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) Gross margin
Morgan Stanley's gross margin over the twelve months to 30 September 2026 was 95.9%, down 0.1 percentage points from fiscal 2025 (96.1%). Over the past ten years it has ranged from 94.4% (fiscal 2020) to 96.2% (fiscal 2023); the current reading is higher than 82% of that period. That is above the Capital Markets industry median of 62.8% and above the Financial sector median of 69.9%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 96.1% | (0.05) |
| FY2024 | 96.1% | (0.07) |
| FY2023 | 96.2% | 1.45 |
| FY2022 | 94.8% | 0.23 |
| FY2021 | 94.5% | 0.10 |
| FY2020 | 94.4% | (0.95) |
| FY2019 | 95.4% | 0.15 |
| FY2018 | 95.2% | 0.03 |
| FY2017 | 95.2% | 0.26 |
| FY2016 | 94.9% | (0.07) |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 95.6% | (0.16) |
| Jun 2026 | 95.8% | (0.46) |
| Mar 2026 | 96.2% | (0.03) |
| Dec 2025 | 96.2% | (0.10) |
| 43 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| SCHW The Charles Schwab Corporation compare | 100.0% |
| TW Tradeweb Markets Inc. compare | 100.0% |
| GS The Goldman Sachs Group, Inc. compare | 100.0% |
| MS Morgan Stanley | 95.9% |
| NMR Nomura Holdings Inc ADR compare | 95.7% |
| HOOD Robinhood Markets, Inc. compare | 95.2% |
| IBKR Interactive Brokers Group, Inc. compare | 93.7% |
| CRCL Circle Internet Group, Inc. compare | 40.5% |
| LPLA LPL Financial Holdings Inc. compare | 31.9% |
| Capital Markets industry median | 62.8% |
| Financial sector median | 69.9% |
| Market median | 46.2% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on MS
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- 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