MORN

CHICAGO, June 29, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), plans to report its second-quarter 2026 financial results after the market closes on Wednesday, July 29, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at [email protected]. About Morningstar Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. ©2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260629604396/en/ Contacts Stephanie Lerdall, +1 312 696-6037, [email protected]

The Space Explorations Technology Corp. (NASDAQ: SPCX) IPO has already exceeded many analyst expectations. Consider the warnings from Morningstar analysts on June 9 -- days before the record-breaking IPO. After an independent analysis, Morningstar concluded that SpaceX's current business should only be valued at $780 billion -- less than one-third of its current market cap. "We think the company has been significantly overvalued and investors will have opportunities ​to buy the stock at more attractive levels after the IPO," its report concluded. With SpaceX stock already up by more than 30% since its IPO day, Morningstar's analysts may already be scratching their heads. But the road ahead will be long. SpaceX will need to continually prove its ability to execute on long-shot opportunities with massive growth potential to keep investors interested in its multitrillion-dollar market cap. When will we get the first official update from SpaceX outlining its post-IPO spending to execute critical growth milestones? The company's first big reveal should occur within the next few months. Wall Street analysts expect the first SpaceX earnings report to occur sometime in late July or early August. While it will be the company's first official earnings disclosure, technically it will be classified as the company's second-quarter results. SpaceX CEO Elon Musk has a long history of making surprising comments on earnings calls. On Tesla (NASDAQ: TSLA) earnings calls, for example, he has predicted "record-breaking" revenues, previously unannounced product launches, and technology rollouts with timelines that seem highly aggressive, if not outright impossible. Expect the same Musk to appear on SpaceX's earnings call. What exactly will Musk be commenting on? Wall Street will likely care most about progress on the company's Starlink internet segment. That segment produces the most cash for the company, with impressive growth rates and earnings before interest, taxes, depreciation, and amortization (EBITDA) margins. But I'm not sure if this is the segment the market cares about most long-term. After all, the vast majority of SpaceX's claimed total addressable market has nothing to do with Starlink. The public, I'm predicting, will care most about two things: rockets and AI. I expect Musk to provide bullish updates on the company's Starship megarocket, a key enabler for the res...

CHICAGO, June 18, 2026--(BUSINESS WIRE)--The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in April. The dividend is payable July 31, 2026, to shareholders of record as of July 10, 2026. Please contact [email protected] with any questions. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc. Caution Concerning Forward-Looking Statements This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include,...

Morningstar lifted PANW's fair value to $285, citing AI-driven firewall demand, but maintained a '3-star' rating. The firm also raised CRWD's fair value to $530 on confidence in its AI strategy, but kept a '2-star' rating, AVGO beat earnings and revenue estimates and guided above expectations, yet shares fell more than 12% as investors sought even stronger AI guidance. Palo Alto Networks (PANW), CrowdStrike (CRWD), and Broadcom (AVGO) all delivered strong quarterly results recently, but Morningstar believes Wall Street may have gotten one earnings reaction wrong. The research firm says Broadcom's post-earnings decline has created the most attractive opportunity of the group. In premarket trading, AVGO rose 1%, CRWD gained 0.2%, while PANW slipped 0.3%. Meanwhile, the Direxion Daily Semiconductor Bear 3X Shares ETF (SOXS), which seeks to deliver 3x the inverse daily performance of the semiconductor Index, fell 6%. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Palo Alto Networks reported third-quarter (Q3) adjusted earnings of $0.85 per share, beating estimates of $0.80, while revenue of $3 billion topped expectations of $2.94 billion. The company also raised its full-year earnings and revenue guidance. Remaining performance obligations rose 36% from the previous year to $18.4 billion, while security annual recurring revenue jumped 60% to $8.1 billion. CEO Nikesh Arora called the quarter a "standout quarter," citing accelerating growth in bookings as customers secure AI deployments. In a fresh note from late Monday, Morningstar raised its fair value estimate for PANW to $285, driven by stronger growth expectations for Palo Alto's firewall business. Analyst Dave Sekera said demand for firewall security products should benefit from ongoing AI data center buildouts. Despite the strong outlook, Morningstar rates the stock '3-star,' noting that shares trade only slightly below fair value after gaining 50% this year. CrowdStrike also topped expectations, reporting adjusted earnings of $1.10 per share versus estimates of $1.07, while revenue of $1.39 billion beat forecasts of $1.36 billion. The company raised both its fiscal 2027 revenue and earnings outlook. Morningstar raised its fair value estimate to $530, citing growing confidence in CrowdStrike's AI-driven growth strategy. Seker...

Broadcom stock fell about 16% even after the company posted a record AI quarter and won fresh target hikes from Bank of America and Morningstar. The selloff is the puzzle. A record quarter and bullish targets were met by a stock that dropped hard, and the answer lies in earnings quality and money flow, not the headlines. Broadcom (NASDAQ: AVGO) gave the bulls plenty. Second-quarter revenue hit $22.2 billion, up 48% from a year earlier, a record. Yet, the price now stares at a big dip. AI semiconductor revenue reached $10.8 billion, up 143%, and bookings topped $30 billion against $10.8 billion shipped. That backlog extends demand visibility into 2028. The guidance went further. Management guided third-quarter revenue to about $29.4 billion, up 84%, put full-year 2026 AI revenue near $56 billion, around 180% growth, and reiterated more than $100 billion for 2027. Software helped too. Infrastructure software added $7.2 billion, up 9%, with annual recurring revenue up 17%. Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Newsletter here. Analysts responded. Morningstar lifted its target to $650 from $550, per FinViz, followed by Bank of America. Broadcom stock is up 37.86% this year and has rallied about 70% since late March. Those records, however, hide a per-share story that helps explain the selloff. Pull up the multi-quarter picture, and the three charts disagree. Sales are a clean climb, from $11.96 billion in early 2024 to $19.31 billion, then $22.2 billion this quarter. GAAP earnings per share are not clean. GAAP earnings are the official bottom-line profit per share, calculated after all costs. That includes one-time items like the bill for buying other companies, which is why the line jumps around. EPS ran $0.28, then $0.44, then posted a $0.40 loss in one 2024 quarter due to acquisition charges. It recovered unevenly to $1.50 and the latest $1.91. The share count is the quieter tell. It has crept up from 4.63 billion to 4.74 billion, so dilution works against holders even as the company buys back stock. The current quarter shows the same squeeze on quality. Gross margin, the share of sales left after the direct cost of making the chips, was 77.1%. That is down 230 basis points, or 2.3 percentage points, from a year earlier. Broadcom guides that figure to about 74% next quarter. The reason is the AI mix itself. Custom AI chips ca...

Looking back on financial exchanges & data stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Morningstar (NASDAQ:MORN) and its peers. Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security. The 10 financial exchanges & data stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.2%. While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.2% since the latest earnings results. Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ:MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions. Morningstar reported revenues of $644.8 million, up 10.8% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. “In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months,” said Kunal Kapoor, Morningstar’s CEO. Morningstar scored the biggest analyst estimates beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 7.6% since reporting and currently trades at $173.37. Read why we think that Morningstar is one of the best financial exchanges & data stocks, our full report is free. Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ:NDAQ) operates global exchange...

The SEC is weighing one of the most significant changes to public company disclosure in decades: moving mandatory reporting from quarterly to semiannual. At Morningstar, we’ve effectively been running that experiment for more than 20 years. We’ve never hosted a quarterly earnings call — not once since our Dutch auction IPO in 2005. So when I say this reform is worth making, I’m not speaking theoretically. The U.S. public markets are world-class. They force companies to operate in the open and make them easier and cheaper for everyday Americans to invest in. The disclosure rules and continuous oversight mean investors get timely, comparable information. As a result, capital is priced better, misconduct is harder to hide, and investment fees are lower. We need more, not fewer, companies to opt in to public markets. Every quarter, public companies devote enormous resources to preparing 10-Qs, auditor reviews, Sarbanes-Oxley certification procedures, SEC filings, and earnings calls. For many companies, an annual audit and annual SOX compliance process should provide sufficient investor protection when continuous disclosure is timely and enforced. The cost of doing all this four times per year instead of twice is real, and it falls hardest on the smaller, younger companies shaping the economy’s future. For a small software firm, quarterlies mean handling auditor reviews, SOX certification, and filing work before you’ve even shipped the next product release. That’s another incentive to stay private, raise another round of venture capital, and avoid the treadmill altogether. That pattern is already apparent. The number of publicly traded U.S. companies has fallen from more than 7,000 in 1998 to roughly 4,000 today. Companies are staying private longer, and at times reaching the scale of public firms without ever listing. Private markets surged at twice the pace of the public markets over the past decade, and PitchBook, our private market intelligence arm, counts more than $5.8 trillion in value locked inside private unicorns alone. Yet in 2025, there were only about 200 traditional IPOs in the U.S. Quarterly reporting isn’t the only reason companies stay private, but it’s one of the fixable ones. There’s a measurable cost to ordinary investors. The Morningstar PitchBook US Modern Market 100 Index, which blends the 90 largest public U.S. companies with 10 major vent...

Morningstar (MORN) reported Q1 adjusted earnings late Wednesday of $3.18 per diluted share, up from

CHICAGO (AP) — CHICAGO (AP) — Morningstar Inc. (MORN) on Wednesday reported net income of $107.1 million in its first quarter. The Chicago-based company said it had net income of $2.73 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $3.18 per share. The investment research firm posted revenue of $644.8 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MORN at https://www.zacks.com/ap/MORN

CHICAGO, April 29, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported increased revenues in the first quarter of 2026 with sustained momentum in profitability growth. "In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months," said Kunal Kapoor, Morningstar’s CEO. "On the product front, we introduced new proprietary intellectual property, including PitchBook's daily valuation estimates for venture capital-backed companies and public-market-style research on leading private firms." The Company's quarterly shareholder letter provides more context on its quarterly results and business performance and can be found at shareholders.morningstar.com. First-Quarter 2026 Financial Highlights Reported revenue increased 10.8% to $644.8 million compared to the prior-year period; organic revenue increased 7.6%. Reported operating income increased 36.6% to $155.9 million; adjusted operating income increased 31.9%. Diluted net income per share increased 50.0% to $2.73; adjusted diluted net income per share increased 42.6% to $3.18. Cash provided by operating activities was roughly flat at $91.5 million; free cash flow decreased 8.8% to $53.6 million. Share repurchases totaled 1,723,412 shares for $300.0 million. First-Quarter 2026 Results Revenue increased 10.8% to $644.8 million on a reported basis and 7.6% on an organic basis versus the prior-year period. Morningstar Credit, Morningstar Direct Platform, and PitchBook were the largest contributors to organic revenue growth. Operating expense increased 4.7% to $489.8 million versus the prior-year period. The largest contributor to higher operating expense was a $7.6 million increase in compensation costs, primarily driven by unfavorable currency translation related to US dollar weakness. Higher amortization costs, primarily due to the acquisition of the Center for Research in Security Prices (CRSP), which closed in the quarter, and increased technology infrastructure costs also contributed. First-quarter operating income increased 36.6% to $155.9 million. Adjusted operating income was $178.6 million, an increase of 31.9%. First-quarter operating margin was 24.2%, compared with 19.6% in the prior-...

CHICAGO, April 06, 2026--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), plans to report its first-quarter 2026 financial results after the market closes on Wednesday, April 29, 2026. The company does not hold analyst conference calls; however, investors may submit written questions to Morningstar at [email protected]. About Morningstar Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. ﾩ2026 Morningstar, Inc. All rights reserved. MORN-C View source version on businesswire.com: https://www.businesswire.com/news/home/20260406349545/en/ Contacts Landon Hudson, +1 312 696-6037, [email protected]

CHICAGO, March 13, 2026--(BUSINESS WIRE)--The board of directors of Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today declared a quarterly dividend of 50 cents per share, consistent with the dividend paid in January. The dividend is payable April 30, 2026, to shareholders of record as of April 3, 2026. Please contact [email protected] with any questions. About Morningstar, Inc. Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar. Caution Concerning Forward-Looking Statements This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "focus," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncerta...