MS (Morgan Stanley) Stock Financials & Earnings

Company Info & Key Metrics

Financial Services Financial - Capital Markets

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 ...

CEOEdward N. Pick

Country🇺🇸 United States

ExchangeNYSE

IPOFeb 23, 1993

www.morganstanley.com

Revenue$30.0B

YoY Growth+15.4%

QoQ Growth-0.2%

Net Income$4.4B

EPS$2.67

Free Cash Flow-$221M

Gross Margin59.6%

Op. Margin19.2%

Net Margin14.7%

FCF Margin-0.7%

Rev Multiple (TTM)2.2x

P/E Ratio (TTM)15.1x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$21.3B	$13.4B	$3.8B
Q2 23	$21.5B	$12.4B	$2.8B
Q3 23	$22.6B	$12.3B	$3.1B
Q4 23	$24.2B	$12.0B	$2.1B
Q1 24	$25.3B	$14.2B	$4.4B
Q2 24	$25.5B	$13.9B	$4.1B
Q3 24	$26.3B	$14.3B	$4.2B
Q4 24	$26.0B	$14.9B	$4.9B
Q1 25	$27.9B	$16.4B	$5.5B
Q2 25	$28.2B	$15.4B	$4.6B
Q3 25	$30.0B	$17.1B	$6.0B
Q4 25	$30.0B	$17.9B	$5.8B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.7x	24.6x
Q2 23	3.3x	25.4x
Q3 23	3.0x	26.0x
Q4 23	2.8x	28.0x
Q1 24	2.7x	26.8x
Q2 24	2.6x	24.5x
Q3 24	2.5x	22.8x
Q4 24	2.5x	19.0x
Q1 25	2.4x	17.8x
Q2 25	2.4x	17.3x
Q3 25	2.3x	15.8x
Q4 25	2.2x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$9.9B	-$10.6B
Q2 23	-$9.7B	-$10.5B
Q3 23	$3.7B	$2.8B
Q4 23	-$17.8B	-$18.7B
Q1 24	$4.4B	$3.5B
Q2 24	$2.5B	$1.7B
Q3 24	-$17.3B	-$18.2B
Q4 24	$11.8B	$10.9B
Q1 25	-$24.0B	-$24.7B
Q2 25	$11.8B	$11.1B
Q3 25	-$3.3B	-$4.0B
Q4 25	-$2.4B	-$221M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$719M
Q2 23	$851M
Q3 23	$913M
Q4 23	$929M
Q1 24	$816M
Q2 24	$851M
Q3 24	$916M
Q4 24	$879M
Q1 25	$713M
Q2 25	$763M
Q3 25	$713M
Q4 25	$2.2B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+48.2%	+79.3%
Q2 23	+58.2%	+81.9%
Q3 23	+43.5%	+57.4%
Q4 23	+28.6%	+38.0%
Q1 24	+19.2%	+19.7%
Q2 24	+18.6%	+14.7%
Q3 24	+16.7%	+13.8%
Q4 24	+7.4%	-4.6%
Q1 25	+10.1%	+6.7%
Q2 25	+10.5%	+9.9%
Q3 25	+14.1%	+8.7%
Q4 25	+15.4%	+15.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$558M	2.6%
Q2 23	$423M	2.0%
Q3 23	$367M	1.6%
Q4 23	$361M	1.5%
Q1 24	$442M	1.7%
Q2 24	$417M	1.6%
Q3 24	$372M	1.4%
Q4 24	$391M	1.5%
Q1 25	$539M	1.9%
Q2 25	$469M	1.7%
Q3 25	$449M	1.5%
Q4 25	$469M	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$6.4B	$247M
Q2 23	$6.3B	$236M
Q3 23	$5.9B	$191M
Q4 23	$5.6B	$224M
Q1 24	$6.7B	$217M
Q2 24	$6.5B	$245M
Q3 24	$6.7B	$224M
Q4 24	$6.3B	$279M
Q1 25	$7.4B	$238M
Q2 25	$7.2B	$297M
Q3 25	$7.4B	$280M
Q4 25	—	$358M

Revenue Segments

Quarter

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q1 23	1.66B	-1.0%
Q2 23	1.65B	-0.7%
Q3 23	1.64B	-0.5%
Q4 23	1.63B	-1.0%
Q1 24	1.62B	-0.7%
Q2 24	1.61B	-0.3%
Q3 24	1.61B	-0.1%
Q4 24	1.61B	-0.1%
Q1 25	1.60B	-0.5%
Q2 25	1.59B	-0.4%
Q3 25	1.59B	+0.0%
Q4 25	1.59B	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	$770K	75K
FY 22	$762K	82K
FY 23	$1M	80K
FY 24	$1M	80K
FY 25	$1M	83K