10-KPeriod: FY2025

MORGAN STANLEY Annual Report, Year Ended Dec 31, 2025

Filed February 19, 2026For Securities:MSMS-PKMS-POMS-PQMS-PAMS-PFMS-PIMS-PLMS-PPMS-PEMSTLW

Summary

Morgan Stanley's (MS) 10-K filing for the fiscal year ended December 31, 2025, reported robust financial performance with net revenues of $70.6 billion and net income applicable to Morgan Stanley of $16.9 billion. This represents a significant increase from the prior year, driven by strong results across all its key business segments: Institutional Securities, Wealth Management, and Investment Management. The firm demonstrated improved expense efficiency, with an expense efficiency ratio of 68%, and maintained a strong capital position with a Common Equity Tier 1 capital ratio of 15.0% and a Supplementary Leverage Ratio of 5.4%. Key drivers of this performance include a 18% increase in net revenues for Institutional Securities, largely due to strong performance in Equities and Investment Banking, and a 12% increase in Wealth Management net revenues, benefiting from higher asset management fees and transaction revenues. Investment Management also saw an 11% increase in net revenues, driven by higher average Assets Under Management. The firm's commitment to shareholder returns is evidenced by its strong Return on Equity (ROE) of 16.6% and Return on Tangible Common Equity (ROTCE) of 21.6%.

Financial Highlights

34 data points
Beta

Net Income

$16.86B

EPS (Diluted)

$10.21

Total Assets

$1.42T

Cash & Equivalents

$111.69B

Free Cash Flow

-$17.89B

Financial Statements
Beta
Net Income$16.86B
EPS (Basic)$10.32
EPS (Diluted)$10.21
Shares Outstanding (Basic)1.57B
Shares Outstanding (Diluted)1.59B

Key Highlights

  • 1Morgan Stanley reported strong financial results for fiscal year 2025, with net revenues of $70.6 billion and net income of $16.9 billion.
  • 2The firm achieved an impressive Return on Equity (ROE) of 16.6% and Return on Tangible Common Equity (ROTCE) of 21.6%, indicating effective capital utilization.
  • 3Institutional Securities segment saw an 18% increase in net revenues, driven by strong performance in Equity and Investment Banking.
  • 4Wealth Management segment reported a 12% increase in net revenues, benefiting from higher asset management revenues and client flows.
  • 5Investment Management segment's net revenues grew by 11%, primarily due to increased Assets Under Management driven by higher market levels.
  • 6Expense efficiency improved, with the expense efficiency ratio decreasing to 68% from 71% in the prior year.
  • 7The firm maintained a strong capital position with a Common Equity Tier 1 capital ratio of 15.0% and a Supplementary Leverage Ratio of 5.4%.

Frequently Asked Questions

Morgan Stanley reported strong financial results for fiscal year 2025, with net revenues reaching $70.6 billion and net income applicable to Morgan Stanley amounting to $16.9 billion, representing significant year-over-year growth.

All three core segments performed well: Institutional Securities saw an 18% increase in net revenues due to strong Equity and Investment Banking performance; Wealth Management's net revenues grew 12% driven by higher asset management fees and client activity; and Investment Management's net revenues increased 11% due to higher average AUM.

Morgan Stanley maintained a strong capital position with a Common Equity Tier 1 capital ratio of 15.0% and a Supplementary Leverage Ratio of 5.4%. Profitability metrics were also robust, with a Return on Equity (ROE) of 16.6% and a Return on Tangible Common Equity (ROTCE) of 21.6%.

The firm improved its expense efficiency, with the expense efficiency ratio decreasing to 68% in 2025, down from 71% in the prior year, indicating effective cost management while continuing to invest in its businesses.