SEC Form 4 · accession 0001324069-26-000041

Morningstar, Inc. · MORN

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Joseph D Mansueto

Officer — Executive Chairman · Director · 10% Owner

Period of report

Aug 17, 2026

Accepted (ET)

Aug 19, 2026 · 5:31 pm EDT

Rule 10b5-1 plan

yes — trade under a plan

Issuer CIK

0001289419

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F2	Aug 17, 2026	S	5,749	$206.8431	D	7,971,197	D
Common Stock^F3	Aug 17, 2026	S	1,501	$207.8128	D	7,969,696	D
Common Stock^F4	Aug 18, 2026	S	913	$208.1296	D	7,968,783	D
Common Stock^F5	Aug 18, 2026	S	1,935	$209.481	D	7,966,848	D
Common Stock^F6	Aug 18, 2026	S	2,708	$210.3198	D	7,964,140	D
Common Stock^F7	Aug 18, 2026	S	1,588	$211.2599	D	7,962,552	D
Common Stock^F8	Aug 18, 2026	S	106	$212.2047	D	7,962,446	D
Common Stock^F9	Aug 19, 2026	S	114	$208.2084	D	7,962,332	D
Common Stock^F10	Aug 19, 2026	S	680	$210.2439	D	7,961,652	D
Common Stock^F11	Aug 19, 2026	S	426	$211.5216	D	7,961,226	D
Common Stock^F12	Aug 18, 2026	S	656	$212.534	D	7,960,570	D
Common Stock^F13	Aug 19, 2026	S	3,031	$213.9596	D	7,957,539	D
Common Stock^F14	Aug 19, 2026	S	1,785	$214.8112	D	7,955,754	D
Common Stock^F15	Aug 19, 2026	S	369	$215.9257	D	7,955,385	D
Common Stock^F16	Aug 19, 2026	S	189	$217.0109	D	7,955,196	D
Common Stock^F17	holding	—	—		—	6,277,675	I	By Trust
Common Stock^F18	holding	—	—		—	150,000	I	By Trust

Table II — derivative securities

No Table II lines on this filing.

Explanation of responses

F1The 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.
F10The transaction was executed in multiple trades at prices ranging from $209.7700 to $210.7200. 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.
F11The transaction was executed in multiple trades at prices ranging from $211.0000 to $211.9800. 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.
F12The transaction was executed in multiple trades at prices ranging from $212.2075 to $212.9000. 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.
F13The transaction was executed in multiple trades at prices ranging from $213.3750 to $214.3575. 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.
F14The transaction was executed in multiple trades at prices ranging from $214.3850 to $215.3800. 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.
F15The transaction was executed in multiple trades at prices ranging from $215.3900 to $216.3400. 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.
F16The transaction was executed in multiple trades at prices ranging from $216.7500 to $217.3275. 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.
F17The 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.
F18The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.
F2The transaction was executed in multiple trades at prices ranging from $206.4100 to $207.3900. 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.
F3The transaction was executed in multiple trades at prices ranging from $207.4800 to $208.2900. 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.
F4The transaction was executed in multiple trades at prices ranging from $207.8650 to $208.8250. 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.
F5The transaction was executed in multiple trades at prices ranging from $208.8700 to $209.7900. 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.
F6The transaction was executed in multiple trades at prices ranging from $209.8900 to $210.8200. 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.
F7The transaction was executed in multiple trades at prices ranging from $210.8900 to $211.8200. 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.
F8The transaction was executed in multiple trades at prices ranging from $212.0750 to $212.6100. 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.
F9The transaction was executed in multiple trades at prices ranging from $208.1900 to $208.3400. 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.