Morgan Stanley (MS) Revenue by Segment

Morgan Stanley revenue by segment at a glance

In Q2 fiscal 2026 (the quarter ended June 30, 2026), Morgan Stanley's largest business segment was Institutional Securities, with $11.04 billion or 51% of revenue, up 44.4% from a year earlier. Next: Wealth Management (41%) and Investment Management (8%).

By region, Americas brought in 70%, Asia brought in 18% and EMEA brought in 11% of revenue in Q2 fiscal 2026.

The fastest-growing business segment from a year earlier was Institutional Securities (+44.4%).

From company filings, in USD; latest quarter ended June 30, 2026; quarterly data from Q3 fiscal 2017.

Morgan Stanley

MSFinancial Services

United States

Financial Services

Revenue breakdown

Fiscal quarters, from company filings

Segments by quarter (USD)

Click a bar to see that period below. Striped bars are calculated fourth quarters; an empty slot means it could not be calculated on the same basis i

Institutional SecuritiesWealth ManagementInvestment Management

Q2 FY26 breakdown

Fiscal quarter ended Jun 30, 2026

Item	Revenue	Share	vs year before
Institutional Securities	USD 11.04B	51.2%	+44.4%
Wealth Management	USD 8.86B	41.1%	+14.1%
Investment Management	USD 1.65B	7.6%	+6.1%
Intersegment eliminationsi	-USD 194.00M		–

Sum of items USD 21.54B; corporate items and eliminations -USD 194.00M. Shares are of the items shown. Click an item with › to see its parts.

Also reported by:

All periods

Every item and period in one grid. Purple = calculated; "–" = not available.

Item	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18	Q3 FY18	Q2 FY18	Q1 FY18	Q4 FY17	Q3 FY17
Institutional Securities	11.0B	10.7B	7.9B	8.5B	7.6B	9.0B	7.3B	6.8B	7.0B	7.0B	4.9B	5.7B	5.7B	6.8B	4.8B	5.8B	6.1B	7.7B	6.7B	7.5B	7.1B	8.6B	7.0B	6.1B	8.2B	5.2B	5.2B	5.0B	5.1B	5.2B	3.8B	4.9B	5.7B	6.1B	–	4.4B
Wealth Management	8.9B	8.5B	8.4B	8.2B	7.8B	7.3B	7.5B	7.3B	6.8B	6.9B	6.6B	6.4B	6.7B	6.6B	6.6B	6.1B	5.7B	5.9B	6.3B	5.9B	6.1B	6.0B	5.7B	4.7B	4.7B	4.1B	4.6B	4.4B	4.4B	4.4B	4.1B	4.4B	4.3B	4.4B	–	4.2B
Investment Management	1.6B	1.5B	1.7B	1.7B	1.6B	1.6B	1.6B	1.5B	1.4B	1.4B	1.5B	1.3B	1.3B	1.3B	1.5B	1.2B	1.4B	1.3B	1.8B	1.5B	1.7B	1.3B	1.1B	1.1B	886.0M	692.0M	1.4B	764.0M	839.0M	804.0M	684.0M	653.0M	691.0M	718.0M	–	675.0M

Morgan Stanley revenue by business segment, last 4 quarters

Business segment	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Institutional Securities	$11.0B	$10.7B	$8.5B	$7.6B	51%
Wealth Management	$8.9B	$8.5B	$8.2B	$7.8B	41%
Investment Management	$1.6B	$1.5B	$1.7B	$1.6B	8%

In USD, fiscal quarters as reported; share = part of Q2 FY26 revenue.

Morgan Stanley revenue by region, last 4 quarters

Region	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Americas	$15.0B	$14.6B	$13.7B	$12.3B	70%
Asia	$3.9B	$3.3B	$2.6B	$2.3B	18%
EMEA	$2.4B	$2.6B	$1.9B	$2.1B	11%

In USD, fiscal quarters as reported; share = part of Q2 FY26 revenue.

Questions and answers

What are Morgan Stanley's business segments?

Institutional Securities, Wealth Management and Investment Management (as reported for Q2 fiscal 2026).

Which business segment makes the most money for Morgan Stanley?

Institutional Securities: $11.04 billion, or 51% of revenue, in Q2 fiscal 2026.

Where does Morgan Stanley make its money?

By region in Q2 fiscal 2026: Americas (70%), Asia (18%) and EMEA (11%).

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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.