Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering $1,227,000 aggregate principal of contingent-income, principal-at-risk notes linked to the common stock of Caterpillar Inc., fully and unconditionally guaranteed by Morgan Stanley. The securities: $1,000 stated principal each, issue price $1,000, estimated value $981.90, maturity November 3, 2027. They pay a contingent coupon at an annual rate of 13.35% on observation dates when the closing level of the underlier is at or above the coupon barrier $486.03 (60% of the initial level). The notes are auto-callable if the underlier closes at or above the call threshold $810.05 on any redemption determination date; if not called, repayment at maturity depends on the final level relative to the downside threshold $486.03, with losses of 1% of principal per 1% decline in the underlier below that threshold. All payments are subject to issuer credit risk and other risks described in the prospectus and product supplement.

Morgan Stanley Finance LLC is offering market-linked notes tied to the S&P 500® Index with a $1,000 stated principal amount per note and a maturity date of May 9, 2031. The notes pay no interest, provide 100% participation in upside subject to a maximum payment at maturity of $1,447.50 (144.75% of principal), and are fully and unconditionally guaranteed by Morgan Stanley.

Payments at maturity depend on the closing index level on the observation date of May 6, 2031 (subject to postponement), the notes have an estimated value on the pricing date of approximately $972.00 per note, and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced structured, market‑linked notes maturing May 2, 2031, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an aggregate principal amount of $757,000 and an estimated value on the pricing date of $918.10 per note. At maturity investors receive the stated principal plus an upside payment equal to the stated principal × 105% participation × the underlier percent change if the final level exceeds the initial level; if the final level is equal to or less than the initial level investors receive only the stated principal. All payments are subject to issuer credit risk and the notes will not be listed on an exchange.

Morgan Stanley Finance LLC priced Trigger PLUS linked to the S&P 500® Index maturing June 3, 2032. Each note has a $1,000 stated principal, 130% leverage on positive index returns and a minimum trigger at 85% of the initial index value. If the final index value is ≥ the trigger level, investors receive $1,000 (par) when the index is flat or down but above the trigger; if the index is higher, investors receive $1,000 plus 130% of the index increase, capped at a maximum payment at least $1,850. If the final index value is below the trigger level, investors suffer proportional principal loss (1% loss per 1% index decline) and may lose their entire investment. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk. Pricing date is May 15, 2026, original issue date May 20, 2026, valuation date May 28, 2032. Estimated value on the pricing date was approximately $945.60 per Trigger PLUS.

The issuer, Morgan Stanley Finance LLC, priced an offering of Market Linked Securities — Auto-Callable with Fixed Percentage Buffered Downside Principal at Risk linked to the VanEck® Gold Miners ETF with a face amount of $1,000 per security and maturity date of May 3, 2029. The pricing supplement states a pricing date of April 29, 2026, a starting fund closing price of $86.22, a threshold price equal to 90% of the starting price ($77.598), and automatic call opportunities beginning May 4, 2027. The document discloses a price to public of $1,000, agent commission up to $25.75 per security and estimated value on the pricing date of $955.80 per security. The securities limit upside to specified call payments and expose investors to credit risk of Morgan Stanley and potential losses up to 90% of face amount if the ending price is sufficiently below the threshold on the final calculation day.

Morgan Stanley Finance LLC is offering Buffered PLUS due September 3, 2027, unsecured notes fully and unconditionally guaranteed by Morgan Stanley that provide 150% leveraged upside to the S&P 500® up to a maximum payment of $1,124.80 per $1,000 note and a 7.50% downside buffer. If the final index value is above the initial index value, holders receive $1,000 plus 150% of the index percent increase subject to the cap. If the index declines by 7.50% or less, holders receive $1,000. If the index declines by more than 7.50%, holders suffer 1% loss for each 1% decline beyond the buffer, with a minimum payment of $75 per note (7.50% of principal). The notes pay no interest, have an estimated value on the pricing date of $967.40, and proceeds will be used for general corporate purposes. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC offers Market Linked Securities — Auto-Callable with Upside Participation and Fixed Percentage Buffered Downside Principal at Risk linked to the S&P 500® Index with a face amount of $1,000 per security. The pricing supplement sets the pricing date as April 29, 2026, an original issue date of May 4, 2026, and a maturity date of May 3, 2029. The securities carry a 100% participation rate, a 10% buffer against index losses at maturity, and an automatic call feature on the call date (May 4, 2027) that pays a fixed call amount of $1,102.50 per security (a call premium of 10.25%). The estimated value on the pricing date is $971.50 per security; the public offering price is $1,000 per security, with agents’ commissions and total proceeds to the issuer disclosed on the cover.

The securities do not pay interest, are subject to Morgan Stanley credit risk, and may expose holders to up to 90% principal loss if the ending index level is below the threshold level (equal to 90% of the starting level). The document highlights liquidity limits, model‑based estimated value, potential conflicts of interest, and uncertain U.S. federal income tax treatment. Investors should review the product, index, tax supplements and prospectus before purchase.

Morgan Stanley Finance LLC priced Principal at Risk Securities tied to NVIDIA common stock, issuing $1,000 stated principal per security in an aggregate amount of $4,000,000. The notes pay a fixed coupon of 10.92% per annum monthly and are fully and unconditionally guaranteed by Morgan Stanley.

Key economics: issue price $1,000 (estimated value on the pricing date $984.10), agent commission $10 per security, original issue date May 4, 2026, observation date April 30, 2027 and maturity May 5, 2027. If the final level of NVIDIA is $125.55 (the downside threshold, 60% of the initial level of $209.25) at observation, principal is repaid in full; if the final level is below that threshold, the payment at maturity equals stated principal × (final level / initial level) and could be significantly less or zero.

Morgan Stanley Finance LLC priced principal-at-risk notes with a fixed annual coupon of 7.50%, $1,000 stated principal per security and an aggregate issue of $24,200,000. The notes are linked to the worst performing of the Nasdaq-100 and S&P 500 indices, mature on November 2, 2027 and are fully guaranteed by Morgan Stanley. The securities provide a 20% buffer on each index and apply a 1.25x downside factor to losses beyond the buffer; if the worst-performing underlier finishes below its buffer the principal payment at maturity will be reduced proportionately and could be zero.

The estimated value on pricing date was $994.80 per security and all payments are subject to the credit risk of Morgan Stanley and MSFL. The notes pay monthly coupons and do not participate in any upside of the underliers.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Trigger Jump Securities due May 19, 2031, linked to the EURO STOXX 50® Index and fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and pay no interest. At maturity investors receive either (i) principal plus the greater of the underlier percent change payment or a fixed $375.50 upside payment if the final level is at or above a downside threshold, or (ii) a loss proportional to the underlier decline if the final level is below the downside threshold (the threshold is 75% of the initial level). The issue price is $1,000 and the issuer estimates the securities’ value at approximately $952.40 on the pricing date. All payments are subject to Morgan Stanley’s credit risk and there is no minimum payment at maturity.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. The securities have a $1,000 stated principal amount, an 8.75% annual contingent coupon, automatic early redemption mechanics, and maturity on June 4, 2027. Coupons pay only if both underliers are at or above their coupon barrier levels on each observation date; failure of either underlier to meet barrier or downside thresholds can result in no coupons and/or principal loss at maturity. The estimated value on the pricing date was $987.30 per security and aggregate issuance is $452,000. All payments are subject to Morgan Stanley Finance LLC credit risk and are fully guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering Capped Leveraged Buffered Basket-Linked Notes with a Face Amount of $1,000 per note, linked to a weighted basket of five international indices. The notes carry an Upside Participation Rate of 230%, a Buffer Amount of 12.50% (Buffer Level 87.50), and a Cap Level expected between 106.46%–107.59% of the Initial Basket Level. The Maximum Settlement Amount is expected to be between $1,148.58 and $1,174.57 per $1,000 Face Amount. The estimated value on the Trade Date is approximately $991.80. The Term will be set on the Trade Date (expected Determination Date 13–15 months after the Trade Date). Principal is at risk; payments depend on the Final Basket Level at the Determination Date and on the issuer’s creditworthiness.

Morgan Stanley Finance LLC priced a contingent income auto-callable note offering with an aggregate principal of $660,000 and a per-security issue price of $1,000. The securities pay a 10.00% annual contingent coupon on observation dates when both underliers meet their coupon barrier levels and may auto-redeem early if both underliers meet call thresholds on a redemption determination date. If not auto-redeemed, maturity repayment depends on the worst-performing of the Nasdaq-100® Technology Sector and the Russell 2000® indices: investors receive principal only if the final levels are at or above the 75% downside threshold, otherwise they lose on a 1:1 percentage decline of the worst underlier. All payments are subject to MSFL's credit risk and a $959 estimated value on the pricing date is disclosed.

Morgan Stanley Finance LLC priced Buffered PLUS securities tied to the S&P 500® Index. The offering is for $740,000 aggregate principal at $1,000 per security with an estimated value of $967.80 on the pricing date. Securities mature May 3, 2029, feature a 300% leverage factor, a 10% buffer, a 129.50% maximum payment ($1,295) and a 10% minimum payment.

The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; payments depend solely on the index closing level on the observation date and are subject to credit and market risks.

The issuer, Morgan Stanley Finance LLC, is offering Principal at Risk structured notes linked to the worst performing of the Russell 2000® and S&P 500® indices with an aggregate principal amount of $185,000. The notes have a $1,000 stated principal per security, an issue price of $1,000, an estimated value on the pricing date of $957.00, a maturity date of May 3, 2029, and automatic early redemption opportunities beginning on April 29, 2027.

The notes pay a contingent coupon at an annual rate of 7.60% only if both underliers meet their coupon barrier levels on each observation date. There is a 15% buffer; if the worst performing underlier is below that buffer at maturity, principal is reduced 1% for each 1% decline beyond the buffer, subject to a 15% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Structured Investments: buffered, auto-callable Principal at Risk notes due July 5, 2029, fully guaranteed by Morgan Stanley. The notes are $1,000 stated principal each, $807,000 aggregate, sold at $1,000 (estimated value $981.30). Early redemption can occur on May 5, 2027 if each underlier meets its call threshold; early redemption pays $1,143 per security. At maturity investors receive either principal plus an upside payment (150% participation on the worst-performing underlier), principal only if both underliers are at or above 80% of initial, or a reduced payment if the worst-performing underlier falls below the 20% buffer (minimum payment 20% of principal). The underliers are the Dow Jones Industrial Average (initial 48,861.81) and the Russell 2000 (initial 2,739.472). All payments are subject to issuer and guarantor credit risk and specific tax and liquidity considerations.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due May 15, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and carries a contingent annual coupon of 11.00% payable only when the underlier meets the coupon barrier on observation dates. The notes are automatically callable beginning with the first redemption determination date of May 12, 2027 if the underlier equals or exceeds the call threshold (100% of the initial level). At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata by the performance factor and may be significantly reduced or zero. The preliminary pricing estimates the value on the pricing date at approximately $899.70 per security.

Morgan Stanley Finance LLC is offering Principal-at-Risk auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount, a contingent annual coupon of 14.75% (payable only if observation-date conditions are met), a strike date of May 8, 2026, and a maturity date of May 13, 2031. Coupons are paid only when the underlier closes at or above the coupon barrier (70% of the initial level) on observation dates. The notes auto-redeem if the underlier closes at or above the call threshold (100% of the initial level) on a redemption determination date. At maturity, if the final level is below the downside threshold (60% of the initial level), payment is reduced pro rata by the performance factor and could be zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; investors bear credit risk and may lose principal.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 8, 2029, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of $969.60. The notes pay no interest, are linked to the worst performing of three underliers (XLE, XLU and MSFT), and feature an automatic early redemption on the first determination date (May 5, 2027) if each underlier is at or above its 90% call threshold. If not auto‑redeemed, maturity payoffs either return $1,000 or the stated principal plus a 125% participation in the appreciation of the worst performing underlier. All payments are subject to issuer credit risk and the notes will not be listed on any exchange.

The issuer, Morgan Stanley Finance LLC, is offering principal-at-risk structured notes due May 9, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security. They are auto-callable on the first determination date of May 7, 2027 if the underlier closes at or above the call threshold of 100, producing an early redemption payment of $1,100 per security. If not redeemed, maturity payoff depends on the final level versus the initial level (initial level = 100); with a 300% participation rate in upside, a downside threshold of 70, and potential loss of principal if the final level is below 70. Estimated value on the pricing date is approximately $981.40 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities linked to Alphabet Inc. Class A with a $1,000 stated principal per security and an original issue price of $1,000. The notes pay a contingent coupon (10.52% per annum) only if observation-date levels meet the coupon barrier and feature automatic early redemption on specified dates. If not called, maturity payoff returns principal only if the final level is at or above a downside threshold (65% of initial level); otherwise payments fall in proportion to the underlying’s decline. All payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC priced Principal at Risk Structured Investments — buffered jump securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal and an issue price of $1,000. The securities can be automatically redeemed on scheduled determination dates if the underlier's closing level is greater than or equal to the call threshold level (set at 105% of the initial level in the hypothetical example), producing fixed early redemption payments that rise at each determination date and can result in a payment of up to $2,100 at maturity if the final level meets or exceeds the call threshold. A 15% buffer (buffer level = 85% of initial level) protects investors from losses up to that amount, but declines beyond the buffer reduce principal on a 1% loss per 1% index decline subject to a 15% minimum payment at maturity. The estimated value on pricing was approximately $902.70 per security, reflecting issuance and hedging costs and issuer model assumptions. All payments are subject to MSFL's credit risk and the securities do not pay periodic interest.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due May 15, 2031 that are fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent annual coupon of 14.00% payable only if the underlying index meets coupon barriers on observation dates. The notes feature automatic early redemption beginning on May 12, 2027 if the underlier is at or above the call threshold, a 15% buffer level (85% buffer barrier), and a minimum payment at maturity of 15% of principal. The estimated value on the pricing date was approximately $909.10 per security. All payments are subject to issuer and guarantor credit risk, and the securities do not provide regular interest or participation in any appreciation of the underlier.

Morgan Stanley Finance LLC is offering Structured Investments Enhanced Buffered Jump Securities tied to the Class A common stock of Meta Platforms, Inc. Each security has a stated principal amount of $1,000 and an upside payment of $136.50 (13.65%) if the final level is greater than or equal to the buffer level. The securities include a 20% buffer (buffer level $486.0972 on an initial level of $607.6215) and a downside factor of 1.25, meaning investors lose 1.25% of principal for every 1% drop in the underlier beyond the 20% buffer. There is no minimum payment at maturity and the securities are principal‑at‑risk and unsecured obligations of MSFL, fully guaranteed by Morgan Stanley. The pricing date was May 1, 2026, the observation date is May 13, 2027 and maturity is May 18, 2027. The estimated value on the pricing date was approximately $983.10 per security, below the $1,000 issue price due to issuing, structuring and hedging costs.

Morgan Stanley Finance LLC amends a preliminary pricing supplement for Principal at Risk structured notes due May 31, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes (original issue price $1,000) are indexed to the worst performing of the S&P 500, Nasdaq-100 and Dow Jones Industrial Average, feature an automatic early redemption mechanism beginning on May 28, 2027, a 150% participation rate for upside at maturity, and a downside protection threshold set at 70% of each underlier’s initial level.

The notes do not pay interest, expose investors to issuer credit risk and to the performance of the worst performing underlier (losses can equal 1% for each 1% decline below the downside threshold). The document discloses an estimated value on the pricing date of approximately $944.80 per security and describes distribution, tax, and conflict-of-interest considerations.

Morgan Stanley Finance LLC is offering $2,193,000 aggregate Face Amount of Leveraged Buffered S&P 500® Index-Linked Notes due December 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on S&P 500 performance from the Trade Date of April 29, 2026 to the Determination Date of December 20, 2027. The notes provide 150% Upside Participation up to a Maximum Settlement Amount of $1,222.00 per $1,000 face and protect principal only if the final index decline is <= 12.50% (Buffer); larger declines cause proportional losses. The estimated value on the Trade Date is $996.30 per note, and payments are subject to issuer credit risk and discretion by the calculation agent.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due December 4, 2029, fully guaranteed by Morgan Stanley, linked to the worst performing of the S&P 500® and Russell 2000® indices. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $961.80. The notes feature an automatic early redemption on the first determination date for an early redemption payment of $1,180 if both underliers meet their call thresholds (100% of initial levels). If not auto‑redeemed, maturity payouts depend on the worst performing underlier: full principal plus an upside payment (participation rate 125%) if both finish above initial levels; full principal if both finish at or above 75% of initial levels; otherwise principal is reduced proportionally to the decline of the worst performing underlier (possible loss of entire principal). All payments are subject to Morgan Stanley's credit risk and various distribution and tax considerations described in the supplement.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for principal-at-risk, auto-callable structured notes due November 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal per security and an original issue price of $1,000 per security; estimated value on the pricing date was approximately $933.90.

The notes reference the S&P 500® Index and the Russell 2000® Index, use the worst-performing underlier to determine payoff, have a 125% participation rate for upside, a downside threshold of 75% of the initial level, a call threshold of 100% of the initial level, a first determination date of May 28, 2027 (early redemption payment $1,125) and a final determination date of November 26, 2029 with maturity on November 29, 2029. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC issued a Pricing Supplement (Amendment No. 1) for Buffered PLUS notes due April 16, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $403,000. The payoff is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500®, with a 15% buffer, a 121% leverage factor for upside, and a 15% minimum payment at maturity. If the worst performing underlier ends below its buffer level, holders lose 1% for each 1% decline beyond the buffer; all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due April 16, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The securities are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 and provide a 137.50% leveraged upside, a 15% downside buffer and a 15% minimum payment at maturity. The stated principal is $1,000 per security, aggregate principal is $526,000, the estimated value on the pricing date was $985.60, and the issue price to public was $1,000 (agent commission $5, proceeds to issuer $995 per security). All payments are subject to Morgan Stanley's credit risk and the payout at maturity is based solely on closing levels on the observation date.

Morgan Stanley Finance LLC is offering fixed rate callable notes due May 14, 2032, fully guaranteed by Morgan Stanley. The notes bear interest at 4.650% per annum, pay semi‑annually and have a stated principal and issue price of $1,000 per note. The issuer estimates the value on the pricing date at approximately $977.80 per note. Early redemption may occur on specified redemption dates if a risk neutral valuation model determination makes calling economically rational; example redemption dates include May 14, 2027 and November 14, 2027. All payments are subject to the issuer’s credit risk and the notes will not be listed on an exchange.

Morgan Stanley Finance LLC priced fixed rate callable notes due May 15, 2030 with a stated principal of $1,000 per note and an interest rate of 4.350% per annum. Interest accrues from May 15, 2026 and is payable semi‑annually on May 15 and November 15, beginning November 15, 2026. The notes are fully and unconditionally guaranteed by Morgan Stanley and may be redeemed in whole, but not in part, on specified redemption dates if a risk neutral valuation model determination (selected by the calculation agent) indicates redemption is economically rational; redemption dates include May 15, 2027 and November 15, 2027. The issuer estimates the value on the pricing date at approximately $983.50 per note. Proceeds will be used for general corporate purposes.

Morgan Stanley Finance LLC priced a offering of fixed rate callable notes due May 13, 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes pay 4.750% per annum, semi‑annually, have an issue price and stated principal of $1,000 per note, and include an issuer call governed by a risk neutral valuation model that may cause early redemption on specified redemption dates.

The estimated value on the pricing date is approximately $974.40 per note. Proceeds are for general corporate purposes. Secondary trading is limited and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced a series of fixed-rate callable notes due May 15, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal of $1,000, a coupon of 4.550% per annum, semi-annual interest and an initial interest payment on November 15, 2026. The notes are callable on specified dates in 2027 based on the output of a risk neutral valuation model; any redemption will pay 100% of principal plus accrued interest. The issuer estimates the note value on the pricing date at approximately $981.60 per note. All payments remain subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering $2,000,000 in Digital Equity-Linked Notes linked to the common stock of ServiceNow, Inc. (Bloomberg: NOW). The notes have a Face Amount of $1,000 each, trade date April 28, 2026, Original Issue Date May 1, 2026, determination date May 28, 2027 and stated maturity June 2, 2027.

For each $1,000 Face Amount, investors receive $1,300 if the Final Underlier Level is ≥80.00% of the Initial Underlier Level ($90.49). If the Final Underlier Level is <80.00%, the Cash Settlement Amount declines pro rata and could be as low as zero; the estimated value on the Trade Date was $977.80 per note. All payments are subject to Morgan Stanley credit risk.

The pricing supplement describes Morgan Stanley Finance LLC notes—contingent income auto-callable securities fully and unconditionally guaranteed by Morgan Stanley that link payoff to the worst performing of the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® Index (RTY). Each security has a stated principal amount of $1,000, a contingent annual coupon of 9.50% (paid only if both underliers meet coupon barriers on observation dates), automatic early‑redemption mechanics tied to call thresholds, and final principal repayment at maturity that can decline 1% for each 1% drop in the worst performing underlier below its downside threshold (potentially to zero).

The strike date is May 26, 2026, original issue date May 29, 2026, final observation date August 26, 2027 and maturity date August 31, 2027. Coupon barrier and downside threshold levels are each set at 75% of initial levels, and call thresholds at 100% of initial levels. Estimated value on the pricing date is approximately $955.80 per security. All payments are subject to issuer and guarantor credit risk; investors will not participate in underlier appreciation.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Contingent Income Auto-Callable Securities due November 2, 2027 linked to the worst performing of the Russell 2000, the S&P 500 and the State Street SPDR S&P Regional Banking ETF.

Each note has a $1,000 stated principal amount (aggregate $480,000), a 9.75% per annum contingent coupon payable only if all underliers are at or above 70% barrier levels on observation dates, automatic early redemption on specified dates if all underliers meet 100% call thresholds, and principal-at-risk at maturity if the worst underlier finishes below its 70% downside threshold.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities due September 2, 2027, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an original issue price of $1,000 per security.

The securities pay a contingent coupon at an annual rate of 12.00% on each coupon payment date only if the closing level of both underliers meets or exceeds their coupon barrier levels on the related observation dates. The notes are linked to the worst performing of the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY). Automatic early redemption may occur on specified dates starting with the redemption determination date of November 30, 2026. If not redeemed, maturity payoff depends on the final levels versus downside thresholds; investors may lose principal equal to the percentage decline of the worst performing underlier and could lose their entire investment.

Morgan Stanley Finance LLC priced a Trigger PLUS structured note due June 3, 2030 linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each security has a $1,000 stated principal amount and does not pay interest. At maturity holders receive either (a) principal plus a 134% leveraged upside on the worst performing underlier if that underlier finishes above its initial level, (b) the stated principal if the worst performing underlier finishes at or above 70% of its initial level, or (c) a loss equal to the full percentage decline of the worst performing underlier if it finishes below that 70% downside threshold (there is no minimum payment). The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and their market value reflects Morgan Stanley credit risk. Pricing/strike/observation date was May 29, 2026 and the estimated value on the pricing date was approximately $968.50 per security.

Morgan Stanley Finance LLC priced Dual Directional Buffered PLUS notes—principal-at-risk securities tied to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities offer a 200% leverage factor on upside subject to a $1,110 maximum payoff and include a 10% buffer and a 10% minimum payment.

Key dates: Strike/Pricing on May 29, 2026, original issue June 3, 2026, observation date June 29, 2027 and maturity July 2, 2027. Estimated value on the pricing date was approximately $987.20. All payments are subject to MSFL credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC priced a preliminary offering of Structured Investments — Enhanced Buffered Jump Securities due November 29, 2029 — fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and a fixed $259 upside payment.

The securities return the stated principal plus the upside payment if the S&P 500® closing level on the observation date is at or above a buffer equal to 85% of the initial level; if below that buffer, losses apply at a 1:1 rate beyond the 15% buffer, subject to a 15% minimum payment at maturity. Estimated value on the pricing date was approximately $958.20 per security.

The issuer, Morgan Stanley Finance LLC, is offering Dual Directional Buffered PLUS notes due May 31, 2030 tied to the S&P 500® Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities feature a 200% leverage factor on upside (capped at $1,380), a 10% buffer on declines and a 10% minimum payment at maturity. The observation date is May 28, 2030. Payments at maturity depend on the final level relative to the initial level and are subject to issuer and guarantor credit risk, and to limits described above.

Morgan Stanley Finance LLC priced Trigger PLUS securities due May 31, 2030, unsecured notes whose return is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount and offers a 120% leverage factor on upside if the worst performing underlier finishes above its strike level. If the worst performing underlier finishes below its downside threshold (70% of its initial level), principal is reduced on a 1%-for-1% basis and could be lost entirely. Payments depend on closing levels on the observation date and are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of Buffered PLUS notes due May 30, 2031, linked to the S&P 500® Index. Each security has a stated principal of $1,000, a 125% leverage factor on upside subject to a $1,560 cap (156%), a 10% buffer and a 10% minimum payment at maturity. The estimated value on the pricing date was approximately $936.60 per security. Payments depend on the closing index level on the observation date and are subject to issuer credit risk and stated tax and distribution terms.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to the Nikkei Stock Average, fully and unconditionally guaranteed by Morgan Stanley. The Securities have an $10.00 issue price and a 5-year term with Trade Date May 13, 2026, Observation Date May 20, 2027 and Maturity Date May 15, 2031. They feature an Upside Gearing of 1.43 to 1.63 (to be set on the Trade Date), an Autocall Barrier of 100% of the Initial Level, a Downside Threshold of 75% of the Initial Level and a Call Return Rate of 20.00% per annum. Investors face principal-at-risk: if not called and the Final Level is below the Downside Threshold, payments at maturity can be substantially less than principal, including a total loss. Estimated Trade Date value is approximately $9.503 per Security. All payments are subject to Morgan Stanley's credit risk and a potentially limited secondary market.

Morgan Stanley Finance LLC priced a contingent income, auto-callable principal-at-risk note due December 2, 2027 and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $979.40. The notes pay a contingent coupon (annual rate to be set on the pricing date, indicatively 11.25%–12.25%) only if both underliers meet coupon barrier tests on observation dates and are automatically redeemed early if both underliers meet call thresholds on specified redemption determination dates. The underliers are the Dow Jones Industrial Average and the State Street® Energy Select Sector SPDR® ETF (XLE). If not auto-redeemed, maturity payoffs return principal only if both underliers are at or above 75% of initial levels; otherwise holders suffer a loss equal to the percentage decline of the worst-performing underlier. All payments are subject to Morgan Stanley's credit risk and tax characterization is uncertain.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due May 31, 2030, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $945.80. The notes are linked to the worst performing of the Dow Jones Industrial Average, the S&P 500® and the Russell 2000® and feature an automatic early redemption that first can occur on the determination date of May 28, 2027. If not called, upside at maturity pays the stated principal plus 150% participation in the appreciation of the worst performing underlier. If the worst performing underlier is below its downside threshold (70% of its initial level), investors suffer a proportional loss of principal, which could be total. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is issuing Buffered Jump Securities tied to the S&P 500^® Index. The securities have a $1,000 stated principal per security and an aggregate principal amount of $4,200,000. The initial level is 7,138.80 (strike date April 28, 2026), the observation date is May 11, 2027, and the maturity date is May 13, 2027. If the final level is ≥ the initial level, each security pays the stated principal plus an upside payment of $114 (11.40%). If the final level is below the initial level but ≥ the buffer level (6,424.92, 90% of initial), investors receive principal. If the final level is below the buffer, investors lose 1% of principal for each 1% drop beyond the buffer, subject to a minimum payment at maturity of 10%. The estimated value on the pricing date was $993.70. The securities are sold to fee-based advisory accounts through Morgan Stanley & Co. LLC.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due May 31, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $944.80. The notes are linked to the worst performing of the S&P 500, Nasdaq-100 and Dow Jones Industrial indices, feature automatic early redemption beginning on May 28, 2027, a 150% participation rate for upside at maturity, and a downside threshold set at 70% of each index initial level. Investors face full credit risk of Morgan Stanley and can lose up to their entire principal if the worst performing underlier falls below its downside threshold.