Exhibit 99.1





News Release


22 West Washington Street


Illinois 60602



Telephone: +1 312 696-6000

Facsimile: +1 312 696-6009




Morningstar, Inc. Reports Second-Quarter 2020 Financial Results


CHICAGO, July 29, 2020 - Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced second-quarter 2020 financial results reflecting the resilience of its business.


"Amidst the ongoing COVID-19 pandemic, our teams continue to help investors successfully manage their personal portfolios and professional practices, underscoring the importance of our mission,” said Kunal Kapoor, Morningstar’s chief executive officer. “In the second quarter, the recurring nature of our license-based revenue and expense control supported our ability to continue funding longer-term growth initiatives. For instance, we recently welcomed Sustainalytics into the Morningstar family, a timely addition that highlights our belief in environmental, social, and governance factors as the building blocks of a more just, sustainable global economy. Sustainalytics data underpins the Morningstar Minority Empowerment Index series, which features companies that have embedded strong racial and ethnic diversification policies into their corporate cultures. We are committed to furthering our own practices as it relates to racial diversity, upholding a culture of equity and inclusion at Morningstar."


Second-Quarter Financial Highlights


Revenue increased 19.7% to $327.9 million. DBRS Morningstar1 represented 14.0 percentage points of growth, while all other Morningstar product areas contributed 5.7 percentage points.


Organic revenue growth, which excludes DBRS Morningstar and foreign currency effects, was 5.8%, or 7.4% excluding conference revenue from second-quarter 2019 results as Morningstar Investment Conferences in the current quarter have been delayed.


Operating income increased 20.7% to $61.3 million; adjusted operating income increased by 38.3%, excluding all merger and acquisition (M&A)-related expenses and amortization.


Diluted net income per share increased 14.3% to $1.12 versus $0.98 in the prior period. Adjusted diluted net income per share increased by 31.2% to $1.43, excluding all M&A-related expenses and amortization.


Cash provided by operating activities increased 46.3% to $127.6 million. Free cash flow increased by 60.5% to $110.6 million.


1.DBRS Morningstar includes the combined operations and financial performance of DBRS and Morningstar Credit Ratings since the close of the acquisition on July 2, 2019. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.


The following information was filed by Morningstar, Inc. (MORN) on Thursday, July 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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