Company file · MS
Morgan Stanley
Morgan Stanley's net income rose 26% in 2025 as trading and wealth revenue grew
Net revenues rose 14.4% to $70.6B, and net income rose 25.9% to $16.9B. Institutional Securities was 46% of segment revenue and Wealth Management 44%.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Morgan Stanley (NYSE: MS) took in $70.6B of net revenues (up 14.4% on fiscal 2024); net income to Morgan Stanley was $16.9B (up 25.9%). The most recent quarter, ended Jun 30, 2026, brought net revenues of $21.3B, up 27.1% year over year, with net income of $5.6B. Institutional Securities was the biggest single line by business segment (before eliminations): 46% of fiscal 2025 net revenues. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).
Source: 10-K FY2025, filed Feb 19, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026
How it makes money
By business segment (before eliminations), FY2025
- LineAmountSharevs FY2024
- Institutional Securities$33.1B46%+17.8%
- Wealth Management$31.8B44%+11.7%
- Investment Management$6.5B9%+11.3%
Source: 10-K FY2025, XBRL breakdown
Noninterest revenue, such as trading, investment banking fees, commissions and asset management fees, was $60.6B in 2025, 86% of net revenues. Net interest income was $10.0B.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Morgan Stanley 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026
By business segment
Source: Morgan Stanley 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026
The bull case and the bear case
The bull case
- Net income rose 25.9% in 2025 to $16.9B, on net revenues up 14.4%. 10-K, FY2025
- Institutional Securities revenue grew 17.8% in 2025 to $33.1B. 10-K, FY2025
- Net revenues in the quarter ended Jun 30, 2026 were $21.3B, up 27.1% on a year earlier, and net income rose 57.7% to $5.6B. 10-Q, quarter ended Jun 30, 2026
- Wealth Management revenue rose 11.7% in 2025 to $31.8B. 10-K, FY2025
The bear case
- Institutional Securities, its largest segment, depends on trading and deal activity, which the 10-K notes can fall sharply when markets turn. 10-K, Item 1A
- Investment Management was the slowest-growing segment in 2025, at 11.3%. 10-K, FY2025
- Total assets grew 16.9% in 2025 to $1.42T, faster than equity (6.8%). 10-K, FY2025
- The 10-K also lists market, credit and liquidity risk, regulation and capital rules, and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Morgan Stanley is a global investment bank and wealth manager, advising companies, trading securities for institutions, and managing money for individuals and institutions.
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.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Morgan Stanley's latest 10-K. Read the original for the full list.
- MarketsTrading, investment banking and asset management revenue rise and fall with markets and deal activity.
- Credit and counterpartiesClients and counterparties may fail to pay, especially in market stress.
- Liquidity and fundingIt relies on deposits and market funding, which can tighten quickly.
- Regulation and capitalCapital, liquidity and conduct rules affect how it operates and what it earns.
- CompetitionIt competes with banks, brokers, asset managers and new technology firms for clients and staff.
- Operations and cyberCyberattacks, outages and third-party failures could disrupt service.
- Legal and reputationLawsuits, investigations and reputational damage can lead to costs and lost business.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenues | $54.1B | $61.8B | $70.6B |
| Net income to Morgan Stanley | $9.1B | $13.4B | $16.9B |
| Net interest income | $8.2B | $8.6B | $10.0B |
| Noninterest revenue | $45.9B | $53.1B | $60.6B |
| Deposits (year end) | $351.8B | $376.0B | $415.5B |
| Total assets (year end) | $1.19T | $1.22T | $1.42T |
| Shareholders' equity (year end) | $99.0B | $104.5B | $111.6B |
| Diluted shares | 1.65B | 1.61B | 1.59B |
- Net revenues: Fees, commissions, trading revenue and net interest income, after interest expense.
- Net income to Morgan Stanley: Net income attributable to Morgan Stanley, after the share belonging to minority owners.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Net revenues are net of interest expense, as Morgan Stanley reports them.
- Segment revenue is shown before eliminations of business between the segments, so the three segments add up to slightly more than net revenues.
- Net income is the amount attributable to Morgan Stanley.
What we left out
- Operating cash flow: for a securities firm it mostly reflects trading and financing flows and says little about the business, so we leave it out.
- Total debt: borrowing is a normal part of how a securities firm funds itself, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: much of a securities firm's cash is held for liquidity and regulatory purposes, so it isn't shown as a cushion.
Recent filings
Latest filings
- Oct 147:39 AM ET
8-K
Morgan Stanley files an 8-K on quarterly results
Morgan Stanley filed a Form 8-K on Oct 14, 2026 at 7:39 AM ET under Item 2.02 (Results of Operations and Financial Condition).
Common questions about Morgan Stanley
How does Morgan Stanley make money?
In fiscal 2025, net revenues totaled $70.6B. Noninterest revenue, such as trading, investment banking fees, commissions and asset management fees, was $60.6B in 2025, 86% of net revenues. Net interest income was $10.0B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What was Morgan Stanley's revenue in fiscal 2025?
Net revenues came to $70.6B in the year ended Dec 31, 2025. Going back two years, it was $54.1B in fiscal 2023 and $61.8B in fiscal 2024, so the latest year was up 14.4%. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
Is Morgan Stanley profitable?
Yes, by US accounting rules (GAAP): net income to Morgan Stanley was $16.9B in fiscal 2025, up 25.9% from $13.4B a year earlier. For the quarter ended Jun 30, 2026, net income was $5.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What did Morgan Stanley report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows net revenues of $21.3B, against $16.8B in the same quarter a year before (up 27.1%), and net income of $5.6B, against $3.5B (up 57.7%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.
What are the main risks Morgan Stanley lists?
Item 1A of the fiscal 2025 10-K (filed Feb 19, 2026) sets out the risks. Grouped, they fall into 7 areas: Markets; credit and counterparties; liquidity and funding; regulation and capital; competition; operations and cyber; legal and reputation. To start with the first: Trading, investment banking and asset management revenue rise and fall with markets and deal activity. Source: 10-K, Item 1A Risk Factors.
Where do these Morgan Stanley numbers come from?
Two filings Morgan Stanley made with the SEC: its fiscal 2025 10-K, filed Feb 19, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in MS
- The editor holds no position in Morgan Stanley (MS). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell MS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Morgan StanleyMS | FY2025 | $70.6B | +14.4% | $16.9B |
| Goldman SachsGS | FY2025 | $58.3B | +8.9% | $17.2B |
| Charles SchwabSCHW | FY2025 | $23.9B | +22.0% | $8.9B |
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- TSLA Tesla
- LLY Eli Lilly
- MU Micron
- WMT Walmart
- AMD
- V Visa
- XOM ExxonMobil
- JNJ Johnson & Johnson
- MA Mastercard
- ABBV AbbVie
- PLTR Palantir
- INTC Intel
- CVX Chevron
- COST Costco
- CSCO Cisco
- KO Coca-Cola
- ORCL Oracle
- UNH UnitedHealth
- PG Procter & Gamble
- MRK Merck
- BAC Bank of America
- HD Home Depot
- CAT Caterpillar
- PANW Palo Alto Networks
- PM Philip Morris International
- AMAT Applied Materials
- GE GE Aerospace
- DELL
- LRCX Lam Research
- NFLX Netflix
- TXN Texas Instruments
- RTX
- TMO Thermo Fisher
- WFC Wells Fargo
- IBM
- AMGN Amgen
- ANET Arista Networks
- GEV GE Vernova
- AXP American Express
- LIN Linde
- CRM Salesforce
- C Citigroup
- DIS Disney
- GILD Gilead
- QCOM Qualcomm
- VZ Verizon
- PEP PepsiCo
- BLK BlackRock
- COP ConocoPhillips
- ABT Abbott
- SNDK Sandisk
- MCD McDonald's
- DE Deere
- UNP Union Pacific
- NEE NextEra Energy
- PFE Pfizer
- NOW ServiceNow
- DHR Danaher
- ISRG Intuitive Surgical
- TMUS T-Mobile
- BA Boeing
- T AT&T
- LMT Lockheed Martin
- UBER
- BMY Bristol Myers Squibb
- MO Altria
- COF Capital One
- BKNG Booking Holdings
- CVS CVS Health
- SBUX Starbucks
- LOW Lowe's
- SO Southern Company
- ADBE Adobe
New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.