---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-085092"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2023-07-28T23:59:59+00:00"
generated_at: "2026-06-12T22:52:20.797091+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Morningstar Q2 revenue up 7.3% to $504.7M, adjusted EPS up 11.1% to $1.30

## Summary
- Revenue $504.7M (+7.3% reported, +5.1% organic); license-based revenue grew 14.8%.
- Adjusted diluted EPS $1.30 (+11.1% YoY); reported EPS $0.84 (+20.0%, includes $0.15 tax benefit).
- Operating income $41.7M (-22.6%); adjusted operating income $69.7M (-5.0%), includes $4M severance.
- Transaction-based revenue fell 18.5%; DBRS Morningstar CMBS ratings revenue down 80%.
- Headcount 12,126 (+12.6% YoY, -2.3% sequentially); China transition substantially complete by Q3 2023.

## SEC filing metadata
- accession: 0001104659-23-085092
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2023-07-28T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289419/000110465923085092/0001104659-23-085092-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000110465923085092/tm2322273d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-085092
- JSON: https://secwatch.observer/filing/0001104659-23-085092.json
- Plain text: https://secwatch.observer/filing/0001104659-23-085092.txt

## Key facts
- Earnings Releases
  Morningstar, Inc. reported second quarter ended June 30, 2023 results: revenue $504.7 million, EPS $0.84.
  - Period: second quarter ended June 30, 2023
  - Revenue: $504.7 million
  - EPS: $0.84
  - Result: reported results
  source text: more context on its quarterly results and business, which can be found at shareholders.morningstar.com. Second-Quarter 2023 Financial Highlights • Reported revenue grew 7.3% to $504.7 million; organic revenue grew 5.1%. • Reported operating income declined 22.6% to $41.7 million; adjusted operating income declined 5.0%. Reported results included $4.0 million in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465923085092/0001104659-23-085092-index.htm

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