<span item_type="fundamental" item_id="054bd66fc5ca3d8387300254aaf7fab9" counter_id="ST/US/MS" env="prod"></span><span item_type="announcement" item_id="605150904983491457" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 17.89 B.</p><p>EPS: As of FY2025 Q4, the actual value is USD 2.68, beating the estimate of USD 2.4496.</p><p>EBIT: As of FY2025 Q4, the actual value is USD 2.905 B.</p><p></p><h3>Firm-wide Financial Performance</h3><h4>Operational Metrics</h4><p>For the fourth quarter ended December 31, 2025, Morgan Stanley’s pre-tax income was $5.76 billion, up from $4.906 billion in Q4 2024. The expense efficiency ratio improved to 68% for Q4 2025 from 69% in Q4 2024. Return on average common equity was 16.9% in Q4 2025, up from 15.2% in Q4 2024. Return on average tangible common equity increased to 21.8% from 20.2% year-over-year. Book value per share stood at $64.37, compared to $58.98 a year ago, and tangible book value per share was $50.00, up from $44.57. Provision for credit losses was $18 million, significantly down from $115 million in Q4 2024. Compensation expense rose to $7.063 billion from $6.289 billion, while non-compensation expenses increased to $5.049 billion from $4.913 billion. The effective tax rate for the quarter was 23.2%. The firm repurchased $1.5 billion of its outstanding common stock during the quarter <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>.</p><p>For the full year 2025, pre-tax income was $21.954 billion, a 25% increase from $17.596 billion in 2024. The full-year expense efficiency ratio improved to 68% from 71%. Return on average common equity for the full year was 16.6%, up from 14.0% in 2024, and return on average tangible common equity was 21.6%, compared to 18.8% in 2024. Provision for credit losses for the full year was $349 million, an increase from $264 million in 2024. Compensation expense was $29.216 billion, up from $26.178 billion, and non-compensation expenses were $19.126 billion, up from $17.723 billion. The Standardized Common Equity Tier 1 capital ratio was 15.0% at year-end. The firm repurchased $4.6 billion of its common stock during the year. The Board of Directors declared a $1.00 quarterly dividend per share <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>. The quarterly dividend per share was $1.00 in 2025, up from $0.93 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p><h4>Unique Metrics</h4><p>Total Client Assets reached $9.3 trillion in 2025, growing from $4.8 trillion in 2020. Global Revenue for Morgan Stanley is projected to be approximately $18 billion or 25% of the Firmwide total consolidated net revenues in 2025. Since 2023, revenue growth has been approximately 50% in Asia, 40% in EMEA, and 30% in the Americas. The Common Equity Tier 1 (CET1) Ratio is projected to be 15.0% in 2025, compared to a requirement of 11.8%, with Excess CET1 Capital of approximately 320 basis points <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p><h3>Institutional Securities Segment</h3><h4>Fourth Quarter 2025</h4><p>Net Revenues were $7.9 billion, up from $7.3 billion a year ago. Pre-tax income was $2.7 billion, compared with $2.4 billion a year ago. Investment Banking Net Revenues were $2.412 billion, a significant increase from $1.641 billion, driven by advisory revenues ($1.133 billion vs $779 million), equity underwriting ($494 million vs $455 million), and fixed income underwriting ($785 million vs $407 million). Equity Net Revenues were $3.666 billion, up 10% from $3.325 billion. Fixed Income Net Revenues were $1.763 billion, down 9% from $1.931 billion. Provision for credit losses was $42 million, down from $78 million. Total Expenses were $5.226 billion, up from $4.748 billion, with compensation at $2.079 billion (vs $1.764 billion) and non-compensation at $3.147 billion (vs $2.984 billion) <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>.</p><h4>Full Year 2025</h4><p>Net Revenues were $33.1 billion, up from $28.1 billion in 2024. Pre-tax income was $11.2 billion, compared with $8.7 billion a year ago. Investment Banking Net Revenues were $7.619 billion, up 23% from $6.170 billion. Equity Net Revenues were $15.631 billion, up 28% from $12.230 billion. Fixed Income Net Revenues were $8.716 billion, up 4% from $8.418 billion. Provision for credit losses was $302 million, up from $202 million. Total Expenses were $21.541 billion, up from $19.129 billion, with compensation at $9.785 billion (vs $8.669 billion) and non-compensation at $11.756 billion (vs $10.460 billion) <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>. The Institutional Securities Wallet Share is projected to be approximately 15.5% in 2025, an increase from 14.3% in 2020. The pre-tax margin for Institutional Securities is projected to be 34% in 2025, up from 31% in 2024 and 19% in 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p><h3>Wealth Management Segment</h3><h4>Fourth Quarter 2025</h4><p>Net Revenues were $8.4 billion, up from $7.5 billion a year ago. Pre-tax income was $2.6 billion, resulting in a pre-tax margin of 31.4%. Asset management revenues were $5.031 billion, up from $4.417 billion. Transactional revenues were $1.143 billion, up from $973 million. Net interest income was $2.108 billion, up from $1.885 billion. Provision for credit losses was - $24 million (a net release), compared to $37 million a year ago. Total Expenses were $5.810 billion, up from $5.388 billion, with compensation at $4.416 billion (vs $3.950 billion) and non-compensation at $1.394 billion (vs $1.438 billion). Fee-based client assets were $2.753 trillion, up from $2.347 trillion. Fee-based asset flows were $45.6 billion, up from $35.2 billion. Net new assets were $122.3 billion, up from $56.5 billion. Loans were $181.2 billion, up from $159.5 billion <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>.</p><h4>Full Year 2025</h4><p>Net Revenues were $31.8 billion, up from $28.4 billion in 2024. Pre-tax income was $9.3 billion, with a pre-tax margin of 29.3%. Asset management revenues were $18.627 billion, up from $16.501 billion. Transactional revenues were $4.588 billion, up from $3.864 billion. Net interest income was $7.911 billion, up from $7.313 billion. Provision for credit losses was $47 million, down from $62 million. Total Expenses were $22.414 billion, up from $20.618 billion, with compensation at $16.950 billion (vs $15.207 billion) and non-compensation at $5.464 billion (vs $5.411 billion). Fee-based asset flows were $160.1 billion, up from $123.1 billion. Net new assets were $356.3 billion, up from $251.7 billion <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>. Wealth Management net revenues are projected to be $32 billion in 2025, up from $19 billion in 2020. The pre-tax margin for Wealth Management is projected to be 29% in 2025, an increase from 23% in 2020. Core client relationships are expected to grow to approximately 100 million in 2025, from an average of approximately 60 million for 2020-2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p><h3>Investment Management Segment</h3><h4>Fourth Quarter 2025</h4><p>Net Revenues were $1.7 billion, up from $1.6 billion a year ago. Pre-tax income was $468 million, compared with $414 million a year ago. Asset management and related fees were $1.649 billion, up from $1.555 billion. Performance-based income and other was $71 million, down from $88 million. Total Expenses were $1.252 billion, up from $1.229 billion, with compensation at $568 million (vs $575 million) and non-compensation at $684 million (vs $654 million). Assets Under Management (AUM) were $1.895 trillion, up from $1.666 trillion. Long-term net flows were $1.7 billion, down from $4.3 billion <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>.</p><h4>Full Year 2025</h4><p>Net Revenues were $6.5 billion, up from $5.9 billion in 2024. Pre-tax income was $1.5 billion, compared with $1.1 billion a year ago. Asset management and related fees were $6.068 billion, up from $5.627 billion. Performance-based income and other was $457 million, up from $234 million. Total Expenses were $5.047 billion, up from $4.724 billion, with compensation at $2.481 billion (vs $2.302 billion) and non-compensation at $2.566 billion (vs $2.422 billion). Long-term net flows were $34.4 billion, up from $18.0 billion <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msearningsrelease.htm"></span>. Parametric Long-Term AuM is projected to be approximately $685 billion in 2025, up from approximately $355 billion in 2020. Investable Capital is projected to be approximately $685 billion in 2025, increasing from approximately $355 billion in 2020 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p><h3>Outlook / Guidance</h3><p>摩根士丹利 (Morgan Stanley) aims for firmwide goals including durable share gains in Institutional Securities Wallet Share, a Wealth Management Pre-Tax Margin of 30%, and total Client Assets exceeding $10 trillion. The company also targets a Return on Average Tangible Common Equity (ROTCE) of 20% and an Efficiency Ratio of 70%. These objectives are based on a normal market environment and are subject to external factors such as geopolitical, macroeconomic, and market conditions <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/895421/000089542126000007/a4q25msstrategicupdate.htm"></span>.</p>

Morgan Stanley | 8-K: FY2025 Q4 Revenue: USD 17.89 B