Saturday 31 October 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. 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.

184.11 5.89 −3.10%

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Market cap: $298.4B
P/E: 14.3×
Fwd P/E: 14.0×
Dividend yield: 2.88%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Morgan Stanley (MS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2014: revenue by segment, and margins
Institutional Securities	16,871	49.22%
Wealth Management	14,888	43.44%
Investment Management	2,712	7.91%
Gross margin		94.73%
Operating margin		10.48%
Pre-tax margin		10.48%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Institutional Securities	33,080 46.83%	28,080 45.47%	23,060 42.59%	24,393 45.45%	29,833 49.93%	26,476 54.30%	20,496 49.34%	20,582 51.32%	18,813 49.58%	17,459 50.41%	17,953 51.07%	16,871 49.22%	15,519 47.76%	11,101 42.41%	17,683 54.87%	16,129 51.65%	12,742 54.73%
Wealth Management	31,754 44.95%	28,420 46.02%	26,268 48.52%	24,417 45.50%	24,243 40.57%	19,086 39.15%	17,746 42.72%	17,242 42.99%	16,836 44.37%	15,350 44.32%	15,100 42.95%	14,888 43.44%	14,143 43.53%	12,947 49.46%	12,772 39.63%	12,519 40.09%	9,390 40.34%
Investment Management	6,525 9.24%	5,861 9.49%	5,370 9.92%	5,375 10.02%	6,220 10.41%	3,734 7.66%	3,763 9.06%	2,746 6.85%	2,586 6.82%	2,112 6.10%	2,315 6.59%	2,712 7.91%	3,059 9.41%	2,306 8.81%	1,887 5.86%	2,685 8.60%	1,294 5.56%
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(115) (0.36%)	(103) (0.33%)	(146) (0.63%)
Discover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%	—
Eliminations	(714) (1.01%)	(600) (0.97%)	(555) (1.03%)	(517) (0.96%)	(541) (0.91%)	(539) (1.11%)	(467) (1.12%)	(463) (1.15%)	(290) (0.76%)	(290) (0.84%)	(213) (0.61%)	(196) (0.57%)	(228) (0.70%)	(176) (0.67%)	—	—	—
Revenue	70,645	61,761	54,143	53,668	59,755	48,757	41,538	40,107	37,945	34,631	35,155	34,275	32,493	26,178	32,227	31,230	23,280

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Americas	52,897 74.88%	46,929 75.98%	41,651 76.93%	40,117 74.75%	44,605 74.65%	35,459 72.73%	30,324 73.00%	29,301 73.06%	27,817 73.31%	25,487 73.60%	25,080 71.34%	25,140 73.35%	23,358 71.89%	20,276 77.45%	22,306 69.22%	21,452 68.69%	18,798 80.75%
Asia	9,420 13.33%	7,635 12.36%	6,434 11.88%	6,740 12.56%	7,451 12.47%	6,749 13.84%	5,136 12.36%	4,714 11.75%	4,414 11.63%	4,150 11.98%	4,722 13.43%	4,363 12.73%	4,593 14.14%	2,824 10.79%	3,302 10.25%	4,320 13.83%	1,996 8.57%
EMEA	8,328 11.79%	7,197 11.65%	6,058 11.19%	6,811 12.69%	7,699 12.88%	6,549 13.43%	6,078 14.63%	6,092 15.19%	5,714 15.06%	4,994 14.42%	5,353 15.23%	4,772 13.92%	4,542 13.98%	3,078 11.76%	6,619 20.54%	5,458 17.48%	2,486 10.68%
Revenue	70,645	61,761	54,143	53,668	59,755	48,757	41,538	40,107	37,945	34,631	35,155	34,275	32,493	26,178	32,227	31,230	23,280

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
AUM	Q3 FY2026	$2.05T	$1.81T	+13.23%
Fee-based asset flows	Q3 FY2026	$80.5B	$41.9B	+92.12%
Fee-based client assets	Q3 FY2026	$3.16T	$2.65T	+18.92%
Long-term net flows	Q3 FY2026	$15.8B	$16.5B	−4.24%
Net new assets	Q3 FY2026	$232.4B	$81.0B	+186.91%
Worldwide employees	Q3 FY2026	83.7K	82.4K	+1.61%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
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Fee-based asset flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fee-based client assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Long-term net flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net new assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Worldwide employees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.