Morgan Stanley (MS) Financials

$150.50 +0.32 (+0.21%)

Closing price 03:59 PM Eastern

Extended Trading

$150.44 -0.06 (-0.04%)

As of 06:34 PM Eastern

Annual Income Statements for Morgan Stanley

This table shows Morgan Stanley's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3,152	5,671	5,508	5,588	8,222	8,512	10,500	14,566	10,540	8,530	12,800
Consolidated Net Income / (Loss)	3,667	6,279	6,123	6,216	8,883	9,237	11,179	15,120	11,179	9,230	13,529
Net Income / (Loss) Continuing Operations	3,681	6,295	6,122	6,235	8,887	9,237	11,179	15,120	11,179	9,230	13,529
Total Pre-Tax Income	3,591	8,495	8,848	10,403	11,237	11,301	14,418	19,668	14,089	11,813	17,596
Total Revenue	34,275	35,155	34,631	37,945	40,107	41,538	48,757	59,755	53,668	54,143	61,761
Net Interest Income / (Expense)	1,735	3,093	3,698	3,300	3,806	4,694	6,313	8,045	9,327	8,230	8,611
Total Interest Income	5,413	5,835	7,016	8,997	13,892	17,098	10,162	9,411	9,327	8,230	54,135
Investment Securities Interest Income	5,413	5,835	7,016	8,997	13,892	17,098	10,162	9,411	21,595	45,849	54,135
Total Interest Expense	3,678	2,742	3,318	5,697	10,086	12,404	3,849	1,366	0.00	0.00	45,524
Long-Term Debt Interest Expense	3,678	2,742	3,318	5,697	10,086	12,404	3,849	1,366	-	-	45,524
Total Non-Interest Income	32,540	32,062	30,933	34,645	36,301	36,844	42,444	51,710	44,341	45,913	53,150
Trust Fees by Commissions	-	-	4,109	4,061	4,190	3,919	4,851	5,521	4,938	4,537	5,094
Other Service Charges	5,809	5,047	11,522	12,645	13,641	13,948	14,950	21,009	19,861	20,592	23,764
Net Realized & Unrealized Capital Gains on Investments	10,213	10,655	10,369	11,936	11,988	12,814	14,969	14,186	13,943	15,836	17,587
Investment Banking Income	16,518	16,360	4,933	6,003	6,482	6,163	7,674	10,994	5,599	4,948	6,705
Provision for Credit Losses	-	-	-	-	-	161	761	4.00	280	532	264
Total Non-Interest Expense	30,684	26,660	25,783	27,542	28,870	30,076	33,578	40,083	39,299	41,798	43,901
Salaries and Employee Benefits	17,824	16,016	15,878	17,166	17,632	18,837	20,854	24,628	23,053	24,558	26,178
Net Occupancy & Equipment Expense	3,068	3,149	3,095	3,120	3,407	3,622	4,024	4,844	5,222	5,670	5,993
Marketing Expense	658	681	587	609	691	660	434	643	905	898	965
Other Operating Expenses	9,134	6,814	6,223	6,647	7,140	6,957	8,266	9,968	10,119	10,672	10,765
Income Tax Expense	-90	2,200	2,726	4,168	2,350	2,064	3,239	4,548	2,910	2,583	4,067
Preferred Stock Dividends Declared	315	456	471	523	526	530	496	468	489	557	590
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	200	152	-	105	135	195	183	86	150	143	139
Basic Earnings per Share	$1.64	$2.97	$2.98	$3.14	$4.81	$5.26	$6.55	$8.16	$6.23	$5.24	$8.04
Weighted Average Basic Shares Outstanding	1.92B	1.91B	1.85B	1.78B	1.71B	1.62B	1.60B	1.79B	1.69B	1.63B	1.59B
Diluted Earnings per Share	$1.60	$2.90	$2.92	$3.07	$4.73	$5.19	$6.46	$8.03	$6.15	$5.18	$7.95
Weighted Average Diluted Shares Outstanding	1.97B	1.95B	1.89B	1.82B	1.74B	1.64B	1.62B	1.81B	1.71B	1.65B	1.61B
Weighted Average Basic & Diluted Shares Outstanding	1.92B	1.91B	1.85B	1.78B	1.71B	1.60B	1.81B	1.78B	1.68B	1.64B	1.61B
Cash Dividends to Common per Share	$0.35	$0.55	$0.70	$0.90	$1.10	$1.30	$1.40	$2.10	$2.95	$3.25	$3.55

This table shows Morgan Stanley's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	2,113	2,836	2,049	2,262	1,383	3,266	2,942	3,028	3,564	4,157	3,392
Consolidated Net Income / (Loss)	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
Net Income / (Loss) Continuing Operations	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
Total Pre-Tax Income	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	4,906	5,544	4,622
Total Revenue	12,749	14,517	13,457	13,273	12,896	15,136	15,019	15,383	16,223	17,739	16,792
Net Interest Income / (Expense)	2,319	2,346	2,010	1,977	1,897	1,796	2,067	2,196	2,552	2,353	2,347
Total Interest Income	-3,036	9,980	2,010	12,126	-15,886	1,796	13,529	2,196	36,942	13,748	14,905
Investment Securities Interest Income	9,232	9,980	10,913	12,126	12,830	12,930	13,529	14,185	13,491	13,748	14,905
Total Interest Expense	-5,355	7,634	0.00	10,149	-17,783	0.00	11,462	0.00	34,390	11,395	12,558
Long-Term Debt Interest Expense	-	7,634	-	10,149	-	-	11,462	-	-	11,395	12,558
Total Non-Interest Income	10,430	12,171	11,447	11,296	10,999	13,340	12,952	13,187	13,671	15,386	14,445
Trust Fees by Commissions	1,169	1,239	1,090	1,098	1,110	1,227	1,183	1,294	1,390	1,481	1,425
Other Service Charges	4,841	4,980	5,305	5,327	4,980	5,535	5,746	5,986	6,497	6,714	6,243
Net Realized & Unrealized Capital Gains on Investments	3,102	4,622	3,897	3,823	3,494	4,989	4,288	4,317	3,993	5,480	5,133
Investment Banking Income	1,318	1,330	1,155	1,048	1,415	1,589	1,735	1,590	1,791	1,711	1,644
Provision for Credit Losses	87	234	161	134	3.00	-6.00	76	79	115	135	196
Total Non-Interest Expense	9,868	10,523	10,484	9,994	10,797	10,747	10,869	11,083	11,202	12,060	11,974
Salaries and Employee Benefits	5,615	6,410	6,262	5,935	5,951	6,696	6,460	6,733	6,289	7,521	7,190
Net Occupancy & Equipment Expense	1,376	1,355	1,397	1,403	1,515	1,417	1,475	1,515	1,586	1,499	1,548
Marketing Expense	295	247	236	191	224	217	245	224	279	238	297
Other Operating Expenses	2,582	2,511	2,589	2,465	3,107	2,417	2,689	2,611	3,048	2,802	2,939
Income Tax Expense	528	727	591	710	555	933	957	995	1,182	1,173	1,047
Preferred Stock Dividends Declared	123	144	133	146	134	146	134	160	150	158	147
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	30	53	39	27	24	50	41	38	10	56	36
Basic Earnings per Share	$1.30	$1.72	$1.25	$1.39	$0.88	$2.04	$1.85	$1.91	$2.24	$2.62	$2.15
Weighted Average Basic Shares Outstanding	1.69B	1.65B	1.64B	1.62B	1.63B	1.60B	1.59B	1.59B	1.59B	1.58B	1.58B
Diluted Earnings per Share	$1.27	$1.70	$1.24	$1.38	$0.86	$2.02	$1.82	$1.88	$2.23	$2.60	$2.13
Weighted Average Diluted Shares Outstanding	1.71B	1.66B	1.65B	1.64B	1.65B	1.62B	1.61B	1.61B	1.61B	1.60B	1.59B
Weighted Average Basic & Diluted Shares Outstanding	1.68B	1.67B	1.66B	1.64B	1.64B	1.63B	1.62B	1.61B	1.61B	1.60B	1.60B
Cash Dividends to Common per Share	-	$0.78	$0.78	$0.85	-	$0.85	$0.85	$0.93	-	$0.93	$0.93

This table details how cash moves in and out of Morgan Stanley's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-18,320	-2,039	-8,192	3,035	8,629	-5,025	23,483	22,071	402	-38,895	16,154
Net Cash From Operating Activities	1,379	-4,463	5,383	-4,505	7,305	40,773	-25,231	33,971	-6,397	-33,536	1,362
Net Cash From Continuing Operating Activities	1,379	-4,463	5,383	-4,505	7,305	40,773	-25,231	33,971	-6,397	-33,536	1,362
Net Income / (Loss) Continuing Operations	3,667	6,279	6,123	6,216	8,883	9,237	11,179	15,120	11,179	9,230	13,529
Consolidated Net Income / (Loss)	3,667	6,279	6,123	6,216	8,883	9,237	11,179	15,120	11,179	9,230	13,529
Provision For Loan Losses	-	123	144	29	-15	161	761	4.00	280	532	264
Depreciation Expense	1,161	1,433	1,736	1,753	1,844	2,643	3,769	4,216	3,998	4,256	5,161
Non-Cash Adjustments to Reconcile Net Income	1,188	2,486	2,613	3,926	1,119	1,123	1,336	1,942	1,644	1,554	1,778
Changes in Operating Assets and Liabilities, net	-4,637	-14,784	-5,233	-16,429	-4,526	27,609	-42,276	12,689	-23,498	-49,108	-19,370
Net Cash From Investing Activities	-36,313	-19,995	-19,508	-12,391	-22,881	-33,561	-37,898	-49,897	-11,632	-3,084	-29,460
Net Cash From Continuing Investing Activities	-36,313	-19,995	-19,508	-12,391	-22,881	-33,561	-37,898	-49,897	-11,632	-3,084	-29,460
Purchase of Investment Securities	-53,944	-64,582	-61,591	-37,967	-38,459	-62,724	-79,972	-111,465	-56,910	-31,472	-66,752
Sale and/or Maturity of Investments	17,631	43,589	42,083	25,576	15,876	29,163	38,267	61,568	45,278	28,388	37,292
Net Cash From Financing Activities	16,614	24,154	7,363	16,261	24,205	-11,966	83,784	41,547	22,714	-2,726	46,756
Net Cash From Continuing Financing Activities	16,614	24,154	7,363	16,261	24,205	-11,966	83,784	41,547	22,714	-2,726	46,756
Net Change in Deposits	21,165	22,490	-171	3,573	28,384	2,513	75,417	36,897	1,659	-5,075	23,955
Issuance of Debt	-2,189	31,812	44,959	55,416	40,059	30,605	60,726	89,648	72,460	79,220	112,723
Issuance of Preferred Equity	-	1,493	0.00	994	0.00	497	0.00	1,275	994	0.00	995
Repayment of Debt	-	-27,377	-31,596	-37,398	-36,297	-36,853	-47,690	-70,124	-35,782	-64,805	-80,230
Repurchase of Common Equity	-1,458	-2,773	-3,933	-4,292	-5,566	-5,954	-1,890	-12,075	-10,871	-6,178	-4,199
Payment of Dividends	-904	-1,551	-1,842	-2,085	-2,375	-2,627	-2,739	-4,171	-5,401	-5,763	-6,138
Other Financing Activities, Net	0.00	60	-54	53	-	-147	-40	97	-345	-125	-350
Effect of Exchange Rate Changes	-	-1,735	-1,430	3,670	-	-271	2,828	-3,550	-4,283	451	-2,504
Cash Interest Paid	-	2,672	2,834	5,377	9,977	12,511	4,120	1,303	9,819	41,940	46,359
Cash Income Taxes Paid	886	677	831	1,390	1,377	1,908	2,591	4,231	4,147	2,035	1,885

This table details how cash moves in and out of Morgan Stanley's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	16,431	-16,869	-6,264	3,407	-19,169	13,073	-12,145	924	14,302	-14,647	18,391
Net Cash From Operating Activities	-13,996	-9,865	-9,666	3,747	-17,752	4,360	2,525	-17,323	11,800	-23,976	11,829
Net Cash From Continuing Operating Activities	-13,996	-9,865	-9,666	3,747	-17,752	4,360	2,525	-17,323	11,800	-23,976	11,829
Net Income / (Loss) Continuing Operations	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
Consolidated Net Income / (Loss)	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
Provision For Loan Losses	87	234	161	134	3.00	-6.00	76	79	115	135	196
Depreciation Expense	1,207	940	922	988	1,406	975	1,271	1,270	1,645	865	1,307
Non-Cash Adjustments to Reconcile Net Income	-241	624	473	295	162	430	504	418	426	537	627
Changes in Operating Assets and Liabilities, net	-17,315	-14,696	-13,443	-105	-20,864	-501	-2,443	-22,316	5,890	-29,884	6,124
Net Cash From Investing Activities	898	-1,041	6,241	517	-8,801	1,054	-13,668	-6,696	-10,150	-5,034	-17,672
Net Cash From Continuing Investing Activities	898	-1,041	6,241	517	-8,801	1,054	-13,668	-6,696	-10,150	-5,034	-17,672
Purchase of Investment Securities	-2,939	-7,584	-2,231	-6,376	-15,281	-11,643	-21,258	-15,573	-18,007	-13,761	-25,038
Sale and/or Maturity of Investments	3,837	6,543	8,472	6,893	6,480	12,697	7,590	8,877	7,857	8,727	7,366
Net Cash From Financing Activities	25,975	-6,288	-2,493	361	5,694	8,857	-404	23,048	15,255	13,045	21,667
Net Cash From Continuing Financing Activities	25,975	-6,288	-2,493	361	5,694	8,857	-404	23,048	15,255	13,045	21,667
Net Change in Deposits	18,475	-9,084	950	-3,054	6,113	534	-3,475	14,460	12,436	5,520	7,712
Issuance of Debt	18,177	21,219	18,704	20,993	18,304	28,079	25,166	25,899	32,354	32,439	36,902
Repayment of Debt	-7,411	-14,845	-19,414	-14,442	-16,104	-16,496	-19,655	-15,836	-27,018	-21,528	-20,190
Repurchase of Common Equity	-1,745	-2,205	-1,089	-1,542	-1,342	-1,718	-823	-806	-852	-2,030	-1,129
Payment of Dividends	-1,378	-1,406	-1,379	-1,501	-1,477	-1,496	-1,467	-1,590	-1,585	-1,616	-1,584
Other Financing Activities, Net	-143	33	-265	-93	200	-46	-150	-74	-80	260	-44
Effect of Exchange Rate Changes	3,554	325	-346	-1,218	1,690	-1,198	-598	1,895	-2,603	1,318	2,567
Cash Interest Paid	5,480	8,912	10,250	11,137	11,641	11,878	11,142	11,478	11,861	12,464	12,079
Cash Income Taxes Paid	1,342	307	671	270	787	233	810	406	436	534	1,811

This table presents Morgan Stanley's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	801,510	787,465	814,949	851,733	853,531	895,429	1,115,862	1,188,140	1,180,231	1,193,693	1,215,071
Cash and Due from Banks	21,381	19,827	22,017	24,816	30,541	82,171	105,654	127,725	128,127	89,232	105,386
Trading Account Securities	497,954	467,104	217,872	298,243	322,431	313,075	423,592	446,542	346,366	335,199	353,351
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	6,588	6,584	6,577	6,597	6,688	7,143	11,635	16,833	16,652	16,707	16,706
Intangible Assets	3,159	2,984	2,721	2,448	2,163	2,107	4,980	8,360	7,618	7,055	6,453
Other Assets	116,822	169,053	442,443	498,281	470,409	490,933	570,001	588,680	681,468	745,500	733,175
Total Liabilities & Shareholders' Equity	801,510	787,465	814,949	851,733	853,531	895,429	1,115,862	1,188,140	1,180,231	1,193,693	1,215,071
Total Liabilities	729,406	711,281	737,772	773,267	772,125	812,732	1,012,713	1,081,542	1,079,000	1,093,711	1,109,643
Non-Interest Bearing Deposits	133,544	156,034	155,863	159,436	187,820	190,356	310,782	347,574	356,646	351,804	376,007
Short-Term Debt	253,279	225,491	245,141	247,934	229,318	252,034	278,024	290,873	278,668	270,799	226,005
Long-Term Debt	190,076	182,590	192,678	217,445	211,036	215,831	240,673	255,467	261,895	291,444	325,647
Other Long-Term Liabilities	152,507	147,166	144,090	148,452	143,951	154,511	183,234	187,628	181,791	179,664	181,984
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	72,104	76,184	77,177	78,466	81,406	82,697	103,149	106,598	101,231	99,982	105,428
Total Preferred & Common Equity	70,900	75,182	76,050	77,391	80,246	81,549	101,781	105,441	100,141	99,038	104,511
Preferred Stock	-	-	-	-	-	8,520	9,250	-	8,750	8,750	9,750
Total Common Equity	70,900	75,182	76,050	77,391	80,246	73,029	92,531	105,441	91,391	90,288	94,761
Common Stock	22,142	21,764	20,440	20,658	20,978	21,037	22,523	24,906	24,478	24,538	25,096
Retained Earnings	44,625	49,204	53,679	57,577	64,175	70,589	78,694	89,432	94,862	97,996	104,989
Treasury Stock	-2,766	-4,059	-5,797	-9,211	-13,971	-18,727	-9,767	-17,500	-26,577	-31,139	-33,613
Accumulated Other Comprehensive Income / (Loss)	-1,248	-1,656	-2,643	-3,060	-2,292	-2,788	-1,962	-3,102	-6,253	-6,421	-6,814
Other Equity Adjustments	8,147	9,929	10,371	11,427	11,356	2,918	3,043	11,705	4,881	5,314	5,103
Noncontrolling Interest	1,204	1,002	1,127	1,075	1,160	1,148	1,368	1,157	1,090	944	917

This table presents Morgan Stanley's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	1,180,231	1,199,904	1,164,911	1,169,013	1,193,693	1,228,503	1,212,447	1,258,027	1,215,071	1,300,296	1,353,870
Cash and Due from Banks	128,127	111,258	104,994	108,401	89,232	102,305	90,160	91,084	105,386	90,739	109,130
Trading Account Securities	346,366	367,179	331,891	383,681	335,199	789,377	348,140	380,454	353,351	774,516	791,437
Loans and Leases, Net of Allowance	0.00	0.00	0.00	202,742	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	16,652	16,657	16,652	16,699	16,707	16,722	16,719	16,735	16,706	16,714	16,734
Intangible Assets	7,618	7,470	7,322	7,204	7,055	6,914	6,763	6,620	6,453	6,305	6,185
Other Assets	681,468	697,340	704,052	450,286	745,500	313,185	750,665	763,134	733,175	412,022	430,384
Total Liabilities & Shareholders' Equity	1,180,231	1,199,904	1,164,911	1,169,013	1,193,693	1,228,503	1,212,447	1,258,027	1,215,071	1,300,296	1,353,870
Total Liabilities	1,079,000	1,097,950	1,063,550	1,068,855	1,093,711	1,128,363	1,110,841	1,153,356	1,109,643	1,192,449	1,244,600
Non-Interest Bearing Deposits	356,646	347,523	348,511	345,458	351,804	352,494	348,890	363,722	376,007	381,563	389,377
Short-Term Debt	278,668	281,191	273,183	277,140	270,799	296,774	271,574	274,920	226,005	271,003	284,882
Long-Term Debt	261,895	274,440	269,636	269,925	291,444	302,419	309,415	333,778	325,647	344,261	371,531
Other Long-Term Liabilities	181,791	194,796	172,220	176,332	179,664	176,676	180,962	180,936	181,984	195,622	198,810
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	101,231	101,954	101,361	100,158	99,982	100,140	101,606	104,671	105,428	107,847	109,270
Total Preferred & Common Equity	100,141	100,826	100,386	99,211	99,038	99,198	100,714	103,647	104,511	106,812	108,184
Preferred Stock	8,750	-	8,750	-	8,750	8,750	8,750	9,750	9,750	9,750	9,750
Total Common Equity	91,391	100,826	91,636	99,211	90,288	90,448	91,964	93,897	94,761	97,062	98,434
Common Stock	24,478	23,533	24,007	24,371	24,538	23,816	24,369	24,745	25,096	24,516	25,198
Retained Earnings	94,862	96,392	97,151	98,007	97,996	99,811	101,374	102,911	104,989	107,653	109,567
Treasury Stock	-26,577	-27,481	-28,480	-29,959	-31,139	-31,372	-32,129	-32,868	-33,613	-34,423	-35,503
Accumulated Other Comprehensive Income / (Loss)	-6,253	-5,711	-6,300	-7,202	-6,421	-7,057	-6,760	-5,986	-6,814	-5,961	-5,913
Other Equity Adjustments	4,881	14,093	5,258	13,994	5,314	5,250	5,110	5,095	5,103	5,277	5,085
Noncontrolling Interest	1,090	1,128	975	947	944	942	892	1,024	917	1,035	1,086

This table displays calculated financial ratios and metrics derived from Morgan Stanley's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.48%	2.57%	-1.49%	9.57%	5.70%	3.57%	17.38%	22.56%	-10.19%	0.89%	14.07%
EBITDA Growth	-21.70%	108.92%	6.61%	14.85%	7.61%	6.60%	30.43%	31.32%	-24.27%	-11.16%	41.62%
EBIT Growth	-21.22%	136.56%	4.16%	17.57%	8.02%	0.57%	27.58%	36.41%	-28.37%	-16.15%	48.95%
NOPAT Growth	0.68%	71.01%	-2.75%	1.85%	42.53%	3.94%	21.02%	35.25%	-26.06%	-17.43%	46.58%
Net Income Growth	1.49%	71.23%	-2.48%	1.52%	42.91%	3.99%	21.02%	35.25%	-26.06%	-17.43%	46.58%
EPS Growth	17.65%	81.25%	0.69%	5.14%	54.07%	9.73%	24.47%	24.30%	-23.41%	-15.77%	53.47%
Operating Cash Flow Growth	-96.06%	-423.64%	220.61%	-183.69%	262.15%	458.15%	-161.88%	234.64%	-118.83%	-424.25%	104.06%
Free Cash Flow Firm Growth	337.03%	-40.29%	-165.64%	8.11%	236.96%	-163.17%	-207.21%	73.43%	239.76%	-150.18%	266.72%
Invested Capital Growth	-10.29%	-6.05%	6.35%	5.60%	-4.06%	5.52%	12.95%	5.00%	-1.71%	3.18%	-0.78%
Revenue Q/Q Growth	-0.31%	-0.07%	3.85%	1.28%	-2.32%	6.21%	5.68%	1.58%	-3.20%	0.27%	5.69%
EBITDA Q/Q Growth	-36.73%	78.53%	7.91%	2.18%	-4.09%	8.25%	9.18%	1.21%	-10.49%	-3.01%	15.47%
EBIT Q/Q Growth	-43.32%	105.94%	10.04%	2.21%	-5.18%	8.40%	5.71%	2.36%	-12.92%	-5.58%	19.00%
NOPAT Q/Q Growth	-32.35%	66.80%	13.69%	-14.05%	11.21%	8.81%	10.99%	2.05%	-11.48%	-7.28%	19.24%
Net Income Q/Q Growth	-32.42%	67.13%	13.83%	-14.06%	11.20%	8.80%	10.99%	2.05%	-11.48%	-7.28%	19.24%
EPS Q/Q Growth	-36.26%	79.01%	16.80%	-14.96%	12.89%	10.43%	8.94%	2.29%	-10.74%	-7.33%	20.82%
Operating Cash Flow Q/Q Growth	-92.86%	68.62%	-52.41%	59.16%	-60.57%	20.88%	-109,800.00%	312.67%	-180.49%	-12.61%	104.83%
Free Cash Flow Firm Q/Q Growth	60.02%	145.38%	-247.21%	40.02%	60.39%	-204.89%	-393.68%	83.54%	-44.63%	-156.79%	134.08%
Invested Capital Q/Q Growth	-3.37%	-7.21%	0.87%	-2.10%	-4.12%	-1.53%	13.33%	-1.16%	1.40%	2.32%	-7.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	13.86%	28.24%	30.56%	32.04%	32.62%	33.57%	37.30%	39.97%	33.70%	29.68%	36.85%
EBIT Margin	10.48%	24.16%	25.55%	27.42%	28.02%	27.21%	29.57%	32.91%	26.25%	21.82%	28.49%
Profit (Net Income) Margin	10.70%	17.86%	17.68%	16.38%	22.15%	22.24%	22.93%	25.30%	20.83%	17.05%	21.91%
Tax Burden Percent	102.12%	73.91%	69.20%	59.75%	79.05%	81.74%	77.54%	76.88%	79.35%	78.13%	76.89%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-2.51%	25.90%	30.81%	40.07%	20.91%	18.26%	22.47%	23.12%	20.65%	21.87%	23.11%
Return on Invested Capital (ROIC)	0.68%	1.26%	1.23%	1.18%	1.67%	1.72%	1.91%	2.37%	1.73%	1.42%	2.05%
ROIC Less NNEP Spread (ROIC-NNEP)	0.67%	1.26%	1.23%	1.17%	1.67%	1.72%	1.91%	2.37%	1.73%	1.42%	2.05%
Return on Net Nonoperating Assets (RNNOA)	4.52%	7.21%	6.76%	6.81%	9.44%	9.53%	10.12%	12.05%	9.03%	7.76%	11.12%
Return on Equity (ROE)	5.20%	8.47%	7.99%	7.99%	11.11%	11.26%	12.03%	14.42%	10.76%	9.17%	13.17%
Cash Return on Invested Capital (CROIC)	11.52%	7.50%	-4.93%	-4.27%	5.81%	-3.65%	-10.25%	-2.51%	3.45%	-1.72%	2.83%
Operating Return on Assets (OROA)	0.44%	1.07%	1.10%	1.25%	1.32%	1.29%	1.43%	1.71%	1.19%	1.00%	1.46%
Return on Assets (ROA)	0.45%	0.79%	0.76%	0.75%	1.04%	1.06%	1.11%	1.31%	0.94%	0.78%	1.12%
Return on Common Equity (ROCE)	5.04%	8.34%	7.87%	7.87%	10.96%	10.51%	10.72%	13.61%	10.19%	8.28%	11.87%
Return on Equity Simple (ROE_SIMPLE)	5.17%	8.35%	8.05%	8.03%	11.07%	11.33%	10.98%	14.34%	11.16%	9.32%	12.95%
Net Operating Profit after Tax (NOPAT)	3,681	6,295	6,122	6,235	8,887	9,237	11,179	15,120	11,179	9,230	13,529
NOPAT Margin	10.74%	17.91%	17.68%	16.43%	22.16%	22.24%	22.93%	25.30%	20.83%	17.05%	21.91%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	62.87%	56.45%	56.48%	55.07%	54.18%	55.66%	51.91%	50.40%	54.37%	57.49%	53.65%
Operating Expenses to Revenue	89.52%	75.84%	74.45%	72.58%	71.98%	72.41%	68.87%	67.08%	73.23%	77.20%	71.08%
Earnings before Interest and Taxes (EBIT)	3,591	8,495	8,848	10,403	11,237	11,301	14,418	19,668	14,089	11,813	17,596
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,752	9,928	10,584	12,156	13,081	13,944	18,187	23,884	18,087	16,069	22,757
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.82	0.64	0.83	1.00	0.71	0.97	1.18	1.51	1.45	1.62	2.12
Price to Tangible Book Value (P/TBV)	0.95	0.73	0.95	1.13	0.80	1.11	1.44	1.99	1.98	2.21	2.81
Price to Revenue (P/Rev)	1.70	1.37	1.83	2.04	1.42	1.71	2.25	2.67	2.47	2.71	3.26
Price to Earnings (P/E)	18.52	8.48	11.49	13.84	6.91	8.34	10.43	10.94	12.58	17.20	15.72
Dividend Yield	1.17%	2.22%	2.07%	2.10%	3.33%	2.97%	2.31%	2.37%	3.76%	3.64%	2.84%
Earnings Yield	5.40%	11.80%	8.70%	7.23%	14.47%	12.00%	9.59%	9.14%	7.95%	5.81%	6.36%
Enterprise Value to Invested Capital (EV/IC)	0.64	0.65	0.69	0.92	0.86	0.85	0.86	0.89	0.86	0.95	1.00
Enterprise Value to Revenue (EV/Rev)	9.69	8.97	10.31	13.11	11.13	11.23	10.94	9.69	10.34	11.62	10.66
Enterprise Value to EBITDA (EV/EBITDA)	69.88	31.77	33.72	40.94	34.13	33.44	29.32	24.25	30.68	39.17	28.92
Enterprise Value to EBIT (EV/EBIT)	92.47	37.13	40.34	47.83	39.74	41.26	36.98	29.44	39.38	53.28	37.40
Enterprise Value to NOPAT (EV/NOPAT)	90.21	50.11	58.30	79.81	50.24	50.48	47.69	38.30	49.63	68.19	48.65
Enterprise Value to Operating Cash Flow (EV/OCF)	240.79	0.00	66.30	0.00	61.12	11.44	0.00	17.05	0.00	0.00	483.21
Enterprise Value to Free Cash Flow (EV/FCFF)	5.29	8.41	0.00	0.00	14.42	0.00	0.00	0.00	24.86	0.00	35.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.15	5.36	5.67	5.93	5.41	5.66	5.03	5.13	5.34	5.62	5.23
Long-Term Debt to Equity	2.64	2.40	2.50	2.77	2.59	2.61	2.33	2.40	2.59	2.92	3.09
Financial Leverage	6.72	5.74	5.52	5.80	5.67	5.53	5.31	5.08	5.23	5.48	5.42
Leverage Ratio	11.58	10.72	10.45	10.71	10.67	10.66	10.82	10.98	11.40	11.80	11.73
Compound Leverage Factor	11.58	10.72	10.45	10.71	10.67	10.66	10.82	10.98	11.40	11.80	11.73
Debt to Total Capital	86.01%	84.27%	85.01%	85.57%	84.40%	84.98%	83.41%	83.67%	84.23%	84.90%	83.96%
Short-Term Debt to Total Capital	49.14%	46.56%	47.60%	45.59%	43.95%	45.78%	44.71%	44.55%	43.42%	40.89%	34.40%
Long-Term Debt to Total Capital	36.88%	37.70%	37.41%	39.98%	40.45%	39.20%	38.70%	39.13%	40.81%	44.01%	49.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.55%	1.49%	0.00%	1.36%	1.32%	1.48%
Noncontrolling Interests to Total Capital	0.23%	0.21%	0.22%	0.20%	0.22%	0.21%	0.22%	0.18%	0.17%	0.14%	0.14%
Common Equity to Total Capital	13.75%	15.53%	14.77%	14.23%	15.38%	13.26%	14.88%	16.15%	14.24%	13.63%	14.42%
Debt to EBITDA	93.30	41.10	41.37	38.28	33.66	33.55	28.52	22.87	29.89	34.99	24.24
Net Debt to EBITDA	57.34	26.83	27.63	34.49	29.70	27.66	22.71	17.53	22.80	29.44	19.61
Long-Term Debt to EBITDA	40.00	18.39	18.20	17.89	16.13	15.48	13.23	10.70	14.48	18.14	14.31
Debt to NOPAT	120.44	64.83	71.52	74.64	49.55	50.65	46.40	36.13	48.36	60.91	40.78
Net Debt to NOPAT	74.02	42.31	47.78	67.24	43.72	41.76	36.95	27.69	36.89	51.25	32.99
Long-Term Debt to NOPAT	51.64	29.01	31.47	34.87	23.75	23.37	21.53	16.90	23.43	31.58	24.07
Noncontrolling Interest Sharing Ratio	3.06%	1.49%	1.39%	1.41%	1.40%	6.60%	10.92%	5.61%	5.29%	9.71%	9.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	62,784	37,489	-24,609	-22,614	30,972	-19,565	-60,105	-15,972	22,323	-11,201	18,674
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	17.07	13.67	-7.42	-3.97	3.07	-1.58	-15.62	-11.69	0.00	0.00	0.41
Operating Cash Flow to Interest Expense	0.37	-1.63	1.62	-0.79	0.72	3.29	-6.56	24.87	0.00	0.00	0.03
Operating Cash Flow Less CapEx to Interest Expense	0.37	-1.63	1.62	-0.79	0.72	3.29	-6.56	24.87	0.00	0.00	0.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Fixed Asset Turnover	5.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	515,459	484,265	514,996	543,845	521,760	550,562	621,846	652,938	641,794	662,225	657,080
Invested Capital Turnover	0.06	0.07	0.07	0.07	0.08	0.08	0.08	0.09	0.08	0.08	0.09
Increase / (Decrease) in Invested Capital	-59,103	-31,194	30,731	28,849	-22,085	28,802	71,284	31,092	-11,144	20,431	-5,145
Enterprise Value (EV)	332,054	315,420	356,887	497,626	446,510	466,316	533,178	579,070	554,866	629,402	658,134
Market Capitalization	58,374	48,077	63,277	77,336	56,836	70,954	109,517	159,298	132,590	146,697	201,201
Book Value per Share	$36.22	$38.83	$40.61	$42.81	$46.65	$45.12	$51.14	$58.76	$54.07	$55.01	$58.82
Tangible Book Value per Share	$31.24	$33.89	$35.64	$37.80	$41.51	$39.40	$41.96	$44.72	$39.71	$40.53	$44.44
Total Capital	515,459	484,265	514,996	543,845	521,760	550,562	621,846	652,938	641,794	662,225	657,080
Total Debt	443,355	408,081	437,819	465,379	440,354	467,865	518,697	546,340	540,563	562,243	551,652
Total Long-Term Debt	190,076	182,590	192,678	217,445	211,036	215,831	240,673	255,467	261,895	291,444	325,647
Net Debt	272,476	266,341	292,483	419,215	388,514	385,694	413,043	418,615	412,436	473,011	446,266
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	14	16	-1.00	19	4.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	443,355	408,081	437,819	465,379	440,354	467,865	518,697	546,340	540,563	562,243	551,652
Total Depreciation and Amortization (D&A)	1,161	1,433	1,736	1,753	1,844	2,643	3,769	4,216	3,998	4,256	5,161
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$5.26	$6.55	$8.16	$6.23	$5.24	$8.04
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	1.62B	1.60B	1.79B	1.69B	1.63B	1.59B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$5.19	$6.46	$8.03	$6.15	$5.18	$7.95
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	1.64B	1.62B	1.81B	1.71B	1.65B	1.61B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$5.26	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	1.60B	1.81B	1.78B	1.68B	1.64B	1.61B
Normalized Net Operating Profit after Tax (NOPAT)	2,514	6,295	6,122	6,235	8,887	9,237	11,179	15,120	11,179	9,230	13,529
Normalized NOPAT Margin	7.33%	17.91%	17.68%	16.43%	22.16%	22.24%	22.93%	25.30%	20.83%	17.05%	21.91%
Pre Tax Income Margin	10.48%	24.16%	25.55%	27.42%	28.02%	27.21%	29.57%	32.91%	26.25%	21.82%	28.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.98	3.10	2.67	1.83	1.11	0.91	3.75	14.40	0.00	0.00	0.39
NOPAT to Interest Expense	1.00	2.30	1.85	1.09	0.88	0.74	2.90	11.07	0.00	0.00	0.30
EBIT Less CapEx to Interest Expense	0.98	3.10	2.67	1.83	1.11	0.91	3.75	14.40	0.00	0.00	0.39
NOPAT Less CapEx to Interest Expense	1.00	2.30	1.85	1.09	0.88	0.74	2.90	11.07	0.00	0.00	0.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.65%	24.70%	30.08%	33.54%	26.74%	28.44%	24.50%	27.59%	48.31%	62.44%	45.37%
Augmented Payout Ratio	64.41%	68.86%	94.32%	102.59%	89.40%	92.90%	41.41%	107.45%	145.56%	129.37%	76.41%

This table displays calculated financial ratios and metrics derived from Morgan Stanley's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.22%	-1.92%	2.47%	2.21%	1.15%	4.26%	11.61%	15.90%	25.80%	17.20%	11.81%
EBITDA Growth	-34.63%	-15.01%	-11.93%	-4.24%	-12.47%	14.26%	43.14%	32.86%	87.06%	19.35%	10.93%
EBIT Growth	-42.79%	-18.05%	-15.28%	-7.17%	-24.98%	16.89%	44.88%	34.21%	134.06%	26.14%	13.45%
NOPAT Growth	-39.02%	-18.36%	-12.42%	-8.53%	-31.99%	14.14%	40.34%	32.48%	141.66%	26.26%	14.69%
Net Income Growth	-39.02%	-18.36%	-12.42%	-8.53%	-31.99%	14.14%	40.34%	32.48%	141.66%	26.26%	14.69%
EPS Growth	-36.82%	-15.84%	-10.79%	-6.12%	-32.28%	18.82%	46.77%	36.23%	159.30%	28.71%	17.03%
Operating Cash Flow Growth	-4,110.32%	-4,227.62%	-164.82%	149.61%	-26.84%	144.20%	126.12%	-562.32%	166.47%	-649.91%	368.48%
Free Cash Flow Firm Growth	148.98%	119.58%	374.54%	-139.15%	-240.87%	-733.14%	-536.42%	-429.54%	146.95%	49.31%	-125.26%
Invested Capital Growth	-1.71%	-0.46%	-0.90%	2.26%	3.18%	6.35%	5.96%	10.22%	-0.78%	3.40%	12.17%
Revenue Q/Q Growth	-1.83%	13.87%	-7.30%	-1.37%	-2.84%	17.37%	-0.77%	2.42%	5.46%	9.34%	-5.34%
EBITDA Q/Q Growth	-7.30%	17.47%	-20.55%	10.69%	-15.27%	53.34%	-0.47%	2.73%	19.30%	-2.17%	-7.49%
EBIT Q/Q Growth	-17.53%	34.57%	-25.21%	11.84%	-33.35%	109.69%	-7.30%	3.61%	16.23%	13.00%	-16.63%
NOPAT Q/Q Growth	-14.88%	33.85%	-26.77%	9.64%	-36.71%	124.66%	-9.97%	3.50%	15.44%	17.37%	-18.21%
Net Income Q/Q Growth	-14.88%	33.85%	-26.77%	9.64%	-36.71%	124.66%	-9.97%	3.50%	15.44%	17.37%	-18.21%
EPS Q/Q Growth	-13.61%	33.86%	-27.06%	11.29%	-37.68%	134.88%	-9.90%	3.30%	18.62%	16.59%	-18.08%
Operating Cash Flow Q/Q Growth	-85.30%	29.52%	2.02%	138.76%	-573.77%	124.56%	-42.09%	-786.06%	168.12%	-303.19%	149.34%
Free Cash Flow Firm Q/Q Growth	-55.81%	-54.91%	33.75%	-246.91%	-58.98%	-102.68%	7.80%	-78.25%	114.10%	-318.82%	-309.71%
Invested Capital Q/Q Growth	1.40%	2.46%	-2.04%	0.47%	2.32%	5.60%	-2.39%	4.51%	-7.89%	10.05%	5.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	31.38%	32.38%	27.75%	31.14%	27.16%	35.48%	35.59%	35.70%	40.38%	36.13%	35.31%
EBIT Margin	21.92%	25.90%	20.90%	23.69%	16.25%	29.04%	27.13%	27.44%	30.24%	31.25%	27.53%
Profit (Net Income) Margin	17.77%	20.89%	16.50%	18.35%	11.95%	22.87%	20.75%	20.97%	22.96%	24.64%	21.29%
Tax Burden Percent	81.10%	80.66%	78.98%	77.42%	73.52%	78.77%	76.51%	76.43%	75.91%	78.84%	77.35%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.90%	19.34%	21.02%	22.58%	26.48%	21.23%	23.49%	23.57%	24.09%	21.16%	22.65%
Return on Invested Capital (ROIC)	1.47%	1.69%	1.37%	1.55%	0.99%	1.85%	1.76%	1.80%	2.15%	2.23%	1.94%
ROIC Less NNEP Spread (ROIC-NNEP)	1.47%	1.69%	1.37%	1.55%	0.99%	1.85%	1.76%	1.80%	2.15%	2.23%	1.94%
Return on Net Nonoperating Assets (RNNOA)	7.71%	9.13%	7.32%	8.25%	5.44%	10.55%	9.76%	10.16%	11.65%	13.02%	11.41%
Return on Equity (ROE)	9.18%	10.83%	8.69%	9.80%	6.43%	12.40%	11.52%	11.97%	13.80%	15.25%	13.35%
Cash Return on Invested Capital (CROIC)	3.45%	2.05%	2.48%	-0.68%	-1.72%	-4.73%	-4.20%	-8.06%	2.83%	-1.31%	-9.42%
Operating Return on Assets (OROA)	0.99%	1.14%	0.96%	1.10%	0.74%	1.31%	1.29%	1.32%	1.55%	1.59%	1.42%
Return on Assets (ROA)	0.81%	0.92%	0.76%	0.85%	0.55%	1.03%	0.98%	1.01%	1.18%	1.25%	1.10%
Return on Common Equity (ROCE)	8.69%	10.30%	7.90%	9.27%	5.81%	11.73%	10.42%	11.28%	12.44%	13.75%	12.06%
Return on Equity Simple (ROE_SIMPLE)	0.00%	10.41%	10.14%	10.03%	0.00%	9.74%	10.48%	10.95%	0.00%	13.52%	13.77%
Net Operating Profit after Tax (NOPAT)	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
NOPAT Margin	17.77%	20.89%	16.50%	18.35%	11.95%	22.87%	20.75%	20.97%	22.96%	24.64%	21.29%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	57.15%	55.19%	58.67%	56.72%	59.63%	55.03%	54.46%	55.07%	50.26%	52.19%	53.81%
Operating Expenses to Revenue	77.40%	72.49%	77.91%	75.30%	83.72%	71.00%	72.37%	72.05%	69.05%	67.99%	71.31%
Earnings before Interest and Taxes (EBIT)	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	4,906	5,544	4,622
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,001	4,700	3,734	4,133	3,502	5,370	5,345	5,491	6,551	6,409	5,929
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.38	1.48	1.30	1.62	1.68	1.70	1.78	2.12	1.92	2.28
Price to Tangible Book Value (P/TBV)	1.98	1.82	2.01	1.71	2.21	2.27	2.29	2.37	2.81	2.52	2.97
Price to Revenue (P/Rev)	2.47	2.61	2.53	2.39	2.71	2.77	2.78	2.86	3.26	2.90	3.39
Price to Earnings (P/E)	12.58	14.17	14.30	13.93	17.20	16.94	15.89	15.76	15.72	13.63	15.87
Dividend Yield	3.76%	3.65%	3.81%	4.08%	3.64%	3.60%	3.53%	3.36%	2.84%	3.13%	2.65%
Earnings Yield	7.95%	7.06%	6.99%	7.18%	5.81%	5.90%	6.29%	6.35%	6.36%	7.33%	6.30%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.89	0.91	0.88	0.95	0.94	0.96	0.98	1.00	1.00	1.02
Enterprise Value to Revenue (EV/Rev)	10.34	10.96	10.86	10.53	11.62	12.02	11.66	11.91	10.66	11.22	11.83
Enterprise Value to EBITDA (EV/EBITDA)	30.68	33.89	34.82	34.32	39.17	39.33	35.80	35.30	28.92	30.34	32.10
Enterprise Value to EBIT (EV/EBIT)	39.38	44.10	45.74	45.45	53.28	52.89	47.92	47.05	37.40	38.52	40.56
Enterprise Value to NOPAT (EV/NOPAT)	49.63	55.72	57.29	57.12	68.19	68.16	62.25	61.32	48.65	50.01	52.53
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	483.21	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	24.86	43.29	36.35	0.00	0.00	0.00	0.00	0.00	35.24	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.34	5.45	5.36	5.46	5.62	5.98	5.72	5.82	5.23	5.71	6.01
Long-Term Debt to Equity	2.59	2.69	2.66	2.70	2.92	3.02	3.05	3.19	3.09	3.19	3.40
Financial Leverage	5.23	5.40	5.34	5.33	5.48	5.71	5.54	5.64	5.42	5.84	5.87
Leverage Ratio	11.40	11.76	11.46	11.52	11.80	12.02	11.71	11.85	11.73	12.16	12.17
Compound Leverage Factor	11.40	11.76	11.46	11.52	11.80	12.02	11.71	11.85	11.73	12.16	12.17
Debt to Total Capital	84.23%	84.50%	84.27%	84.53%	84.90%	85.68%	85.11%	85.33%	83.96%	85.09%	85.73%
Short-Term Debt to Total Capital	43.42%	42.76%	42.41%	42.82%	40.89%	42.44%	39.79%	38.54%	34.40%	37.48%	37.21%
Long-Term Debt to Total Capital	40.81%	41.73%	41.86%	41.71%	44.01%	43.24%	45.33%	46.79%	49.56%	47.61%	48.52%
Preferred Equity to Total Capital	1.36%	0.00%	1.36%	0.00%	1.32%	1.25%	1.28%	1.37%	1.48%	1.35%	1.27%
Noncontrolling Interests to Total Capital	0.17%	0.17%	0.15%	0.15%	0.14%	0.13%	0.13%	0.14%	0.14%	0.14%	0.14%
Common Equity to Total Capital	14.24%	15.33%	14.23%	15.33%	13.63%	12.93%	13.47%	13.16%	14.42%	13.42%	12.86%
Debt to EBITDA	29.89	32.20	32.41	33.02	34.99	35.80	31.66	30.89	24.24	25.86	26.92
Net Debt to EBITDA	22.80	25.75	26.14	26.48	29.44	29.68	26.75	26.26	19.61	22.04	22.45
Long-Term Debt to EBITDA	14.48	15.90	16.10	16.29	18.14	18.07	16.86	16.94	14.31	14.47	15.24
Debt to NOPAT	48.36	52.93	53.31	54.95	60.91	62.03	55.04	53.65	40.78	42.61	44.07
Net Debt to NOPAT	36.89	42.33	43.00	44.06	51.25	51.44	46.50	45.62	32.99	36.33	36.74
Long-Term Debt to NOPAT	23.43	26.14	26.48	27.11	31.58	31.31	29.31	29.42	24.07	23.84	24.94
Noncontrolling Interest Sharing Ratio	5.29%	4.88%	9.09%	5.33%	9.71%	5.35%	9.54%	5.72%	9.91%	9.85%	9.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,410	6,047	8,088	-11,882	-18,890	-38,286	-35,298	-62,920	8,869	-19,407	-79,513
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.79	0.00	-1.17	0.00	-3.44	0.00	0.00	0.26	-1.70	-6.33
Operating Cash Flow to Interest Expense	0.00	-1.29	0.00	0.37	0.00	0.39	0.00	0.00	0.34	-2.10	0.94
Operating Cash Flow Less CapEx to Interest Expense	0.00	-1.29	0.00	0.37	0.00	0.39	0.00	0.00	0.34	-2.10	0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.04	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	641,794	657,585	644,180	647,223	662,225	699,333	682,595	713,369	657,080	723,111	765,683
Invested Capital Turnover	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	-11,144	-3,014	-5,867	14,317	20,431	41,748	38,415	66,146	-5,145	23,778	83,088
Enterprise Value (EV)	554,866	584,871	583,323	568,603	629,402	658,346	657,012	695,711	658,134	721,984	782,544
Market Capitalization	132,590	139,370	135,773	128,992	146,697	151,766	156,541	167,323	201,201	186,674	224,425
Book Value per Share	$54.07	$59.95	$54.87	$59.88	$55.01	$56.49	$56.59	$58.04	$58.82	$60.18	$61.36
Tangible Book Value per Share	$39.71	$45.60	$40.51	$45.45	$40.53	$41.73	$42.14	$43.60	$44.44	$45.91	$47.07
Total Capital	641,794	657,585	644,180	647,223	662,225	699,333	682,595	713,369	657,080	723,111	765,683
Total Debt	540,563	555,631	542,819	547,065	562,243	599,193	580,989	608,698	551,652	615,264	656,413
Total Long-Term Debt	261,895	274,440	269,636	269,925	291,444	302,419	309,415	333,778	325,647	344,261	371,531
Net Debt	412,436	444,373	437,825	438,664	473,011	496,888	490,829	517,614	446,266	524,525	547,283
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	540,563	555,631	542,819	547,065	562,243	599,193	580,989	608,698	551,652	615,264	656,413
Total Depreciation and Amortization (D&A)	1,207	940	922	988	1,406	975	1,271	1,270	1,645	865	1,307
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.30	$1.72	$1.25	$1.39	$0.88	$2.04	$1.85	$1.91	$2.24	$2.62	$2.15
Adjusted Weighted Average Basic Shares Outstanding	1.69B	1.65B	1.64B	1.62B	1.63B	1.60B	1.59B	1.59B	1.59B	1.58B	1.58B
Adjusted Diluted Earnings per Share	$1.27	$1.70	$1.24	$1.38	$0.86	$2.02	$1.82	$1.88	$2.23	$2.60	$2.13
Adjusted Weighted Average Diluted Shares Outstanding	1.71B	1.66B	1.65B	1.64B	1.65B	1.62B	1.61B	1.61B	1.61B	1.60B	1.59B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.68B	1.67B	1.66B	1.64B	1.64B	1.63B	1.62B	1.61B	1.61B	1.60B	1.60B
Normalized Net Operating Profit after Tax (NOPAT)	2,266	3,033	2,221	2,435	1,541	3,462	3,117	3,226	3,724	4,371	3,575
Normalized NOPAT Margin	17.77%	20.89%	16.50%	18.35%	11.95%	22.87%	20.75%	20.97%	22.96%	24.64%	21.29%
Pre Tax Income Margin	21.92%	25.90%	20.90%	23.69%	16.25%	29.04%	27.13%	27.44%	30.24%	31.25%	27.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.49	0.00	0.31	0.00	0.39	0.00	0.00	0.14	0.49	0.37
NOPAT to Interest Expense	0.00	0.40	0.00	0.24	0.00	0.31	0.00	0.00	0.11	0.38	0.28
EBIT Less CapEx to Interest Expense	0.00	0.49	0.00	0.31	0.00	0.39	0.00	0.00	0.14	0.49	0.37
NOPAT Less CapEx to Interest Expense	0.00	0.40	0.00	0.24	0.00	0.31	0.00	0.00	0.11	0.38	0.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.31%	52.33%	54.68%	56.90%	62.44%	60.60%	56.29%	53.15%	45.37%	43.34%	42.80%
Augmented Payout Ratio	145.56%	141.83%	129.79%	123.00%	129.37%	119.52%	107.68%	94.47%	76.41%	74.59%	75.13%

Key Financial Trends

Morgan Stanley's financials from Q3 2022 through Q2 2025 reveal several key trends in income, cash flow, and balance sheet position, important for retail investors considering the company’s recent performance and stability.

Consistent profitability: Morgan Stanley has shown steady net income growth, with consolidated net income increasing from approximately $1.54 billion in Q4 2023 to $3.58 billion in Q2 2025, demonstrating improved earnings power.
Robust non-interest income: The investment banking, capital gains, and service charge revenue streams have grown with total non-interest income rising from around $11 billion in late 2023 to above $14 billion in recent quarters.
Strong operating cash flow generation: Net cash from continuing operating activities swung significantly positive to over $11.8 billion in Q2 2025, recovering from large negative outflows in early 2025.
Growing total equity: Shareholders’ equity increased from about $100 billion in 2023 to approximately $109 billion by Q2 2025, indicating solid capital base expansion supporting growth and absorbing risk.
Active capital return: Morgan Stanley consistently repurchased common equity and paid dividends, reflecting management’s confidence and shareholder-friendly policies.
Substantial debt balance: Total liabilities remain high around $1.24 trillion, with long-term debt increasing to over $371 billion by mid-2025, indicating dependency on leverage but consistent with industry norms.
Investment securities management: Purchases and sales of investments have fluctuated sharply quarter over quarter, impacting investing cash flows, which can introduce liquidity variability.
Volatile cash flow from operations: Early 2025 quarters experienced significant negative cash from operations, pointing to operational challenges or working capital fluctuations.
High interest expense: Interest expenses related to the sizeable long-term debt burden remain elevated, nearly matching the interest income, which compresses net interest margin.
Accumulated other comprehensive losses increased: The AOCI balance held a loss position growing to approximately -$5.9 billion, which may reflect unrealized losses affecting equity but not immediate profitability.

Overall, Morgan Stanley shows a growth trajectory in earnings and equity with improved cash flows in recent quarters, balanced against continued high leverage and cash flow volatility. The bank’s diversified revenue streams and active capital return programs present positives, but investors should watch debt levels and operating cash swings going forward.

08/29/25 06:23 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Morgan Stanley's Financials

When does Morgan Stanley's fiscal year end?

According to the most recent income statement we have on file, Morgan Stanley's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Morgan Stanley's net income changed over the last 10 years?

Morgan Stanley's net income appears to be on an upward trend, with a most recent value of $13.53 billion in 2024, rising from $3.67 billion in 2014. The previous period was $9.23 billion in 2023. Check out Morgan Stanley's forecast to explore projected trends and price targets.

How has Morgan Stanley's revenue changed over the last 10 years?

Over the last 10 years, Morgan Stanley's total revenue changed from $34.28 billion in 2014 to $61.76 billion in 2024, a change of 80.2%.

How much debt does Morgan Stanley have?

Morgan Stanley's total liabilities were at $1.11 trillion at the end of 2024, a 1.5% increase from 2023, and a 52.1% increase since 2014.

How much cash does Morgan Stanley have?

In the past 10 years, Morgan Stanley's cash and equivalents has ranged from $19.83 billion in 2015 to $128.13 billion in 2022, and is currently $105.39 billion as of their latest financial filing in 2024.

How has Morgan Stanley's book value per share changed over the last 10 years?

Over the last 10 years, Morgan Stanley's book value per share changed from 36.22 in 2014 to 58.82 in 2024, a change of 62.4%.

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This page (NYSE:MS) was last updated on 8/29/2025 by MarketBeat.com Staff

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