NYSE : MS
Morgan Stanley — Financial statements
Financials · Capital Markets · United States
Last price 190 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 297.35B
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Financial statements
Morgan Stanley (MS) reported revenue of 79.79B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 62.87B | 60.41B | 54.96B | 46.42B | 21.61B | 10.79B |
| Total Interest Expense | 50.73B | 49.02B | 45.52B | 37.62B | 12.27B | 1.37B |
| Net Interest Income | 12.14B | 11.40B | 9.44B | 8.80B | 9.34B | 9.42B |
| Brokerage Commission | 6.75B | 5.94B | 5.09B | 4.54B | 4.94B | 5.52B |
| Trading & Principal Transactions | 22.73B | 18.56B | 16.76B | 15.26B | 13.93B | 12.81B |
| Asset Management Fee | 27.68B | 25.14B | 22.50B | 19.62B | 19.58B | 19.97B |
| Underwriting & Investment Banking Fee | 9.88B | 8.20B | 6.71B | 4.95B | 5.60B | 10.99B |
| Gain on Sale of Investments (Rev) | 24.00M | 24.00M | 43.00M | 34.00M | 56.00M | 210.00M |
| Other Revenue | 947.00M | 1.39B | 1.22B | 941.00M | 227.00M | 832.00M |
| Revenue Before Loan Losses | 80.16B | 70.64B | 61.76B | 54.14B | 53.67B | 59.76B |
| Provision for Loan Losses | 362.00M | 349.00M | 264.00M | 532.00M | 280.00M | 4.00M |
| Revenue | 79.79B | 70.30B | 61.50B | 53.61B | 53.39B | 59.75B |
| Salaries & Employee Benefits | 31.64B | 29.07B | 26.18B | 24.56B | 22.92B | 24.63B |
| Cost of Services Provided | 16.25B | 14.98B | 14.00B | 13.10B | 12.65B | 11.76B |
| Total Operating Expenses | 47.90B | 44.05B | 40.18B | 37.66B | 35.58B | 36.39B |
| Operating Income | 31.90B | 26.24B | 21.32B | 15.95B | 17.81B | 23.36B |
| Other Non-Operating Income (Expenses) | -5.07B | -4.06B | -3.67B | -4.09B | -3.57B | -3.64B |
| EBT Excluding Unusual Items | 26.83B | 22.18B | 17.65B | 11.86B | 14.24B | 19.72B |
| Merger & Restructuring Charges | -144.00M | -144.00M | -133.00M | |||
| Impairment of Goodwill | -8.00M | |||||
| Asset Writedown | -81.00M | -81.00M | -50.00M | -43.00M | -17.00M | -42.00M |
| Other Unusual Items | -8.00M | |||||
| Pretax Income | 26.60B | 21.95B | 17.60B | 11.81B | 14.09B | 19.67B |
| Income Tax Expense | 5.91B | 4.93B | 4.07B | 2.58B | 2.91B | 4.55B |
| Earnings From Continuing Ops. | 20.68B | 17.02B | 13.53B | 9.23B | 11.18B | 15.12B |
| Net Income to Company | 20.68B | 17.02B | 13.53B | 9.23B | 11.18B | 15.12B |
| Minority Interest in Earnings | -230.00M | -164.00M | -139.00M | -143.00M | -150.00M | -86.00M |
| Net Income | 20.45B | 16.86B | 13.39B | 9.09B | 11.03B | 15.03B |
| Preferred Dividends & Other Adjustments | 606.00M | 612.00M | 590.00M | 557.00M | 489.00M | 468.00M |
| Net Income to Common | 19.85B | 16.25B | 12.80B | 8.53B | 10.54B | 14.57B |
| Shares Outstanding (Basic) | 1.56B | 1.57B | 1.59B | 1.63B | 1.69B | 1.78B |
| Shares Outstanding (Diluted) | 1.57B | 1.59B | 1.61B | 1.65B | 1.71B | 1.81B |
| EPS (Basic) | 12.75 | 10.32 | 8.05 | 5.24 | 6.23 | 8.16 |
| EPS (Diluted) | 12.61 | 10.21 | 7.95 | 5.18 | 6.15 | 8.03 |
| Free Cash Flow | -20.79B | -2.10B | -36.95B | -9.47B | 31.66B | |
| Free Cash Flow Per Share | -13.06 | -1.30 | -22.45 | -5.53 | 17.45 | |
| Dividend Per Share | 4.30 | 3.92 | 3.62 | 3.33 | 3.02 | 2.45 |
| Operating Margin | 39.97% | 37.33% | 34.67% | 29.75% | 33.37% | 39.10% |
| Profit Margin | 24.87% | 23.11% | 20.81% | 15.91% | 19.74% | 24.38% |
| Free Cash Flow Margin | -29.57% | -3.42% | -68.92% | -17.75% | 52.99% | |
| Effective Tax Rate | 22.23% | 22.45% | 23.11% | 21.87% | 20.65% | 23.12% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 111.69B | 105.39B | 89.23B | 128.13B | 127.72B | |
| Short-Term Investments | 272.15B | 242.42B | 231.83B | 247.28B | 249.71B | |
| Trading Asset Securities | 216.54B | 184.85B | 205.44B | 178.12B | 192.58B | |
| Accounts Receivable | 104.40B | 76.70B | 70.61B | 69.20B | 161.23B | |
| Other Receivables | 277.50B | 233.38B | 211.82B | 207.12B | 107.19B | |
| Property, Plant & Equipment | 4.16B | 4.11B | 4.37B | 4.07B | 4.27B | |
| Goodwill | 16.73B | 16.71B | 16.71B | 16.65B | 16.83B | |
| Other Intangible Assets | 6.01B | 6.45B | 7.05B | 7.62B | 8.36B | |
| Investments in Debt & Equity Securities | 163.56B | 159.68B | 154.81B | 159.93B | 183.00B | |
| Other Current Assets | 213.27B | 148.94B | 162.70B | 124.41B | 104.19B | |
| Other Long-Term Assets | 24.88B | 24.11B | 23.87B | 22.91B | 19.22B | |
| Total Assets | 1.42T | 1.22T | 1.19T | 1.18T | 1.19T | |
| Accounts Payable | 221.86B | 172.00B | 203.79B | 216.13B | 228.69B | |
| Accrued Expenses | 4.66B | 3.94B | 4.36B | |||
| Short-Term Debt | 149.65B | 114.74B | 116.18B | 121.04B | 118.57B | |
| Current Portion of Long-Term Debt | 38.14B | 34.49B | 30.98B | 25.10B | 17.33B | |
| Current Portion of Leases | 819.00M | 772.00M | 913.00M | 870.00M | 886.00M | |
| Other Current Liabilities | 171.92B | 115.83B | 116.24B | 116.30B | 123.76B | |
| Long-Term Debt | 320.63B | 264.41B | 242.21B | 216.43B | 216.32B | |
| Long-Term Leases | 4.18B | 4.17B | 4.50B | 4.03B | 4.27B | |
| Other Long-Term Liabilities | 395.77B | 399.29B | 374.54B | 379.10B | 371.72B | |
| Total Liabilities | 1.31T | 1.11T | 1.09T | 1.08T | 1.08T | |
| Common Stock | 20.00M | 20.00M | 20.00M | 20.00M | 20.00M | |
| Additional Paid-In Capital | 31.15B | 30.18B | 29.83B | 29.34B | 28.84B | |
| Retained Earnings | 115.09B | 104.99B | 98.00B | 94.86B | 89.43B | |
| Comprehensive Income & Other | -6.29B | -6.81B | -6.42B | -6.25B | -3.10B | |
| Total Common Equity | 106.58B | 101.88B | 94.76B | 90.29B | 91.39B | 97.69B |
| Minority Interest | 1.02B | 917.00M | 944.00M | 1.09B | 1.16B | |
| Shareholders' Equity | 117.44B | 112.65B | 105.43B | 99.98B | 101.23B | 106.60B |
| Total Liabilities & Equity | 1.42T | 1.22T | 1.19T | 1.18T | 1.19T | |
| Total Debt | 607.50B | 513.41B | 418.58B | 394.79B | 367.46B | 357.38B |
| Net Cash (Debt) | 131.58B | 86.98B | 114.08B | 131.71B | 186.07B | 212.64B |
| Net Cash Per Share | 83.56 | 54.64 | 70.81 | 80.02 | 108.62 | 117.22 |
| Filing Date Shares Outstanding | 1.56B | 1.59B | 1.61B | 1.64B | 1.68B | 1.78B |
| Total Common Shares Outstanding | 1.56B | 1.58B | 1.61B | 1.63B | 1.68B | 1.77B |
| Working Capital | 617.89B | 562.23B | 514.42B | 489.60B | 467.23B | |
| Book Value Per Share | 67.80 | 64.37 | 58.98 | 55.50 | 54.55 | 55.12 |
| Tangible Book Value | 83.60B | 79.15B | 71.60B | 66.53B | 67.12B | 72.50B |
| Tangible Book Value Per Share | 53.18 | 50.00 | 44.57 | 40.89 | 40.06 | 40.91 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.86B | 13.39B | 9.09B | 11.03B | 15.03B | |
| Depreciation & Amortization, Total | 4.66B | 5.16B | 4.26B | 4.00B | 4.22B | |
| Stock-Based Compensation | 1.93B | 1.62B | 1.71B | 1.88B | 2.08B | |
| Change in Accounts Receivable | -26.64B | -5.31B | 602.00M | 14.66B | 774.00M | |
| Change in Accounts Payable | 50.71B | -25.55B | -3.63B | -4.90B | 7.76B | |
| Change in Other Net Operating Assets | 829.00M | -23.01B | 14.95B | 6.16B | -4.92B | |
| Other Operating Activities | 1.13B | 295.00M | -12.00M | -81.00M | -57.00M | |
| Operating Cash Flow | -17.89B | 1.36B | -33.54B | -6.40B | 33.97B | |
| Capital Expenditures | -2.90B | -3.46B | -3.41B | -3.08B | -2.31B | |
| Cash Acquisitions | -2.65B | |||||
| Investment in Securities | -1.41B | -1.90B | 5.31B | 15.45B | -8.00B | |
| Other Investing Activities | -1.09B | -1.49B | -923.00M | -347.00M | -832.00M | |
| Investing Cash Flow | -46.78B | -29.46B | -3.08B | -11.63B | -49.90B | |
| Long-Term Debt Issued | 140.29B | 112.72B | 79.22B | 72.46B | 90.27B | |
| Long-Term Debt Repaid | -99.39B | -80.23B | -64.81B | -35.78B | -70.75B | |
| Net Debt Issued (Repaid) | 40.90B | 32.49B | 14.41B | 36.68B | 19.52B | |
| Repurchase of Common Stock | -5.83B | -4.20B | -6.18B | -10.87B | -12.07B | |
| Dividends Paid | -6.59B | -6.14B | -5.76B | -5.40B | -4.17B | |
| Other Financing Activities | 39.28B | 23.61B | -5.20B | 1.31B | 36.99B | |
| Financing Cash Flow | 67.76B | 46.76B | -2.73B | 22.71B | 41.55B | |
| Foreign Exchange Rate Adjustments | 3.22B | -2.50B | 451.00M | -4.28B | -3.55B | |
| Net Cash Flow | 6.31B | 16.15B | -38.90B | 402.00M | 22.07B | |
| Free Cash Flow | -20.79B | -2.10B | -36.95B | -9.47B | 31.66B | |
| Free Cash Flow Margin | -29.57% | -3.42% | -68.92% | -17.75% | 52.99% | |
| Free Cash Flow Per Share | -13.06 | -1.30 | -22.45 | -5.53 | 17.45 | |
| Cash Interest Paid | 47.10B | 46.36B | 41.94B | 9.82B | 1.30B | |
| Cash Income Tax Paid | 3.50B | 1.89B | 2.04B | 4.15B | 4.23B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 292.95B | 282.15B | 202.54B | 153.05B | 143.69B | 176.14B |
| Last Close Price | 184.30 | 173.59 | 119.58 | 85.58 | 75.12 | 83.78 |
| PE Ratio | 14.85 | 17.36 | 15.82 | 17.94 | 13.63 | 12.09 |
| PS Ratio | 3.61 | 4.01 | 3.29 | 2.85 | 2.69 | 2.95 |
| PB Ratio | 2.72 | 2.50 | 1.92 | 1.53 | 1.42 | 1.65 |
| P/FCF Ratio | 5.56 | |||||
| P/OCF Ratio | 148.71 | 5.18 | ||||
| Debt / Equity Ratio | 5.17 | 4.56 | 3.97 | 3.95 | 3.63 | 3.35 |
| Debt / FCF Ratio | 11.29 | |||||
| Net Debt / Equity Ratio | -1.12 | -0.77 | -1.08 | -1.32 | -1.84 | -2.00 |
| Net Debt / FCF Ratio | 4.18 | 54.33 | 3.56 | 19.64 | -6.72 | |
| Asset Turnover | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | |
| Quick Ratio | 1.67 | 1.91 | 1.71 | 1.73 | 1.71 | |
| Current Ratio | 2.05 | 2.27 | 2.09 | 2.02 | 1.96 | |
| Return on Equity (ROE) | 15.61% | 13.17% | 9.17% | 10.76% | 14.42% | |
| Return on Assets (ROA) | 1.29% | 1.12% | 0.78% | 0.94% | 1.31% | |
| Return on Invested Capital (ROIC) | 3.42% | 3.54% | 3.22% | 2.59% | 3.03% | 3.95% |
| Earnings Yield | 6.73% | 5.98% | 6.61% | 5.94% | 7.67% | 8.54% |
| FCF Yield | -6.44% | -7.37% | -1.04% | -24.14% | -6.59% | 17.98% |
| Dividend Yield | 2.46% | 2.20% | 2.88% | 3.53% | 3.53% | 2.46% |
| Payout Ratio | 36.49% | 39.10% | 45.84% | 63.42% | 48.97% | 27.74% |
| Buyback Yield / Dilution | 1.42% | 1.18% | 2.13% | 3.91% | 5.57% | -11.70% |
| Total Shareholder Return | 3.92% | 3.38% | 5.00% | 7.45% | 9.10% | -9.23% |