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 March 31,
(in millions)	2026		2025
Cost of revenue	$	4.3	$	3.5
Sales and marketing	1.3		1.9
General and administrative	5.2		3.7
Total stock-based compensation expense	$	10.8	$	9.1

As of March 31, 2026, the total unrecognized stock-based compensation cost related to outstanding RSUs, MSUs, and PSUs expected to vest was $77.9 million, which we expect to recognize over a weighted average period of 24 months.