---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-025199"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T00:31:55.021217+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Morningstar Q4 EPS $0.08 (-93.8%); revenue $475M; full-year EPS $1.64 (-63.1%)

## Summary
- Q4 revenue $475.0M (+2.8% reported, +2.2% organic); operating income $35.5M (-52.5%).
- Q4 diluted EPS $0.08 vs $1.30; adjusted diluted EPS $0.58 vs $1.50 (-61.3%).
- Full-year revenue $1.9B (+10.1%); operating income $167.8M (-34.7%); adjusted operating income $298.9M (-17.7%).
- Full-year diluted EPS $1.64 vs $4.45; adjusted diluted EPS $3.87 vs $6.36 (-39.2%).
- Agreed to terminate MJKK license for ~$60M; tender offer for up to 10M MJKK shares.

## SEC filing metadata
- accession: 0001104659-23-025199
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289419/000110465923025199/0001104659-23-025199-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000110465923025199/tm237750d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-025199
- JSON: https://secwatch.observer/filing/0001104659-23-025199.json
- Plain text: https://secwatch.observer/filing/0001104659-23-025199.txt

## Key facts
- Earnings Releases
  Morningstar, Inc. reported the full year ended December 31, 2022 results: revenue $1.9 billion, EPS $1.64.
  - Period: the full year ended December 31, 2022
  - Revenue: $1.9 billion
  - EPS: $1.64
  - Result: reported results
  source text: Revenue increased 10.1% to $1.9 billion; organic revenue increased 10.8%. · Operating income decreased 34.7% to $167.8 million; adjusted operating income decreased 17.7%. Results included higher stock-based compensation due primarily to the overachievement of targets under the PitchBook management bonus plan, which contributed 10.5 percentage points to the operating income decline and 7.4 percentage points to the adjusted operating income decline. · Diluted net income per share decreased 63.1% to $1.64 versus $4.45 in the prior-year period. Adjusted diluted net income per share decreased by 39.2%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465923025199/0001104659-23-025199-index.htm
- Earnings Releases
  Morningstar, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $475.0 million, EPS $0.08.
  - Period: the fourth quarter ended December 31, 2022
  - Revenue: $475.0 million
  - EPS: $0.08
  - Result: reported results
  source text: Revenue increased 2.8% to $475.0 million; organic revenue increased 2.2%. · Operating income decreased 52.5% to $35.5 million; adjusted operating income decreased 27.2%. Reported results included higher stock-based compensation expense primarily due to the overachievement of targets under the PitchBook management bonus plan, which contributed 13.2 percentage points to the operating income decline and 10.9 percentage points to the adjusted operating income decline. · Diluted net income per share decreased 93.8% to $0.08 versus $1.30 in the prior-year period. Adjusted diluted net income per share decreased 61.3% to $0.58.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465923025199/0001104659-23-025199-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.