MORN

The discussion included in this section, as well as other sections of this Quarterly Report on Form 10-Q (this Quarterly Report), 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 “committed,” “consider,” “estimate,” “future,” “goal,” “is designed to,” “maintain,” “may,” “objective,” “ongoing,” “could,” “expect,” “intend,” “plan,” “possible,” “potential,” “anticipate,” “believe,” “predict,” “continue,” “strategy,” “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, among others: •failing to achieve the anticipated benefits of the CRSP acquisition; •failing to maintain and protect our brand, independence, and reputation; •failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; •changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; •compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; •failing to innovate or streamline our product and service offerings or meet or anticipate our clients’ changing needs; •the impact of artificial intelligence (AI) technologies and related costs on our business and reputation, as well as legal and reputational risks as they are incorporated into our products and tools; •failing to detect errors in our products or methodology or our products performing improperly due to defects, malfunctions, or similar problems; •failing to recruit, develop, and retain qualified employees; •failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; •liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; •inadequacy of our operational risk management and business continuity programs to address materially disruptive events; •our strategic transactions, acquisitions, divestitures, and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; •triggering events for impairment of goodwill or assets; •failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; •failing to recognize deferred revenue; •liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; •the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; •liability, regulatory scrutiny, costs, and reputational risks relating to environmental, social, and governance considerations; •our dependence on third-party service providers in our operations; •inadequacy of our insurance coverage; 26 Table of Contents •challenges in accounting for tax complexities in the global jurisdictions we operate in could materially affect our tax obligations and tax rates; •the potential impact of vendor consolidation and clients' strategic decisions to replace our products and services with in-house products and services; •our ability to build and maintain short-term and long-term shareholder value and pay dividends to our shareholders; •our ability to repurchase shares of our common stock; •our ability to maintain existing business and renewal rates and to gain new business; •the impact of recently issued accounting pronouncements on our consolidated financial statements and related disclosures; •volatility in our stock price due to market conditions, any future sales of our common stock, and fluctuations in our operating results; and •failing to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties, among others, can be found in our other filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025 (our Annual Report), and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as supplemented by this Quarterly Report on Form 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events, or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties, and assumptions in our filings with the SEC on Forms 10-K, 10-Q, and 8-K. All dollar and percentage comparisons, which are often accompanied by words such as “increase,” “decrease,” “grew,” “declined,” “was up,” “was down,” “was flat,” or “was similar” refer to a comparison with the same period in the previous year unless otherwise stated. Understanding our company Our Business Our mission is to empower investor success. We deliver connected data, independent research, investor-first tools, and long-term portfolio strategies with a focus on removing frictions that can slow decisions, cloud markets, and drive up costs. Our strategy is to deliver insights and experiences that make us essential to investor workflow. The company has seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. The operating segments of Morningstar Sustainalytics and Morningstar Indexes do not individually meet the quantitative segment reporting thresholds and have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Prior-period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the chief operating decision maker (CODM). For additional information about our segment reporting, refer to Note 7 of the Notes to our Unaudited Consolidated Financial Statements. In addition to reviewing revenue by our reportable segments, we review revenue by type. We leverage our proprietary data and research to sell products and services across our portfolio that generate revenue in three primary ways: License-based: Generated mostly by our Morningstar Direct Platform and PitchBook segments, revenue through license agreements is derived from either a per user or enterprise-basis. Our license agreements typically range from one to three years and are accounted for as subscription services available to customers and not as licenses under the accounting guidance. 27 Table of Contents Asset-based: Generated mostly by our Morningstar Wealth and Morningstar Retirement segments, revenue where basis points and other fees are charged for assets under management or advisement (AUMA). Our asset-based arrangements typically range from one to three years. Transaction-based: Revenue that is one time in nature and related Morningstar Credit recurring revenue primarily derived from surveillance and research. Three and Six Months Ended June 30, 2026 vs. Three and Six Months Ended June 30, 2025 Consolidated Results Three months ended June 30, Six months ended June 30, Key Metrics (in millions) 2026 2025 Change 2026 2025 Change Consolidated revenue $ 663.2 $ 605.1 9.6 % $ 1,308.0 $ 1,187.0 10.2 % Operating income $ 160.6 $ 125.1 28.4 % $ 316.5 $ 239.2 32.3 % Operating margin 24.2 % 20.7 % 3.5 pp 24.2 % 20.2 % 4.0 pp Cash provided by operating activities $ 155.7 $ 99.0 57.3 % $ 247.2 $ 190.0 30.1 % Capital expenditures (33.2) (36.6) (9.3) % (71.1) (68.8) 3.3 % Free cash flow $ 122.5 $ 62.4 96.3 % $ 176.1 $ 121.2 45.3 % Cash used for investing activities $ (26.0) $ (23.9) 8.8 % $ (410.4) $ (94.6) 333.8 % Cash provided by (used for) financing activities $ (130.6) $ (108.5) 20.4 % $ 186.3 $ (132.6) NMF ___________________________________________________________________________________________ pp — percentage points NMF — not meaningful Supplemental Information To supplement our interim consolidated financial statements presented in accordance with US Generally Accepted Accounting Principles (GAAP), we use the following non-GAAP measures: •"Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. •"Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisition, and divestiture-related activity which, when applicable, may include certain non-recurring expenses such as pre-deal due diligence, transaction costs, contingent consideration, severance, and post-close integration costs (M&A-related expenses), and (3) certain other one-time, non-recurring items which management does not consider when evaluating ongoing performance (other non-recurring items). •"Adjusted Operating Margin" is operating margin excluding (1) intangible amortization expense, (2) M&A-related expenses, and (3) other non-recurring items. •"Free Cash Flow" is cash provided by or used for operating activities less capital expenditures. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should not be considered an alternative to any measure of performance promulgated under GAAP. We present organic revenue because we believe it helps investors better compare our period-over-period results, and our management team uses this measure to evaluate the performance of our business. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. For divestitures (including sale of assets), we exclude revenue in the prior-year period for which there is no comparable revenue in the current period. 28 Table of Contents We present adjusted operating income (loss) and adjusted operating margin because we believe they better reflect period-over-period comparisons and improve overall understanding of the underlying performance of the business absent the impact of intangible amortization expense, M&A-related expenses, and certain other one-time, non-recurring items. We present free cash flow as a supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. Our management team uses free cash flow as a metric to evaluate the health of our business. 29 Table of Contents Consolidated Revenue Revenue by type Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Morningstar Direct Platform License-based $ 220.6 $ 207.7 6.2 % $ 435.8 $ 406.9 7.1 % Asset-based — — — % — — — % Transaction-based 1.5 1.5 — % 1.5 1.5 — % Morningstar Direct Platform total $ 222.1 $ 209.2 6.2 % $ 437.3 $ 408.4 7.1 % PitchBook License-based $ 172.7 $ 164.7 4.9 % $ 343.2 $ 326.5 5.1 % Asset-based — — — % — — — % Transaction-based 2.0 1.8 11.1 % 3.9 3.7 5.4 % PitchBook total $ 174.7 $ 166.5 4.9 % $ 347.1 $ 330.2 5.1 % Morningstar Credit License-based $ 6.4 $ 5.0 28.0 % $ 12.2 $ 9.6 27.1 % Asset-based — — — % — — — % Transaction-based 98.5 80.0 23.1 % 193.7 148.4 30.5 % Morningstar Credit total $ 104.9 $ 85.0 23.4 % $ 205.9 $ 158.0 30.3 % Morningstar Wealth License-based $ 13.5 $ 19.7 (31.5) % $ 27.7 $ 38.8 (28.6) % Asset-based 37.6 35.2 6.8 % 74.1 71.3 3.9 % Transaction-based 9.2 9.4 (2.1) % 16.5 15.5 6.5 % Morningstar Wealth total $ 60.3 $ 64.3 (6.2) % $ 118.3 $ 125.6 (5.8) % Morningstar Retirement License-based $ 0.4 $ 0.4 — % $ 0.8 $ 0.9 (11.1) % Asset-based 37.5 32.0 17.2 % 75.9 64.4 17.9 % Transaction-based — — — % — — — % Morningstar Retirement total $ 37.9 $ 32.4 17.0 % $ 76.7 $ 65.3 17.5 % Corporate and All Other (1) License-based $ 41.5 $ 30.9 34.3 % $ 80.3 $ 63.7 26.1 % Asset-based 21.7 15.2 42.8 % 41.9 32.4 29.3 % Transaction-based 0.1 1.6 (93.8) % 0.5 3.4 (85.3) % Corporate and All Other total $ 63.3 $ 47.7 32.7 % $ 122.7 $ 99.5 23.3 % License-based $ 455.1 $ 428.4 6.2 % $ 900.0 $ 846.4 6.3 % Asset-based 96.8 82.4 17.5 % 191.9 168.1 14.2 % Transaction-based 111.3 94.3 18.0 % 216.1 172.5 25.3 % Consolidated revenue $ 663.2 $ 605.1 9.6 % $ 1,308.0 $ 1,187.0 10.2 % ___________________________________________________________________________________________ (1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $25.5 million and $27.3 million for the three months ended June 30, 2026 and 2025, respectively, and $52.1 million and $56.1 million for the six months ended June 30, 2026 and 2025, respectively. Revenue from Morningstar Indexes was $37.8 million and $20.4 million for the three months ended June 30, 2026 and 2025, respectively, and $70.6 million and $43.4 million for the six months ended June 30, 2026 and 2025, respectively. 30 Table of Contents In the second quarter of 2026, consolidated revenue increased 9.6% to $663.2 million. Foreign currency movements increased revenue by $3.5 million. License-based revenue increased 6.2%, or 3.1% on an organic basis, during the second quarter of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products. Asset-based revenue increased 17.5%, or 13.8% on an organic basis, during the second quarter of 2026. The increase in reported and organic asset-based revenue was primarily driven by an increase in sales of Morningstar Retirement and Morningstar Wealth products. Transaction-based revenue increased 18.0%, or 17.8% on an organic basis, during the second quarter of 2026, primarily driven by Morningstar Credit revenue. In the first six months of 2026, consolidated revenue increased 10.2% to $1,308.0 million. Foreign currency movements increased revenue by $17.0 million. License-based revenue increased 6.3%, or 2.8% on an organic basis, during the first six months of 2026, primarily driven by demand for Morningstar Direct Platform and PitchBook products. Asset-based revenue increased 14.2%, or 12.4% on an organic basis, during the first six months of 2026. The increase in reported and organic asset-based revenue was primarily driven by an increase in sales of Morningstar Retirement and Morningstar Wealth products. Transaction-based revenue increased 25.3%, or 23.6% on an organic basis, during the first six months of 2026, primarily driven by Morningstar Credit revenue. Organic Revenue Organic revenue increased 6.8% in the second quarter of 2026 and 7.2% in the first six months of 2026, driven by organic revenue growth in Morningstar Credit, Morningstar Direct Platform, and PitchBook. The table below shows a reconciliation of organic revenue to the most directly comparable GAAP financial measure. Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Consolidated revenue $ 663.2 $ 605.1 9.6 % $ 1,308.0 $ 1,187.0 10.2 % Acquisitions (14.5) — NMF (25.0) — NMF Divestitures (5.7) (6.4) NMF (8.7) (14.0) NMF Effect of foreign currency translations (3.5) — NMF (17.0) — NMF Organic revenue $ 639.5 $ 598.7 6.8 % $ 1,257.3 $ 1,173.0 7.2 % 31 Table of Contents Consolidated Revenue by Geographical Area Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change United States $ 479.1 $ 431.6 11.0 % $ 941.1 $ 856.1 9.9 % Asia 12.1 12.2 (0.8) % 23.9 24.1 (0.8) % Australia 19.4 16.2 19.8 % 37.5 31.3 19.8 % Canada 46.6 38.6 20.7 % 89.3 71.7 24.5 % Continental Europe 55.0 55.0 — % 112.0 105.6 6.1 % United Kingdom 47.3 48.2 (1.9) % 96.5 91.9 5.0 % Other 3.7 3.3 12.1 % 7.7 6.3 22.2 % Total International 184.1 173.5 6.1 % 366.9 330.9 10.9 % Consolidated revenue $ 663.2 $ 605.1 9.6 % $ 1,308.0 $ 1,187.0 10.2 % International revenue comprised 28% of our consolidated revenue in both the second quarter and first six months of 2026, comparable to the same periods in 2025. Approximately 56% of international revenue was generated in Continental Europe and the United Kingdom during both the second quarter and first six months of 2026, which was down slightly compared to the same periods in 2025. Revenue from international operations increased 6.1% and 10.9% during the second quarter and first six months of 2026, respectively, driven by strong demand for Morningstar Credit and Morningstar Wealth products as well as Morningstar Direct Platform during the first six months of 2026. Consolidated Operating Expense Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Cost of revenue $ 239.3 $ 230.6 3.8 % $ 478.2 $ 462.0 3.5 % % of consolidated revenue 36.1 % 38.1 % (2.0) pp 36.6 % 38.9 % (2.3) pp Sales and marketing 118.1 119.7 (1.3) % 233.3 232.3 0.4 % % of consolidated revenue 17.7 % 19.7 % (2.0) pp 17.8 % 19.5 % (1.7) pp General and administrative 98.5 82.0 20.1 % 182.5 158.5 15.1 % % of consolidated revenue 14.9 % 13.5 % 1.4 pp 14.0 % 13.3 % 0.7 pp Depreciation and amortization 53.5 48.5 10.3 % 105.2 95.8 9.8 % % of consolidated revenue 8.1 % 8.0 % 0.1 pp 8.0 % 8.1 % (0.1) pp Total operating expense $ 509.4 $ 480.8 5.9 % $ 999.2 $ 948.6 5.3 % % of consolidated revenue 76.8 % 79.3 % (2.5) pp 76.4 % 79.8 % (3.4) pp Cost of Revenue Cost of revenue increased $8.7 million in the second quarter and $16.2 million in the first six months of 2026. An increase in certain technology infrastructure costs of $6.1 million and $9.0 million in the second quarter and first six months of 2026, respectively, was the largest contributor to the increase, which included higher cloud spending primarily related to the migration from on-premise data centers and computer and software costs associated with AI initiatives. Professional fees also contributed to the increase in both periods. 32 Table of Contents Sales and Marketing Sales and marketing expense decreased $1.6 million in the second quarter and increased $1.0 million in the first six months of 2026. The quarterly decrease was primarily driven by lower compensation expense and professional fees of $1.6 million and $1.4 million, respectively, partially offset by a $0.9 million increase in advertising and marketing costs. The decrease in compensation expense was primarily due to lower salary and severance costs, while higher paid advertising drove the increase in advertising and marketing costs. For the first six months of 2026, advertising and marketing costs increased $2.8 million and were partially offset by a $1.7 million decrease in compensation expense, primarily due to the same factors noted above. General and Administrative General and administrative expense increased $16.5 million in the second quarter and $24.0 million in the first six months of 2026. Higher compensation expense of $12.6 million and $15.7 million in the second quarter and first six months of 2026, respectively, was the largest contributor to the increase, driven primarily by stock-based compensation, attributable to strong performance compared to targets, and salary costs. Facilities-related expenses also contributed to the increase in both periods. Depreciation and Amortization Depreciation expense decreased slightly in the second quarter and first six months of 2026, while intangible amortization expense increased $5.6 million in the second quarter and $10.2 million in the first six months of 2026, primarily from additional amortization related to intangibles from the acquisition of CRSP. Consolidated Operating Income and Operating Margin Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Operating income $ 160.6 $ 125.1 28.4 % $ 316.5 $ 239.2 32.3 % % of revenue 24.2 % 20.7 % 3.5 pp 24.2 % 20.2 % 4.0 pp Consolidated operating income increased $35.5 million in the second quarter of 2026, reflecting increases in revenue of $58.1 million and other operating income of $6.0 million, partially offset by an increase in operating expense of $28.6 million. Operating margin was 24.2%, an increase of 3.5 percentage points compared with the prior year period. Consolidated operating income increased $77.3 million in the first six months of 2026, reflecting increases in revenue of $121.0 million and other operating income of $6.9 million, partially offset by an increase in operating expense of $50.6 million. Operating margin was 24.2% in the first six months of 2026, an increase of 4.0 percentage points compared with the prior year period. Adjusted Operating Income and Adjusted Operating Margin We reported adjusted operating income of $175.9 million and $354.5 million in the second quarter and first six months of 2026, respectively. The table below shows a reconciliation of adjusted operating income to the most directly comparable GAAP financial measure. 33 Table of Contents Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Operating income $ 160.6 $ 125.1 28.4 % $ 316.5 $ 239.2 32.3 % Intangible amortization expense 20.9 15.3 36.6 % 39.9 29.7 34.3 % M&A-related expenses 1.2 3.8 (68.4) % 5.8 10.7 (45.8) % Other non-recurring items (6.8) (0.8) NMF (7.7) (0.8) NMF Adjusted operating income $ 175.9 $ 143.4 22.7 % $ 354.5 $ 278.8 27.2 % Morningstar Direct Platform $ 100.3 $ 96.3 4.2 % $ 191.3 $ 183.4 4.3 % PitchBook 53.0 52.8 0.4 % 104.6 105.1 (0.5) % Morningstar Credit 38.5 30.5 26.2 % 79.7 51.9 53.6 % Morningstar Wealth 7.9 3.0 163.3 % 13.5 2.2 NMF Morningstar Retirement 19.4 15.4 26.0 % 39.2 30.0 30.7 % Less: Corporate and All Other (1) (43.2) (54.6) NMF (73.8) (93.8) NMF Adjusted operating income $ 175.9 $ 143.4 22.7 % $ 354.5 $ 278.8 27.2 % ___________________________________________________________________________________________ (1) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. For the three months ended June 30, 2026 and 2025, unallocated corporate expenses were $55.6 million and $50.1 million, respectively. For the six months ended June 30, 2026 and 2025, unallocated corporate expenses were $97.4 million and $91.9 million, respectively. Unallocated corporate expenses include finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated. We reported adjusted operating margin of 26.5% in the second quarter and 27.1% in the first six months of 2026. The table below shows a reconciliation of adjusted operating margin to the most directly comparable GAAP financial measure. Three months ended June 30, Six months ended June 30, 2026 2025 Change 2026 2025 Change Operating margin 24.2 % 20.7 % 3.5 pp 24.2 % 20.2 % 4.0 pp Intangible amortization expense 3.1 % 2.5 % 0.6 pp 3.1 % 2.5 % 0.6 pp M&A-related expenses 0.2 % 0.6 % (0.4) pp 0.4 % 0.9 % (0.5) pp Other non-recurring items (1.0) % (0.1) % (0.9) pp (0.6) % (0.1) % (0.5) pp Adjusted operating margin 26.5 % 23.7 % 2.8 pp 27.1 % 23.5 % 3.6 pp Segment Results Segment adjusted operating income reflects the impact of direct segment expenses as well as certain allocated centralized costs, such as information technology, sales and marketing, and research and data. Morningstar Direct Platform The following table presents results for Morningstar Direct Platform: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Total revenue $ 222.1 $ 209.2 6.2 % $ 437.3 $ 408.4 7.1 % Adjusted operating income $ 100.3 $ 96.3 4.2 % $ 191.3 $ 183.4 4.3 % Adjusted operating margin 45.2 % 46.0 % (0.8) pp 43.7 % 44.9 % (1.2) pp Morningstar Direct Platform total revenue increased $12.9 million, or 6.2%, for the three months ended June 30, 2026. Revenue grew 4.8% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct. 34 Table of Contents Morningstar Data contributed $6.8 million to revenue growth, with revenue increasing 6.4% or 4.2% on an organic basis. The increase in Morningstar Data was driven in part by expansion with existing clients supported by new use cases, with continued strength in managed investment data and Morningstar Essentials products, partially offset by softness in exchange market data. Morningstar Direct contributed $6.1 million to revenue growth, with revenue increasing 8.2% or 7.1% on an organic basis, reflecting increased revenue per license and expansion with existing clients in reporting solutions. Direct licenses were relatively flat compared with the prior-year period. Morningstar Direct Platform adjusted operating income increased $4.0 million, or 4.2%, and adjusted operating margin decreased 0.8 percentage points for the three months ended June 30, 2026. The decline in adjusted operating margin was due in part to higher compensation costs largely driven by a shift of additional research and sales resources to support Direct Platform growth priorities, partially offset by targeted reorganizations in the fourth quarter of 2025. Increased technology infrastructure costs primarily driven by the cloud migration also contributed. Morningstar Direct Platform total revenue increased $28.9 million, or 7.1%, for the six months ended June 30, 2026. Revenue grew 4.9% on an organic basis, primarily driven by growth in Morningstar Data and Morningstar Direct. Morningstar Direct Platform adjusted operating income increased $7.9 million, or 4.3%, and adjusted operating margin decreased 1.2 percentage points for the six months ended June 30, 2026. The decline in adjusted operating margin was driven by the same factors noted above Morningstar Direct Platform depreciation expense was $9.2 million and $11.2 million for the three months ended June 30, 2026 and 2025, respectively, and $18.7 million and $22.0 million for the six months ended June 30, 2026 and 2025, respectively. PitchBook The following table presents results for PitchBook: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Total revenue $ 174.7 $ 166.5 4.9 % $ 347.1 $ 330.2 5.1 % Adjusted operating income $ 53.0 $ 52.8 0.4 % $ 104.6 $ 105.1 (0.5) % Adjusted operating margin 30.3 % 31.7 % (1.4) pp 30.1 % 31.8 % (1.7) pp PitchBook total revenue increased $8.2 million, or 4.9% on both a reported and organic basis for the three months ended June 30, 2026. Growth reflected contributions from most core investor and advisor client segments, partially offset by softness in venture capital and elevated churn in the corporate client segment. Increased revenue was primarily driven by the PitchBook platform and strength in the direct data business, which continued to expand from a smaller revenue base. Licensed user counts were relatively flat compared to the prior-year period. PitchBook adjusted operating income increased $0.2 million, or 0.4%, and adjusted operating margin decreased 1.4 percentage points for the three months ended June 30, 2026. The decline in adjusted operating margin was largely driven by an increase in compensation costs, which included the impact of additional headcount to support new growth initiatives. Increased technology infrastructure costs primarily related to AI initiatives also contributed. PitchBook total revenue increased $16.9 million, or 5.1% for the six months ended June 30, 2026. Revenue grew 4.9% on an organic basis. PitchBook adjusted operating income decreased $0.5 million, or 0.5%, and adjusted operating margin decreased 1.7 percentage points for the six months ended June 30, 2026. The decline in adjusted operating margin was driven by the same factors noted above, as well as higher advertising expenses. 35 Table of Contents PitchBook depreciation expense was $8.8 million and $8.1 million for the three months ended June 30, 2026 and 2025, respectively, and $16.7 million and $15.9 million for the six months ended June 30, 2026 and 2025, respectively. Morningstar Credit The following table presents results for Morningstar Credit: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Total revenue $ 104.9 $ 85.0 23.4 % $ 205.9 $ 158.0 30.3 % Adjusted operating income $ 38.5 $ 30.5 26.2 % $ 79.7 $ 51.9 53.6 % Adjusted operating margin 36.7 % 35.9 % 0.8 pp 38.7 % 32.8 % 5.9 pp Morningstar Credit total revenue increased $19.9 million, or 23.4%, for the three months ended June 30, 2026. Revenue grew 23.3% on an organic basis, supported by a robust issuance. Revenue grew across geographies and most asset classes, with particular strength in US structured finance ratings and Canadian and US corporates. Morningstar Credit adjusted operating income increased $8.0 million, or 26.2%, and adjusted operating margin increased 0.8 percentage points for the three months ended June 30, 2026. The increase in adjusted operating income and margin reflected revenue growth, partially offset by higher compensation costs. The increase in compensation was driven by higher salaries and benefits due to added headcount to support growth and higher bonus expense reflecting strong performance against targets. Morningstar Credit total revenue increased $47.9 million, or 30.3%, for the six months ended June 30, 2026. Revenue grew 28.3% on an organic basis. Revenue grew across geographies and most asset classes, with particular strength in US structured finance ratings and global corporates. Morningstar Credit adjusted operating income increased $27.8 million, or 53.6%, and adjusted operating margin increased 5.9 percentage points for the six months ended June 30, 2026. Morningstar Credit depreciation expense was $1.4 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively, and $2.8 million and $4.0 million for the six months ended June 30, 2026 and 2025, respectively. Morningstar Wealth The following table presents results for Morningstar Wealth: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Total revenue $ 60.3 $ 64.3 (6.2) % $ 118.3 $ 125.6 (5.8) % Adjusted operating income (loss) $ 7.9 $ 3.0 163.3 % $ 13.5 $ 2.2 NMF Adjusted operating margin 13.1 % 4.7 % 8.4 pp 11.4 % 1.8 % 9.6 pp Morningstar Wealth total revenue decreased $4.0 million, or 6.2%, for the three months ended June 30, 2026. Revenue decreased 4.6% on an organic basis. Organic revenue growth excludes interim service fees received from AssetMark associated with the company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact from the sunsetting of Morningstar Office, organic revenue would have increased 5.3%, supported by growth in Investment Management. 36 Table of Contents Asset-based revenue is based on quarter-end, prior quarter-end, or average asset levels during each quarter, which are often reported on a one-quarter lag for certain Investment Management products including Morningstar Model Portfolios. The timing of client asset reporting and the structure of our contracts often results in a lag between market movements and the impact on revenue. The following table summarizes our approximate Morningstar Wealth AUMA: As of June 30, (in billions) 2026 2025 Change Morningstar Model Portfolios $ 55.3 $ 47.6 16.2 % Institutional Asset Management 5.7 5.8 (1.7) % Asset Allocation Services 2.8 13.4 (79.1) % Investment Management (total) $ 63.8 $ 66.8 (4.5) % Investment Management total revenue increased $2.5 million, or 7.1% on a reported basis for the three months ended June 30, 2026. Revenue increased 11.9% on an organic basis. Reported AUMA decreased 4.5% to $63.8 billion compared with the prior-year period. Excluding the impact of the loss of an Asset Allocation Services client, which accounted for a negligible share of Investment Management revenue, AUMA would have increased compared to the prior-year period. Combined Morningstar Model Portfolio and International Wealth Platform AUMA increased 16.2% to $55.3 million, supported by market appreciation and positive net flows outside the US. Morningstar Wealth adjusted operating income increased $4.9 million and adjusted operating margin increased 8.4 percentage points for the three months ended June 30, 2026. Morningstar Wealth total revenue decreased $7.3 million, or 5.8%, for the six months ended June 30, 2026. Revenue declined 3.2% on an organic basis. Organic revenue growth excludes interim service fees received from AssetMark associated with the company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform from the prior-year period, and foreign currency impact. Excluding the impact of the sunsetting of Morningstar Office, organic revenue would have increased 7.0%, supported by growth in Investment Management. Morningstar Wealth adjusted operating income increased $11.3 million and adjusted operating margin increased 9.6 percentage points for the six months ended June 30, 2026. Morningstar Wealth depreciation expense was $1.2 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively, and $2.8 million and $8.9 million for the six months ended June 30, 2026 and 2025, respectively. Morningstar Retirement The following table presents results for Morningstar Retirement: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Total revenue $ 37.9 $ 32.4 17.0 % $ 76.7 $ 65.3 17.5 % Adjusted operating income $ 19.4 $ 15.4 26.0 % $ 39.2 $ 30.0 30.7 % Adjusted operating margin 51.2 % 47.5 % 3.7 pp 51.1 % 45.9 % 5.2 pp Morningstar Retirement total revenue increased $5.5 million, or 17.0% on both a reported and organic basis for the three months ended June 30, 2026. AUMA, calculated using the most recently available average quarterly or monthly data, increased 9.0% to $311.0 billion compared with the prior-year period, primarily due to market gains and supported by positive net flows to traditional and Advisor Managed Accounts. 37 Table of Contents Asset-based revenue is based on quarter-end, prior quarter-end, or average asset levels during each quarter, which are often reported on a one-quarter lag. The timing of client asset reporting and the structure of our contracts often results in a lag between market movements and the impact on revenue. The following table summarizes our approximate Morningstar Retirement AUMA: As of June 30, (in billions) 2026 2025 Change Managed Accounts $ 194.4 $ 171.7 13.2 % Fiduciary Services 71.0 63.3 12.2 % Custom Models/CIT 45.6 50.4 (9.5) % Morningstar Retirement (total) $ 311.0 $ 285.4 9.0 % Morningstar Retirement adjusted operating income increased $4.0 million and adjusted operating margin increased 3.7 percentage points for the three months ended June 30, 2026. Morningstar Retirement total revenue increased $11.4 million, or 17.5% on a reported and organic basis for the six months ended June 30, 2026. Growth was driven by market gains and positive net flows, supported by growth in traditional and Advisor Managed Accounts. Morningstar Retirement adjusted operating income increased $9.2 million and adjusted operating margin increased 5.2 percentage points for the six months ended June 30, 2026. Morningstar Retirement depreciation expense was $2.2 million and $2.7 million for the three months ended June 30, 2026 and 2025, respectively, and $4.5 million and $5.3 million for the six months ended June 30, 2026 and 2025, respectively. Corporate and All Other Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Corporate and All Other revenue increased $15.6 million, or 32.7% on a reported basis, and increased $23.2 million, or 23.3% on a reported basis, for the three and six months ended June 30, 2026, respectively. Morningstar Sustainalytics revenue decreased $1.8 million, or 6.6%, for the three months ended June 30, 2026. Organic revenue decreased 7.7%, primarily due to the retirement of the second party opinions product. Morningstar Sustainalytics revenue decreased $4.0 million, or 7.1%, for the six months ended June 30, 2026. Organic revenue decreased 11.0%, primarily due to the retirement of the second party opinions product as well as a decline in revenue from the corporate licensed-rating product. Morningstar Indexes revenue increased $17.4 million, or 85.3%, for the three months ended June 30, 2026. Organic revenue increased 13.0%. Organic revenue growth excludes revenue associated with the CRSP acquisition and foreign currency impact. Morningstar Indexes revenue increased $27.2 million or 62.7% for the six months ended June 30, 2026. Organic revenue increased 5.7%. Asset value linked to Morningstar Indexes increased to $3.6 trillion from $221.0 billion in the prior-year period, driven by the inclusion of $3.3 trillion of assets linked to CRSP indexes, along with market performance and net inflows over the trailing 12 months. 38 Table of Contents Non-operating expense, net, Equity in investments of unconsolidated entities, and Effective tax rate and income tax expense Non-Operating Expense, Net Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Interest income $ 2.0 $ 2.9 $ 3.9 $ 6.4 Interest expense (19.1) (10.3) (34.7) (19.2) Other income (expense), net 3.5 (1.2) 3.1 (1.4) Non-operating expense, net $ (13.6) $ (8.6) $ (27.7) $ (14.2) Interest income reflects interest from our cash, cash equivalents, and investment portfolio. Interest expense mainly relates to the outstanding principal balances under the company's prior credit agreement, the 2025 Credit Agreement, and the 2030 Notes. Other expense, net primarily consists of foreign currency exchange gains (losses) and gains (losses) on investments. Equity in Investments of Unconsolidated Entities Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Equity in investments of unconsolidated entities $ (0.9) $ (1.2) $ (1.0) $ (3.8) Equity in investments of unconsolidated entities primarily reflects income and losses from our unconsolidated entities. Effective Tax Rate and Income Tax Expense Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Income before income taxes and equity in investments of unconsolidated entities $ 147.0 $ 116.5 $ 288.8 $ 225.0 Equity in investments of unconsolidated entities (0.9) (1.2) (1.0) (3.8) Income before income taxes $ 146.1 $ 115.3 $ 287.8 $ 221.2 Income tax expense $ 38.3 $ 26.3 $ 72.9 $ 53.7 Effective tax rate 26.2 % 22.8 % 25.3 % 24.3 % Our effective tax rate in the second quarter and first six months of 2026 was 26.2% and 25.3%, respectively, reflecting an increase of 3.4 and 1.0 percentage points compared with the same prior year periods. Our effective tax rate increased in 2026 due to deferred taxes recorded in the second quarter of 2026 with respect to unremitted foreign earnings from some of our non-US subsidiaries as well as from a negative tax impact due to the vesting of employee stock-based compensation compared with the excess tax benefits that were recognized in 2025. When stock-based compensation vests at a lower share price than the original grant price, a negative tax impact results. This reduces our tax deduction for stock-based compensation and resulted in an increase to our effective tax rate in the second quarter of 2026. The Organization for Economic Co-operation and Development (OECD) has proposed a global minimum tax of 15% of reported profits (Pillar Two) that has been agreed upon in principle by over 140 countries. Since the proposal, many countries have incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two differently than the model rules and on different timelines. On January 5, 2026, the OECD announced changes to the model rules to include the “side by side” arrangement, which contains simplification measures as well as an exemption for US parented companies from certain aspects of the Pillar Two regime. The updated model rules will need to be enacted into local legislation to become effective. Pillar Two did not have a material impact on our consolidated financial statements as of June 30, 2026. We are continuing to monitor developments and administrative guidance in addition to evaluating the potential impact of Pillar Two on our consolidated financial statements for future periods. 39 Table of Contents On July 4, 2025, the One Big Beautiful Bill Act (OBBB) was enacted in the US. The OBBB contains several changes impacting corporate taxpayers, including modifications to the capitalization of research and development expenses, changes to calculations for the limitation on deductions for interest expense, and the reestablishment of accelerated depreciation (full expensing) on fixed assets. The OBBB also includes adjustments to the calculation of certain international tax framework provisions, which were initially established by the Tax Cuts and Jobs Act of 2017. The OBBB has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBB did not have a material impact on our consolidated financial statements as of June 30, 2026. Liquidity and Capital Resources As of June 30, 2026, we had cash, cash equivalents, and investments totaling $523.8 million, compared with $528.7 million as of December 31, 2025, a decrease of $4.9 million. Cash provided by operating activities is our main source of cash. In the first six months of 2026, cash provided by operating activities increased 30.1% to $247.2 million and free cash flow increased by 45.3% to $176.1 million. We believe our available cash balances and investments, along with cash generated from operations and our credit facility, will be sufficient to meet our operating and cash needs for at least the next 12 months. We are focused on maintaining a strong balance sheet and liquidity position. We hold our cash reserves in cash equivalents and investments and maintain a conservative investment policy. We invest most of our investment balance in stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. Approximately 85% of our cash, cash equivalents, and investments balance as of June 30, 2026 was held by our operations outside the US, an increase from 81% as of December 31, 2025. We generally consider the accumulated undistributed earnings of most of our foreign subsidiaries to be permanently reinvested. During the second quarter of 2026, we identified $84.0 million of accumulated undistributed earnings of certain of our foreign subsidiaries that we anticipate to be distributed to the US later in 2026 or early 2027. We have recorded a deferred tax liability of $1.0 million on these earnings, mostly for non-US withholding taxes, which will be due at the time of future remittance. Otherwise, we intend to use our cash, cash equivalents, and investments for general corporate purposes, including working capital and funding future growth. Credit Agreement On October 31, 2025, the company entered into a senior credit agreement (the 2025 Credit Agreement).The 2025 Credit Agreement provides the company with a multi-currency credit facility with a borrowing capacity of up to $1.5 billion, including a five-year $750.0 million revolving credit facility (the 2025 Revolving Credit Facility), a five-year delayed draw term facility of up to $375.0 million (the 2025 A-1 Facility), and a three-year term facility of up to $375.0 million (the 2025 A-2 Facility and, together with the 2025 A-1 Facility, the 2025 Term Facility; and, together with the 2025 Revolving Credit Facility, the 2025 Facility). The 2025 Credit Agreement also provides for the issuance of up to $50.0 million of letters of credit and a $100.0 million sublimit for a swingline facility under the 2025 Revolving Credit Facility. As of June 30, 2026, the total outstanding debt under the 2025 Credit Agreement was $1.4 billion, net of debt issuance costs, including $370.3 million drawn under the 2025 A-1 Facility, $375.0 million drawn under the 2025 A-2 Facility, and $620.0 million drawn under the 2025 Revolving Credit Facility. The company's borrowing availability includes $130.0 million under the 2025 Revolving Credit Facility. The proceeds borrowed under the 2025 Facility were used to refinance existing indebtedness under the company's prior credit agreement, pay fees and expenses in connection with the 2025 Facility, finance the acquisition of CRSP, and for general corporate purposes. The interest rate applicable to loans under the 2025 Credit Agreement is based on the SOFR, SONIA, EURIBOR, Term CORRA, or BBSY depending on the currency of the loan and will include an applicable margin for such loans, which ranges between 1.05% and 1.425%, based on Morningstar’s consolidated net leverage ratio and other applicable adjustments as further described in the 2025 Credit Agreement. 40 Table of Contents The portions of deferred debt issuance costs related to the 2025 Revolving Credit Facility are included in other current and non-current assets, and the portion of deferred debt issuance costs related to the 2025 Term Facility is reported as a reduction to the carrying amount of the 2025 Term Facility. Debt issuance costs related to the 2025 Revolving Credit Facility are amortized on a straight-line basis to interest expense over the term of the 2025 Credit Agreement. Debt issuance costs related to the 2025 Term Facility are amortized to interest expense using the effective interest method over the term of the 2025 Credit Agreement. Private Placement Debt Offering On October 26, 2020, we issued and sold $350.0 million aggregate principal amount of 2.32% senior notes due October 26, 2030 (the 2030 Notes), in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. Proceeds were primarily used to pay off a portion of the company's outstanding debt under a prior credit agreement. Interest on the 2030 Notes will be paid semi-annually on each October 30 and April 30 during the term of the 2030 Notes and at maturity, with the first interest payment date having occurred on April 30, 2021. As of June 30, 2026, our total outstanding debt, net of issuance costs, under the 2030 Notes was $349.2 million. Compliance with Covenants Each of the 2025 Credit Agreement and the 2030 Notes include customary representations, warranties, and covenants, including financial covenants, that require us to maintain specified ratios of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges and consolidated net funded indebtedness (in the case of the 2025 Credit Agreement) or consolidated funded indebtedness (in the case of the 2030 Notes) to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of June 30, 2026, with consolidated funded indebtedness to consolidated EBITDA calculated at approximately 1.9x. Dividend On June 18, 2026, our board of directors approved a regular quarterly dividend of $0.50 per share, or $18.8 million, payable on July 31, 2026 to shareholders of record as of July 10, 2026. We paid $38.9 million in dividends during the six months ended June 30, 2026. Share Repurchase Program On October 29, 2025, the board of directors approved a three-year share repurchase program that authorizes the company to repurchase up to $1.0 billion in shares of the company's outstanding common stock, effective October 31, 2025 and set to expire on October 30, 2028 (the Share Repurchase Program). Under this authorization, we may repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate. For the three months ended June 30, 2026, we repurchased a total of 567,844 shares for $100.0 million. For the six months ended June 30, 2026, we repurchased a total of 2,291,256 shares for $400.0 million. As of June 30, 2026, we have repurchased a total of 3,694,105 shares for $700.0 million under the Share Repurchase Program, leaving $300.0 million available for future repurchases. Other For the six months ended June 30, 2026, we paid $359.6 million, net of cash acquired, related to the acquisition of CRSP. For the six months ended June 30, 2025, we paid $39.1 million, net of cash acquired, related to the acquisitions of DealX and Lumonic Inc. We expect to continue making capital expenditures for the remainder of 2026, primarily for computer hardware, software, and leasehold improvements for new and existing office locations. 41 Table of Contents Consolidated Free Cash Flow The table below shows a reconciliation of free cash flow to the most directly comparable GAAP financial measure. Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Cash provided by operating activities $ 155.7 $ 99.0 57.3 % $ 247.2 $ 190.0 30.1 % Capital expenditures (33.2) (36.6) (9.3) % (71.1) (68.8) 3.3 % Free cash flow $ 122.5 $ 62.4 96.3 % $ 176.1 $ 121.2 45.3 % We generated free cash flow of $122.5 million in the second quarter of 2026 compared with $62.4 million in the second quarter of 2025. The change reflects a $56.7 million increase in cash provided by operating activities and a $3.4 million decrease in capital expenditures compared to the prior-year period. The increase in operating cash flow and free cash flow in the second quarter of 2026 was mainly due to higher cash earnings. We generated free cash flow of $176.1 million in the first six months of 2026 compared with $121.2 million in the first six months of 2025. The change reflects a $57.2 million increase in cash provided by operating activities and a $2.3 million increase in capital expenditures compared to the prior-year period. Cash provided by operating activities increased due to higher cash earnings. Free cash flow increased in the first six months of 2026 due to higher cash earnings, slightly offset by an increase in capital expenditures compared to the prior-year period due in part to spending related to office refreshes across geographies. Application of Critical Accounting Policies and Estimates We discuss our critical accounting policies and estimates in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report. We also discuss our significant accounting policies in Note 2 of the Notes to our Audited Consolidated Financial Statements included in our Annual Report and in Note 2 of the Notes to our Unaudited Consolidated Financial Statements contained in Part 1, Item 1 of this Quarterly Report. There have not been any material changes during the three months ended June 30, 2026 to the methodologies applied by management for critical accounting policies previously disclosed in our Annual Report. 42 Table of Contents