Compare · GS and MS
Goldman Sachs vs. Morgan Stanley
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both are investment banks with trading desks and businesses that manage money. Morgan Stanley's Wealth Management, which includes E*TRADE, is one of its three segments; Goldman Sachs groups advisory, underwriting and trading in Global Banking & Markets. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Goldman Sachs fiscal 2025 (ended Dec 31, 2025) with Morgan Stanley fiscal 2025 (ended Dec 31, 2025)
Goldman SachsMorgan Stanley
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Goldman Sachs (FY2024 to FY2025) | $53.5B | $58.3B | +8.9% |
| Morgan Stanley (FY2024 to FY2025) | $61.8B | $70.6B | +14.4% |
Goldman Sachs reports net revenues: investment banking fees, trading revenue, asset and wealth management fees and net interest income, after interest expense. Morgan Stanley reports net revenues: fees, commissions, trading revenue and net interest income, after interest expense.
Margins
| Company | Revenue | Net income | Net margin |
|---|---|---|---|
| Goldman Sachs FY2025 | $58.3B | $17.2B | 29.5% |
| Morgan Stanley FY2025 | $70.6B | $16.9B | 23.9% |
Banks don't report an operating income line, so the table shows net margin only.
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Buybacks | Dividends paid |
|---|---|---|---|
| Goldman Sachs FY2025 | −$45.2B | $12.4B | $5.3B |
| Morgan Stanley FY2025 | −$17.9B | – | $6.6B |
A bank's cash from operations swings with its trading and lending balances, so Ticker Sage doesn't work out free cash flow for banks. A dash means the company's filing data has no figure for that line. How buybacks work · How dividends work.
How each one makes money
Goldman Sachs
It reports three segments. Global Banking & Markets covers advisory, underwriting, lending to companies, and trading and financing for institutional clients. Asset & Wealth Management manages money for institutions and individuals and invests the firm's own capital. Platform Solutions covers activities related to the Apple Card partnership and consumer businesses it has exited.
It funds itself partly with deposits, including from its Marcus consumer deposit platform. Its fiscal year is the calendar year.
Morgan Stanley
It has three business segments. Institutional Securities covers investment banking (advice on mergers and raising money), equity and fixed income sales and trading, and lending to corporate and institutional clients. Wealth Management serves individuals and families through financial advisors, self-directed accounts (including E*TRADE) and workplace stock plans. Investment Management runs funds and portfolios for institutions and individuals.
Most of its revenue is fees, commissions and trading rather than interest. Its fiscal year is the calendar year.
Main risks each one lists
Goldman Sachs
- Weak or volatile markets reduce deal activity, trading revenue and asset values.
- It relies on market funding and deposits, which can move quickly under stress.
- Clients and trading counterparties may not pay what they owe.
- Capital, liquidity and other rules limit how it uses capital.
- It competes with banks, asset managers and other firms for clients and staff.
Morgan Stanley
- Trading, investment banking and asset management revenue rise and fall with markets and deal activity.
- Clients and counterparties may fail to pay, especially in market stress.
- It relies on deposits and market funding, which can tighten quickly.
- Capital, liquidity and conduct rules affect how it operates and what it earns.
- It competes with banks, brokers, asset managers and new technology firms for clients and staff.
How they differ
- Size. Morgan Stanley reported $70.6B of revenue for fiscal 2025, and Goldman Sachs $58.3B for fiscal 2025.
- Growth. Goldman Sachs' revenue grew 8.9% in its latest year and Morgan Stanley's 14.4%.
- Margins. Morgan Stanley kept 23.9% of revenue as net income and Goldman Sachs 29.5%.
- Segments. Goldman Sachs reports Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Morgan Stanley reports Institutional Securities, Wealth Management and Investment Management.
- Individual clients. Goldman's Platform Solutions covers the Apple Card partnership and consumer businesses it has exited. Morgan Stanley serves individuals through financial advisors, self-directed accounts and workplace stock plans.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Goldman Sachs Form 10-K for fiscal 2025, filed Feb 25, 2026
- Morgan Stanley Form 10-K for fiscal 2025, filed Feb 19, 2026
Goldman Sachs company file → · Morgan Stanley company file →
Common questions
Which is bigger by revenue, Morgan Stanley or Goldman Sachs?
Morgan Stanley reported $70.6B of revenue for fiscal 2025 and Goldman Sachs $58.3B for fiscal 2025.
Why is there no free cash flow figure for these banks?
A bank's cash from operations moves with its trading assets, loans held for sale and other balances, so cash from operations minus capital spending doesn't describe the business the way it does elsewhere. Ticker Sage leaves free cash flow out for banks and shows the cash each one returned to shareholders.
How do their profit margins compare?
In the latest fiscal year Morgan Stanley's net margin was 23.9% and Goldman Sachs' was 29.5%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.