---
schema_version: "secwatch.filing_event.v1"
accession: "0001289419-25-000148"
form_type: "8-K"
ticker: "MORN"
cik: "0001289419"
company_name: "Morningstar, Inc."
filed_at: "2025-08-05T23:59:59+00:00"
generated_at: "2026-05-17T20:29:50.544961+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Morningstar provides revenue mix details for Credit segment and data retention rates in investor Q&A

## Summary
- Morningstar Credit revenue: 59% from new issuance fees, 35% recurring transaction-based, 6% data licensing in 2024.
- For structured finance, ~30% of transaction-based revenue was recurring; for fundamental ratings, ~50%.
- Managed investment data accounted for roughly half of Morningstar Data revenue for TTM ended June 30, 2025.
- Retention rates from 2022-2024 were higher in managed investment data and Essentials, lower in exchange market data.
- Plans to issue Morningstar Medalist Ratings for interval funds starting Q3 2025; expects to monetize through asset manager offerings.

## SEC filing metadata
- accession: 0001289419-25-000148
- form_type: 8-K
- ticker: MORN
- cik: 0001289419
- company_name: Morningstar, Inc.
- filed_at: 2025-08-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289419/000128941925000148/0001289419-25-000148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289419/000128941925000148/morn-20250805.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001289419-25-000148
- JSON: https://secwatch.observer/filing/0001289419-25-000148.json
- Plain text: https://secwatch.observer/filing/0001289419-25-000148.txt

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