MORGAN STANLEY (MS) financial statements: income statement, balance sheet and cash flow
MORGAN STANLEY's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MORGAN STANLEY reported revenue of $70.6B (+14.4% year on year) and net income of $17.0B (+25.8% year on year).
Income statement
MORGAN STANLEY income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Investment banking
$8.2B
$6.7B
$4.9B
$5.6B
Trading
$18.6B
$16.8B
$15.3B
$13.9B
Investments
$1.4B
$824.0M
$573.0M
$15.0M
Commissions and fees
$5.9B
$5.1B
$4.5B
$4.9B
Asset management
$25.1B
$22.5B
$19.6B
$19.6B
Other
$1.4B
$1.3B
$975.0M
$283.0M
Total non-interest revenues
$60.6B
$53.1B
$45.9B
$44.3B
Interest income
$59.1B
$54.1B
$50.3B
$21.6B
Interest expense
$49.0B
$45.5B
$42.1B
$12.3B
Net interest
$10.0B
$8.6B
$8.2B
$9.3B
Net revenues
$70.6B
$61.8B
$54.1B
$53.7B
Provision for credit losses
$349.0M
$264.0M
$532.0M
$280.0M
Compensation and benefits
$29.2B
$26.2B
$24.6B
$23.1B
Brokerage, clearing and exchange fees
$4.7B
$4.1B
$3.5B
$3.5B
Information processing and communications
$4.4B
$4.1B
$3.8B
$3.5B
Professional services
$2.8B
$2.9B
$3.1B
$3.1B
Occupancy and equipment
$1.9B
$1.9B
$1.9B
$1.7B
Marketing and business development
$1.2B
$965.0M
$898.0M
$905.0M
Other
$4.1B
$3.7B
$4.1B
$3.6B
Total non-interest expenses
$48.3B
$43.9B
$41.8B
$39.3B
Income before provision for income taxes
$22.0B
$17.6B
$11.8B
$14.1B
Provision for income taxes
$4.9B
$4.1B
$2.6B
$2.9B
Net income
$17.0B
$13.5B
$9.2B
$11.2B
Net income applicable to noncontrolling interests
$164.0M
$139.0M
$143.0M
$150.0M
Net income applicable to Morgan Stanley
$16.9B
$13.4B
$9.1B
$11.0B
Preferred stock dividends
$612.0M
$590.0M
$557.0M
$489.0M
Earnings applicable to Morgan Stanley common shareholders
$16.2B
$12.8B
$8.5B
$10.5B
Earnings per common share - basic (in dollars per share)
$10.32
$8.04
$5.24
$6.23
Earnings per common share - diluted (in dollars per share)
$10.21
$7.95
$5.18
$6.15
Basic (in shares)
1.6B
1.6B
1.6B
1.7B
Diluted (in shares)
1.6B
1.6B
1.6B
1.7B
MORGAN STANLEY income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Investment banking
$2.7B
$2.3B
$2.3B
$1.6B
Trading
$6.7B
$6.7B
$5.0B
$4.7B
Investments
$226.0M
$146.0M
$374.0M
$388.0M
Commissions and fees
$1.8B
$1.7B
$1.5B
$1.4B
Asset management
$6.9B
$6.7B
$6.4B
$6.0B
Other
$223.0M
$292.0M
$159.0M
$290.0M
Total non-interest revenues
$18.6B
$17.9B
$15.7B
$14.4B
Interest income
$15.9B
$15.3B
$15.5B
$14.9B
Interest expense
$13.1B
$12.6B
$13.0B
$12.6B
Net interest
$2.8B
$2.7B
$2.5B
$2.3B
Net revenues
$21.3B
$20.6B
$18.2B
$16.8B
Provision for credit losses
$98.0M
$98.0M
$0
$196.0M
Compensation and benefits
$8.2B
$8.5B
$7.4B
$7.2B
Brokerage, clearing and exchange fees
$1.5B
$1.3B
$1.1B
$1.2B
Information processing and communications
$1.2B
$1.1B
$1.1B
$1.1B
Professional services
$680.0M
$602.0M
$685.0M
$711.0M
Occupancy and equipment
$482.0M
$483.0M
$473.0M
$459.0M
Marketing and business development
$401.0M
$310.0M
$280.0M
$297.0M
Other
$1.5B
$1.1B
$1.1B
$1.0B
Total non-interest expenses
$13.9B
$13.5B
$12.2B
$12.0B
Income before provision for income taxes
$7.3B
$7.0B
$6.0B
$4.6B
Provision for income taxes
$1.7B
$1.4B
$1.4B
$1.0B
Net income
$5.7B
$5.6B
$4.7B
$3.6B
Net income applicable to noncontrolling interests
$72.0M
$71.0M
$45.0M
$36.0M
Net income applicable to Morgan Stanley
$5.6B
$5.6B
$4.6B
$3.5B
Preferred stock dividends
$145.0M
$156.0M
$160.0M
$147.0M
Earnings applicable to Morgan Stanley common shareholders
$5.4B
$5.4B
$4.5B
$3.4B
Basic (USD per share)
$3.50
$3.47
$2.83
$2.15
Diluted (USD per share)
$3.46
$3.43
$2.80
$2.13
Basic (shares)
1.6B
1.6B
1.6B
1.6B
Diluted (shares)
1.6B
1.6B
1.6B
1.6B
Balance sheet
MORGAN STANLEY balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$111.7B
$105.4B
$89.2B
$128.1B
Trading assets at fair value ($213,269 and $148,945 were pledged to various parties)
$428.3B
$331.9B
$367.1B
$301.3B
Available-for-sale at fair value (amortized cost of $112,522 and $101,960)
$110.5B
$98.6B
$88.1B
—
Held-to-maturity (fair value of $45,615 and $51,203)
$53.1B
$61.1B
$66.7B
—
Securities purchased under agreements to resell (includes $— and $— at fair value)
$120.2B
$118.6B
$110.7B
$113.9B
Securities borrowed
$151.9B
$123.9B
$121.1B
$133.4B
Customer and other receivables
$114.7B
$86.2B
$80.1B
$78.5B
Held for investment (net of allowance for credit losses of $1,132 and $1,066)
$268.7B
$225.8B
$203.4B
—
Held for sale
$9.4B
$12.3B
$15.3B
$14.8B
Goodwill
$16.7B
$16.7B
$16.7B
$16.7B
Intangible assets (net of accumulated amortization of $1,882 and $5,445)
$6.0B
$6.5B
$7.1B
$7.6B
Other assets
$29.0B
$28.2B
$28.2B
$27.0B
Total assets
$1.4T
$1.2T
$1.2T
$1.2T
Deposits (includes $8,755 and $6,499 at fair value)
$415.5B
$376.0B
$351.8B
$356.6B
Trading liabilities at fair value
$169.6B
$153.8B
$151.5B
$154.4B
Securities sold under agreements to repurchase (includes $696 and $956 at fair value)
$78.5B
$50.1B
$62.7B
$62.5B
Securities loaned
$17.3B
$15.2B
$15.1B
$15.7B
Other secured financings (includes $16,871 and $14,088 at fair value)
$21.6B
$21.6B
$12.7B
$8.2B
Customer and other payables
$226.5B
$175.9B
$208.1B
$216.1B
Other liabilities and accrued expenses
$29.6B
$28.2B
$28.2B
$27.4B
Borrowings (includes $132,479 and $103,332 at fair value)
$348.9B
$288.8B
$263.7B
$238.1B
Total liabilities
$1.3T
$1.1T
$1.1T
$1.1T
Preferred stock
$9.8B
$9.8B
$8.8B
$8.8B
Common stock
$20.0M
$20.0M
$20.0M
$20.0M
Additional paid-in capital
$31.2B
$30.2B
$29.8B
$29.3B
Retained earnings
$115.1B
$105.0B
$98.0B
$94.9B
Employee stock trusts
$5.2B
$5.1B
$5.3B
$4.9B
Accumulated other comprehensive income (loss)
($6.3B)
($6.8B)
($6.4B)
($6.3B)
Common stock held in treasury at cost, $0.01 par value (456,059,842 and 432,240,273 shares)
-38.1B
-33.6B
-31.1B
-26.6B
Common stock issued to employee stock trusts
($5.2B)
($5.1B)
($5.3B)
($4.9B)
Total Morgan Stanley shareholders’ equity
$111.6B
$104.5B
$99.0B
$100.1B
Noncontrolling interests
$1.0B
$917.0M
$944.0M
$1.1B
Total equity
$112.7B
$105.4B
$100.0B
$101.2B
Total liabilities and equity
$1.4T
$1.2T
$1.2T
$1.2T
MORGAN STANLEY balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$160.1B
$133.5B
$103.7B
$109.1B
Trading assets at fair value ($278,278 and $213,269 pledged as collateral)
$544.2B
$526.2B
$423.8B
$425.5B
Available-for-sale at fair value (amortized cost of $107,761 and $112,522)
$105.5B
$109.8B
$108.3B
$106.9B
Held-to-maturity (fair value of $40,238 and $45,615)
$47.7B
$50.5B
$55.2B
$56.7B
Securities purchased under agreements to resell (includes $109 and $— at fair value)
$129.5B
$128.9B
$111.7B
$106.8B
Securities borrowed
$181.4B
$154.6B
$129.1B
$140.0B
Customer and other receivables
$151.0B
$132.6B
$113.3B
$98.3B
Held for investment (net of allowance for credit losses of $1,248 and $1,132)
$289.3B
$276.7B
$255.9B
$245.7B
Held for sale
$13.1B
$17.2B
$11.4B
$12.3B
Goodwill
$17.1B
$17.1B
$16.7B
$16.7B
Intangible assets (net of accumulated amortization of $2,042 and $1,882)
$5.9B
$6.0B
$6.1B
$6.2B
Other assets
$30.3B
$28.3B
$29.5B
$29.7B
Total assets
$1.7T
$1.6T
$1.4T
$1.4T
Deposits (includes $8,647 and $8,755 at fair value)
$446.1B
$428.0B
$405.5B
$389.4B
Trading liabilities at fair value
$255.6B
$217.4B
$162.4B
$171.4B
Securities sold under agreements to repurchase (includes $887 and $696 at fair value)
$102.2B
$119.8B
$61.5B
$69.5B
Securities loaned
$20.7B
$19.6B
$15.9B
$19.2B
Other secured financings (includes $19,461 and $16,871 at fair value)
$29.8B
$22.7B
$21.4B
$23.5B
Customer and other payables
$279.1B
$259.3B
$226.4B
$215.3B
Other liabilities and accrued expenses
$31.6B
$27.8B
$28.9B
$27.5B
Borrowings (includes $147,514 and $132,479 at fair value)
$392.6B
$371.6B
$331.7B
$328.8B
Total liabilities
$1.6T
$1.5T
$1.3T
$1.2T
Preferred stock
$9.8B
$9.8B
$9.8B
$9.8B
Common stock
$20.0M
$20.0M
$20.0M
$20.0M
Additional paid-in capital
$31.6B
$31.0B
$30.7B
$30.3B
Retained earnings
$122.8B
$118.9B
$112.4B
$109.6B
Employee stock trusts
$5.9B
$6.0B
$5.1B
$5.1B
Accumulated other comprehensive income (loss)
($6.3B)
($5.5B)
($6.3B)
($5.9B)
Common stock held in treasury at cost, $0.01 par value (466,962,871 and 456,059,842 shares)
-41.5B
-39.9B
-36.6B
-35.5B
Common stock issued to employee stock trusts
($5.9B)
($6.0B)
($5.1B)
($5.1B)
Total Morgan Stanley shareholders’ equity
$116.3B
$114.3B
$110.0B
$108.2B
Noncontrolling interests
$1.1B
$1.1B
$1.1B
$1.1B
Total equity
$117.4B
$115.4B
$111.1B
$109.3B
Total liabilities and equity
$1.7T
$1.6T
$1.4T
$1.4T
Cash flow statement
MORGAN STANLEY cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$17.0B
$13.5B
$9.2B
$11.2B
Deferred income taxes
$561.0M
$152.0M
($463.0M)
($849.0M)
Stock-based compensation expense
$1.9B
$1.6B
$1.7B
$1.9B
Depreciation and amortization
$4.7B
$5.2B
$4.3B
$4.0B
Provision for credit losses
$349.0M
$264.0M
$532.0M
$280.0M
Other operating adjustments
$408.0M
$4.0M
$308.0M
$618.0M
Trading assets, net of Trading liabilities
($67.7B)
$34.5B
($61.0B)
($39.4B)
Securities borrowed
($28.0B)
($2.8B)
$12.3B
($3.7B)
Securities loaned
$2.1B
$169.0M
($622.0M)
$3.4B
Customer and other receivables and other assets
($26.6B)
($5.3B)
$602.0M
$14.7B
Customer and other payables and other liabilities
$50.7B
($25.6B)
($3.6B)
($4.9B)
Securities purchased under agreements to resell
($1.7B)
($7.8B)
$3.2B
$6.1B
Securities sold under agreements to repurchase
$28.5B
($12.6B)
$117.0M
$346.0M
Net cash provided by (used for) operating activities
($17.9B)
$1.4B
($33.5B)
($6.4B)
Other assets—Premises, equipment and software
($2.9B)
($3.5B)
($3.4B)
($3.1B)
Changes in loans, net
($41.4B)
($22.6B)
($4.1B)
($23.7B)
Purchases
($36.6B)
($35.3B)
($23.1B)
($24.6B)
Proceeds from sales
$5.0B
$5.7B
$5.9B
$22.0B
Proceeds from paydowns and maturities
$21.8B
$21.1B
$14.3B
$13.4B
Purchases
$0
($3.9B)
$0
($5.2B)
Proceeds from paydowns and maturities
$8.4B
$10.5B
$8.1B
$9.8B
Other investing activities
($1.1B)
($1.5B)
($923.0M)
($347.0M)
Net cash provided by (used for) investing activities
($46.8B)
($29.5B)
($3.1B)
($11.6B)
Other secured financings
$1.1B
$4.4B
$796.0M
($884.0M)
Deposits
$39.1B
$24.0B
($5.1B)
$1.7B
Issuance of preferred stock, net of issuance costs
$0
$995.0M
$0
$994.0M
Proceeds from issuance of Borrowings
$139.2B
$108.4B
$78.4B
$72.5B
Borrowings
($99.4B)
($80.2B)
($64.8B)
($34.9B)
Repurchases of common stock and employee tax withholdings
($5.8B)
($4.2B)
($6.2B)
($10.9B)
Cash dividends
($6.6B)
($6.1B)
($5.8B)
($5.4B)
Other financing activities
$142.0M
($350.0M)
($125.0M)
($345.0M)
Net cash provided by (used for) financing activities
$67.8B
$46.8B
($2.7B)
$22.7B
Effect of exchange rate changes on cash and cash equivalents
$3.2B
($2.5B)
$451.0M
($4.3B)
Net increase (decrease) in cash and cash equivalents
$6.3B
$16.2B
($38.9B)
$402.0M
Cash and cash equivalents, at beginning of period
$105.4B
$89.2B
$128.1B
$127.7B
Cash and cash equivalents, at end of period
$111.7B
$105.4B
$89.2B
$128.1B
Cash payments for interest
$47.1B
$46.4B
$41.9B
$9.8B
Cash payments for income taxes, net of refunds
$3.5B
$1.9B
$2.0B
$4.1B
MORGAN STANLEY cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$11.3B
$5.6B
$12.6B
$7.9B
Stock-based compensation expense
$1.1B
$571.0M
$1.5B
$1.0B
Depreciation and amortization
$1.9B
$714.0M
$3.5B
$2.2B
Provision for credit losses
$196.0M
$98.0M
$331.0M
$331.0M
Other operating adjustments
$260.0M
$74.0M
$268.0M
$156.0M
Trading assets, net of Trading liabilities
($29.7B)
($53.6B)
($69.8B)
($66.0B)
Securities borrowed
($29.4B)
($2.7B)
($5.3B)
($16.1B)
Securities loaned
$3.4B
$2.3B
$718.0M
$4.0B
Customer and other receivables and other assets
($40.2B)
($24.6B)
($27.1B)
($13.3B)
Customer and other payables and other liabilities
$56.9B
$31.7B
$49.6B
$36.3B
Securities purchased under agreements to resell
($9.3B)
($8.6B)
$6.8B
$11.8B
Securities sold under agreements to repurchase
$23.7B
$41.3B
$11.4B
$19.5B
Net cash provided by (used for) operating activities
($9.8B)
($7.1B)
($15.5B)
($12.1B)
Other assets—Premises, equipment and software
($1.6B)
($754.0M)
($2.2B)
($1.5B)
Changes in loans, net
($21.1B)
($8.4B)
($28.6B)
($18.2B)
Purchases
($16.7B)
($11.7B)
($28.8B)
($18.7B)
Proceeds from sales
$6.9B
$5.9B
$4.7B
$2.5B
Proceeds from paydowns and maturities
$14.0B
$6.0B
$16.1B
$9.1B
Purchases
($1.3B)
($999.0M)
$0
$0
Proceeds from paydowns and maturities
$6.9B
$3.7B
$6.1B
$4.5B
Other investing activities
($931.0M)
($313.0M)
($746.0M)
($450.0M)
Net cash provided by (used for) investing activities
($13.8B)
($6.6B)
($33.4B)
($22.7B)
Other secured financings
$5.1B
($506.0M)
$849.0M
$3.4B
Deposits
$31.0B
$12.8B
$29.1B
$13.2B
Proceeds from issuance of Borrowings
$99.4B
$56.2B
$94.2B
$69.3B
Borrowings
($54.0B)
($27.6B)
($71.2B)
($45.1B)
Repurchases of common stock and employee tax withholdings
($4.5B)
($2.9B)
($4.3B)
($3.2B)
Cash dividends
($3.4B)
($1.7B)
($4.9B)
($3.2B)
Other financing activities
($27.0M)
$164.0M
$48.0M
$216.0M
Net cash provided by (used for) financing activities
$73.5B
$36.5B
$43.8B
$34.7B
Effect of exchange rate changes on cash and cash equivalents
($1.4B)
($928.0M)
$3.4B
$3.9B
Net increase (decrease) in cash and cash equivalents