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Financials · MS

Morgan Stanley (MS) financials

For the twelve months ended Sep 30, 2026, Morgan Stanley reported $80.16B of revenue and $20.45B of net income.

Revenue, TTM
$80.16B
Revenue growth, YoY
+16.2%
Net income, TTM
$20.45B
Net income growth, YoY
+26.4%
Net margin
25.5%
EPS, diluted, TTM
$12.60
EPS growth, YoY
+29.1%
Cash
$138.67B
Total debt
$388.59B
P/E
13.93
P/S
3.56
Market cap
$284.96B
Annual revenue$70.64B
FY2016FY2025
Annual net income$16.86B
FY2016FY2025

MS revenue and earnings growth

MS revenueQ3 2026$20.34B

Quarter YoY
+11.6%
QoQ
-4.7%
FY YoY
+14.4%
5Y CAGR
+7.7%
10Y CAGR
+7.2%

MS revenue was $20.34B in fiscal Q3 2026 (ended Sep 30, 2026), up 11.6% from a year earlier and down 4.7% from the prior quarter. For the full fiscal 2025 it was $70.64B, up 14.4% from fiscal 2024. Compound annual growth was +7.7% over 5 years and +7.2% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MS net incomeQ3 2026$4.91B

Quarter YoY
+6.5%
QoQ
-12.0%
FY YoY
+25.9%
5Y CAGR
+8.9%
10Y CAGR
+10.7%

MS net income was $4.91B in fiscal Q3 2026 (ended Sep 30, 2026), up 6.5% from a year earlier and down 12.0% from the prior quarter. For the full fiscal 2025 it was $16.86B, up 25.9% from fiscal 2024. Compound annual growth was +8.9% over 5 years and +10.7% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MS EPSQ3 2026$3.03

Quarter YoY
+8.2%
QoQ
-12.4%
FY YoY
+28.4%
5Y CAGR
+9.6%
10Y CAGR
+13.4%

MS diluted EPS was $3.03 in fiscal Q3 2026 (ended Sep 30, 2026), up 8.2% from a year earlier and down 12.4% from the prior quarter. For the full fiscal 2025 it was $10.21, up 28.4% from fiscal 2024. Compound annual growth was +9.6% over 5 years and +13.4% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$70.64B$61.76B$54.14B$53.67B$59.76B$48.76B$41.54B$40.11B$37.95B$34.63B
Interest expense--$42.05B$12.27B$1.37B$3.85B$12.40B$10.09B$5.70B$3.32B
Pre-tax income$21.95B$17.60B$11.81B$14.09B$19.67B$14.42B$11.30B$11.24B$10.40B$8.85B
Income tax$4.93B$4.07B$2.58B$2.91B$4.55B$3.24B$2.06B$2.35B$4.17B$2.73B
Net income$16.86B$13.39B$9.09B$11.03B$15.03B$11.00B$9.04B$8.75B$6.11B$5.98B
EPS, basic$10.32$8.04$5.24$6.23$8.16$6.55$5.26$4.81$3.14$2.98
EPS, diluted$10.21$7.95$5.18$6.15$8.03$6.46$5.19$4.73$3.07$2.92
Diluted shares1.59B1.61B1.65B1.71B1.81B1.62B1.64B1.74B1.82B1.89B

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$111.69B$105.39B$89.23B$128.13B$127.72B$105.65B$82.17B$87.20B$80.39B$77.36B
Goodwill$16.73B$16.71B$16.71B$16.65B$16.83B$11.63B$7.14B$6.69B$6.60B$6.58B
Total assets$1.42T$1.22T$1.19T$1.18T$1.19T$1.12T$895.43B$853.53B$851.73B$814.95B
Short-term debt-----$24.24B$20.40B$24.69B$23.87B$26.13B
Total debt$348.94B$288.82B$263.73B$238.06B$233.13B$217.08B$192.63B$189.66B$192.58B$165.72B
Total liabilities$1.31T$1.11T$1.09T$1.08T$1.08T$1.01T$812.73B$772.13B$773.27B$737.77B
Shareholders' equity$111.63B$104.51B$99.98B$101.23B$106.60B$103.15B$82.70B$81.41B$78.47B$77.18B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$17.89B$1.36B-$33.54B-$6.40B$33.97B-$25.23B$40.77B$7.30B-$4.50B$5.38B
Investing cash flow-$46.78B-$29.46B-$3.08B-$11.63B-$49.90B-$37.90B-$33.56B-$22.88B-$12.39B-$19.51B
Financing cash flow$67.76B$46.76B-$2.73B$22.71B$41.55B$83.78B-$11.97B$24.20B$16.26B$7.36B
Dividends paid$6.59B$6.14B$5.76B$5.40B$4.17B$2.74B$2.63B$2.38B$2.08B$1.75B
Stock-based compensation$1.93B$1.62B$1.71B$1.88B$2.08B$1.31B$1.15B$920.00M$1.03B$1.14B
Depreciation and amortization$4.66B$5.16B$4.26B$4.00B$4.22B$3.77B$2.64B$1.84B$1.75B$1.74B

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY14.4%14.1%0.9%-10.2%22.6%17.4%3.6%5.7%9.6%-1.5%
Net income growth, YoY25.9%47.4%-17.6%-26.6%36.7%21.6%3.4%43.2%2.2%-2.4%
EPS growth, YoY28.4%53.5%-15.8%-23.4%24.3%24.5%9.7%54.1%5.1%0.7%
Net margin23.9%21.7%16.8%20.6%25.2%22.6%21.8%21.8%16.1%17.3%
Return on equity15.1%12.8%9.1%10.9%14.1%10.7%10.9%10.7%7.8%7.7%
Return on assets1.2%1.1%0.8%0.9%1.3%1.0%1.0%1.0%0.7%0.7%
Debt to equity3.132.762.642.352.192.102.332.332.452.15

Source: XBRL data Morgan Stanley files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MS$80.16B+16.2%$20.45B25.5%$284.96B
GS$69.70B+18.7%$22.17B31.8%$249.73B
BLK$28.54B+24.7%$6.91B24.2%$182.05B
SCHW$26.02B+20.3%$10.10B38.8%$158.22B
CME$6.97B+9.0%$4.43B63.5%$109.49B
ICE$14.05B+12.1%$4.16B29.6%$96.27B
HOOD$5.08B+20.9%$1.98B39.0%$72.86B
NDAQ$9.15B+11.5%$2.08B22.8%$59.44B
IBKR$7.12B+19.7%$1.18B16.5%$34.35B

MS FAQ

7 questions
  • What is MS revenue?
    Morgan Stanley (MS) reported $80.16B of revenue for the twelve months ended Sep 30, 2026. That is up 16.2% from the year before. Revenue for fiscal 2025 was $70.64B.
  • Is MS profitable?
    Yes. Morgan Stanley earned $20.45B in net income for the twelve months ended Sep 30, 2026, a net margin of 25.5%.
  • How much cash and debt does MS have?
    Morgan Stanley reported $138.67B in cash and cash equivalents and $388.59B of debt on its most recent balance sheet in SEC filings.
  • How fast is MS revenue growing?
    Morgan Stanley's revenue changed +14.4% in fiscal 2025, to $70.64B. Its compound annual growth rate was +7.7% over 5 years and +7.2% over 10 years.
  • What is MS earnings per share?
    Diluted earnings per share were $12.60 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MS last report financial results?
    The latest statements here come from Morgan Stanley's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this MS financial data come from?
    Quantisnow builds these statements from the structured XBRL data Morgan Stanley files with the SEC. It is provided for information only and is not investment advice.