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Monthly Investor Q&A
We plan to make written responses available addressing investor questions about our business on the first Friday of every month. Our goal in establishing this policy is to allow all investors equal access to information about Morningstar's operations, strategy, and ongoing business plans. Please see below for the questions and answers we have provided so far, which are also available in Form 8-Ks furnished to the SEC.

To submit a question via email, click here 
03 March 2017
Our answers on headcount growth and operating margin, PitchBook, bonus funding in 2016, and share repurchases.
76K
03 February 2017
Our answers about the increase in our dividend and how we're responding to the secular shift toward passively managed and low-cost investment vehicles.
76K
06 January 2017
Our answers about our vision for long-term success, operating margin, potential tax changes, and more.
90K
02 December 2016
Our answer on potential changes to Dodd-Frank and how they might affect our credit ratings business.
66K
04 November 2016
Our answers on operating margin, the PitchBook acquisition, capital expenditures, our expanded NRSRO registration, and more.
93K
07 October 2016
Our answers on the CEO transition announcement, opportunities related to the Department of Labor fiduciary rule, capital allocation, operating margin, and more.
114K
05 August 2016
Our answers about Manager Selection Services, revenue and asset growth trends in our retirement business, and metrics used in our bonus plan.
53K
01 July 2016
Our answer on the impact of Brexit on Morningstar's business.
42K
06 November 2015
Our answers on succession planning and risks related to our data operations in China.
54K
06 February 2015
Our answers about our competitive advantage in advisor software and the retirement market, as well as deferred revenue and capital expenditures.
68K
02 January 2015
Our answers on capital spending and addressable market size.
48K
1 December 2006
Our answers on seasonality, operating margin, asset-based fees, Licensed Data, free cash flow, and more.
71K
07 November 2014
Our answer on the effect of currency movements on our financial results.
40k
03 October 2014
Our answers on plans for Latin America and South Africa, as well as our economic moat.
47K
05 August 2014
Our answers on expense growth, operating margin, revenue growth, the recent litigation settlement, and many other topics.
140K
07 July 2014
Our answers on Morningstar Data, Morningstar.com, Structured Credit Research, and Morningstar Direct.
49K
06 June 2014
Our answers on Retirement Solutions, operating margin, and our cloud and mobile initiatives.
63K
02 May 2014
Our answers on capital expenditures, the ByAllAccounts acquisition, revenue composition, and more.
41K
03 January 2014
Our answers on third-quarter 2013 operating expense, capital allocation, and structured credit research and ratings.
34K
02 August 2013
Our answers about organic revenue growth, operating margin, capital allocation, and more.
108K
05 July 2013
Our answers on the Morningstar Investment Conference, joint ventures outside the United States, and more.
131K
07 June 2013
Our answers about clients in the variable annuity industry and operating margin.
132K
01 March 2013
Our answers on deferred revenue, operating margin, sales growth, clients in the variable annuity industry, and more.
132K
01 February 2013
Our answer about recent news related to a competitor in corporate credit ratings and research.
101K
03 August 2012
Our answers about a recently announced Morningstar® Advisor Workstation agreement and our former Chief Operating Officer's association with a new firm.
111K
01 June 2012
Our answers on revised revenue for our top five products and total shares outstanding.
118K
04 May 2012
Our answers about our first-quarter earnings release, employee compensation, headcount, structured credit ratings, and more.
145K
09 April 2012
Our answers on client concentration and our business in India.
488K
03 February 2012
Our answer about the number of employees located at our Chicago headquarters.
84K
06 January 2012
Our answers on customer health, expense management, revenue growth, and credit ratings.
133K
04 November 2011
Our answers on sequential revenue growth, operating margin, the new Morningstar Analyst Rating™ for funds, and more.
127K
07 October 2011
Our answers about the Morningstar Rating for funds, revenue by segment, and more.
90K
02 September 2011
Our answers on our competitive position.
78K
05 August 2011
Our answer about participating in proxy votes for stock holdings that we own through our Select Stock Baskets or other stock portfolios.
68K
01 July 2011
Our answer about revenue from Japan.
53K
03 June 2011
Our answer on the potential impact of proposed regulatory changes on our structured credit ratings business.
84K
01 April 2011
Our answer about the operating margin for acquired operations.
453K
04 March 2011
Our answers on the most recent earnings release, Morningstar Direct, global organic revenue growth, and more.
106K
04 February 2011
Our answers on recent management changes, taxes, competition, historical revenue, and more.
103K
07 January 2011
Our answers on revenue composition, development expense, equity and credit research, and more.
92K
03 December 2010
Our answers on Morningstar's strategy and capital allocation philosophy, recent changes in our Investment Management division, managment ownership in MORN, and more.
155K
05 November 2010
Our answers on recent initiatives, our business model and key products, the new dividend and share repurchase programs, and more.
162K
03 September 2010
Our answers on operating leverage, acquisitions, legal matters, and more.
67K
06 August 2010
Our answers on the Morningstar Rating for mutual funds, the sales environment, operating costs, and more.
66K
02 July 2010
Our answers on Investment Consulting, managed retirement accounts, equity and credit research, Realpoint, and more.
52K
07 May 2010
Our answers on Morningstar Advisor Workstation, the Old Broad Street Research acquisition, revenue from acquisitions, and more.
32K
05 April 2010
Our answers on retirement advice, Realpoint, business trends, and more.
424K
05 March 2010
Our answers on the fourth-quarter earnings release, stock-option issues, acquisitions, international operations, and more.
98K
05 February 2010
Our answers on contracts up for renewal, the market size for financial advisors, analyst coverage on Morningstar, and more.
26K
04 December 2009
Our answers on credit ratings, the business environment, trends in key products, and more.
67K
06 November 2009
Our answers on our third-quarter financial results, capital allocation, Investment Consulting, credit ratings, and more.
34K
02 October 2009
Our answer about Morningstar's level of interest in entering the credit ratings business.
19K
04 September 2009
Our answers on historical quarterly results for our new operating segments, Morningstar Indexes, Morningstar Equity Research, and more.
44K
07 August 2009
Our answers on new product initiatives, marketing strategy, industry consolidation, Investment Consulting and other products, our approach to capital management, and more.
84K
06 July 2009
Our answers on Licensed Data, Investment Consulting, and the Intech acquisition.
32K
05 June 2009
Our answers on business and revenue growth trends, XBRL, Investment Consulting, Equity Research, and more.
39K
08 May 2009
Our answers on our first-quarter earnings release, Morningstar Equity Research, Investment Consulting, compensation and bonus expense, and more.
102K
03 April 2009
Our answers on quarterly financials under our new segments, capital spending, Morningstar Equity Research, and more.
33K
06 March 2009
Our answers on cost-savings measures for 2009, business trends in Investment Consulting, new product initiatives, and more.
79K
06 February 2009
Our answers on international strategy, management ownership, the NewRiver litigation, and more.
41K
02 January 2009
Our answers on recent acquisitions; acquisition strategy; proprietary content, data, tools, and functionality for major products; product pricing and fees; and more.
92K
05 December 2008
Our answers on Morningstar's market sensitivity, balance sheet details, retirement advice, trends in Premium Memberships and ad sales outside the U.S., and more.
51K
07 November 2008
Our answers on priorities for our cash balance, operating margin and cost structure, employee headcount, Investment Consulting, and more.
72K
3 October 2008
Our response on the impact of the financial crisis on our Institutional segment.
20K
5 September 2008
Our answers on the impact of the credit crisis, the Financial Computer Support acquisition, Investment Consulting, and more.
48K
8 August 2008
Our answers about our operating margin, effective tax rate, investment consulting business, Morningstar Equity Research, and more.
53K
7 July 2008
Our answers on mutual fund data outside the United States, Morningstar's dividend policy, and more.
31K
6 June 2008
Our answers on capital spending, product pricing, revenue from fund companies, Investment Consulting, and more.
102K
4 April 2008
Our answers on bonus expense, cash and investments, industry growth rates, and more.
24K
7 March 2008
Our answers on market volatility, fourth-quarter product results, asset management and advisory businesses, Licensed Data, Morningstar Japan, and more.
116K
1 February 2008
Our answers on asset growth in asset management, changes to the Discuss area on Morningstar.com, and more.
30K
4 January 2008
Our answers on the Hemscott acquisition, market volatility, and credit ratings business.
50K
7 December 2007
Our answers about our third-quarter financial results, effective tax rate, market volatility, asset management and advisory business, and more.
71K
5 October 2007
Our answers on consulting and asset management, managed retirement accounts, cost flexibility, our joint venture in Japan, and more.
38K
7 September 2007
Our answers on technology investments, operating margin, capital spending, product trends in the second quarter, pricing for Advisor Workstation and Principia, and more.
40K
3 August 2007
Our answers on market structure and consolidation in financial information, capital spending, barriers to entry, equity research, and more.
60K
6 July 2007
Our answers about our new CFO, competition, accounts receivable, and more.
55K
1 June 2007
Our answers on management succession, acquisition strategy, Advisor segment revenue growth, revenue per user for Principia and Advisor Workstation, and more.
30K
4 May 2007
Our answers on short interest in Morningstar, sales and marketing, revenue from advertising sales, and more.
34K
6 April 2007
Our answers on fourth-quarter product results, Ibbotson Associates, hedge fund database plans, strategic partnerships, and more.
85K
2 March 2007
Our answers about low trading volume in Morningstar's stock and the Standard's & Poor's fund data acquisition.
35K
2 February 2007
Our answers on Morningstar's sensitivity to the market and why we have a combined chairman and CEO.
36K
5 January 2007
Our answers on market penetration and potential size, analyst coverage on Morningstar, acquisition criteria, and more.
108K
3 November 2006
Our answers on Morningstar's growth strategies, new legislation in the retirement market, our third-quarter earnings release, and more.
80K
6 October 2006
Our answers on product growth rates, quarterly revenue for Ibbotson, our investment management business, and more.
64K
1 September 2006
Our answers about operating margins, incentive compensation, product pricing, and more.
93K
4 August 2006
Our response to a question about job moves for some former Ibbotson employees and other updates on our Ibbotson Associates subsidiary.
30K
7 July 2006
Our answers on operating margins, the Ibbotson acquisition, international operations, fee-based revenue, hedge fund data, analyst research, insider transactions, and the Aspect Huntley acquisition.
65K
2 June 2006
Our answers about the Ibbotson acquisition, operating margin expansion, market sizing in the institutional segment, and more.
76K
5 May 2006
Our answers on data acquisition costs, equity awards to board members, and more.
42K
7 April 2006
Our answers on Morningstar's change in auditors, institutional stock ownership, and first quarter earnings release date.
29K
3 March 2006
Our answers on the Ibbotson Associates acquisition, growth potential in the advisor market, our effective tax rate, and more.
49K
3 February 2006
Information on our sales and marketing strategy, Premium Membership pricing, and Sarbanes-Oxley costs.
38K
6 January 2006
An update on Morningstar's growth strategies, plus information on the Ibbotson acquisition, seasonality, and soft dollars.
54K
2 December 2005
Our answers on independent equity research, pricing for Principia and Advisor Workstation, our effective tax rate, and more.
66K
4 November 2005
Our answers clarifying the lock-up period for restricted shares, plus quarterly revenue, operating income, and operating margin by segment.
44K
7 October 2005
Our answers on Morningstar's mutual fund research, pending House and Senate pension reform bills, the lock-up period for restricted shares, and more.
212K
2 September 2005
Our answers on product development plans, Morningstar's hedge fund database, independent equity research, dividend policy, and more.
38K
5 August 2005
Our answers on the planned release date for our second quarter financial results, development plans for Mozilla's Firefox, and our policy on investor conference calls.
30K
1 July 2005
Our answers on Morningstar's strategy and evolution, asset management and advisory businesses, print publications, Advisor Workstation, Principia, corporate governance, management, and more.
83K
3 June 2005
Our answers on walk-in revenue, growth strategies for our three business segments, independent equity research, stock option expenses, taxes, Sarbanes-Oxley, and more.
123K
07 September 2012
Our answers about our share repurchases and bonus and equity compensation plans.
130K
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