Morningstar, Inc. — Form 8-K
Filed July 29, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
For Q2 2026 (ended June 30), Morningstar reported consolidated revenue of $663.2M (+9.6% YoY; 6.8% organic), adjusted operating income of $175.9M (+22.7%), and adjusted operating margin of 26.5%. Free cash flow surged 96.3% to $122.5M. The company repurchased 567,844 shares for $100M in the quarter (YTD: 2.3M shares, $400M). Debt increased from $1.1B to $1.7B due to CRSP acquisition financing (closed February 2026). Morningstar Credit led organic growth at +23.3%; Morningstar Wealth recovered to +5.3% organic (excluding product sunset); Morningstar Retirement AUMA rose 9% to $311B. The CRSP acquisition was rebranded under Morningstar name in July 2026 with Vanguard co-branding; CME Group licensed Morningstar Market Indexes for derivatives.
Why this rating
Solid mid-single-digit organic growth + margin expansion on $8.3B market cap; debt spike from acquisition is material but manageable; Credit segment strength and AI monetization ramp are encouraging but still execution-dependent.
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