Sell4

Morningstar, Inc.

MORN

Total Value

$2.9M

Net $2.9M sold

Filing Date

Aug 14, 2026

12 transactions

Sales

$2.9M

12 transactions

Trade Summary

On Aug 13, 2026 through Aug 14, 2026, Mansueto Joseph D, Executive Chairman, Director, 10% Owner, sold $2.9M of Morningstar, Inc. (MORN) across 12 transactions. The filing covers Common Stock and reflects net selling of $2.9M. Reported prices ranged from $197.06 to $209.38. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.

Price at the Time of the Trade

MORN daily price with the insider's sale marked at $202.40.

Sold near the 6-month high · the stock trades 3% higher today.

Price data is delayed and provided for context only — not investment advice.

Insider Information

Name: Mansueto Joseph D
Role: Executive Chairman, Director, 10% Owner
Location: CHICAGO, IL

Filing Details

Filing Date: Aug 14, 2026
Transaction Date: Aug 13, 2026
Accession Number: 0001324069-26-000039
Form Type: 4
Net Trading Amount: -$2.9M

Non-Derivative Transactions

Date	Security	Shares	Price	Type	Value
Aug 13, 2026	Common Stock	3,498	$197.06	Sale	$689.3K
Aug 13, 2026	Common Stock	2,936	$197.88	Sale	$581.0K
Aug 13, 2026	Common Stock	430	$198.96	Sale	$85.6K
Aug 13, 2026	Common Stock	26	$199.75	Sale	$5.2K
Aug 13, 2026	Common Stock	52	$202.09	Sale	$10.5K
Aug 13, 2026	Common Stock	78	$203.79	Sale	$15.9K
Aug 13, 2026	Common Stock	52	$205.66	Sale	$10.7K
Aug 13, 2026	Common Stock	178	$206.78	Sale	$36.8K
Aug 14, 2026	Common Stock	3,924	$206.28	Sale	$809.4K
Aug 14, 2026	Common Stock	2,809	$207.33	Sale	$582.4K
Aug 14, 2026	Common Stock	240	$208.45	Sale	$50.0K
Aug 14, 2026	Common Stock	277	$209.38	Sale	$58.0K

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Footnotes

(F1)The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025.
(F2)The transaction was executed in multiple trades at prices ranging from $196.5200 to $197.5025. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F3)The transaction was executed in multiple trades at prices ranging from $197.5200 to $198.4300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F4)The transaction was executed in multiple trades at prices ranging from $198.5350 to $199.5175. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F5)The transaction was executed in multiple trades at prices ranging from $201.8200 to $202.3500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F6)The transaction was executed in multiple trades at prices ranging from $203.3200 to $204.2700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F7)The transaction was executed in multiple trades at prices ranging from $205.1850 to $206.1300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F8)The transaction was executed in multiple trades at prices ranging from $206.5000 to $207.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F9)The transaction was executed in multiple trades at prices ranging from $205.8900 to $206.8700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F10)The transaction was executed in multiple trades at prices ranging from $206.9050 to $207.8600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F11)The transaction was executed in multiple trades at prices ranging from $207.9900 to $208.8700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F12)The transaction was executed in multiple trades at prices ranging from $209.1025 to $209.7000. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
(F13)The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.
(F14)The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mansueto Joseph D

(Last)

(First)

(Middle)

22 W. WASHINGTON

(Street)

CHICAGO

60602

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/13/2026		S⁽¹⁾		3,498	D	$197.0645⁽²⁾	7,987,948	D
Common Stock	08/13/2026		S⁽¹⁾		2,936	D	$197.8752⁽³⁾	7,985,012	D
Common Stock	08/13/2026		S⁽¹⁾		430	D	$198.9596⁽⁴⁾	7,984,582	D
Common Stock	08/13/2026		S⁽¹⁾		26	D	$199.75	7,984,556	D
Common Stock	08/13/2026		S⁽¹⁾		52	D	$202.085⁽⁵⁾	7,984,504	D
Common Stock	08/13/2026		S⁽¹⁾		78	D	$203.7933⁽⁶⁾	7,984,426	D
Common Stock	08/13/2026		S⁽¹⁾		52	D	$205.6575⁽⁷⁾	7,984,374	D
Common Stock	08/13/2026		S⁽¹⁾		178	D	$206.784⁽⁸⁾	7,984,196	D
Common Stock	08/14/2026		S⁽¹⁾		3,924	D	$206.2815⁽⁹⁾	7,980,272	D
Common Stock	08/14/2026		S⁽¹⁾		2,809	D	$207.3288⁽¹⁰⁾	7,977,463	D
Common Stock	08/14/2026		S⁽¹⁾		240	D	$208.4503⁽¹¹⁾	7,977,223	D
Common Stock	08/14/2026		S⁽¹⁾		277	D	$209.384⁽¹²⁾	7,976,946	D
Common Stock								6,277,675	I	By Trust⁽¹³⁾
Common Stock								150,000	I	By Trust⁽¹⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025.

2. The transaction was executed in multiple trades at prices ranging from $196.5200 to $197.5025. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

3. The transaction was executed in multiple trades at prices ranging from $197.5200 to $198.4300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

4. The transaction was executed in multiple trades at prices ranging from $198.5350 to $199.5175. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

5. The transaction was executed in multiple trades at prices ranging from $201.8200 to $202.3500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

6. The transaction was executed in multiple trades at prices ranging from $203.3200 to $204.2700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

7. The transaction was executed in multiple trades at prices ranging from $205.1850 to $206.1300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

8. The transaction was executed in multiple trades at prices ranging from $206.5000 to $207.4100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

9. The transaction was executed in multiple trades at prices ranging from $205.8900 to $206.8700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

10. The transaction was executed in multiple trades at prices ranging from $206.9050 to $207.8600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

11. The transaction was executed in multiple trades at prices ranging from $207.9900 to $208.8700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

12. The transaction was executed in multiple trades at prices ranging from $209.1025 to $209.7000. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

13. The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.

14. The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	08/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Form 4 as rendered by the SEC from accession 0001324069-26-000039.

Morningstar, Inc.

Trade Summary

Price at the Time of the Trade

Company Information

Insider Information

Filing Details

Non-Derivative Transactions

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Footnotes

SEC Form 4

SEC Filing

Price at the Time of the Trade

SEC Form 4