secwatch.observer — SEC 8-K summary
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Issuer:     Morningstar, Inc. (MORN)
CIK:        0001289419
Form:       8-K
Filed at:   2025-08-05T23:59:59+00:00
Accession:  0001289419-25-000148
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1289419/000128941925000148/0001289419-25-000148-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1289419/000128941925000148/morn-20250805.htm
  HTML page:      https://secwatch.observer/filing/0001289419-25-000148

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer