Morningstar, Inc. Form 8-K Filing - Investor Q&A

This Form 8-K filing by Morningstar, Inc. includes an Investor Q&A section, which addresses selected questions received through December 5, 2025. The Q&A details the growth drivers for PitchBook over the past five years, attributing it to new logo acquisition, upselling existing customers, and pricing strategies. Initially, growth was significantly driven by acquiring large accounts with substantial Assets Under Management (AUM) and upselling to existing clients, especially during the peak deal activity in 2021 and 2022. More recently, the focus has shifted towards expansion within existing large AUM accounts. Looking ahead, Morningstar plans to sustain growth by expanding its reach within current accounts, acquiring new large AUM clients through targeted strategies, and acquiring new logos from small- and mid-sized firms in both core and adjacent segments. The company anticipates that expansion within existing large AUM accounts will continue to be a primary growth driver, alongside the acquisition of new logos.