Morningstar, Inc.

Filing Date

Nov 5, 2025

Transaction Date

Nov 3, 2025

Accession Number

0001324069-25-000012

Form Type

4

Net Trading Amount

-$3.0M

Footnotes

1. (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 15, 2024.
2. (F2)The transaction was executed in multiple trades at prices ranging from $211.3100 to $212.2800. 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. (F3)In the third quarter of 2025, the reporting person contributed 1,100,000 shares of Morningstar common stock to a grantor retained annuity trust for the benefit of the reporting person and his children which are now reported as indirect holdings.
4. (F4)In the third quarter of 2025, 487,979 shares were distributed to the reporting person from a grantor retained annuity trust established for the benefit of the reporting person and his children which were previously included as indirect holdings and are now reported as directly held.
5. (F5)The transaction was executed in multiple trades at prices ranging from $212.3100 to $213.2800. 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. (F6)The transaction was executed in multiple trades at prices ranging from $213.3100 to $213.6900. 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. (F7)The transaction was executed in multiple trades at prices ranging from $212.3100 to $213.2900. 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. (F8)The transaction was executed in multiple trades at prices ranging from $213.3150 to $214.2750. 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. (F9)The transaction was executed in multiple trades at prices ranging from $214.3800 to $214.9450. 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. (F10)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.
11. (F11)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.