MS

MKT CAP:$298B

Morgan Stanley

Market Cap

$298B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$187.56+$5.66 (+3.11%)

Apr 24, 2026

Company Details

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates thro...

CEO

Edward N. Pick

IPO Date

Feb 23, 1993

Website

www.morganstanley.com

Key Metrics TTM

Revenue

$118.0B

+111.5% YoY

Net Income

$18.4B

EPS (Diluted)

$11.09

Free Cash Flow

$6.4B

Revenue / Share

$74.10

Gross Margin

58.7%

Operating Margin

20.1%

Net Margin

15.6%

FCF Margin

5.4%

P/S

2.5x

P/E

16.2x

Earnings Reports

Q1 2026

Apr 15, 2026

NEW

$33.1BEPS $3.40

FY 2025

Feb 19, 2026

$115.0BEPS $10.20

Q4 2025

Feb 19, 2026

$28.9B+11.1%EPS $2.67

Q3 2025

Nov 3, 2025

$30.0BEPS $2.80

Q4 2024

Feb 21, 2025

$26.0BEPS $2.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$9.5B	$8.5B	$2.2B
Q3 17	$10.2B	$8.7B	$2.5B
Q4 20	$13.2B	$12.9B	$4.4B
Q2 21	$14.3B	$13.9B	$4.6B
Q3 21	$14.2B	$13.9B	$4.9B
Q4 21	$14.0B	$13.7B	$4.9B
Q4 24	$26.0B	$14.9B	$4.9B
Q3 25	$30.0B	$17.1B	$6.0B
Q4 25	$28.9B	$16.7B	$5.8B
Q1 26	$33.1B	$20.5B	$7.0B

Valuation

Quarter	P/S	P/E
Q4 16	—	—
Q3 17	—	—
Q4 20	—	—
Q2 21	3.4x	15.4x
Q3 21	3.6x	15.1x
Q4 21	3.1x	12.1x
Q4 24	2.9x	13.6x
Q3 25	3.0x	16.1x
Q4 25	2.9x	17.2x
Q1 26	2.1x	13.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	-$5.4B	-$5.7B
Q3 17	$3.4B	$2.9B
Q4 20	-$25.4B	-$25.9B
Q2 21	$4.6B	$4.1B
Q3 21	$2.1B	$1.5B
Q4 21	$349M	-$301M
Q4 24	$11.8B	$10.9B
Q3 25	-$3.3B	-$4.0B
Q4 25	-$2.4B	-$221M

Capital Expenditures

Quarter	CapEx
Q4 16	$335M
Q3 17	$454M
Q4 20	$539M
Q2 21	$514M
Q3 21	$619M
Q4 21	$650M
Q4 24	$879M
Q3 25	$713M
Q4 25	$2.2B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+49.2%	+28.3%
Q4 21	+37.2%	+18.1%
Q4 24	+96.3%	+139.3%
Q3 25	+110.0%	+146.5%
Q4 25	+103.0%	+147.3%
Q1 26	+136.2%	+185.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$342M	3.6%
Q3 17	$257M	2.5%
Q4 20	$510M	3.9%
Q2 21	$618M	4.3%
Q3 21	$500M	3.5%
Q4 21	$449M	3.2%
Q4 24	$391M	1.5%
Q3 25	$449M	1.5%
Q4 25	$469M	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 16	$4.1B	$169M
Q3 17	$4.2B	$128M
Q4 20	$5.5B	$161M
Q2 21	$6.4B	$146M
Q3 21	$5.9B	$146M
Q4 21	$5.4B	$205M
Q4 24	$6.3B	$279M
Q3 25	$7.4B	$280M
Q4 25	$6.9B	$358M
Q1 26	$11.8B	$310M

Revenue Segments

Quarter	Institutional Securities Segment	Investment Management Segment	Wealth Management Segment
Q4 16	$4.6B	$500M	$4.0B
Q2 21	$7.1B	$1.7B	$6.1B
Q3 21	$7.5B	$1.5B	$5.9B

Revenue by Geography

Quarter	Americas	Asia	Emea
Q4 20	$10.2B	$1.7B	$1.8B
Q2 21	$10.9B	$1.8B	$2.1B
Q3 21	$11.3B	$1.7B	$1.8B
Q4 21	$11.3B	$1.6B	$1.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$94.8B	$407.8B	$502.6B
Q2 22	$88.1B	$317.2B	$405.3B
Q3 22	$71.3B	$317.9B	$389.1B
Q4 22	$92.7B	$375.1B	$467.9B
Q1 23	$78.0B	$338.0B	$416.1B
Q2 23	$72.2B	$325.9B	$398.1B
Q3 23	$79.8B	$334.3B	$414.0B
Q4 23	$58.7B	$403.2B	$461.9B
Q1 24	$69.8B	$364.3B	$434.1B
Q2 24	$61.1B	$335.3B	$396.5B
Q3 24	$61.7B	$372.8B	$434.5B
Q4 24	$75.7B	$325.8B	$401.6B
Q1 25	$60.8B	$26.7B	$87.6B
Q2 25	$109.1B	$106.9B	$216.0B
Q3 25	$73.5B	$29.6B	$103.0B
Q4 25	$111.7B	$428.3B	$540.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	1.85B	—	—
Q3 17	1.82B	-1.9%	—
Q4 20	1.80B	-0.9%	—
Q2 21	1.84B	+2.2%	—
Q3 21	1.81B	-1.6%	-2.2%
Q4 21	1.78B	-1.5%	-1.8%
Q4 24	1.61B	-9.9%	-10.8%
Q3 25	1.59B	-0.9%	-13.5%
Q4 25	1.59B	0.0%	-12.1%
Q1 26	1.59B	0.0%	-10.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	—	—
Q3 17	—	—
Q4 20	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$187.1K	75K
Q4 24	$324.8K	80K
Q3 25	$375.6K	80K
Q4 25	$347.7K	83K
Q1 26	$399.4K	83K

Revenue / Employee