Saturday 17 October 2026 Export MS’s income statement to Excel — free account

Morgan Stanley

Morgan Stanley’s revenue for fiscal 2025 (year ended December 2025) was $119.7 billion, up 11.5% from fiscal 2024. In the quarter to September 2026, revenue grew 6.69%, EPS grew 13.4%, free cash flow fell 132.2% and total debt rose 19.4%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five.

180.57 1.53 −0.84%

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Market cap: $286.0B
P/E: 14.0×
Fwd P/E: 17.9×
Dividend yield: 2.30%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 51.74

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	7	—	—	4	—	—	3	—	—	—

Insider Ownership 23.13%

Capital & Financial Ratios $m

Market Cap 286,000.00

Revenue 130,885.00

Net Income 20,370.00

Free Cash Flow (18,582.00)

Net Debt (78,453.00)

Current Ratio 0.79

Debt/Equity 3.34

P/E ratio 14.00

Fwd P/E 17.90

P/S ratio 2.14

P/B ratio 2.60

Past 5Y EPS Growth 9.59%

This Y EPS Growth 25.80%

Next Y EPS Growth 7.18%

Next Y revenue growth (31.51%)

Next 5Y EPS Growth 13.58%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 58.57%

10-year low 10-year high

P/S against its own 10 years 65.87%

10-year low 10-year high

P/B against its own 10 years 92.89%

10-year low 10-year high

Dividends

Payout Ratio 0.33

Annual Dividend Rate 4.15

Annual Dividend Yield 2.30%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	4.30	1.00 1.00 1.15
2025	3.85	0.93 0.93 1.00 1.00
2024	3.55	0.85 0.85 0.93 0.93
2023	3.25	0.78 0.78 0.85 0.85
2022	2.95	0.70 0.70 0.78 0.78
2021	2.10	0.35 0.35 0.70 0.70
2020	1.40	0.35 0.35 0.35 0.35
2019	1.30	0.30 0.30 0.35 0.35
2018	1.10	0.25 0.25 0.30 0.30
2017	0.90	0.20 0.20 0.25 0.25
2016	0.70	0.15 0.15 0.20 0.20

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	321,063	347,810	383,846	471,009
Receivables	298,745	324,311	392,814	453,385
Inventory	—	—	—	—
Other	—	—	—	—
	619,808	672,121	776,660	924,394

	2023	2024	2025	Q'26
Payables	208,148	175,938	226,519	279,070
ST’ Debt	—	—	—	—
Other	621,831	644,886	732,164	885,991
	829,979	820,824	958,683	1,165,061

Compound Annual Growth %

	10y	5y	3y
Sales	12.19%	17.86%	21.98%
Cash Flow	0.00%	0.00%	0.00%
Earnings	11.10%	9.13%	15.52%
Book Value	3.99%	1.78%	3.63%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	33,150	34,470	33,276	—	—
’25	29,134	29,350	31,189	29,989	119,662
’24	26,270	26,481	27,372	27,162	107,285
’23	22,151	22,360	23,422	23,829	91,762
’22	15,235	14,462	16,577	19,662	65,936
’21	16,128	15,106	15,041	14,846	61,121
’20	11,926	14,418	12,291	13,971	52,606

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(7,098)	(2,747)	—	—	—
’25	(23,976)	11,829	(3,332)	(2,410)	(17,889)
’24	4,360	2,525	(17,323)	11,800	1,362
’23	(9,865)	(9,666)	3,747	(17,752)	(33,536)
’22	239	14,913	(7,553)	(13,996)	(6,397)
’21	26,879	4,615	2,128	349	33,971
’20	23,836	(16,810)	(6,867)	(25,390)	(25,231)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(7,852)	(3,566)	—	—	—
’25	(24,689)	11,066	(4,045)	(3,119)	(20,787)
’24	3,544	1,674	(18,239)	10,921	(2,100)
’23	(10,584)	(10,517)	2,834	(18,681)	(36,948)
’22	(413)	14,114	(8,410)	(14,766)	(9,475)
’21	26,354	4,101	1,509	(301)	31,663
’20	23,482	(17,238)	(6,990)	(25,929)	(26,675)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.43	3.46	3.17	—	—
’25	2.60	2.13	2.80	2.68	10.21
’24	2.02	1.82	1.88	2.22	7.95
’23	1.70	1.24	1.38	0.85	5.18
’22	2.02	1.39	1.47	1.26	6.15
’21	2.19	1.85	1.98	2.01	8.03
’20	1.01	1.96	1.66	1.81	6.46

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	21.16	40.06	36.74	38.76	27.20	66.85	72.05	69.42	83.09	94.33	Analyst estimates 2026–2028 Powerpack
	High	44.04	54.25	59.38	51.44	68.97	105.95	109.73	100.99	136.24	182.34
People
People	Employees	55,311	57,633	60,348	60,431	68,000	75,000	82,000	80,000	80,000	82,992
	Revenue/emp, $m	0.69	0.76	0.83	0.89	0.77	0.81	0.80	1.15	1.34	1.44
Income, $m
Income, $m	Revenue	37,949	43,642	50,193	53,942	52,606	61,121	65,936	91,762	107,285	119,662
	Gross margin, %	94.94	95.20	95.23	95.38	94.43	94.53	94.76	96.21	96.14	96.09
	EBT	8,848	10,403	11,237	11,301	14,418	19,668	14,089	11,813	17,596	21,954
	EBT margin, %	23.32	23.84	22.39	20.95	27.41	32.18	21.37	12.87	16.40	18.35
	Net income	6,123	6,216	8,883	9,237	11,179	15,120	11,179	9,230	13,529	17,025
	Depreciation	1,736	1,753	1,844	2,643	3,769	4,216	3,998	4,256	5,161	4,658
Per share, $
Per share, $	Revenue	20.52	24.52	29.39	33.36	32.82	34.24	38.99	56.36	67.43	76.02
	Earnings	2.98	3.16	4.81	5.26	6.55	8.16	6.23	5.24	8.04	10.32
	Cash flow	2.91	(2.53)	4.28	25.22	(15.74)	19.03	(3.78)	(20.60)	0.86	(11.37)
	Capex	(0.69)	(0.92)	(1.09)	(1.13)	(0.90)	(1.29)	(1.82)	(2.10)	(2.18)	(1.84)
	Free cash flow	2.22	(3.45)	3.19	24.09	(16.64)	17.74	(5.60)	(22.70)	(1.32)	(13.21)
	Book value	41.74	44.08	47.66	51.14	64.35	59.72	59.86	61.41	66.27	71.57
	Shares, m	1,849	1,780	1,708	1,617	1,603	1,785	1,691	1,628	1,591	1,574
Valuation, ×
Valuation, ×	P/E	14.40	16.57	8.26	9.72	10.51	12.03	13.80	17.99	15.62	17.20
	P/S	2.10	2.13	1.35	1.53	2.09	2.87	2.20	1.67	1.86	2.34
	P/B	1.14	1.33	0.93	1.11	1.17	1.77	1.57	1.68	2.09	2.72
	EV/Sales	(1.56)	(0.07)	(0.89)	(0.03)	(0.14)	0.51	0.12	1.04	1.31	2.04
	EV/FCF	(14.42)	0.52	(8.21)	(0.04)	0.28	0.98	(0.80)	(2.59)	(67.16)	(11.76)
Cash, $m
Cash, $m	Operating cash flow	5,383	(4,505)	7,305	40,773	(25,231)	33,971	(6,397)	(33,536)	1,362	(17,889)
	Capex	(1,276)	(1,629)	(1,865)	(1,826)	(1,444)	(2,308)	(3,078)	(3,412)	(3,462)	(2,898)
	Free cash flow	4,107	(6,134)	5,440	38,947	(26,675)	31,663	(9,475)	(36,948)	(2,100)	(20,787)
Balance, $m
Balance, $m	Working capital	(126,797)	(131,709)	(111,555)	(156,878)	(213,021)	(186,826)	(173,209)	(210,171)	(148,703)	(182,023)
	Total debt	165,716	192,582	189,662	192,627	217,079	233,127	238,058	263,732	288,819	348,935
	Net debt	(138,835)	(96,081)	(112,369)	(84,317)	(117,200)	(144,310)	(137,350)	(57,331)	(58,991)	(34,911)
	Shareholders’ equity	77,177	78,466	81,406	82,697	103,149	106,598	101,231	99,982	105,428	112,652
Returns, %
Returns, %	ROA	0.69	0.67	0.96	0.97	1.04	1.26	0.89	0.72	1.06	1.23
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.44	84.95	57.06
	ROE	7.96	8.01	11.51	11.58	12.49	15.11	11.02	9.29	13.70	16.37

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 15 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MS Morgan Stanley	$286.0B	14.0×	17.9×	+6.69% (above 0%: growing)	+13.42% (above 0%: growing)	−132.22% (below 0%: shrinking)	95.59%	58.35%
GS The Goldman Sachs Group, Inc.	$259.5B	12.4×	17.5×	+23.02% (above 0%: growing)	+43.95% (above 0%: growing)	+5.62% (above 0%: growing)	100.00%	37.49%	Compare
SCHW The Charles Schwab Corporation	$162.8B	15.5×	15.1×	+16.89% (above 0%: growing)	+33.47% (above 0%: growing)	+34.96% (above 0%: growing)	100.00%	57.89%	Compare
HOOD Robinhood Markets, Inc.	$93.5B	42.8×	44.5×	+32.25% (above 0%: growing)	+40.91% (above 0%: growing)	−80.06% (below 0%: shrinking)	95.26%	43.88%	Compare
IBKR Interactive Brokers Group, Inc.	$39.0B	32.7×	34.0×	+28.11% (above 0%: growing)	+37.25% (above 0%: growing)	−13.01% (below 0%: shrinking)	92.51%	77.32%	Compare
NMR Nomura Holdings Inc ADR	$27.1B	9.4×	10.7×	+10.87% (above 0%: growing)	+106.67% (above 0%: growing)	+688.81% (above 0%: growing)	94.58%	70.80%	Compare
TW Tradeweb Markets Inc.	$26.2B	27.0×	29.3×	+8.96% (above 0%: growing)	+18.06% (above 0%: growing)	−5.23% (below 0%: shrinking)	100.00%	43.88%	Compare
LPLA LPL Financial Holdings Inc.	$25.8B	25.5×	15.2×	+35.24% (above 0%: growing)	+38.89% (above 0%: growing)	+259.62% (above 0%: growing)	31.38%	11.90%	Compare
CRCL Circle Internet Group, Inc.	$22.2B	43.0×	97.9×	+6.57% (above 0%: growing)	n/m	+113.54% (above 0%: growing)	41.19%	4.90%	Compare
Median of peers	$33.1B	26.3×	23.4×	+19.96%	+38.89%	+20.29%	94.92%	43.88%

All 93 Capital Markets stocks →

Morgan Stanley (MS) key facts

Strength: Morgan Stanley’s revenue for fiscal 2025 (year ended December 2025) was $119.7 billion, up 11.5% from fiscal 2024.
Morgan Stanley (MS) is a Capital Markets company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, MS traded at $180.57, a market capitalization of $286.0 billion.
Morgan Stanley pays an annual dividend of $4.15 per share, a yield of 2.30%, with a payout ratio of 32.6%.
Return on equity was 16.4% and debt-to-equity 3.34.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.