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 revenue.

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	189.1%	194.7%	194.6%	593.3%	1357.2%
Other Current Assets	49.2%	52.1%	61.6%	124.9%	249.6%
Property,Plant and Equipment	0.0%	0.0%	0.0%	0.0%	0.0%
Goodwill	28.3%	30.9%	36.4%	77.1%	178.9%
Intangible Assets	10.2%	11.9%	15.4%	35.3%	88.8%
Other Noncurrent Assets	49.2%	52.1%	61.6%	124.9%	249.6%
Total Assets	2404.7%	2244.5%	2603.5%	5465.3%	12625.0%
Liabilities
Total Current Liabilities	2213.9%	2049.8%	2385.5%	4996.5%	11492.3%
Long Term Debt	578.5%	525.2%	568.3%	1083.0%	2415.9%
Total Liabilities	2213.9%	2049.8%	2385.5%	4996.5%	11492.3%
Equity
Common Stock	0.0%	0.0%	0.0%	0.1%	0.2%
Additional Paid In Capital	52.7%	55.7%	65.1%	135.9%	306.5%
Retained Earnings	194.9%	193.9%	213.7%	439.3%	950.3%
Treasury Stock	64.5%	62.1%	67.9%	123.1%	186.0%
Accumulated Other Comprehensive Income	-10.6%	-12.6%	-14.0%	-29.0%	-33.0%
Noncontrolling Interest	1.7%	1.7%	2.1%	5.0%	12.3%
Total Stockholders Equity	189.0%	193.1%	216.0%	463.7%	1120.4%
Total Liabilitiesand Equity	2404.7%	2244.5%	2603.5%	5465.3%	12625.0%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	2.0%	1.8%	2.0%	4.2%	6.8%
Expenses Depreciation and Amortization	7.9%	9.5%	9.3%	18.5%	44.8%
Expenses Share Based Compensation	3.3%	3.0%	3.7%	8.7%	22.2%
Other Income Expense Operating Income	28.5%	24.7%	19.8%	51.1%	159.7%
Other Income Expense Interest Income	100.0%	100.0%	100.0%	100.0%	100.0%
Other Income Expense Income Before Tax	37.2%	32.5%	25.8%	65.2%	209.0%
Income Tax Income Tax Expense	8.3%	7.5%	5.6%	13.5%	48.3%
net Income net Income	28.5%	24.7%	19.8%	51.1%	159.7%
net Income Comprehensive Income	29.4%	24.0%	19.5%	36.5%	147.6%
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	2.7%	2.9%	3.6%	7.8%	19.0%
Earnings Per Share Weighted Average Shares Diluted	2.7%	3.0%	3.6%	7.9%	19.3%

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	28.5%	24.7%	19.8%	51.1%	159.7%
Operating Activities Depreciation and Amortization	7.9%	9.5%	9.3%	18.5%	44.8%
Operating Activities Stock Based Compensation	3.3%	3.0%	3.7%	8.7%	22.2%
Operating Activities Deferred Income Taxes	0.9%	0.3%	-1.0%	-3.9%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	85.9%	-47.2%	-7.9%	-22.7%	82.4%
Operating Activities net Cash From Operating Activities	-30.3%	2.5%	-73.1%	-29.6%	361.0%
Investing Activities Purchases of Investments	61.9%	65.3%	50.3%	113.9%	739.3%
Investing Activities Proceeds From Sale of Investments	36.9%	39.0%	31.2%	62.2%	280.3%
Investing Activities Other Investing Activities	1.8%	2.7%	2.0%	1.6%	8.8%
Investing Activities net Cash From Investing Activities	-79.2%	-54.4%	-6.7%	-53.9%	-530.2%
Financing Activities Repayment of Debt	168.3%	148.2%	141.3%	161.6%	745.1%
Financing Activities Repurchase of Common Stock	7.8%	6.0%	11.6%	45.7%	121.8%
Financing Activities Dividends Paid	11.2%	11.3%	12.6%	25.0%	44.3%
Financing Activities Other Financing Activities	0.2%	-0.6%	-0.3%	-1.6%	1.0%
Financing Activities net Cash From Financing Activities	114.7%	86.4%	-5.9%	105.2%	441.5%
Cash Reconciliation Effect of Exchange Rate On Cash	5.5%	-4.6%	1.0%	-19.8%	-37.7%
Cash Reconciliation net Change In Cash	10.7%	29.8%	-84.8%	1.9%	234.5%
Cash Reconciliation Cash At Beginning of Period	189.1%	194.7%	194.6%	593.3%	1357.2%
Cash Reconciliation Cash At End of Period	189.1%	194.7%	194.6%	593.3%	1357.2%

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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