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.
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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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% |
Key Financial Trends
Morgan Stanley’s latest quarterly results show a business that is still highly profitable, but with some clear balance sheet and cash flow volatility. In Q1 2026, the company generated $20.6 billion of revenue and $5.6 billion of net income, with diluted EPS of $3.43. Profitability remains solid, but compared with the prior quarter and prior year, the mix of earnings and cash generation looks less stable than the headline income statement suggests.
What stands out most: revenue and earnings improved sequentially from Q4 2025, but operating cash flow was still negative in Q1 2026. Morgan Stanley also continues to rely heavily on trading securities and debt-funded funding structures, which is normal for a large investment bank but important for investors to watch.
- Q1 2026 revenue of $20.6 billion was up from $17.9 billion in Q4 2025 and $17.7 billion in Q1 2025, showing a strong start to the year.
- Net income attributable to common shareholders rose to $5.4 billion in Q1 2026 from $4.3 billion in Q4 2025 and $4.2 billion in Q1 2025.
- Diluted EPS improved to $3.43 in Q1 2026, up from $2.68 in Q4 2025 and $2.60 in Q1 2025.
- Investment banking income rebounded to $2.29 billion in Q1 2026 from $2.58 billion in Q4 2025, and remained well above the $1.71 billion level seen in Q1 2025.
- Non-interest income was very strong at $17.9 billion, reflecting broad strength across commissions, service charges, capital gains, and investment banking.
- The company ended Q1 2026 with $133.5 billion in cash and due from banks, up from $105.4 billion at year-end 2024 and $103.7 billion in Q3 2025.
- Total equity and noncontrolling interests increased to $115.4 billion in Q1 2026 from $105.4 billion at year-end 2024, supporting the capital base.
- Loan loss provisioning remained modest at just $98 million in Q1 2026, suggesting credit costs were still under control.
- Morgan Stanley’s revenue remains heavily influenced by market-sensitive items such as capital gains, trading-related activity, and investment banking fees, which can swing quarter to quarter.
- The balance sheet is enormous, with total assets of $1.58 trillion in Q1 2026, so small percentage changes can translate into very large dollar moves.
- The firm continues to carry very large amounts of trading account securities and other assets, which is normal for a large bank but makes the business more complex and market dependent.
- Operating cash flow was still negative in Q1 2026 at -$7.1 billion, after being negative -$2.4 billion in Q4 2025 and positive $11.8 billion in Q2 2025.
- Net cash from continuing operating activities was pulled down by a large negative change in operating assets and liabilities of -$14.2 billion.
- Morgan Stanley’s debt load remains very high, with $379.1 billion of short-term debt and $413.8 billion of long-term debt in Q1 2026.
- Total liabilities were $1.47 trillion in Q1 2026, leaving the company highly levered and dependent on stable funding markets.
- Net interest income in Q1 2026 was only $2.7 billion, which is not especially large relative to total revenue and suggests earnings still depend more on fee and market income than spread income.
Three-year trend takeaway: Morgan Stanley has generally delivered improving earnings from the weaker 2023 period into 2024 and 2025, with Q1 2026 showing another solid profit step up. However, the cash flow profile is uneven, and the firm’s huge asset base and debt funding structure mean investors should pay close attention to liquidity, operating cash generation, and the sustainability of market-driven revenue.
06/15/26 01:33 PM ETAI Generated. May Contain Errors.