Morgan Stanley posts 26% earnings jump to $17B; balance sheet expands 17% to $1.42T

Filed February 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Feb 21, 2025 · ~2 min read

Key Changes

• high

  Net income rose 26% to $17.0 billion in FY2025, driven by strong performance across investment banking (+22%), trading (+11%), and asset management (+12%). Diluted EPS climbed 28% to $10.21, outpacing net income growth due to share buybacks.

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• high

  Total assets grew 17% to $1.42 trillion, fueled by $96 billion increase in trading assets, $43 billion in loans, and $29 billion in customer receivables. Borrowings jumped 21% to $349 billion to support expanded balance sheet deployment.

  MD&A: Balance Sheet verify on EDGAR →
• high

  Investment banking revenue reached $8.2 billion, up 22% year-over-year, continuing recovery from 2023 lows as capital markets activity and M&A advisory volumes improved.

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