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.
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Morgan Stanley (MS) Free cash flow
Morgan Stanley's free cash flow for fiscal 2025 was −$20.8B, compared with −$2.1B in fiscal 2024. Over the twelve months to 30 June 2026 it was −$18.6B. Over the past ten years it has ranged from −$36.9B (fiscal 2023) to $38.9B (fiscal 2019); the current reading is higher than 27% of that period. Morgan Stanley ranks 88th of 90 Capital Markets companies by free cash flow.
Free cash flow, annual
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Annual newest first
| Period | Free cash flow | Change |
|---|---|---|
| FY2025 | −$20.8B | — |
| FY2024 | −$2.1B | — |
| FY2023 | −$36.9B | — |
| FY2022 | −$9.5B | — |
| FY2021 | $31.7B | — |
| FY2020 | −$26.7B | — |
| FY2019 | $38.9B | 615.94% |
| FY2018 | $5.4B | — |
| FY2017 | −$6.1B | — |
| FY2016 | $4.1B | — |
Quarterly newest first
| Period | Free cash flow | Change |
|---|---|---|
| Jun 2026 | −$3.6B | — |
| Mar 2026 | −$7.9B | — |
| Dec 2025 | −$3.1B | — |
| Sep 2025 | −$4.0B | — |
| 42 more quarters | Free account |
Against its own ten years
Free cash flow against peers
| Company | Free cash flow |
|---|---|
| IBKR Interactive Brokers Group, Inc. compare | $15.8B |
| SCHW The Charles Schwab Corporation compare | $10.8B |
| NMR Nomura Holdings Inc ADR compare | $5.3B |
| TW Tradeweb Markets Inc. compare | $1.1B |
| CRCL Circle Internet Group, Inc. compare | $694.4M |
| HOOD Robinhood Markets, Inc. compare | $178.0M |
| LPLA LPL Financial Holdings Inc. compare | −$931.3M |
| MS Morgan Stanley | −$18.6B |
| GS The Goldman Sachs Group, Inc. compare | −$40.9B |
What Free cash flow is
Free Cash Flow tells an investor how much cash a company’s operations generate after paying for its investment in physical and intangible assets.
Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)
More on MS
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement