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MORGAN STANLEYMS

Sector
Other
Industry
Security Brokers, Dealers & Flotation Companies
Exchange
NYSE

Stock Price $MS

Latest filings

You are here#6 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K118

MS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 118 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Jul ’19Jul ’19
  3. Leadership change8-K · May ’21May ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Key figures

Share Class
Source: 10-KFY2014
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $34.27B
YoY changeLargest recent move+34.1%in FY10Latest +5.5%

Latest bar from 10-KFY2014Click a bar to open its SEC filing

View full history →
All MS Financial Metrics47 metrics

Income Statement11

Balance Sheet18

Cash Flow13

Per Share5

02—Overview

MORGAN STANLEY Financial Overview 2021–2025

Updated Jul 10, 2026

Morgan Stanley delivered a 27.1% Return on Tangible Common Equity (ROTCE) in Q1 2026, proving that its deliberate pivot toward wealth and asset management has permanently supercharged its profitability. The central thesis for the firm is clear: management has successfully built a dual-engine machine where volatile investment banking upside is anchored by highly predictable, fee-based wealth revenues.

This structural transformation is highly visible over the last five years. Net revenues grew from $59.8 billiona in FY2021 to a record $70.6 billion in FY2025. Over this timeline, the Wealth Management division became an absolute powerhouse, pulling in $118 billion in net new assets during Q1 2026 alone while operating at a 30.4% pre-tax margin. The Institutional Securities segment also rebounded from a mid-cycle slump, posting a 25% revenue increase in Q3 2025 as debt and equity underwriting activity thawed. Operating discipline remained tight throughout this expansion, with the firm's expense efficiency ratio dropping from 71% in FY2024 to 65% by early 2026.

The market has aggressively rewarded this execution. By the close of FY2025, Morgan Stanley traded at 17.4x earnings—based on a $177.53 closing priceb and record $10.21 earnings per share—pushing its market capitalization to $282 billion. Armed with a newly reauthorized $20 billion share repurchase program and a boosted $1.15 quarterly dividend slated for Q3 2026, the bank is systematically funneling its capital surplus back to shareholders.

Recent Developments (Q4 2025 and Q1 2026)

Top-line momentum accelerated in Q1 2026, with net revenues surging 16% year-over-year to $20.6 billionc. This expansion drove net income up 29% to $5.4 billion and pushed diluted earnings per share up 32% to $3.43. Institutional Securities acted as a massive growth lever, expanding 19% to $10.7 billion on resilient Markets and Advisory activity. Strategically, the firm integrated Morgan Stanley Europe SE into MSBNA to consolidate international operations and enhance U.S. banking capabilities.

Bulls argue this synchronized revenue expansion across core segments proves the firm's earnings engine is firing on all cylinders. Conversely, bears caution that a 4% revenue slip in Investment Management highlights ongoing vulnerability to lower carried interest. Trading at 23.8x earnings as of May 5, 2026, the stock commands a premium multiple that prices in near-flawless forward execution.

What to watch: rebound potential in Investment Management following recent contractions; operational synergies unlocked by the MSBNA European integration.

03—Filings

Recent SEC Filings

  1. 8-KMORGAN STANLEY 8-K Report, Financial Results (Oct 14, 2026)Morgan Stanley reported third-quarter 2026 results (quarter ended September 30, 2026) with net revenues of $20.3 billion, up 12% year over year, and net income applicable to Morgan Stanley of $4.9 billion, up 6%. Diluted EPS was $3.03 versus $2.80 a year ago, and ROTCE was 22.6% versus 23.5%. Pre-tax income rose 7% to $6.5 billion, though it fell 12% sequentially from a stronger second quarter. Results were driven by Equity trading strength in Institutional Securities and record Wealth Management revenues, while Fixed Income declined 7% year over year and Investment Management revenues fell 12% on a carried interest reversal. The quarter's growth was broad but uneven. Institutional Securities revenues rose 18% to $10.0 billion, led by Equity (up 41%) and Advisory (up 30%), though both sequentially and in some lines the picture was weaker. Wealth Management delivered record revenues of $9.1 billion, a 10% increase, with a 30.4% pre-tax margin and record net new assets of $232 billion, just over half linked to IPO-related flows. Expenses rose 12% year over year, and the provision for credit losses increased to $148 million from zero, reflecting loan growth and $105 million of charge-offs. Capital remained strong, with a Standardized CET1 ratio of 14.9%, though it was flat-to-slightly-down year over year and the leverage-based ratios declined (Tier 1 leverage 5.9% versus 6.8%; SLR 4.8% versus 5.5%) as the balance sheet expanded. The firm repurchased $1.5 billion of stock and declared a $1.15 quarterly dividend. Investors will want to watch the sequential revenue decline, the rising loan book and credit provisions, and the leverage ratio compression as the balance sheet grows.
  2. 8-KMORGAN STANLEY 8-K Report, Financial Results (Jul 15, 2026)Morgan Stanley reported second-quarter 2026 results on July 15, 2026 that were record-level on several fronts. Firm net revenues rose 27% year over year to $21.3 billion (up 4% sequentially), net income applicable to Morgan Stanley reached $5.6 billion, and diluted EPS was $3.46 versus $2.13 a year earlier. Return on average tangible common equity was 26.6%, and the expense efficiency ratio improved to 65% from 71%. Pre-tax income of $7.3 billion was up 59% year over year. Growth was broad-based across segments: Institutional Securities revenues rose 44% to a record $11.0 billion, led by Equities (+69%) and Investment Banking (+58%), while Wealth Management revenues rose 14% to a record $8.9 billion, with record net new assets of $148 billion and total client assets of $10 trillion across Wealth and Investment Management. Capital and shareholder returns remained strong, though some metrics moved modestly lower. The Standardized CET1 ratio was 14.8%, down from 15.0% a year ago and 15.1% in the prior quarter, while the Tier 1 leverage ratio and SLR declined to 6.0% and 4.9%. Book value per share rose to $67.80 and tangible book value per share to $53.18. The Board reauthorized a multi-year buyback of up to $20 billion beginning in the third quarter of 2026 and raised the quarterly dividend by 15 cents to $1.15. The company repurchased $1.5 billion of stock in the quarter. Share count fell to 1,572 million from 1,598 million a year earlier. Investors should note several watch items. Provision for credit losses was flat sequentially at $98 million, but non-compensation expenses rose 16% sequentially to $5.7 billion, driven by execution-related costs, marketing, and other expenses. Fixed Income revenues fell 27% sequentially, and Investment Management's Equity net outflows widened. Figures are preliminary, and capital ratios are estimates subject to revision in the Form 10-Q. The 8-K furnishes the earnings release and financial supplement; it does not contain a formal guidance update.
  3. 8-KMORGAN STANLEY 8-K Report, Corporate Update (Jun 24, 2026)Morgan Stanley (NYSE: MS) announced on June 24, 2026 that it will raise its quarterly common stock dividend by $0.15, from $1.00 to $1.15 per share, beginning with the dividend expected to be declared in the quarter ending September 30, 2026. The Board also reauthorized a multi-year common equity share repurchase program of up to $20 billion with no set expiration date, starting in the third quarter. Repurchases will be executed from time to time at management's discretion, subject to market conditions, capital position, and economic and earnings outlook. On the regulatory side, the Federal Reserve's 2026 supervisory stress test results do not change Morgan Stanley's Stress Capital Buffer (SCB). The firm remains subject to its current 4.3% SCB requirement until October 1, 2027, when a new SCB may apply based on the 2027 stress test. Together with other elements of the capital framework, this SCB yields an aggregate U.S. Basel III Standardized CET1 ratio of 11.8%, compared with the firm's actual 15.1% CET1 ratio as of March 31, 2026, indicating a substantial capital cushion above requirements. For investors, the announcement signals management confidence in the firm's capital generation and provides a clear, sizable increase in shareholder returns through both a 15% dividend hike and a $20 billion buyback authorization. The CEO framed the move as balancing ongoing investment in growth across the Integrated Firm with greater capital return. Investors should note that the timing and size of buybacks are discretionary and contingent on market and earnings conditions.
  4. 8-KMORGAN STANLEY 8-K Report, Shareholder Vote Results (May 15, 2026)Morgan Stanley (MS) filed an 8-K report on May 15, 2026, detailing the outcomes of its 2026 Annual Meeting of Shareholders held on May 14, 2026. The report indicates strong shareholder support for the company's leadership and operational choices. All director nominees were elected, and the appointment of Deloitte & Touche LLP as the independent auditor for the fiscal year 2026 was ratified with overwhelming approval. Furthermore, shareholders approved the compensation of named executive officers on a non-binding advisory basis. However, a shareholder proposal requesting an independent Board Chairman was not approved. This indicates a divergence in shareholder sentiment on corporate governance structure, with the majority preferring the current structure. The substantial turnout and voting results suggest a stable shareholder base generally aligned with the company's current strategic direction and governance.
  5. 8-KMORGAN STANLEY 8-K Report, Financial Results (Apr 15, 2026)Morgan Stanley reported a record first quarter 2026, with net revenues of $20.6 billion (up 16% year over year from $17.7 billion), pre-tax income of $7.0 billion (up 26%), and net income applicable to Morgan Stanley of $5.6 billion. Diluted EPS rose to $3.43 from $2.60, and return on average tangible common equity reached 27.1% versus 23.0% a year earlier. The expense efficiency ratio improved to 65% from 68%, showing operating leverage even as the firm absorbed $178 million of severance costs tied to a March workforce action affecting about 2% of its global workforce. Growth was broad-based. Institutional Securities revenues rose 19% to a record $10.7 billion, led by Equity (up 25% to $5.1 billion, a record) and Fixed Income (up 29% to $3.4 billion), while Investment Banking grew 36% on higher advisory and underwriting activity. Wealth Management delivered record net revenues of $8.5 billion (up 16%) with a 30.4% pre-tax margin, net new assets of $118 billion, and fee-based asset flows of $54 billion. Investment Management was the relative laggard, with revenues down 4% to $1.5 billion and pre-tax income down 13%, and it recorded negative equity flows. Capital and shareholder returns remained strong. The Standardized CET1 ratio was 15.1% (versus 15.3% a year ago), the firm repurchased $1.75 billion of common stock, and the Board declared a $1.00 quarterly dividend payable May 15, 2026. Balance sheet growth was notable, with total assets up 22% year over year to $1.58 trillion and loans up 18%. The Tier 1 leverage and SLR ratios declined year over year, reflecting the larger balance sheet, and the effective tax rate fell to 19.6% from 21.2%, partly helped by share-based payment benefits. Investors should note that the quarter included methodology changes, including the discontinuation of non-GAAP DCP adjustments and a restatement of Investment Management flows and AUM classifications that excluded distributions.
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04—See also

Related Companies

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