Please provide more color on the increase in stock-based compensation in Q4 24. Of the $15.9 million in stock-based compensation expense in Q4, how much was from accelerated vesting due to employees who have left the firm? Of the $54.7 million in stock-based compensation expense in 2024, how much was from accelerated vesting due to employees who have left the firm? Why did corporate SBC go up so much while the reportable segments SBC decreased? Is this simply a reallocation? What drove this chan

May 7, 2025

The primary driver of the companywide increase in stock-based compensation in Q4 24 was the treatment of stock-based compensation related to employees who left Morningstar, which accounted for roughly a third of total stock-based compensation in Q4 24. For the full year, the treatment of stock-based compensation for employees who left the company accounted for roughly 10% of total stock-based compensation. This treatment was primarily related to the departure of our former CFO. As previously disclosed, in connection with his departure, our former CFO’s awards were modified to allow for vesting or continued vesting following his departure. We recorded the incremental fair value associated with the modification in Q4 24, which contributed to higher stock-based compensation in corporate and all other.

Media Relations Contact

Media Hotline +1 312 696-6037
newsroom@morningstar.com

Resources

Resources

Legal Notices Privacy Policy Regulatory Disclosures Global Contacts