---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-111747"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T08:04:30.505105+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Morningstar Q3 revenue up 10.1% to $515.5M; adjusted EPS $1.28, up 66.2%

## Summary
- Reported operating income surged to $70.0M from $22.0M; adjusted operating income up 20.1% to $92.0M.
- PitchBook revenue grew 19.8% (organic), contributed $20.7M to growth; Morningstar Data +10.2% organic.
- DBRS Morningstar settled SEC charges for $8.0M in civil penalties; $6.0M expense in Q3.
- Company reorganizing at Sustainalytics, Wealth, and DBRS due to slower growth; severance of $5.0M.
- Free cash flow $101.4M, up 48.2%; operating cash flow $130.7M, up 28.0%.

## SEC filing metadata
- accession: 0001104659-23-111747
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1289419/000110465923111747/0001104659-23-111747-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000110465923111747/tm2329171d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-111747
- JSON: https://secwatch.observer/filing/0001104659-23-111747.json
- Plain text: https://secwatch.observer/filing/0001104659-23-111747.txt

## Key facts
- Earnings Releases
  Morningstar, Inc. reported third quarter ended September 30, 2023 results: revenue $515.5 million, net income $0.91, EPS $1.28.
  - Period: third quarter ended September 30, 2023
  - Revenue: $515.5 million
  - Net income: $0.91
  - EPS: $1.28
  - Result: reported results
  source text: context on its quarterly results and business and can be found at shareholders.morningstar.com. Third-Quarter 2023 Financial Highlights · Reported revenue increased 10.1% to $515.5 million compared to the prior-year period; organic revenue grew 9.3%. · Reported operating income increased to $70.0 million from $22.0 million; adjusted operating income increased
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465923111747/0001104659-23-111747-index.htm

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