Morgan Stanley
MS NYSE Investment Banking & Brokerage Financials FY2016–FY2025
Morgan Stanley's revenue rose 14.4% to $70.6 billion in fiscal 2025. Net income was $16.9 billion, up 25.9%. Its return on equity was 15.6%, up from 13.2% a year earlier. Its efficiency ratio was 68.4%, down from 71.1% a year earlier. It paid out $6.6 billion in dividends and buybacks. The diluted share count fell 1.2%.
What Morgan Stanley does
Morgan Stanley is an investment bank and wealth manager that serves companies, governments, financial institutions and individual investors in the United States and around the world. It advises on mergers and other deals, helps clients raise money, trades stocks and bonds, manages people's savings and investments, and lends to clients. It is regulated by the Federal Reserve as a bank holding company. Its net revenues were $70.6 billion in 2025.
Morgan Stanley reports three segments. Institutional Securities, its investment banking, trading and lending business for large clients, had net revenues of $33.1 billion. Wealth Management, which serves individuals through financial advisors, a self-directed online brokerage and workplace services such as stock plan administration, mainly in the United States, had $31.8 billion; it earns fees on client assets, trading commissions and interest on loans and deposits. Investment Management, which runs stock, bond and alternative funds for pension plans, endowments, insurers and other investors, had $6.5 billion. It says it competes with commercial and investment banks, brokers, private banks, investment advisers, digital investing platforms, asset managers and financial technology firms.
Morgan Stanley had about 83,000 employees in 42 countries at the end of 2025, about 54,000 of them in the Americas.
- Legal name
- MORGAN STANLEY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0000895421-26-000086
0000895421
Revenue and margins
Morgan Stanley had $70.6B of revenue in fiscal 2025, up 14.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.9% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
Morgan Stanley returned $6.6B to shareholders in fiscal 2025. The diluted share count fell 1.2%.
Value Morgan Stanley yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 14.5x · peers 13.6x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $174.3B | $199.0B | $203.4B | $225.8B | $268.7B |
| Deposits | $347.6B | $356.6B | $351.8B | $376.0B | $415.5B |
| Loans / deposits | 50.2% | 55.8% | 57.8% | 60.1% | 64.7% |
| Total assets | $1.19T | $1.18T | $1.19T | $1.22T | $1.42T |
| Shareholders' equity | $105.4B | $100.1B | $99.0B | $104.5B | $111.6B |
| Goodwill | $16.8B | $16.7B | $16.7B | $16.7B | $16.7B |
| Intangible assets | $8.4B | $7.6B | $7.1B | $6.5B | $6.0B |
| Provision / loans | — | 0.1% | 0.2% | 0.1% | 0.1% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$48.8M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Mary L SchapiroDirector | Sold | 1,000 | $212.06 | $0.2M | Form 4 |
| Jul 17, 2026 | Michael A. PizziHead Technology & Operations | Sold | 24,165 | $215.55 | $5.2M | Form 4 |
| Jul 16, 2026 | Sharon YeshayaChief Financial Officer | Sold | 15,554 | $222.51 | $3.5M | Form 4 |
| Apr 20, 2026 | Eric F GrossmanChief Legal/Admin Officer | Sold | 11,118 | $190.75 | $2.1M | Form 4 |
| Apr 17, 2026 | Daniel A SimkowitzCo-President | Sold | 14,690 | $189.24 | $2.8M | Form 4 |
| Apr 16, 2026 | Andrew M SapersteinCo-President | Sold | 51,668 | $188.60 | $9.7M | Form 4 |
| Apr 16, 2026 | Mandell CrawleyChief Client Officer | Sold | 16,129 | $188.21 | $3.0M | Form 4 |
| Jan 30, 2026 | Daniel A SimkowitzCo-President | Sold | 32,968 | $182.61 | $6.0M | Form 4 |
| Jan 20, 2026 | Andrew M SapersteinCo-President | Sold | 30,330 | $183.62 | $5.6M | Form 4 |
| Jan 20, 2026 | Eric F GrossmanChief Legal/Admin Officer | Sold | 21,555 | $184.00 | $4.0M | Form 4 |
| Jan 20, 2026 | Michael A. PizziHead Technology & Operations | Sold | 20,000 | $184.55 | $3.7M | Form 4 |
| Jan 20, 2026 | Sharon YeshayaChief Financial Officer | Sold | 15,838 | $185.77 | $2.9M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Morgan Stanley MS | $285.7B | 14.4% | — | — | — | 14.5x | — | |
| Goldman Sachs GS | $278.1B | 8.9% | — | — | — | 13.5x | — | Compare → |
| Charles Schwab SCHW | $163.9B | 22.0% | — | — | — | 16.5x | — | Compare → |
| Raymond James Financial RJF | $32.6B | 6.6% | — | — | — | 13.8x | — | Compare → |
| Stifel SF | $7.3B | 6.7% | — | — | — | 11.9x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $34.6B | $37.9B | $40.1B | $41.5B | $48.8B | $59.8B | $53.7B | $54.1B | $61.8B | $70.6B |
| Net interest income | $3.7B | $3.3B | $3.8B | $4.7B | $6.3B | $8.0B | $9.3B | $8.2B | $8.6B | $10.0B |
| Noninterest income | $30.9B | $34.6B | $36.3B | $36.8B | $42.4B | $51.7B | $44.3B | $45.9B | $53.2B | $60.6B |
| Noninterest expense | $25.8B | $27.5B | $28.9B | $30.1B | $33.6B | $40.1B | $39.3B | $41.8B | $43.9B | $48.3B |
| Provision for credit losses | $131M | $22.0M | −$24.0M | $120M | $558M | −$48.0M | $216M | $488M | $146M | $230M |
| Pretax income | $8.8B | $10.4B | $11.2B | $11.3B | $14.4B | $19.7B | $14.1B | $11.8B | $17.6B | $22.0B |
| Income tax | $2.7B | $4.2B | $2.4B | $2.1B | $3.2B | $4.5B | $2.9B | $2.6B | $4.1B | $4.9B |
| Net income | $6.0B | $6.1B | $8.7B | $9.0B | $11.0B | $15.0B | $11.0B | $9.1B | $13.4B | $16.9B |
| Net income to common | $5.5B | $5.6B | $8.2B | $8.5B | $10.5B | $14.6B | $10.5B | $8.5B | $12.8B | $16.2B |
| Diluted EPS | $2.92 | $3.07 | $4.73 | $5.19 | $6.46 | $8.03 | $6.15 | $5.18 | $7.95 | $10.21 |
| Diluted shares | 1.89B | 1.82B | 1.74B | 1.64B | 1.62B | 1.81B | 1.71B | 1.65B | 1.61B | 1.59B |
| Cash flow | ||||||||||
| Stock-based compensation | $1.1B | $1.0B | $920M | $1.2B | $1.3B | $2.1B | $1.9B | $1.7B | $1.6B | $1.9B |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $1.7B | $2.1B | $2.4B | $2.6B | $2.7B | $4.2B | $5.4B | $5.8B | $6.1B | $6.6B |
| Dividends and buybacks | $1.7B | $2.1B | $2.4B | $2.6B | $2.7B | $4.2B | $5.4B | $5.8B | $6.1B | $6.6B |
| Balance sheet | ||||||||||
| Loans, net | $94.2B | $104.1B | $115.6B | $130.6B | — | $174.3B | $199.0B | $203.4B | $225.8B | $268.7B |
| Deposits | $155.9B | $159.4B | $187.8B | $190.4B | $310.8B | $347.6B | $356.6B | $351.8B | $376.0B | $415.5B |
| Goodwill | $6.6B | $6.6B | $6.7B | $7.1B | $11.6B | $16.8B | $16.7B | $16.7B | $16.7B | $16.7B |
| Intangible assets | $2.7B | $2.4B | $2.2B | $2.1B | $5.0B | $8.4B | $7.6B | $7.1B | $6.5B | $6.0B |
| Total assets | $814.9B | $851.7B | $853.5B | $895.4B | $1.12T | $1.19T | $1.18T | $1.19T | $1.22T | $1.42T |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $76.1B | $77.4B | $80.2B | $81.5B | $101.8B | $105.4B | $100.1B | $99.0B | $104.5B | $111.6B |
| Margins | ||||||||||
| Net margin | 17.3% | 16.1% | 21.8% | 21.8% | 22.6% | 25.2% | 20.6% | 16.8% | 21.7% | 23.9% |
| Net interest share of revenue | 10.7% | 8.7% | 9.5% | 11.3% | 13.0% | 13.5% | 17.4% | 15.2% | 13.9% | 14.2% |
| Efficiency ratio | 74.5% | 72.6% | 72.0% | 72.4% | 68.9% | 67.1% | 73.2% | 77.2% | 71.1% | 68.4% |
| Returns | ||||||||||
| Return on equity | 7.9% | 8.0% | 11.1% | 11.2% | 12.0% | 14.5% | 10.7% | 9.1% | 13.2% | 15.6% |
| Return on assets | 0.8% | 0.7% | 1.0% | 1.0% | 1.1% | 1.3% | 0.9% | 0.8% | 1.1% | 1.3% |
| Return on tangible equity | 8.3% | 8.3% | 11.8% | 11.9% | 13.3% | 17.6% | 13.5% | 11.3% | 16.3% | 19.1% |
| Growth | ||||||||||
| Revenue growth | −1.5% | 9.6% | 5.7% | 3.6% | 17.4% | 22.6% | −10.2% | 0.9% | 14.1% | 14.4% |
| Net income growth | −2.4% | 2.2% | 43.2% | 3.4% | 21.6% | 36.7% | −26.6% | −17.6% | 47.4% | 25.9% |
| EPS growth | 0.7% | 5.1% | 54.1% | 9.7% | 24.5% | 24.3% | −23.4% | −15.8% | 53.5% | 28.4% |
| Share count change | −3.4% | −3.5% | −4.6% | −5.6% | −1.0% | 11.7% | −5.6% | −3.9% | −2.1% | −1.2% |
| Financial health | ||||||||||
| Loans / deposits | 60.5% | 65.3% | 61.5% | 68.6% | — | 50.2% | 55.8% | 57.8% | 60.1% | 64.7% |
| Provision / loans | 0.2% | 0.0% | −0.0% | 0.1% | — | — | 0.1% | 0.2% | 0.1% | 0.1% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 3.3% | 2.7% | 2.3% | 2.8% | 2.7% | 3.5% | 3.5% | 3.2% | 2.6% | 2.7% |
Source: SEC EDGAR XBRL filings (CIK 0000895421). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.