Published
{
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"FY2025 10-K Selected Financial Information and Other Statistical Data (period-end data)": "$ in millions, except per share data, worldwide employees and client assets; worldwide employees (in thousands); client assets (in billions)",
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"Q2 2026 10-Q Consolidated Balance Sheet": "$ in millions, except share data",
"Q2 2026 10-Q Consolidated Cash Flow Statement": "$ in millions (six months ended June 30 only)",
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"Q2 2026 10-Q Selected Financial Information and Other Statistical Data (period-end data)": "$ in millions, except per share data, worldwide employees and client assets; worldwide employees (in thousands); client assets (in billions)",
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"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\u2014Premises, 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."
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"summary": "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.",
"qa": [
{
"q": "How much revenue did Morgan Stanley make in Q2 FY2026?",
"a": "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."
},
{
"q": "What was Morgan Stanley's net income and EPS in Q2 FY2026?",
"a": "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."
},
{
"q": "What was Morgan Stanley's return on tangible common equity in Q2 FY2026?",
"a": "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."
},
{
"q": "How did Morgan Stanley's Institutional Securities business do in Q2 FY2026?",
"a": "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."
}
]
},
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"Name": "Morgan Stanley",
"Ticker": "MS",
"CIK": "0000895421",
"Exchange": "NYSE",
"State": "New York",
"Incorporation": "Delaware",
"SIC": "6211",
"Office": "Finance",
"Industry": "Security Brokers, Dealers & Flotation Companies"
},
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"total_morgan_stanley_shareholders_equity": "d2#f-327",
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"total_equity": "d2#f-331",
"total_liabilities_and_equity": "d2#f-333"
},
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"tier1_capital": "d2#f-4559",
"total_capital_standardized": "d2#f-4562",
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"tier1_leverage_adjusted_average_assets": "d2#f-4583",
"supplementary_leverage_exposure": "d2#f-4585"
},
"capital_returned": {
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"preferred_stock_dividends_declared": "d2#f-4782",
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},
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},
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},
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},
"intersegment_eliminations": {
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"income_before_income_taxes": "d2#f-4725",
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}
}
},
{
"period_end": "2025-06-30",
"income_statement": {
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"diluted_eps": "d2#f-176",
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},
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},
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},
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},
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}
}
}
]
}
}