Morgan Stanley (MS) Q2 FY2026 Financial Statements: Net revenues $21.35B, Net income applicable to Morgan Stanley $5.58B
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PeriodQ2 FY2026
Published
Morgan Stanley reported net revenues of $21.35 billion for Q2 FY2026, the quarter ended June 30, 2026, up 27.1% from a year earlier, and net income applicable to Morgan Stanley of $5.58 billion, up 57.7%. Diluted earnings per share were $3.46, against $2.13 a year earlier. Institutional Securities, the investment banking and trading segment, led the growth with net revenues of $11.04 billion, up 44.4%. Morgan Stanley's firmwide return on average tangible common equity was 26.6%, up 8.4 points.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenues | $21,348,000,000 | up 27.1% |
| Net income applicable to Morgan Stanley | $5,581,000,000 | up 57.7% |
| Diluted EPS | $3.46 | up 62.4% |
| Return on average tangible common equity | 26.6% | up 8.4 points |
| Institutional Securities net revenues | $11,040,000,000 | up 44.4% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | MS |
|---|---|
| CIK | 0000895421 |
| Company | Morgan Stanley |
| Business type | bank |
| Schema template | bank / broker-dealer financial holding company |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); share counts in actual shares; per-share figures in dollars; fields ending _pct are percentages as printed (e.g. 14.9 = 14.9%) |
MS annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Source statement | FY2025 Form 10-K: Consolidated Income Statement and Consolidated Cash Flow Statement (2025 column); Consolidated Balance Sheet; Selected Financial Information and Other Statistical Data; Regulatory Capital Ratios; Note 17 (Total Equity); Note 22 (Segment information) | FY2025 Form 10-K: Consolidated Income Statement and Consolidated Cash Flow Statement (2024 column); Consolidated Balance Sheet; Selected Financial Information and Other Statistical Data; Regulatory Capital Ratios; Note 17 (Total Equity); Note 22 (Segment information) | FY2025 Form 10-K: Consolidated Income Statement and Consolidated Cash Flow Statement (2023 column); Selected Financial Information and Other Statistical Data; Note 17 (Total Equity); Note 22 (Segment information) |
| Income statement | |||
| Investment banking | 8,199,000,000 | 6,705,000,000 | 4,948,000,000 |
| Trading | 18,556,000,000 | 16,763,000,000 | 15,263,000,000 |
| Investments | 1,351,000,000 | 824,000,000 | 573,000,000 |
| Commissions and fees | 5,936,000,000 | 5,094,000,000 | 4,537,000,000 |
| Asset management | 25,145,000,000 | 22,499,000,000 | 19,617,000,000 |
| Other revenues | 1,412,000,000 | 1,265,000,000 | 975,000,000 |
| Total non interest revenues | 60,599,000,000 | 53,150,000,000 | 45,913,000,000 |
| Interest income | 59,063,000,000 | 54,135,000,000 | 45,849,000,000 |
| Interest expense | 49,017,000,000 | 45,524,000,000 | 37,619,000,000 |
| Net interest income | 10,046,000,000 | 8,611,000,000 | 8,230,000,000 |
| Net revenues | 70,645,000,000 | 61,761,000,000 | 54,143,000,000 |
| Provision for credit losses | 349,000,000 | 264,000,000 | 532,000,000 |
| Compensation and benefits | 29,216,000,000 | 26,178,000,000 | 24,558,000,000 |
| Brokerage clearing and exchange fees | 4,679,000,000 | 4,140,000,000 | 3,476,000,000 |
| Information processing and communications | 4,418,000,000 | 4,088,000,000 | 3,775,000,000 |
| Professional services | 2,839,000,000 | 2,901,000,000 | 3,058,000,000 |
| Occupancy and equipment | 1,872,000,000 | 1,905,000,000 | 1,895,000,000 |
| Marketing and business development | 1,173,000,000 | 965,000,000 | 898,000,000 |
| Other expenses | 4,145,000,000 | 3,724,000,000 | 4,138,000,000 |
| Total non interest expenses | 48,342,000,000 | 43,901,000,000 | 41,798,000,000 |
| Income before income taxes | 21,954,000,000 | 17,596,000,000 | 11,813,000,000 |
| Provision for income taxes | 4,929,000,000 | 4,067,000,000 | 2,583,000,000 |
| Net income | 17,025,000,000 | 13,529,000,000 | 9,230,000,000 |
| Net income applicable to noncontrolling interests | 164,000,000 | 139,000,000 | 143,000,000 |
| Net income applicable to morgan stanley | 16,861,000,000 | 13,390,000,000 | 9,087,000,000 |
| Preferred stock dividends | 612,000,000 | 590,000,000 | 557,000,000 |
| Net income applicable to common shareholders | 16,249,000,000 | 12,800,000,000 | 8,530,000,000 |
| Basic EPS | 10.32 | 8.04 | 5.24 |
| Diluted EPS | 10.21 | 7.95 | 5.18 |
| Basic shares | 1,574,000,000 | 1,591,000,000 | 1,628,000,000 |
| Diluted shares | 1,592,000,000 | 1,611,000,000 | 1,646,000,000 |
| Balance sheet | |||
| Cash and cash equivalents | 111,695,000,000 | 105,386,000,000 | |
| Trading assets at fair value | 428,276,000,000 | 331,884,000,000 | |
| Available for sale securities | 110,466,000,000 | 98,608,000,000 | |
| Held to maturity securities | 53,090,000,000 | 61,071,000,000 | |
| Securities purchased under agreements to resell | 120,243,000,000 | 118,565,000,000 | |
| Securities borrowed | 151,908,000,000 | 123,859,000,000 | |
| Customer and other receivables | 114,720,000,000 | 86,158,000,000 | |
| Loans held for investment net | 268,720,000,000 | 225,834,000,000 | |
| Loans held for sale | 9,374,000,000 | 12,319,000,000 | |
| Goodwill | 16,726,000,000 | 16,706,000,000 | |
| Intangible assets | 6,010,000,000 | 6,453,000,000 | |
| Other assets | 29,042,000,000 | 28,228,000,000 | |
| Total assets | 1,420,270,000,000 | 1,215,071,000,000 | |
| Deposits | 415,523,000,000 | 376,007,000,000 | |
| Trading liabilities at fair value | 169,569,000,000 | 153,764,000,000 | |
| Securities sold under agreements to repurchase | 78,539,000,000 | 50,067,000,000 | |
| Securities loaned | 17,310,000,000 | 15,226,000,000 | |
| Other secured financings | 21,603,000,000 | 21,602,000,000 | |
| Customer and other payables | 226,519,000,000 | 175,938,000,000 | |
| Other liabilities and accrued expenses | 29,620,000,000 | 28,220,000,000 | |
| Borrowings | 348,935,000,000 | 288,819,000,000 | |
| Total liabilities | 1,307,618,000,000 | 1,109,643,000,000 | |
| Preferred stock | 9,750,000,000 | 9,750,000,000 | |
| Additional paid in capital | 31,153,000,000 | 30,179,000,000 | |
| Retained earnings | 115,091,000,000 | 104,989,000,000 | |
| Accumulated other comprehensive income loss | -6,285,000,000 | -6,814,000,000 | |
| Common stock held in treasury | -38,097,000,000 | -33,613,000,000 | |
| Total morgan stanley shareholders equity | 111,632,000,000 | 104,511,000,000 | |
| Noncontrolling interests | 1,020,000,000 | 917,000,000 | |
| Total equity | 112,652,000,000 | 105,428,000,000 | |
| Total liabilities and equity | 1,420,270,000,000 | 1,215,071,000,000 | |
| Cash flow | |||
| Net income | 17,025,000,000 | 13,529,000,000 | 9,230,000,000 |
| Depreciation and amortization | 4,658,000,000 | 5,161,000,000 | 4,256,000,000 |
| Net cash provided by used for operating activities | -17,889,000,000 | 1,362,000,000 | -33,536,000,000 |
| Purchases of premises equipment and software | -2,898,000,000 | -3,462,000,000 | -3,412,000,000 |
| Changes in loans net | -41,383,000,000 | -22,618,000,000 | -4,059,000,000 |
| Net cash provided by used for investing activities | -46,779,000,000 | -29,460,000,000 | -3,084,000,000 |
| Net change in deposits | 39,143,000,000 | 23,955,000,000 | -5,075,000,000 |
| Proceeds from issuance of borrowings | 139,169,000,000 | 108,365,000,000 | 78,424,000,000 |
| Payments for borrowings | -99,393,000,000 | -80,230,000,000 | -64,805,000,000 |
| Repurchases of common stock and employee tax withholdings | -5,835,000,000 | -4,199,000,000 | -6,178,000,000 |
| Cash dividends paid | -6,593,000,000 | -6,138,000,000 | -5,763,000,000 |
| Net cash provided by used for financing activities | 67,758,000,000 | 46,756,000,000 | -2,726,000,000 |
| Effect of exchange rate changes on cash | 3,219,000,000 | -2,504,000,000 | 451,000,000 |
| Net increase decrease in cash and cash equivalents | 6,309,000,000 | 16,154,000,000 | -38,895,000,000 |
| Cash and cash equivalents end of period | 111,695,000,000 | 105,386,000,000 | 89,232,000,000 |
| Key metrics | |||
| Expense efficiency ratio % | 68.0% | 71.0% | 77.0% |
| Return on average common equity % | 16.6% | 14.0% | 9.4% |
| Return on average tangible common equity % | 21.6% | 18.8% | 12.8% |
| Pre tax margin % | 31.0% | 28.0% | 22.0% |
| Effective tax rate % | 22.5% | 23.1% | 21.9% |
| Loans including loans at fair value | 289,038,000,000 | 246,814,000,000 | |
| Common equity | 101,882,000,000 | 94,761,000,000 | |
| Tangible common equity | 79,147,000,000 | 71,604,000,000 | |
| Common shares outstanding | 1,583,000,000 | 1,607,000,000 | |
| Book value per common share | 64.37 | 58.98 | |
| Tangible book value per common share | 50.0 | 44.57 | |
| Worldwide employees | 83,000 | 80,000 | |
| Client assets | 9,276,000,000,000 | 7,860,000,000,000 | |
| Regulatory capital | |||
| Cet1 capital | 83,153,000,000 | 75,095,000,000 | |
| Tier1 capital | 92,728,000,000 | 84,790,000,000 | |
| Total capital standardized | 103,449,000,000 | 95,567,000,000 | |
| Total capital advanced | 102,680,000,000 | 94,846,000,000 | |
| Risk weighted assets standardized | 552,515,000,000 | 471,834,000,000 | |
| Risk weighted assets advanced | 514,158,000,000 | 477,331,000,000 | |
| Cet1 ratio standardized % | 15.0% | 15.9% | |
| Tier1 ratio standardized % | 16.8% | 18.0% | |
| Cet1 ratio advanced % | 16.2% | 15.7% | |
| Tier1 ratio advanced % | 18.0% | 17.8% | |
| Tier1 leverage ratio % | 6.7% | 6.9% | |
| Supplementary leverage ratio % | 5.4% | 5.6% | |
| Total capital ratio standardized % | 18.7% | 20.3% | |
| Total capital ratio advanced % | 20.0% | 19.9% | |
| Tier1 leverage adjusted average assets | 1,383,314,000,000 | 1,223,779,000,000 | |
| Supplementary leverage exposure | 1,717,775,000,000 | 1,517,687,000,000 | |
| Capital returned | |||
| Dividends declared per common share | 3.85 | 3.55 | 3.25 |
| Common stock dividends declared | 6,147,000,000 | 5,745,000,000 | 5,393,000,000 |
| Preferred stock dividends declared | 612,000,000 | 590,000,000 | 557,000,000 |
| Repurchases under share repurchase program | 4,585,000,000 | 3,250,000,000 | |
| Segments | |||
| Institutional securities | |||
| Net revenues | 33,080,000,000 | 28,080,000,000 | 23,060,000,000 |
| Income before income taxes | 11,237,000,000 | 8,749,000,000 | 4,476,000,000 |
| Net income applicable to morgan stanley | 8,650,000,000 | 6,666,000,000 | 3,453,000,000 |
| Wealth management | |||
| Net revenues | 31,754,000,000 | 28,420,000,000 | 26,268,000,000 |
| Income before income taxes | 9,293,000,000 | 7,740,000,000 | 6,530,000,000 |
| Net income applicable to morgan stanley | 7,130,000,000 | 5,888,000,000 | 5,022,000,000 |
| Investment management | |||
| Net revenues | 6,525,000,000 | 5,861,000,000 | 5,370,000,000 |
| Income before income taxes | 1,478,000,000 | 1,137,000,000 | 842,000,000 |
| Net income applicable to morgan stanley | 1,122,000,000 | 859,000,000 | 639,000,000 |
| Intersegment eliminations | |||
| Net revenues | -714,000,000 | -600,000,000 | -555,000,000 |
| Income before income taxes | -54,000,000 | -30,000,000 | -35,000,000 |
| Net income applicable to morgan stanley | -41,000,000 | -23,000,000 | -27,000,000 |
MS quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | Q2 | Q2 |
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Source statement | Form 10-Q for the quarter ended June 30, 2026: Consolidated Income Statement (three months ended June 30, 2026); Consolidated Balance Sheet at June 30, 2026; Selected Financial Information and Other Statistical Data; Regulatory Capital Ratios; Note 16 (Total Equity); Note 19 (Segment, Geographic and Revenue Information) | Form 10-Q for the quarter ended June 30, 2026, prior-year comparative columns: Consolidated Income Statement (three months ended June 30, 2025); Selected Financial Information and Other Statistical Data; Note 16 (Total Equity); Note 19 (Segment, Geographic and Revenue Information) |
| Income statement | ||
| Investment banking | 2,651,000,000 | 1,644,000,000 |
| Trading | 6,723,000,000 | 4,745,000,000 |
| Investments | 226,000,000 | 388,000,000 |
| Commissions and fees | 1,833,000,000 | 1,425,000,000 |
| Asset management | 6,912,000,000 | 5,953,000,000 |
| Other revenues | 223,000,000 | 290,000,000 |
| Total non interest revenues | 18,568,000,000 | 14,445,000,000 |
| Interest income | 15,902,000,000 | 14,905,000,000 |
| Interest expense | 13,122,000,000 | 12,558,000,000 |
| Net interest income | 2,780,000,000 | 2,347,000,000 |
| Net revenues | 21,348,000,000 | 16,792,000,000 |
| Provision for credit losses | 98,000,000 | 196,000,000 |
| Compensation and benefits | 8,187,000,000 | 7,190,000,000 |
| Brokerage clearing and exchange fees | 1,464,000,000 | 1,188,000,000 |
| Information processing and communications | 1,203,000,000 | 1,089,000,000 |
| Professional services | 680,000,000 | 711,000,000 |
| Occupancy and equipment | 482,000,000 | 459,000,000 |
| Marketing and business development | 401,000,000 | 297,000,000 |
| Other expenses | 1,485,000,000 | 1,040,000,000 |
| Total non interest expenses | 13,902,000,000 | 11,974,000,000 |
| Income before income taxes | 7,348,000,000 | 4,622,000,000 |
| Provision for income taxes | 1,695,000,000 | 1,047,000,000 |
| Net income | 5,653,000,000 | 3,575,000,000 |
| Net income applicable to noncontrolling interests | 72,000,000 | 36,000,000 |
| Net income applicable to morgan stanley | 5,581,000,000 | 3,539,000,000 |
| Preferred stock dividends | 145,000,000 | 147,000,000 |
| Net income applicable to common shareholders | 5,436,000,000 | 3,392,000,000 |
| Basic EPS | 3.5 | 2.15 |
| Diluted EPS | 3.46 | 2.13 |
| Basic shares | 1,554,000,000 | 1,577,000,000 |
| Diluted shares | 1,569,000,000 | 1,593,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 160,135,000,000 | |
| Trading assets at fair value | 544,153,000,000 | |
| Available for sale securities | 105,532,000,000 | |
| Held to maturity securities | 47,747,000,000 | |
| Securities purchased under agreements to resell | 129,516,000,000 | |
| Securities borrowed | 181,358,000,000 | |
| Customer and other receivables | 151,010,000,000 | |
| Loans held for investment net | 289,318,000,000 | |
| Loans held for sale | 13,057,000,000 | |
| Goodwill | 17,105,000,000 | |
| Intangible assets | 5,873,000,000 | |
| Other assets | 30,253,000,000 | |
| Total assets | 1,675,057,000,000 | |
| Deposits | 446,068,000,000 | |
| Trading liabilities at fair value | 255,589,000,000 | |
| Securities sold under agreements to repurchase | 102,202,000,000 | |
| Securities loaned | 20,736,000,000 | |
| Other secured financings | 29,819,000,000 | |
| Customer and other payables | 279,070,000,000 | |
| Other liabilities and accrued expenses | 31,577,000,000 | |
| Borrowings | 392,556,000,000 | |
| Total liabilities | 1,557,617,000,000 | |
| Preferred stock | 9,750,000,000 | |
| Additional paid in capital | 31,597,000,000 | |
| Retained earnings | 122,774,000,000 | |
| Accumulated other comprehensive income loss | -6,329,000,000 | |
| Common stock held in treasury | -41,483,000,000 | |
| Total morgan stanley shareholders equity | 116,329,000,000 | |
| Noncontrolling interests | 1,111,000,000 | |
| Total equity | 117,440,000,000 | |
| Total liabilities and equity | 1,675,057,000,000 | |
| Key metrics | ||
| Expense efficiency ratio % | 65.0% | 71.0% |
| Return on average common equity % | 20.7% | 13.9% |
| Return on average tangible common equity % | 26.6% | 18.2% |
| Pre tax margin % | 34.0% | 28.0% |
| Effective tax rate % | 23.1% | 22.7% |
| Loans including loans at fair value | 315,653,000,000 | |
| Common equity | 106,579,000,000 | |
| Tangible common equity | 83,602,000,000 | |
| Common shares outstanding | 1,572,000,000 | |
| Book value per common share | 67.8 | |
| Tangible book value per common share | 53.18 | |
| Worldwide employees | 83,000 | |
| Client assets | 10,088,000,000,000 | |
| Regulatory capital | ||
| Cet1 capital | 87,568,000,000 | |
| Tier1 capital | 97,217,000,000 | |
| Total capital standardized | 108,916,000,000 | |
| Total capital advanced | 108,243,000,000 | |
| Risk weighted assets standardized | 589,397,000,000 | |
| Risk weighted assets advanced | 539,839,000,000 | |
| Cet1 ratio standardized % | 14.9% | |
| Tier1 ratio standardized % | 16.5% | |
| Cet1 ratio advanced % | 16.2% | |
| Tier1 ratio advanced % | 18.0% | |
| Tier1 leverage ratio % | 6.0% | |
| Supplementary leverage ratio % | 4.9% | |
| Total capital ratio standardized % | 18.5% | |
| Total capital ratio advanced % | 20.1% | |
| Tier1 leverage adjusted average assets | 1,608,012,000,000 | |
| Supplementary leverage exposure | 1,970,884,000,000 | |
| Capital returned | ||
| Dividends declared per common share | 1.0 | 0.925 |
| Common stock dividends declared | 1,575,000,000 | 1,478,000,000 |
| Preferred stock dividends declared | 145,000,000 | 147,000,000 |
| Repurchases under share repurchase program | 1,500,000,000 | 1,000,000,000 |
| Segments | ||
| Institutional securities | ||
| Net revenues | 11,040,000,000 | 7,643,000,000 |
| Income before income taxes | 4,262,000,000 | 2,111,000,000 |
| Net income applicable to morgan stanley | 3,192,000,000 | 1,604,000,000 |
| Wealth management | ||
| Net revenues | 8,856,000,000 | 7,764,000,000 |
| Income before income taxes | 2,697,000,000 | 2,200,000,000 |
| Net income applicable to morgan stanley | 2,097,000,000 | 1,700,000,000 |
| Investment management | ||
| Net revenues | 1,646,000,000 | 1,552,000,000 |
| Income before income taxes | 404,000,000 | 323,000,000 |
| Net income applicable to morgan stanley | 304,000,000 | 245,000,000 |
| Intersegment eliminations | ||
| Net revenues | -194,000,000 | -167,000,000 |
| Income before income taxes | -15,000,000 | -12,000,000 |
| Net income applicable to morgan stanley | -12,000,000 | -10,000,000 |
MS year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 10-Q |
| Income statement | |
| Investment banking | 4,940,000,000 |
| Trading | 13,453,000,000 |
| Investments | 372,000,000 |
| Commissions and fees | 3,523,000,000 |
| Asset management | 13,642,000,000 |
| Other revenues | 515,000,000 |
| Total non interest revenues | 36,445,000,000 |
| Interest income | 31,175,000,000 |
| Interest expense | 25,692,000,000 |
| Net interest income | 5,483,000,000 |
| Net revenues | 41,928,000,000 |
| Provision for credit losses | 196,000,000 |
| Compensation and benefits | 16,729,000,000 |
| Brokerage clearing and exchange fees | 2,720,000,000 |
| Information processing and communications | 2,351,000,000 |
| Professional services | 1,282,000,000 |
| Occupancy and equipment | 965,000,000 |
| Marketing and business development | 711,000,000 |
| Other expenses | 2,615,000,000 |
| Total non interest expenses | 27,373,000,000 |
| Income before income taxes | 14,359,000,000 |
| Provision for income taxes | 3,068,000,000 |
| Net income | 11,291,000,000 |
| Net income applicable to noncontrolling interests | 143,000,000 |
| Net income applicable to morgan stanley | 11,148,000,000 |
| Preferred stock dividends | 301,000,000 |
| Net income applicable to common shareholders | 10,847,000,000 |
| Basic EPS | 6.96 |
| Diluted EPS | 6.9 |
| Basic shares | 1,558,000,000 |
| Diluted shares | 1,573,000,000 |
| Cash flow | |
| Net income | 11,291,000,000 |
| Depreciation and amortization | 1,916,000,000 |
| Net cash provided by used for operating activities | -9,845,000,000 |
| Purchases of premises equipment and software | -1,573,000,000 |
| Changes in loans net | -21,138,000,000 |
| Net cash provided by used for investing activities | -13,804,000,000 |
| Net change in deposits | 30,977,000,000 |
| Proceeds from issuance of borrowings | 99,444,000,000 |
| Payments for borrowings | -54,037,000,000 |
| Repurchases of common stock and employee tax withholdings | -4,547,000,000 |
| Cash dividends paid | -3,385,000,000 |
| Net cash provided by used for financing activities | 73,520,000,000 |
| Effect of exchange rate changes on cash | -1,431,000,000 |
| Net increase decrease in cash and cash equivalents | 48,440,000,000 |
| Cash and cash equivalents end of period | 160,135,000,000 |
| Key metrics | |
| Expense efficiency ratio % | 65.0% |
| Return on average common equity % | 20.9% |
| Return on average tangible common equity % | 26.8% |
| Pre tax margin % | 34.0% |
| Effective tax rate % | 21.4% |
| Capital returned | |
| Dividends declared per common share | 2.0 |
| Common stock dividends declared | 3,164,000,000 |
| Preferred stock dividends declared | 301,000,000 |
| Repurchases under share repurchase program | 3,250,000,000 |
| Segments | |
| Institutional securities | |
| Net revenues | 21,761,000,000 |
| Income before income taxes | 8,423,000,000 |
| Net income applicable to morgan stanley | 6,486,000,000 |
| Wealth management | |
| Net revenues | 17,375,000,000 |
| Income before income taxes | 5,288,000,000 |
| Net income applicable to morgan stanley | 4,144,000,000 |
| Investment management | |
| Net revenues | 3,181,000,000 |
| Income before income taxes | 684,000,000 |
| Net income applicable to morgan stanley | 546,000,000 |
| Intersegment eliminations | |
| Net revenues | -389,000,000 |
| Income before income taxes | -36,000,000 |
| Net income applicable to morgan stanley | -28,000,000 |
| Source statement | Form 10-Q for the quarter ended June 30, 2026: six-month columns of the Consolidated Income Statement and Consolidated Cash Flow Statement; Selected Financial Information and Other Statistical Data; Note 16 (Total Equity); Note 19 |
| Note | The balance sheet and regulatory capital at June 30, 2026 are reported with the second quarter of 2026 in the quarterly series; they are a point in time and are not repeated here. |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 10-Q |
| Income statement | |
| Investment banking | 3,355,000,000 |
| Trading | 9,856,000,000 |
| Investments | 757,000,000 |
| Commissions and fees | 2,906,000,000 |
| Asset management | 11,916,000,000 |
| Other revenues | 1,041,000,000 |
| Total non interest revenues | 29,831,000,000 |
| Interest income | 28,653,000,000 |
| Interest expense | 23,953,000,000 |
| Net interest income | 4,700,000,000 |
| Net revenues | 34,531,000,000 |
| Provision for credit losses | 331,000,000 |
| Compensation and benefits | 14,711,000,000 |
| Brokerage clearing and exchange fees | 2,410,000,000 |
| Information processing and communications | 2,139,000,000 |
| Professional services | 1,385,000,000 |
| Occupancy and equipment | 908,000,000 |
| Marketing and business development | 535,000,000 |
| Other expenses | 1,946,000,000 |
| Total non interest expenses | 24,034,000,000 |
| Income before income taxes | 10,166,000,000 |
| Provision for income taxes | 2,220,000,000 |
| Net income | 7,946,000,000 |
| Net income applicable to noncontrolling interests | 92,000,000 |
| Net income applicable to morgan stanley | 7,854,000,000 |
| Preferred stock dividends | 305,000,000 |
| Net income applicable to common shareholders | 7,549,000,000 |
| Basic EPS | 4.78 |
| Diluted EPS | 4.73 |
| Basic shares | 1,581,000,000 |
| Diluted shares | 1,596,000,000 |
| Cash flow | |
| Net income | 7,946,000,000 |
| Depreciation and amortization | 2,172,000,000 |
| Net cash provided by used for operating activities | -12,147,000,000 |
| Purchases of premises equipment and software | -1,476,000,000 |
| Changes in loans net | -18,186,000,000 |
| Net cash provided by used for investing activities | -22,706,000,000 |
| Net change in deposits | 13,232,000,000 |
| Proceeds from issuance of borrowings | 69,341,000,000 |
| Payments for borrowings | -45,092,000,000 |
| Repurchases of common stock and employee tax withholdings | -3,159,000,000 |
| Cash dividends paid | -3,200,000,000 |
| Net cash provided by used for financing activities | 34,712,000,000 |
| Effect of exchange rate changes on cash | 3,885,000,000 |
| Net increase decrease in cash and cash equivalents | 3,744,000,000 |
| Cash and cash equivalents end of period | 109,130,000,000 |
| Key metrics | |
| Expense efficiency ratio % | 70.0% |
| Return on average common equity % | 15.7% |
| Return on average tangible common equity % | 20.6% |
| Pre tax margin % | 29.0% |
| Effective tax rate % | 21.8% |
| Capital returned | |
| Dividends declared per common share | 1.85 |
| Common stock dividends declared | 2,970,000,000 |
| Preferred stock dividends declared | 305,000,000 |
| Repurchases under share repurchase program | 2,000,000,000 |
| Segments | |
| Institutional securities | |
| Net revenues | 16,626,000,000 |
| Income before income taxes | 5,392,000,000 |
| Net income applicable to morgan stanley | 4,133,000,000 |
| Wealth management | |
| Net revenues | 15,091,000,000 |
| Income before income taxes | 4,151,000,000 |
| Net income applicable to morgan stanley | 3,232,000,000 |
| Investment management | |
| Net revenues | 3,154,000,000 |
| Income before income taxes | 646,000,000 |
| Net income applicable to morgan stanley | 507,000,000 |
| Intersegment eliminations | |
| Net revenues | -340,000,000 |
| Income before income taxes | -23,000,000 |
| Net income applicable to morgan stanley | -18,000,000 |
| Source statement | Form 10-Q for the quarter ended June 30, 2026: prior-year six-month comparative columns of the same statements and notes |
MS trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 10-Q |
| Also sourced from | 0000895421-26-000086 |
| Derivation | Full year 2025 as reported in the FY2025 Form 10-K (accession 0000895421-26-000086), plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the Form 10-Q for the quarter ended June 30, 2026 (accession 0000895421-26-000212). Earnings per share, share counts and ratios are averages rather than sums and are not reported on this basis; cash and cash equivalents is a point-in-time balance and is likewise omitted. |
| Income statement | |
| Investment banking | 9,784,000,000 |
| Trading | 22,153,000,000 |
| Investments | 966,000,000 |
| Commissions and fees | 6,553,000,000 |
| Asset management | 26,871,000,000 |
| Other revenues | 886,000,000 |
| Total non interest revenues | 67,213,000,000 |
| Interest income | 61,585,000,000 |
| Interest expense | 50,756,000,000 |
| Net interest income | 10,829,000,000 |
| Net revenues | 78,042,000,000 |
| Provision for credit losses | 214,000,000 |
| Compensation and benefits | 31,234,000,000 |
| Brokerage clearing and exchange fees | 4,989,000,000 |
| Information processing and communications | 4,630,000,000 |
| Professional services | 2,736,000,000 |
| Occupancy and equipment | 1,929,000,000 |
| Marketing and business development | 1,349,000,000 |
| Other expenses | 4,814,000,000 |
| Total non interest expenses | 51,681,000,000 |
| Income before income taxes | 26,147,000,000 |
| Provision for income taxes | 5,777,000,000 |
| Net income | 20,370,000,000 |
| Net income applicable to noncontrolling interests | 215,000,000 |
| Net income applicable to morgan stanley | 20,155,000,000 |
| Preferred stock dividends | 608,000,000 |
| Net income applicable to common shareholders | 19,547,000,000 |
| Cash flow | |
| Net income | 20,370,000,000 |
| Depreciation and amortization | 4,402,000,000 |
| Net cash provided by used for operating activities | -15,587,000,000 |
| Purchases of premises equipment and software | -2,995,000,000 |
| Changes in loans net | -44,335,000,000 |
| Net cash provided by used for investing activities | -37,877,000,000 |
| Net change in deposits | 56,888,000,000 |
| Proceeds from issuance of borrowings | 169,272,000,000 |
| Payments for borrowings | -108,338,000,000 |
| Repurchases of common stock and employee tax withholdings | -7,223,000,000 |
| Cash dividends paid | -6,778,000,000 |
| Net cash provided by used for financing activities | 106,566,000,000 |
| Effect of exchange rate changes on cash | -2,097,000,000 |
| Net increase decrease in cash and cash equivalents | 51,005,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | n/a |
| Note | No adjustment applied. Morgan Stanley reports in U.S. dollars, its common stock trades directly on the NYSE rather than as American Depositary Shares, and it had no stock split in the periods covered. |
Notes
- Template: a bank-style layout for a broker-dealer financial holding company. Morgan Stanley's income statement leads with non-interest revenues (investment banking, trading, investments, commissions and fees, asset management, other), adds net interest, and reports net revenues as its top line; there is no cost of revenue or gross profit, so those lines are not reported. Balance-sheet, capital and per-share measures follow the company's own Selected Financial Information table and regulatory capital disclosures.
- Coverage: full years 2025, 2024 and 2023 come from the FY2025 Form 10-K (accession 0000895421-26-000086). That filing presents balance sheets for December 31, 2025 and 2024 only, so fiscal 2023 carries an income statement, cash flow statement, segment results and period ratios but no balance sheet or capital figures. The second quarters of 2026 and 2025 and the six-month periods come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0000895421-26-000212).
- The second quarter of 2025 carries no balance sheet: the June 2026 Form 10-Q compares the June 30, 2026 balance sheet with December 31, 2025, not with June 30, 2025.
- Cash flows are reported for full years and for the six-month periods only. The 10-Q presents its cash flow statement for the six months ended June 30, 2026 and 2025, with no three-month column, so no quarterly cash flow is reported.
- The December 31, 2025 balance sheet, period-end metrics and regulatory capital figures printed as comparatives in the June 2026 Form 10-Q are identical to those in the FY2025 Form 10-K.
- Net income vs. the earnings-per-share numerator: net_income is consolidated net income; net_income_applicable_to_morgan_stanley excludes the share belonging to noncontrolling interests; net_income_applicable_to_common_shareholders (the company's 'Earnings applicable to Morgan Stanley common shareholders') further deducts preferred stock dividends and is the figure earnings per share is struck on.
- Share counts are reported in actual shares. The filings print them in millions (e.g. 1,569 million diluted weighted-average shares in the second quarter of 2026), so they carry only that precision. common_shares_outstanding is the period-end count from the Selected Financial Information table; the balance sheet face gives the exact count (1,571,931,108 at June 30, 2026 and 1,582,834,137 at December 31, 2025).
- Return on average common equity (ROE), return on average tangible common equity (ROTCE), the expense efficiency ratio, pre-tax margin and effective tax rate are copied as the company prints them; quarterly and six-month returns are annualized by the company. Tangible common equity, ROTCE and tangible book value per common share are non-GAAP measures as defined by the company.
- loans_including_loans_at_fair_value follows the company's Selected Financial Information definition: loans held for investment net of the allowance for credit losses, loans held for sale, and loans carried at fair value within trading assets. It is therefore larger than the two balance-sheet loan lines combined.
- Regulatory capital: the Standardized and Advanced approaches share the same CET1 and Tier 1 capital amounts but differ in total capital and risk-weighted assets; both are reported. The company states the gap between actual and required ratios was smaller under the Standardized Approach at each date presented. With effect from January 1, 2026 the company early-adopted the revised enhanced supplementary leverage ratio rule, which lowered its required SLR from 5.0% to 3.5%.
- Segment results (Institutional Securities, Wealth Management, Investment Management, and intersegment eliminations) come from the segment note in each filing and sum to consolidated net revenues for every period.
- purchases_of_premises_equipment_and_software is the cash flow statement's 'Other assets, Premises, equipment and software' investing line. No free cash flow is reported: for a securities firm, operating cash flow is dominated by changes in trading positions, securities financing and customer balances, and the company does not present a free cash flow measure.
- The FY2025 10-K states that certain 2023 amounts (interest income and interest expense) were adjusted to conform with the current presentation; the 2023 figures here are those adjusted amounts as printed in that 10-K.
- Trailing twelve months to June 30, 2026 is derived, not filed: full year 2025 plus the six months ended June 30, 2026, less the six months ended June 30, 2025.
- Dividend and buyback figures: dividends_declared_per_common_share and the dividend totals come from the dividends table in the equity note; repurchases_under_share_repurchase_program is the dollar amount bought back under the board-authorized program (it excludes shares withheld for employee taxes, which the cash flow statement's repurchase line includes). The FY2025 10-K does not print the 2023 program amount in that table, so 2023 omits it.
Uncertainties
- Percentages that the company prints as whole numbers (expense efficiency ratio and pre-tax margin, e.g. 65% and 34% for the second quarter of 2026) carry only that precision.
- Quarterly cash flows for the second quarter of 2026 and 2025 are not reported, because the June 2026 Form 10-Q presents six-month cash flows only.
Company details
| Value | |
|---|---|
| Name | Morgan Stanley |
| Ticker | MS |
| CIK | 0000895421 |
| Exchange | NYSE |
| State | New York |
| Incorporation | Delaware |
| SIC | 6211 |
| Office | Finance |
| Industry | Security Brokers, Dealers & Flotation Companies |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 10-Q |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-19 | 0000895421-26-000086 | https://www.sec.gov/Archives/edgar/data/895421/000089542126000086/0000895421-26-000086-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-04 | 0000895421-26-000212 | https://www.sec.gov/Archives/edgar/data/895421/000089542126000212/0000895421-26-000212-index.htm | facts |
FAQ · Morgan Stanley financial statements
How much revenue did Morgan Stanley make in Q2 FY2026?
Morgan Stanley reported net revenues of $21.35 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 27.1% from $16.79 billion in the same quarter a year earlier.
What was Morgan Stanley's net income and EPS in Q2 FY2026?
Net income applicable to Morgan Stanley was $5.58 billion in Q2 FY2026, up 57.7% from $3.54 billion a year earlier. Morgan Stanley's diluted earnings per share were $3.46, up 62.4% from $2.13.
What was Morgan Stanley's return on tangible common equity in Q2 FY2026?
Morgan Stanley's return on average tangible common equity was 26.6% in Q2 FY2026, up 8.4 points from 18.2% in the same quarter a year earlier.
How did Morgan Stanley's Institutional Securities business do in Q2 FY2026?
Morgan Stanley's Institutional Securities segment, which covers investment banking, equity and fixed income trading and institutional lending, reported net revenues of $11.04 billion in Q2 FY2026, up 44.4% from $7.64 billion a year earlier.
Where can I get Morgan Stanley (MS) financial data in machine-readable form?
Ticker Scout publishes Morgan Stanley's financial statements as JSON at https://tickerscout.ai/ms/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/ms/narrative.md and https://tickerscout.ai/ms/events.md. Morgan Stanley's SEC CIK is 0000895421. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Morgan Stanley (MS) next file with the SEC?
Morgan Stanley (MS) is expected to file its next Form 10-Q with the SEC on or around November 2, 2026. That date is a projection rather than a company-announced date: it is derived from Morgan Stanley's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000895421-26-000212.
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How this page was built
This page was built from two of Morgan Stanley's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Morgan Stanley's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.