Morgan Stanley (MS) income statement
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
Morgan Stanley (MS) reported revenue of $33.3B for Q3 '26 (+10.7% year on year), operating income of $6.48B (19.5% of revenue) and net income of $4.91B. Over the last four quarters revenue was $130B.
Income statement
| Income statement | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.2B | $25.3B | $25.5B | $26.3B | $26B | $27.9B | $28.2B | $30B | $28.9B | $33.2B | $34.5B | $33.3B | |
| Cost of revenue | $12.2B | $11.1B | $11.5B | $12.1B | $11.1B | $11.5B | $12.8B | $13B | $12.1B | $12.7B | $13.2B | $13.1B | |
| Gross profit | $12B | $14.2B | $13.9B | $14.3B | $14.9B | $16.4B | $15.4B | $17.1B | $16.7B | $20.5B | $21.3B | $20.2B | |
| Sales & marketing | $224M | $217M | $245M | $224M | $279M | $238M | $297M | $280M | $358M | $310M | $401M | $0 | |
| General & administrative | $5.6B | $6.7B | $6.46B | $6.73B | $6.29B | $7.38B | $7.19B | $7.44B | $6.92B | $11.8B | $12B | $8.5B | |
| Other operating expenses | $4.11B | $2.91B | $3.17B | $3.08B | $3.45B | $3.22B | $3.3B | $3.33B | $3.71B | $1.39B | $1.49B | $5.21B | |
| Operating expenses | $9.93B | $9.83B | $9.87B | $10B | $10B | $10.8B | $10.8B | $11.1B | $11B | $13.5B | $13.9B | $13.7B | |
| Operating income | $2.1B | $4.4B | $4.07B | $4.22B | $4.91B | $5.54B | $4.62B | $6.03B | $5.76B | $7.01B | $7.4B | $6.48B | |
| Interest income | $14.1B | $12.9B | $13.5B | $14.2B | $13.5B | $13.7B | $14.9B | $15.5B | $15B | $15.3B | $15.9B | $16.2B | |
| Interest expense | $12.2B | $11.1B | $11.5B | $12B | $10.9B | $11.4B | $12.6B | $13B | $12.1B | $12.6B | $13.1B | $12.9B | |
| Other non-operating income (gains on investments, FX ...) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $50M | $0 | |
| Total non-operating income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$50M | $0 | |
| Income before tax | $2.1B | $4.4B | $4.07B | $4.22B | $4.91B | $5.54B | $4.62B | $6.03B | $5.76B | $7.01B | $7.35B | $6.48B | |
| Income tax | $555M | $933M | $957M | $995M | $1.18B | $1.17B | $1.05B | $1.37B | $1.34B | $1.37B | $1.7B | $1.51B | |
| Net income | $1.52B | $3.41B | $3.08B | $3.19B | $3.71B | $4.32B | $3.54B | $4.61B | $4.4B | $5.64B | $5.58B | $4.91B | |
| EPS (basic) | $0.86 | $2.04 | $1.85 | $1.91 | $2.25 | $2.62 | $2.15 | $2.83 | $2.71 | $3.44 | $3.46 | $3.07 | |
| EPS (diluted) | $0.85 | $2.02 | $1.82 | $1.88 | $2.22 | $2.60 | $2.13 | $2.80 | $2.67 | $3.40 | $3.41 | $3.03 | |
| Shares (basic, weighted) | 1.61B | 1.6B | 1.59B | 1.59B | 1.58B | 1.58B | 1.58B | 1.57B | 1.57B | 1.57B | 1.57B | 1.55B | |
| Shares (diluted, weighted) | 1.63B | 1.62B | 1.61B | 1.61B | 1.61B | 1.6B | 1.59B | 1.59B | 1.59B | 1.59B | 1.59B | 1.57B | |
| Depreciation & amortization | $1.41B | $975M | $1.27B | $1.27B | $1.65B | $865M | $1.31B | $1.35B | $1.14B | $714M | $1.2B | $0 | |
| EBITDA | $3.5B | $5.37B | $5.35B | $5.49B | $6.55B | $6.41B | $5.93B | $7.38B | $6.9B | $7.73B | $8.55B | $6.48B |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36B | $41.5B | $47.8B | $51.4B | $49.7B | $57.8B | $62.5B | $88.3B | $103B | $115B | |
| Cost of revenue | $3.32B | $5.7B | $10.1B | $12.6B | $4.61B | $1.37B | $12.5B | $38.2B | $45.8B | $49.4B | |
| Gross profit | $32.7B | $35.9B | $37.7B | $38.9B | $45.1B | $56.4B | $49.9B | $50.1B | $57.4B | $65.6B | |
| Sales & marketing | $587M | $609M | $691M | $660M | $434M | $643M | $905M | $898M | $965M | $1.17B | |
| General & administrative | $15.9B | $17.2B | $17.6B | $18.7B | $20.7B | $24.6B | $23.1B | $24.2B | $26.2B | $29.1B | |
| Other operating expenses | $7.4B | $7.67B | $8.15B | $8.26B | $9.51B | $11.5B | $11.9B | $13.2B | $12.6B | $13.4B | |
| Operating expenses | $23.9B | $25.4B | $26.5B | $27.6B | $30.6B | $36.7B | $35.8B | $38.3B | $39.8B | $43.7B | |
| Operating income | $8.85B | $10.4B | $11.2B | $11.3B | $14.4B | $19.7B | $14.1B | $11.8B | $17.6B | $22B | |
| Interest income | $7.02B | $9B | $13.9B | $17.1B | $10.2B | $9.41B | $21.6B | $45.8B | $54.1B | $59.1B | |
| Interest expense | $3.32B | $5.7B | $10.1B | $12.4B | $3.85B | $1.37B | $12.3B | $37.6B | $45.5B | $49B | |
| Income before tax | $8.85B | $10.4B | $11.2B | $11.3B | $14.4B | $19.7B | $14.1B | $11.8B | $17.6B | $22B | |
| Income tax | $2.73B | $4.17B | $2.35B | $2.06B | $3.24B | $4.55B | $2.91B | $2.58B | $4.07B | $4.93B | |
| Net income | $5.98B | $6.11B | $8.75B | $9.04B | $11B | $15B | $11B | $9.09B | $13.4B | $16.9B | |
| EPS (basic) | $2.98 | $3.08 | $4.82 | $5.26 | $6.55 | $8.16 | $6.23 | $5.24 | $8.04 | $10.34 | |
| EPS (diluted) | $2.92 | $3.08 | $4.73 | $5.19 | $6.46 | $8.03 | $6.15 | $5.18 | $7.95 | $10.20 | |
| Shares (basic, weighted) | 1.85B | 1.82B | 1.71B | 1.62B | 1.6B | 1.79B | 1.69B | 1.63B | 1.59B | 1.57B | |
| Shares (diluted, weighted) | 1.89B | 1.82B | 1.74B | 1.64B | 1.62B | 1.81B | 1.71B | 1.65B | 1.61B | 1.59B | |
| Depreciation & amortization | $1.74B | $1.75B | $1.84B | $2.64B | $3.77B | $4.22B | $4B | $4.26B | $5.16B | $4.66B | |
| EBITDA | $10.6B | $12.2B | $13.1B | $13.9B | $18.2B | $23.9B | $18.1B | $16.1B | $22.8B | $26.6B |
Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
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