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 September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Cost of revenue	$	7.3	$	9.0	$	20.2	$	20.7
Sales and marketing	2.1		3.0		6.3		8.0
General and administrative	7.2		6.6		28.2		17.4
Total stock-based compensation expense	$	16.6	$	18.6	$	54.7	$	46.1

As of September 30, 2026, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $85.0 million, which we expect to recognize over a weighted average period of 28 months.