Company financials

Morgan Stanley

Financials Investment Banking & Brokerage New York City, New York Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$70.6B
                    3y CAGR +9.6%
                    
                    P29
                    
                    +14.4%
                    
                    Net income
                    FY2025
                
$16.9B
                    Net margin +23.9%
                    
                    P48
                    
                    +25.9%
                    
                    Total assets
                    FY2025
                
$1.4T
                    ROA +1.2%
                    
                    P28
                    
                    +16.9%
                    
                    Operating cash flow
                    FY2025
                
$-17.9B
                    FCF margin -29.4%
                    
                    P9
                    
                    -1413.4%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 5 years

Total assets $1.4T

Total liabilities $1.3T

Shareholders equity $111.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	7.9%	8.7%	7.5%	10.9%	10.7%
Cash Segregated	19.2%	20.0%	19.4%	21.0%	21.0%
Trading Assets	30.2%	27.3%	30.8%	25.5%	24.8%
Brokerage Receivables	8.1%	7.1%	6.7%	6.7%	8.1%
Other Assets	34.7%	37.0%	35.6%	36.0%	35.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Brokerage Payables	15.9%	14.5%	17.4%	18.3%	19.2%
Trading Liabilities	13.2%	13.9%	14.0%	14.4%	14.4%
Short Term Borrowings	31.6%	29.7%	28.4%	26.2%	25.7%
Other Liabilities	31.3%	33.3%	31.8%	32.5%	31.7%
Total Liabilities	92.1%	91.3%	91.6%	91.4%	91.0%
Equity
Total Stockholders Equity	7.9%	8.6%	8.3%	8.5%	8.9%
Preferred Stock	0.7%	0.8%	0.7%	0.7%	0.7%
Common Stock	-0.4%	-0.4%	-0.4%	-0.4%	-0.3%
Additional Paid In Capital	2.2%	2.5%	2.5%	2.5%	2.4%
Retained Earnings	8.1%	8.6%	8.2%	8.0%	7.5%
Treasury Stock	2.7%	2.8%	2.6%	2.3%	1.5%
Accumulated Other Comprehensive Income	-0.4%	-0.6%	-0.5%	-0.5%	-0.3%
Other Equity	0.4%	0.5%	0.5%	0.5%	0.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

9 accounts · 5 years

Revenue $70.6B

Operating income Not reported

Net income $16.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	5.0%	5.1%	4.5%	4.5%	5.0%
Expenses Operating Expenses	3.4%	3.6%	3.5%	3.4%	3.4%
Other Income Expense Income Before Tax	1.5%	1.4%	1.0%	1.2%	1.7%
Income Tax Income Tax Expense	0.3%	0.3%	0.2%	0.2%	0.4%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%	-0.1%	-0.0%
net Income net Income	1.2%	1.1%	0.8%	0.9%	1.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.1%	0.1%	0.1%	0.1%	0.2%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $-17.9B

Investing cash flow $-46.8B

Financing cash flow $67.8B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	-1.3%	0.1%	-2.8%	-0.5%	2.9%
Operating Activities net Income	1.2%	1.1%	0.8%	0.9%	1.3%
Operating Activities Depreciation and Amortization	0.3%	0.4%	0.4%	0.3%	0.4%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.2%
Operating Activities Other Non Cash Items	-2.9%	-1.6%	-4.1%	-2.0%	1.1%
Investing Activities net Cash From Investing Activities	-3.3%	-2.4%	-0.3%	-1.0%	-4.2%
Investing Activities Capital Expenditures	-0.2%	-0.3%	-0.3%	-0.3%	-0.2%
Investing Activities Other Investing Activities	-3.1%	-2.1%	0.0%	-0.7%	-4.0%
Financing Activities net Cash From Financing Activities	4.8%	3.8%	-0.2%	1.9%	3.5%
Financing Activities Dividends Paid	-0.5%	-0.5%	-0.5%	-0.5%	-0.4%
Financing Activities Repurchase of Common Stock	-0.4%	-0.3%	-0.5%	-0.9%	-1.0%
Financing Activities Other Financing Activities	5.6%	4.7%	0.8%	3.3%	4.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.2%	0.0%	-0.4%	-0.3%
Cash Reconciliation net Change In Cash	0.4%	1.3%	-3.3%	0.0%	1.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+23.9%	+21.7%	+16.8%	+20.6%	+25.2%
FCF margin	-29.4%	-3.4%	-68.2%	-17.7%	+53.0%
Growth
Revenue CAGR (3y)	+9.6%	+1.1%	+3.6%	+8.9%	+14.2%
Returns
ROE	+15.1%	+12.8%	+9.2%	+11.0%	+14.3%
ROA	+1.2%	+1.1%	+0.8%	+0.9%	+1.3%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	11.71x	10.62x	11.04x	10.77x	10.26x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.05x	0.05x	0.05x	0.05x	0.05x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Morgan Stanley

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