Morgan Stanley

MS · NYSE · USD

$190.31+1.22%+$2.30

Close · October 2, 2026

At a glance

Revenue growth: +14.31%; 2025 vs 2024
Net income growth: +25.92%; 2025 vs 2024
Net margin: 24.0%; 2024: 21.8%

Financial data

Amounts in millions of USD; per-share values in USD; shares in millions.

Income statement · Quarterly
Item	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Total revenue	21,250	20,482	17,872	18,224	16,596	17,604	16,108	15,304	14,943	15,142	12,893	13,139
Cost of revenue	2,667	2,404	2,288	2,260	2,277	2,272	2,239	2,086	2,006	1,897	—	—
Gross profit	18,583	18,078	15,584	15,964	14,319	15,332	13,869	13,218	12,937	13,245	—	—
Selling, general and administrative	9,750	9,759	8,681	8,880	8,657	8,882	7,893	8,141	7,922	7,993	—	—
Operating income	8,833	8,319	6,903	7,084	5,662	6,450	5,976	5,077	5,015	5,252	3,561	3,996
Interest expense	13,122	12,570	12,099	12,965	12,558	—	—	—	—	—	—	—
Pre-tax income	7,348	7,011	5,760	6,028	4,622	5,544	4,906	4,221	4,074	4,395	2,096	3,145
Income tax	1,695	1,373	1,336	1,373	1,047	1,173	1,182	995	957	933	555	710
Net income	5,581	5,567	4,397	4,610	3,539	4,315	3,714	3,188	3,076	3,412	1,517	2,408
Net income to common shareholders	5,436	5,411	4,250	4,450	3,392	4,157	3,564	3,028	2,942	3,266	1,383	2,262
Basic EPS	3.50	3.47	2.72	2.83	2.15	2.62	2.25	1.91	1.85	2.04	0.86	1.39
Diluted EPS	3.46	3.43	2.68	2.80	2.13	2.60	2.22	1.88	1.82	2.02	0.84	1.38
Average shares (basic)	1,554	1,561	1,564	1,571	1,577	1,584	1,583	1,588	1,594	1,601	1,607	1,624
Average shares (diluted)	1,569	1,576	1,586	1,590	1,593	1,600	1,608	1,609	1,611	1,616	1,625	1,643
Dividend per share	1.15	1.00	1.08	1.00	1.00	0.93	1.00	0.93	0.93	0.85	0.85	0.85