Morgan Stanley (MS) 424B Filings

Morgan Stanley Finance LLC is issuing S&P 500®-linked Dual Directional Buffered Participation Securities, fully guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and an aggregate principal amount of $7,050,000. The notes pay no interest and mature on March 16, 2027.

At maturity, investors receive upside linked 1:1 to S&P 500® gains, capped at a maximum payment of $1,088 per security (108.80% of principal). If the index is down but not below 85% of its initial level, investors earn a positive “absolute return” up to 15%.

If the final index level is below 85% of the initial 6,941.47 level, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange. The estimated value on the pricing date is $989.70 per security, below the $1,000 issue price due to embedded costs and the issuer’s internal funding rate.

Morgan Stanley Finance LLC is issuing Buffered PLUS structured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with $1,151,000 total principal and matures on March 16, 2027.

The notes pay no interest. If the index rises, holders receive leveraged upside of 110% of the index gain, capped at a maximum payment of $1,126 per security (112.60% of principal). If the index ends between 90% and 100% of the initial level, investors receive only principal back. Below 90%, investors lose 1% of principal for each 1% further decline, but never less than 10% of principal.

The initial index level is 6,941.47 and the buffer level is 6,247.323. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity. The estimated value on the pricing date is $987.10 per security, reflecting issuance, structuring and hedging costs borne by investors.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” due February 23, 2029 linked to the worst performer of the S&P 500® Index, Nasdaq-100 Index® and Russell 2000® Index.

The notes may be automatically redeemed on scheduled determination dates starting in February 2027 if each index is at or above its call threshold (100% of its initial level). In that case, investors receive an early redemption payment that implies about 15.40% per annum, such as $1,154, $1,231, $1,308 or $1,385 per $1,000 depending on the call date.

If the notes are not called and at maturity all three indexes are at or above their call thresholds, investors receive a fixed $1,462 per $1,000. If at least one index is below its call threshold but all are at or above 70% of their initial levels, only principal is returned. If any index finishes below 70%, investors lose 1% of principal for each 1% decline in the worst-performing index, with a potential total loss.

The estimated value on the pricing date is expected to be about $982.30 per $1,000, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities pay no interest, do not participate in any index upside, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange and may have limited or no secondary market liquidity.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to Conagra Brands, Inc. stock with an aggregate principal amount of $1,023,000 and a stated principal of $1,000 per security. The notes pay an 11.25% annual contingent coupon only when the stock closes at or above the $15.616 coupon barrier on scheduled observation dates. The notes may be automatically redeemed starting August 11, 2026 if the stock is at or above the $20.02 call threshold, returning principal plus the contingent coupon. If not redeemed and the final stock level is below the downside threshold of $15.616, investors lose 1% of principal for each 1% decline in the stock and can lose their entire investment. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $961.20 per $1,000 note, reflecting issuance, selling, structuring and hedging costs.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income, auto-callable, principal-at-risk securities linked to Eli Lilly common stock, maturing on March 2, 2027. Each security has a $1,000 stated principal amount and an issue price of $1,000, with an estimated value of approximately $980.80.

The notes pay a contingent coupon at an annual rate of 11.24%, but only if Eli Lilly’s share price on the relevant observation date is at or above the coupon barrier of $778.703, equal to 75% of the initial level of $1,038.27. Missed coupons can be paid later if the barrier is met on a future observation date.

The notes are automatically redeemed if, on any redemption determination date, the stock closes at or above the call threshold of $1,038.27. If held to maturity and not called, investors receive full principal back only if the final share price is at or above the buffer level of $778.703. Below that level, maturity payment is reduced by 1.3333% of principal for each 1% decline beyond the 25% buffer, with no minimum payment, so the entire investment can be lost. All payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of the iShares Expanded Tech-Software Sector ETF (IGV) and the State Street Energy Select Sector SPDR ETF (XLE), fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of about $947.90 due to embedded costs and internal funding assumptions.

The notes feature an automatic early redemption from August 2026, paying step-up amounts that correspond to roughly 15.75% per annum if on a determination date both ETFs are at or above their applicable call threshold. If held to February 2029 and not called, investors receive $1,472.50 per security only if both final ETF levels are at or above 90% of initial levels, or merely principal back if both stay at or above 70% but one falls below the 90% upside threshold.

If at maturity either ETF finishes below 70% of its initial level, repayment is reduced dollar-for-dollar with the decline in the worst-performing ETF, potentially to zero. The structure offers no dividends or interest and no participation in upside beyond the fixed capped return, and all payments depend on Morgan Stanley’s credit. The notes are not listed and secondary market liquidity is uncertain.

Morgan Stanley Finance LLC is offering principal-at-risk contingent income securities due February 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index.

Investors may receive a 13.00% per annum contingent coupon, paid only if on each observation date the index closing level is at or above a coupon barrier set at 50% of the initial level. If the final index level at maturity is at or above a downside threshold set at 70% of the initial level, investors receive full principal back (plus any final contingent coupon). If the final level is below this threshold, repayment is reduced in proportion to the index decline, and the amount due can fall to zero.

The pricing supplement highlights that the securities’ original issue price of $1,000 includes issuing, selling, structuring and hedging costs, so the estimated value on the pricing date is lower, at approximately $872.80 per security. The underlying index is rules-based, volatility-targeted, uses leverage at times, applies a 4.0% per annum daily decrement and has limited actual performance history, all of which add to risk. All payments are subject to Morgan Stanley’s credit risk, and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering $360,000 of Dual Directional Trigger Jump Securities, priced at $1,000 per security, linked to the S&P 500® Futures Excess Return Index and maturing on February 14, 2031. These principal-at-risk notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.

At maturity, if the final index level is at or above the initial level of 562.82, investors receive principal plus the greater of the index gain or a fixed $470 upside payment (47%). If the index is below the initial level but at or above 70% of it, investors receive principal plus a positive return matching the absolute percentage decline, effectively capped at a 30% gain.

If the final level falls below 70% of the initial level, investors lose 1% of principal for each 1% index decline, up to a total loss. The securities are unsecured, will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $939.60 per security, lower than the issue price due to issuance, selling, structuring and hedging costs and an internal funding rate favorable to the issuer.

Morgan Stanley Finance LLC is offering Trigger PLUS structured notes linked to a basket of the S&P 500, EURO STOXX 50 and Russell 2000 indexes, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.

At maturity in February 2031, investors receive leveraged upside if the basket performance factor is positive, using a leverage factor of 110%. If the basket performance factor is zero or negative but above or equal to the –30% downside trigger, only principal is returned. Below the trigger, investors lose 1% of principal for each 1% decline, with no minimum payment.

The basket weights are set on the observation date, with the best- and second-best-performing indexes each weighted 40% and the worst 20%. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and have an estimated value on the pricing date of approximately $974.20 per security.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk notes linked to the iShares Expanded Tech-Software Sector ETF, maturing on May 13, 2027. The notes pay no interest and all payments depend on Morgan Stanley’s credit.

For each $1,000 note, if the ETF’s final level is at least 90% of the $83.23 initial level, investors receive a fixed maximum settlement of $1,187.50 (118.75% of face value. If the ETF falls more than 10%, repayment declines with losses and investors can lose their entire investment.

The price to the public is $1,000 per note, including $9.10 in selling commissions, with estimated value on the trade date of about $978.40. The notes will not be listed on an exchange, may have limited liquidity and are sensitive to ETF volatility, market conditions and issuer credit spreads.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering step-down autocallable buffered notes linked to the SPDR® Gold Trust ETF (GLD). The notes pay no interest and are unsecured, principal-at-risk obligations with a $1,000 face amount.

The notes may be automatically called after about 12–14 months if GLD’s closing level is at or above the initial level, returning $1,000 plus a call premium of between 9.39% and 11.04%. If not called, and after about 24 months GLD is at or above 90% of its initial level, investors receive $1,000 plus a maturity premium between 18.78% and 22.08%.

If GLD falls by more than 10% from its initial level at final valuation, repayment is reduced by approximately 1.1111 times the decline beyond the 10% buffer, and investors can lose up to their entire investment. The estimated value on the trade date is approximately $968.60 per $1,000 note, reflecting structuring, distribution and hedging costs, and the notes will not be listed, so liquidity depends mainly on Morgan Stanley & Co. making a market.

Morgan Stanley is issuing $5,000,000 in fixed rate notes due February 13, 2031, with a stated principal amount and issue price of $1,000 per note and a fixed interest rate of 4.000% per annum, paid semi-annually each February 13 and August 13.

Interest starts accruing on February 13, 2026, and at maturity investors receive $1,000 per note plus accrued and unpaid interest. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited liquidity. The estimated value on the pricing date is $982.20 per note, below the issue price due to embedded issuance, structuring and hedging costs and the internal funding rate.

Morgan Stanley is issuing unsecured fixed rate notes due February 13, 2036 with an aggregate principal amount of $371,000. Each note has a stated principal amount and issue price of $1,000 and pays a fixed 4.500% annual interest rate, paid semi-annually on February 13 and August 13.

All payments depend on Morgan Stanley’s credit; a default could mean losing some or all of the investment. The notes are not insured, not secured by any assets, and will not be listed on any securities exchange, so secondary market liquidity may be limited.

The estimated value on the pricing date is $959.70 per note, below the $1,000 issue price, reflecting embedded issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to Morgan Stanley. Investors who sell before maturity may receive less than the issue price.

Morgan Stanley is issuing $5,000,000 of fixed rate senior notes due February 13, 2032. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.150% per year, with semi-annual payments every February 13 and August 13.

The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any securities exchange. The estimated value on the pricing date is $980 per note, below the issue price, reflecting embedded issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Secondary market liquidity may be limited and sale prices may be significantly below the issue price.

Morgan Stanley Finance LLC is offering $350,000 aggregate principal amount of Fixed Rate Callable Notes due February 13, 2034, fully and unconditionally guaranteed by Morgan Stanley. The notes pay 4.400% per annum, semi‑annually, with an original issue price of $1,000 per note and an estimated value on the pricing date of $965.70 per note.

The notes are callable semi‑annually beginning on February 13, 2030 based on a risk neutral valuation model; any redemption will be at 100% of principal plus accrued interest. The offering includes a $12 sales commission per note and proceeds to the issuer of $988 per note. All payments are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC priced $3,500,000 of Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, due February 15, 2029. Each security has a stated principal of $1,000 and an upside payment of $369.30 (36.93%) if the EURO STOXX 50® Index closes on or above the initial index value. If the final index value is below the initial index value, the maturity payment equals $1,000 × (final/initial index value) and could be zero, so investors may lose their entire principal. The pricing date index closing value was 6,047.06 and the estimated value on the pricing date was $960.30.

Morgan Stanley Finance LLC is offering $3,930,000 of fixed‑income, principal‑at‑risk securities due February 13, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a fixed coupon at an annual rate of 7.00%, are callable beginning with a redemption determination date on February 10, 2027, and observe the underlying on February 10, 2031 for maturity payoff.

Payments depend on the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index: the initial and call threshold level is 1,268.09, the buffer level is 1,077.877 (approx. 85% of the initial level), and the minimum payment at maturity is 15% of principal. The estimated value on the pricing date was $930.10 per security, and selected dealers receive an agent commission of $41 per security.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured “Buffered Jump Securities” linked to the worst performer of the iShares Gold Trust (IAU) and iShares Silver Trust (SLV), maturing on February 27, 2031, at an issue price of $1,000 per security.

The notes can be automatically redeemed starting March 3, 2027 if both underliers are at or above their call thresholds (100% of initial levels), paying fixed early redemption amounts from $1,193.50 up to $1,919.125 per $1,000, corresponding to about 19.35% per annum, after which no further payments occur.

If held to maturity and not called, investors receive $1,967.50 per security if both underliers finish at or above their call thresholds, only principal back if both stay above 90% buffer levels, and a proportional loss beyond a 10% buffer based on the worst underlier, with a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $888 per security, reflecting issuer costs and internal funding assumptions, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC will issue fixed rate callable notes due February 25, 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes carry a stated interest rate of 4.350% per annum, an original issue date of February 27, 2026, and semi-annual interest and redemption dates on the 25th of February and August.

The issuer estimates the value on the pricing date at approximately $968.70 per note and may redeem early only if a risk neutral valuation model indicates redemption is economically rational; redemption pays 100% of principal plus accrued interest.

Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an auto-callable feature, backed by a full guarantee of Morgan Stanley. The offering registers an aggregate principal amount of $3,841,000 at a $1,000 stated principal per security. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, have a strike and pricing date of February 10, 2026, an original issue date of February 13, 2026, and mature on February 13, 2031.

The securities may auto-redeem on specified determination dates beginning February 11, 2027, if the underlier is at or above the call threshold of 1,141.281 (90% of the initial level). The initial level was 1,268.09. A buffer of 15% applies: if the final level is below the buffer level (1,077.877) investors incur losses proportionate to declines beyond the buffer, subject to a minimum payment of 15% of principal. The issue price includes a sales commission of $43.50 per security and an estimated value on the pricing date of $910.30.

Morgan Stanley is offering unsecured fixed rate notes due February 27, 2030. Each note has a $1,000 stated principal amount and issue price, with interest accruing from February 27, 2026 at a fixed 3.70% per annum, paid semi-annually each February 27 and August 27 on a 30/360 day-count basis. At maturity, investors receive $1,000 per note plus any accrued and unpaid interest, subject to Morgan Stanley’s credit risk.

The notes are not insured, are not bank deposits, and will not be listed on any securities exchange, so secondary trading may be limited. Morgan Stanley estimates the value on the pricing date at approximately $978.60 per note, reflecting issuing, selling, structuring and hedging costs and the firm’s internal funding rate, which may be less favorable than its secondary market credit spreads.

Morgan Stanley is offering fixed rate notes due February 27, 2031, paying 3.80% interest per year on a $1,000 principal amount per note. Interest starts accruing February 27, 2026 and is paid semi-annually on February 27 and August 27, using a 30/360 day-count.

The notes are unsecured debt obligations, subject entirely to Morgan Stanley’s credit risk, and are not insured by the FDIC or any government agency. They will not be listed on any securities exchange, so liquidity may be limited and secondary market prices can be below the issue price.

Morgan Stanley estimates the value of each note on the pricing date at approximately $971.90, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. In an event of default, the acceleration amount equals the $1,000 stated principal plus accrued and unpaid interest.

Morgan Stanley is offering unsecured fixed rate notes due February 27, 2029. Each note has a $1,000 stated principal amount and issue price, pays 3.60% per year, with interest paid semi-annually every February 27 and August 27, starting August 27, 2026.

Interest starts accruing on February 27, 2026, and at maturity investors receive $1,000 per note plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes are not FDIC-insured, will not be listed on an exchange, and secondary market liquidity may be limited.

The estimated value on the pricing date is approximately $984 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate, which is likely lower than its secondary market credit spreads. Secondary trading prices are expected to be below the issue price.

Morgan Stanley Finance LLC is issuing $3,266,000 aggregate principal amount of unsecured, principal‑at‑risk, contingent income memory buffered auto‑callable securities due February 13, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 9.00% on observation dates where the underlier meets the coupon barrier and feature monthly redemption determination dates beginning February 10, 2027. At maturity investors receive principal if the final level is at or above the buffer level of 1,077.877 (~85% of the initial level); otherwise principal is reduced by the underlier’s loss beyond the 15% buffer, subject to a minimum payment of 15% of principal. The stated principal amount per security is $1,000 and the estimated value on the pricing date was $906.20.

Morgan Stanley Finance LLC priced a $2,000,000 offering of Principal at Risk securities linked to Amazon.com, Inc. common stock. The securities have a $1,000 stated principal per security and an original issue price of $1,000.

The notes: strike date February 9, 2026, pricing date February 10, 2026, original issue date February 13, 2026, observation date March 9, 2027 and maturity date March 12, 2027. The initial level is $208.72 and the downside threshold is $156.54 (75% of the initial level).

Payment at maturity: if the final level is >= the downside threshold, holders receive the stated principal plus an upside payment of $156.70 (15.67%). If the final level is below the downside threshold, holders bear losses pro rata to the decline and could lose their entire investment. Estimated value on the pricing date was $979.90 per security. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS principal-at-risk notes due February 23, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security, a 278% leverage factor, a 20% buffer and a 20% minimum payment at maturity. Payouts are based on the worst performing underlier of the iShares Bitcoin Trust ETF and the S&P 500® Index on the observation date, and investors face full credit risk of Morgan Stanley and volatility- and bitcoin-specific risks described herein. The estimated value on the pricing date is approximately $919.80 per security.

Morgan Stanley Finance LLC offers principal-at-risk auto-callable notes linked to the worst-performing of Broadcom, Meta Platforms and Palantir, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, a fixed coupon of 19.10% per annum and an original issue date of February 23, 2026. The securities pay monthly coupons, may be automatically redeemed on scheduled redemption determination dates beginning February 18, 2027, and mature on February 23, 2028.

The payment at maturity depends on the worst-performing underlier versus a downside threshold of 70% of its initial level; if the worst underlier is below that threshold, principal is reduced pro rata and could be zero. The estimated value on the pricing date was approximately $952.30 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering $311,000 aggregate principal of Contingent Income Buffered Auto-Callable Securities due August 13, 2027, fully and unconditionally guaranteed by Morgan Stanley.

Each security has a $1,000 stated principal amount and an issue price of $1,000 (estimated value on the pricing date: $960.40). The notes pay a contingent coupon at an annual rate of 10.70% on each coupon payment date only if each underlier is at or above its coupon barrier on the related observation date. The securities are linked to the worst performing of three underliers (NDXT Index, KRE Fund, SMH Fund), include a 15% buffer and a minimum payment at maturity equal to 15% of principal. Automatic early redemption may occur on specified redemption determination dates if all underliers meet call thresholds. Investors bear full principal risk and are exposed to issuer credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of structured, principal-at-risk, auto-callable securities due March 1, 2029 linked to the worst performing of the S&P 500® and Russell 2000® indices. The stated principal is $1,000 per security and the pricing date and strike date are February 26, 2026.

The securities feature automatic early redemption based on the first determination date of March 5, 2027 with an early redemption payment of $1,161. If not redeemed, maturity payouts depend on the worst performing underlier: upside participation at a 200% rate, protection down to 75% of initial levels, and full downside exposure below that threshold.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Participation Securities maturing on August 13, 2027, linked to the Invesco QQQ Trust, Series 1 and the S&P 500® Index. The notes are unsecured, pay no interest and are issued at $1,000 per security in an aggregate principal amount of $442,000, with an estimated value on the pricing date of $987.60.

At maturity, investors receive $1,000 plus 100% of the gain of the worst performing underlier, capped at a maximum payment of $1,307 per security, if both underliers finish above their initial levels. If either underlier is at or below its initial level but both stay at or above 85% of their initial levels, the return is principal only. If either underlier falls below its 85% buffer level, repayment is reduced 1% for each 1% drop beyond the 15% buffer, but not below a minimum payment of 15% of principal.

The securities are not listed on any exchange, may have limited or no secondary market, and all payments depend on Morgan Stanley’s credit. The payoff is based solely on the worst performer on the observation date, so poor performance by either reference can significantly reduce returns or principal.

Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities due March 8, 2027. The offering consists of $1,000 stated principal per security, with an aggregate principal amount of $18,100,000, priced at $1,000 per security and issued February 13, 2026.

The securities are principal‑at‑risk notes fully and unconditionally guaranteed by Morgan Stanley. Redemption depends on the worst performing of three underliers (Russell 2000®, S&P 500® Futures Excess Return Index, XLU ETF). If the worst performing underlier is at or above its 75% buffer level on the observation date, holders receive the stated principal plus an $86.50 upside payment (8.65%). If the worst performing underlier falls below its buffer, losses are applied at a downside factor of 1.3333% per 1% beyond the 25% buffer and there is no minimum payment at maturity.

All payments are subject to issuer and guarantor credit risk, the estimated value on the pricing date was $987.10 per security, and secondary market liquidity may be limited. The observation date is March 3, 2027 (subject to postponement).

Morgan Stanley Finance LLC priced a structured note offering. MSFL issued $6,554,000 aggregate principal of contingent income, memory buffered, auto-callable securities due February 13, 2031 with a stated principal of $1,000 per security.

The notes pay a 10.00% contingent coupon when the underlier meets the coupon barrier (70% of the initial level) on observation dates, feature automatic early redemption at the call threshold (100% of the initial level), and a buffer of 15% (buffer level ~85% of initial). The estimated value on the pricing date was $907.10 per security and MS & Co. received a fixed sales commission of $43.50 per security.

Morgan Stanley Finance LLC priced a callable, principal-at-risk note program registering an aggregate principal amount of $1,093,000 of Structured Investments—Callable Contingent Income Securities due August 15, 2028.

The securities pay a contingent coupon at an annual rate of 8.55% on each coupon date only if the closing level of each underlier meets or exceeds its coupon barrier (each set at 70% of its initial level). They are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000®. If any underlier is below its downside threshold (also 70% of its initial level) at maturity, principal is reduced by the percentage decline of the worst performing underlier, potentially to zero.

The notes are callable starting on the first redemption date and may be redeemed based on the output of a risk neutral valuation model. Estimated value on the pricing date was $952.50 per security; issue price was $1,000 with an agent commission of $22.50.

Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities due March 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated pricing-date value of $908.10, and a contingent coupon rate to be set on the pricing date of at least 20.15% per annum.

The securities pay monthly contingent coupons (with a memory feature) only if the lowest-performing underlying on each monthly calculation day is at or above its coupon threshold (40% of the starting price). Beginning after approximately six months, the securities may be automatically called if all underlyings meet call thresholds. At maturity holders may lose more than 60% of principal if the lowest-performing underlying falls below its downside threshold.

Morgan Stanley Finance LLC is offering Dual Directional Trigger Jump Securities due March 5, 2031, fully guaranteed by Morgan Stanley. These principal‑at‑risk notes pay no interest and have a $1,000 stated principal amount per security.

At maturity the securities pay: if the EURO STOXX 50® Index has appreciated, $1,000 plus the greater of the index gain or an $438.70 upside payment (43.87%); if the index falls but remains ≥75% of the initial value, you receive $1,000 plus a positive return equal to the absolute percentage decline (capped at 25%); if the index falls below 75% of the initial value, you incur a 1:1 loss in principal. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Auto-Callable Trigger PLUS notes linked to shares of the iShares® Bitcoin Trust ETF (IBIT) due March 3, 2028. Each security has a stated principal amount of $1,000. The notes pay no interest and are automatically redeemed if the determination closing price on the first determination date (March 5, 2027) is greater than or equal to the initial share price for an early redemption payment of at least $1,319 per security. If not called, the maturity payment depends on the final share price on the final determination date (February 29, 2028): up to 150% of upside above the initial share price, a capped positive return if the final price is between the initial price and a downside threshold equal to 75% of the initial share price, or full downside exposure (loss of principal, possibly total) if below that threshold. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Apple Inc. common stock that mature on February 23, 2029. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a 10.46% annual contingent coupon (about $26.15 per quarter) only for quarterly determination dates when the closing price of the underlying stock is at least 80% of the initial share price (the downside threshold). If the underlying stock closes on or above the initial share price on any of the first eleven determination dates, the securities will be automatically redeemed for principal plus the contingent coupon. If not redeemed, maturity payment depends on the final share price: full principal plus coupon if final share price is at or above the downside threshold, or a principal payment reduced 1-to-1 by the share performance factor if below (which could be less than 80% of principal and could be zero). The pricing date was February 20, 2026 and the original issue date is February 25, 2026. The estimated value on the pricing date was approximately $971.40 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to issuer credit risk and the tax and liquidity risks described in the supplement.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 4, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $960.70.

The notes are linked to the worst performing of the Russell 2000® and the S&P 500®. They can auto-redeem on scheduled determination dates starting March 2, 2027, for fixed early redemption payments shown in the supplement. If not redeemed, payoff at maturity depends on final index levels relative to call and downside thresholds (both set at 100% and 70% of initial levels in examples). All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered Jump Securities linked to the S&P 500® Index, with principal at risk and no periodic interest payments. The notes mature on May 25, 2027, based on the index level observed on May 20, 2027.

Each $1,000 security pays at maturity: the principal plus a fixed $93.50 upside payment (a 9.35% gain) if the final index level is at or above the initial level; only principal back if the index is down but not below a 10% buffer; or a loss of 1% of principal for every 1% index decline beyond that buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $971.30 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked securities tied to the lowest performer among the EURO STOXX 50® Index, the State Street® Technology Select Sector SPDR® ETF, the State Street® Energy Select Sector SPDR® ETF and the State Street® Health Care Select Sector SPDR® ETF, maturing March 5, 2027.

Each security has a $1,000 face amount, with a participation rate of at least 300% in any positive performance of the lowest performing underlying and a 20% downside buffer. If the lowest performer ends above its starting level, investors receive $1,000 plus leveraged gains based on that index or ETF. If it finishes between 80% and 100% of its starting level, investors receive $1,000 back.

If the lowest performer falls below 80% of its starting level, repayment is reduced in proportion to the decline beyond the 20% buffer, with up to 80% of principal at risk. The estimated value on the pricing date is about $946.90 per security, reflecting structuring and hedging costs. The notes pay no interest, are subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and the minimum investment is $1,000.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $10-per-unit Autocallable Leveraged Index Return Notes linked to Palantir Technologies Inc. (PLTR), with a term of about two years if not called.

The notes can be automatically called after roughly one year if Palantir’s stock is at or above its starting level, paying a call amount of $12.80–$13.20 per unit (a 28%–32% premium), after which no further payments are due. If not called, at maturity investors receive 150% of any positive price gain, or a positive “absolute return” on declines up to 40%, but lose principal 1‑for‑1 if the stock is down more than 40%, up to a total loss.

The product pays no interest, does not provide dividends or voting rights in Palantir, and has limited secondary market liquidity. All payments depend on the credit of MSFL and Morgan Stanley. The initial estimated value is about $9.668 per unit, below the $10 public offering price due to structuring and distribution costs and an internal funding rate.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Performance Leveraged Upside Securities (PLUS) due February 11, 2031 linked to the worst performer of three ETFs: Invesco QQQ Trust, iShares Expanded Tech-Software ETF and VanEck Semiconductor ETF.

Each security has a $1,000 stated principal amount, total offering size of $250,000, and pays no interest. At maturity, if every underlier is above its initial level, holders receive principal plus a leveraged upside payment using a 222% leverage factor on the worst-performing ETF’s gain.

If any underlier finishes at or below its initial level, the payout is principal multiplied by the performance of the worst-performing ETF, with a 1% loss of principal for every 1% decline and no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is $939.80 per security, reflecting issuing, structuring and hedging costs.

The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk, are not listed on an exchange, and secondary market liquidity may be limited. They are sold in fee-based advisory accounts through Morgan Stanley & Co. LLC.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due February 17, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities pay no interest and are linked to the worst performer among the KOSPI 200, Nikkei Stock Average, STOXX® Europe 600 and Swiss Market Index.

At maturity, if the final level of each index is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 501% of the worst index’s percentage gain. If at least one index is at or below its initial level but all stay at or above 60% of their initial levels, investors receive only the $1,000 principal.

If any index finishes below 60% of its initial level, the payoff tracks the worst index’s performance factor, with a 1% loss of principal for every 1% decline; repayment can fall to zero. The estimated value on the pricing date is approximately $951.60 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities due February 19, 2032 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and is a principal-at-risk unsecured note.

Investors may receive a 17.25% per annum contingent coupon, paid only when the index closes at or above 70% of the initial level on the relevant observation date. The notes auto-call at par plus the coupon if on any redemption determination date the index closes at or above 100% of the initial level, starting August 13, 2026.

If not called, at maturity investors receive par only if the final index level is at or above 50% of the initial level; otherwise the payoff is reduced one-for-one with the index decline, and can fall to zero. The index itself is highly engineered, employs up to 400% futures leverage, targets 40% volatility, and deducts a 4% per annum decrement, ensuring structural underperformance versus a similar index without such a fee. The preliminary estimated value on the pricing date is approximately $932.10 per security. The notes will not be listed on any exchange and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes due February 16, 2029 linked to the worst performer of the State Street Energy Select Sector SPDR ETF and the Global X Uranium ETF. These unsecured notes pay no interest and expose holders to full principal loss.

At maturity, investors receive leveraged upside with a 283% participation rate if the worst-performing ETF finishes above its initial level, return of principal if it stays above a 60% downside threshold, and a 1:1 loss with no floor if it falls below that threshold. The estimated value on the pricing date is approximately $875.20 per $1,000 note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes are not listed, secondary liquidity may be limited, and returns depend entirely on the final observation date level and Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index. Each note has a $1,000 stated principal amount, with an aggregate principal amount of $1,580,000, and matures on August 12, 2027.

The securities pay no interest and do not guarantee any principal. If on the observation date each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $126.50 (12.65%). If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially to zero.

The estimated value on the pricing date is $973.20 per security, reflecting issuance, structuring and hedging costs and an internal funding rate. The securities will not be listed on any exchange, secondary trading may be limited, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is issuing $2,035,000 of Amazon.com-linked Jump Securities with an auto-call feature and $1,000 minimum denominations, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and put principal at risk.

The notes auto-redeem on February 24, 2027 for $1,245 per security if Amazon’s stock is at or above 100% of the initial level on the February 19, 2027 determination date. If held to February 10, 2028 and not called, investors get principal plus 125% of any stock gain, principal back if the final level is between 80% and 100% of the initial level, and a 1-for-1 loss below that threshold, potentially losing all principal. The notes are not listed, carry Morgan Stanley credit risk, and had an estimated value of $974.80 per $1,000 at pricing.

Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due February 9, 2029, linked to the worst-performing of Broadcom, NVIDIA and Palantir class A common stock. The notes have a stated principal amount of $1,000 per security, with an aggregate principal of $507,000, and pay no interest.

At maturity, investors receive principal plus a leveraged upside payment if every stock finishes above its initial level, using a 417% leverage factor on the worst performer’s gain. If any stock is at or below its initial level but all remain at or above 70% of their initial levels, investors receive only principal back. If any stock falls below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst performer and can fall to zero.

The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $950.10 per security. They will not be listed on any exchange, may have limited secondary liquidity, and expose holders to both market risk in the underliers and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $790,000 of Contingent Income Memory Auto-Callable Securities due February 10, 2028, linked to the worst performer of Bank of America, Citigroup and JPMorgan Chase common stocks.

Each $1,000 security offers a contingent coupon at a 10.00% annual rate, paid only if on an observation date all three stocks close at or above their coupon barrier levels, set at 60% of initial levels. Missed coupons can be paid later if barriers are again met, but investors may receive no coupons over the entire term.

The notes are automatically called on scheduled redemption dates if each stock is at or above 100% of its initial level, returning principal plus the due and any unpaid contingent coupons. If held to maturity and any stock finishes below its 60% downside threshold, repayment is reduced in proportion to the worst-performing stock’s decline, and the amount returned can be zero.

The securities are unsecured, not listed, and subject to Morgan Stanley’s credit risk. The issue price is $1,000 per security, with an estimated value on the pricing date of $970.30 and a $24 per-security sales commission to dealers.