Morgan Stanley (MS) Financial Statements

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Morgan Stanley financial statements at a glance

Morgan Stanley reported revenue of $65.97 billion for fiscal year 2025 (ended December 31, 2025), up 14.5% from fiscal year 2024. Net income was $16.25 billion, a net margin of 24.6%.

At the end of fiscal year 2025 it had total assets of $1.42 trillion, total liabilities of $1.31 trillion and shareholders' equity of $111.63 billion, with cash of $81.31 billion and total debt of $370.54 billion.

Its operations brought in -$17.89 billion of cash; capital spending was $2.90 billion, leaving free cash flow of -$20.79 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Morgan Stanley

MSUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
65.97B
Prev Year: 57.62B
YoY: +14.5%
Operating Revenue
65.97B
Provision for Credit Losses
-
Prev Year: -264.00M
Selling General and Administrative
30.25B
Prev Year: 27.14B
YoY: +11.4%
General and Administrative Expense
29.07B
Prev Year: 26.18B
YoY: +11.0%
Salaries and Wages
29.07B
Prev Year: 26.18B
YoY: +11.0%
Selling and Marketing Expense
1.17B
Prev Year: 965.00M
YoY: +21.6%
Non Interest Expense
-
Prev Year: 39.76B
Special Income Charges
-144.00M
Impairment of Capital Assets
-
Restructuring and Mergers Acquisition
144.00M
Pre-tax Income
21.95B
Prev Year: 17.60B
YoY: +24.7%
Provision for Income Taxes
4.93B
Prev Year: 4.07B
YoY: +21.1%
Net Income Common Stockholders
16.25B
Prev Year: 12.80B
YoY: +26.9%
Net Income
16.86B
Prev Year: 13.39B
YoY: +25.9%
Net Income Including Non-Controlling Interests
17.02B
Prev Year: 13.53B
YoY: +25.8%
Net Income from Continuing Operations
17.02B
Prev Year: 13.53B
YoY: +25.8%
Diluted NI Available to Com Stockholders
16.25B
Prev Year: 12.80B
YoY: +26.9%
Net Income from Continuing and Discontinued Operation
16.86B
Prev Year: 13.39B
YoY: +25.9%
Interest Income After Provision for Loan Loss
-
Prev Year: 8.35B
Normalized Income
16.97B
Prev Year: 13.39B
YoY: +26.8%
Interest Expense
49.02B
Prev Year: 45.52B
YoY: +7.7%
Net Interest Income
10.05B
Prev Year: 8.61B
YoY: +16.7%
Total Money Market Investments
-
Prev Year: 17.81B
Reconciled Depreciation
4.66B
Prev Year: 5.16B
YoY: -9.7%
Net Income from Continuing Operation Net Minority Interest
16.86B
Prev Year: 13.39B
YoY: +25.9%
Total Unusual Items Excluding Goodwill
-144.00M
Total Unusual Items
-144.00M
Tax Rate for Calcs
0.225
Prev Year: 0.23
YoY: -2.4%
Tax Effect of Unusual Items
-32.33M
Prev Year: 0
Interest Income
59.06B
Prev Year: 54.13B
YoY: +9.1%
Preferred Stock Dividends
612.00M
Prev Year: 590.00M
YoY: +3.7%
Noncontrolling Interests
-164.00M
Prev Year: -139.00M
YoY: -18.0%
Gain on Sale of Securities
1.35B
Prev Year: 824.00M
YoY: +64.0%
Occupancy And Equipment
1.87B
Prev Year: 1.91B
YoY: -2.0%
Professional and Contract Services Expense
2.84B
Prev Year: 2.90B
YoY: -2.1%
Other Noninterest Expense
8.56B
Prev Year: 7.81B
YoY: +9.6%
Values in USD

Morgan Stanley key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$66.0B$57.6B$50.7B$50.2B$56.4B
Net income$16.2B$12.8B$8.5B$10.5B$14.6B
Total assets$1.4T$0$0$0$0
Total liabilities$1.3T$0$0$0$0
Shareholders' equity$111.6B$104.5B$99.0B$100.1B$105.4B
Cash$81.3B$75.7B$58.7B$92.8B$86.8B
Total debt$370.5B$310.4B$276.4B$246.2B$243.2B
Operating cash flow-$17.9B$1.4B-$33.5B-$6.4B$34.0B
Capital spending$2.9B$3.5B$3.4B$3.1B$2.3B
Free cash flow-$20.8B-$2.1B-$37.0B-$9.5B$31.7B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Morgan Stanley's revenue in fiscal year 2025?

$65.97 billion, up 14.5% from $57.62 billion in fiscal year 2024.

How much profit does Morgan Stanley make?

Morgan Stanley reported net income of $16.25 billion for fiscal year 2025 (24.6% of revenue).

How much cash and debt does Morgan Stanley have?

At the end of fiscal year 2025: cash of $81.31 billion and total debt of $370.54 billion.

What is Morgan Stanley's free cash flow?

-$20.79 billion in fiscal year 2025 (operating cash flow of -$17.89 billion minus capital spending of $2.90 billion).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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