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.
Follow MS
Morgan Stanley (MS) Operating margin
Morgan Stanley's operating margin over the twelve months to 30 September 2026 was 59.1%, down 0.2 percentage points from fiscal 2025 (59.3%). Over the past ten years it has ranged from 29.7% (fiscal 2015) to 59.3% (fiscal 2025) — the current reading is the highest in ten years. That is above the Capital Markets industry median of 0.00% and above the Financial sector median of 0.00%.
Operating margin, annual
Embed this chart
Annual newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| FY2025 | 59.3% | 0.48 |
| FY2024 | 58.8% | 4.96 |
| FY2023 | 53.9% | 13.90 |
| FY2022 | 40.0% | 5.56 |
| FY2021 | 34.4% | (0.31) |
| FY2020 | 34.7% | (9.23) |
| FY2019 | 44.0% | 1.47 |
| FY2018 | 42.5% | 5.59 |
| FY2017 | 36.9% | 4.83 |
| FY2016 | 32.1% | 2.41 |
Quarterly newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| Sep 2026 | 58.4% | (1.03) |
| Jun 2026 | 59.4% | 0.31 |
| Mar 2026 | 59.1% | (0.48) |
| Dec 2025 | 59.6% | (1.35) |
| 43 more quarters | Free account |
Against its own ten years
Operating margin against peers
| Company | Operating margin |
|---|---|
| IBKR Interactive Brokers Group, Inc. compare | 78.2% |
| NMR Nomura Holdings Inc ADR compare | 73.1% |
| MS Morgan Stanley | 59.1% |
| SCHW The Charles Schwab Corporation compare | 56.0% |
| HOOD Robinhood Markets, Inc. compare | 46.0% |
| TW Tradeweb Markets Inc. compare | 43.7% |
| GS The Goldman Sachs Group, Inc. compare | 40.0% |
| LPLA LPL Financial Holdings Inc. compare | 9.06% |
| CRCL Circle Internet Group, Inc. compare | 7.42% |
| Capital Markets industry median | 0.00% |
| Financial sector median | 0.00% |
| Market median | 0.00% |
What Operating margin is
EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.
EBIT ÷ Revenue
More on MS
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross 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