Morgan Stanley Q1 2026: 16% revenue growth, 21% ROE, and simplified DCP accounting

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~2 min read

Key Changes

• high

  Net revenues rose 16% to $20.6B with net income up 29% to $5.6B; EPS jumped 32% to $3.43. ROE reached 21.0% and ROTCE hit 27.1%, both exceeding the firm's 20% target and reflecting improved capital efficiency.

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• high

  Investment Banking revenues surged 36% to $2.1B, driven by Advisory (up 74% to $978M) as completed M&A volumes more than doubled to $324B, particularly in the Americas.

  MD&A: Investment Banking verify on EDGAR →
• high

  Fixed Income revenues accelerated to 29% growth ($3.4B) from 5% prior year, with Commodities and Credit driving gains amid energy market volatility, while Global macro products declined.

  MD&A: Fixed Income Markets verify on EDGAR →