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

Year-over-year change per cell; first column has no prior.

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	+6.0%	+18.1%	-30.4%	+0.3%	—
Other Current Assets	+2.9%	-0.0%	+4.7%	+14.9%	—
Property,Plant and Equipment	—	—	—	—	—
Goodwill	+0.1%	-0.0%	+0.3%	-1.1%	—
Intangible Assets	-6.9%	-8.5%	-7.4%	-8.9%	—
Other Noncurrent Assets	+2.9%	-0.0%	+4.7%	+14.9%	—
Total Assets	+16.9%	+1.8%	+1.1%	-0.7%	—
Liabilities
Total Current Liabilities	+17.8%	+1.5%	+1.4%	-0.2%	—
Long Term Debt	+20.2%	+9.1%	+11.4%	+2.9%	—
Total Liabilities	+17.8%	+1.5%	+1.4%	-0.2%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+3.2%	+1.2%	+1.7%	+1.7%	—
Retained Earnings	+9.6%	+7.1%	+3.3%	+6.1%	—
Treasury Stock	+13.3%	+7.9%	+17.2%	+51.9%	—
Accumulated Other Comprehensive Income	+7.8%	-6.1%	-2.7%	-101.6%	—
Noncontrolling Interest	+11.2%	-2.9%	-13.4%	-5.8%	—
Total Stockholders Equity	+6.8%	+5.5%	-1.1%	-5.0%	—
Total Liabilitiesand Equity	+16.9%	+1.8%	+1.1%	-0.7%	—

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	+9.1%	+18.1%	+112.3%	+129.5%	—
Expenses Selling,General and Administrative	+21.6%	+7.5%	-0.8%	+40.7%	—
Expenses Depreciation and Amortization	-9.7%	+21.3%	+6.5%	-5.2%	—
Expenses Share Based Compensation	+18.7%	-5.1%	-8.9%	-10.1%	—
Other Income Expense Operating Income	+25.9%	+47.4%	-17.6%	-26.6%	—
Other Income Expense Interest Income	+9.1%	+18.1%	+112.3%	+129.5%	—
Other Income Expense Income Before Tax	+24.8%	+49.0%	-16.2%	-28.4%	—
Income Tax Income Tax Expense	+21.2%	+57.5%	-11.2%	-36.0%	—
net Income net Income	+25.9%	+47.4%	-17.6%	-26.6%	—
net Income Comprehensive Income	+33.8%	+45.7%	+13.2%	-43.3%	—
Earnings Per Share Basic Eps	+28.4%	+53.4%	-15.9%	-23.7%	—
Earnings Per Share Diluted Eps	+28.4%	+53.5%	-15.8%	-23.4%	—
Earnings Per Share Weighted Average Shares Basic	-1.1%	-2.3%	-3.7%	-5.3%	—
Earnings Per Share Weighted Average Shares Diluted	-1.2%	-2.1%	-3.9%	-5.6%	—

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	+25.9%	+47.4%	-17.6%	-26.6%	—
Operating Activities Depreciation and Amortization	-9.7%	+21.3%	+6.5%	-5.2%	—
Operating Activities Stock Based Compensation	+18.7%	-5.1%	-8.9%	-10.1%	—
Operating Activities Deferred Income Taxes	+269.1%	+132.8%	+45.5%	-21325.0%	—
Operating Activities Changes In Operating Assets and Liabilities	+298.5%	-604.1%	+25.9%	-163.1%	—
Operating Activities net Cash From Operating Activities	-1413.4%	+104.1%	-424.2%	-118.8%	—
Investing Activities Purchases of Investments	+3.5%	+53.1%	-6.2%	-64.6%	—
Investing Activities Proceeds From Sale of Investments	+3.2%	+47.3%	+6.6%	-49.1%	—
Investing Activities Other Investing Activities	-26.5%	+60.9%	+166.0%	-58.3%	—
Investing Activities net Cash From Investing Activities	-58.8%	-855.3%	+73.5%	+76.7%	—
Financing Activities Repayment of Debt	+23.9%	+23.8%	+85.7%	-50.2%	—
Financing Activities Repurchase of Common Stock	+41.1%	-38.7%	-46.3%	-13.9%	—
Financing Activities Dividends Paid	+7.4%	+6.5%	+6.7%	+29.5%	—
Financing Activities Other Financing Activities	+140.6%	-180.0%	+63.8%	-455.7%	—
Financing Activities net Cash From Financing Activities	+44.9%	+1815.2%	-112.0%	-45.3%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+228.6%	-655.2%	+110.5%	-20.6%	—
Cash Reconciliation net Change In Cash	-60.9%	+141.5%	-9775.4%	-98.2%	—
Cash Reconciliation Cash At Beginning of Period	+6.0%	+18.1%	-30.4%	+0.3%	—
Cash Reconciliation Cash At End of Period	+6.0%	+18.1%	-30.4%	+0.3%	—

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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