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Friday 6 November 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.
- Revenue
- +6.69%
- EPS
- +8.48%
- Free cash flow
- −132.2%
- Total debt
- +19.4%
Quarter to September 2026, against a year earlier
181.62
0.82
−0.45%
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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
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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
Low 29.7%
High 59.3%
Ten-year median
40.0%
Current reading's percentile
93
Operating margin against peers
| Company | Operating margin |
|---|---|
| IBKR Interactive Brokers Group, Inc. compare | 77.9% |
| NMR Nomura Holdings Inc ADR compare | 72.0% |
| MS Morgan Stanley | 59.1% |
| SCHW The Charles Schwab Corporation compare | 56.0% |
| HOOD Robinhood Markets, Inc. compare | 45.7% |
| TW Tradeweb Markets Inc. compare | 44.1% |
| GS The Goldman Sachs Group, Inc. compare | 40.0% |
| CRCL Circle Internet Group, Inc. compare | 11.3% |
| LPLA LPL Financial Holdings Inc. compare | 11.3% |
| 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