---
schema_version: "secwatch.filing_event.v1"
accession: "0001289419-24-000102"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2024-10-01T23:59:59+00:00"
generated_at: "2026-05-30T23:04:00.772949+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Morningstar Q&A details PitchBook revenue $583M, margin 28.8%, cash flow surge

## Summary
- PitchBook segment revenue $583.3M for TTM June 2024; adj. operating margin improved to 28.8% from 18.4% in 2021.
- Q2 2024 operating cash flow $152.7M, up 74.3% YoY (adjusted); expects stronger 2024 cash generation.
- PitchBook licensed users 119,571 as of Q2 2024, up 16.6% YoY; growth driven by enterprise and LCD migrations.
- Termination of PitchBook management bonus plan after founder's departure contributed ~half of Q2 margin expansion.
- No material revenue headwind from UBS/Credit Suisse merger; corporate client segment remains soft.

## SEC filing metadata
- accession: 0001289419-24-000102
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2024-10-01T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289419/000128941924000102/0001289419-24-000102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000128941924000102/morn-20241001.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001289419-24-000102
- JSON: https://secwatch.observer/filing/0001289419-24-000102.json
- Plain text: https://secwatch.observer/filing/0001289419-24-000102.txt

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