<SEC-DOCUMENT>0001104659-25-110401.txt : 20251112
<SEC-HEADER>0001104659-25-110401.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112161710
ACCESSION NUMBER:		0001104659-25-110401
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morningstar, Inc.
		CENTRAL INDEX KEY:			0001289419
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				363297908
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81390
		FILM NUMBER:		251473001

	BUSINESS ADDRESS:	
		STREET 1:		22 WEST WASHINGTON STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		(312) 696-6000

	MAIL ADDRESS:	
		STREET 1:		22 WEST WASHINGTON STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mansueto Joseph D
		CENTRAL INDEX KEY:			0001324069
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	MAIL ADDRESS:	
		STREET 1:		C/O MORNINGSTAR, INC.
		STREET 2:		22 WEST WASHINGTON STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-06-006556</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: CIK/CCC not verified. User token is expired. -->
          <cik>0001324069</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>21</amendmentNo>
      <securitiesClassTitle>Common Stock, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001289419</issuerCik>
        <issuerName>Morningstar, Inc.</issuerName>
        <issuerCusip>617700109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>22 West Washington Street</com:street1>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60602</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Joseph D. Mansueto</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>11292014.00</soleVotingPower>
        <sharedVotingPower>394272.00</sharedVotingPower>
        <soleDispositivePower>14643262.00</soleDispositivePower>
        <sharedDispositivePower>394272.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>15037534.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>36.2</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Morningstar, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>22 West Washington Street Chicago, IL, 60602</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Joesph D. Mansueto</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>22 West Washington Street
Chicago, IL 60602</principalBusinessOfficeOrResidenceAddress>
        <citizenship>U.S.A.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>15,037,534</amountBeneficiallyOwned>
        <classPercent>36.2</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>11,292,014</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>394,272</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>14,643,262</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>394,272</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Joseph D. Mansueto</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joseph D. Mansueto</signature>
        <title>Joseph D. Mansueto</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
