Morningstar, Inc. filed a Current Report on Form 8-K dated September 25, 2026, to disclose responses to investor inquiries received through September 4, 2026. The filing includes an Investor Q&A (Exhibit 99.1) regarding the company's M&A activities and board governance.
Regarding Mergers and Acquisitions, Morningstar stated that it continuously evaluates the competitive landscape to identify opportunities for investment. The company considers a range of alternatives, including building capabilities, partnering, or acquiring, with the goal of strengthening its portfolio and creating strategic and financial synergies. The filing notes that the company’s approach to capital allocation remains unchanged, with a focus on preserving a strong balance sheet, investing in organic growth, pursuing acquisitions that create long-term shareholder value, growing its dividend, and repurchasing shares opportunistically.
In response to questions about board composition, Morningstar addressed the tenure of its independent directors. The company noted that four of the eight independent directors have served for 10 or more years. The Nominating and Corporate Governance Committee (NCGC) regularly reviews board composition and skills, aiming to maintain both shorter and longer tenured members to ensure a robust dialogue. Since 2017, the company has added five new directors, with Anne Bramman being the most recent addition in early 2026. Bramman brings over 30 years of leadership experience across finance, operations, strategy, and transformation, including roles as CFO at Circana, Nordstrom, Avery Dennison, and Carnival Cruise Line, as well as her current position at Best Buy.
The filing also detailed the company’s mandatory retirement policy for directors, which applies after a director completes 10 years of service. Gail Landis reached retirement age under this policy after 13 years of Board service and did not stand for re-election at the 2026 annual shareholders’ meeting. Morningstar stated that it has a robust process to evaluate and address vacancies due to upcoming retirements.
