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Asset Management

Morningstar Executive Compensation (FY25)

MORN · Chicago, IL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Kunal Kapoor
Latest say-on-pay support
=
May 7, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 20, 2026Latest filing (8-K): May 8, 2026
11 filings cited on this page
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248 figures on this page: 241 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Kunal Kapoor: $8,635,625 → $9,070,695 (5.0% higher)
Say-on-pay support: 98.6% → 96.4% (2.2 points lower)
CEO pay ratio: 125:1 → 104:1 (16.8% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Morningstar's chief executive and what were they paid?
Kunal Kapoor, Chief Executive Officer, received $9,070,695 in total compensation for fiscal 2025. Compared with the $8,635,625 reported for fiscal 2024, Kapoor's total was 5.0% higher.
What was Morningstar's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 96.4% of votes cast for or against in favor at the meeting held May 7, 2026.
Which companies are in Morningstar's peer group?
Companies named in the disclosed peer group include AssetMark Financial Holdings, Inc., Broadridge Financial Solutions, Inc., CBOE Holdings, Inc., Envestnet, Inc. and FactSet Research Systems, Inc., among others.
What is Morningstar's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 104:1, against median employee compensation of $86,916.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kunal Kapoor
Chief Executive Officer
◇—◇—◇—◇◇
Jason Dubinsky
Chief Financial Officer
◇—◇—◇—◇◇
Danny Dunn
Chief Revenue Officer
◇—◇—◇—◇◇
Bevin Desmond
Former Chief Talent and Culture Officer
Departed during or after this year
◇—◇—◇—◇◇
Joe Mansueto
Executive Chairman and Chairman of the Board
◇—————◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kunal Kapoor
Chief Executive Officer
◇—◇—◇—◇◇
Jason Dubinsky
Chief Financial Officer
◇—◇—◇—◇◇
Danny Dunn
Chief Revenue Officer
◇—◇—◇—◇◇
Joe Mansueto
Executive Chairman
◇—————◇◇
Bevin Desmond
Former Chief Talent and Culture Officer
Departed during or after this year
◇—————◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kunal Kapoor
Chief Executive Officer
◇—◇—◇—◇◇
Jason Dubinsky
Former Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Danny Dunn
Chief Revenue Officer
◇—◇—◇—◇◇
Joe Mansueto
Executive Chairman
◇—————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kunal Kapoor
Chief Executive Officer
◇—◇—◇—◇◇
Michael Holt
Chief Financial Officer
◇—◇—◇—◇◇
Danny Dunn
Former Chief Revenue Officer
Departed during or after this year
◇—◇———◇◇
Joe Mansueto
Executive Chairman
◇—————◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Danny DunnPSU◇◇◇—◇—◇
Danny DunnRSU◇——◇——◇
Danny DunnPSU◇◇◇—◇——
Kunal KapoorPSU◇◇◇—◇—◇
Kunal KapoorRSU◇——◇——◇
Kunal KapoorPSU◇◇◇—◇——
Kunal KapoorPSU◇◇◇—◇—◇
Michael HoltPSU◇◇◇—◇—◇
Michael HoltRSU◇——◇——◇
Michael HoltPSU◇◇◇—◇——
Michael HoltPSU◇◇◇—◇—◇
Fiscal 2022, 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Kunal KapoorRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Michael HoltRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Joe Mansueto
Executive Chairman · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Michael Holt
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Cheryl Francis
◇◇————◇
Bill Lyons
◇◇————◇
Steve Kaplan
◇◇————◇
Gail Landis
◇◇————◇
Robin Diamonte
◇◇————◇
Steve Joynt
◇◇————◇
Caroline Tsay
◇◇————◇
Doniel Sutton
◇◇————◇
Joe Mansueto, Kunal Kapoor and Anne Bramman served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AssetMark Financial Holdings, Inc. AMK
  • Broadridge Financial Solutions, Inc. BR
  • CBOE Holdings, Inc. CBOE
  • Envestnet, Inc. ENV
  • FactSet Research Systems, Inc. FDS
  • Fair Isaac Corporation FICO
  • Federated Hermes, Inc. FHI
  • LPL Finance Holdings, Inc. symbol not shown
  • MarketAxess Holdings, Inc. MKTX
  • Moody's Corporation MCO
  • MSCI Inc. MSCI
  • SEI Investments Company SEIC
  • SS&C Technologies Holdings, Inc. SSNC
  • Tradeweb Markets, Inc. TW
  • Verisk Analytics, Inc. VRSK

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 7, 2026=◇◇◇
2024May 9, 2025=◇◇◇
2023May 10, 2024=◇◇◇
2022May 12, 2023=◇◇◇
2021May 13, 2022=◇◇◇
2020May 14, 2021=◇◇◇
2019May 15, 2020=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Kunal Kapoor (Chief Executive Officer), FY2025 total compensation $9,070,695 (base salary $650,000) [exec_comp, SEC accession 0001193125-26-129081, filed 2026-03-27]

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What this page does not include

Everything above is a fact Morningstar disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Morningstar sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
248 figures on this page: 241 cited to the filing that reported them, 7 calculated from figures it prints.
241 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001289419-26-000028
  2. 0001193125-26-129081
    2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO Pay Ratio · Compensation Discussion and Analysis · and 2 more sections
  3. 0001289419-25-000090
  4. 0001193125-25-067151
    Director Compensation · Executive Compensation Tables
  5. 0001289419-24-000038
  6. 0001193125-24-080640
    2023 Summary Compensation Table · Summary Compensation Table
  7. 0001104659-23-062268
  8. 0001193125-23-086796
  9. 0001104659-22-061422
  10. 0001104659-21-069795
  11. 0001104659-20-063382
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Morningstar executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MORN (accessed 2026).
Short form: data: Velarion

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Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Asset Management rankings

Chief executive pay — Asset ManagementCEO pay ratio — Asset ManagementSay-on-pay support — Asset Management

Peers Morningstar discloses

The companies named in MORN's own disclosed peer group.

AssetMark Financial Holdings, Inc.Broadridge Financial Solutions, Inc.CBOE Holdings, Inc.Envestnet, Inc.FactSet Research Systems, Inc.Fair Isaac CorporationFederated Hermes, Inc.MarketAxess Holdings, Inc.Moody's CorporationMSCI Inc.SEI Investments CompanySS&C Technologies Holdings, Inc.Tradeweb Markets, Inc.Verisk Analytics, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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