---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-051353"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T08:26:49.384145+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Morningstar posts Q1 net loss of $7.6M; operating income down 56.6%

## Summary
- Net loss of $7.6M vs net income of $46.1M YoY; diluted EPS loss ($0.18) vs $1.06.
- Revenue grew 5% to $479.7M, organic growth 2.8%; adjusted operating income fell 37.2% to $51.8M.
- License-based revenue up 16.7%; transaction-based down 34.2%, asset-based down 4.7%.
- DBRS Morningstar revenue declined 32.4% on weak credit issuance; PitchBook revenue up 24.8%.
- Paid ¥8B to terminate Morningstar Japan license; net $11.8M expense from equity method transaction.

## SEC filing metadata
- accession: 0001104659-23-051353
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2023-04-27T23:59:59+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/1289419/000110465923051353/0001104659-23-051353-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000110465923051353/tm2313913d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-051353
- JSON: https://secwatch.observer/filing/0001104659-23-051353.json
- Plain text: https://secwatch.observer/filing/0001104659-23-051353.txt

## Key facts
- Earnings Releases
  Morningstar, Inc. reported the first quarter of 2023 results: revenue $479.7 million, net income $7.6 million, EPS ($0.18) per diluted share.
  - Period: the first quarter of 2023
  - Revenue: $479.7 million
  - Net income: $7.6 million
  - EPS: ($0.18) per diluted share
  - Result: reported results
  source text: we believe they provide our clients with even more compelling reasons to extend their use of our capabilities.” First-Quarter 2023 Financial Highlights ● Revenue grew 5.0% to $479.7 million; organic revenue grew 2.8%. ● Operating income declined 56.6% to $24.5 million; adjusted operating income declined 37.2%. ● Diluted net income (loss) per share was ($0.18)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465923051353/0001104659-23-051353-index.htm

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