Company financials

Morgan Stanley

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

                    Revenue
                    FY2025
                
$59.1B
                    3y CAGR +39.8%
                    
                    P88
                    
                    +9.1%
                    
                    Net income
                    FY2025
                
$16.9B
                    Net margin +28.5%
                    
                    P80
                    
                    +25.9%
                    
                    Total assets
                    FY2025
                
$1.4T
                    ROA +1.2%
                    
                    P29
                    
                    +16.9%
                    
                    Operating cash flow
                    FY2025
                
$-17.9B
                    
                    -1413.4%

20 yrs · FY2006–FY2025 9 filed · 0 derived · 0 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

18 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%
Other Current Assets	2.0%	2.3%	2.4%	2.3%	2.0%
Property,Plant and Equipment	0.0%	0.0%	0.0%	0.0%	0.0%
Goodwill	1.2%	1.4%	1.4%	1.4%	1.4%
Intangible Assets	0.4%	0.5%	0.6%	0.6%	0.7%
Other Noncurrent Assets	2.0%	2.3%	2.4%	2.3%	2.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Total Current Liabilities	92.1%	91.3%	91.6%	91.4%	91.0%
Long Term Debt	24.1%	23.4%	21.8%	19.8%	19.1%
Total Liabilities	92.1%	91.3%	91.6%	91.4%	91.0%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
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%
Noncontrolling Interest	0.1%	0.1%	0.1%	0.1%	0.1%
Total Stockholders Equity	7.9%	8.6%	8.3%	8.5%	8.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $59.1B

Operating income $16.9B

Net income $16.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	4.2%	4.5%	3.8%	1.8%	0.8%
Expenses Selling,General and Administrative	0.1%	0.1%	0.1%	0.1%	0.1%
Expenses Depreciation and Amortization	0.3%	0.4%	0.4%	0.3%	0.4%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.2%	0.2%
Other Income Expense Operating Income	1.2%	1.1%	0.8%	0.9%	1.3%
Other Income Expense Interest Income	4.2%	4.5%	3.8%	1.8%	0.8%
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 net Income	1.2%	1.1%	0.8%	0.9%	1.3%
net Income Comprehensive Income	1.2%	1.1%	0.7%	0.7%	1.2%
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 Basic	0.1%	0.1%	0.1%	0.1%	0.2%
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

19 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 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 Deferred Income Taxes	0.0%	0.0%	-0.0%	-0.1%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	3.6%	-2.1%	-0.3%	-0.4%	0.7%
Operating Activities net Cash From Operating Activities	-1.3%	0.1%	-2.8%	-0.5%	2.9%
Investing Activities Purchases of Investments	2.6%	2.9%	1.9%	2.1%	5.9%
Investing Activities Proceeds From Sale of Investments	1.5%	1.7%	1.2%	1.1%	2.2%
Investing Activities Other Investing Activities	0.1%	0.1%	0.1%	0.0%	0.1%
Investing Activities net Cash From Investing Activities	-3.3%	-2.4%	-0.3%	-1.0%	-4.2%
Financing Activities Repayment of Debt	7.0%	6.6%	5.4%	3.0%	5.9%
Financing Activities Repurchase of Common Stock	0.3%	0.3%	0.4%	0.8%	1.0%
Financing Activities Dividends Paid	0.5%	0.5%	0.5%	0.5%	0.4%
Financing Activities Other Financing Activities	0.0%	-0.0%	-0.0%	-0.0%	0.0%
Financing Activities net Cash From Financing Activities	4.8%	3.8%	-0.2%	1.9%	3.5%
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%
Cash Reconciliation Cash At Beginning of Period	7.9%	8.7%	7.5%	10.9%	10.7%
Cash Reconciliation Cash At End of Period	7.9%	8.7%	7.5%	10.9%	10.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+28.5%	+24.7%	+19.8%	+51.1%	+159.7%
Net margin	+28.5%	+24.7%	+19.8%	+51.1%	+159.7%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+39.8%	+79.2%	+65.2%	+8.1%	-12.2%
Returns
ROE	+15.1%	+12.8%	+9.2%	+11.0%	+14.3%
ROA	+1.2%	+1.1%	+0.8%	+0.9%	+1.3%
ROIC	+3.8%	+3.6%	+2.6%	+4.3%	+5.6%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	11.71x	10.62x	11.04x	10.77x	10.26x
Interest coverage	—	—	0.22x	0.90x	11.01x
Efficiency
Asset turnover	0.04x	0.04x	0.04x	0.02x	0.01x
Cash conversion cycle	—	—	—	—	—

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Morgan Stanley

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