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) Net margin
Morgan Stanley's net margin over the twelve months to 30 September 2026 was 15.2%, up 1.6 percentage points from fiscal 2025 (13.6%). Over the past ten years it has ranged from 9.30% (fiscal 2023) to 23.8% (fiscal 2021); the current reading is higher than 36% of that period. That is above the Capital Markets industry median of −0.55% and above the Financial sector median of 13.5%.
Net margin, annual
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Annual newest first
| Period | Net margin | Change (points) |
|---|---|---|
| FY2025 | 13.6% | 1.65 |
| FY2024 | 11.9% | 2.63 |
| FY2023 | 9.30% | (6.69) |
| FY2022 | 16.0% | (7.84) |
| FY2021 | 23.8% | 3.87 |
| FY2020 | 20.0% | 4.18 |
| FY2019 | 15.8% | (0.60) |
| FY2018 | 16.4% | 3.58 |
| FY2017 | 12.8% | (1.71) |
| FY2016 | 14.5% | (0.45) |
Quarterly newest first
| Period | Net margin | Change (points) |
|---|---|---|
| Sep 2026 | 14.3% | (1.49) |
| Jun 2026 | 15.8% | (0.55) |
| Mar 2026 | 16.3% | 2.15 |
| Dec 2025 | 14.2% | (0.10) |
| 43 more quarters | Free account |
Against its own ten years
Net margin against peers
| Company | Net margin |
|---|---|
| HOOD Robinhood Markets, Inc. compare | 42.0% |
| TW Tradeweb Markets Inc. compare | 40.7% |
| SCHW The Charles Schwab Corporation compare | 37.9% |
| GS The Goldman Sachs Group, Inc. compare | 30.6% |
| IBKR Interactive Brokers Group, Inc. compare | 16.4% |
| CRCL Circle Internet Group, Inc. compare | 15.5% |
| MS Morgan Stanley | 15.2% |
| NMR Nomura Holdings Inc ADR compare | 8.90% |
| LPLA LPL Financial Holdings Inc. compare | 5.13% |
| Capital Markets industry median | −0.55% |
| Financial sector median | 13.5% |
| Market median | 0.45% |
What Net margin is
Net Profit Margin tells an investor how much of each unit of revenue ends up as profit for shareholders after all costs, interest and taxes.
Net Income Allotted to Shareholders ÷ Revenue
More on MS
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating 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