Morgan Stanley 424B Filings

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

At maturity, if each stock’s final level is above its initial level, investors receive $1,000 plus a leveraged upside payment based on a 417% leverage factor applied to the worst performer. If any stock finishes at or below its initial level but all remain at or above 70% of their initial levels, investors receive only the $1,000 principal.

If any stock’s final level is below 70% of its initial level, investors lose 1% of principal for each 1% decline in the worst performer, with no minimum payment; the entire investment can be lost. The estimated value on the pricing date is approximately $948 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.

The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are subject to Morgan Stanley’s credit risk. They will not be listed on any securities exchange, and any secondary market is expected to be limited, with MS & Co. acting as the main liquidity provider.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $12,060,000 of Leveraged Buffered S&P 500 Index-Linked Notes due September 13, 2027. These principal-at-risk notes pay no interest and repay at maturity based on S&P 500 performance.

For each $1,000, investors get 150% of any positive index return, capped at a maximum settlement amount of $1,162.90. A 10% downside buffer protects against moderate declines, but losses grow beyond that and can reach 100% of principal. The initial S&P 500 level is 6,798.40, with a cap level at 110.86% of that and a buffer level at 90%. The notes priced at $1,000 per note, with a 2% selling concession and issuer proceeds of $980 per note; the estimated value on the trade date is $975.50, reflecting structuring and hedging costs.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering digital notes linked to the EURO STOXX 50® Index with principal at risk. Each note has a $1,000 face amount and pays no interest.

At maturity, if the index is at or above 85% of its initial level, investors receive a fixed maximum settlement amount expected between $1,145.00 and $1,170.50 per note, regardless of further upside. If the index falls more than 15%, losses accelerate via a buffer rate of about 117.65%, and investors can lose their entire investment.

The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, will not be listed on any exchange, and secondary liquidity depends on Morgan Stanley & Co. LLC making a market. The estimated value on the trade date is approximately $992.80 per note, reflecting issuance, structuring and hedging costs borne by investors.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Jump Securities with an auto-call feature tied to the Russell 2000® Index, maturing on February 27, 2031. Each security has a stated principal amount of $1,000, with an estimated value on the pricing date of about $950.40 due to embedded issuing, selling, structuring and hedging costs.

The notes may be automatically redeemed on March 8, 2027 if the index is at or above 100% of its initial level, paying an early redemption amount of $1,082.50 per security. If not called, at maturity investors receive upside at a 140% participation rate if the final index level is above the initial level, only principal back if the index is between 65% and 100% of the initial level, and a proportional loss of principal if it falls below 65%. Principal is fully at risk, the notes pay no interest, are unsecured and unsubordinated, are not listed on any exchange, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $4,598,000 of principal-at-risk contingent income auto-callable securities linked to the Dow Jones Industrial Average® Futures Excess Return Index, maturing in February 2031.

Investors receive an 8.80% annual contingent coupon only when the index closes at or above an 80% coupon barrier on scheduled observation dates. The notes are automatically redeemed at par plus coupon if the index is at or above 100% of its initial level on specified call dates. If held to maturity and the final index level is below the 80% downside threshold, principal is reduced one-for-one with the index decline and can be fully lost. The securities are unsecured, not listed, and priced at $1,000 with an estimated value of $982.80 per note, exposing holders to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of the State Street Utilities Select Sector SPDR ETF, the Nasdaq-100 Index and the State Street Consumer Staples Select Sector SPDR ETF. Each security has a $1,000 stated principal amount and total issuance of $950,000.

The notes may auto-redeem on February 16, 2027 for $1,160 per security if all underliers are at or above their initial levels on the first determination date. If held to February 8, 2029, investors receive upside based on the worst underlier if it finishes above its initial level, or up to a 30% positive "absolute return" if the worst underlier is between 70% and 100% of its initial level. Below the 70% buffer, principal is reduced 1% for each additional 1% decline, with a minimum payment of 30% of principal.

The notes pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, will not be listed on an exchange and have an estimated value of $977.80 per $1,000 at pricing, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 15, 2029, linked to Rockwell Automation, Inc. common stock and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is a senior, unsecured, principal-at-risk obligation.

Holders may receive a contingent quarterly coupon at an annual rate of 11.60% (about $29 per quarter per $1,000) for any determination date on which the stock is at or above 75% of the initial share price (the downside threshold). If on any of the first eleven determination dates the stock closes at or above the initial share price, the notes are automatically redeemed for $1,000 plus that quarter’s coupon.

If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon. If the final share price is below the downside threshold, repayment of principal is reduced 1-to-1 with the stock decline and can fall to zero. The estimated value on the pricing date is approximately $961.90 per security, reflecting dealer compensation and structuring and hedging costs. The securities will not be listed on any exchange, and secondary market liquidity may be limited.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 principal-at-risk Jump Securities with an auto-call feature maturing in February 2029. Returns are linked to the worst performer of the Dow Jones Industrial, Nasdaq-100® Technology Sector and Russell 2000® Index.

The notes pay no interest and do not protect principal. If on any observation date all three indices are at or above 100% of their initial levels, the notes auto-redeem for a fixed cash amount that implies about a 13.50% per annum return, ending the investment. If held to maturity and all three indices are at or above their call thresholds, investors receive $1,405 per note; if any index is below its call threshold but all are at or above 70% of initial, only principal is repaid.

If at maturity any index is below 70% of its initial level, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $957.70 per $1,000 note, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit and the notes will not be listed on an exchange.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 stated principal amount and pays no interest.

The notes can be automatically redeemed on scheduled determination dates if the index closes at or above 90% of its initial level, with early redemption payments designed to correspond to about 12.40% per annum. If held to maturity and not called, investors receive $1,620 per note if the final index level is at or above the 90% call threshold, only principal back if the index is between 85% and 90% of its initial level, and a proportional loss beyond a 15% buffer with a minimum maturity payment of 15% of principal. The estimated value on the pricing date is approximately $907.40 per note, and investors face both market risk on the index and Morgan Stanley credit risk, with limited expected liquidity and complex U.S. tax treatment.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering S&P 500®-linked Buffered Participation Securities due August 23, 2027. Each $1,000 note pays no interest and offers 100% participation in index gains, capped at a maximum payment of $1,152.50 per security (115.25% of principal).

If the S&P 500® ends down but not below 90% of its initial level, investors receive only their $1,000 principal. Below that 10% buffer, principal is reduced 1% for each additional 1% index decline, with a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $971.70 per security, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and involve complex, uncertain U.S. tax treatment as prepaid financial contracts.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Dual Directional Jump Securities” due February 15, 2029 linked to the worst performer of Microsoft, Alphabet (Class A) and NVIDIA common stocks.

Each $1,000 note may auto-redeem on February 17, 2027 for a fixed $1,571 if all three stocks are at or above their 100% call thresholds on the first determination date. If held to maturity, investors get enhanced upside via a 300% upside participation rate when all final levels exceed initial levels, or up to a 40% positive return if the worst performer is down but above its 60% downside threshold. If any stock finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer and can fall to zero. The estimated value on the pricing date is approximately $965.30 per note, reflecting issuing, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due February 17, 2028, linked to the worst performer of the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, and fully guaranteed by Morgan Stanley.

Investors receive a contingent coupon at an annual rate of 11.95% only if on each observation date all three indices are at or above 70% of their initial levels. If any index is below its coupon barrier on an observation date, no coupon is paid for that period.

From May 18, 2026, the notes are callable in whole on specified redemption dates if a risk‑neutral valuation model shows early redemption is economically rational for the issuer. If not called and at maturity every index is at or above its 70% downside threshold, investors receive their full principal plus any final coupon.

If at maturity any index finishes below its downside threshold, the principal repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $982.70 per $1,000 note. The securities are unsecured, subject to Morgan Stanley credit risk, and will not be listed on any exchange.

Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities tied to Alphabet Inc. Class A stock, maturing on August 17, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000.

Investors may receive an 11.12% per annum contingent coupon, but only when Alphabet’s closing level is at or above the 65% coupon barrier on observation dates; missed coupons can be “remembered” and paid later if the barrier is met. The notes can be automatically redeemed early if Alphabet is at or above 100% of the initial level on specified redemption determination dates, paying principal plus due and previously unpaid coupons.

If not called and the final level is at or above a 65% downside threshold, investors receive principal plus any payable coupon. Below that threshold, repayment is reduced 1% for each 1% decline in Alphabet, and the maturity payment can fall to zero. The estimated value on the pricing date is approximately $976.50 per security, reflecting issuing, selling, structuring and hedging costs, as well as an internal funding rate and Morgan Stanley’s credit spread. The securities are unsecured, unlisted, subject to Morgan Stanley’s credit risk, may have limited secondary liquidity and involve uncertain U.S. tax treatment.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due August 25, 2027, linked to the worst performer among the SPDR® S&P 500® ETF (SPY), State Street® Consumer Discretionary Select Sector SPDR® ETF (XLY) and State Street® Technology Select Sector SPDR® ETF (XLK). The notes pay no interest and expose holders to full principal loss based on the worst-performing ETF.

Each $1,000 note offers 144% leveraged upside if the worst ETF finishes above its initial level, and up to a 25% positive return if it declines but stays at or above 75% of its initial level. If any ETF ends below its 75% downside threshold, repayment falls 1% for each 1% decline in the worst ETF, potentially to zero. The estimated value on the pricing date is approximately $981.70 per note, the notes will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” due March 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and are linked to the worst performer among the Dow Jones Industrial, Nasdaq-100 Technology Sector and Russell 2000 indices.

The notes auto-call on March 10, 2027 for a fixed $1,200 per $1,000 security if all three indices are at or above their initial levels. If held to maturity and all final index levels exceed their initials, investors receive principal plus 175% of the gain of the worst index; if any index finishes between 70% and 100% of its initial level, only principal is returned. If any index ends below 70% of its initial level, repayment is reduced one-for-one with the worst index’s decline, potentially to zero. The estimated value on the pricing date is approximately $956.30 per security, the notes will not be listed on an exchange, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk buffered participation securities linked to the S&P 500® Index that pay no interest and mature on August 24, 2027.

Investors get 100% upside participation if the index rises, capped at a maximum payment of $1,167.50 per $1,000 security (116.75% of principal). A 15% downside buffer applies; below this, principal is reduced 1% for each 1% further index decline, with a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $986.10 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC is issuing Buffered PLUS structured notes due February 7, 2028, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $5,050,000 and a price of $1,000 per security.

The notes pay no interest and return at maturity depends on the worst performing of Intuit, Microsoft and Palo Alto Networks common stocks. Investors receive leveraged upside at 386% if the worst stock finishes above its initial level, full principal back if it stays within a 10 percent buffer, and a 1 percent loss of principal for every 1 percent decline beyond the buffer, subject to a 10 percent minimum payment of principal.

The estimated value on the pricing date is $989.50 per security, below the issue price due to structuring and hedging costs and Morgan Stanley's internal funding rate. The notes are unsecured, subject to Morgan Stanley's credit risk, will not be listed on an exchange and may have limited secondary market liquidity.

Morgan Stanley Finance LLC is offering principal-at-risk Enhanced Buffered Jump Securities maturing on March 3, 2027, linked to the worst performer among the Russell 2000® Index, the S&P 500® Futures Excess Return Index and the State Street® Utilities Select Sector SPDR® ETF.

Each $1,000 note pays no interest. If, on the observation date, every underlier is at or above its 75% buffer level, investors receive $1,000 plus a fixed $86.50 upside payment (an 8.65% gain), regardless of how far the best underlier has risen. If any underlier finishes below its buffer, repayment is reduced by 1.3333% of principal for every 1% decline beyond the 25% buffer, with no minimum, so the entire investment can be lost.

The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on an exchange. The initial issue price is $1,000 per note, while the estimated value on the pricing date is approximately $988.40, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities due February 16, 2028, linked to the worst performer of the iShares MSCI EAFE ETF, the Russell 2000 Index and the State Street Utilities Select Sector SPDR ETF, fully guaranteed by Morgan Stanley.

The notes may pay a contingent coupon at 6.75% per year, but only if on each observation date all three underliers are at or above their coupon barrier levels, initially set at 70% of their strike-date levels. Missed barriers on any underlier for a period mean no coupon for that period.

The notes auto-call at par plus the applicable coupon if, on any redemption determination date starting August 11, 2026, all underliers are at or above their call thresholds, initially 100% of their strike-date levels. If not called, and at maturity any underlier finishes below its downside threshold (70% of its initial level), investors lose 1% of principal for each 1% decline of the worst underlier and can lose their entire investment. The estimated value on the pricing date is approximately $957 per $1,000 security, reflecting issuance, hedging and structuring costs and an internal funding rate.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,080,000 of Jump Securities with an auto-call feature maturing February 8, 2029. Each note has a $1,000 principal amount and is linked to the worst performer of the iShares U.S. Aerospace & Defense ETF (ITA) and the State Street Consumer Staples Select Sector SPDR ETF (XLP).

The notes may be automatically redeemed starting February 5, 2027 if both ETFs are at or above their call thresholds (100% of initial levels), paying early redemption amounts designed to reflect about 13.60% per annum returns. If held to maturity and both ETFs stay at or above their call thresholds, investors receive $1,408 per note; if either finishes below its downside threshold (70% of initial), repayment is reduced 1% for each 1% decline in the worst ETF and can fall to zero.

The estimated value on the pricing date is $975.70 per note, below the $1,000 issue price because of issuing, selling, structuring and hedging costs and use of an internal funding rate. The notes carry full principal risk, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on an exchange, and face additional risks from ETF concentration, market volatility, liquidity limits and uncertain U.S. tax treatment.

Morgan Stanley Finance LLC is offering $1,674,000 of principal-at-risk Jump Securities with an auto-call feature maturing on February 8, 2029, linked to the VanEck Semiconductor ETF. The $1,000-per-security notes can be automatically redeemed starting February 11, 2027 if the ETF closes at or above the $382.02 call threshold, paying fixed cash amounts that imply about 16.75% per annum.

If not called, maturity payment ranges from $1,502.50 per security (if the final ETF level is at or above the call threshold) down to a full loss of principal if the ETF finishes below the $229.212 downside threshold, with losses matching the ETF’s decline. The notes pay no interest, do not participate in ETF upside, are unsecured obligations guaranteed by Morgan Stanley, will not be listed on any exchange, and are intended for fee-based advisory accounts. The estimated value on the pricing date is $965.80 per $1,000, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS notes linked to the S&P 500® Index, maturing on August 29, 2028. Each $1,000 security pays no interest and offers 200% leveraged upside when the index rises, up to a maximum payment of at least $1,225.

If the index ends between 90% and 100% of its initial level, investors receive only principal back. Below 90%, principal is lost one-for-one beyond the 10% buffer, with a minimum payment of 10% of principal. The notes are unsecured, subject to Morgan Stanley credit risk, not exchange-listed, and have an estimated value of about $963.10 per $1,000 at pricing, reflecting embedded costs and internal funding rates.

Morgan Stanley Finance LLC is offering $1,321,000 of contingent income auto-callable securities due February 7, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and fully guaranteed by Morgan Stanley. These notes pay a 9.65% annual contingent coupon only when the index closes at or above a barrier on scheduled observation dates and may redeem early if the index is at or above 90% of its initial level on specified redemption determination dates. If held to maturity and the index is at or above 60% of its initial level, investors receive principal back (plus any final contingent coupon); if it finishes below 60%, repayment is reduced one-for-one with the index decline and can fall to zero. The notes are unsecured, not listed on an exchange, and were valued on the pricing date at $905 per $1,000 issue price, reflecting embedded costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC is offering $2,000,000 of structured Callable Contingent Income Buffered Securities, at $1,000 per note, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at 9.40% per year only if, on each observation date, the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF all close at or above their coupon barrier levels (70% of their initial levels).

The notes are linked to the worst-performing of the three underliers and can be called in whole, starting May 7, 2026, if a risk-neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If not called and, at maturity, each underlier is at or above its 80% buffer level, investors receive full principal back plus any final coupon. If any underlier finishes below its buffer, principal is reduced 1% for each 1% decline of the worst underlier beyond the 20% buffer, but not below a minimum 20% of principal. The estimated value on the pricing date is $981.90 per note, the securities are not listed, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is issuing $5,121,000 of callable contingent income securities at $1,000 per note, fully and unconditionally guaranteed by Morgan Stanley. These notes pay a 12.00% per annum contingent coupon only when all three underliers—the Nasdaq-100® Technology Sector Index, Russell 2000® Index and S&P 500® Index—close on an observation date at or above their coupon barrier levels (75% of initial levels).

The notes are callable in whole, but not in part, on scheduled redemption dates starting May 7, 2026, if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. If not called, and if each index finishes at or above its downside threshold (70% of initial), investors receive principal back at maturity plus any final coupon; if any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst performer and can fall to zero.

Principal is entirely at risk, investors do not participate in any index upside, and the estimated value on the pricing date is $975.70 per security, below the $1,000 issue price. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering $368,000 of Dual Directional Buffered Participation Securities, $1,000 per note, linked to the worst performer of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley.

The notes pay no interest and mature on April 8, 2027. Investors can gain 1:1 upside based on the worst-performing index, capped at a maximum payment of $1,145 per note (114.5% of principal), and benefit from a 15% downside buffer, with a minimum payment of 15% of principal.

If either index falls more than 15%, principal is reduced 1% for each additional 1% decline in the worst performer. The estimated value on the pricing date is $962.50 per note, below the $1,000 issue price, and the notes will not be listed on any exchange and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of Meta, Microsoft and Tesla common stocks. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of about $928.10.

The notes may auto-call on August 11, 2026 if each stock closes at or above 90% of its initial level, paying an early redemption amount of $1,440 per security and then terminating. If held to the February 14, 2031 maturity and not called, investors receive principal plus a 200% participation in the gain of the worst-performing stock if all finish above their initial levels, only principal if all finish at or above 50% of initial, and a proportional loss if any finish below 50%, potentially losing the entire investment.

The securities pay no interest, are unsecured and unsubordinated, are not listed on any exchange, and all payments depend on Morgan Stanley’s creditworthiness.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,005,000 of Enhanced Buffered Jump Securities due February 8, 2029, linked to the worst performer of the S&P MidCap 400® and S&P 500® indices.

The notes pay no interest and return principal plus a fixed $250 upside payment per $1,000 if the final level of each index stays at or above 85% of its initial level. If either index finishes below this buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal.

The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not listed on any exchange, and have an estimated value on the pricing date of $977.80 per $1,000 note due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.

Morgan Stanley Finance LLC is issuing structured notes called Contingent Income Memory Auto-Callable Securities due February 8, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, with a total offering of $2,950,000.

The notes pay a 10.10% per annum contingent coupon, but only when the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index are all at or above 80% of their initial levels on scheduled observation dates; missed coupons can be paid later if conditions are met. The notes are automatically redeemed early at par plus applicable coupons if, on specified quarterly dates starting May 4, 2026, all three indices are at or above 100% of their initial levels.

If not redeemed early, investors receive full principal at maturity only if each index is at or above 60% of its initial level. If any index is below 60%, repayment is reduced 1% for each 1% decline in the worst-performing index, potentially to zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on an exchange, and priced at $1,000 with an estimated value of $981.80 on the pricing date.

Morgan Stanley Finance LLC is offering $1,307,000 of principal-at-risk, contingent income auto-callable securities due March 9, 2027, fully guaranteed by Morgan Stanley. These notes are linked to the worst performer of the Nasdaq-100 Technology Sector Index and the S&P 500 Index.

Investors may receive an annual contingent coupon of 8.50%, but only when both indexes close at or above their coupon barrier levels on scheduled observation dates. The notes can be automatically redeemed early if both indexes are at or above their initial levels on specified redemption determination dates.

At maturity, if not called and either index finishes below its downside threshold (80% of its initial level), repayment is reduced 1% for every 1% decline in the worst-performing index, potentially resulting in a total loss of principal. The estimated value on the pricing date is $962.30 per $1,000 security, reflecting issuance, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index, maturing on May 20, 2027.

Each security has a $1,000 stated principal amount and pays no interest. If the final level of every index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $112.50, an 11.25% return. If any index finishes below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum, so principal can be fully lost.

The securities are unsecured obligations of MSFL, 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 approximately $962 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and matures on February 11, 2031.

Investors may receive a 10.25% per annum contingent coupon, paid only when the index closes at or above a 70% coupon barrier on observation dates; missed coupons can be paid later if the barrier is met. The notes are automatically called from February 2027 onward if the index is at or above 100% of its initial level, returning principal plus due and unpaid coupons.

If held to maturity and not called, full principal is repaid only if the final index level is at or above an 85% buffer level. Below that, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $906.20 per security, the notes are unsecured, unlisted, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC priced Structured Investments—Buffered Jump Securities with an auto-callable feature, issued as $1,000 stated principal notes due February 18, 2031 and fully guaranteed by Morgan Stanley.

The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, feature automatic early redemption on scheduled determination dates if the underlier closes at or above an 85% call threshold, and offer early redemption payments that correspond to approximately a 10.00% per annum return. If not called, the payment at maturity is $1,500 if the final level is at or above the 85% buffer level; if below the buffer, holders lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.

The pricing date and strike date were February 12, 2026, original issue date February 18, 2026, and the issuer’s estimated value on the pricing date was approximately $906.70 per security.

Morgan Stanley Finance LLC is offering structured notes linked to the SPDR® Gold Trust, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, pay no interest and mature on March 10, 2027.

At maturity, investors receive $1,000 plus 100% of any gain in the underlier, capped at a maximum payment of $1,127.60 per note. If the SPDR Gold Trust falls, principal is reduced 1% for each 1% decline but not below 95% of principal. The estimated value on the pricing date is approximately $982.30 per note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities linked to the S&P 500® Index, priced at $1,000 per security. The estimated value on the pricing date is approximately $979.50 per security, reflecting issuing, selling, structuring and hedging costs.

The notes may be automatically redeemed on February 16, 2027 for an early redemption payment of $1,104.60 per security if the index on the first determination date is at or above the 6,798.40 call threshold. Otherwise, at maturity on February 10, 2028, investors receive upside at a 150% participation rate if the index rises, principal back if it is between 80% and 100% of the initial level, or a proportional loss if it falls below the 5,438.72 downside threshold, potentially losing the entire investment. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk notes linked to the worst performer of Citigroup, Goldman Sachs and Bank of America common stocks, maturing in February 2029 and fully and unconditionally guaranteed by Morgan Stanley.

Each $1,000 security pays a contingent coupon of at least 15.00% per annum, but only if on a quarterly observation date every stock closes at or above 70% of its starting price. After a six‑month non‑call period, the notes auto‑call at par plus coupon if all three stocks are at or above their starting prices.

If not called and any stock finishes below its 70% downside threshold at final valuation, investors are exposed 1‑for‑1 to the worst stock’s decline and can lose more than 30%, up to their entire principal. The issuer’s estimated value on the pricing date is about $961.50 per $1,000 security, versus a public offering price of $1,000 and dealer commissions of up to $23.25 per note, highlighting embedded fees and funding costs. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed; secondary liquidity may be limited.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk structured notes offering an 11.00% annual contingent coupon tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and matures on February 11, 2031, with automatic early redemption possible starting in 2027 if the underlier closes at or above the call threshold level.

Coupons are paid only when the index closes at or above 70% of its initial level on observation dates, with missed coupons potentially paid later if the barrier is met. If held to maturity and the final index level is at least 50% of the initial level, investors receive principal back plus any due coupons; below 50%, repayment is reduced in line with the index decline and can fall to zero. The preliminary estimated value on the pricing date is approximately $895.20 per $1,000 note, reflecting issuance, structuring and hedging costs. The underlying index is a leveraged, volatility-targeting futures strategy with a 4.0% per annum decrement, which structurally drags performance, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is offering $1,000 principal-at-risk Callable Contingent Income Securities due November 18, 2030, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index.

The notes pay a 9.20% per annum contingent coupon only if on each observation date all three indexes are at or above 75% of their initial levels; otherwise no coupon is paid for that period. At maturity, if not called and each index is at or above 65% of its initial level, investors receive full principal; if any index is below 65%, repayment is reduced 1% for every 1% decline of the worst index, potentially to zero.

The notes are callable in whole, but not in part, on specified redemption dates starting August 18, 2026, based on a risk-neutral valuation model that favors redemption when it is economically rational for the issuer. The estimated value on the pricing date is approximately $977.30 per $1,000 security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities due February 8, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note is linked to the EURO STOXX 50® Index, the Russell 2000® Index and Microsoft common stock, based on the worst-performing of the three.

The notes pay a contingent coupon at 10.75% per year, only if on each observation date all underliers are at or above their coupon barrier levels, set at 70% of initial levels. The securities can be auto-called on scheduled redemption determination dates if all underliers are at or above their call thresholds, equal to 100% of initial levels; in that case, investors receive principal plus the applicable coupon and the product terminates early.

If not called, and at maturity every underlier is at or above its 70% downside threshold, investors receive full principal back plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing underlier, potentially to zero. The estimated value on the pricing date is approximately $950.30 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $23,906,000 of Digital S&P 500® Index-Linked Notes maturing on March 8, 2027. These principal-at-risk notes pay no interest and the payout depends entirely on S&P 500® performance from the February 4, 2026 trade date to the March 4, 2027 determination date.

If the index finish level is at least 90% of the initial level of 6,882.72, investors receive a fixed maximum settlement of $1,085.70 per $1,000 note, equal to a 8.57% total return. If the index falls more than 10%, repayment is reduced using a downside formula with a buffer rate of about 111.11%, and losses can reach 100% of principal.

The original issue price is $1,000 per note, including selling, structuring and hedging costs, while the issuer’s estimated value on the trade date is $984.30. Morgan Stanley & Co. receives a 1.09% sales commission, and the notes are unsecured obligations exposed to Morgan Stanley’s credit risk with no listing or redemption feature.

Morgan Stanley Finance LLC is offering $2,751,000 of capped leveraged notes linked to the VanEck Gold Miners ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes mature on March 8, 2027, pay no interest, and are principal-at-risk unsecured obligations.

At maturity, investors receive $1,000 plus 300% of any positive ETF return, capped at a maximum settlement of $1,542.10 per $1,000 face amount; any loss in the ETF is passed through one-for-one, with no minimum payment, so the entire investment can be lost. The initial ETF level is $98.70, the cap level is 118.07% of that, and the estimated value on the trade date is $979.90 per note versus the $1,000 issue price. Morgan Stanley & Co. earns a 0.95% selling concession, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley.

The notes pay a contingent coupon at 10.75% per annum only when each index closes at or above its coupon barrier (80% of its initial level) on the relevant observation date, with missed coupons potentially paid later if conditions are met. The securities may be automatically called on scheduled dates if all three indices are at or above their call thresholds (100% of initial levels), returning principal plus due coupons.

If not called, and at maturity in 2031 any index finishes below its downside threshold (70% of initial level), repayment of principal is reduced in line with the decline of the worst index, potentially to zero. The estimated value on the pricing date is approximately $983.60 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments are subject to Morgan Stanley’s credit risk and the notes will not be listed, so liquidity may be limited.

Morgan Stanley Finance LLC is offering principal-at-risk “Buffered Jump Securities” linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with no periodic interest payments and all cash flows subject to Morgan Stanley’s credit risk.

The notes may be automatically called on March 4, 2027 if the index on March 1, 2027 is at or above 100% of its initial level, paying an early redemption amount of $1,101 per security. If not called, at maturity on March 2, 2028 investors get upside exposure of 150% of any index gain, full principal back if the index is down but not below 85% of its initial level, and a buffered loss if the index falls below that level, with a minimum payment of 15% of principal. The estimated value on the pricing date is expected to be about $980.50 per security, reflecting embedded structuring and hedging costs.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the Nasdaq-100 Index and the VanEck Gold Miners ETF. Each security has a stated principal amount and issue price of $1,000.

The notes pay a contingent coupon at 10.40% per annum only if on each observation date both underliers are at or above their coupon barrier levels, set at 70% of initial levels. The notes are auto-callable quarterly from August 13, 2026 if both underliers are at or above their call thresholds, equal to 100% of initial levels, returning principal plus the applicable coupon.

If not called, at maturity on January 19, 2029 investors receive full principal only if each underlier is at or above its 80% buffer level. Otherwise, the payoff is reduced 1% for each 1% decline of the worst-performing underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal. The preliminary estimated value on the pricing date is approximately $949.10 per security, reflecting issuance, structuring and hedging costs.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on February 19, 2031. Each $1,000 note pays a 14.25% annual contingent coupon only when the index is at or above 70% of its initial level on scheduled observation dates.

The notes are auto-callable quarterly starting August 2026 if the index is at or above 100% of its initial level, returning principal plus the relevant coupon. At maturity, if not called and the index is at or above 60% of its initial level, investors receive principal back (plus any final coupon). If the final level is below 60%, repayment is reduced 1% for each 1% index decline and can fall to zero. The estimated value on the pricing date is approximately $903.90 per $1,000 note, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $61,423,000 of Digital Russell 2000® Index-Linked Notes due February 3, 2028. These unsecured notes pay no interest and put principal at risk.

At maturity, investors receive $1,200.10 per $1,000 (120.01% of face amount) if the Russell 2000 final level is at least 90% of its initial level. If the index falls more than 10%, repayment declines, amplified by a buffer rate of about 111.11%, and losses can reach 100% of invested principal. The initial estimated value is $981.70 per $1,000 note, reflecting structuring and hedging costs. The notes are not listed, have limited liquidity, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” maturing on February 21, 2031, linked to the worst performer of the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index.

Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $943.10. The notes pay no periodic interest. Starting with the first determination date on February 19, 2027, they are automatically redeemed if each index is at or above its 100% call threshold, for early redemption payments rising from $1,085 up to $1,340 per security.

If not called, at maturity investors receive $1,425 per security if all indices are at or above their call thresholds; $1,000 if any index is below its call threshold but all are at or above 60% downside thresholds; otherwise they lose 1% of principal for each 1% decline in the worst index, potentially down to zero. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and are not listed on an exchange.

Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-call feature linked to the worst-performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and S&P 500® Index, 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 $949.30. The notes may be automatically redeemed on scheduled determination dates starting in February 2027 if all three indices are at or above their call threshold levels, paying fixed call amounts that translate to about 9.00% per annum.

If not called, maturity is in January 2031. Holders then receive $1,450 per security if each index is at or above its call threshold, only the principal back if all are at or above a 70% downside threshold, and a proportional loss if any index finishes below that level, potentially losing the entire investment. Payments depend on Morgan Stanley’s credit, and the securities do not pay periodic interest or offer participation in any index upside beyond the fixed payoff.

Morgan Stanley Finance LLC is offering principal-at-risk Dual Directional Trigger Jump Securities linked to the worst performer among the State Street Technology Select Sector SPDR ETF, the Nasdaq-100 Index and the S&P 500 Index, maturing on February 13, 2031.

Each $1,000 note pays no interest and can deliver upside if the worst underlier finishes at or above its initial level, with at least a 50% gain via a $500 upside payment in that case. If the worst underlier declines but remains at or above 70% of its initial level, investors earn a positive return matching the absolute decline, capped at 30%. If the worst underlier finishes below its 70% downside threshold, losses match its full percentage drop and can reach 100% of principal. The notes are unsecured obligations guaranteed by Morgan Stanley, are not listed on any exchange, and had an estimated value on the pricing date of approximately $959.80 per $1,000 security.