Morningstar, Inc.

For the period ended Dec 31, 2025. Filed Feb 13, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 13, 2026

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

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Contents

Part I	3
	Item 1. Business	3
	Item 1A. Risk Factors	21
	Item 1B. Unresolved Staff Comments	34
	Item 1C. Cybersecurity	34
	Item 2. Properties	35
	Item 3. Legal Proceedings	36
	Item 4. Mine Safety Disclosures	36
Part II	37
	Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	37
	Item 6. [Reserved]	37
	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	37
	Item 7A. Quantitative and Qualitative Disclosures about Market Risk	60
	Item 8. Financial Statements and Supplementary Data	61
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	102
	Item 9A. Controls and Procedures	102
	Item 9B. Other Information	103
	Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	103
Part III	103
	Item 10. Directors, Executive Officers, and Corporate Governance	103
	Item 11. Executive Compensation	104
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	104
	Item 13. Certain Relationships and Related Transactions, and Director Independence	104
	Item 14. Principal Accountant Fees and Services	104
Part IV.	105
	Item 15. Exhibits and Financial Statement Schedules	105

ContentsView on SEC.gov

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About this filing

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