Morningstar (MORN) executive compensation, 2026 proxy

Kunal Kapoor, Chief Executive Officer, was paid $9.1M in 2025, up 5% from $8.6M the year before. The CEO-to-median-employee pay ratio was 104:1, on median employee pay of $86,916.

Filed
March 27, 2026
Annual meeting
May 7, 2026
Pay year
2025
Named executives
4
CEO total pay
$9.1M+5% vs prior year
CEO to median employee
104:1median $86,916
CEO pay in equity
69%$6.3M in awards
Prior say-on-pay support
99%of votes cast
CEO 2025 Total Pay
$9,070,695Reported in summary compensation table
CEO Target Pay Mix Variable
92%Performance-based target compensation
Bonus Formulaic Payout
115.5%Reduced to 111.4% via discretion
Median Employee Pay
$86,916Used for CEO pay ratio

How Kapoor was paid

$9.1M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.

Salary7%Stock awards69%Non-equity incentive24%All other compensation0%

Named executive officers

ExecutiveTotal
Kunal KapoorChief Executive Officer$9,070,695
Michael HoltChief Financial Officer$2,470,209
Danny DunnFormer Chief Revenue Officer$1,435,351
Joe MansuetoExecutive Chairman$105,250

What changed and why

  • $9.1MKunal Kapoor received total compensation of $9,070,695 in 2025, compared to $8,635,625 in 2024.
  • 115.5%Formulaic annual bonus payout was 115.5%, but negative discretion reduced it to 111.4% due to delayed product deliveries.
  • 82.0%Market stock units earned below-target payouts of 82.0% and 28.8% for 2022 grants.
  • 92%Approximately 92% of CEO 2025 target pay mix was performance-based and variable.
  • 98.5%Shareholders approved executive compensation with approximately 98.5% support at the prior annual meeting.

About this page

Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.