What is Morgan Stanley's earnings per share (EPS)?

Morgan Stanley (MS) reported diluted earnings per share of $10.21 for fiscal year 2025. This represents a 28.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Morgan Stanley (MS) Financials

Trailing 12 months to June 30, 2026

Revenue $78.0B +18.0% YoY

Net Income $20.2B +36.6% YoY

EPS (Diluted) $12.37 +40.1% YoY

Operating Cash Flow -$15.6B +11.8% YoY

Market Cap $294.4B as of Oct 8, 2026

Price / Sales 3.8x on $78.0B revenue, trailing 12 months to June 30, 2026

Price / Earnings 14.6x on $20.2B net income, trailing 12 months to June 30, 2026

Price / Book 2.5x on $116.3B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MS SEC filings page.

Morgan Stanley (MS) reported $78.0B in revenue over the twelve months to Jun 30, 2026, up 18.0% from the prior twelve months. 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).

Rhea AI MS FY2025 2026-10-03

Morgan Stanley’s earnings recovered, but its balance sheet became more leveraged while cash flow diverged from reported profit.

Operating cash flow swung from $1.4B in FY2024 to -$17.9B in FY2025 even as reported profitability improved, making cash conversion the key interpretive issue. The gap means accounting profit did not track the cash resources produced by that year’s reported activity, so earnings alone provide an incomplete view of operating performance.

At $1.4T of assets, this is an asset-heavy financial model, so asset productivity is a more useful lens than revenue alone. Net income reached $16.9B in FY2025, yet ROA was 1.2%, illustrating how a large asset base can make substantial earnings translate into modest asset returns.

Equity increased from $99.0B in FY2023 to $111.6B in FY2025, but that cushion did not keep leverage from rising. Debt-to-equity climbed from 2.6x in FY2023 to 3.1x in FY2025, showing that balance-sheet expansion relied more heavily on liabilities than on equity.

Financial Health Signals

Financial Health Score 38/100

Scored as: Banks peer group

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.

Earnings

Morgan Stanley earned a return on assets of 1.2% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 1.1% the prior year. Earnings ranks banks on that return over three years, and Morgan Stanley scores 66/100 among other banks.

Growth

Morgan Stanley reported revenue of $70.6B in fiscal year 2025, against $61.8B in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Morgan Stanley scores 71/100 among other banks.

Capital

Morgan Stanley funded 7.9% of its assets with shareholders' equity at the end of fiscal year 2025, holding $111.6B of equity against $1.4T of assets. Capital ranks banks on that cushion, and Morgan Stanley scores 8/100 among other banks.

Efficiency

Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Morgan Stanley scores 27/100 on it among other banks.

Credit Quality

Not available for Morgan Stanley, and counted as zero in the overall score.

Stability

Morgan Stanley reported net income of $16.9B in fiscal year 2025, against $13.4B in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Morgan Stanley scores 56/100 among other banks.

Piotroski F-Score Partial

3/7

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.

Earnings Quality No Cash Backing

$1.06used

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

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Earnings & Revenue

Revenue

$21.3B

YoY+27.1%

QoQ+3.7%

5Y CAGR+7.7%

10Y CAGR+9.1%

Morgan Stanley generated $21.3B in revenue in Q2 2026. This represents an increase of 27.1% from the same quarter a year earlier. Against the prior quarter it is up 3.7%.

Net Income

$5.6B

YoY+57.7%

QoQ+0.3%

5Y CAGR+9.7%

10Y CAGR+13.4%

Morgan Stanley reported $5.6B in net income in Q2 2026. This represents an increase of 57.7% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

EPS (Diluted)

$3.46

YoY+62.4%

QoQ+0.9%

5Y CAGR+13.3%

10Y CAGR+16.5%

Morgan Stanley earned $3.46 per diluted share (EPS) in Q2 2026. This represents an increase of 62.4% from the same quarter a year earlier. Against the prior quarter it is up 0.9%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$160.1B

YoY+46.7%

QoQ+19.9%

5Y CAGR+4.8%

10Y CAGR+11.1%

Morgan Stanley held $160.1B in cash against $383.2B in long-term debt as of Q2 2026.

Dividends Per Share

$1.00

YoY+8.1%

QoQ0.0%

5Y CAGR+23.4%

10Y CAGR+20.9%

Morgan Stanley paid $1.00 per share in dividends in Q2 2026. This represents an increase of 8.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

1.57B

YoY-1.6%

QoQ-0.4%

5Y CAGR-3.0%

10Y CAGR-1.9%

Morgan Stanley had 1.57B shares outstanding in Q2 2026. This represents a decrease of 1.6% from the same quarter a year earlier. Against the prior quarter it is down 0.4%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Net Margin

26.1%

YoY+5.1pp

QoQ-0.9pp

5Y change+2.4pp

10Y change+8.4pp

Morgan Stanley's net profit margin was 26.1% in Q2 2026, showing the share of revenue converted to profit. This is up 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.

Return on Equity

4.8%

YoY+1.5pp

QoQ-0.1pp

5Y change+1.5pp

10Y change+2.8pp

Morgan Stanley's ROE was 4.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

MS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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 (Basic)	N/A	$10.32+28.4%	$8.04+53.4%	$5.24-15.9%	$6.23-23.7%	$8.16+24.6%	$6.55+24.5%	$5.26+9.4%	$4.81+53.2%	$3.14+5.4%	$2.98+0.3%	$2.97+81.1%	$1.64+18.0%	$1.39+7050.0%	-$0.02-101.6%	$1.25
EPS (Diluted)	$12.37	$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
Diluted Shares (Avg)	N/A	1.59B-1.2%	1.61B-2.1%	1.65B-3.9%	1.71B-5.6%	1.81B+11.7%	1.62B-1.0%	1.64B-5.6%	1.74B-4.6%	1.82B-3.5%	1.89B-3.4%	1.95B-0.9%	1.97B+0.7%	1.96B+2.0%	1.92B+14.5%	1.68B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$21.3B+27.1%	$20.6B+16.0%	$17.9B+10.3%	$18.2B+18.5%	$16.8B+11.8%	$17.7B+17.2%	$16.2B+25.8%	$15.4B+15.9%
SG&A Expenses	$8.2B+13.9%	$8.5B+13.6%	$7.1B+12.3%	$7.4B+10.5%	$7.2B+11.3%	$7.5B+12.3%	$6.3B+5.7%	$6.7B+13.4%
Interest Expense	$13.1B+4.5%	$12.6B+10.3%	$12.1B+10.6%	$13.0B+8.1%	$12.6B+9.6%	$11.4B+2.3%	$10.9B-16.2%	$12.0B+5.8%
Income Tax	$1.7B+61.9%	$1.4B+17.1%	$1.3B+13.0%	$1.4B+38.0%	$1.0B+9.4%	$1.2B+25.7%	$1.2B+113.0%	$995.0M+40.1%
Net Income	$5.6B+57.7%	$5.6B+29.0%	$4.4B+18.4%	$4.6B+44.6%	$3.5B+15.1%	$4.3B+26.5%	$3.7B+144.8%	$3.2B+32.4%
EPS (Basic)	$3.50+62.8%	$3.47+32.4%	$2.71+20.4%	$2.83+48.2%	$2.15+16.2%	$2.62+28.4%	$2.25+158.6%	$1.91+37.4%
EPS (Diluted)	$3.46+62.4%	$3.43+31.9%	$2.68+20.7%	$2.80+48.9%	$2.13+17.0%	$2.60+28.7%	$2.22+161.2%	$1.88+36.2%
Diluted Shares (Avg)	1.57B-1.5%	1.58B-1.5%	N/A	1.59B-1.2%	1.59B-1.1%	1.60B-1.0%	N/A	1.61B-2.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

MS Balance Sheet

MS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.7T+23.7%	$1.6T+21.6%	$1.4T+16.9%	$1.4T+8.5%	$1.4T+11.7%	$1.3T+5.8%	$1.2T+1.8%	$1.3T+7.6%
Cash & Equivalents	$160.1B+46.7%	$133.5B+47.2%	$111.7B+6.0%	$103.7B+13.9%	$109.1B+21.0%	$90.7B-11.3%	$105.4B+18.1%	$91.1B-16.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$17.1B+2.2%	$17.1B+2.3%	$16.7B+0.1%	$16.7B-0.1%	$16.7B+0.1%	$16.7B0.0%	$16.7B0.0%	$16.7B+0.2%
Total Liabilities	$1.6T+25.2%	$1.5T+22.9%	$1.3T+17.8%	$1.3T+8.7%	$1.2T+12.0%	$1.2T+5.7%	$1.1T+1.5%	$1.2T+7.9%
Long-Term Debt	$383.2B+19.7%	$363.0B+22.2%	$341.7B+20.2%	$324.1B+11.3%	$320.1B+18.6%	$297.0B+11.6%	$284.3B+9.1%	$291.2B+19.9%
Total Equity	$116.3B+7.5%	$114.3B+7.0%	$111.6B+6.8%	$110.0B+6.1%	$108.2B+7.4%	$106.8B+7.7%	$104.5B+5.5%	$103.6B+4.5%
Retained Earnings	$122.8B+12.1%	$118.9B+10.5%	$115.1B+9.6%	$112.4B+9.2%	$109.6B+8.1%	$107.7B+7.9%	$105.0B+7.1%	$102.9B+5.0%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities.

MS Cash Flow Statement

MS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$4.7B-9.7%	$5.2B+21.3%	$4.3B+6.5%	$4.0B-5.2%	$4.2B+11.9%	$3.8B+42.6%	$2.6B+43.3%	$1.8B+5.2%	$1.8B+1.0%	$1.7B+21.1%	$1.4B+23.4%	$1.2B-23.2%	$1.5B-4.4%	$1.6B+12.6%	$1.4B
Stock-Based Compensation	N/A	$1.9B+18.7%	$1.6B-5.1%	$1.7B-8.9%	$1.9B-10.1%	$2.1B+58.9%	$1.3B+13.8%	$1.2B+25.3%	$920.0M-10.3%	$1.0B-9.7%	$1.1B+2.9%	$1.1B-12.4%	$1.3B+6.8%	$1.2B+32.4%	$891.0M-31.5%	$1.3B
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$2.7B-123.2%	-$7.1B+70.4%	-$2.4B-120.4%	-$3.3B+80.8%	$11.8B+368.5%	-$24.0B-649.9%	$11.8B+166.5%	-$17.3B-562.3%
Depreciation & Amortization	$1.2B-8.0%	$714.0M-17.5%	$1.1B-30.8%	$1.3B+6.1%	$1.3B+2.8%	$865.0M-11.3%	$1.6B+17.0%	$1.3B+28.5%
Stock-Based Compensation	N/A	$571.0M+5.9%	N/A	N/A	N/A	$539.0M+21.9%	N/A	N/A
Investing Cash Flow	-$7.2B+59.2%	-$6.6B-31.1%	-$13.4B-32.0%	-$10.7B-59.4%	-$17.7B-29.3%	-$5.0B-577.6%	-$10.2B-15.3%	-$6.7B-1395.2%
Financing Cash Flow	$37.1B+71.0%	$36.5B+179.5%	$24.0B+57.1%	$9.1B-60.6%	$21.7B+5463.1%	$13.0B+47.3%	$15.3B+167.9%	$23.0B+6284.5%
Dividends Paid	$1.7B+5.9%	$1.7B+5.7%	$1.7B+6.5%	$1.7B+7.2%	$1.6B+8.0%	$1.6B+8.0%	$1.6B+7.3%	$1.6B+5.9%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

MS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.040.0x	0.050.0x	0.050.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.030.0x	0.04

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	26.1%+5.1pp	27.1%+2.7pp	24.6%+1.7pp	25.3%+4.6pp	21.1%+0.6pp	24.3%+1.8pp	22.9%+11.1pp	20.7%+2.6pp
Return on Equity	4.8%+1.5pp	4.9%+0.8pp	3.9%+0.4pp	4.2%+1.1pp	3.3%+0.2pp	4.0%+0.6pp	3.5%+2.0pp	3.1%+0.7pp
Return on Assets	0.3%+0.1pp	0.4%0.0pp	0.3%0.0pp	0.3%+0.1pp	0.3%0.0pp	0.3%+0.1pp	0.3%+0.2pp	0.3%0.0pp
Debt-to-Equity	3.29+0.3x	3.18+0.4x	3.06+0.3x	2.95+0.1x	2.96+0.3x	2.78+0.1x	2.72+0.1x	2.81+0.4x
Asset Turnover	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Morgan Stanley MS	FY2025	$70.6B	$16.9B	23.9%	$294.4B	38/100
Goldman Sachs Group Inc. GS	FY2025	$58.3B	$17.2B	29.5%	$258.3B	38/100
The Charles Schwab Corporation SCHW	FY2025	$23.9B	$8.9M	0.0%	$165.3B	41/100
Interactive Brokers Group, Inc. IBKR	FY2025	$6.2B	$4.4B	70.2%	$39.8B	52/100
Robinhood Markets, Inc. HOOD	FY2025	$4.5B	$1.9B	42.1%	$98.5B	47/100
Tradeweb Markets Inc. TW	FY2025	$2.1B	$812.8M	39.6%	$22.7B	52/100

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.

How many shares does Morgan Stanley have outstanding?

Morgan Stanley (MS) had 1.59B shares outstanding as of fiscal year 2025.

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 P/E ratio?

Morgan Stanley (MS) trades at 14.6x earnings, its market capitalization divided by net income of $20.2B net income, trailing 12 months to June 30, 2026. The market capitalization is $294.4B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Morgan Stanley's price-to-sales ratio?

Morgan Stanley (MS) trades at 3.8x sales, its market capitalization divided by revenue of $78.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $294.4B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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 38 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.