Morningstar, Inc. number of employees

Morningstar, Inc. reported 10,973 employees at December 31, 2025 in its latest annual report, down 112 (1.0%) on the year before. That compares with 9,556 at December 31, 2021. Revenue per employee was $222,865.

Headcount by year

Fiscal year end	Employees	Change	Revenue per employee	Source
December 31, 2025	10,973	−112 (1.0%)	$222,865	10-K, filed February 13, 2026
December 31, 2024	11,085	−249 (2.2%)	$205,241	10-K, filed February 28, 2025
December 31, 2023	11,334	−890 (7.3%)	$179,866	10-K, filed February 29, 2024
December 31, 2022	12,224	+2,668 (27.9%)	$153,027	10-K, filed February 24, 2023
December 31, 2021	9,556	—	$177,825	10-K, filed February 25, 2022

What the annual reports say

As of December 31, 2025, we had 10,973 permanent, full-time employees around the world. 2025 annual report
As of December 31, 2024, we had 11,085 permanent, full-time employees around the world. 2024 annual report
As of December 31, 2023, we had 11,334 permanent, full-time employees around the world. 2023 annual report
As of December 31, 2022, we had 12,224 permanent, full-time employees around the world. 2022 annual report
As of December 31, 2021, we had 9,556 permanent, full-time employees around the world. 2021 annual report

Headcount as the company states it in Item 1 of its annual report (some count full-time equivalents or exclude part-time and temporary staff), at the date it gives. Years where the report states no clear total are left out rather than estimated. Changes can reflect acquisitions and disposals as well as hiring and job cuts.

Compare with peers

Head to head: FDS vs MORN MORN vs TW MORN vs MSCI

More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies

Figures from Morningstar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Morningstar, Inc.