Morgan Stanley
MS · NYSESecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31
Morgan Stanley reported revenue of $70.6B in the fiscal year ended Dec 2025, up 14.4% from the year before. Net income was $16.9B. Net debt was $230B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $59.8B | $53.7B | $54.1B | $61.8B | $70.6B |
| Net interest incomeBanks | $8B | $9.3B | $8.2B | $8.6B | $10B |
| Interest expense | $1.4B | $12.3B | $42.1B | – | – |
| Pre-tax income | $19.7B | $14.1B | $11.8B | $17.6B | $22B |
| Income tax | $4.5B | $2.9B | $2.6B | $4.1B | $4.9B |
| Net income | $15B | $11B | $9.1B | $13.4B | $16.9B |
| Diluted EPS | 8.03 | 6.15 | 5.18 | 7.95 | 10.21 |
| Diluted shares | 1,814M | 1,713M | 1,646M | 1,611M | 1,592M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $128B | $128B | $89.2B | $105B | $112B |
| Goodwill | $16.8B | $16.7B | $16.7B | $16.7B | $16.7B |
| Total assets | $1,188B | $1,180B | $1,194B | $1,215B | $1,420B |
| Long-term debt | $227B | $234B | $261B | $284B | $342B |
| DepositsBanks | $348B | $357B | $352B | $376B | $416B |
| Total liabilities | $1,082B | $1,079B | $1,094B | $1,110B | $1,308B |
| Shareholders' equity | $105B | $100B | $99B | $105B | $112B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $34B | −$6.4B | −$33.5B | $1.4B | −$17.9B |
| Depreciation & amortisation | $4.2B | $4B | $4.3B | $5.2B | $4.7B |
| Stock-based compensation | $2.1B | $1.9B | $1.7B | $1.6B | $1.9B |
| Acquisitions | $2.6B | $0 | $0 | – | – |
| Dividends paid | $4.2B | $5.4B | $5.8B | $6.1B | $6.6B |
| Dividend per share | 2.10 | 2.95 | 3.25 | 3.55 | 3.85 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.2% | 0.9% | 14.1% | 14.4% |
| EPS growth (YoY) | – | −23.4% | −15.8% | 53.5% | 28.4% |
| Net margin | 25.2% | 20.6% | 16.8% | 21.7% | 23.9% |
| Return on equityBlank when equity is negative | 14.3% | 11.0% | 9.2% | 12.8% | 15.1% |
| Cash conversion (CFO ÷ net income) | 2.26x | −0.58x | −3.69x | 0.10x | −1.06x |
| Debt ÷ equity | 2.16x | 2.34x | 2.63x | 2.72x | 3.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $99.6B | $106B | $171B | $179B | $230B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.