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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock-Based Compensation Plans Our employees and our non-employee directors are eligible for awards under the Morningstar Amended and Restated 2011 Stock Incentive Plan, which provides for a variety of equity-based awards, including stock options, RSUs, MSUs, PSUs, and restricted stock. The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
|  | Three months ended June 30, |  | Six months ended June 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue |  | $ | 8.2 |  |  | $ | 7.0 |  |  | $ | 11.7 |  |  | $ | 11.6 |
Sales and marketing |  | 3.1 |  |  | 2.6 |  |  | 5.0 |  |  | 4.5 |
General and administrative |  | 7.1 |  |  | 4.6 |  |  | 10.8 |  |  | 9.5 |
Total stock-based compensation expense |  | $ | 18.4 |  |  | $ | 14.2 |  |  | $ | 27.5 |  |  | $ | 25.6 |
As of June 30, 2025, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $91.1 million, which we expect to recognize over a weighted average period of 29 months.

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