NYSE: MS
MORGAN STANLEYCIK 0000895421 · SIC 6211 · Security Brokers & Dealers
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net income $5.58B. Morgan Stanley Q2 2026: Net revenues +57.7%, EPS +62%, ROE 20.7%
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Morgan Stanley reports record Q2 revenues of $21.3B, EPS $3.46, raises dividend 15%
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Morgan Stanley raises dividend 15% to $1.15/share, authorizes $20B buyback program
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Morgan Stanley shareholders approve all board nominees and executive pay at annual meeting
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net income $5.57B. Morgan Stanley Q1 2026: 29.0% revenue growth, 21% ROE, and simplified DCP accounting
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Morgan Stanley reports Q1 2026 earnings results
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net income $16.9B. Morgan Stanley posts 26% earnings jump; balance sheet expands 17% to T
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Income Statement (Unaudited)
in millions, except per share data
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Investment banking | 2,651 | 1,644 | 4,940 | 3,355 |
| Trading | 6,723 | 4,745 | 13,453 | 9,856 |
| Investments | 226 | 388 | 372 | 757 |
| Commissions and fees | 1,833 | 1,425 | 3,523 | 2,906 |
| Asset management | 6,912 | 5,953 | 13,642 | 11,916 |
| Other | 223 | 290 | 515 | 1,041 |
| Total non-interest revenues | 18,568 | 14,445 | 36,445 | 29,831 |
| Interest income | 15,902 | 14,905 | 31,175 | 28,653 |
| Interest expense | 13,122 | 12,558 | 25,692 | 23,953 |
| Net interest | 2,780 | 2,347 | 5,483 | 4,700 |
| Net revenues | 21,348 | 16,792 | 41,928 | 34,531 |
| Provision for credit losses | 98 | 196 | 196 | 331 |
| Non-interest expenses | ||||
| Compensation and benefits | 8,187 | 7,190 | 16,729 | 14,711 |
| Brokerage, clearing and exchange fees | 1,464 | 1,188 | 2,720 | 2,410 |
| Information processing and communications | 1,203 | 1,089 | 2,351 | 2,139 |
| Professional services | 680 | 711 | 1,282 | 1,385 |
| Occupancy and equipment | 482 | 459 | 965 | 908 |
| Marketing and business development | 401 | 297 | 711 | 535 |
| Other | 1,485 | 1,040 | 2,615 | 1,946 |
| Total non-interest expenses | 13,902 | 11,974 | 27,373 | 24,034 |
| Income before provision for income taxes | 7,348 | 4,622 | 14,359 | 10,166 |
| Provision for income taxes | 1,695 | 1,047 | 3,068 | 2,220 |
| Net income | 5,653 | 3,575 | 11,291 | 7,946 |
| Net income applicable to noncontrolling interests | 72 | 36 | 143 | 92 |
| Net income applicable to Morgan Stanley | 5,581 | 3,539 | 11,148 | 7,854 |
| Preferred stock dividends | 145 | 147 | 301 | 305 |
| Earnings applicable to Morgan Stanley common shareholders | 5,436 | 3,392 | 10,847 | 7,549 |
| Earnings per common share | ||||
| Basic | 3.50 | 2.15 | 6.96 | 4.78 |
| Diluted | 3.46 | 2.13 | 6.90 | 4.73 |
| Average common shares outstanding | ||||
| Basic | 1,554 | 1,577 | 1,558 | 1,581 |
| Diluted | 1,569 | 1,593 | 1,573 | 1,596 |
Consolidated Balance Sheet
$ in millions
| Description | (Unaudited) At June 30, 2026 | At December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 160,135 | 111,695 |
| Trading assets at fair value ($278,278 and $213,269 pledged as collateral) | 544,153 | 428,276 |
| Investment securities: | ||
| Available-for-sale at fair value (amortized cost of $107,761 and $112,522) | 105,532 | 110,466 |
| Held-to-maturity (fair value of $40,238 and $45,615) | 47,747 | 53,090 |
| Securities purchased under agreements to resell (includes $109 and $— at fair value) | 129,516 | 120,243 |
| Securities borrowed | 181,358 | 151,908 |
| Customer and other receivables | 151,010 | 114,720 |
| Loans: | ||
| Held for investment (net of allowance for credit losses of $1,248 and $1,132) | 289,318 | 268,720 |
| Held for sale | 13,057 | 9,374 |
| Goodwill | 17,105 | 16,726 |
| Intangible assets (net of accumulated amortization of $2,042 and $1,882) | 5,873 | 6,010 |
| Other assets | 30,253 | 29,042 |
| Total assets | 1,675,057 | 1,420,270 |
| Liabilities | ||
| Deposits (includes $8,647 and $8,755 at fair value) | 446,068 | 415,523 |
| Trading liabilities at fair value | 255,589 | 169,569 |
| Securities sold under agreements to repurchase (includes $887 and $696 at fair value) | 102,202 | 78,539 |
| Securities loaned | 20,736 | 17,310 |
| Other secured financings (includes $19,461 and $16,871 at fair value) | 29,819 | 21,603 |
| Customer and other payables | 279,070 | 226,519 |
| Other liabilities and accrued expenses | 31,577 | 29,620 |
| Borrowings (includes $147,514 and $132,479 at fair value) | 392,556 | 348,935 |
| Total liabilities | 1,557,617 | 1,307,618 |
| Commitments and contingent liabilities (see Note 13) | ||
| Equity | ||
| Morgan Stanley shareholders’ equity: | ||
| Preferred stock | 9,750 | 9,750 |
| Common stock, $0.01 par value: | ||
| Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,571,931,108 and 1,582,834,137 | 20 | 20 |
| Additional paid-in capital | 31,597 | 31,153 |
| Retained earnings | 122,774 | 115,091 |
| Employee stock trusts | 5,912 | 5,154 |
| Accumulated other comprehensive income (loss) | (6,329) | (6,285) |
| Common stock held in treasury at cost, $0.01 par value (466,962,871 and 456,059,842 shares) | (41,483) | (38,097) |
| Common stock issued to employee stock trusts | (5,912) | (5,154) |
| Total Morgan Stanley shareholders’ equity | 116,329 | 111,632 |
| Noncontrolling interests | 1,111 | 1,020 |
| Total equity | 117,440 | 112,652 |
| Total liabilities and equity | 1,675,057 | 1,420,270 |
Cash Flow Statement (Unaudited)
$ in millions
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 11,291 | 7,946 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
| Stock-based compensation expense | 1,133 | 1,008 |
| Depreciation and amortization | 1,916 | 2,172 |
| Provision for credit losses | 196 | 331 |
| Other operating adjustments | 260 | 156 |
| Changes in assets and liabilities: | ||
| Trading assets, net of Trading liabilities | (29,728) | (65,970) |
| Securities borrowed | (29,450) | (16,100) |
| Securities loaned | 3,426 | 3,967 |
| Customer and other receivables and other assets | (40,203) | (13,253) |
| Customer and other payables and other liabilities | 56,924 | 36,316 |
| Securities purchased under agreements to resell | (9,273) | 11,810 |
| Securities sold under agreements to repurchase | 23,663 | 19,470 |
| Net cash provided by (used for) operating activities | (9,845) | (12,147) |
| Cash flows from investing activities | ||
| Proceeds from (payments for): | ||
| Other assets—Premises, equipment and software | (1,573) | (1,476) |
| Changes in loans, net | (21,138) | (18,186) |
| AFS securities: | ||
| Purchases | (16,668) | (18,687) |
| Proceeds from sales | 6,878 | 2,462 |
| Proceeds from paydowns and maturities | 14,021 | 9,111 |
| HTM securities: | ||
| Purchases | (1,294) | — |
| Proceeds from paydowns and maturities | 6,901 | 4,520 |
| Other investing activities | (931) | (450) |
| Net cash provided by (used for) investing activities | (13,804) | (22,706) |
| Cash flows from financing activities | ||
| Net proceeds from (payments for): | ||
| Other secured financings | 5,095 | 3,374 |
| Deposits | 30,977 | 13,232 |
| Proceeds from issuance of Borrowings | 99,444 | 69,341 |
| Payments for: | ||
| Borrowings | (54,037) | (45,092) |
| Repurchases of common stock and employee tax withholdings | (4,547) | (3,159) |
| Cash dividends | (3,385) | (3,200) |
| Other financing activities | (27) | 216 |
| Net cash provided by (used for) financing activities | 73,520 | 34,712 |
| Effect of exchange rate changes on cash and cash equivalents | (1,431) | 3,885 |
| Net increase (decrease) in cash and cash equivalents | 48,440 | 3,744 |
| Cash and cash equivalents, at beginning of period | 111,695 | 105,386 |
| Cash and cash equivalents, at end of period | 160,135 | 109,130 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash payments for: | ||
| Interest | 26,585 | 24,543 |
| Income taxes, net of refunds | 2,171 | 2,345 |
Amounts as printed on the EDGAR/iXBRL face — in millions, except per share data; $ in millions. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗