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Morgan Stanley (MS) Financials

Morgan Stanley logo
$200.63 -0.40 (-0.20%)
As of 10:58 AM Eastern
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Annual Income Statements for Morgan Stanley

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 5,671 5,508 5,588 8,222 8,512 10,500 14,566 10,540 8,530 12,800 16,249
Consolidated Net Income / (Loss)		 6,279 6,123 6,216 8,883 9,237 11,179 15,120 11,179 9,230 13,529 17,025
Net Income / (Loss) Continuing Operations		 6,295 6,122 6,235 8,887 9,237 11,179 15,120 11,179 9,230 13,529 17,025
Total Pre-Tax Income 		8,495 8,848 10,403 11,237 11,301 14,418 19,668 14,089 11,813 17,596 21,954
Total Revenue		 35,155 34,631 37,945 40,107 41,538 48,757 59,755 53,668 54,143 61,761 70,645
Net Interest Income / (Expense)		 3,093 3,698 3,300 3,806 4,694 6,313 8,045 9,327 8,230 8,611 10,046
Total Interest Income		 5,835 7,016 8,997 13,892 17,098 10,162 9,411 9,327 45,849 8,611 10,046
Investment Securities Interest Income		 5,835 7,016 8,997 13,892 17,098 10,162 9,411 21,595 45,849 54,135 59,063
Other Interest Income		 - - - - - - - -12,268 - -45,524 -49,017
Total Interest Expense		 2,742 3,318 5,697 10,086 12,404 3,849 1,366 0.00 37,619 0.00 0.00
Total Non-Interest Income		 32,062 30,933 34,645 36,301 36,844 42,444 51,710 44,341 45,913 53,150 60,599
Trust Fees by Commissions		 - 4,109 4,061 4,190 3,919 4,851 5,521 4,938 4,537 5,094 5,936
Other Service Charges		 5,047 11,522 12,645 13,641 13,948 14,950 21,009 19,861 20,592 23,764 26,557
Net Realized & Unrealized Capital Gains on Investments		 10,655 10,369 11,936 11,988 12,814 14,969 14,186 13,943 15,836 17,587 19,907
Investment Banking Income		 16,360 4,933 6,003 6,482 6,163 7,674 10,994 5,599 4,948 6,705 8,199
Provision for Credit Losses		 - - - - 161 761 4.00 280 532 264 349
Total Non-Interest Expense		 26,660 25,783 27,542 28,870 30,076 33,578 40,083 39,299 41,798 43,901 48,342
Salaries and Employee Benefits		 16,016 15,878 17,166 17,632 18,837 20,854 24,628 23,053 24,558 26,178 29,216
Net Occupancy & Equipment Expense		 3,149 3,095 3,120 3,407 3,622 4,024 4,844 5,222 5,670 5,993 6,290
Marketing Expense		 681 587 609 691 660 434 643 905 898 965 1,173
Other Operating Expenses		 6,814 6,223 6,647 7,140 6,957 8,266 9,968 10,119 10,672 10,765 11,663
Income Tax Expense		 2,200 2,726 4,168 2,350 2,064 3,239 4,548 2,910 2,583 4,067 4,929
Preferred Stock Dividends Declared		 456 471 523 526 530 496 468 489 557 590 612
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 152 - 105 135 195 183 86 150 143 139 164
Basic Earnings per Share		 $2.97 $2.98 $3.14 $4.81 $5.26 $6.55 $8.16 $6.23 $5.24 $8.04 $10.32
Weighted Average Basic Shares Outstanding		 1.91B 1.85B 1.78B 1.71B 1.62B 1.60B 1.79B 1.69B 1.63B 1.59B 1.57B
Diluted Earnings per Share		 $2.90 $2.92 $3.07 $4.73 $5.19 $6.46 $8.03 $6.15 $5.18 $7.95 $10.21
Weighted Average Diluted Shares Outstanding		 1.95B 1.89B 1.82B 1.74B 1.64B 1.62B 1.81B 1.71B 1.65B 1.61B 1.59B
Weighted Average Basic & Diluted Shares Outstanding		 1.91B 1.85B 1.78B 1.71B 1.60B 1.81B 1.78B 1.68B 1.64B 1.61B 1.59B
Cash Dividends to Common per Share		 $0.55 $0.70 $0.90 $1.10 $1.30 $1.40 $2.10 $2.95 $3.25 $3.55 $3.85

Quarterly Income Statements for Morgan Stanley

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 2,262 1,383 3,266 2,942 3,028 3,564 4,157 3,392 4,450 4,250 5,411
Consolidated Net Income / (Loss)		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 4,424 5,638
Net Income / (Loss) Continuing Operations		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 4,424 5,638
Total Pre-Tax Income 		3,145 2,096 4,395 4,074 4,221 4,906 5,544 4,622 6,028 5,760 7,011
Total Revenue		 13,273 12,896 15,136 15,019 15,383 16,223 17,739 16,792 18,224 17,890 20,580
Net Interest Income / (Expense)		 1,977 1,897 1,796 2,067 2,196 2,552 2,353 2,347 2,491 2,855 2,703
Total Interest Income		 12,126 -15,886 1,796 13,529 2,196 36,942 2,353 14,905 15,456 -34,063 2,703
Investment Securities Interest Income		 12,126 12,830 12,930 13,529 14,185 13,491 13,748 14,905 15,456 14,954 15,273
Other Interest Income		 - - -11,134 - -11,989 - -11,395 - - - -12,570
Total Interest Expense		 10,149 -17,783 0.00 11,462 0.00 34,390 0.00 12,558 12,965 -36,918 0.00
Total Non-Interest Income		 11,296 10,999 13,340 12,952 13,187 13,671 15,386 14,445 15,733 15,035 17,877
Trust Fees by Commissions		 1,098 1,110 1,227 1,183 1,294 1,390 1,481 1,425 1,473 1,557 1,690
Other Service Charges		 5,327 4,980 5,535 5,746 5,986 6,497 6,714 6,243 6,600 7,000 7,022
Net Realized & Unrealized Capital Gains on Investments		 3,823 3,494 4,989 4,288 4,317 3,993 5,480 5,133 5,394 3,900 6,876
Investment Banking Income		 1,048 1,415 1,589 1,735 1,590 1,791 1,711 1,644 2,266 2,578 2,289
Provision for Credit Losses		 134 3.00 -6.00 76 79 115 135 196 0.00 18 98
Total Non-Interest Expense		 9,994 10,797 10,747 10,869 11,083 11,202 12,060 11,974 12,196 12,112 13,471
Salaries and Employee Benefits		 5,935 5,951 6,696 6,460 6,733 6,289 7,521 7,190 7,442 7,063 8,542
Net Occupancy & Equipment Expense		 1,403 1,515 1,417 1,475 1,515 1,586 1,499 1,548 1,592 1,651 1,631
Marketing Expense		 191 224 217 245 224 279 238 297 280 358 310
Other Operating Expenses		 2,465 3,107 2,417 2,689 2,611 3,048 2,802 2,939 2,882 3,040 2,988
Income Tax Expense		 710 555 933 957 995 1,182 1,173 1,047 1,373 1,336 1,373
Preferred Stock Dividends Declared		 146 134 146 134 160 150 158 147 160 147 156
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 27 24 50 41 38 10 56 36 45 27 71
Basic Earnings per Share		 $1.39 $0.88 $2.04 $1.85 $1.91 $2.24 $2.62 $2.15 $2.83 $2.72 $3.47
Weighted Average Basic Shares Outstanding		 1.62B 1.63B 1.60B 1.59B 1.59B 1.59B 1.58B 1.58B 1.57B 1.57B 1.56B
Diluted Earnings per Share		 $1.38 $0.86 $2.02 $1.82 $1.88 $2.23 $2.60 $2.13 $2.80 $2.68 $3.43
Weighted Average Diluted Shares Outstanding		 1.64B 1.65B 1.62B 1.61B 1.61B 1.61B 1.60B 1.59B 1.59B 1.59B 1.58B
Weighted Average Basic & Diluted Shares Outstanding		 1.64B 1.64B 1.63B 1.62B 1.61B 1.61B 1.60B 1.60B 1.59B 1.59B 1.58B
Cash Dividends to Common per Share		 $0.85 - $0.85 $0.85 - - $0.93 $0.93 - - $1.00

Annual Cash Flow Statements for Morgan Stanley

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -2,039 -8,192 3,035 8,629 -5,025 23,483 22,071 402 -38,895 16,154 6,309
Net Cash From Operating Activities		 -4,463 5,383 -4,505 7,305 40,773 -25,231 33,971 -6,397 -33,536 1,362 -17,889
Net Cash From Continuing Operating Activities		 -4,463 5,383 -4,505 7,305 40,773 -25,231 33,971 -6,397 -33,536 1,362 -17,889
Net Income / (Loss) Continuing Operations		 6,279 6,123 6,216 8,883 9,237 11,179 15,120 11,179 9,230 13,529 17,025
Consolidated Net Income / (Loss)		 6,279 6,123 6,216 8,883 9,237 11,179 15,120 11,179 9,230 13,529 17,025
Provision For Loan Losses		 123 144 29 -15 161 761 4.00 280 532 264 349
Depreciation Expense		 1,433 1,736 1,753 1,844 2,643 3,769 4,216 3,998 4,256 5,161 4,658
Non-Cash Adjustments to Reconcile Net Income		 2,486 2,613 3,926 1,119 1,123 1,336 1,942 1,644 1,554 1,778 2,895
Changes in Operating Assets and Liabilities, net		 -14,784 -5,233 -16,429 -4,526 27,609 -42,276 12,689 -23,498 -49,108 -19,370 -42,816
Net Cash From Investing Activities		 -19,995 -19,508 -12,391 -22,881 -33,561 -37,898 -49,897 -11,632 -3,084 -29,460 -46,779
Net Cash From Continuing Investing Activities		 -19,995 -19,508 -12,391 -22,881 -33,561 -37,898 -49,897 -11,632 -3,084 -29,460 -46,779
Purchase of Investment Securities		 -64,582 -61,591 -37,967 -38,459 -62,724 -79,972 -111,465 -56,910 -31,472 -66,752 -81,951
Sale and/or Maturity of Investments		 43,589 42,083 25,576 15,876 29,163 38,267 61,568 45,278 28,388 37,292 35,172
Net Cash From Financing Activities		 24,154 7,363 16,261 24,205 -11,966 83,784 41,547 22,714 -2,726 46,756 67,758
Net Cash From Continuing Financing Activities		 24,154 7,363 16,261 24,205 -11,966 83,784 41,547 22,714 -2,726 46,756 67,758
Net Change in Deposits		 22,490 -171 3,573 28,384 2,513 75,417 36,897 1,659 -5,075 23,955 39,143
Issuance of Debt		 31,812 44,959 55,416 40,059 30,605 60,726 89,648 72,460 79,220 108,365 139,169
Issuance of Preferred Equity		 1,493 0.00 994 0.00 497 0.00 1,275 994 0.00 995 0.00
Repayment of Debt		 -27,377 -31,596 -37,398 -36,297 -36,853 -47,690 -70,124 -35,782 -64,805 -75,872 -98,268
Repurchase of Common Equity		 -2,773 -3,933 -4,292 -5,566 -5,954 -1,890 -12,075 -10,871 -6,178 -4,199 -5,835
Payment of Dividends		 -1,551 -1,842 -2,085 -2,375 -2,627 -2,739 -4,171 -5,401 -5,763 -6,138 -6,593
Other Financing Activities, Net		 60 -54 53 - -147 -40 97 -345 -125 -350 142
Effect of Exchange Rate Changes		 -1,735 -1,430 3,670 - -271 2,828 -3,550 -4,283 451 -2,504 3,219
Cash Interest Paid		 2,672 2,834 5,377 9,977 12,511 4,120 1,303 9,819 41,940 46,359 47,096
Cash Income Taxes Paid		 677 831 1,390 1,377 1,908 2,591 4,231 4,147 2,035 1,885 3,504

Quarterly Cash Flow Statements for Morgan Stanley

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3,407 -19,169 13,073 -12,145 924 14,302 -14,647 18,391 -5,396 7,961 21,834
Net Cash From Operating Activities		 3,747 -17,752 4,360 2,525 -17,323 11,800 -23,976 11,829 -3,332 -2,410 -7,098
Net Cash From Continuing Operating Activities		 3,747 -17,752 4,360 2,525 -17,323 11,800 -23,976 11,829 -3,332 -2,410 -7,098
Net Income / (Loss) Continuing Operations		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 4,424 5,638
Consolidated Net Income / (Loss)		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 4,424 5,638
Provision For Loan Losses		 134 3.00 -6.00 76 79 115 135 196 - 18 98
Depreciation Expense		 988 1,406 975 1,271 1,270 1,645 865 1,307 1,348 1,138 714
Non-Cash Adjustments to Reconcile Net Income		 295 162 430 504 418 426 537 627 561 1,170 645
Changes in Operating Assets and Liabilities, net		 -105 -20,864 -501 -2,443 -22,316 5,890 -29,884 6,124 -9,896 -9,160 -14,193
Net Cash From Investing Activities		 517 -8,801 1,054 -13,668 -6,696 -10,150 -5,034 -17,672 -10,676 -13,397 -6,600
Net Cash From Continuing Investing Activities		 517 -8,801 1,054 -13,668 -6,696 -10,150 -5,034 -17,672 -10,676 -13,397 -6,600
Purchase of Investment Securities		 -6,376 -15,281 -11,643 -21,258 -15,573 -18,007 -13,785 -25,038 -20,717 -22,435 -22,168
Sale and/or Maturity of Investments		 6,893 6,480 12,697 7,590 8,877 7,857 8,751 7,366 10,041 9,038 15,568
Net Cash From Financing Activities		 361 5,694 8,857 -404 23,048 15,255 13,045 21,667 9,076 23,970 36,460
Net Cash From Continuing Financing Activities		 361 5,694 8,857 -404 23,048 15,255 13,045 21,667 9,076 23,970 36,460
Net Change in Deposits		 -3,054 6,113 534 -3,475 14,460 12,436 5,520 7,712 15,879 10,032 12,751
Issuance of Debt		 20,993 18,304 28,079 25,166 25,899 32,354 32,439 36,902 24,843 44,985 56,195
Repayment of Debt		 -14,442 -16,104 -16,496 -19,655 -15,836 -27,018 -21,528 -20,190 -28,627 -27,923 -28,067
Repurchase of Common Equity		 -1,542 -1,342 -1,718 -823 -806 -852 -2,030 -1,129 -1,146 -1,530 -2,875
Payment of Dividends		 -1,501 -1,477 -1,496 -1,467 -1,590 -1,585 -1,616 -1,584 -1,705 -1,688 -1,708
Other Financing Activities, Net		 -93 200 -46 -150 -74 -80 260 -44 -168 94 164
Effect of Exchange Rate Changes		 -1,218 1,690 -1,198 -598 1,895 -2,603 1,318 2,567 -464 -202 -928
Cash Interest Paid		 11,137 11,641 11,878 11,142 11,478 11,861 12,464 12,079 10,139 12,414 14,195
Cash Income Taxes Paid		 270 787 233 810 406 436 534 1,811 339 820 398

Annual Balance Sheets for Morgan Stanley

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 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 1,420,270
Cash and Due from Banks		 19,827 22,017 24,816 30,541 82,171 105,654 127,725 128,127 89,232 105,386 111,695
Trading Account Securities		 467,104 217,872 298,243 322,431 313,075 423,592 446,542 346,366 335,199 353,351 820,267
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		 6,584 6,577 6,597 6,688 7,143 11,635 16,833 16,652 16,707 16,706 16,726
Intangible Assets		 2,984 2,721 2,448 2,163 2,107 4,980 8,360 7,618 7,055 6,453 6,010
Other Assets		 169,053 442,443 498,281 470,409 490,933 570,001 588,680 681,468 745,500 733,175 465,572
Total Liabilities & Shareholders' Equity		 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 1,420,270
Total Liabilities		 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 1,307,618
Non-Interest Bearing Deposits		 156,034 155,863 159,436 187,820 190,356 310,782 347,574 356,646 351,804 376,007 415,523
Short-Term Debt		 225,491 245,141 247,934 229,318 252,034 278,024 290,873 278,668 270,799 226,005 305,058
Long-Term Debt		 182,590 192,678 217,445 211,036 215,831 240,673 255,467 261,895 291,444 325,647 387,848
Other Long-Term Liabilities		 147,166 144,090 148,452 143,951 154,511 183,234 187,628 181,791 179,664 181,984 199,189
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		 76,184 77,177 78,466 81,406 82,697 103,149 106,598 101,231 99,982 105,428 112,652
Total Preferred & Common Equity		 75,182 76,050 77,391 80,246 81,549 101,781 105,441 100,141 99,038 104,511 111,632
Preferred Stock		 - - - - 8,520 9,250 - 8,750 8,750 9,750 9,750
Total Common Equity		 75,182 76,050 77,391 80,246 73,029 92,531 105,441 91,391 90,288 94,761 101,882
Common Stock		 21,764 20,440 20,658 20,978 21,037 22,523 24,906 24,478 24,538 25,096 26,019
Retained Earnings		 49,204 53,679 57,577 64,175 70,589 78,694 89,432 94,862 97,996 104,989 115,091
Treasury Stock		 -4,059 -5,797 -9,211 -13,971 -18,727 -9,767 -17,500 -26,577 -31,139 -33,613 -38,097
Accumulated Other Comprehensive Income / (Loss)		 -1,656 -2,643 -3,060 -2,292 -2,788 -1,962 -3,102 -6,253 -6,421 -6,814 -6,285
Other Equity Adjustments		 9,929 10,371 11,427 11,356 2,918 3,043 11,705 4,881 5,314 5,103 5,154
Noncontrolling Interest		 1,002 1,127 1,075 1,160 1,148 1,368 1,157 1,090 944 917 1,020

Quarterly Balance Sheets for Morgan Stanley

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 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 1,364,806 1,581,418
Cash and Due from Banks		 104,994 108,401 89,232 102,305 90,160 91,084 105,386 90,739 109,130 103,734 133,529
Trading Account Securities		 331,891 383,681 335,199 789,377 348,140 380,454 353,351 774,516 791,437 839,635 936,709
Loans and Leases, Net of Allowance		 0.00 202,742 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 16,652 16,699 16,707 16,722 16,719 16,735 16,706 16,714 16,734 16,725 17,105
Intangible Assets		 7,322 7,204 7,055 6,914 6,763 6,620 6,453 6,305 6,185 6,097 5,960
Other Assets		 704,052 450,286 745,500 313,185 750,665 763,134 733,175 412,022 430,384 398,615 488,115
Total Liabilities & Shareholders' Equity		 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 1,364,806 1,581,418
Total Liabilities		 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 1,253,755 1,466,034
Non-Interest Bearing Deposits		 348,511 345,458 351,804 352,494 348,890 363,722 376,007 381,563 389,377 405,480 427,971
Short-Term Debt		 273,183 277,140 270,799 296,774 271,574 274,920 226,005 271,003 284,882 287,949 379,120
Long-Term Debt		 269,636 269,925 291,444 302,419 309,415 333,778 325,647 344,261 371,531 369,064 413,823
Other Long-Term Liabilities		 172,220 176,332 179,664 176,676 180,962 180,936 181,984 195,622 198,810 191,262 245,120
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		 101,361 100,158 99,982 100,140 101,606 104,671 105,428 107,847 109,270 111,051 115,384
Total Preferred & Common Equity		 100,386 99,211 99,038 99,198 100,714 103,647 104,511 106,812 108,184 109,962 114,286
Preferred Stock		 8,750 - 8,750 8,750 8,750 9,750 9,750 9,750 9,750 9,750 9,750
Total Common Equity		 91,636 99,211 90,288 90,448 91,964 93,897 94,761 97,062 98,434 100,212 104,536
Common Stock		 24,007 24,371 24,538 23,816 24,369 24,745 25,096 24,516 25,198 25,692 25,005
Retained Earnings		 97,151 98,007 97,996 99,811 101,374 102,911 104,989 107,653 109,567 112,426 118,913
Treasury Stock		 -28,480 -29,959 -31,139 -31,372 -32,129 -32,868 -33,613 -34,423 -35,503 -36,618 -39,879
Accumulated Other Comprehensive Income / (Loss)		 -6,300 -7,202 -6,421 -7,057 -6,760 -5,986 -6,814 -5,961 -5,913 -6,346 -5,506
Other Equity Adjustments		 5,258 13,994 5,314 5,250 5,110 5,095 5,103 5,277 5,085 5,058 6,003
Noncontrolling Interest		 975 947 944 942 892 1,024 917 1,035 1,086 1,089 1,098

Annual Metrics And Ratios for Morgan Stanley

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.26 $6.55 $8.16 $6.23 $5.24 $8.04 $10.32
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 1.62B 1.60B 1.79B 1.69B 1.63B 1.59B 1.57B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.19 $6.46 $8.03 $6.15 $5.18 $7.95 $10.21
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 1.64B 1.62B 1.81B 1.71B 1.65B 1.61B 1.59B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.26 $0.00 $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 1.60B 1.81B 1.78B 1.68B 1.64B 1.61B 1.59B
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Morgan Stanley

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 1,587,860,206.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,587,860,206.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.55
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.21% 1.15% 4.26% 11.61% 15.90% 25.80% 17.20% 11.81% 18.47% - 16.02%
EBITDA Growth		 -4.24% -12.47% 14.26% 43.14% 32.86% 87.06% 19.35% 10.93% 34.33% - 20.53%
EBIT Growth		 -7.17% -24.98% 16.89% 44.88% 34.21% 134.06% 26.14% 13.45% 42.81% - 26.46%
NOPAT Growth		 -8.53% -31.99% 14.14% 40.34% 32.48% 141.66% 26.26% 14.69% 44.30% - 28.99%
Net Income Growth		 -8.53% -31.99% 14.14% 40.34% 32.48% 141.66% 26.26% 14.69% 44.30% - 28.99%
EPS Growth		 -6.12% -32.28% 18.82% 46.77% 36.23% 159.30% 28.71% 17.03% 48.94% - 31.92%
Operating Cash Flow Growth		 149.61% -26.84% 144.20% 126.12% -562.32% 166.47% -649.91% 368.48% 80.77% - 70.40%
Free Cash Flow Firm Growth		 -139.15% -240.87% -733.14% -536.42% -429.54% 146.95% 49.31% -125.26% 20.47% - -825.33%
Invested Capital Growth		 2.26% 3.18% 6.35% 5.96% 10.22% -0.78% 3.40% 12.17% 7.67% - 25.61%
Revenue Q/Q Growth		 -1.37% -2.84% 17.37% -0.77% 2.42% 5.46% 9.34% -5.34% 8.53% - 15.04%
EBITDA Q/Q Growth		 10.69% -15.27% 53.34% -0.47% 2.73% 19.30% -2.17% -7.49% 24.41% - 11.99%
EBIT Q/Q Growth		 11.84% -33.35% 109.69% -7.30% 3.61% 16.23% 13.00% -16.63% 30.42% - 21.72%
NOPAT Q/Q Growth		 9.64% -36.71% 124.66% -9.97% 3.50% 15.44% 17.37% -18.21% 30.21% - 27.44%
Net Income Q/Q Growth		 9.64% -36.71% 124.66% -9.97% 3.50% 15.44% 17.37% -18.21% 30.21% - 27.44%
EPS Q/Q Growth		 11.29% -37.68% 134.88% -9.90% 3.30% 18.62% 16.59% -18.08% 31.46% - 27.99%
Operating Cash Flow Q/Q Growth		 138.76% -573.77% 124.56% -42.09% -786.06% 168.12% -303.19% 149.34% -128.17% - -194.52%
Free Cash Flow Firm Q/Q Growth		 -246.91% -58.98% -102.68% 7.80% -78.25% 114.10% -318.82% -309.71% 37.07% - -24.66%
Invested Capital Q/Q Growth		 0.47% 2.32% 5.60% -2.39% 4.51% -7.89% 10.05% 5.89% 0.31% - 12.76%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 31.14% 27.16% 35.48% 35.59% 35.70% 40.38% 36.13% 35.31% 40.47% - 37.54%
EBIT Margin		 23.69% 16.25% 29.04% 27.13% 27.44% 30.24% 31.25% 27.53% 33.08% - 34.07%
Profit (Net Income) Margin		 18.35% 11.95% 22.87% 20.75% 20.97% 22.96% 24.64% 21.29% 25.54% - 27.40%
Tax Burden Percent		 77.42% 73.52% 78.77% 76.51% 76.43% 75.91% 78.84% 77.35% 77.22% - 80.42%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 22.58% 26.48% 21.23% 23.49% 23.57% 24.09% 21.16% 22.65% 22.78% - 19.58%
Return on Invested Capital (ROIC)		 1.55% 0.99% 1.85% 1.76% 1.80% 2.15% 2.23% 1.94% 2.38% - 2.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.55% 0.99% 1.85% 1.76% 1.80% 2.15% 2.23% 1.94% 2.38% - 2.47%
Return on Net Nonoperating Assets (RNNOA)		 8.25% 5.44% 10.55% 9.76% 10.16% 11.65% 13.02% 11.41% 13.96% - 15.57%
Return on Equity (ROE)		 9.80% 6.43% 12.40% 11.52% 11.97% 13.80% 15.25% 13.35% 16.34% - 18.04%
Cash Return on Invested Capital (CROIC)		 -0.68% -1.72% -4.73% -4.20% -8.06% 2.83% -1.31% -9.42% -5.18% - -20.46%
Operating Return on Assets (OROA)		 1.10% 0.74% 1.31% 1.29% 1.32% 1.55% 1.59% 1.42% 1.74% - 1.74%
Return on Assets (ROA)		 0.85% 0.55% 1.03% 0.98% 1.01% 1.18% 1.25% 1.10% 1.34% - 1.40%
Return on Common Equity (ROCE)		 9.27% 5.81% 11.73% 10.42% 11.28% 12.44% 13.75% 12.06% 14.70% - 16.29%
Return on Equity Simple (ROE_SIMPLE)		 10.03% 0.00% 9.74% 10.48% 10.95% 0.00% 13.52% 13.77% 14.85% - 16.01%
Net Operating Profit after Tax (NOPAT)		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 - 5,638
NOPAT Margin		 18.35% 11.95% 22.87% 20.75% 20.97% 22.96% 24.64% 21.29% 25.54% - 27.40%
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%
SG&A Expenses to Revenue		 56.72% 59.63% 55.03% 54.46% 55.07% 50.26% 52.19% 53.81% 51.11% - 50.94%
Operating Expenses to Revenue		 75.30% 83.72% 71.00% 72.37% 72.05% 69.05% 67.99% 71.31% 66.92% - 65.46%
Earnings before Interest and Taxes (EBIT)		 3,145 2,096 4,395 4,074 4,221 4,906 5,544 4,622 6,028 - 7,011
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,133 3,502 5,370 5,345 5,491 6,551 6,409 5,929 7,376 - 7,725
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.30 1.62 1.68 1.70 1.78 2.12 1.92 2.28 2.52 - 2.49
Price to Tangible Book Value (P/TBV)		 1.71 2.21 2.27 2.29 2.37 2.81 2.52 2.97 3.26 - 3.19
Price to Revenue (P/Rev)		 2.39 2.71 2.77 2.78 2.86 3.26 2.90 3.39 3.66 - 3.54
Price to Earnings (P/E)		 13.93 17.20 16.94 15.89 15.76 15.72 13.63 15.87 16.21 - 14.85
Dividend Yield		 4.08% 3.64% 3.60% 3.53% 3.36% 2.84% 3.13% 2.65% 2.39% - 2.40%
Earnings Yield		 7.18% 5.81% 5.90% 6.29% 6.35% 6.36% 7.33% 6.30% 6.17% - 6.73%
Enterprise Value to Invested Capital (EV/IC)		 0.88 0.95 0.94 0.96 0.98 1.00 1.00 1.02 1.06 - 1.02
Enterprise Value to Revenue (EV/Rev)		 10.53 11.62 12.02 11.66 11.91 10.66 11.22 11.83 11.83 - 12.66
Enterprise Value to EBITDA (EV/EBITDA)		 34.32 39.17 39.33 35.80 35.30 28.92 30.34 32.10 31.08 - 33.31
Enterprise Value to EBIT (EV/EBIT)		 45.45 53.28 52.89 47.92 47.05 37.40 38.52 40.56 38.69 - 39.72
Enterprise Value to NOPAT (EV/NOPAT)		 57.12 68.19 68.16 62.25 61.32 48.65 50.01 52.53 50.01 - 50.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 483.21 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 35.24 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 5.46 5.62 5.98 5.72 5.82 5.23 5.71 6.01 5.92 - 6.87
Long-Term Debt to Equity		 2.70 2.92 3.02 3.05 3.19 3.09 3.19 3.40 3.32 - 3.59
Financial Leverage		 5.33 5.48 5.71 5.54 5.64 5.42 5.84 5.87 5.87 - 6.31
Leverage Ratio		 11.52 11.80 12.02 11.71 11.85 11.73 12.16 12.17 12.16 - 12.91
Compound Leverage Factor		 11.52 11.80 12.02 11.71 11.85 11.73 12.16 12.17 12.16 - 12.91
Debt to Total Capital		 84.53% 84.90% 85.68% 85.11% 85.33% 83.96% 85.09% 85.73% 85.54% - 87.30%
Short-Term Debt to Total Capital		 42.82% 40.89% 42.44% 39.79% 38.54% 34.40% 37.48% 37.21% 37.49% - 41.74%
Long-Term Debt to Total Capital		 41.71% 44.01% 43.24% 45.33% 46.79% 49.56% 47.61% 48.52% 48.05% - 45.56%
Preferred Equity to Total Capital		 0.00% 1.32% 1.25% 1.28% 1.37% 1.48% 1.35% 1.27% 1.27% - 1.07%
Noncontrolling Interests to Total Capital		 0.15% 0.14% 0.13% 0.13% 0.14% 0.14% 0.14% 0.14% 0.14% - 0.12%
Common Equity to Total Capital		 15.33% 13.63% 12.93% 13.47% 13.16% 14.42% 13.42% 12.86% 13.05% - 11.51%
Debt to EBITDA		 33.02 34.99 35.80 31.66 30.89 24.24 25.86 26.92 25.01 - 28.39
Net Debt to EBITDA		 26.48 29.44 29.68 26.75 26.26 19.61 22.04 22.45 21.07 - 23.61
Long-Term Debt to EBITDA		 16.29 18.14 18.07 16.86 16.94 14.31 14.47 15.24 14.05 - 14.82
Debt to NOPAT		 54.95 60.91 62.03 55.04 53.65 40.78 42.61 44.07 40.25 - 43.35
Net Debt to NOPAT		 44.06 51.25 51.44 46.50 45.62 32.99 36.33 36.74 33.89 - 36.05
Long-Term Debt to NOPAT		 27.11 31.58 31.31 29.31 29.42 24.07 23.84 24.94 22.61 - 22.62
Noncontrolling Interest Sharing Ratio		 5.33% 9.71% 5.35% 9.54% 5.72% 9.91% 9.85% 9.71% 10.02% - 9.69%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11,882 -18,890 -38,286 -35,298 -62,920 8,869 -19,407 -79,513 -50,040 - -179,578
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%
Free Cash Flow to Firm to Interest Expense		 -1.17 0.00 -3.44 0.00 0.00 0.26 -1.70 -6.33 -3.86 - 0.00
Operating Cash Flow to Interest Expense		 0.37 0.00 0.39 0.00 0.00 0.34 -2.10 0.94 -0.26 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.37 0.00 0.39 0.00 0.00 0.34 -2.10 0.94 -0.26 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 647,223 662,225 699,333 682,595 713,369 657,080 723,111 765,683 768,064 - 908,327
Invested Capital Turnover		 0.08 0.08 0.08 0.08 0.09 0.09 0.09 0.09 0.09 - 0.09
Increase / (Decrease) in Invested Capital		 14,317 20,431 41,748 38,415 66,146 -5,145 23,778 83,088 54,695 - 185,216
Enterprise Value (EV)		 568,603 629,402 658,346 657,012 695,711 658,134 721,984 782,544 816,336 - 930,179
Market Capitalization		 128,992 146,697 151,766 156,541 167,323 201,201 186,674 224,425 252,218 - 259,917
Book Value per Share		 $59.88 $55.01 $56.49 $56.59 $58.04 $58.82 $60.18 $61.36 $62.78 - $65.83
Tangible Book Value per Share		 $45.45 $40.53 $41.73 $42.14 $43.60 $44.44 $45.91 $47.07 $48.48 - $51.31
Total Capital		 647,223 662,225 699,333 682,595 713,369 657,080 723,111 765,683 768,064 - 908,327
Total Debt		 547,065 562,243 599,193 580,989 608,698 551,652 615,264 656,413 657,013 - 792,943
Total Long-Term Debt		 269,925 291,444 302,419 309,415 333,778 325,647 344,261 371,531 369,064 - 413,823
Net Debt		 438,664 473,011 496,888 490,829 517,614 446,266 524,525 547,283 553,279 - 659,414
Capital Expenditures (CapEx)		 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
Net Nonoperating Obligations (NNO)		 547,065 562,243 599,193 580,989 608,698 551,652 615,264 656,413 657,013 - 792,943
Total Depreciation and Amortization (D&A)		 988 1,406 975 1,271 1,270 1,645 865 1,307 1,348 - 714
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.39 $0.88 $2.04 $1.85 $1.91 $2.24 $2.62 $2.15 $2.83 $2.72 $3.47
Adjusted Weighted Average Basic Shares Outstanding		 1.62B 1.63B 1.60B 1.59B 1.59B 1.59B 1.58B 1.58B 1.57B 1.57B 1.56B
Adjusted Diluted Earnings per Share		 $1.38 $0.86 $2.02 $1.82 $1.88 $2.23 $2.60 $2.13 $2.80 $2.68 $3.43
Adjusted Weighted Average Diluted Shares Outstanding		 1.64B 1.65B 1.62B 1.61B 1.61B 1.61B 1.60B 1.59B 1.59B 1.59B 1.58B
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		 1.64B 1.64B 1.63B 1.62B 1.61B 1.61B 1.60B 1.60B 1.59B 1.59B 1.58B
Normalized Net Operating Profit after Tax (NOPAT)		 2,435 1,541 3,462 3,117 3,226 3,724 4,371 3,575 4,655 - 5,638
Normalized NOPAT Margin		 18.35% 11.95% 22.87% 20.75% 20.97% 22.96% 24.64% 21.29% 25.54% - 27.40%
Pre Tax Income Margin		 23.69% 16.25% 29.04% 27.13% 27.44% 30.24% 31.25% 27.53% 33.08% - 34.07%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.31 0.00 0.39 0.00 0.00 0.14 0.49 0.37 0.46 - 0.00
NOPAT to Interest Expense		 0.24 0.00 0.31 0.00 0.00 0.11 0.38 0.28 0.36 - 0.00
EBIT Less CapEx to Interest Expense		 0.31 0.00 0.39 0.00 0.00 0.14 0.49 0.37 0.46 - 0.00
NOPAT Less CapEx to Interest Expense		 0.24 0.00 0.31 0.00 0.00 0.11 0.38 0.28 0.36 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 56.90% 62.44% 60.60% 56.29% 53.15% 45.37% 43.34% 42.80% 39.76% - 36.55%
Augmented Payout Ratio		 123.00% 129.37% 119.52% 107.68% 94.47% 76.41% 74.59% 75.13% 71.34% - 73.06%

Financials Breakdown Chart

Key Financial Trends

Here are key, investor-focused takeaways from Morgan Stanley’s latest four-year view based on the provided quarterly income statements, balance sheets, and cash flow statements. Items are sorted with positives first, then neutral indicators, followed by potential negatives.

  • Quarterly profitability remains solid: Q4 2025 net income attributable to common shareholders was about $4.25 billion, marking healthy quarterly earnings against the year-ago period.
  • Top-line growth persists in Q4 2025: Total revenue reached about $17.89 billion, up from roughly $16.23 billion in Q4 2024, indicating durable revenue strength across segments.
  • Capital base is growing and robust: By mid-2025 Morgan Stanley’s equity base was strong, with total common equity around $100.2 billion and total equity about $111.0 billion (Q3 2025 data), supporting a solid capital position.
  • Capital returns maintained: The company continued returning capital to investors via a per-share dividend of $0.925 and ongoing share buybacks, signaling confidence in free cash flow generation.
  • Scale in trading and asset base: Trading account securities on the balance sheet were very large (about $839 billion in Q3 2025), underscoring Morgan Stanley’s substantial market footprint and liquidity capacity.
  • Credit quality appears stable: Provision for credit losses remained very low (about $18 million in Q4 2025), implying sound credit risk management through the period.
  • EPS shows occasional seasonality: Q4 2025 basic EPS around $2.72 and diluted EPS around $2.68, modestly lower than the prior quarter, reflecting typical quarterly dynamics.
  • Cash flow from operations shows quarterly variability: Net cash from continuing operating activities for Q4 2025 was negative (about -$2.41 billion), indicating quarterly volatility in cash generation.
  • Investing cash outflows were sizable in Q4 2025: Net cash from continuing investing activities was around -$13.40 billion, signaling substantial asset moves or investment activity during the quarter.
  • Financing cash outflows were pronounced: Net cash from continuing financing activities hovered around -$23.97 billion in Q4 2025, reflecting significant use of cash for financing activities, including buybacks and dividends.

Additional context for readers who want a broader view: Morgan Stanley’s asset base has continued to grow through 2025, with total assets around $1.364–1.370 trillion in the latest quarters and a healthy mix of Trading Account Securities, loans, and investment securities. The balance sheet shows a durable equity base and a leverage profile typical for a large, diversified bank. Dividend stability and active capital return programs have supported shareholder value, even as investing and financing cash flows can swing from quarter to quarter. As always, investors should weigh these quarterly signals alongside longer-term trends and macro factors shaping the financial sector.

05/26/26 09:14 AM ETAI Generated. May Contain Errors.

Morgan Stanley Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Morgan Stanley's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Morgan Stanley's net income appears to be on an upward trend, with a most recent value of $17.03 billion in 2025, rising from $6.28 billion in 2015. The previous period was $13.53 billion in 2024. Check out Morgan Stanley's forecast to explore projected trends and price targets.

Over the last 10 years, Morgan Stanley's total revenue changed from $35.16 billion in 2015 to $70.65 billion in 2025, a change of 101.0%.

Morgan Stanley's total liabilities were at $1.31 trillion at the end of 2025, a 17.8% increase from 2024, and a 83.8% increase since 2015.

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 $111.70 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:MS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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