Morningstar, Inc. (MORN)

Investment data, research and ratings, 43% in India. Read October 19, 2026 from the annual report for the period ending December 31, 2025, filed February 13, 2026. Ranked 84 of the 88 Financial Services companies read so far, by the share within reach now.

Morningstar states 10,973 permanent full-time employees at December 31, 2025, 43% in India and 29% in the U.S., with license-based data and research at 70% of revenue and no count by kind of work, so the data and software business takes most of the workforce and the ratings and investment management the rest by description (c).

The figures on this page come from the company's own annual report and from BLS staffing patterns for its industries, never from a roster. They are estimates with a stated method. Nothing here says what the company will do: within reach is not a forecast of jobs lost or of savings.

What follows from the reading

Share of working time within reach of AI, on the long-run pace at four in five: 30% now, 57% at the end of 2027, 69% at the end of 2028, 74% at the end of 2030. By the patterns, the work is about 74% desk work, 22% people work and 4% body work. These are the site's industry estimates weighted by the shares below: estimates with a stated method and range, not a forecast of what the company will do. By the same patterns, at the end of 2028 about 26% of the working time stays with people (conversation, in-person and hands-on work), 59% becomes checking a model's work and 10% could be handed over with lighter checks, from the industries' own figures, not the company's roles.

Headcount

10,973 employees as of December 31, 2025 (stated). The filing states approximately 43% of employees in India, 29% in the US, 10% in Continental Europe, 7% in Canada, 6% in the UK and the rest elsewhere.

The filing: “As of December 31, 2025, we had 10,973 permanent, full-time employees around the world.”

The workforce as industry patterns

What the filing says about the workforce: 10,973 permanent full-time employees; 43% in India, 29% in the US; turnover 17% (voluntary 12%, involuntary 5%); 52% of open roles filled internally.

Companies read with the same leading pattern

Other companies whose largest staffing pattern is also Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services, largest first, each read from its own annual report. Within reach now and at the end of 2028, long-run pace, four in five.

• Fidelity National Information Services, Inc. (FIS, 44,000 employees)29% now, 69% by 2028
• SS&C Technologies Holdings, Inc. (SSNC, 28,800 employees)28% now, 69% by 2028
• Moody's Corporation (MCO, 16,076 employees)31% now, 69% by 2028
• Broadridge Financial Solutions, Inc. (BR, 16,000 employees)34% now, 66% by 2028
• Equinix, Inc. (EQIX, 13,716 employees)28% now, 67% by 2028
• Intercontinental Exchange, Inc. (ICE, 12,844 employees)32% now, 70% by 2028
• FactSet Research Systems Inc. (FDS, 12,800 employees)29% now, 69% by 2028
• Akamai Technologies, Inc. (AKAM, 11,000 employees)28% now, 68% by 2028

What the filing says about AI

56 sentences in the filing name AI. The filing names AI integrations throughout: AI-ready access to its data, research and capabilities through MCP and intelligent agents, investment-level AI Insights and API integrations, in 56 sentences.

• “We structure our business to help investors in three key areas: Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide selection of investment data, research, ratings, and tools on our proprietary desktop or web-based software platforms; through direct data feeds and application programming interfaces (APIs); and v...”
• “In addition, our application programming interface (API) and AI integrations provide access to more complex capabilities such as portfolio calculations and analytics, investment screening, and investment-level AI Insights.”
• “AI integrations: AI-ready access to data, research, and capabilities through MCP and intelligent agents.”
• “In 2025, Morningstar Data focused on delivering Morningstar's data, research, and insights through AI platforms and integrations: Direct Web Services introduced the AI Insights API, which provides generative AI summaries of the key characteristics of funds and equities, including Morningstar intellectual property such as ratings, fair value, and economic moat.”
• “We launched the Morningstar MCP server, providing turnkey AI-connectivity of Morningstar data, research, and functionality including investment screening and fund holding lookups.”

Its annual reports, year by year

Sentences naming AI in each annual report, counted by one rule, beside the median report in the Index that year. Each count links its filing. Every company, by year and sector

• Fiscal 20217median 0
• Fiscal 20227median 0
• Fiscal 202331median 1
• Fiscal 202442median 4
• Fiscal 202556median 10

Headcount by filing year

As reported in each year's annual report, with the filing. A year marked not read had no figure the reading could take from the report's text.

Limits of this reading

• No count by kind of work: the split between the data business and ratings and investment management is by description (c); the data service's segment table is by revenue type.

Source: the company's annual report on EDGAR, accession 0001289419-26-000013, the filing. Read by Claude Fable 5.1 under rubric version 1, by the method. A company can write to info@stratussc.com to have its reading checked against its filing.