MORGAN STANLEYMS
MORGAN STANLEY Financial Overview 2021–2025
Updated Jul 10, 2026Morgan 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 billion 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 price 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 billion. 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.
Rev
$34.27B
FY2014
NI
$16.86B
FY2025
EPS$MS
$10.32
FY2025
OCF
$-17.89B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All MS Financial Metrics(47)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
MORGAN STANLEY 8-K Report, Financial Results (Jul 15, 2026)
Morgan Stanley has filed an 8-K report on July 15, 2026, to announce its financial results for the quarter ended June 30, 2026. The report primarily serves to incorporate by reference a press release (Exhibit 99.1) and a Financial Data Supplement (Exhibit 99.2) containing the detailed financial information for the period. Investors should refer to these exhibits for a comprehensive understanding of the company's performance, including key metrics, revenue streams, and profitability. While the 8-K itself does not provide the specific financial figures, it signals the official release of this data. The filing also confirms that this information is being furnished under Item 2.02, meaning it is considered 'filed' for regulatory purposes. The inclusion of Inline XBRL exhibits (101 and 104) further indicates that the detailed financial data is available in a machine-readable format for enhanced analysis and accessibility.
MORGAN STANLEY 8-K Report, Corporate Update (Jun 24, 2026)
Morgan Stanley announced significant capital return initiatives, including an increase in its quarterly common stock dividend to $1.15 per share, up from $1.00 per share. This increase is set to take effect beginning with the dividend expected to be declared in the third quarter of 2026. Additionally, the Board of Directors has reauthorized a substantial multi-year common equity share repurchase program totaling up to $20 billion, commencing in the third quarter with no set expiration date. These actions underscore the company's confidence in its financial position and future outlook. The company also provided an update on its regulatory capital position following the Federal Reserve's 2026 supervisory stress tests. Notably, these stress test results do not impact Morgan Stanley's current Stress Capital Buffer (SCB) requirement of 4.3%. The company expects this SCB requirement to remain in place until October 1, 2027, at which point a new requirement may be determined based on the 2027 stress tests.
MORGAN 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.
MORGAN STANLEY 8-K Report, Financial Results (Apr 15, 2026)
Morgan Stanley has filed an 8-K report on April 15, 2026, announcing its financial results for the quarter ended March 31, 2026. The report primarily directs investors to the attached press release (Exhibit 99.1) and a Financial Data Supplement (Exhibit 99.2) for detailed information regarding its performance during the first quarter of 2026. These documents are incorporated by reference into the filing, indicating they contain material information investors should review. The specific financial metrics, revenue figures, profitability, and any significant business segment performance are not detailed within the 8-K itself. Investors seeking to understand Morgan Stanley's operational and financial condition for the period will need to consult the provided exhibits. The filing also includes standard Interactive Data Files (Inline XBRL) for enhanced data analysis.
MORGAN STANLEY 8-K Report, Corporate Update (Feb 11, 2026)
Morgan Stanley (MS) announced the 2025 compensation for its CEO, Edward Pick, reflecting his performance and the firm's strong financial results during his tenure. The Compensation Committee cited exceptional performance, evidenced by record revenues and net income, alongside the consistent execution of the firm's capital management strategy. Mr. Pick's total compensation for 2025 was set at $45 million, with a significant portion structured as performance-vested equity to align executive interests with shareholder value. These strong 2025 results include record net revenues of $70.6 billion, up 14% year-over-year, and net income of approximately $16.9 billion. Key financial metrics such as pre-tax profit, ROTCE, and Common Equity Tier 1 Capital Ratio all showed robust improvement. Furthermore, the firm demonstrated a commitment to shareholder returns through increased dividends and significant total shareholder returns of 45%, alongside a market capitalization reaching $282 billion.
View all 8-K filings →