Q2 2026 Earnings

Advisor-Led Client Assets

$6273.00B

Advisor-Led Channel $ in billions | At June 30,2026 | At December 31,2025 Advisor-led client assets1 | $ | 6,273 | $ | 5,715 Fee-based client assets2 | $ | 3,022 | $ | 2,753 Fee-based client assets as a percentage of advisor-led client assets | 48% | 48% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Fee-based asset flows3 | $ | 39.1 | $ | 42.8 | $ | 92.8 | $ | 72.6 1.Advisor-led client assets represent client assets in accounts that have a Wealth Management advisor assigned. 2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets. 3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.

Fee-Based Client Assets

$3022.00B

Advisor-Led Channel $ in billions | At June 30,2026 | At December 31,2025 Advisor-led client assets1 | $ | 6,273 | $ | 5,715 Fee-based client assets2 | $ | 3,022 | $ | 2,753 Fee-based client assets as a percentage of advisor-led client assets | 48% | 48% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Fee-based asset flows3 | $ | 39.1 | $ | 42.8 | $ | 92.8 | $ | 72.6 1.Advisor-led client assets represent client assets in accounts that have a Wealth Management advisor assigned. 2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets. 3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.

Firm Client Assets

$10088.00B

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Investment Management Long-Term AUM

$1316.00B

Assets Under Management or Supervision Rollforwards1 $ in billions | At March 31, 2026 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 221 | $ | 11 | $ | (23) | $ | (13) | $ | (1) | $ | 27 | $ | 235 Fixed Income | 219 | 22 | (14) | 7 | (1) | 3 | 229 Alternatives and Solutions6 | 770 | 41 | (29) | 13 | (1) | 71 | 852 Long-Term AUM | $ | 1,210 | $ | 74 | $ | (66) | $ | 8 | $ | (3) | $ | 101 | $ | 1,316 Liquidity and Overlay Services | 658 | 800 | (774) | 27 | (4) | 8 | 688 Total | $ | 1,868 | $ | 874 | $ | (840) | $ | 35 | $ | (7) | $ | 109 | $ | 2,004 $ in billions | At March 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 250 | $ | 9 | $ | (12) | $ | (3) | $ | — | $ | 24 | $ | 271 Fixed Income | 186 | 24 | (17) | 7 | (1) | 6 | 198 Alternatives and Solutions6 | 650 | 33 | (25) | 8 | (1) | 43 | 700 Long-Term AUM | $ | 1,086 | $ | 66 | $ | (54) | $ | 12 | $ | (2) | $ | 73 | $ | 1,169 Liquidity and Overlay Services | 561 | 647 | (670) | (23) | (4) | 10 | 544 Total | $ | 1,647 | $ | 713 | $ | (724) | $ | (11) | $ | (6) | $ | 83 | $ | 1,713 $ in billions | At December 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 253 | $ | 19 | $ | (43) | $ | (24) | $ | (1) | $ | 7 | $ | 235 Fixed Income | 217 | 45 | (33) | 12 | (2) | 2 | 229 Alternatives and Solutions6 | 776 | 83 | (60) | 23 | (3) | 56 | 852 Long-Term AUM | $ | 1,246 | $ | 147 | $ | (136) | $ | 11 | $ | (6) | $ | 65 | $ | 1,316 Liquidity and Overlay Services | 649 | 1,548 | (1,513) | 35 | (7) | 11 | 688 Total | $ | 1,895 | $ | 1,695 | $ | (1,649) | $ | 46 | $ | (13) | $ | 76 | $ | 2,004 $ in billions | At December 31, 2024 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 259 | $ | 21 | $ | (28) | $ | (7) | $ | — | $ | 19 | $ | 271 Fixed Income | 179 | 40 | (29) | 11 | (2) | 10 | 198 Alternatives and Solutions6 | 654 | 68 | (51) | 17 | (3) | 32 | 700 Long-Term AUM | $ | 1,092 | $ | 129 | $ | (108) | $ | 21 | $ | (5) | $ | 61 | 1,169 Liquidity and Overlay Services | 574 | 1,340 | (1,379) | (38) | (8) | 17 | 544 Total | $ | 1,666 | $ | 1,469 | $ | (1,487) | $ | (17) | $ | (13) | $ | 78 | $ | 1,713 1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation. 2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation. 5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees. 6.As of June 30, 2026 and June 30, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $592 billion and $466 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.

Investment Management Total AUM

$2004.00B

Assets Under Management or Supervision Rollforwards1 $ in billions | At March 31, 2026 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 221 | $ | 11 | $ | (23) | $ | (13) | $ | (1) | $ | 27 | $ | 235 Fixed Income | 219 | 22 | (14) | 7 | (1) | 3 | 229 Alternatives and Solutions6 | 770 | 41 | (29) | 13 | (1) | 71 | 852 Long-Term AUM | $ | 1,210 | $ | 74 | $ | (66) | $ | 8 | $ | (3) | $ | 101 | $ | 1,316 Liquidity and Overlay Services | 658 | 800 | (774) | 27 | (4) | 8 | 688 Total | $ | 1,868 | $ | 874 | $ | (840) | $ | 35 | $ | (7) | $ | 109 | $ | 2,004 $ in billions | At March 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 250 | $ | 9 | $ | (12) | $ | (3) | $ | — | $ | 24 | $ | 271 Fixed Income | 186 | 24 | (17) | 7 | (1) | 6 | 198 Alternatives and Solutions6 | 650 | 33 | (25) | 8 | (1) | 43 | 700 Long-Term AUM | $ | 1,086 | $ | 66 | $ | (54) | $ | 12 | $ | (2) | $ | 73 | $ | 1,169 Liquidity and Overlay Services | 561 | 647 | (670) | (23) | (4) | 10 | 544 Total | $ | 1,647 | $ | 713 | $ | (724) | $ | (11) | $ | (6) | $ | 83 | $ | 1,713 $ in billions | At December 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 253 | $ | 19 | $ | (43) | $ | (24) | $ | (1) | $ | 7 | $ | 235 Fixed Income | 217 | 45 | (33) | 12 | (2) | 2 | 229 Alternatives and Solutions6 | 776 | 83 | (60) | 23 | (3) | 56 | 852 Long-Term AUM | $ | 1,246 | $ | 147 | $ | (136) | $ | 11 | $ | (6) | $ | 65 | $ | 1,316 Liquidity and Overlay Services | 649 | 1,548 | (1,513) | 35 | (7) | 11 | 688 Total | $ | 1,895 | $ | 1,695 | $ | (1,649) | $ | 46 | $ | (13) | $ | 76 | $ | 2,004 $ in billions | At December 31, 2024 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 259 | $ | 21 | $ | (28) | $ | (7) | $ | — | $ | 19 | $ | 271 Fixed Income | 179 | 40 | (29) | 11 | (2) | 10 | 198 Alternatives and Solutions6 | 654 | 68 | (51) | 17 | (3) | 32 | 700 Long-Term AUM | $ | 1,092 | $ | 129 | $ | (108) | $ | 21 | $ | (5) | $ | 61 | 1,169 Liquidity and Overlay Services | 574 | 1,340 | (1,379) | (38) | (8) | 17 | 544 Total | $ | 1,666 | $ | 1,469 | $ | (1,487) | $ | (17) | $ | (13) | $ | 78 | $ | 1,713 1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation. 2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation. 5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees. 6.As of June 30, 2026 and June 30, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $592 billion and $466 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.

Self-Directed Client Assets

$1811.00B

Self-Directed Channel At June 30,2026 | At December 31,2025 Self-directed client assets1 (in billions) | $ | 1,811 | $ | 1,667 Self-directed households2 (in millions) | 8.7 | 8.5 Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Daily average revenue trades (“DARTs”)3 (in thousands) | 1,278 | 983 | 1,203 | 993 1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets. 2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. 3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period. Workplace Channel1 At June 30,2026 | At December 31,2025 Stock plan unvested public assets2 (in billions) | $ | 658 | $ | 534 Stock plan participants3 (in millions) | 6.6 | 6.5 1.The workplace channel includes equity compensation solutions for companies, their executives and employees. 2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities. 3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Wealth Management Total Client Assets

$8084.00B

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

CET1 Capital Ratio — Advanced

16.2%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

CET1 Capital Ratio — Standardized

14.9%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Supplementary Leverage Ratio

4.9%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Tier 1 Capital Ratio — Advanced

18.0%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Tier 1 Capital Ratio — Standardized

16.5%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Tier 1 Leverage Ratio

6.0%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Total Capital Ratio — Advanced

20.1%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Total Capital Ratio — Standardized

18.5%

Regulatory Capital Ratios Risk-based capital Standardized | Advanced $ in millions | AtJune 30,2026 | AtDec 31,2025 | AtJune 30,2026 | AtDec 31,2025 Risk-based capital CET1 capital | $ | 87,568 | $ | 83,153 | $ | 87,568 | $ | 83,153 Tier 1 capital | 97,217 | 92,728 | 97,217 | 92,728 Total capital | 108,916 | 103,449 | 108,243 | 102,680 Total RWA | 589,397 | 552,515 | 539,839 | 514,158 Risk-based capital ratios CET1 capital | 14.9 | % | 15.0 | % | 16.2 | % | 16.2 | % Tier 1 capital | 16.5 | % | 16.8 | % | 18.0 | % | 18.0 | % Total capital | 18.5 | % | 18.7 | % | 20.1 | % | 20.0 | % Required ratios1 CET1 capital | 11.8 | % | 11.8 | % | 10.0 | % | 10.0 | % Tier 1 capital | 13.3 | % | 13.3 | % | 11.5 | % | 11.5 | % Total capital | 15.3 | % | 15.3 | % | 13.5 | % | 13.5 | % 1.Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions | AtJune 30,2026 | AtDecember 31,2025 Leveraged-based capital Adjusted average assets1 | $ | 1,608,012 | $ | 1,383,314 Supplementary leverage exposure2 | 1,970,884 | 1,717,775 Leveraged-based capital ratios Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % Required ratios3 Tier 1 leverage | 4.0 | % | 4.0 | % SLR | 3.5 | % | 5.0 | % 1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.Required ratios are inclusive of any buffers applicable as of the date presented.

Total Net Charge-Off Ratio

0.0%

Net Charge-off Ratios for Loans Held for Investment Three Months Ended June 30, 2026 | 2025 $ in millions | Net Charge-off Ratio1 | Average Loans | Net Charge-off Ratio1 | Average Loans Corporate | 0.31 | % | $ | 9,327 | — | % | $ | 7,998 Secured Lending Facilities | — | % | 71,563 | — | % | 54,596 Commercial Real Estate | 0.05 | % | 8,004 | 0.22 | % | 8,598 Residential Real Estate | — | % | 74,426 | — | % | 68,304 SBL and Other | — | % | 121,833 | — | % | 101,784 Total | 0.01 | % | $ | 285,153 | 0.01 | % | $ | 241,280 32 | June 2026 Form 10-Q Table of Contents Risk Disclosures Six Months Ended June 30, 2026 | 2025 $ in millions | Net Charge-off Ratio1 | Average Loans | Net Charge-off Ratio1 | Average Loans Corporate | 0.51 | % | $ | 8,766 | — | % | $ | 7,585 Secured Lending Facilities | — | % | 70,440 | — | % | 52,614 Commercial Real Estate | 0.19 | % | 8,058 | 0.49 | % | 8,536 Residential Real Estate | — | % | 73,634 | — | % | 67,700 SBL and Other | 0.01 | % | 118,238 | — | % | 99,495 Total | 0.03 | % | $ | 279,136 | 0.02 | % | $ | 235,930 SBL—Securities-based lending 1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.

Self-Directed Households

8.7M

Self-Directed Channel At June 30,2026 | At December 31,2025 Self-directed client assets1 (in billions) | $ | 1,811 | $ | 1,667 Self-directed households2 (in millions) | 8.7 | 8.5 Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Daily average revenue trades (“DARTs”)3 (in thousands) | 1,278 | 983 | 1,203 | 993 1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets. 2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. 3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period. Workplace Channel1 At June 30,2026 | At December 31,2025 Stock plan unvested public assets2 (in billions) | $ | 658 | $ | 534 Stock plan participants3 (in millions) | 6.6 | 6.5 1.The workplace channel includes equity compensation solutions for companies, their executives and employees. 2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities. 3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Stock Plan Participants

6.6M

Self-Directed Channel At June 30,2026 | At December 31,2025 Self-directed client assets1 (in billions) | $ | 1,811 | $ | 1,667 Self-directed households2 (in millions) | 8.7 | 8.5 Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Daily average revenue trades (“DARTs”)3 (in thousands) | 1,278 | 983 | 1,203 | 993 1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets. 2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. 3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period. Workplace Channel1 At June 30,2026 | At December 31,2025 Stock plan unvested public assets2 (in billions) | $ | 658 | $ | 534 Stock plan participants3 (in millions) | 6.6 | 6.5 1.The workplace channel includes equity compensation solutions for companies, their executives and employees. 2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities. 3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.

Wealth Management Deposits

$436.00B

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Expense Efficiency Ratio

65.0%

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Fee-Based Asset Flows

$39.10B

Advisor-Led Channel $ in billions | At June 30,2026 | At December 31,2025 Advisor-led client assets1 | $ | 6,273 | $ | 5,715 Fee-based client assets2 | $ | 3,022 | $ | 2,753 Fee-based client assets as a percentage of advisor-led client assets | 48% | 48% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Fee-based asset flows3 | $ | 39.1 | $ | 42.8 | $ | 92.8 | $ | 72.6 1.Advisor-led client assets represent client assets in accounts that have a Wealth Management advisor assigned. 2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets. 3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.

Investment Management Long-Term Net Flows

$7.50B

Consolidated Results—Three Months Ended June 30, 2026 •The Firm reported net revenues and pre-tax income of $21.3 billion and $7.3 billion, respectively. •The Firm delivered ROE of 20.7% and ROTCE of 26.6% (see “Selected Non-GAAP Financial Information” herein). •The expense efficiency ratio was 65% for both the second quarter and year-to-date, demonstrating operating leverage while we continued to invest in our businesses. •At June 30, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 14.9%. •Institutional Securities reported net revenues of $11.0 billion, primarily reflecting strong results in Equity and higher Investment Banking revenues. •Wealth Management delivered net revenues of $8.9 billion, reflecting strong Asset management revenues, increased Net interest income and higher client activity, generating a pre-tax margin of 30.5%. The business added net new assets of $148 billion and fee-based assets of $39 billion. •Investment Management reported net revenues of $1.6 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $7.5 billion.

Investment Management Total Net Flows

$35.00B

Assets Under Management or Supervision Rollforwards1 $ in billions | At March 31, 2026 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 221 | $ | 11 | $ | (23) | $ | (13) | $ | (1) | $ | 27 | $ | 235 Fixed Income | 219 | 22 | (14) | 7 | (1) | 3 | 229 Alternatives and Solutions6 | 770 | 41 | (29) | 13 | (1) | 71 | 852 Long-Term AUM | $ | 1,210 | $ | 74 | $ | (66) | $ | 8 | $ | (3) | $ | 101 | $ | 1,316 Liquidity and Overlay Services | 658 | 800 | (774) | 27 | (4) | 8 | 688 Total | $ | 1,868 | $ | 874 | $ | (840) | $ | 35 | $ | (7) | $ | 109 | $ | 2,004 $ in billions | At March 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 250 | $ | 9 | $ | (12) | $ | (3) | $ | — | $ | 24 | $ | 271 Fixed Income | 186 | 24 | (17) | 7 | (1) | 6 | 198 Alternatives and Solutions6 | 650 | 33 | (25) | 8 | (1) | 43 | 700 Long-Term AUM | $ | 1,086 | $ | 66 | $ | (54) | $ | 12 | $ | (2) | $ | 73 | $ | 1,169 Liquidity and Overlay Services | 561 | 647 | (670) | (23) | (4) | 10 | 544 Total | $ | 1,647 | $ | 713 | $ | (724) | $ | (11) | $ | (6) | $ | 83 | $ | 1,713 $ in billions | At December 31, 2025 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2026 Equity | $ | 253 | $ | 19 | $ | (43) | $ | (24) | $ | (1) | $ | 7 | $ | 235 Fixed Income | 217 | 45 | (33) | 12 | (2) | 2 | 229 Alternatives and Solutions6 | 776 | 83 | (60) | 23 | (3) | 56 | 852 Long-Term AUM | $ | 1,246 | $ | 147 | $ | (136) | $ | 11 | $ | (6) | $ | 65 | $ | 1,316 Liquidity and Overlay Services | 649 | 1,548 | (1,513) | 35 | (7) | 11 | 688 Total | $ | 1,895 | $ | 1,695 | $ | (1,649) | $ | 46 | $ | (13) | $ | 76 | $ | 2,004 $ in billions | At December 31, 2024 | Inflows2 | Outflows3 | Net Flows | Distributions4 | Market Impact and Other5 | At June 30, 2025 Equity | $ | 259 | $ | 21 | $ | (28) | $ | (7) | $ | — | $ | 19 | $ | 271 Fixed Income | 179 | 40 | (29) | 11 | (2) | 10 | 198 Alternatives and Solutions6 | 654 | 68 | (51) | 17 | (3) | 32 | 700 Long-Term AUM | $ | 1,092 | $ | 129 | $ | (108) | $ | 21 | $ | (5) | $ | 61 | 1,169 Liquidity and Overlay Services | 574 | 1,340 | (1,379) | (38) | (8) | 17 | 544 Total | $ | 1,666 | $ | 1,469 | $ | (1,487) | $ | (17) | $ | (13) | $ | 78 | $ | 1,713 1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation. 2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation. 5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees. 6.As of June 30, 2026 and June 30, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $592 billion and $466 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.

Wealth Management Net New Assets

$148.10B

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Wealth Management Deposit Cost — Period Average

2.5%

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Wealth Management Deposit Cost — Period End

2.6%

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Completed Mergers and Acquisitions Volume

$320.00B

Investment Banking Volumes Three Months EndedJune 30, | Six Months EndedJune 30, $ in billions | 2026 | 2025 | 2026 | 2025 Completed mergers and acquisitions1 | $ | 320 | $ | 171 | $ | 652 | $ | 323 Equity and equity-related offerings2, 3 | 45 | 22 | 60 | 37 Fixed Income offerings2, 4 | 132 | 92 | 278 | 195 Source: LSEG Data & Risk Analytics as of July 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions. 1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction. 2.Based on full credit for single book managers and equal credit for joint book managers. 3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings. 4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.

Equity and Equity-Related Offerings Volume

$45.00B

Investment Banking Volumes Three Months EndedJune 30, | Six Months EndedJune 30, $ in billions | 2026 | 2025 | 2026 | 2025 Completed mergers and acquisitions1 | $ | 320 | $ | 171 | $ | 652 | $ | 323 Equity and equity-related offerings2, 3 | 45 | 22 | 60 | 37 Fixed Income offerings2, 4 | 132 | 92 | 278 | 195 Source: LSEG Data & Risk Analytics as of July 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions. 1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction. 2.Based on full credit for single book managers and equal credit for joint book managers. 3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings. 4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.

Fixed Income Offerings Volume

$132.00B

Investment Banking Volumes Three Months EndedJune 30, | Six Months EndedJune 30, $ in billions | 2026 | 2025 | 2026 | 2025 Completed mergers and acquisitions1 | $ | 320 | $ | 171 | $ | 652 | $ | 323 Equity and equity-related offerings2, 3 | 45 | 22 | 60 | 37 Fixed Income offerings2, 4 | 132 | 92 | 278 | 195 Source: LSEG Data & Risk Analytics as of July 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions. 1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction. 2.Based on full credit for single book managers and equal credit for joint book managers. 3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings. 4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.

Institutional Securities Loans and Lending Commitments Exposure

$325.11B

Institutional Securities Loans and Lending Commitments by Industry $ in millions | AtJune 30,2026 | AtDecember 31,2025 Industry Financials | $ | 89,866 | $ | 83,193 Real estate | 56,920 | 50,923 Industrials | 27,003 | 20,952 Communications Services | 22,213 | 21,292 Information Technology | 21,083 | 17,252 Healthcare | 17,940 | 21,725 Consumer Staples | 17,820 | 16,851 Consumer discretionary | 17,763 | 15,504 Utilities | 14,469 | 13,828 Materials | 11,645 | 9,689 Insurance | 11,296 | 7,443 Energy | 10,042 | 12,946 Other | 7,046 | 4,985 Total exposure | $ | 325,106 | $ | 296,583 The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of June 30, 2026 and December 31, 2025, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.

Wealth Management Margin and Other Lending

$36.00B

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Wealth Management U.S. Bank Subsidiary Loans

$196.00B

Wealth Management Metrics $ in billions | At June 30,2026 | At December 31,2025 Total client assets1 | $ | 8,084 | $ | 7,381 U.S. Bank Subsidiary loans | $ | 196 | $ | 181 Margin and other lending2 | $ | 36 | $ | 31 Deposits3 | $ | 436 | $ | 408 Annualized weighted average cost of deposits4 Period end | 2.60% | 2.51% Period average for three months ended | 2.54% | 2.67% Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Net new assets | $ | 148.1 | $ | 59.2 | $ | 266.5 | $ | 153.0 1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.

Average Liquidity Resources

$404.08B

Liquidity Resources We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements. The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations. Liquidity Resources by Type of Investment Average Daily BalanceThree Months Ended $ in millions | June 30,2026 | March 31,2026 Cash deposits with central banks | $ | 79,632 | $ | 77,223 Unencumbered HQLA securities1: U.S. government obligations | 189,124 | 191,101 U.S. agency and agency mortgage-backed securities | 93,887 | 85,992 Non-U.S. sovereign obligations2 | 33,760 | 32,521 Other investment grade securities | 434 | 460 Total HQLA1 | $ | 396,837 | $ | 387,297 Cash deposits with banks (non-HQLA) | 7,240 | 7,844 Total Liquidity Resources | $ | 404,077 | $ | 395,141

Liquidity Coverage Ratio

129.0%

Regulatory Liquidity Framework Liquidity Coverage Ratio and Net Stable Funding Ratio We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%. The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded. The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon. As of June 30, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%. Liquidity Coverage Ratio Average Daily BalanceThree Months Ended $ in millions | June 30,2026 | March 31,2026 Eligible HQLA Cash deposits with central banks | $ | 70,863 | $ | 71,216 Securities1 | 248,302 | 231,217 Total Eligible HQLA | $ | 319,165 | $ | 302,433 Net cash outflows | $ | 246,717 | $ | 232,364 LCR | 129 | % | 130 | % 1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.

Net Stable Funding Ratio

116.0%

Regulatory Liquidity Framework Liquidity Coverage Ratio and Net Stable Funding Ratio We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%. The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded. The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon. As of June 30, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%. Liquidity Coverage Ratio Average Daily BalanceThree Months Ended $ in millions | June 30,2026 | March 31,2026 Eligible HQLA Cash deposits with central banks | $ | 70,863 | $ | 71,216 Securities1 | 248,302 | 231,217 Total Eligible HQLA | $ | 319,165 | $ | 302,433 Net cash outflows | $ | 246,717 | $ | 232,364 LCR | 129 | % | 130 | % 1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds. Net Stable Funding Ratio Average Daily BalanceThree Months Ended $ in millions | June 30,2026 | March 31,2026 Available stable funding | $ | 787,900 | $ | 745,258 Required stable funding | 679,382 | 632,097 NSFR | 116 | % | 118 | %

Average Total Management VaR

$56.0M

The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios. For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2025 Form 10-K. 95%/One-Day Management VaR for the Trading Portfolio Three Months Ended June 30, 2026 $ in millions | Period End | Average | High1 | Low1 Interest rate and credit spread | $ | 29 | $ | 33 | $ | 40 | $ | 26 Equity price | 37 | 31 | 37 | 25 Foreign exchange rate | 10 | 11 | 20 | 6 Commodity price | 22 | 24 | 34 | 17 Less: Diversification benefit2 | (47) | (49) | N/A | N/A Primary Risk Categories | $ | 51 | $ | 50 | $ | 57 | $ | 45 Credit portfolio | 20 | 19 | 21 | 17 Less: Diversification benefit2 | (17) | (13) | N/A | N/A Total Management VaR | $ | 54 | $ | 56 | $ | 66 | $ | 51 Three Months Ended March 31, 2026 $ in millions | Period End | Average | High1 | Low1 Interest rate and credit spread | $ | 38 | $ | 32 | $ | 42 | $ | 23 Equity price | 37 | 34 | 45 | 30 Foreign exchange rate | 13 | 11 | 20 | 5 Commodity price | 20 | 18 | 27 | 12 Less: Diversification benefit2 | (47) | (47) | N/A | N/A Primary Risk Categories | $ | 61 | $ | 48 | $ | 68 | $ | 39 Credit portfolio | 19 | 16 | 23 | 13 Less: Diversification benefit2 | (12) | (11) | N/A | N/A Total Management VaR | $ | 68 | $ | 53 | $ | 74 | $ | 43 1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure. 2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component.

Investment Management Average Fee Rate

28

Three Months EndedJune 30, | Six Months EndedJune 30, Fee rate in bps | 2026 | 2025 | 2026 | 2025 Equity | 69 | 71 | 69 | 72 Fixed income | 34 | 35 | 34 | 35 Alternatives and Solutions | 28 | 30 | 28 | 31 Long-term AUM | 36 | 40 | 37 | 41 Liquidity and Overlay Services | 12 | 13 | 12 | 13 Investment Management | 28 | 31 | 28 | 31 1.As a result of the reclassification described above in the “Assets Under Management or Supervision Rollforwards” table, prior period amounts have been adjusted to conform with the current period presentation. 2.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.

Wealth Management Average Fee Rate

61

Average Fee Rates1 Three Months EndedJune 30, | Six Months EndedJune 30, Fee rate in bps | 2026 | 2025 | 2026 | 2025 Separately managed | 12 | 12 | 12 | 12 Unified managed | 89 | 90 | 89 | 90 Advisor | 75 | 78 | 76 | 78 Portfolio manager | 87 | 88 | 87 | 88 Subtotal | 63 | 64 | 63 | 64 Cash management | 5 | 6 | 5 | 6 Total | 61 | 62 | 62 | 63 1.Based on Asset management revenues related to advisory services associated with fee-based assets.

Consolidated Pre-Tax Margin

34.0%

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Return on Average Common Equity

20.7%

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Return on Average Tangible Common Equity

26.6%

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Worldwide Employees

83.0K

Selected Financial Information and Other Statistical Data Three Months EndedJune 30, | Six Months EndedJune 30, $ in millions, except per share data | 2026 | 2025 | 2026 | 2025 Consolidated results Net revenues | $ | 21,348 | $ | 16,792 | $ | 41,928 | $ | 34,531 Earnings applicable to Morgan Stanley common shareholders | $ | 5,436 | $ | 3,392 | $ | 10,847 | $ | 7,549 Earnings per diluted common share | $ | 3.46 | $ | 2.13 | $ | 6.90 | $ | 4.73 Consolidated financial measures Expense efficiency ratio1 | 65 | % | 71 | % | 65 | % | 70 | % ROE2 | 20.7 | % | 13.9 | % | 20.9 | % | 15.7 | % ROTCE2, 3 | 26.6 | % | 18.2 | % | 26.8 | % | 20.6 | % Pre-tax margin4 | 34 | % | 28 | % | 34 | % | 29 | % Effective tax rate | 23.1 | % | 22.7 | % | 21.4 | % | 21.8 | % Pre-tax margin by segment4 Institutional Securities | 39 | % | 28 | % | 39 | % | 32 | % Wealth Management | 30 | % | 28 | % | 30 | % | 28 | % Investment Management | 25 | % | 21 | % | 22 | % | 20 | % $ in millions, except per share data, worldwide employees and client assets | AtJune 30,2026 | AtDecember 31,2025 Average liquidity resources for three months ended5 | $ | 404,077 | $ | 385,884 Loans6 | $ | 315,653 | $ | 289,038 Total assets | $ | 1,675,057 | $ | 1,420,270 Deposits | $ | 446,068 | $ | 415,523 Borrowings | $ | 392,556 | $ | 348,935 Common equity | $ | 106,579 | $ | 101,882 Tangible common equity3 | $ | 83,602 | $ | 79,147 Common shares outstanding | 1,572 | 1,583 Book value per common share7 | $ | 67.80 | $ | 64.37 Tangible book value per common share3, 7 | $ | 53.18 | $ | 50.00 Worldwide employees (in thousands) | 83 | 83 Client assets8 (in billions) | $ | 10,088 | $ | 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized | 14.9 | % | 15.0 | % Tier 1 capital—Standardized | 16.5 | % | 16.8 | % Common Equity Tier 1 capital—Advanced | 16.2 | % | 16.2 | % Tier 1 capital—Advanced | 18.0 | % | 18.0 | % Tier 1 leverage | 6.0 | % | 6.7 | % SLR | 4.9 | % | 5.4 | % 1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.

Stock Plan Unvested Public Assets

$658.00B

Self-Directed Channel At June 30,2026 | At December 31,2025 Self-directed client assets1 (in billions) | $ | 1,811 | $ | 1,667 Self-directed households2 (in millions) | 8.7 | 8.5 Three Months EndedJune 30, | Six Months EndedJune 30, 2026 | 2025 | 2026 | 2025 Daily average revenue trades (“DARTs”)3 (in thousands) | 1,278 | 983 | 1,203 | 993 1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets. 2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. 3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period. Workplace Channel1 At June 30,2026 | At December 31,2025 Stock plan unvested public assets2 (in billions) | $ | 658 | $ | 534 Stock plan participants3 (in millions) | 6.6 | 6.5 1.The workplace channel includes equity compensation solutions for companies, their executives and employees. 2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities. 3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.