Morgan Stanley (MS) financials
NYSE · Financial Services · Financial - Capital Markets · 83,000 employees · CEO Edward N. Pick
- Price
- $184.30 -2.41%
- Market cap
- $291B
- Enterprise value
- $669B
- Last report
- Q3 '26 filed 2026-10-14
- Next report
- 2027-01-14
Revenue (TTM)$130B+15.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)20.5%+1.7 pp vs a year agoOperating income $26.6B
Net income (TTM)$20.5B+26.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$11.6B-72.5% vs a year agoCapex -$616M
Diluted EPS (TTM)$12.51+28.3% vs a year agoSum of the last 4 quarters
Net cash-$258B+17.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $291B EV $669B
- Revenue
- $130B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 15.8% Net income / revenue, TTM
- P/E
- 14.5×
- P/S
- 2.2× Price / sales, TTM
- EV / EBITDA
- 22.6× TTM
- Free cash flow
- -$11.6B Trailing 12 months
- Net income
- $20.5B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-14
- Dividend
- $4.30 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 10.7% year on yearQ3 '26 revenue $33.3B, against an average of 16.6% over the four quarters before.
- Operating margin 20.5% (TTM), +1.7 pp on a year agoOperating income grew 26.3% while revenue grew 15.7%.
- Capex 0.5% of revenue (a year ago 2.7%)$616M invested in the last 4 quarters (-79.9% on a year earlier). Free cash flow -$11.6B = -56.7% of net income.
- Diluted share count down 1.7% in a year1.57B diluted shares in Q3 '26, 1.59B a year earlier.
- Net debt $258BCash + short-term investments $120B, debt incl. leases $378B; a year ago net debt $312B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $33.3B | $30B | +10.7% |
| Gross margin | 60.7% | 56.9% | +3.8 pp |
| Operating income | $6.48B | $6.03B | +7.5% |
| Operating margin | 19.5% | 20.1% | -0.6 pp |
| Net income | $4.91B | $4.61B | +6.5% |
| Diluted EPS | $3.03 | $2.80 | +8.2% |
| Operating cash flow | $0 | -$3.33B | +100.0% |
| Capex | $0 | $713M | -100.0% |
| Free cash flow | $0 | -$4.05B | +100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $449M | -100.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Wealth Management Segment | $8.43B | -40.9% | 46.6% | $31.8B | -9.8% | |
| Institutional Securities Segment | $7.93B | -44.3% | 43.9% | $33.1B | -5.7% | |
| Investment Management Segment | $1.72B | -43.2% | 9.5% | $6.53B | -10.0% |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $13.8B | +9.9% | 77.0% | $52.9B | +12.7% | |
| Asia | $2.15B | +6.8% | 12.0% | $9.42B | +23.4% | |
| EMEA | $1.96B | +17.0% | 10.9% | $8.33B | +15.7% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$12.3B
- Capex
- $616M
- Buybacks
- $2.63B
- Dividends
- -$5.07B
- Acquisitions
- $0
- Net debt issued
- $22.4B
- Stock-based compensation
- $1.6B
- Free cash flow
- -$11.6B
- Returned to shareholders / FCF
- -21.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 14.5× | 15.3× | 12.0× – 17.8× |
| EV / EBITDA | 22.6× | 21.7× | 16.5× – 26.9× |
| EV / Sales | 5.2× | 5.6× | 4.7× – 6.8× |
| Price / FCF | -25.0× | 5.8× 2 of 5 years | 5.5× – 6.0× |
| Price / Book | 2.4× | 1.8× | 1.4× – 2.5× |
| FCF yield | -4.0% | 0.5% | -24.3% – 18.1% |
| Return on invested capital | -5.4% | 2.3% | 1.7% – 3.1% |
| Return on equity | 17.9% | 12.5% | 9.2% – 15.1% |
Analysts
Consensus target $212.00 (+15.0%)
range $195.00 – $236.00 · rating Buy
Strong buy0
Buy29
Hold23
Sell1
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 373 figures Morgan Stanley tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accrued Liabilities and Other Liabilities | $31.6B | $27.5B | +15.0% | $29.6B | $28.2B | +5.0% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$1.17B2025-12-31 | -$1.48B | +20.8% | -$1.17B | -$1.48B | +20.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$6.33B | -$5.91B | -7.0% | -$6.29B | -$6.81B | +7.8% |
| Additional Paid in Capital | $31.6B | $30.3B | +4.4% | $31.2B | $30.2B | +3.2% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $79M | $77M | +2.6% | $290M | $301M | -3.7% |
| Amortization Method Qualified Affordable Housing Project Investments | $1.87B | $1.84B | +1.4% | $1.93B | $1.85B | +3.8% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $58M | $62M | -6.5% | $237M | $239M | -0.8% |
| Amortization of Intangible Assets | – | – | – | $454M | $602M | -24.6% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $60B2025-12-31 | $49.9B | +20.2% | $60B | $49.9B | +20.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 4M | -100.0% | 2M | 0 | – |
| Assets | $1.68T | $1.35T | +23.7% | $1.42T | $1.22T | +16.9% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 14.9% | 15.0% | -0.7% | 15.0% | 15.9% | -5.7% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 4.5% | 4.5% | 0.0% | 4.5% | 4.5% | 0.0% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $87.6B | $78.7B | +11.3% | $83.2B | $75.1B | +10.7% |
| Banking Regulation, Countercyclical Capital Buffer | 0.0% | 0.0% | – | 0.0% | 0.0% | – |
| Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge | 3.0% | 3.0% | 0.0% | 3.0%2024-12-31 | 3.0% | 0.0% |
| Banking Regulation, Risk-Weighted Assets, Actual | $589B | $523B | +12.6% | $553B | $472B | +17.1% |
| Banking Regulation, Supplementary Leverage Ratio, Actual | 4.9% | 5.5% | -10.9% | 5.4% | 5.6% | -3.6% |
| Banking Regulation, Tier One Leverage Capital Ratio, Actual | 6.0% | 6.8% | -11.8% | 6.7% | 6.9% | -2.9% |
| Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 4.0% | 4.0% | 0.0% | 4.0% | 4.0% | 0.0% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 16.5% | 16.9% | -2.4% | 16.8% | 18.0% | -6.7% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 13.3% | 15.0% | -11.3% | 13.3% | 15.0% | -11.3% |
| Banking Regulation, Tier One Risk-Based Capital, Actual | $97.2B | $88.4B | +10.0% | $92.7B | $84.8B | +9.4% |
| Banking Regulation, Total Capital, Actual | $109B | $99.7B | +9.3% | $103B | $95.6B | +8.2% |
| Banking Regulation, Total Risk-Based Capital Ratio, Actual | 18.5% | 19.0% | -2.6% | 18.7% | 20.3% | -7.9% |
| Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 15.3% | 17.0% | -10.0% | 15.3% | 17.0% | -10.0% |
| BeneficialInterestSecuredByPrepayableFinancialInstrumentsLastOfLayerAmortizedCost | $759M | $607M | +25.0% | $589M | $325M | +81.2% |
| Brokerage Commissions Revenue | $1.83B | $1.43B | +28.6% | $5.94B | $5.09B | +16.5% |
| Capital Accumulation Plans | $5.91B | $5.09B | +16.3% | $5.15B | $5.1B | +1.0% |
| Cash and Cash Equivalents, at Carrying Value | $160B | $109B | +46.7% | $112B | $105B | +6.0% |
| Cash and Due from Banks | $6.94B | $8.13B | -14.7% | $4.46B | $4.44B | +0.6% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$17M | -$46M | +63.0% | -$68M | $31M | -319.4% |
| Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $14.8B | $12.1B | +21.7% | $52.9B | $36.3B | +45.5% |
| Cash Flows Between Transferor and Transferee, Receipts on Transferor's Interest in Transferred Financial Assets, Other | $159M | $2.46B | -93.5% | $11.5B | $7.96B | +44.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $160B | $109B | +46.7% | $112B | $105B | +6.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $26.6B | $18.4B | +44.7% | $6.31B | $16.2B | -60.9% |
| Cash, FDIC Insured Amount | $349B | $313B | +11.5% | $331B | $298B | +11.1% |
| Collateral Already Posted, Aggregate Fair Value | $20.9B | $16.8B | +23.9% | $20.2B | $16.3B | +24.0% |
| Common Stock Issued, Employee Stock Trust | $5.91B | $5.09B | +16.3% | $5.15B | $5.1B | +1.0% |
| Common Stock, Dividends, Per Share, Declared | $1.00 | $0.93 | +8.1% | $3.85 | $3.55 | +8.5% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 3.5B | 3.5B | 0.0% | 3.5B | 3.5B | 0.0% |
| Common Stock, Shares, Issued | 2.04B | 2.04B | 0.0% | 2.04B | 2.04B | 0.0% |
| Common Stock, Shares, Outstanding | 1.57B | 1.6B | -1.6% | 1.58B | 1.61B | -1.5% |
| Common Stock, Value, Issued | $20M | $20M | 0.0% | $20M | $20M | 0.0% |
| Communications and Information Technology | $1.2B | $1.09B | +10.5% | $4.42B | $4.09B | +8.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $4.76B | $3.59B | +32.6% | $17.4B | $13B | +33.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $4.8B | $3.67B | +31.1% | $17.5B | $13.1B | +34.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $3.34B | $2.76B | +21.2% | $3B | $2.63B | +14.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.23B | $2.01B | +11.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.54B | $1.24B | +23.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.37B | $3.92B | +11.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $601M | $660M | -8.9% |
| Customer Securities for which Entity has Right to Sell or Repledge, Fair Value | $1.38T | $1.12T | +23.4% | $1.19T | $933B | +27.7% |
| Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged | $1.06T | $876B | +21.2% | $900B | $724B | +24.3% |
| Debt Instrument, Fair Value Disclosure | $148B | $125B | +17.5% | $132B | $103B | +28.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $143M | $71M | +101.4% | $223M | $89M | +150.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $2.37B | $2.9B | -18.2% | $2.28B | $3.44B | -33.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $19.9B | $45B | -55.8% | $30.2B | $44.1B | -31.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $2.24B | $2.84B | -21.0% | $2.27B | $3.36B | -32.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30
Data as of 2026-11-01