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 revenue.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 10 years

Total assets $1.4T

Total liabilities $1.3T

Shareholders equity $111.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	158.1%	170.6%	164.8%	238.7%	213.7%	216.7%	197.8%	129.3%	121.7%	125.3%
Cash Segregated	385.2%	392.5%	428.2%	460.8%	417.9%	468.9%	468.9%	535.7%	548.9%	656.0%
Trading Assets	606.2%	537.4%	678.0%	561.4%	493.5%	641.4%	715.3%	664.0%	786.1%	757.0%
Brokerage Receivables	162.4%	139.5%	148.0%	146.3%	160.7%	200.5%	134.0%	132.9%	148.1%	134.2%
Other Assets	698.5%	727.4%	785.8%	791.8%	702.6%	761.1%	639.7%	666.4%	640.0%	680.8%
Total Assets	2010.4%	1967.4%	2204.7%	2199.1%	1988.4%	2288.6%	2155.7%	2128.1%	2244.7%	2353.2%
Liabilities
Brokerage Payables	320.6%	284.9%	384.4%	402.7%	382.7%	466.5%	476.3%	447.7%	504.7%	550.1%
Trading Liabilities	264.5%	273.6%	307.6%	317.0%	285.5%	339.2%	341.5%	345.7%	381.8%	415.9%
Short Term Borrowings	635.7%	583.7%	626.2%	575.3%	511.0%	581.5%	629.6%	620.6%	685.9%	668.4%
Other Liabilities	630.1%	654.5%	701.8%	715.5%	630.7%	689.9%	509.2%	511.2%	465.4%	496.0%
Total Liabilities	1851.0%	1796.7%	2020.0%	2010.5%	1810.0%	2077.1%	1956.6%	1925.2%	2037.9%	2130.4%
Equity
Total Stockholders Equity	158.0%	169.2%	182.9%	186.6%	176.5%	208.8%	196.3%	200.1%	204.0%	219.6%
Preferred Stock	13.8%	15.8%	16.2%	16.3%	13.0%	19.0%	20.5%	21.2%	22.5%	21.7%
Common Stock	-7.3%	-8.2%	-9.8%	-9.1%	-6.6%	-6.2%	-7.0%	-7.0%	-7.6%	-8.2%
Additional Paid In Capital	44.1%	48.9%	55.1%	54.7%	48.3%	52.4%	57.6%	59.3%	62.1%	67.2%
Retained Earnings	162.9%	170.0%	181.0%	176.8%	149.7%	161.4%	169.9%	160.0%	151.7%	155.0%
Treasury Stock	53.9%	54.4%	57.5%	49.5%	29.3%	20.0%	45.1%	34.8%	24.3%	16.7%
Accumulated Other Comprehensive Income	-8.9%	-11.0%	-11.9%	-11.7%	-5.2%	-4.0%	-6.7%	-5.7%	-8.1%	-7.6%
Other Equity	8.7%	9.7%	11.6%	11.1%	8.6%	9.0%	9.8%	10.0%	10.5%	11.5%
Total Liabilitiesand Equity	2010.4%	1967.4%	2204.7%	2199.1%	1988.4%	2288.6%	2155.7%	2128.1%	2244.7%	2353.2%

Income Statement

Revenue, expense, and profitability

9 accounts · 10 years

Revenue $70.6B

Operating income Not reported

Net income $16.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Operating Expenses	68.9%	71.5%	78.2%	73.7%	67.1%	70.4%	72.8%	72.0%	72.6%	74.5%
Other Income Expense Income Before Tax	31.1%	28.5%	21.8%	26.3%	32.9%	29.6%	27.2%	28.0%	27.4%	25.5%
Income Tax Income Tax Expense	7.0%	6.6%	4.8%	5.4%	7.6%	6.6%	5.0%	5.9%	11.0%	7.9%
net Income Other Items Below Tax	-1.1%	-1.2%	-1.3%	-1.2%	-0.9%	-1.4%	-1.7%	-1.7%	-1.7%	-1.8%
net Income net Income	23.9%	21.7%	16.8%	20.6%	25.2%	22.6%	21.8%	21.8%	16.1%	17.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.3%	2.6%	3.0%	3.2%	3.0%	3.3%	3.9%	4.3%	4.8%	5.4%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 10 years

Operating cash flow $-17.9B

Investing cash flow $-46.8B

Financing cash flow $67.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	-25.3%	2.2%	-61.9%	-11.9%	56.9%	-51.7%	98.2%	18.2%	-11.9%	7.1%
Operating Activities net Income	24.1%	21.9%	17.0%	20.8%	25.3%	22.9%	22.2%	22.1%	16.4%	17.7%
Operating Activities Depreciation and Amortization	6.6%	8.4%	7.9%	7.4%	7.1%	7.7%	6.4%	4.6%	4.6%	5.0%
Operating Activities Stock Based Compensation	2.7%	2.6%	3.2%	3.5%	3.5%	2.7%	2.8%	2.3%	2.7%	3.3%
Operating Activities Other Non Cash Items	-58.7%	-30.7%	-90.0%	-43.7%	21.0%	-85.1%	66.8%	-10.8%	-35.6%	-18.9%
Investing Activities net Cash From Investing Activities	-66.2%	-47.7%	-5.7%	-21.7%	-83.5%	-77.7%	-80.8%	-57.0%	-32.7%	-56.3%
Investing Activities Capital Expenditures	-4.1%	-5.6%	-6.3%	-5.7%	-3.9%	-3.0%	-4.4%	-4.7%	-4.3%	-3.7%
Investing Activities Other Investing Activities	-62.1%	-42.1%	0.6%	-15.9%	-79.6%	-82.6%	-76.4%	-52.4%	-28.4%	-52.6%
Financing Activities net Cash From Financing Activities	95.9%	75.7%	-5.0%	42.3%	69.5%	171.8%	-28.8%	60.4%	42.9%	21.4%
Financing Activities Dividends Paid	-9.3%	-9.9%	-10.6%	-10.1%	-7.0%	-5.6%	-6.3%	-5.9%	-5.5%	-5.3%
Financing Activities Repurchase of Common Stock	-8.3%	-6.8%	-11.4%	-20.3%	-20.2%	-3.9%	-14.3%	-13.9%	-11.3%	-11.4%
Financing Activities Other Financing Activities	113.5%	92.4%	17.0%	72.6%	96.7%	181.3%	-8.1%	80.2%	59.7%	38.1%
Cash Reconciliation Effect of Exchange Rate On Cash	4.6%	-4.1%	0.8%	-8.0%	-5.9%	5.8%	-0.7%	-4.6%	9.7%	-3.1%
Cash Reconciliation net Change In Cash	8.9%	26.2%	-71.8%	0.7%	36.9%	48.2%	-12.1%	17.0%	8.0%	-30.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+23.9%	+21.7%	+16.8%	+20.6%	+25.2%	+22.6%	+21.8%	+21.8%	+16.1%	+17.3%
FCF margin	-29.4%	-3.4%	-68.2%	-17.7%	+53.0%	-54.7%	+93.8%	+13.6%	-16.2%	+3.4%
Growth
Revenue CAGR (3y)	+9.6%	+1.1%	+3.6%	+8.9%	+14.2%	+8.7%	+6.2%	+4.5%	+3.4%	+2.1%
Returns
ROE	+15.1%	+12.8%	+9.2%	+11.0%	+14.3%	+10.8%	+11.1%	+10.9%	+7.9%	+7.9%
ROA	+1.2%	+1.1%	+0.8%	+0.9%	+1.3%	+1.0%	+1.0%	+1.0%	+0.7%	+0.7%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	11.71x	10.62x	11.04x	10.77x	10.26x	9.95x	9.97x	9.62x	9.99x	9.70x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.05x	0.05x	0.05x	0.05x	0.05x	0.04x	0.05x	0.05x	0.04x	0.04x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Morgan Stanley

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