Morningstar layoffs, on the record
Every job cut, severance charge and restructuring Morningstar reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 11,334 to 10,973.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 11,334 | December 31, 2023 |
| 10-K for 2024 | 11,085 | December 31, 2024 |
| 10-K for 2025 | 10,973 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryMorningstar significantly reduced its operations in Shenzhen, China and shifted global business function work to other Morningstar locations, beginning in July 2022; 2023 costs for this transition were reported.
Word for word“In July 2022, the company began to significantly reduce its operations in Shenzhen, China and to shift the work related to its global business functions to other Morningstar locations.” 10-K for 2023
Our summarySeverance related to the China operations transition was recorded, with a $25.9 million charge in 2022 and $2.4 million in 2023, and the transition was substantially completed in Q3 2023.
Word for word“In 2023, the company incurred $ 15.4 million of severance expense of which $ 9.0 million was related to targeted reorganizations and headcount reductions in certain parts of the business and $ 2.4 million was related to the Company's China operations transition during 2023.” 10-K for 2023
Our summaryMorningstar carried out targeted reorganizations and headcount reductions in parts of the business, with the most significant reductions at Morningstar Sustainalytics, along with reductions at Morningstar Wealth and Morningstar DBRS.
Word for word“This decline was partially offset by $9.0 million of severance expense during 2023, respectively, related to targeted reorganizations and headcount reductions in certain parts of the business, including Morningstar Sustainalytics, Morningstar Wealth, and Morningstar DBRS.” 10-K for 2023
Our summaryMorningstar recorded $1.8 million of severance in Morningstar Wealth tied to targeted reorganizations.
Word for word“Expenses also included $1.8 million in severance related to targeted reorganizations in Morningstar Wealth, which had a negative 0.8 percentage point impact on adjusted operating margin in 2023.” 10-K for 2023
Our summaryMorningstar Credit recorded severance related to targeted reorganizations.
Word for word“Expenses included $8.0 million related to the DBRS SEC settlements and $1.7 million in severance related to targeted reorganizations, which collectively had a negative 4.5 percentage point impact on adjusted operating margin in 2023.” 10-K for 2023
Our summaryMorningstar reported severance and personnel expenses, transformation costs and asset impairment costs tied to the reduction of its Shenzhen operations.
Word for word“Add: Severance and personnel expenses (4) 5.5 27.5 (80.0) % Add: Transformation costs (4) 7.0 8.2 (14.6) % Add: Asset impairment costs (4) 3.1 — NMF Adjusted operating income $ 326.5 $ 298.9 9.2 %” 10-K for 2023
Our summarySeverance expense of $25.9 million recorded in 2022 related to restructuring activities, substantially completed in Q3 2023 and substantially paid by December 31, 2023.
Word for word“During the third quarter of 2023, the company substantially completed these activities.” 10-K for 2024
Our summarySignificant reduction of operations in Shenzhen, China and shift of global business functions work to other Morningstar locations, with severance and related costs.
Word for word“Reflects costs associated with the significant reduction of the company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations.” 10-K for 2024
Our summaryCash severance and other costs paid for the China transition in 2023.
Word for word“In 2023, free cash flow was impacted by $4.5 million LCD contingent payment within operating cash flow, payments related to the Termination Agreement of $59.9 million, and $26.4 million of severance and other related costs paid for the China transition, which together totaled $90.8 million.” 10-K for 2024
Our summaryMorningstar recorded higher severance costs in cost of revenue tied to targeted reorganizations in Sustainalytics and the Direct Platform, and to ending the Wealth Office product.
Word for word“Higher compensation expense of $44.0 million was the largest contributor to the increase, primarily driven by an increase in salaries related in part to the company's annual merit increase and higher severance costs of $14.4 million in 2025 related to the targeted reorganizations in certain areas of the business including Morningstar Sustainalytics and Morningstar Direct Platform as well as the sunsetting of Morningstar Wealth's Office product.” 10-K for 2025
Our summaryMorningstar Direct Platform adjusted operating income includes severance costs mostly from targeted reorganizations.
Word for word“Morningstar Direct Platform's adjusted operating income includes the impact of $4.3 million in severance costs primarily related to targeted reorganizations.” 10-K for 2025
Our summaryPitchBook adjusted operating income includes severance costs mostly from targeted reorganizations.
Word for word“PitchBook's adjusted operating income includes the impact of $4.5 million in severance costs primarily related to targeted reorganizations.” 10-K for 2025
| Fiscal year ended | Severance costs |
|---|---|
| 2022-12-31 | $25.9 million |
| 2023-12-31 | $15.4 million |
| 2024-12-31 | $15.4 million |
Morningstar has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Morningstar’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-13. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.