retire SMART Podcast (Ep. 432), where the host walked through why his firm is sitting this one out.

IPOs Historically Underperform in the Near Term The host’s framing was direct. He described “a company that only does $20 billion or so in revenue, that’s gonna trade at almost $2 trillion in market cap when there’s no profitability.” He noted SpaceX is arriving without profitability, EBITDA, margins, or dividends to anchor the valuation, and pointed to a broader historical pattern in which most IPOs “go down in their first year as much as 55%.” He presented that figure as his characterization of IPO history rather than a precise statistic.

His bottom line for clients: “I’m not buying the IPO, full disclosure, and we’ve told our clients, we don’t recommend they buy this when it comes out.” He reminded listeners that companies typically go public so early investors can “cash out,” framing the decision as “risk-reward” under capitalism rather than a recommendation either way.

What SpaceX Actually Is The Morningstar caution lands against a business that is operationally dominant. SpaceX has launched more than 80% of the world’s mass into orbit each year since 2023, and its Falcon rockets have maintained an over-99% mission success rate. Starlink, the broadband arm, operates a constellation of roughly 9,600 satellites in Low-Earth Orbit, serving customers across 164 countries, territories, and other markets as of March 31, 2026.

In early 2026, SpaceX acquired xAI, folding the Grok frontier model and its X-platform distribution into the company alongside launch and connectivity. On the revenue side, the host cited reporting that Google is set to pay “approximately a billion a month to SpaceX to use their compute power,” which he said could meaningfully bolster future financials.

For perspective on what live trading has looked like in the very early window, SPCX changed hands at $185 as of June 18, 2026, with only 5 trading days of history available.

How Profitable, Mature Aerospace Peers Stack Up It is worth contrasting that valuation debate with how the market prices a profitable, established aerospace and defense name. RTX (NYSE:RTX | RTX Price Prediction) carries a market capitalization of roughly $249.9 billion, trades at a forward P/E of 27, and supports a 1.41% dividend yield.

RTX delivered Q1 2026 adjusted EPS of $1.78 on revenue of $22.08 billion, with a backlog of $271 billion across commercial and defense. CEO Chris Calio said, “RTX delivered a very strong start to 2026 with organic sales and adjusted operating profit growth across all three segments.” Shares have advanced 29.27% over the past year.

The takeaway from the comparison: investors are being asked to pay a multiple of SpaceX’s IPO that has no historical parallel in aerospace, in the hope that the company will reach heights none of its peers have ever reached.

What To Watch Next The debate over SpaceX ultimately comes down to execution. Bulls see a company that dominates launches, owns the world’s largest satellite internet network, and is expanding into AI infrastructure. Bears see a stock already priced for years of success in industries that hardly exist today.

Over the coming quarters, investors will be watching for evidence that SpaceX can grow into its valuation through higher revenue, improving profitability, and continued growth at Starlink. Whether the stock justifies its premium valuation or moves closer to Morningstar’s estimate will depend on those fundamentals rather than the excitement surrounding the IPO itself.

Dataset is designed to translate asset-level climate hazards into risk metrics for investors

CHICAGO--(BUSINESS WIRE)--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.

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More News From Morningstar, Inc.

CHICAGO--(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 [email protected] 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.

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More News From Morningstar, Inc.

The iShares Morningstar Mid-Cap Growth ETF (IMCG - Free Report) was launched on June 28, 2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Growth segment of the US equity market.

The fund is sponsored by Blackrock. It has amassed assets over $3.93 billion, making it one of the larger ETFs attempting to match the Mid Cap Growth segment of the US equity market.

Why Mid Cap GrowthCompared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus, companies that fall under this category provide a stable and growth-heavy investment.

Qualities of growth stocks include faster growth rates compared to the broader market, as well as higher valuations and higher than average sales and earnings growth rates. Additionally, growth stocks have a greater level of risk associated with them. Even though growth stocks are more likely to outperform their value counterparts in strong bull markets, value stocks have a record of delivering better returns in almost all markets than growth stocks.

CostsExpense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.

Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 0.61%.

Sector Exposure and Top HoldingsETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Information Technology sector -- about 33.8% of the portfolio. Industrials and Financials round out the top three.

Looking at individual holdings, Corning Inc (GLW) accounts for about 1.75% of total assets, followed by Seagate Technology Holdings Plc (STX) and Sandisk Corp (SNDK).

The top 10 holdings account for about 14.22% of total assets under management.

Performance and RiskIMCG seeks to match the performance of the MORNINGSTAR US MID CAP BROAD GROWTH INDX before fees and expenses. The Morningstar US Mid Cap Broad Growth Index comprises of mid-capitalization U.S. equities that exhibit growth characteristics.

The ETF return is roughly 21.79% so far this year and is up about 25.91% in the last one year (as of 06/19/2026). In the past 52-week period, it has traded between $76.01 and $97.01.

The ETF has a beta of 1.14 and standard deviation of 17.3% for the trailing three-year period. With about 273 holdings, it effectively diversifies company-specific risk.

AlternativesiShares Morningstar Mid-Cap Growth ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IMCG is an excellent option for investors seeking exposure to the Style Box - Mid Cap Growth segment of the market. There are other additional ETFs in the space that investors could consider as well.

The Vanguard Mid-Cap Growth Index Fund ETF Shares (VOT) and the iShares Russell Mid-Cap Growth ETF (IWP) track a similar index. While Vanguard Mid-Cap Growth Index Fund ETF Shares has $19.69 billion in assets, iShares Russell Mid-Cap Growth ETF has $20.51 billion. VOT has an expense ratio of 0.05% and IWP charges 0.23%.

Bottom-LineAn increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

PitchBook's data powers Samaya AI's Expert AI Agent Platform — delivering accurate, auditable private market insights into a single workflow

SEATTLE--(BUSINESS WIRE)--PitchBook, the leading private capital market intelligence platform, today announced a premium partnership with Samaya AI, the Expert AI Agent Platform for financial services. PitchBook's trusted data is now natively integrated into Samaya AI through Q&A prompts and agent workflows, so investment professionals can access private market intelligence where they already work, with no platform-switching required.

The integration pairs the breadth of PitchBook's data on private companies, investors, deals, and funds with Samaya AI's leading system of large language models and purpose-built small models. PitchBook’s intelligence is synthesized alongside broker research and filings — enabling long-context analysis at scale and giving customers comprehensive coverage of private markets with full traceability back to the source.

With this integration, investment professionals can:

Surface private company profiles including funding history, ownership, and key investors. Run deal comparisons and transaction searches for benchmarking and due diligence. Prepare for management meetings by combining PitchBook's structured data with internal notes and research. Source transaction multiples with full auditability back to primary deal-level sources. "The data grounding AI has never mattered more, and neither has knowing where it comes from. This partnership closes the gap between speed and defensibility, bringing full traceability back to primary sources," said Tom Van Buskirk, Executive Vice President of Technology and Engineering at PitchBook. "By combining PitchBook's trusted data and insights with Samaya's expert-quality outputs, professionals get answers they can act on and defend, without leaving the workflow they're already in."

"One of the core advantages of Samaya is our ability to retrieve the right data an agent needs, across both our customers' proprietary sources and the third-party datasets their work depends on. That's what unlocks high-quality, end-to-end agentic workflows. PitchBook sets the standard for private markets data and insights, and this integration brings that depth directly into our customers' work in Samaya," said Suharsh Sivakumar, Head of Engineering at Samaya AI.

The Samaya AI integration marks the latest milestone in PitchBook's expanding network of AI partnerships, which include Anthropic, Hebbia, Model ML, OpenAI, Perplexity and Rogo. Together, these collaborations extend PitchBook's intentional approach to working across the AI ecosystem, bringing trusted private market intelligence to professionals wherever they choose to work.

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.

About Samaya AI

Samaya AI builds AI Agents for financial professionals, supporting high stakes investment workflows across leading financial institutions. By training a custom AI Architecture for state of the art financial reasoning, Samaya helps experts go from global information to investment conviction.

CHICAGO--(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 [email protected]. 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

)%

More News From Morningstar, Inc.

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Integration advances Morningstar and PitchBook’s vision of trusted, analyst‑backed intelligence in AI‑powered research workflows

CHICAGO & SEATTLE--(BUSINESS WIRE)--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.

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.

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Industry-first collaboration between two experienced managed accounts providers aims to bring enhanced personalization to retirement plan participants May 11, 2026 10:00 ET  | Source: Stadion Money Management

WATKINSVILLE, Ga., May 11, 2026 (GLOBE NEWSWIRE) -- Stadion Money Management (“Stadion”), a pioneer in retirement managed account services and technology, today announced a strategic collaboration with Morningstar Retirement to offer Stadion Managed Accounts powered by Morningstar Retirement through Lincoln Financial’s Retirement Plan Services.

The offering combines Stadion’s professional portfolio management capabilities with Morningstar Retirement’s personalization technology to help deliver more tailored investment offerings for plan participants. The offering is available to plans on Lincoln Financial’s Alliance platform.

“We’re combining our decades of professional money management experience with Morningstar Retirement’s personalization engine to deliver a new retirement managed account service,” said Duane Bernt, CEO at Stadion Money Management. “Lincoln Financial’s commitment to innovation makes them the ideal platform for this innovative collaboration.”

“We're excited to bring together two industry leaders to create something new for the retirement market,” said Brock Johnson, President at Morningstar Retirement.

“This launch reflects Lincoln Financial’s continued commitment to delivering innovative solutions that help drive better retirement outcomes for plan participants,” said Jason Crane, President of Lincoln Retirement Plan Services. “This service brings together strong, complementary capabilities from respected industry leaders to support more tailored retirement outcomes for participants.”

Stadion Managed Accounts powered by Morningstar Retirement is now available to eligible retirement plans on the Lincoln Financial Alliance platform. Plan sponsors interested in learning more should contact their Lincoln Financial representative.

About Stadion Money Management
Founded in 1993 and headquartered near Athens, Georgia, Stadion is a wholly owned subsidiary of Smart USA. Stadion partners with financial professionals, asset managers, and recordkeepers to deliver retirement plan and participant-level investment solutions. Stadion Money Management, LLC ("Stadion") is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion's ADV Part 2, which is available free of charge. Please visit stadionmoney.com.

About Morningstar Retirement
Morningstar Retirement empowers investor success by providing research- and technology-driven products and services that help individuals reach their retirement goals. With advisory services provided by Morningstar Investment Management LLC, Morningstar Retirement supports and collaborates with workplace retirement plans and other industry players to differentiate their services, stay competitive, and reach new markets, all in service of building a better retirement system.

Morningstar Retirement not only helps people save for the retirement they want but helps them make their money last once they get there. For more information, visit https://www.morningstar.com/business/brands/retirement.

About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2025, the company had $349 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

SMM-2605-11

Contact Data Media Contact for Stadion: Gordon Lamb

CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today launched Corporate Credit Analytics, a new set of tools designed to bring greater transparency and consistency to private credit analysis.

“Private credit decisions are still shaped by incomplete and inconsistent information. That distortion makes it harder to compare risk and defend decisions,” said Brian Grow, president of Morningstar Credit Analytics. “Corporate Credit Analytics replaces public-market comparisons with aggregated private‑company data. Credit teams can now have a common, data-driven, and defensible framework to help evaluate and benchmark borrower performance, from initial underwriting and portfolio surveillance through investment committee and fund investor reporting.”

According to PitchBook’s 2025 Annual Global Private Debt Report, private credit has grown to more than $2.5 trillion in assets, yet it remains structurally opaque. As reliance on issuer‑specific assumptions grows, institutional investors and regulators have raised concerns about how risk is measured, compared, and communicated.

A Standardized Framework for Private Credit Analysis

Corporate Credit Analytics is built to address a growing challenge in private credit analysis: fragmented, non-comparable data, a gap the Financial Stability Board identified in its 2026 private credit report. The platform brings three tools together designed to create consistent, comparable credit analysis:

Data Explorer surfaces aggregates of real company financial statements and loan-level data sourced from private company disclosures, rather than public comparables. The data set includes approximately 80 metrics spanning financial statements, debt schedules, covenant thresholds, credit estimates, and key credit ratios including EBITDA to interest expense, debt to EBITDA, cash flow to debt, leverage, and liquidity. Data Overview provides configurable visualizations of trends, ratio distributions, and key performance metrics across private credit rating categories and industries, supporting portfolio insights and effective communication with investment committees and stakeholders. The Credit Estimate Tool generates ratings-aligned credit risk scores for private and limited-disclosure borrowers using methodologies consistent with Morningstar DBRS frameworks. Outputs are mapped to familiar rating categories and benchmarked against aggregated segment statistics by industry, region, and credit quality. “With real financials, loan-level information, and credit estimate scoring in one place, users can now evaluate risk at a level that hasn’t been possible before,” Grow said.

Built for Institutional Credit Market Participants

Corporate Credit Analytics is designed for institutional users across the private credit ecosystem, including direct lenders, portfolio managers, CLO managers and structurers, bank credit teams, debt capital markets professionals, and ratings advisory functions. Use cases span underwriting, portfolio construction, fund investor communications, securitization, rating agency engagement, and ongoing surveillance—intended to help credit teams move faster and maintain consistency across investment committees, fund investors, and regulators. Users can access data and insights through the Morningstar Credit Analytics platform or via APIs, with upcoming Model Context Protocol (MCP)-enabled connectivity for AI-driven and agentic workflows.

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-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.

About Morningstar Credit

Morningstar Credit provides credit ratings, research, data, and analytics solutions that support transparency in global credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.

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” 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.

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Continued commitment to U.S. markets despite policy uncertainty, concerns around market concentration, calls for better climate tools and caution around AI come to the forefront in recent conversations.

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today shares results from the qualitative phase of its Asset Owner Perspectives Survey. The findings were taken from interviews with 25 of the largest institutional asset owners from North America, Europe and Asia-Pacific.

These individual discussions, conducted by Morningstar Indexes and Morningstar Sustainalytics in March and April 2026, are designed to check the pulse of the global asset owner community, identifying the most challenging issues and evolving trends. The qualitative phase of the survey will inform and direct the global quantitative survey to be conducted later this year.

Lindsey Stewart – Director of Institutional Insights, Morningstar:

“Asset owners act as stewards for some of the largest pools of global capital and as fiduciaries for a wide range of beneficiaries and key stakeholders. As a result, they often find themselves on the forefront of shifts in the market environment, global investment strategy, and regulatory standards and policy. This year, we’ve seen plenty of changes across all of those factors, so the conversation with this cohort has brought several important issues and pressure points to the surface.”

Asset owner interviews this year centered around global investment outlook, opinion on private markets, sustainable investment strategy and use of artificial intelligence (AI), among other topics. Notably:

Concentration in US markets concerning, yet necessary. Asset owners are viewing concentration risk in the Magnificent Seven stocks and the US more broadly as a major risk. Despite growing frustration with policy uncertainty and geopolitical volatility coming from the US, asset owners understand the need to continue to stay invested in this market, yet deeper diversification is required. “If you ignore it (the US market) your opportunity cost becomes enormous, particularly if you’re an index manager,” commented an asset owner. Diversification and resilience in focus. In response to portfolio concentration and geopolitical risks, asset owners are increasing diversification across asset classes. This includes prioritizing inflation-linked and stable cash flow investments such as infrastructure and real estate, alongside continued expansion into private markets through private credit and private equity. As one Australian superannuation fund noted: “What works in a world of greater divergence and volatility? Diversification. You want a resilient portfolio.” AI Operating in the Backroom, Not the Boardroom. Asset owners are increasingly using AI to improve internal efficiency and productivity but remain cautious about deploying it in strategic decision-making. Risk and governance concerns continue to slow broader adoption, with most taking a measured, test-and-learn approach rather than leading from the front. “It still needs a bit of NI, or natural intelligence, to critically assess the output and make sure it doesn’t contain errors,” noted one asset owner. Climate Remains Material, Just More Nuanced. Climate and broader sustainable investment priorities remain but how they are discussed is being reshaped by political and regulatory pressures. Asset owners continue to ask for better data, particularly around climate, nature and biodiversity. According to one asset owner in Continental Europe, “What we see is many US companies and banks and asset managers don’t publish climate targets anymore. That doesn’t necessarily mean that they have retreated from doing anything about it.” Morningstar is discussing findings from the qualitative phase of its annual survey with the media, clients and key stakeholders and is applying learnings to the questionnaire for the quantitative phase of the study, to be fielded in July and August with findings to be shared in September.

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 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 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. With 17 offices globally, Morningstar Sustainalytics has more than 1,800 staff members, including more than 850 analysts with varied multidisciplinary expertise across more than 40 industry groups. For more information, visit www.sustainalytics.com.

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.

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A SpaceX rocket stands as the company prepares to file for an initial public offering (IPO), in Starbase, Texas, U.S. April 22, 2026. REUTERS/Carlos Barria Purchase Licensing Rights, opens new tab

CompaniesJune 2 (Reuters) - Morningstar analysts pegged SpaceX's valuation at $780 billion, less than half of what the Elon Musk-led company is reportedly targeting in its initial ​public offering, ahead of a planned roadshow this week.

Prospects for ‌the company's artificial intelligence business, which includes xAI and social media platform X, were uncertain given unclear economics and competition from OpenAI and Anthropic, the research firm said.

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"We ​don't see Grok as one of the leading AI labs today," ​said Morningstar equity analyst Nicolas Owens, referring to the chatbot developed ⁠by xAI.

Owens also warned that the future promise of SpaceX's AI ​segment relies on untested technology such as orbital data centers. Starlink, the satellite ​broadband business, also faces technological hurdles, many of which may be outside the company's control, he said.

"We think the company has been significantly overvalued and investors will have opportunities ​to buy the stock at more attractive levels after the IPO," Owens ​said.

The warning stands out as a rare contrarian view at a time when enthusiasm ‌for ⁠the IPO has been high.

SpaceX is aiming to launch the roadshow on June 4, with the stock scheduled to debut on the Nasdaq on June 12, Reuters has reported.

Morningstar said the stock could ascend in the near term, ​given the low ​float and the ⁠strong cadre of major investment banks underwriting the IPO.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are ​among the underwriters for SpaceX's share sale.

However, "long-term investors eager ​to participate ⁠in SpaceX's future endeavors and potential success will have opportunities to do so with a greater margin of safety than the initial offering is likely to ⁠provide," ​Owens said.

SpaceX is targeting a valuation of $1.75 ​trillion in the IPO, Reuters has reported. The company was last valued at $1.53 trillion on secondary ​trading platform Forge Global.

Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

SpaceX is expected to start trading on the Nasdaq in just over two weeks, but Morningstar analysts have warned that Elon Musk's tech behemoth is "significantly overvalued."

The hotly-anticipated debut is expected to be the largest ever initial public offering, with SpaceX reportedly targeting a $75 billion fundraise and a valuation of $1.75 trillion.

"We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO," Morningstar analysts wrote in a note published Monday. 

The analysts see a wide range of possibilities for the potential profitability of SpaceX's xAI and find its "economic moat indeterminate." They view the unit as posing a "material threat of value destruction" to the company. 

As such, Morningstar's discounted cash flow valuation of SpaceX is $780 billion, which is roughly 48% below its private market valuation of $1.5 trillion. 

Morningstar said the upcoming IPO does not offer the best entry point for retail investors. However, long-term investors eager to participate in the company's potential future success will have more opportunities later down the line, with "a greater margin of safety" than at the time of flotation, the analysts added. 

"With a small initial float boosted by almost every investment bank on the planet, buoyant investor appetite for AI infrastructure bids, and an unprecedented path to inclusion in the Nasdaq 100 Index just 15 trading days after the IPO, we expect SpaceX's share price will likely survive separation and may even ascend, at least for a time," Morningstar said. 

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SpaceX recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025.

Its Starlink arm generated $3.26 billion in revenue in the latest quarter, accounting for 69% of the total. Its space business lost $619 million on an operating basis, while its AI unit lost $2.5 billion — meaning connectivity is the only profitable part of the company. 

Crucially, SpaceX wrote in its S-1 filing that it has "a history of net losses and may not achieve profitability in the future."

Much of its value relies on success in developing various technologies that are "novel and untested", and SpaceX expects to "incur significant capital expenditures over a period of years" before its AI products and services become profitable, according to the document.

Dan Coatsworth, head of markets at AJ Bell, said "little is known" about SpaceX's financials due to its status as a private company, with Elon Musk controlling 85% of the voting rights. Coatsworth flagged the potential for an eye-watering valuation as a potential risk to further upside.

"A $1.75 trillion valuation would put SpaceX on 67 times sales, three times as much as Nvidia's rating based on its past financial year and latest share price," he added. "It implies SpaceX's valuation could be richer than a plate of dauphinoise potatoes."

Meanwhile, chatter about whether Musk could merge SpaceX with Tesla has resurfaced.

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New integration enables licensed users to query live deal-level credit intelligence within Anthropic’s Claude using natural language

CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics (MCA), a wholly-owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today announced a new AI integration designed to enable licensed users to access Morningstar Credit Analytics’ commercial real estate (CRE) and commercial mortgage-backed securities (CMBS) data directly within Anthropic’s Claude. By integrating via Model Context Protocol (MCP), analysts can query live loan- and deal-level data using natural language questions within their AI workflows.

As AI interfaces become a primary entry point for financial research, governed access to structured institutional data is becoming critical for professional market participants. Morningstar Credit Analytics' integration aims to bring institutional credit intelligence into AI-enabled research workflows while preserving the data governance and entitlement controls already in place.

“Credit analysis has always depended on trusted data and analytical rigor. What’s changing is the speed and accessibility of that analysis,” said Brian Grow, president of Morningstar Credit Analytics. “By connecting our CRE and CMBS intelligence to AI tools like Claude, we can bring institutional credit intelligence directly into workflows. This is not a chatbot layered onto financial services. It’s about delivering credit insights while maintaining transparency, governance, and control.”

CRE Analytics, Now in Your AI Workflow

CRE Analytics is designed to give credit professionals direct access to CMBS loan performance, pool composition, and monthly surveillance data across conduit, SASB, CRE CLO, and agency structures. MCP integration brings that data directly into Claude, allowing licensed users to ask natural language questions without leaving their AI workflows.

The MCP-based architecture delivers Morningstar Credit Analytics’ proprietary data within existing entitlement and access controls. Users can interact directly with the data they are licensed to access. This is designed to enable organizations to extend governed access to institutional credit intelligence into AI workflows without compromising oversight or control.

CRE Surveillance and Analytics Use Cases

Licensed users can support credit risk analysis workflows directly within Claude to:

Query delinquency status, watchlist activity, and special servicing flags Retrieve CMBS deal and tranche-level analytics without leaving your AI workflow Conduct loan-level surveillance across conduit, SASB, CRE CLO, and agency deals Connecting compatible AI applications to the Morningstar Credit Analytics MCP connector requires no custom engineering effort. Licensed users can connect their Claude instance to the Morningstar Credit Analytics MCP server and can begin querying immediately. Because MCP is an open standard, clients can benefit from easier future interoperability as AI platforms and workflows continue to evolve.

Part of Morningstar’s Broader AI-Forward Strategy

This launch reflects Morningstar’s broader strategy to be the intelligence layer for investing—the grounding source investors need for analyst-backed comprehensive ratings and insights. Morningstar seeks to enable governed access to trusted financial data across research, analytics, and credit workflows. Morningstar and PitchBook have previously introduced MCP integrations across leading AI providers including OpenAI, Anthropic, Perplexity, and Microsoft.

See Morningstar Credit Analytics AI Demo at CREFC 2026

Morningstar Credit Analytics will demonstrate the Claude integration at the Commercial Real Estate Finance Council (CREFC) Annual Conference in New York, June 8–10, 2026. Attendees can schedule a live demonstration with a Morningstar Credit Analytics representative.

To learn more or request access, visit credit.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- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.Caution Concerning Forward-Looking Statements

About Morningstar Credit

Morningstar Credit provides credit ratings, research, data, and analytics solutions that support transparency in global credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.

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” 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.

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SEATTLE--(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.