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MS

Morgan Stanley

MS

Morgan Stanley • NYSE
$169.62 ▲ 1.00% (+1.68)
Market Cap $269.58 B
52w High $171.77
52w Low $94.33
Dividend Yield 3.85%
P/E 17.41
Volume 2.13M
Outstanding Shares 1.59B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.048B ▲ $11.055B ▲ $4.61B ▲ 15.342% ▲ $2.83 ▲ $7.376B ▲
Q2-2025 $28.162B ▲ $10.786B ▼ $3.539B ▼ 12.567% ▼ $2.15 ▼ $5.929B ▼
Q1-2025 $27.912B ▲ $10.838B ▲ $4.315B ▲ 15.459% ▲ $2.62 ▲ $6.409B ▼
Q4-2024 $25.982B ▼ $10.022B ▼ $3.714B ▲ 14.295% ▲ $2.25 ▲ $6.551B ▲
Q3-2024 $26.328B $10.039B $3.188B 12.109% $1.91 $5.491B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $103.049B ▼ $1.365T ▲ $1.254T ▲ $109.962B ▲
Q2-2025 $216.002B ▲ $1.354T ▲ $1.245T ▲ $108.184B ▲
Q1-2025 $87.565B ▼ $1.3T ▲ $1.192T ▲ $106.812B ▲
Q4-2024 $401.589B ▼ $1.215T ▼ $1.11T ▼ $104.511B ▲
Q3-2024 $434.537B $1.258T $1.153T $103.647B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.657B ▲ $-15.624B ▼ $-33.187B ▼ $43.734B ▲ $103.728B ▲ $-15.429B ▼
Q2-2025 $3.575B ▼ $11.829B ▲ $-17.672B ▼ $21.667B ▲ $18.391B ▲ $11.066B ▲
Q1-2025 $4.371B ▲ $-23.976B ▼ $-5.034B ▲ $13.045B ▼ $-14.647B ▼ $-24.689B ▼
Q4-2024 $3.724B ▲ $11.8B ▲ $-10.15B ▼ $15.255B ▼ $14.302B ▲ $10.921B ▲
Q3-2024 $3.226B $-17.323B $-6.696B $23.048B $924M $-18.239B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Institutional Securities Segment
Institutional Securities Segment
 $14.25Bn ▲$8.98Bn ▼$7.64Bn ▼$8.52Bn ▲
Investment Management Segment
Investment Management Segment
 $3.03Bn ▲$1.60Bn ▼$1.55Bn ▼$1.65Bn ▲
Wealth Management Segment
Wealth Management Segment
 $14.27Bn ▲$7.33Bn ▼$7.76Bn ▲$8.23Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Morgan Stanley’s revenue has grown strongly over the last several years, with the most recent year showing its highest sales yet. Earnings have been solid but more up‑and‑down, reflecting the natural swings in trading, deal activity, and markets. Profitability tightened in the middle of the period, then recovered more recently, suggesting the firm managed costs and business mix reasonably well after a tougher stretch. Overall, the income statement points to a large, diversified franchise that can generate substantial profits but remains sensitive to market conditions and interest-rate cycles.

Balance Sheet

Balance Sheet The balance sheet is very large and has stayed broadly stable in size, which is typical for a global investment bank and wealth manager. Cash levels move around but appear healthy, indicating good access to liquidity. Debt has been edging higher over time while shareholders’ equity has stayed roughly flat, implying a gradual increase in leverage that is common in this industry but worth monitoring. The picture is of a complex, well-capitalized institution where risk is more about the quality of assets and funding than about raw size alone.

Cash Flow

Cash Flow Reported cash flows are quite volatile from year to year, with big swings between positive and negative operating cash flow. For a financial institution, this often reflects changes in loans, trading positions, and client balances rather than problems in the underlying business. Free cash flow is frequently negative, but capital spending itself is modest, showing that Morgan Stanley is not a heavy physical‑asset business. The key takeaway is that traditional manufacturing-style cash flow analysis is less meaningful here; liquidity management, funding stability, and regulatory capital matter much more than smooth cash flow trends.

Competitive Edge

Competitive Edge Morgan Stanley holds a leading position in both wealth management and institutional securities, backed by a strong global brand and long client relationships. Its business mix is now more balanced, with a sizable, more recurring fee base from wealth management helping to offset the ups and downs of investment banking and trading. Scale, global reach, and deep product breadth make it harder for smaller or more specialized rivals to compete directly. However, the firm still faces intense competition from other megabanks, asset managers, and increasingly tech‑enabled platforms, along with heavy regulatory scrutiny.

Innovation and R&D

Innovation and R&D The firm is leaning heavily into technology, especially artificial intelligence, to strengthen its moat. AI tools support financial advisors with tailored client insights, automate meeting follow‑ups, and help traders and researchers process vast amounts of data, aiming to make human teams more effective rather than replace them. Morgan Stanley is also innovating in electronic trading, private-markets research, and workplace financial platforms, trying to stay ahead of shifts in how clients invest and receive advice. This tech-forward approach could deepen client loyalty and efficiency, but it also raises execution, data, and cybersecurity risks in a fast-moving competitive race.

Summary

Overall, Morgan Stanley looks like a mature global financial franchise with rising revenue, resilient but cyclical earnings, and a large, stable balance sheet. The mix of steadier wealth management fees with more volatile institutional businesses provides both diversification and exposure to market swings. Its aggressive use of AI and data, combined with brand strength and scale, gives it a meaningful competitive edge, though the same factors also attract strong, well-funded competitors. Key uncertainties center on market conditions, regulation, interest rates, and the ability to keep turning technology investments into better risk control, client outcomes, and long-term profitability.

NEWS

November 20, 2025 · 10:01 AM UTC

Morgan Stanley Sustainable Signals: Global Survey Shows Institutional Investors Maintain Positive Outlook on Sustainable Investing

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November 14, 2025 · 4:30 PM UTC

Morgan Stanley Declares Dividends on Its Preferred Stock

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October 29, 2025 · 9:00 AM UTC

Morgan Stanley to Acquire Leading Private Shares Platform EquityZen

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October 21, 2025 · 8:05 AM UTC

Morgan Stanley Wealth Management Pulse Survey Reveals Inflation Concerns Persist Throughout 2025

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October 15, 2025 · 7:28 AM UTC

Morgan Stanley Reports Third Quarter 2025 Earnings Results

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