Kunal Kapoor compensation by year
Morningstar Summary Compensation Table · all 10 fiscal years held| Component | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Salary | $337,500 | $350,000 | $387,500 | $400,000 | $400,000 | $500,000 | $500,000 | $525,000 | $525,000 | $650,000 |
| Bonus | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock awards | $660,282 | $3,434,192 | $1,833,035 | $2,033,793 | $6,003,467 | $2,999,437 | $4,499,252 | $5,199,571 | $5,818,054 | $6,251,743 |
| Option awards | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Non-equity incentive | $255,000 | $850,000 | $1,233,690 | $1,511,925 | $1,161,375 | $2,083,200 | $1,294,500 | $1,535,975 | $2,275,320 | $2,150,577 |
| Pension and deferred compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| All other | $13,541 | $13,541 | $14,130 | $14,964 | $14,889 | $14,955 | $15,225 | $16,875 | $17,251 | $18,375 |
| Total | $1,266,323 | $4,647,733 | $3,468,355 | $3,960,682 | $7,579,731 | $5,597,592 | $6,308,977 | $7,277,421 | $8,635,625 | $9,070,695 |
Each year as stated in that year's proxy. A dash means the company reported no figure in that column. Source: Morningstar, Inc. DEF 14A filed March 27, 2026, accession 0001193125-26-129081, and prior-year filings. Open the filing on EDGAR.
How this page was built: the Morningstar, Inc. filed document, accession 0001193125-26-129081. Every figure is read from that document and cited to the page and table it appears in. Filed March 27, 2026.
Equity holdings
unvested awards at FY2025 year-end| Type | Unvested units | Value at year-end | Exercise price |
|---|---|---|---|
| PSU | 29,910 | $6,499,742 | — |
| PSU | 27,450 | $5,965,160 | — |
| PSU | 10,810 | $2,349,121 | — |
| PSU | 9,899 | $2,151,152 | — |
| PSU | 7,477 | $1,624,827 | — |
| PSU | 6,862 | $1,491,181 | — |
| PSU | 5,956 | $1,294,298 | — |
| PSU | 5,947 | $1,292,343 | — |
| RSU | 4,985 | $1,083,290 | — |
| RSU | 3,432 | $745,808 | — |
| RSU | 3,422 | $743,635 | — |
| RSU | 1,237 | $268,812 | — |
Per the Outstanding Equity Awards at Fiscal Year-End table in Morningstar, Inc.'s FY2025 proxy; value at the fiscal year-end close, as the company printed it. The 12 largest of 13 award rows shown.
Insider transactions since the last proxy
6 Form 4 lines since the FY2025 proxy (filed March 27, 2026)current to 2026-11-06 · updated nightly
| Date | Transaction | Plan | Shares | Price | Held after |
|---|---|---|---|---|---|
| 2026-05-15 | Grant or award derivative | — | 17,039 | — | 17,039 |
| 2026-05-15 | Grant or award | — | 1,177 | $0.00 | 141,507 |
| 2026-05-15 | Grant or award | — | 11,359 | $0.00 | 152,866 |
| 2026-05-15 | Exercise or conversion | — | 2,108 | $0.00 | 154,974 |
| 2026-05-15 | Exercise or conversion derivative | — | 2,108 | — | 2,108 |
| 2026-05-15 | Tax withholding | — | 3,699 | $166.05 | 151,275 |
The 6 most recent of 6 lines, each as reported on the Form 4. "10b5-1" marks a trade the filing reports under a pre-arranged trading plan. View every Form 4 filing on EDGAR →
Change-in-control & termination
estimated payments Morningstar discloses, by trigger · FY2025| Trigger | Cash severance | Accelerated equity | Benefits continuation | Total as disclosed |
|---|---|---|---|---|
| Change in control, no termination | — | $13,240,264 | — | $13,240,264 |
| Involuntary termination without cause | $4,810,000 | $9,330,640 | $53,744 | $16,344,961 |
| Disability | — | $11,015,879 | — | $11,015,879 |
| Change in control and involuntary termination | $6,012,500 | $13,240,264 | $65,863 | $21,073,627 |
| Death | — | $11,015,879 | — | $11,015,879 |
Per the Potential Payments Upon Termination or Change in Control table in Morningstar, Inc.'s FY2025 proxy. Estimates as the company printed them; a dash means it printed no figure.
Morningstar’s named executive officers, FY2025
as the company reported each| Named executive officer | Role | FY2025 total |
|---|---|---|
| Kunal Kapoor · this page | Chief Executive Officer | $9,070,695 |
| Michael Holt | Chief Financial Officer | $2,470,209 |
| Danny Dunn | Former Chief Revenue Officer | $1,435,351 |
| Joe Mansueto | Executive Chairman | $105,250 |
Board service
Morningstar board · FY2021–FY2025How this board is paid
Company policy: Morningstar pays directors a $50,000 cash retainer and $190,000 in RSUs. As stated in Morningstar's FY2024 proxy.
The full Morningstar compensation record
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How this record is built
Every figure on this page is one figure from a public SEC filing, printed as the filing states it and cited to the document. Compensation totals are Morningstar's own disclosed totals, not summed by Velarion. Insider transactions are read from Form 4 filings and cover every line filed since the most recent proxy. Nothing is estimated by Velarion; where the company does not disclose a value the cell reads "—", and a section appears only where the company discloses the data. Corrections: records@velarion.ai.
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