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Midas Edge

Morningstar, Inc.

For the period ended Sep 30, 2025. Filed Oct 30, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Oct 30, 2025

MORN$246.15+0.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Table of Contents

MORNINGSTAR, INC. AND SUBSIDIARIES

INDEX

PART 1FINANCIAL INFORMATION4
Item 1.Financial Statements4
Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 20244
Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 20245
Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 20246
Unaudited Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 20248
Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 202410
Notes to Unaudited Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations29
Item 3.Quantitative and Qualitative Disclosures about Market Risk47
Item 4.Controls and Procedures48
PART 2OTHER INFORMATION49
Item 1.Legal Proceedings49
Item 1A.Risk Factors49
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds49
Item 3.Defaults Upon Senior Securities49
Item 4.Mine Safety Disclosures49
Item 5.Other Information49
Item 6.Exhibits50
SIGNATURE51
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.