MORNINGSTAR, INC., DEF 14A filed on 3/27/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Morningstar, Inc.
Entity Central Index Key 0001289419
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
 
Pay Versus Performance
  
Year
(1)
   
Summary
Compensation
Table Total
for PEO
(2)
     
Compensation
Actually
Paid to PEO
(3)
    
Average
Summary
Compensation
Table Total
for
Non-PEO

Named
Executive
Officers
(2)
     
Average
Compensation
Actually
Paid to Non-

PEO Named
Executive
Officers
(4)
     
Value of Initial
Fixed $100
Investment Based
On:
(5)
     
Net
Income
($M)
     
Adjusted
Revenue
($M)
(7)
  
  
Total
Shareholder
Return
     
 
Peer
Group Total
Shareholder
Return
(6)
  
2025
   
$
9,070,695
 
   
$
(9,275,591
) 
  
$
 1,336,937
 
   
$
147,087
 
   
 
$  97
 
   
 
$ 158
 
   
$
374.2
 
   
$
2,416.0
 
2024
   
 
 8,635,625
 
   
 
 14,463,577
 
  
 
3,650,119
 
   
 
 3,009,973
 
   
 
149
 
   
 
162
 
   
 
 369.9
 
   
 
 2,278.6
 
2023
   
 
7,277,421
 
   
 
14,017,163
 
  
 
1,196,438
 
   
 
2,109,757
 
   
 
 126
 
   
 
132
 
   
 
141.1
 
   
 
2,032.3
 
2022
   
 
6,308,977
 
   
 
(3,290,220
) 
  
 
1,627,767
 
   
 
94,284
 
   
 
94
 
   
 
99
 
   
 
70.5
 
   
 
1,883.1
 
2021
   
 
5,597,592
 
   
 
16,983,708
 
  
 
1,198,656
 
   
 
2,564,009
 
   
 
148
 
   
 
123
 
   
 
193.3
 
   
 
1,684.5
 
(1) Kunal Kapoor served as the Company’s principal executive officer (PEO) and each of Jason Dubinsky, Bevin De
sm
ond, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2021, 2022 and 2023. Kunal served as the Company’s PEO and each of Jason Dubinsky, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2024. Kunal served as the Company’s PEO and each of Michael Holt, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2025.
(2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of K
unal
and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s NEOs for the applicable year other than the PEO for such years.
(3) Amounts reported in this column represent the compensation actually paid to Kunal as the PEO in the indicated fiscal years, based on his total compensation reported in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below:
 
 
 
   
Principal Executive Officer
  
  
 
   
 
2025
    
 
2024
     
 
2023
    
 
2022
     
 
2021
  
Summary Compensation Table — Total Compensation
(a)
   
$
9,070,695
 
  
$
8,635,625
 
   
$
7,277,421
 
  
$
6,308,977
 
   
$
5,597,592
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year
(b)
   
 
6,447,250
 
  
 
6,197,274
 
   
 
5,199,571
 
  
 
4,499,252
 
   
 
3,594,637
 
+ Fair Value at Fiscal
Year-End
of Outstanding and Unvested Stock Awards Granted in Fiscal Year
(c)
   
 
   4,395,948
 
  
 
6,413,419
 
   
 
8,503,605
 
  
 
  4,075,140
 
   
 
5,103,683
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years
(d)
   
 
(11,432,986
) 
  
 
4,882,210
 
   
 
4,435,258
 
  
 
(6,814,902
) 
   
 
8,792,335
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year
(e)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
   
 
0
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year
(f)
   
 
(4,861,999
) 
  
 
729,596
 
   
 
(999,550
) 
  
 
(2,360,183
) 
   
 
1,084,735
 
- Fair Value as of Prior Fiscal
Year-End
of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year
(g)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
   
 
0
 
= Compensation Actually Paid (CAP)
   
 
(9,275,591)
 
  
 
 14,463,577
 
   
 
 14,017,163
 
  
 
(3,290,220)
 
   
 
 16,983,708
 
(a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year.
 
 
 
 
 
 
(b) Represents the aggregate grant date fair value of the stock awards granted to Kunal during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles (GAAP). Amounts reported in this row include the portion of the annual incentive that are delivered in RSUs of $195,507 for 2025, $379,220 for 2024, and $595,200 for 2021, and which were reflected in the
non-equity
incentive compensation column of the Summary Compensation Table in the applicable year.
(c) Represents the aggregate fair value as of the indicated fiscal
year-end
of Kunal’s outstanding and unvested stock awards granted during such fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(d) Represents the aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by Kunal as of the last day of the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(e) Represents the aggregate fair value at vesting of the stock awards that were granted to Kunal and vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(f) Represents the aggregate change in fair value, measured from the prior fiscal
year-end
to the vesting date, of each stock award held by Kunal that was granted in a prior fiscal year and which vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(g) Represents the aggregate fair value as of the last day of the prior fiscal year of Kunal’s stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(4) Amounts reported in this column represent the compensation actually paid to the Company’s NEOs other than Kunal in the indicated fiscal year, based on the average total compensation for such NEOs reported in the Summary Compensation Table for the indicated fiscal year and adjusted as shown in the table below:
 
 
 
   
Other Named Executive Officers Average
(a)
  
  
 
   
 
2025
    
 
2024
     
 
2023
    
 
2022
    
 
2021
  
Summary Compensation Table — Total Compensation
(b)
   
$
1,336,937
 
  
$
3,650,119
 
   
$
1,196,438
 
  
$
1,627,767
 
  
$
1,198,656
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year
(c)
   
 
554,924
 
  
 
2,692,519
 
   
 
699,784
 
  
 
1,001,271
 
  
 
491,571
 
+ Fair Value at Fiscal
Year-End
of Outstanding and Unvested Stock Awards Granted in Fiscal Year
(d)
   
 
260,954
 
  
 
1,034,593
 
   
 
1,162,324
 
  
 
571,157
 
  
 
790,207
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years
(e)
   
 
(448,992
) 
  
 
728,039
 
   
 
571,673
 
  
 
(780,841
) 
  
 
930,966
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year
(f)
   
 
0
 
  
 
155,695
 
   
 
0
 
  
 
0
 
  
 
0
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years for Which Applicable Vesting Conditions Were Satisfied During Fiscal Year
(g)
   
 
(446,888
) 
  
 
134,046
 
   
 
(120,894
)  
  
 
(322,528
) 
  
 
135,751
 
- Fair Value as of Prior Fiscal
Year-End
of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year
(h)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
  
 
0
 
= Compensation Actually Paid (
CAP
)
   
 
147,087
 
  
 
3,009,973
 
   
 
2,109,757
 
  
 
94,284
 
  
 
2,564,009
 
(a) Please see footnote 1 for the NEOs included in the average for each indicated fiscal year.
(b) Represents the average Total Compensation as reported in the Summary Compensation Table for the reported NEOs in the indicated fiscal year.
(c) Represents the average aggregate grant date fair value of the stock awards granted to the reported NEOs during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP. Amounts reported in this row include the portion of the annual incentive that are delivered in RSUs of $31,331 for 2025, $12,945 for 2022, and $16,740 for 2021, and which were reflected in the
non-equity
incentive compensation column of the Summary Compensation Table.
(d) Represents the average aggregate fair value as of the indicated fiscal
year-end
of the reported NEOs’ outstanding and unvested stock awards granted during such fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(e) Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the reported NEOs as of the last day of the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(f) Represents the average aggregate fair value at vesting of the stock awards that were granted to Mr. Dubinsky and vested during the indicated fiscal year in connection with his separation, calculated using the same methodology as used in the Company’s financial statements under GAAP.
 
 
(g) Represents the average aggregate change in fair value, measured from the prior fiscal
year-end
to the vesting date, of each stock award held by the reported NEOs that was granted in a prior fiscal year and which vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(h) Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported NEOs’ stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(5) Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2020 in our common stock. Historic stock price performance is not necessarily indicative of future stock price performance.
(6) The peer group TSR is based on the market capitalization weighted TSR performance of the 2025 compensation peer group, which has changed from the 2024 compensation peer group, as disclosed in the Compensation Discussion and Analysis. The table below compares the cumulative TSR of our 2025 and 2024 compensation peer groups. The 2025 peer group is comprised of AssetMark Financial Holdings, Inc., Broadridge Financial Solutions, Inc., Cboe Global Markets, Inc., Envestnet, Inc., FactSet Research Systems Inc., Fair Isaac Corporation, Federated Hermes, Inc., LPL Financial Holdings Inc., MarketAxess Holdings Inc., Moody’s Corporation, MSCI Inc., SEI Investments Company, SS&C Technologies Holdings, Inc., Tradeweb Markets Inc., and Verisk Analytics, Inc. The 2024 peer group was comprised of AssetMark Financial Holdings, Inc., Broadridge Financial Solutions, Inc., Cboe Global Markets, Inc., Envestnet, Inc., FactSet Research Systems Inc., Fair Isaac Corporation, Federated Hermes, Inc., Focus Financial Partners Inc., MarketAxess Holdings Inc., Moody’s Corporation, MSCI Inc., SEI Investments Company, SS&C Technologies Holdings, Inc., and Verisk Analytics, Inc.
 
Year
   
2025 Peer Group
Total Shareholder
Return
     
2024 Peer Group
Total Shareholder
Return
  
2025
   
 
$ 158
 
   
 
$ 150
 
2024
   
 
162
 
   
 
153
 
2023
   
 
132
 
   
 
128
 
2022
   
 
99
 
   
 
95
 
2021
   
 
123
 
   
 
120
 
(7) The Company determined that Adjusted Revenue is the most important financial performance measure used to link CAP to Company performance given it impacts 50% of the final funding factor under the annual incentive program and also contributes to our performance with respect to Adjusted Operating Income, which represents the remaining final funding factor under the annual incentive program and the performance measure used for the 2025 stretch PSUs. In addition, the NEOs hold outstanding PSUs with vesting tied to our Adjusted Revenue performance. As disclosed in the Compensation Discussion and Analysis, Adjusted Revenue is a non-GAAP financial measure and is adjusted to exclude the impact of certain items, such as foreign currency fluctuations.
       
Company Selected Measure Name Adjusted Revenue        
Named Executive Officers, Footnote
(1) Kunal Kapoor served as the Company’s principal executive officer (PEO) and each of Jason Dubinsky, Bevin De
sm
ond, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2021, 2022 and 2023. Kunal served as the Company’s PEO and each of Jason Dubinsky, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2024. Kunal served as the Company’s PEO and each of Michael Holt, Danny Dunn, and Joe Mansueto were the Company’s other NEOs for 2025.
       
Peer Group Issuers, Footnote
(6) The peer group TSR is based on the market capitalization weighted TSR performance of the 2025 compensation peer group, which has changed from the 2024 compensation peer group, as disclosed in the Compensation Discussion and Analysis. The table below compares the cumulative TSR of our 2025 and 2024 compensation peer groups. The 2025 peer group is comprised of AssetMark Financial Holdings, Inc., Broadridge Financial Solutions, Inc., Cboe Global Markets, Inc., Envestnet, Inc., FactSet Research Systems Inc., Fair Isaac Corporation, Federated Hermes, Inc., LPL Financial Holdings Inc., MarketAxess Holdings Inc., Moody’s Corporation, MSCI Inc., SEI Investments Company, SS&C Technologies Holdings, Inc., Tradeweb Markets Inc., and Verisk Analytics, Inc. The 2024 peer group was comprised of AssetMark Financial Holdings, Inc., Broadridge Financial Solutions, Inc., Cboe Global Markets, Inc., Envestnet, Inc., FactSet Research Systems Inc., Fair Isaac Corporation, Federated Hermes, Inc., Focus Financial Partners Inc., MarketAxess Holdings Inc., Moody’s Corporation, MSCI Inc., SEI Investments Company, SS&C Technologies Holdings, Inc., and Verisk Analytics, Inc.
 
Year
   
2025 Peer Group
Total Shareholder
Return
     
2024 Peer Group
Total Shareholder
Return
  
2025
   
 
$ 158
 
   
 
$ 150
 
2024
   
 
162
 
   
 
153
 
2023
   
 
132
 
   
 
128
 
2022
   
 
99
 
   
 
95
 
2021
   
 
123
 
   
 
120
 
        
PEO Total Compensation Amount $ 9,070,695 $ 8,635,625 $ 7,277,421 $ 6,308,977 $ 5,597,592
PEO Actually Paid Compensation Amount $ (9,275,591) 14,463,577 14,017,163 (3,290,220) 16,983,708
Adjustment To PEO Compensation, Footnote
(3) Amounts reported in this column represent the compensation actually paid to Kunal as the PEO in the indicated fiscal years, based on his total compensation reported in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below:
 
 
 
   
Principal Executive Officer
  
  
 
   
 
2025
    
 
2024
     
 
2023
    
 
2022
     
 
2021
  
Summary Compensation Table — Total Compensation
(a)
   
$
9,070,695
 
  
$
8,635,625
 
   
$
7,277,421
 
  
$
6,308,977
 
   
$
5,597,592
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year
(b)
   
 
6,447,250
 
  
 
6,197,274
 
   
 
5,199,571
 
  
 
4,499,252
 
   
 
3,594,637
 
+ Fair Value at Fiscal
Year-End
of Outstanding and Unvested Stock Awards Granted in Fiscal Year
(c)
   
 
   4,395,948
 
  
 
6,413,419
 
   
 
8,503,605
 
  
 
  4,075,140
 
   
 
5,103,683
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years
(d)
   
 
(11,432,986
) 
  
 
4,882,210
 
   
 
4,435,258
 
  
 
(6,814,902
) 
   
 
8,792,335
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year
(e)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
   
 
0
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year
(f)
   
 
(4,861,999
) 
  
 
729,596
 
   
 
(999,550
) 
  
 
(2,360,183
) 
   
 
1,084,735
 
- Fair Value as of Prior Fiscal
Year-End
of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year
(g)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
   
 
0
 
= Compensation Actually Paid (CAP)
   
 
(9,275,591)
 
  
 
 14,463,577
 
   
 
 14,017,163
 
  
 
(3,290,220)
 
   
 
 16,983,708
 
(a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year.
 
 
 
 
 
 
(b) Represents the aggregate grant date fair value of the stock awards granted to Kunal during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles (GAAP). Amounts reported in this row include the portion of the annual incentive that are delivered in RSUs of $195,507 for 2025, $379,220 for 2024, and $595,200 for 2021, and which were reflected in the
non-equity
incentive compensation column of the Summary Compensation Table in the applicable year.
(c) Represents the aggregate fair value as of the indicated fiscal
year-end
of Kunal’s outstanding and unvested stock awards granted during such fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(d) Represents the aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by Kunal as of the last day of the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(e) Represents the aggregate fair value at vesting of the stock awards that were granted to Kunal and vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(f) Represents the aggregate change in fair value, measured from the prior fiscal
year-end
to the vesting date, of each stock award held by Kunal that was granted in a prior fiscal year and which vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(g) Represents the aggregate fair value as of the last day of the prior fiscal year of Kunal’s stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
       
Non-PEO NEO Average Total Compensation Amount $ 1,336,937 3,650,119 1,196,438 1,627,767 1,198,656
Non-PEO NEO Average Compensation Actually Paid Amount $ 147,087 3,009,973 2,109,757 94,284 2,564,009
Adjustment to Non-PEO NEO Compensation Footnote
(4) Amounts reported in this column represent the compensation actually paid to the Company’s NEOs other than Kunal in the indicated fiscal year, based on the average total compensation for such NEOs reported in the Summary Compensation Table for the indicated fiscal year and adjusted as shown in the table below:
 
 
 
   
Other Named Executive Officers Average
(a)
  
  
 
   
 
2025
    
 
2024
     
 
2023
    
 
2022
    
 
2021
  
Summary Compensation Table — Total Compensation
(b)
   
$
1,336,937
 
  
$
3,650,119
 
   
$
1,196,438
 
  
$
1,627,767
 
  
$
1,198,656
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year
(c)
   
 
554,924
 
  
 
2,692,519
 
   
 
699,784
 
  
 
1,001,271
 
  
 
491,571
 
+ Fair Value at Fiscal
Year-End
of Outstanding and Unvested Stock Awards Granted in Fiscal Year
(d)
   
 
260,954
 
  
 
1,034,593
 
   
 
1,162,324
 
  
 
571,157
 
  
 
790,207
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years
(e)
   
 
(448,992
) 
  
 
728,039
 
   
 
571,673
 
  
 
(780,841
) 
  
 
930,966
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year
(f)
   
 
0
 
  
 
155,695
 
   
 
0
 
  
 
0
 
  
 
0
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years for Which Applicable Vesting Conditions Were Satisfied During Fiscal Year
(g)
   
 
(446,888
) 
  
 
134,046
 
   
 
(120,894
)  
  
 
(322,528
) 
  
 
135,751
 
- Fair Value as of Prior Fiscal
Year-End
of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year
(h)
   
 
0
 
  
 
0
 
   
 
0
 
  
 
0
 
  
 
0
 
= Compensation Actually Paid (
CAP
)
   
 
147,087
 
  
 
3,009,973
 
   
 
2,109,757
 
  
 
94,284
 
  
 
2,564,009
 
(a) Please see footnote 1 for the NEOs included in the average for each indicated fiscal year.
(b) Represents the average Total Compensation as reported in the Summary Compensation Table for the reported NEOs in the indicated fiscal year.
(c) Represents the average aggregate grant date fair value of the stock awards granted to the reported NEOs during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP. Amounts reported in this row include the portion of the annual incentive that are delivered in RSUs of $31,331 for 2025, $12,945 for 2022, and $16,740 for 2021, and which were reflected in the
non-equity
incentive compensation column of the Summary Compensation Table.
(d) Represents the average aggregate fair value as of the indicated fiscal
year-end
of the reported NEOs’ outstanding and unvested stock awards granted during such fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(e) Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the reported NEOs as of the last day of the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.
(f) Represents the average aggregate fair value at vesting of the stock awards that were granted to Mr. Dubinsky and vested during the indicated fiscal year in connection with his separation, calculated using the same methodology as used in the Company’s financial statements under GAAP.
 
 
(g) Represents the average aggregate change in fair value, measured from the prior fiscal
year-end
to the vesting date, of each stock award held by the reported NEOs that was granted in a prior fiscal year and which vested during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
(h) Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported NEOs’ stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under GAAP.
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
}
  
Adjusted Revenue
}
  
AOI
}
  
TSR
       
Total Shareholder Return Amount $ 97 149 126 94 148
Peer Group Total Shareholder Return Amount 158 162 132 99 123
Net Income (Loss) $ 374,200,000 $ 369,900,000 $ 141,100,000 $ 70,500,000 $ 193,300,000
Company Selected Measure Amount 2,416,000,000 2,278,600,000 2,032,300,000 1,883,100,000 1,684,500,000
PEO Name Kunal Kapoor        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted Revenue        
Non-GAAP Measure Description The Company determined that Adjusted Revenue is the most important financial performance measure used to link CAP to Company performance given it impacts 50% of the final funding factor under the annual incentive program and also contributes to our performance with respect to Adjusted Operating Income, which represents the remaining final funding factor under the annual incentive program and the performance measure used for the 2025 stretch PSUs. In addition, the NEOs hold outstanding PSUs with vesting tied to our Adjusted Revenue performance. As disclosed in the Compensation Discussion and Analysis, Adjusted Revenue is a non-GAAP financial measure and is adjusted to exclude the impact of certain items, such as foreign currency fluctuations.        
Measure:: 2          
Pay vs Performance Disclosure          
Name AOI        
Measure:: 3          
Pay vs Performance Disclosure          
Name TSR        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (6,447,250) $ (6,197,274) $ (5,199,571) $ (4,499,252) $ (3,594,637)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,395,948 6,413,419 8,503,605 4,075,140 5,103,683
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (11,432,986) 4,882,210 4,435,258 (6,814,902) 8,792,335
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,861,999) 729,596 (999,550) (2,360,183) 1,084,735
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (554,924) (2,692,519) (699,784) (1,001,271) (491,571)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 260,954 1,034,593 1,162,324 571,157 790,207
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (448,992) 728,039 571,673 (780,841) 930,966
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 155,695 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (446,888) 134,046 (120,894) (322,528) 135,751
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Grant Practices
The Compensation Committee and senior management monitor the Company’s equity grant practices to evaluate whether such practices comply with governing regulations and are consistent with good corporate governance practices. When making regular annual equity grants, the Compensation Committee’s practice is to approve them at its meetings in May and November of each year. Because the Compensation Committee’s regular meeting schedule is determined in the prior fiscal year, the proximity of any awards to other significant corporate events is coincidental. In addition, the Compensation Committee may make grants at any time during the year it deems appropriate, including with respect to new hires or transitions. We attempt to make equity awards during periods when we do not have material
non-public
information (“MNPI”) that could impact our stock price and we do not time the release of MNPI based on equity grant dates.
Award Timing Method In addition, the Compensation Committee may make grants at any time during the year it deems appropriate, including with respect to new hires or transitions.
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered We attempt to make equity awards during periods when we do not have material
non-public
information (“MNPI”) that could impact our stock price and we do not time the release of MNPI based on equity grant dates.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true