Morgan Stanley Financials

MSTLW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Morgan Stanley (MSTLW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Financial Health Signals

Piotroski F-Score Weak

3/9

Morgan Stanley passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-1.06x

For every $1 of reported earnings, Morgan Stanley generates $-1.06 in operating cash flow (-$17.9B OCF vs $16.9B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$70.6B

YoY+14.4%

5Y CAGR+7.7%

10Y CAGR+7.2%

Morgan Stanley generated $70.6B in revenue in fiscal year 2025. This represents an increase of 14.4% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$16.9B

YoY+25.9%

5Y CAGR+8.9%

10Y CAGR+10.7%

Morgan Stanley reported $16.9B in net income in fiscal year 2025. This represents an increase of 25.9% from the prior year.

EPS (Diluted)

$10.21

YoY+28.4%

5Y CAGR+9.6%

10Y CAGR+13.4%

Morgan Stanley earned $10.21 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.4% from the prior year.

Cash & Debt

$111.7B

YoY+6.0%

5Y CAGR+1.1%

10Y CAGR+2.7%

Morgan Stanley held $111.7B in cash against $341.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.85

YoY+8.5%

5Y CAGR+22.4%

10Y CAGR+21.5%

Morgan Stanley paid $3.85 per share in dividends in fiscal year 2025. This represents an increase of 8.5% from the prior year.

Shares Outstanding

1.59B

YoY-1.5%

5Y CAGR-2.6%

10Y CAGR-2.1%

Morgan Stanley had 1.59B shares outstanding in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

23.9%

YoY+2.2pp

5Y CAGR+1.3pp

10Y CAGR+6.4pp

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.

Return on Equity

15.1%

YoY+2.3pp

5Y CAGR+4.3pp

10Y CAGR+6.9pp

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.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MSTLW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$70.6B+14.4%	$61.8B+14.1%	$54.1B+0.9%	$53.7B-10.2%	$59.8B+22.6%	$48.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$49.0B+7.7%	$45.5B+8.3%	$42.1B+242.8%	$12.3B+798.1%	$1.4B-64.5%	$3.8B
Income Tax	$4.9B+21.2%	$4.1B+57.5%	$2.6B-11.2%	$2.9B-36.0%	$4.5B+40.4%	$3.2B
Net Income	$16.9B+25.9%	$13.4B+47.4%	$9.1B-17.6%	$11.0B-26.6%	$15.0B+36.7%	$11.0B
EPS (Diluted)	$10.21+28.4%	$7.95+53.5%	$5.18-15.8%	$6.15-23.4%	$8.03+24.3%	$6.46

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$17.9B-1.8%	$18.2B+8.5%	$16.8B-5.3%	$17.7B+9.3%	$16.2B+5.5%	$15.4B+2.4%	$15.0B-0.8%	$15.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$12.1B-6.7%	$13.0B+3.2%	$12.6B+10.2%	$11.4B+4.2%	$10.9B-8.8%	$12.0B+4.6%	$11.5B+2.9%	$11.1B
Income Tax	$1.3B-2.7%	$1.4B+31.1%	$1.0B-10.7%	$1.2B-0.8%	$1.2B+18.8%	$995.0M+4.0%	$957.0M+2.6%	$933.0M
Net Income	$4.4B-4.6%	$4.6B+30.3%	$3.5B-18.0%	$4.3B+16.2%	$3.7B+16.5%	$3.2B+3.6%	$3.1B-9.8%	$3.4B
EPS (Diluted)	N/A	$2.80+31.5%	$2.13-18.1%	$2.60	N/A	$1.88+3.3%	$1.82-9.9%	$2.02

MSTLW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4T+16.9%	$1.2T+1.8%	$1.2T+1.1%	$1.2T-0.7%	$1.2T+6.5%	$1.1T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$111.7B+6.0%	$105.4B+18.1%	$89.2B-30.4%	$128.1B+0.3%	$127.7B+20.9%	$105.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.7B+0.1%	$16.7B0.0%	$16.7B+0.3%	$16.7B-1.1%	$16.8B+44.7%	$11.6B
Total Liabilities	$1.3T+17.8%	$1.1T+1.5%	$1.1T+1.4%	$1.1T-0.2%	$1.1T+6.8%	$1.0T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$111.6B+6.8%	$104.5B+5.5%	$99.0B-1.1%	$100.1B-5.0%	$105.4B+3.6%	$101.8B
Retained Earnings	$115.1B+9.6%	$105.0B+7.1%	$98.0B+3.3%	$94.9B+6.1%	$89.4B+13.6%	$78.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.4T+4.1%	$1.4T+0.8%	$1.4T+4.1%	$1.3T+7.0%	$1.2T-3.4%	$1.3T+3.8%	$1.2T-1.3%	$1.2T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$111.7B+7.7%	$103.7B-4.9%	$109.1B+20.3%	$90.7B-13.9%	$105.4B+15.7%	$91.1B+1.0%	$90.2B-11.9%	$102.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.7B0.0%	$16.7B-0.1%	$16.7B+0.1%	$16.7B0.0%	$16.7B-0.2%	$16.7B+0.1%	$16.7B0.0%	$16.7B
Total Liabilities	$1.3T+4.3%	$1.3T+0.7%	$1.2T+4.4%	$1.2T+7.5%	$1.1T-3.8%	$1.2T+3.8%	$1.1T-1.6%	$1.1T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$341.7B+5.4%	$324.1B+1.2%	$320.1B+7.8%	$297.0B+4.5%	$284.3B-2.4%	$291.2B+7.9%	$269.9B+1.4%	$266.1B
Total Equity	$111.6B+1.5%	$110.0B+1.6%	$108.2B+1.3%	$106.8B+2.2%	$104.5B+0.8%	$103.6B+2.9%	$100.7B+1.5%	$99.2B
Retained Earnings	$115.1B+2.4%	$112.4B+2.6%	$109.6B+1.8%	$107.7B+2.5%	$105.0B+2.0%	$102.9B+1.5%	$101.4B+1.6%	$99.8B

MSTLW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$17.9B-1413.4%	$1.4B+104.1%	-$33.5B-424.2%	-$6.4B-118.8%	$34.0B+234.6%	-$25.2B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$46.8B-58.8%	-$29.5B-855.3%	-$3.1B+73.5%	-$11.6B+76.7%	-$49.9B-31.7%	-$37.9B
Financing Cash Flow	$67.8B+44.9%	$46.8B+1815.2%	-$2.7B-112.0%	$22.7B-45.3%	$41.5B-50.4%	$83.8B
Dividends Paid	$6.6B+7.4%	$6.1B+6.5%	$5.8B+6.7%	$5.4B+29.5%	$4.2B+52.3%	$2.7B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$2.4B+27.7%	-$3.3B-128.2%	$11.8B+149.3%	-$24.0B-303.2%	$11.8B+168.1%	-$17.3B-786.1%	$2.5B-42.1%	$4.4B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$13.4B-25.5%	-$10.7B+39.6%	-$17.7B-251.1%	-$5.0B+50.4%	-$10.2B-51.6%	-$6.7B+51.0%	-$13.7B-1396.8%	$1.1B
Financing Cash Flow	$24.0B+164.1%	$9.1B-58.1%	$21.7B+66.1%	$13.0B-14.5%	$15.3B-33.8%	$23.0B+5805.0%	-$404.0M-104.6%	$8.9B
Dividends Paid	$1.7B-1.0%	$1.7B+7.6%	$1.6B-2.0%	$1.6B+2.0%	$1.6B-0.3%	$1.6B+8.4%	$1.5B-1.9%	$1.5B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSTLW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.9%+2.2pp	21.7%+4.9pp	16.8%-3.8pp	20.5%-4.6pp	25.2%+2.6pp	22.6%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.06+0.3	2.72+0.1	2.63+0.3	2.34+0.2	2.16+0.1	2.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	24.6%-0.7pp	25.3%+4.2pp	21.1%-3.2pp	24.3%+1.4pp	22.9%+2.2pp	20.7%+0.2pp	20.5%-2.1pp	22.5%
Return on Equity	3.9%-0.3pp	4.2%+0.9pp	3.3%-0.8pp	4.0%+0.5pp	3.5%+0.5pp	3.1%+0.0pp	3.0%-0.4pp	3.4%
Return on Assets	0.3%-0.0pp	0.3%+0.1pp	0.3%-0.1pp	0.3%+0.0pp	0.3%+0.1pp	0.3%0.0pp	0.3%-0.0pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.06+0.1	2.95-0.0	2.96+0.2	2.78+0.1	2.72-0.1	2.81+0.1	2.680.0	2.68
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Morgan Stanley's annual revenue?

Morgan Stanley (MSTLW) 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 (MSTLW) 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 (MSTLW) reported a net income of $16.9B in fiscal year 2025, with a net profit margin of 23.9%.

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

Morgan Stanley (MSTLW) 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.

How much debt does Morgan Stanley have?

As of fiscal year 2025, Morgan Stanley (MSTLW) had $111.7B in cash and equivalents against $341.7B in long-term debt.

What is Morgan Stanley's net profit margin?

Morgan Stanley (MSTLW) 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 (MSTLW) paid $3.85 per share in dividends during fiscal year 2025.

What is Morgan Stanley's return on equity (ROE)?

Morgan Stanley (MSTLW) 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 (MSTLW) generated -$17.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Morgan Stanley's total assets?

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

What is Morgan Stanley's debt-to-equity ratio?

Morgan Stanley (MSTLW) 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 (MSTLW) 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 (MSTLW) 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 (MSTLW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Morgan Stanley's earnings high quality?

Morgan Stanley (MSTLW) has an earnings quality ratio of -1.06x, considered low quality (accrual-driven). 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.