Morgan Stanley

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus across all key metrics, with Diluted EPS of $3.46 beating the $2.93 expectation by 18.09%. Net revenue reached $21.35B, an 8.62% beat over the $19.65B consensus, primarily driven by a 44% YoY surge in Institutional Securities. Pre-tax margins expanded to 34% vs. 28% in the prior year, demonstrating powerful operating leverage. The announcement of a dividend increase to $1.15 and a new $20B share repurchase program underscores management's confidence in sustained capital strength.