Morgan Stanley Financials
Morgan Stanley (MS) reported $70.6B in revenue for fiscal year 2025, up 14.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profitability recovered faster than cash generation, again showing a balance-sheet-heavy model funded with rising leverage.
From FY2023 to FY2025, net income rose from$9.1B to$16.9B . But operating cash flow stayed negative in two of those three years and was-$17.9B in FY2025, implying the cash picture is being driven more by balance-sheet funding movements than by the earnings trend alone in any single year.
ROA remained around
Selling and administrative expense fell from roughly
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Morgan Stanley's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Morgan Stanley, and counted as zero in the overall score.
Morgan Stanley passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Morgan Stanley used $1.06 of operating cash (-$17.9B OCF vs $16.9B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Morgan Stanley generated $70.6B in revenue in fiscal year 2025. This represents an increase of 14.4% from the prior year.
Morgan Stanley reported $16.9B in net income in fiscal year 2025. This represents an increase of 25.9% from the prior year.
Morgan Stanley earned $10.21 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Morgan Stanley held $111.7B in cash against $341.7B in long-term debt as of fiscal year 2025.
Morgan Stanley paid $3.85 per share in dividends in fiscal year 2025. This represents an increase of 8.5% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Morgan Stanley's net profit margin was 23.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.
Morgan Stanley's ROE was 15.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $78.0B | $70.6B+14.4% | $61.8B+14.1% | $54.1B+0.9% | $53.7B-10.2% | $59.8B+22.6% | $48.8B+17.4% | $41.5B+3.6% | $40.1B+5.7% | $37.9B+9.6% | $34.6B-1.5% | $35.2B+2.6% | $34.3B+5.5% | $32.5B+24.1% | $26.2B-18.8% | $32.2B |
| SG&A Expenses | $31.2B | $29.2B+11.6% | $26.2B+6.6% | $24.6B+6.5% | $23.1B-6.4% | $24.6B+18.1% | $20.9B+10.7% | $18.8B+6.8% | $17.6B+2.7% | $17.2B+8.1% | $15.9B-0.9% | $16.0B-10.1% | $17.8B+9.5% | $16.3B+4.2% | $15.6B-4.3% | $16.3B |
| Interest Expense | $50.8B | $49.0B+7.7% | $45.5B+8.3% | $42.1B+242.8% | $12.3B+798.1% | $1.4B-64.5% | $3.8B-69.0% | $12.4B+23.0% | $10.1B+77.0% | $5.7B+71.7% | $3.3B+21.0% | $2.7B-25.4% | $3.7B-17.0% | $4.4B-24.9% | $5.9B-14.3% | $6.9B |
| Income Tax | $5.8B | $4.9B+21.2% | $4.1B+57.5% | $2.6B-11.2% | $2.9B-36.0% | $4.5B+40.4% | $3.2B+56.9% | $2.1B-12.2% | $2.4B-43.6% | $4.2B+52.9% | $2.7B+23.9% | $2.2B+2544.4% | -$90.0M-110.0% | $902.0M+660.2% | -$161.0M-111.4% | $1.4B |
| Net Income | $20.2B | $16.9B+25.9% | $13.4B+47.4% | $9.1B-17.6% | $11.0B-26.6% | $15.0B+36.7% | $11.0B+21.6% | $9.0B+3.4% | $8.7B+43.2% | $6.1B+2.2% | $6.0B-2.4% | $6.1B+76.7% | $3.5B+18.2% | $2.9B+4211.8% | $68.0M-98.3% | $4.1B |
| EPS (Diluted) | — | $10.21+28.4% | $7.95+53.5% | $5.18-15.8% | $6.15-23.4% | $8.03+24.3% | $6.46+24.5% | $5.19+9.7% | $4.73+54.1% | $3.07+5.1% | $2.92+0.7% | $2.90+81.2% | $1.60+17.6% | $1.36+6900.0% | -$0.02-101.6% | $1.23 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4T+16.9% | $1.2T+1.8% | $1.2T+1.1% | $1.2T-0.7% | $1.2T+6.5% | $1.1T+24.6% | $895.4B+4.9% | $853.5B+0.2% | $851.7B+4.5% | $814.9B+3.5% | $787.5B-1.8% | $801.5B-3.7% | $832.7B+6.6% | $781.0B+4.1% | $749.9B |
| Cash & Equivalents | $111.7B+6.0% | $105.4B+18.1% | $89.2B-30.4% | $128.1B+0.3% | $127.7B+20.9% | $105.7B+28.6% | $82.2B-5.8% | $87.2B+8.5% | $80.4B+3.9% | $77.4B-9.6% | $85.6B-2.3% | $87.6B+46.3% | $59.9B+27.7% | $46.9B-0.9% | $47.3B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $46.2B+36.0% | $34.0B |
| Goodwill | $16.7B+0.1% | $16.7B0.0% | $16.7B+0.3% | $16.7B-1.1% | $16.8B+44.7% | $11.6B+62.9% | $7.1B+6.8% | $6.7B+1.4% | $6.6B+0.3% | $6.6B-0.1% | $6.6B-0.1% | $6.6B-0.1% | $6.6B-0.8% | $6.7B-0.5% | $6.7B |
| Total Liabilities | $1.3T+17.8% | $1.1T+1.5% | $1.1T+1.4% | $1.1T-0.2% | $1.1T+6.8% | $1.0T+24.6% | $812.7B+5.3% | $772.1B-0.1% | $773.3B+4.8% | $737.8B+3.7% | $711.3B-2.5% | $729.4B-4.5% | $763.7B+7.4% | $711.2B+4.6% | $679.8B |
| Long-Term Debt | $341.7B+20.2% | $284.3B+9.1% | $260.5B+11.4% | $233.9B+2.9% | $227.4B+6.5% | $213.4B+12.3% | $190.1B+1.0% | $188.1B-1.5% | $191.1B+16.0% | $164.8B+7.2% | $153.8B+0.7% | $152.8B-0.5% | $153.6B-9.4% | $169.6B-8.0% | $184.2B |
| Total Equity | $111.6B+6.8% | $104.5B+5.5% | $99.0B-1.1% | $100.1B-5.0% | $105.4B+3.6% | $101.8B+24.8% | $81.5B+1.6% | $80.2B+3.7% | $77.4B+1.8% | $76.0B+1.2% | $75.2B+6.0% | $70.9B+7.6% | $65.9B+6.1% | $62.1B+0.1% | $62.0B |
| Retained Earnings | $115.1B+9.6% | $105.0B+7.1% | $98.0B+3.3% | $94.9B+6.1% | $89.4B+13.6% | $78.7B+11.5% | $70.6B+10.0% | $64.2B+11.5% | $57.6B+7.3% | $53.7B+9.1% | $49.2B+10.3% | $44.6B+5.8% | $42.2B+5.7% | $39.9B-1.1% | $40.3B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.
MS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.6B | -$17.9B-1413.4% | $1.4B+104.1% | -$33.5B-424.2% | -$6.4B-118.8% | $34.0B+234.6% | -$25.2B-161.9% | $40.8B+458.2% | $7.3B+262.2% | -$4.5B-183.7% | $5.4B+220.6% | -$4.5B-511.0% | $1.1B-96.9% | $35.0B+42.6% | $24.5B+54.5% | $15.9B |
| Investing Cash Flow | -$37.9B | -$46.8B-58.8% | -$29.5B-855.3% | -$3.1B+73.5% | -$11.6B+76.7% | -$49.9B-31.7% | -$37.9B-12.9% | -$33.6B-46.7% | -$22.9B-84.7% | -$12.4B+36.5% | -$19.5B+2.4% | -$20.0B | N/A | N/A | -$12.4B-10.4% | -$11.2B |
| Financing Cash Flow | $106.6B | $67.8B+44.9% | $46.8B+1815.2% | -$2.7B-112.0% | $22.7B-45.3% | $41.5B-50.4% | $83.8B+800.2% | -$12.0B-149.4% | $24.2B+48.9% | $16.3B+120.8% | $7.4B-69.5% | $24.2B | N/A | N/A | -$11.9B-131.1% | -$5.1B |
| Dividends Paid | $6.8B | $6.6B+7.4% | $6.1B+6.5% | $5.8B+6.7% | $5.4B+29.5% | $4.2B+52.3% | $2.7B+4.3% | $2.6B+10.6% | $2.4B+13.9% | $2.1B+19.4% | $1.7B+20.0% | $1.5B+61.0% | $904.0M+90.3% | $475.0M+1.3% | $469.0M-43.8% | $834.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $691.0M+204.4% | $227.0M-28.4% | $317.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 23.9%+2.2pp | 21.7%+4.9pp | 16.8%-3.8pp | 20.5%-4.6pp | 25.2%+2.6pp | 22.6%+0.8pp | 21.8%0.0pp | 21.8%+5.7pp | 16.1%-1.2pp | 17.3%-0.2pp | 17.4%+7.3pp | 10.1%+1.1pp | 9.0%+8.8pp | 0.3%-12.5pp | 12.8% |
| Return on Equity | 15.1%+2.3pp | 12.8%+3.6pp | 9.2%-1.8pp | 11.0%-3.3pp | 14.3%+3.5pp | 10.8%-0.3pp | 11.1%+0.2pp | 10.9%+3.0pp | 7.9%0.0pp | 7.9%-0.3pp | 8.2%+3.3pp | 4.9%+0.4pp | 4.5%+4.3pp | 0.1%-6.5pp | 6.6% |
| Return on Assets | 1.2%+0.1pp | 1.1%+0.3pp | 0.8%-0.2pp | 0.9%-0.3pp | 1.3%+0.3pp | 1.0%0.0pp | 1.0%0.0pp | 1.0%+0.3pp | 0.7%0.0pp | 0.7%0.0pp | 0.8%+0.3pp | 0.4%+0.1pp | 0.4%+0.3pp | 0.0%-0.5pp | 0.5% |
| Debt-to-Equity | 3.06+0.3x | 2.72+0.1x | 2.63+0.3x | 2.34+0.2x | 2.16+0.1x | 2.10-0.2x | 2.330.0x | 2.34-0.1x | 2.47+0.3x | 2.17+0.1x | 2.05-0.1x | 2.15-0.2x | 2.33-0.4x | 2.73-0.2x | 2.97 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where Morgan Stanley Ranks
Frequently Asked Questions
What is Morgan Stanley's annual revenue?
Morgan Stanley (MS) reported $70.6B in total revenue for fiscal year 2025. This represents a 14.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Morgan Stanley's revenue growing?
Morgan Stanley (MS) revenue grew by 14.4% year-over-year, from $61.8B to $70.6B in fiscal year 2025.
Is Morgan Stanley profitable?
Yes, Morgan Stanley (MS) reported a net income of $16.9B in fiscal year 2025, with a net profit margin of 23.9%.
How much debt does Morgan Stanley have?
As of fiscal year 2025, Morgan Stanley (MS) had $111.7B in cash and equivalents against $341.7B in long-term debt.
What is Morgan Stanley's net profit margin?
Morgan Stanley (MS) had a net profit margin of 23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Morgan Stanley pay dividends?
Yes, Morgan Stanley (MS) paid $3.85 per share in dividends during fiscal year 2025.
What is Morgan Stanley's return on equity (ROE)?
Morgan Stanley (MS) has a return on equity of 15.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Morgan Stanley's operating cash flow?
Morgan Stanley (MS) recorded an outflow of $17.9B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Morgan Stanley's total assets?
Morgan Stanley (MS) had $1.4T in total assets as of fiscal year 2025, including both current and long-term assets.
What is Morgan Stanley's debt-to-equity ratio?
Morgan Stanley (MS) had a debt-to-equity ratio of 3.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Morgan Stanley's return on assets (ROA)?
Morgan Stanley (MS) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Morgan Stanley's cash runway?
Based on fiscal year 2025 data, Morgan Stanley (MS) had $111.7B in cash against an annual operating cash burn of $17.9B. This gives an estimated cash runway of approximately 75 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Morgan Stanley's Piotroski F-Score?
Morgan Stanley (MS) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Morgan Stanley's earnings high quality?
For every $1 of reported earnings, Morgan Stanley (MS) used $1.06 of operating cash (-$17.9B OCF vs $16.9B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Morgan Stanley?
Morgan Stanley (MS) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.